SSI Is Bringing Crystal Jade Back in the Country
The SSI Group is known mostly as a retailer of high-end fashion brands, but its latest announcement shows it is serious about growing its food business in the country.
The Tantoco family-owned company said it is bringing Singapore-based restaurant chain Crystal Jade back to the country. In a disclosure to the Philippine Stock Exchange last Wednesday, October 9, the SSI Group said it has entered into a territory agreement with Crystal Jade Management PTE Ltd for SSI to own and operate Crystal Jade restaurants in the Philippines.
This restaurant chain’s concepts include Crystal Jade Golden Palace, Crystal Jade Hong Kong Kitchen, Crystal Jade La Mian Xiao Long Bao and Crystal Jade GO.
According to the disclosure, Crystal Jade Hong Kong Kitchen, which serves authentic Hong Kong Cantonese cuisine, will be the first open in the country. The concept will open in the first quarter of 2020 in Central Square in Bonifacio Global City.
Founded in 1991, the Crystal Jade group is a one-Michelin star brand in Singapore for three consecutive years (2016 to 2018) and has received multiple Michelin Bib Gourmand commendation awards for its Shanghai and Hong Kong branches.
Its signature dishes include dimsums, classic congees, roasted delicacies and sizzling wok specialties.
Crystal Jade used to operate at least two stores in the country—one in VMall in Greenhills called Crystal Jade Shanghai Delight and another in Bonifacio Global City called Crystal Jade Dining IN.
“We are very excited to be partnering with Crystal Jade to open their unique international Crystal Jade restaurant formats in the Philippines, said Anthony T. Huang, President of SSI. “The opening of Crystal Jade in the Philippines is aligned with our desire to provide consumers with complete lifestyle offerings through global partnerships that cater to the eclectic and sophisticated taste of the Filipino consumer.”
In addition to Crystal Jade, SSI also owns the Philippine franchise of popular New York burger chain Shake Shack, which opened in the country earlier this year, as well as a chain of salad bars in the country called Salad Stop.
According to Businessworld, SSI’s food portfolio accounts for only 2.5 percent of its total business, which is still largely made up of international fashion retail brands like Gucci, Salvatore Ferragamo, Zara, and Tiffany & Co., and more than 80 others.