BENGALURU/LONDON, Oct 27 (Reuters) – European gold coin and bar dealer Degussa is shutting its store in Singapore after two years, the company said on Friday, citing tough conditions in the retail market and tight margins.
The outlet will close at the end of November, Degussa Chief Executive Wolfgang Wrzesniok-Rossbach said, adding that the company will retain other elements of its business in Singapore, including gold storage and supply.
“We have had a good experience here, and we will keep the clients in certain sectors on the business-to-business side and in the storage business,” he said. “(But) a retail operation like the one we run in Germany, Switzerland or London simply doesn’t make sense for us.”
Degussa’s store in Singapore, which opened in 2015, was its first retail outlet outside Europe.
The company, which sells gold, silver and platinum bars branded with its sun and moon logo, retains outlets across Germany and Switzerland, and in London and Madrid. (Reporting by Arpan Varghese in Bengaluru and Jan Harvey in London; Editing by Christian Schmollinger)
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