ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Business

Pace buys Dean & DeLuca

BANGKOK -- Thailand's luxury real-estate company Pace Development is acquiring Dean & DeLuca, the high-end grocery store and cafe chain, from the U.S. parent company Dean & DeLuca Holdings for $140 million.

Thailand's Pace Development will acquire the brand and operations of Dean & DeLuca (a store in Bangkok)

   Pace will take over Dean & DeLuca's 11 outlets and two commissaries in the U.S. together with the licensing agreements for 31 international locations in seven other countries, including Thailand, Japan and the United Arab Emirates.

     Dean & DeLuca Holdings owns 93.56% of Dean & DeLuca. Pace plans to close the deal in December and retain the existing management team.

     Dean & DeLuca opened in 1977 in New York as a gourmet grocery store. Its offerings include in-house brands and attached coffee shops serving sandwiches, salads and pastries.

     Pace's main business is developing luxury properties and its portfolio ranges from urban mixed-use condominiums to beachside properties. It is developing Thailand's first Ritz-Carlton Residences in Bangkok.

      Chief Executive Officer Sorapoj Techakraisri hopes to marry the Dean & DeLuca premium culinary outlets with its top-end property business.

     "We aim to capitalize on the global convergence of super-premium mixed-use property development and lifestyle brands," he said in a statement. "People want a total delivered environment where they feel good about living."

      Currently, Dean & DeLuca has 42 outlets worldwide. Sorapoj aims to increase this number into the hundreds within two years and to double the global footprint to more than 15 countries. "Dean & DeLuca is one of the world's great brands and we want to fully maximize the potential," said Sorapoj.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media