Epicentre Holdings cited competition from other Apple Premium Retailers and the Apple store at Orchard, which opened last year, for the divestment.PHOTO: ST FILE
Facing stiff competition in the Singapore market, Epicentre is throwing in the towel and selling all four of its storefronts here as well as its online store to a rival Apple reseller for $516,275.
Epicentre's Catalist-listed parent Epicentre Holdings announced yesterday in a Singapore Exchange filing that it has entered a conditional sale and purchase agreement with Elush (T3), which runs iStudio.
With this sale, Epicentre will also exit the Apple Authorised Reseller and Apple Premium Reseller business in Singapore, subject to the approval of Epicentre Holdings' shareholders at an upcoming extraordinary general meeting.
Epicentre outlets are located at ION Orchard, Wheelock Place, Marina Bay Sands and Bugis Junction. Epicentre will also grant Elush (T3) the licence to use its trademarks "Epicentre" and "Live Out Loud by Epicentre" with no fees chargeable.
Epicentre Holdings cited competition from other Apple Premium Retailers and the Apple store at Orchard, which opened last year, for the divestment, saying sales had been adversely affected since the latter's opening.
It added that Apple intends to open more retail stores in Singapore. "With Apple's upcoming plan, the company has decided to dispose the business and focus on its beauty, wellness and lifestyle business, while looking at other possible related businesses."