Jumbo group plans to open a seafood restaurant here by establishing a 50-50 joint venture with Korean company TCI. It marks the Singaporean outfit’s first foray into Asia’s No. 4 economy.
The first Jumbo outlet in Korea is expected to start operations in Seoul during the third quarter of this year, Jumbo said in a recent press release.
TCI is a subsidiary of Didim, a food and beverage firm in Korea. With some 20 brands, Didim has hundreds of restaurants in Korea and overseas.
In an interview with a local newspaper, TCI CEO Lim Jae-joon said that the first Jumbo branch will be launched in Dogok-dong, an affluent neighborhood in southern Seoul.
“The first outlet, which would be sized about 1,000 square meters, will open in June in Dokog-dong,” Lim said. “Didim has a plan to introduce Korean foods to the world, especially China, along with Jumbo group.”
Jumbo group’s chief Ang Kiam Meng expressed big hopes on the Korean venture.
“We are looking forward to expanding our footprint into the South Korean market with this joint venture with TCI. We have always been on the lookout for partners that have a strong track record in their local markets,” Meng said.
“We are happy to have found Didim which is a well-established name in the South Korean food and beverage industry. We believe that this joint venture will allow both parties to have the opportunity to leverage on each other’s expertise.”
He expected a successful debut in Seoul, a home to more than 10 million residents.
“Over the years, our Jumbo Seafood brand has amassed strong support from tourists who hail from North Asia, especially from South Korea, the People’s Republic of China and Taiwan,” he noted.
“We are excited to have this opportunity to bring a part of Singapore’s heritage dishes to the South Korean capital.”