Net losses - but keep Kalms and carry on?

HAVING reinvented itself as a vending machine vendor to survive, with its last brick-and-mortar stores shut in 2016, home-grown gift retailer Kalms is eyeing China for its next phase.

Last year, it received a massive fund injection - and vote of confidence - from Mainboard-listed Ellipsiz, which bought a half-stake in the holding company for S$10 million. Armed with the new investment, it has unveiled ambitious expansion plans.

These include growing the domestic vending machine fleet from 200 to …