Thai Firm Buys Dean & DeLuca
I'm in Bangkok and the business news is buzzing over the storyline of a Thai firm buying an iconic American brand.
Thai-listed firm Pace Development Corporation, a real estate driven firm has an agreement in place to buy over the Dean & DeLuca chain of gourmet food shops and cafes.
The company has 11 outlets in the US and over 30 abroad. Dean & Deluca was first established in the SoHo district of New York City.
A value of THB4.5 billion has been placed on the deal.
Pace has been a lead innovator in placing the outlet adjacent to their luxury MahaNakhon development in Sathorn district Bangkok which includes the Ritz-Carlton Residences and Edition Hotel.
Another lead item for Pace will be the opening of the L'atelier de Jol Robuchon restaurant by the end of this year at the Cube Lifestyle Centre.