WorldBridge Group of Cambodia has announced the signing of a joint venture agreement with Luxury Business Group of South Korea to bring luxury and retail training, recruitment, and consulting services to the Cambodian market.
The signing ceremony was held at the Korea-Cambodia Business Forum at the Intercontinental Seoul COEX Hotel on January 27.
The event was attended by senior delegates from the Royal Government of Cambodia, including Pan Sorasak, Minister of Commerce, and Sok Chenda Sophea, Minister Attached to Prime Minister and Secretary General of Cambodia Development Council, alongside leaders from both companies – Neak Oknha Rithy Sear, Chairman of WorldBridge Group, and Daniel Mayran, founder and Chairman of Luxury Business Group (LBG).
The new joint venture, Luxury Business Group Cambodia, aims to differentiate Cambodia’s luxury industry and accelerate its growth into a world-class retail playground by providing recruitment and training for luxury brands and the retail sector, operational service manual development, store and brand human resources organization strategy, store and luxury brand human resource management know-how, and leadership.
LBG specializes in luxury and retail business consulting, including recruitment, training, and customer service development.
In Cambodia, LBG will work with distributors, property owners, and brand owners to develop luxury service strategies, recruitment, and training to support the development of a robust retail sector.
“The development of higher standards in the retail sector is critical for serving the Cambodian consumer and capturing the full potential of tourism dollars in the domestic market and travel retail, such as downtown duty-free.
“Top global brands in the luxury and premium segments require professional skills, currently in short supply. Advancement of the Cambodian retail sector will require significant investments in human resource development,” said Neak Oknha Rithy Sear, Chairman of WorldBridge Group.
“Cambodia is in the centre of Indo-China and is not far from the huge markets of India and China. In addition, with Thailand and Vietnam as neighbouring countries, Cambodia is expected to grow into a huge luxury market in the future, and it is a significant market strategically.
“We will provide a differentiated consulting approach and insight into the challenges and responses faced in the luxury and retail field and focus on enhancing the quality of service of human resources through customized solutions,” said Daniel Mayran, founder and Chairman of Luxury Business Group.
The development of new hotels, shopping malls, resorts, and high-rise buildings continues at a brisk pace in Cambodia.
Among them, The Peak, located in the centre of the Phnom Penh CBD, will open the Kingdom’s first Shangri-La hotel and luxury shopping mall with over 25,000 square metres of space in the fourth quarter of 2023, featuring top global luxury brand flagship stores. These brands will require the advanced retail human resources that LBG will provide, according to a release.
LBG, a global consulting and operations firm dedicated to the luxury and retail industry bridging Europe and Asia, is dedicated to the growth of luxury and retail businesses, consisting of experts in fashion, cosmetics, hospitality, food and beverage, and more. LBG has evolved by creating the Luxury Business Institute in Seoul in 2009.
Since its foundation, LBG has supported the development of the most prestigious luxury and premium brands through a wide range of solutions, from business strategy development, quality of service assessment, and executive search to training strategy and customisation. LBG continuously helps brands and companies reach the quality standards of the luxury industry.
Today, LBG consists of three business units: LBPartners for business development and consulting services, LBTalent for recruitment, and LBInstitute for customized training. Through these business units, LBG provides a comprehensive 360-degree solution from consultation to management and operation in the field of the luxury and retail business.
LBG is seeking practical and creative ways to capture various business opportunities and sustain the development of the luxury industry by serving as a bridge between Europe and Asia.
WorldBridge opened its doors in 1992 as a homegrown logistics provider and has grown into a top choice for international partners, bringing FDI and contributing to economic growth in the Kingdom.
Through relationships built on trust, transparency, and proven success, WorldBridge is considered a leading group in Cambodia’s economy with an international reputation for maintaining the highest standards of operational excellence and corporate social responsibility.