Ron Sim, the chairman of V3 Group, is making waves in the global market with his expansion of century-old Moroccan brand Bacha Coffee and TWG Tea. With a focus on premium brands, Sim is stepping up his game after finding success with his Osim massage chairs. Despite some setbacks in the past, Sim is determined to build brands with universal appeal and has allocated $100 million for global expansion.
Bacha Coffee, inspired by the Dar El Bacha palace in Marrakech, has rapidly expanded to nearly a dozen countries under Sim’s ownership. Bouqdib, the French-Moroccan business partner, secured the global franchise and has successfully brought the palace experience to each store. The brand’s first-ever net profit of S$2.2 million in 2023 marked a significant milestone in their growth.
Sim’s Osim massage chairs have also carved a niche in the global market, with a focus on quality and innovation. Despite a stumble with the acquisition of U.S. retailer Brookstone, Sim has adapted and optimized Osim’s store network for success. The recent economic slowdown in China has impacted sales, but Sim remains confident in the long-term prospects of the industry.
The coffee and tea business is where Sim sees significant potential for growth, with Bacha Coffee and TWG Tea showing strong performance. Bacha’s new coffee processing factory in Morocco and plans for expansion into the U.S. market demonstrate Sim’s commitment to scaling up the brand. TWG Tea has also seen steady growth, with plans to increase the store count to 100.
Ron Sim’s investments in real estate, through V3 Assets’ stake in Perennial Holdings, underscore his diversified business interests. Perennial’s upcoming projects, including the Skywaters complex and the redevelopment of Golden Mile Complex, highlight Sim’s involvement in shaping Singapore’s skyline. With a focus on integration and synergy in the real estate, medical care, healthcare, eldercare, and hospitality businesses, Perennial is poised for continued growth.
Sim’s ambitious approach to business, along with his track record of success and resilience in the face of challenges, positions him as a key player in the global market. With his children involved in the business and a long-term vision for growth, Sim’s V3 Group is set for further expansion and success. As he continues to push for growth and innovation, investors like KKR are betting on his ability to navigate the evolving business landscape and capitalize on emerging opportunities.
