LUXASIA attains Gold with its fourth consecutive win of Deloitte's Best Managed Companies Singapore Award

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Aug 14, 2024, 21:14 ET

SINGAPORE, Aug. 15, 2024 /PRNewswire/ -- For the fourth year in a row, LUXASIA has been recognized as one of Singapore's Best Managed Companies by Deloitte. In light of these four consecutive wins, LUXASIA was also conferred the coveted Gold status. This is testament to the company's industry-leading performance, excellent business practices, and sustained growth over time.

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LUXASIA first won the award back in 2021, at the end of its successful rigorous five-year transformation which made it the peerless omnichannel distribution platform for luxury beauty and lifestyle in the Asia Pacific. Not resting on its laurels, LUXASIA continued driving strong business growth and portfolio diversification, while investing heavily into its talents, culture, capabilities, and operations. The company's clear yet agile strategic imperatives and focus on solid execution, backed by its compelling results, ensured these four consecutive annual wins and the attainment of Gold status from Deloitte.

The Best Managed Companies Awards program inspires, celebrates, and builds communities of private companies globally. It evaluates businesses based on domains of strategy, culture and commitment, capabilities and innovation, as well as governance and financials. Companies are subject to a rigorous and independent evaluation process, benchmarked against a global standard framework applied across thousands of aspiring companies in 46 countries.

LUXASIA is powered by a 2700-strong team, with a solid track record of driving brand growth and success for more than 120 world-renowned luxury beauty and lifestyle brands. Notwithstanding recent industry headwinds, LUXASIA has strategically navigated the waves of change and judiciously enhanced its presence across many markets in the region. With long-term growth in mind, LUXASIA invested heavily in both retail and regional expansion, while forging strategic partnerships with multiple brands and channel partners alike.

Over the past 12 months, the Group has launched multiple boutiques for the likes of Acqua di Parma, Diptyque, and La Prairie. In partnership with SK-II, LUXASIA launched the brand's first-ever Concept Store in the world at Mid Valley Megamall in Kuala Lumpur, Malaysia. Furthermore, escentials, LUXASIA's luxury niche beauty omni-retail concept has also expanded its regional presence significantly. In just one year, escentials has opened four new boutiques in prime retail destinations such as The Exchange TRX Mall in Kuala Lumpur, Crescent Mall in Ho Chi Minh City, EmSphere in Bangkok, and ION Orchard in Singapore. For all its efforts, LUXASIA also scored a hattrick win as Luxury Retailer of the Year for Malaysia, Vietnam and Thailand at the Retail Asia Awards 2024 last month, for its stellar growth and top-notch retail initiatives in these markets. Most recently, the company even formed a strategic partnership with Agence de Parfum in Australia and New Zealand to become the preeminent beauty omni-distributor Down Under.

"Winning the fourth time and with it, this coveted Gold status, is a prestigious and precious recognition for us at LUXASIA. Since our first win, challenges facing businesses globally continue to evolve and intensify – growth and success do not come easy. Through it all, we are deeply grateful for the contributions and dedication of our passionate One Team, as well as the trust and support from all our partners. We celebrate this win together," says Dr. Wolfgang Baier, Group CEO of LUXASIA.

"It is still an exciting time for the luxury beauty and lifestyle in Asia Pacific, with much growth to be unlocked in the region. Thank you to Deloitte for your continued affirmation of the way we plan, operate, and grow. This win is a great encouragement for our team to continually drive brand success, develop talents, and delight consumers," says Mr. Patrick Chong, Founder & Chairman of LUXASIA.

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