MoneyMax’s foray into the market as a one stop solution provider where customers can conveniently pawn, sell and trade-in their luxury items comes at a time when more and more consumers possess luxury goods. This is coupled with an increased acceptance and interest in pre-owned luxury goods, whereby the consumer enjoys significant savings as well as a selection of preowned bargains. The Company’s strategic expansion of its service offerings will allow it to meet the lifestyle and spending needs of a new group of customers, broadening its market segment.
MoneyMax will invest up to S$5 million in the initial phase, for the purchase of inventory, renovation of its current outlets, equipment and staff training and expects to recognise revenue from this new business segment in the financial year ending 31 December 2016.
Dato’ Sri Dr. Lim Yong Guan, Executive Chairman and Chief Executive Officer of MoneyMax, said, “The pre-owned luxury goods market is one with exciting opportunities which we believe provides us with another avenue for growth. With our wide network of physical stores, strong brand credibility and broad customer base, we hope to make luxury affordable to the masses and also offer financial solutions for owners of luxury items. This is a new milestone for us as we seek to widen our product lineup to meet changing needs of customers and underscores our efforts to be at the forefront of new service innovations and product offerings to enhance customer experience in the pawnbroking industry.”
In February 2015, the Company was Singapore’s first pawnbroking chain to offer a 3-in-1 online platform, MoneyMax Online, including a mobile application for customers, to shop, sell and appraise their valuables. The Company has integrated its new business segment via its online e-commerce platform and customers can now purchase these pre-owned items as well as send an online valuation for their luxury bags.
“This new business segment will enhance our market share as we remain committed to grow financially and build up our presence in Singapore and Malaysia so as to enhance shareholder value in the long run,” Dr. Lim added.