Latest news with #Kee
Business Times
21-05-2025
- Business
- Business Times
From vintage to vogue: The boom in restored designer handbags
[SINGAPORE] The hottest trend in luxury fashion is not a new bag. Instead, it is an old one – meticulously restored. As prices for designer handbags climb to unprecedented highs – with classics such as the Chanel flap bag now retailing easily over S$10,000 – restorers offering refurbishment services to breathe new life into their worn staples are doing a roaring business. In Singapore, high-end ateliers have reported an increase in demand, citing customers drawn mainly by both sustainability and the desire to preserve the sentimental value in the luxury pieces they already own. In a post-pandemic economy where conscious consumption is in vogue, restoring a beloved Birkin or Dior Saddle bag has become both a practical and stylish choice. Retail players told The Business Times that demand is led by women aged 28 to 50, who see bags as long-term investments, but interest is also growing among Gen Zs, men and eco-conscious consumers. Over the past year, premium artisanal leather and bag restoration service Dr Bags has clocked a 15 to 20 per cent increase in demand for its services. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Lynn Kee, co-founder and director of Dr Bags, started the company more than a decade ago, when she and her friend noticed a lack of readily available luxury bag restoration services in Singapore. 'We couldn't go to the shoe smith or laundromat when our bags were spoiled. There was a huge gap in the repair industry back then,' she said. Founded in 2014, Dr Bags handled just 50 to 80 bag orders a month that year, with most customers opting for basic cleaning services; few at the time understood or requested more advanced treatments such as colour restoration or protective coatings. But that has changed drastically. Today, the company manages between 1,000 and 1,500 orders monthly, and offers an expanded suite of services including cleaning, restoration, repair and protection. Lynn Kee, co-founder and director of Dr Bags, started the company in 2014 to fill a gap in luxury bag restoration services in Singapore. PHOTO: DR BAGS Refurbishment gains ground as luxury prices soar While business grew steadily over the years, it was during the Covid-19 pandemic that brought Dr Bags its biggest surge in demand. 'With more time at home, many people began decluttering and rediscovered forgotten bags and shoes – often damaged, mouldy or discoloured. That drove a surge in restoration requests,' Kee said. She noted that in that year, luxury bag prices had risen significantly, and customers became more inclined to maintain what they already owned. Brand-new Chanel classic Flap bags now retail at around S$16,000 to S$19,000 – way more than in 2014, when the bag cost S$6,000. Prices of bag refurbishment services range from S$100 for basic cleaning and repair services to above S$1,000 for advanced restoration craftsmanship. This is just a portion of what it would cost to purchase a brand-new designer bag, making refurbishment an increasingly appealing option for many. Post-pandemic, Dr Bags – which has been profitable through the years – expanded its reach with islandwide home-delivery services; a new outlet opened in Clementi Mall on May 16. Another bag refurbishment service provider, Honest Crafters, has fielded more enquiries and seen demand for its services jump by as much as 30 per cent post-pandemic. Year-on-year growth has been steady since. The skyrocketing prices of the new bags have reduced their affordability, and pushed people away from a 'buy-and-throw-away' mindset, said Eirene Ong, Honest Crafters' senior manager for business development and operations. 'We see a big interest in people trying to understand what they can do to restore the bag to its original shape,' she added. Founded in 2017, Honest Crafters achieved profitability within a year and has seen steady year-on-year growth since the Covid-19 period. The company is hiring more staff to handle the growing demand for its services; it hopes to franchise the brand in the future, though no timeline has been finalised. Sustainability and sentimentality drive the shift These restorers expect such trends to continue. For many customers, parting with their bags – no matter how worn – is not an option. These pieces often carry deep sentimental value, and restoring them to their former glory helps 'keep their stories alive', Honest Crafters' Ong said. Others believe in adopting sustainability practices, aware of the upside of creating a zero-waste, circular economy exemplified through the luxury brands. 'Some opt for vegan leather instead because the designers themselves have started using more sustainable-friendly materials, such as recycled fabric,' Ong noted. 'It's about understanding the trend, the material, and how best to restore it.' Honest Crafters offers services such as cleaning, repair and restoration of luxury bags. It recorded a 30 per cent rise in demand for its services post-pandemic. PHOTO: HONEST CRAFTERS The way Chan Yew Leathers' director Chan Wei Wen sees it, consumers are becoming more conscious of their environmental impact – and so are brands. 'Everyone wants to do their part', he says. Offering repair services to extend the life of bags makes Chan Yew Leathers a green business, he adds. 'If a strap breaks, we fix it, and that means less waste and longer use.' Even as Dr Bags and Honest Crafters enjoy an uptick in business from individual customers, Chan Yew Leather is also seeing growth in its business-to-business space. About 80 per cent of its orders come from corporate clients, including luxury retailers, and demand continues to grow. Founded in 1941, Chan Yew Leathers is a family-run business that has evolved from a tannery into a key restoration partner for luxury brands. Since Chan Wei Wen took over as director in 2012, revenue has more than doubled; growth has been steady, except during the Covid-hit year of 2020. In tropical climates such as Singapore's, the climate itself is a key factor driving demand. High humidity levels can cause mould, discolouration and deterioration of adhesives – issues that often prompt customers to seek professional restoration to preserve their bags. 'One of the biggest surges we saw was in January this year,' said Dr Bags' Kee. Apart from it being the holiday season, 'it was raining heavily for weeks, and that prolonged moisture led to a lot of mould and dirt on leather and fabric. Our revenue that month jumped by about 75 per cent year on year.' Chan Yew Leather, a family business, has been led by three generations. Since Chan Wei Wen (left) took over as director in 2012, revenue has more than doubled. PHOTO: CMG Proper bag care is necessary Although sending a bag for refurbishment would prolong its lifespan, bag owners have a responsibility to care for it as well, said Chan. 'Just like how people maintain their skin or service their cars regularly, the longevity of a bag depends on how often you clean, rotate or refresh it. Leather is skin, after all. If you take care of it properly, it can last decades – but if you neglect it, wear and tear will show, no matter the climate.' Even as consumers become more educated about proper bag care, the demand for professional restoration is unlikely to wane, Chan said. 'As long as there is a demand in the luxury bag market, there will always be a place for what we, bag refurbishers, do.'
Business Times
21-05-2025
- Business
- Business Times
New life for old luxe: Restoration becomes the luxury trend to watch
[SINGAPORE] The hottest trend in luxury fashion is not a new bag. Instead, it is an old one – meticulously restored. As prices for designer handbags climb to unprecedented highs – with classics such as the Chanel flap bag now retailing easily over S$10,000 – restorers offering refurbishment services to breathe new life into their worn staples are doing a roaring business. In Singapore, high-end ateliers report an increase in demand, citing customers drawn mainly by both sustainability and the desire to preserve the sentimental value in the luxury pieces they already own. In a post-pandemic economy where conscious consumption is in vogue, restoring a beloved Birkin or Dior Saddle bag has become both a practical and stylish choice. Retail players told The Business Times that demand is led by women aged 28 to 50, who see bags as long-term investments, and interest is growing among Gen Zs, men and eco-conscious consumers. Over the past year, premium artisanal leather and bag restoration service Dr Bags has clocked a 15 to 20 per cent increase in demand for its services. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Lynn Kee, co-founder and director of Dr Bags, started the company more than a decade ago, when she and her friend noticed a lack of readily available luxury bag restoration services in Singapore. 'We couldn't go to the shoe smith or laundromat when our bags were spoiled. There was a huge gap in the repair industry back then,' she said. Founded in 2014, Dr Bags handled just 50 to 80 bag orders a month that year, with most customers opting for basic cleaning services; few at the time understood or requested more advanced treatments such as colour restoration or protective coatings. But that has changed drastically. Today, the company manages between 1,000 and 1,500 orders monthly, and offers an expanded suite of services including cleaning, restoration, repair and protection. Lynn Kee, co-founder and director of Dr Bags, started the company in 2014 to fill a gap in luxury bag restoration services in Singapore. PHOTO: DR BAGS Refurbishment gains ground as luxury prices soar While business grew steadily over the years, it was during the Covid-19 pandemic that brought Dr Bags its biggest surge in demand. 'With more time at home, many people began decluttering and rediscovered forgotten bags and shoes – often damaged, mouldy, or discoloured. That drove a surge in restoration requests,' Kee said. She noted that in that year, luxury bag prices had risen significantly, and customers became more inclined to maintain what they already owned. Brand-new Chanel classic Flap bags now retail at around S$16,000 to S$19,000 – way more than in 2014, when the bag cost S$6,000. Prices of bag refurbishment services range from S$100 for basic cleaning and repair services to above S$1,000 for advanced restoration craftsmanship. This is just a portion of what it would cost to purchase a brand-new designer bag, making refurbishment an increasingly appealing option for many. Post-pandemic, Dr Bags – which has been profitable through the years – expanded its reach with islandwide home-delivery services; a new outlet opened in Clementi Mall on May 16. Another bag refurbishment service provider, Honest Crafters, has fielded more enquiries and seen demand for its services jump by as much as 30 per cent post-pandemic. Year-on-year growth has been steady since. The skyrocketing prices of the new bags have reduced their affordability, and pushed people away from a 'buy-and-throw away' mindset, said Eirene Ong, Honest Crafters' senior manager for business development and operations. 'We see a big interest in people trying to understand what they can do to restore the bag to its original shape,' she added. Founded in 2017, Honest Crafters achieved profitability within a year and has seen steady year on year growth since the Covid-19 period. The company is hiring more staff to handle the growing demand for its services; it hopes to franchise the brand in the future, though no timeline has been finalised. Sustainability and sentimentality drive the shift These restorers expect such trends to continue. For many customers, parting with their bags – no matter how worn – is not an option. These pieces often carry deep sentimental value, and restoring them to their former glory helps 'keep their stories alive', Honest Crafters' Ong said. Others believe in adopting sustainability practices, aware of the upside of creating a zero-waste, circular economy exemplified through the luxury brands. 'Some opt for vegan leather instead because the designers themselves have started using more sustainable-friendly materials, such as recycled fabric,' Ong noted. 'It's about understanding the trend, the material, and how best to restore it.' Honest Crafters offers services such as cleaning, repair and restoration of luxury bags. It recorded a 30 per cent rise in demand for its services post-pandemic. PHOTO: HONEST CRAFTERS The way Chan Yew Leathers' director Chan Wei Wen sees it, consumers are becoming more conscious of their environmental impact – and so are brands. 'Everyone wants to do their part', he says. Offering repair services to extend the life of bags makes Chan Yew Leathers a green business, he adds. 'If a strap breaks, we fix it, and that means less waste and longer use.' Even as Dr Bags and Honest Crafters enjoy an uptick in business from individual customers, Chan Yew Leather is also seeing growth in its business-to-business space. About 80 per cent of its orders come from corporate clients, including luxury retailers, and demand continues to grow. Founded in 1941, Chan Yew Leathers is a family-run business that has evolved from a tannery into a key restoration partner for luxury brands. Since Chan Wei Wen took over as director in 2012, revenue has more than doubled; growth has been steady, except during the Covid-hit year of 2020. In tropical climates such as Singapore's, the climate itself is a key factor driving demand. High humidity levels can cause mould, discolouration and deterioration of adhesives – issues that often prompt customers to seek professional restoration to preserve their bags. 'One of the biggest surges we saw was in January this year,' said Dr Bags' Kee. Apart from it being the holiday season, 'it was raining heavily for weeks, and that prolonged moisture led to a lot of mould and dirt on leather and fabric. Our revenue that month jumped by about 75 per cent year on year.' Chan Yew Leather, a family business, has been led by three generations. Since Chan Wei Wen (left) took over as director in 2012, revenue has more than doubled. PHOTO: CMG Proper bag care is necessary Although sending a bag for refurbishment would prolong its lifespan, bag owners have a responsibility to care for it as well, said Chan. 'Just like how people maintain their skin or service their cars regularly, the longevity of a bag depends on how often you clean, rotate, or refresh it. Leather is skin, after all. If you take care of it properly, it can last decades – but if you neglect it, wear and tear will show, no matter the climate.' Even as consumers become more educated about proper bag care, the demand for professional restoration is unlikely to wane, Chan said. 'As long as there is a demand in the luxury bag market, there will always be a place for what we, bag refurbishers, do.'
New Straits Times
19-05-2025
- Business
- New Straits Times
Keyfield cautiously optimistic for FY2025 amid macroeconomic headwinds
KUALA LUMPUR: Keyfield International Bhd, an offshore support vessel (OSV) provider, is adopting a cautiously optimistic outlook for the financial year ending December 31, 2025 (FY2025), despite a slower-than-usual start to the year and broader macroeconomic uncertainties. Group chief executive officer and executive director Datuk Darren Kee Chit Huei said the company's performance would continue to hinge on fleet size, utilisation rates, and daily charter rates, which are the key metrics that drive both revenue and profitability. "These three factors will determine the revenue of the company as well as the bottom line of the company. For us to increase the revenue, we have to achieve, hopefully, all three of the above," he told Bernama in an interview recently. For the first quarter ended March 31, 2025 (1Q2025), Keyfield International posted a lower net profit of RM20.68 million compared with RM30.30 million in the same period last year, while revenue declined by 18.5 per cent to RM86.75 million from RM106.39 million, mainly due to reduced vessel revenue. The group said revenue from its vessels fell by 10.3 per cent, or RM8.3 million, to RM72.6 million from RM80.9 million year-on-year, while revenue from third-party vessels declined by RM11.4 million (44.7 per cent) to RM14.1 million (1Q2024: RM25.5 million). Kee noted that while FY2024 was a strong year, FY2025 started slowly due to monsoon season disruptions, which typically result in lower vessel utilisation during the first quarter. "We still have several vessels that are working during this period. But, during this first quarter, utilisation is typically low. Not just us. All the vessel companies would encounter this problem," he explained. Despite global uncertainties, including the ongoing tariff war and a slight decline in oil prices, Kee said business operations remained unaffected. "Business is still as usual for us. We do not have anything that is adversely affecting our vessel at the moment," he affirmed, adding that Keyfield International's exposure to overseas income was minimal. Addressing scheduled vessel dry docking in the first quarter, Kee said the company has intentionally chosen this off-peak period to minimise financial impact. However, he acknowledged that the bottleneck at Labuan Shipyard had caused some delays. On geographical deployment, Kee said at the moment 95 per cent were in Malaysia, and the company's vessels were active in Sabah, Sarawak, Kemaman, and the joint development area between Malaysia and Thailand. The company also has vessels operating in India and the Middle East. Recently, Keyfield International's wholly-owned subsidiary Keyfield Offshore Sdn Bhd has also entered into a memorandum of understanding with PT Elnusa Trans Samudera (ETSA) to explore and pursue marine services opportunities, primarily in the oil and gas as well as related industries across Indonesia. Kee revealed that the company has acquired a cable-laying barge set to begin work in Saudi Arabia soon as part of plans to increase international presence. "We should try to aim to increase our presence in the Middle East," he said, naming Saudi Arabia, Kuwait and Qatar as priority markets. On the local offshore support vessel (OSV) sector, Kee pointed to an ageing fleet in the market and Petronas' reported concern over a potential shortage of vessels. "We are lucky. We have several young vessels which will continue to give us the edge," he said, highlighting that many other players have not been investing in new OSVs. Keyfield currently owns 15 vessels, with an average utilisation rate last year of 80.4 per cent. However, for FY2025, Kee anticipates a slightly lower utilisation due to a slow start and dry-docking schedules. "Our contract in hand is about RM420 million as of today," he added. Kee also touched on the company's capital strategy. Keyfield raised RM200 million through a sukuk issuance in December last year, part of a RM1 billion AA3-rated sukuk programme. "We have not fully used up the bond proceeds. At the moment, there is no immediate need to issue another round of sukuk bonds," he said, adding that the company maintains a clean balance sheet with healthy internal cash flow. Kee noted that Keyfield International targets to pay out 20 per cent of its net profit as dividends, as stated in its prospectus. "But last year, our overall payout was around 39 per cent," he added. For the financial year ended Dec 31, 2024 (FY2024), the group declared a fourth interim dividend of three sen per share, bringing its total dividend payout for FY2024 to 11 sen per share. This represents a dividend payout ratio of 38.9 per cent, almost double the company's initial target of a 20 per cent payout ratio. Kee said the group aims to maintain a strong dividend yield, currently close to 6.0 per cent, while also being viewed as a growth stock. Keyfield International is also gradually diversifying into non-oil and gas segments, with a goal for such activities to contribute around 20 per cent of total revenue in the medium term. The newly acquired cable-laying barge in Saudi Arabia marks a move in that direction. "We hope to be able to diversify our income base so that at least 20 per cent of our income base is derived from the non-oil and gas sector," he said. Kee reiterated a "cautiously optimistic" stance on the OSV market, noting that demand for accommodation vessels remains stable due to their critical role in offshore maintenance. "Maintenance work needs to be carried out every year, even when oil prices are down. We are still bullish and optimistic that the demand will continue to be there," he emphasised.
Belfast Telegraph
14-05-2025
- Sport
- Belfast Telegraph
New Larne recruit on why he's ready to impress after his long road to the top flight
The 22-year-old attacking midfielder joined the Invermen in January along with his H&W Welders team-mate Tiarnan O'Connor and while the striker linked up with the European history makers, Kee remained at the Blanchflower Stadium on loan until the campaign ended.
India Today
29-04-2025
- Entertainment
- India Today
Love Horoscope Today for Tuesday, April 29, 2025: Spend time with your loved ones
Wondering what your love life has in store for you today? Check the love horoscope for Aries, Leo, Virgo, Libra, Scorpio, Taurus, Gemini, Cancer, Sagittarius, Aquarius, Capricorn, and Love Horoscope: You will respect and honour your loved ones. Emphasis will be on traditions and values. You will handle every matter with responsibility. Relationships will be nurtured. Friends will be supportive. Blood relations will be energised. Speech and behaviour will improve. Family members will remain pleased. Maintain communication and interactions with family. Exhibit Today: Astrological prediction April 29, 2025 for all zodiac signs Tarot Card Predictions April 29, 2025: Tarot Card Reading for All Zodiac SignsTaurus Love Horoscope: Mutual trust will increase within the family. You will maintain affection and cooperation. You will move forward without hesitation. Positivity will prevail in the family. Comfort and happiness will rise. Memorable moments will be spent with loved ones. A spirit of togetherness will be maintained. You will live up to others' expectations. You will think Love Horoscope: Maintain patience and enthusiasm in emotional matters. Be cautious during discussions. Your reputation and respect will remain intact. Personal relationships will remain normal. Social interaction will increase. Avoid neglecting loved ones. Relationships with relatives will grow. Stay active in family activities. Win the trust of friends. You will be effective in personal Love Horoscope: You will receive support and cooperation from loved ones. Positivity will grow in relationships. You may go on a trip with loved ones. Opportunities to express love will arise. You will maintain patience in personal matters. Attractive proposals will come. Harmony will remain in relationships. Love and affection will strengthen. Friendships will grow stronger. You will express your heartfelt Love Horoscope: You will take the initiative in emotional matters. You will consider advice from experienced people. Privacy will be emphasised. You will move forward with balance and harmony. Friends will be supportive. Meetings and interactions will continue. Relatives will offer cooperation. Personal matters will favour you. You will succeed in maintaining attraction. Comfort and happiness will Love Horoscope: You will maintain positivity and harmony in relationships. Relationships will improve. Happiness will prevail in love. You will strengthen your emotional bonds. Success will come in all areas. You will listen carefully to your loved ones. You will enhance equality and balance. Trust in your close ones will grow. Memorable moments will be Love Horoscope: Stay cautious in love relationships. Move forward with magnanimity. Blood relations will improve. Relationships will strengthen. Maintain sweetness in your speech and behaviour. You will meet loved ones. Keep affection for everyone. Increase focus on personal matters. Your reputation and respect will remain intact. Closeness with family members will Love Horoscope: New energy will be maintained in relationships with loved ones. You will meet your beloved. You will earn the trust of friends. Sensitivity will remain. You will win the trust of close ones. You will respect emotions. Comfort and happiness will prevail. You will move forward along with everyone. You will do well in personal matters. Harmony will Love Horoscope: You will take care of your loved ones. Trust in relationships will increase. Love relationships will become smoother. You will remain sensitive. Avoid showing off. Control emotional reactions. Ignore minor issues with loved ones. Maintain humility and discretion. Avoid arguments with close ones. Think Love Horoscope: Romantic relationships will remain sweet. Mutual trust will strengthen. You will have an interest in meeting family members. You will stay emotionally strong. You will excel in expressing your feelings. You will spend quality time with loved ones. You will be effective in personal matters. You will maintain harmony and comfort. You will listen to Love Horoscope: Be forgiving in any disagreements with loved ones. Be humble in relationships. Respect the advice of elders. Consider the well-being of everyone. Do not ignore domestic responsibilities. Matters of the heart will remain balanced. Increase harmony and balance in relationships. Speak with clarity. You will meet friends, and loved ones will be Love Horoscope: You will maintain humility in relationships. Relationships will remain smooth. You will make necessary decisions in emotional matters. Attractive proposals will be received. Pleasant outcomes will arise. Cooperation with blood relatives will continue. Love, affection, and trust will strengthen. You will meet with your loved one. You will earn the trust of your friends.
