SIA, 3Sixty And SATS Finalise Agreement For Travel Retail Joint Venture
30 November 2018 - Singapore Airlines (SIA), 3Sixty (formerly DFASS Group) and SATS have today finalised a shareholders’ agreement sealing the establishment of a partnership to operate KrisShop and Scootalogue retail programmes in Singapore. The joint venture, KrisShop Pte Ltd, will launch operations on 1 December 2018.
The finalisation of the agreement follows an announcement in March that the three companies intended to launch a joint venture covering in-flight duty-free and ground-based duty-paid goods, as well as pre-order services, with onboard and ground-based deliveries. These activities will commence under the existing KrisShop and Scootalogue in-flight sales brands, transforming KrisShop into an e-commerce platform that is easily accessible to consumers. Other potential interested parties are expected to progressively come on board the programme.
Prior to today’s finalisation of the shareholders’ agreement, the companies signed a share subscription agreement on 23 November 2018 under which SIA, 3Sixty and SATS will jointly invest approximately $35 million in KrisShop Pte Ltd (formerly known as Singapore Airport Duty-Free Emporium). SIA holds 70 per cent of this entity, while 3Sixty (Singapore) and SATS Ltd each hold 15 per cent under the terms of the agreement.