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Flont Partners with Jewelry Giant Chow Tai Fook and Venture Fund C Ventures for Major Expansion into AsiaNEW YORK, May 24, 2018 /PRNewswire/ -- Flont®, the pioneer of "Jewelry as a Service," today announced a strategic joint venture with Hong Kong-listed Chow Tai Fook, and venture capital firm C Ventures, to massively expand the Flont service into Asia.
Orchestrating this joint venture is entrepreneur Adrian Cheng, who is the Executive Director of Chow Tai Fook Jewellery Limited and Co-founder of C Ventures. The new partnership offers Flont an unparalleled luxury network in Asia, which includes Cheng's fine jewelry retail network, the K11 premium museum-retail properties, as well as a VIP database of over 9 million members, to fuel the exponential growth of Flont, a C Ventures' portfolio company. Flont is the first C Ventures portfolio company to expand into Asia as a result of its investment. This joint venture has the unique benefit of leveraging over 2,500 Chow Tai Fook jewelry stores, and will yield the opening of a new standalone Flont lounge in Hong Kong. As a result, clients in Asia will experience Flont's "sharing economy" and "try and buy" offerings, targeted to introduce millennial and Gen Z consumers to fine jewelry. "In our first year, Flont surpassed 10,000 members in the U.S., by forging meaningful partnerships with brands and businesses in the fashion, beauty, travel and retail industries," said Cormac Kinney, Founder and CEO of Flont. "We are thrilled to work with Adrian Cheng's C Ventures and Chow Tai Fook, the best possible partners in the region. Their consumer relationships, retail network, logistics and luxury heritage, will enable Flont to grow rapidly, and provide exceptional service." "In addition to investing strategically, C Ventures seeks to create value for its portfolio companies," said Adrian Cheng, Executive Director of Chow Tai Fook, and Co-founder of C Ventures. "Through this exclusive joint venture, Flont will be able to tap into Chow Tai Fook's extensive retail network and local expertise in Asia. Its jewelry-as-a-service offerings has amazing potential in China and the rest of Asia, where luxury rental is still at its infancy." "We are thrilled to bring Flont and Chow Tai Fook together in this groundbreaking joint venture, which has amazing synergy," said C Ventures Co-founder CliveNg. "C Ventures will continue to invest in emerging companies and create unique value for them, helping them to expand globally." Flont's operating partner, Chow Tai Fook, was founded in 1929, and is one of the biggest jewelry retailers in the world, with a fast growing e-commerce division. This joint venture will introduce Flont's offerings to consumers in China, Hong Kong, Macau, Singapore and Taiwan, cementing Flont as the global leader in fine jewelry membership and rental services. Flont will be opening a standalone members' lounge in Hong Kong's art and design district, in Victoria Dockside – where clients can browse, rent, return and purchase fine jewelry pieces. These locations will showcase jewelry from dozens of global and boutique artisan brands, many making their debut in Asia. For more information about Flont and its expansion into Asia, please visit: https://flont.com/. ABOUT FLONT ABOUT C VENTURES ABOUT CHOW TAI FOOK JEWELLERY GROUP Founded in 1929, the Group's iconic brand "Chow Tai Fook" has been widely recognized for its trustworthiness and authenticity, and is renowned for its product design, quality and value. The success of the Group and its iconic brand is rooted in innovation, craftsmanship and heritage. The Group also holds other jewellery brands including CHOW TAI FOOK T MARK, Hearts On Fire, MONOLOGUE and SOINLOVE, which are the first examples of a long term multi-brand strategy rollout. The Group's commitment to sustainable growth is anchored in its "Smart+" strategy, which is in place to promote long term innovation in the business, in people and in culture. Another asset underpinning sustainable growth is a sophisticated vertically integrated business model. This supports the Group by fostering excellence and extending opportunities along the entire value chain to communities and industry partners. With an extensive retail network in Greater China, Korea, Japan, Singapore, Malaysia and the United States, and a fast-growing e-commerce business, the Group is implementing effective online-to-offline ("O2O") strategies to succeed in today's omni-channel retail environment. Flont Contact:
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