ICON1C
Volume 01
·
Private & Confidential
An Introduction · MMXXV
Building the
global leader in
luxury experiences.
ICON1C
A Catcha Group Company
Singapore · Hong Kong · Monaco
ICON1C
Chapter IThe Macro
Chapter I · The Market
Consumers are turning away
from luxury goods.
Fortune · Nov 2024
50 million people have stopped buying luxury brands like Dior and Burberry after ‘broken promises’ to customers.
Reuters · Oct 2024
LVMH sales fall 3% as China demand for luxury goods worsens.
CNBC · Nov 2024
Personal luxury goods market to shrink for first time since the 2008 financial crash.
Bain & Company · 2024
Global luxury sales to fall 2% in 2024, among weakest years on record.
In numbers
−2%
forecast contraction in personal luxury goods, 2024
Source
Bain & Company · Fortune ·
Reuters · CNBC · Vogue Business
ICON1C
Chapter IThe Macro
Chapter I · Continued
… and into
experiences.
Total Addressable Market
$1.6tn
Estimated value of the global
experiential luxury market
Demand
Privacy & exclusivity
among HNWIs
Drivers
Travel, members’ clubs,
personalised experiences
ICON1C
Chapter IThe Macro
Chapter I · The Numbers
The numbers speak
for themselves.
People are getting richer—and they want to spend on unique, unforgettable experiences.
I · Global Luxury Tourism
Global luxury tourism is expected to grow at a 7.9% compound annual rate, expanding the addressable market by +56.8% over five years.
II · HNWIs Globally
The global high-net-worth population is forecast to expand 1.5× by 2029—an additional 14 million customers entering the luxury bracket.
III · The Experience Multiplier
Experience-related services
4.0×
vs. total goods
Experience-related services
1.7×
vs. personal-consumption goods
Experience spend is growing at 4× the rate of total goods and 1.7× personal-consumption spending.
Source · Capgemini · Allied Market Research · McKinsey
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Chapter IThe Macro
Chapter I · The Paradigm
A paradigm shift,
from goods to experiences.
Sales and EBITDA growth across the four luxury verticals, FY 2023.
Luxury Watches & Jewelry
16% / 13%
Luxury
Hospitality
& Restaurants
Luxury Hospitality & Restaurants
45% sales · 38% EBITDA
The outlier… →
ICON1C
Chapter IThe Macro
Chapter I · Defensibility
A defensive sector
in the AI era.
The experience economy is anchored in human connection—the value AI cannot replicate.
Likelihood of Disruption by AI
93%
of travellers prefer the authenticity and emotional connection of human staff over automated interactions.
86%
of gym members report stronger motivation when bonded with personal trainers or community.
ICON1C
Chapter IIThesis
Chapter II · Introducing
ICON1C
Building the global leader in luxury experiences.
Inspired by
LVMH · Kering · Richemont
The Macro Thesis
i.
People seek experiences—
not products.
ii.
The HNW class is expanding rapidly, especially in APAC.
iii.
HNWs prize privacy, exclusivity and a sense of community.
Our Strategy
Consolidate operators and brands across experience verticals to build dominance and extract superior economic returns.
ICON1C
Chapter IIInspiration
Chapter II · Inspiration
The LVMH playbook.
From a single Maison in 1987, LVMH became the world’s most valuable luxury group through patient consolidation.
Acquisition Timeline · 1987 — Present
Formation
1987
Louis Vuitton + Moët Hennessy
The M&A Thesis
“Acquire established luxury brands and grow them to a level they could not reach without the group’s resources.”
Synergy Pillars
i
Shared production & R&D across maisons
ii
Consolidated back-office & supplier scale
iii
Locked-up raw-material supply chains
iv
Diversified portfolio across luxury categories
ICON1C
Chapter IIOpportunity
Chapter II · The Opportunity Set
The luxury experiences
space is vast.
Six addressable verticals. Thousands of operators. Almost entirely fragmented.
vi
Tech-Enabled Distribution
ICON1C
Chapter IIIStrategy
Chapter III · Strategy
A family of experiences
operators.
The category is fragmented—built by founder-led SMEs, each excellent in their niche.
Today · A Fragmented Landscape
Hundreds of founder-led SMEs · single-niche · sub-scale
Most experiences operators are sub-scale, founder-led, and focused on a single niche.
By Joining the ICON1C Family
Founders gain five step-changes…
v.
A network of like-minded entrepreneurs
ICON1C
Chapter IIIStrategy
Chapter III · The Synergy Engine
Stronger together.
Four levers compound across the family. Founders retain equity—and entrepreneurial spirit.
- Cross-sell & up-sell across the full ICON1C portfolio
- Bundled product offerings
- Brand sponsors prefer scale
- Stronger digital presence, top & bottom of funnel
- Negotiating power over suppliers, venues & talent
- Shared back-office
- Streamlined sales team
- Founders share entrepreneurial “hacks”
iii.
Balance Sheet Strength
- Quality inventory at preferential rates
- Credibility with suppliers & vendors
- Capacity to launch new products
- Reinvest profits or raise growth capital
iv.
Entrepreneurial Hustle
As entrepreneurs ourselves, we know the power of a driven, resourceful founder. Our priority is to preserve that spirit—founders retain equity in the business they built.
ICON1C
Chapter IVPlatforms
Platform · I
VIP Hospitality
& Experiences.
Front-row access to the world’s most prestigious sporting, entertainment and travel moments.
Foundation Brands
Amber Lounge
F1 Hospitality · Est. 2003
VIP hospitality at Formula 1 Grand Prix weekends — Monaco, Singapore, Abu Dhabi.
Edge Global
Sports & Entertainment Events
Front-row experiences at Fashion Weeks, premium tournaments and bespoke vacations.
M&A Thesis
Consolidate similar operators to leverage our shared high-spending VIP database, and secure better supply & payment terms across venues.
Sample Target Categories
i
Formula 1 hospitality
Global
ii
Tennis & golf majors
EU · USA
iii
Fashion Week front-row
Paris · Milan
iv
Bespoke yacht charters
Med · Asia
v
Private music & gala events
Global
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Chapter IVPlatforms
Platform · II
Members Clubs
& Communities.
Doubling down on private community—the most resilient model in luxury experiences.
Foundation Brands
MANDALA Club
Singapore · Founded 2018
Singapore’s premier private members’ club — flagship of the modern HNW community model in APAC.
1880 Hong Kong
Hong Kong · Recent acquisition
Why Now
Recurring revenue. Loyal demand. Real-world connection in an increasingly digital world.
Three Tailwinds
HNWIs increasingly prioritise privacy, exclusivity, and a strong sense of community.
ii.
Resilient financial model
Best-in-class clubs offer loyal recurring revenue and predictable cash flow.
iii.
Real-world engagement
The enduring human desire for in-person connection—moving away from digital-only interaction.
ICON1C
Chapter IVPlatforms
Among the fastest-growing luxury verticals—and the most fragmented, most ready for consolidation.
Global Wellness Economy · USD Trillion
7.6% CAGR projected through 2028
2020
2022
2024
2026 E
2028 E
Source · Global Wellness Economy Monitor 2025
Big Number
$9.8tn
Projected size of the global wellness economy by 2028.
Why ICON1C, Why Now
→
An engaged HNW database—Mandala members & Amber clientele—already seeking curated wellness.
→
A highly fragmented industry of independent, sub-scale operators.
→
Cross-sell & economy-of-scale upside as the family grows.
ICON1C
Chapter VProcess
Chapter V · The Process
A simplified
deal process.
A fair offer in 14 days. Close in as quick as 60. Keep your team and culture intact.
No months of negotiations. No legal-fee surprises.
No watching your life’s work get dismantled.
Close in as quick as
60 DAYS
Step I
Introductory
Meeting
Founder retention
Keep your team. Keep your culture.
Equity rollover
Founders retain meaningful equity.
Path to IPO
A liquidity event for every operator.
ICON1C
Chapter VIThe Team
Chapter VI · The Team
The Directors.
Operators and entrepreneurs. 90+ corporate transactions across two decades.
Co-Founder
Patrick Grove
Co-founded Catcha Group. Took 6 businesses from start-up to IPO — including iProperty Group, acquired by REA Group in 2016 in the largest SE Asian internet acquisition at the time.
Co-Founder
Luke Elliott
Co-founded Catcha Group. Leads operations, growth and corporate finance — with 90+ M&A, capital raise and IPO transactions completed.
Director
H’ng Tien Yao
Founded 10+ bars in Singapore in partnership with Marriott Orchard, Fullerton Hotel and others. Lead Partner at FOC restaurant group.
CEO & Founder, Mandala
Ben Jones
Built Mandala into Singapore’s largest private members’ club. Former 15-year career at Goldman Sachs and UBS. Leads design and brand direction.
CFO & Co-Founder, Mandala
Adam Clayton
Long career in investment banking and PE-backed leadership. Founded and sold UFIT Bootcamps, Singapore’s largest outdoor fitness business.
ICON1C
Chapter VIThe Team
Chapter VI · The Team
The operating team.
The platform leadership running ICON1C’s foundation businesses day-to-day.
CEO · Edge Global Events
Tim Chambers
Leads VIP sports & entertainment events worldwide.
Managing Director · Amber Lounge
Lauren Green
F1 hospitality programmes across Monaco, Singapore and Abu Dhabi.
General Manager · Mandala Club
Jeff Connon
Daily operations of Singapore’s flagship members’ club.
Chief of Staff · ICON1C
Dennis Leong
Group strategy, M&A pipeline and integration.
Group Financial Controller
Irene Tham
Group accounting, controls and reporting.
Group Partnerships Director
Michelle Ong
Sponsorships, brand collaborations and ecosystem.
ICON1C
Chapter VIIBackers
Chapter VII · Founding Shareholder
Catcha Group.
One of Asia’s most experienced investment groups. Founded in 1999 by entrepreneurs, for entrepreneurs.
Beginning as entrepreneurs ourselves, we have spent the last decade actively driving value across our global portfolio.
25+
Years enabling disruptive businesses
$2bn+
Value creation across portfolio
100+
Corporate transactions completed
Select Portfolio · Realised & Listed
iCar Asia
Acquired by Carsome
iProperty Group
Acquired by REA Group · 2016
Frontier Digital Ventures
ASX-listed
Catcha Investment Corp
NYSE-listed SPAC
A repeated pattern: build, scale, list, return capital.
ICON1C
Chapter VIIBackers
Chapter VII · Capital Partners
The capital that
has followed us.
Catcha has consistently attracted top-tier global capital—and delivered returns.
Strategic & Institutional Investors
REA Group
Catcha Group
News Corp
Carsome
SBI Holdings
Venture, PE & Family Offices
Tiger Global
Mitsubishi UFJ
Mizuho
SoftBank
JAFCO
Sumitomo
Khazanah
Temasek
EDBI
Vertex
500 Startups
Family Offices
Indicative. Catcha’s portfolio companies have welcomed strategic and institutional capital across three decades.
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Chapter VIIIRoadmap
Chapter VIII · The Roadmap
Strategic plan
& roadmap to IPO.
Four phases. NPAT growing from $7m → $20m. List on ASX or LSE in 2027.
Phase I
H1 2025
Integration
& Consolidation
Integrate Amber Lounge and Mandala Club into a unified, streamlined business. Drive cost efficiencies. Optimise profitability. Lay the foundation.
Phase II
H2 2025
Series A
& M&A Screening
Raise $10m Series A. Begin M&A screening across three luxury experience verticals: VIP sports hospitality, private clubs and wellness.
Phase III
2026
Strategic Growth
& Value Creation
Deliver Mandala and Amber pipeline projects. Close value-accretive M&A using pre-IPO proceeds. Strengthen the portfolio.
Phase IV · Beyond
2027 →
IPO
& Listed Powerhouse
List on ASX or LSE. Hire seasoned C-suite with multi-brand conglomerate experience. Foundation investors may sell or take IPO stock.
Target post-listing multiple ~22× · benchmarked to LVMH & Live Nation
ICON1C
Chapter VIIIValuation
Chapter VIII · Valuation
Projected financials
& target valuation.
Benchmarked to leading public luxury & experiences companies. Multiple expansion as the portfolio scales.
ICON1C · Projected Valuation (SGD)
|
2026 |
2027 |
2028 |
| NPAT SGDm |
7 |
9 |
13 |
| Multiple |
19× |
20× |
22× |
| Est. valuation SGDm |
135 |
180 |
286 |
Multiple expansion is the prize. As the portfolio scales, our re-rating compounds with our earnings.
ICON1C
Fin
An invitation
Let’s build it
together.
The most valuable luxury groups in the world were built by patient operators who believed in something extraordinary.
Direct contact
Dennis Leong
Chief of Staff
Email
dennis@catchagroup.com
ICON1C
Singapore · HK · Monaco