Santali’s candle store, which was founded by former Chinese-American entrepreneur and entrepreneur Peter Chan, has seen its stock price increase by almost 60% in the last two years.
Chan, who launched the business in 2008, told Engadge that the increase in sales was because of the popularity of his brand, which is currently available in Singapore, Malaysia and the Philippines.
“We have more people shopping in Singapore now,” he said.
Chan says that Singapore’s large number of Chinese-Americans has helped drive up the value of the brand, because the brand’s brand is seen by many Singaporeans as an Asian-American brand.
Chan said that the brand also attracts Chinese-born Asian-Americans, and has been able to help establish the brand as an ethnic-specific brand.
“I think our brand has been the biggest growth in terms of growth for the brand over the last few years, which I think is a testament to our Asian-Indian community,” Chan said.
Engadges Singapore’s Chinese-Indian population grew from 1.6% in 2008 to 4.9% in 2016.
Chan also said that in 2016, the company sold almost 2.5 million candles.
He said that Santal is currently in talks with Singaporean authorities to open a candle factory in the city.