How Golden Moments Hit S$1.5M Sales In Just A Month

The Mid-Autumn Festival typically falls on the 15th day of the eighth month of the Chinese lunar calendar, which is September or early October in the Gregorian calendar. This year, it falls on October 1.

Marking the end of the fall harvest, the Mid-Autumn Festival is traditionally an opportunity to give thanks to the gods.

This is also the time of year when the moon is the brightest, which is why lunar legends have always been attached to the celebration.

This is also the reason why moon cakes are the highlight of the festival, which is a symbol of reunion and happiness.

Today you’ll find moon cakes in many varieties, from traditional flavors with lotus seed paste and egg yolk, to snow skin versions filled with everything from chocolate to truffle to champagne. .

For local brand Golden Moments, she pioneered durian moon cake in Singapore.

From business partner to competitor

founder of golden moments josiah jeremy
Josiah Jeremy (far right) with his two ex-business partners / Image Credit: YummyFoodBook

Founded in 2017, Golden Moments was founded by three friends – Josiah Jeremy, Leon Chan, and Samuel Ow.

However, due to a “conflict of business prospects”, the last two co-founders sold their shares and decided to go their separate ways.

Leon in particular has launched his own brand of durian cake called Chng Kae.

In an interview with Vulcan Post, founder Josiah said it was “disheartening” to see his business partner become his competitor.

However, there are always ups and downs in the corporate world and differences in business outlook have led to the split.

Competition is inevitable and (even) if Chng Kae (was not) our competitor, it would probably be someone else. Nonetheless, we see it as a learning experience and we wish him the best of luck in managing his new brand.

Josiah Jeremy, co-founder of Golden Moments

He added that since the founding team started as a group of friends, boundaries have often blurred and disputes have arisen.

“It took responsibility and maturity to ensure that expectations were properly managed in order to run the business professionally,” explained Josiah.

They had to establish appropriate and clear SOPs and business frameworks for corporate governance to help them build a solid foundation for growth and sustainability.

Customers are valuable and deserve gold

Golden Moments Durian Moon Cake
Image Credit: Golden Moments

Recounting the early days, he shared that Golden Moments was simply built on the idea of ​​bringing families and loved ones together through the love of durians.

This is also how their brand was born: They wanted to uphold the essence of the brand of ‘cherishing’ golden moments ‘and celebrating relationships.’

At its core, Golden Moments aims to serve customers with the best durian experience.

“We value our customers because they deserve the best and deserve gold,” said Josiah.

This gold to which he refers comes in the form of the golden yellow flesh of the King of Fruit. In fact, all of the Mao Shan Wang durians they use in their moon cakes are of “unsurpassed AAA quality”.

We work closely with our durian plantation partner in Malaysia so that we can find the best durians. Ultimately, we can guarantee that every bite of our moon cakes is pure luxury of the highest quality durian.

Josiah Jeremy, co-founder of Golden Moments

S’pore’s most expensive moon cake

With such high quality, it’s no surprise that Golden Moments charge such high prices for their moon cakes.

Prices for Golden Moments moon cakes start at S $ 88.80 for a box of four.

Mooncake snow skin durian truffle golden moments
Premium Truffle Durian Snow Skin Moon Cake / Image Credit: Golden Moments

This year, he teamed up with goldsmith jewelry brand SK Jewelery to launch a limited edition Mao Shan Wang 24k Truffle Snow Skin Moon Cake which costs $ 888.

Each set comes with a 24 karat gold bar, which serves as an awesome gift for the Mid-Autumn Festival.

According to their marketing research, this limited edition set is indeed the “most expensive moon cake in Singapore and possibly Asia”.

Moon cakes Docello Hazelnut MSW and Lychee Martini Golden Moments
Moon cakes Docello Hazelnut MSW and Lychee Martini / Image Credit: Golden Moments

While Golden Moments specializes in durian moon cakes, it has never failed to innovate and has come up with unique new flavors such as Docello Hazelnut Chocolate Mao Shan Wang and Lychee Martini.

For these new flavors, Golden Moments has conducted surveys and market research to find out what “turns Singaporean palates” on.

They then spent eight months of intensive R&D to get the right recipe and make it.

As a relatively new startup, innovation is in our DNA and we aim to be dynamic and trendy. Additionally, the food industry in Singapore is extremely fast-paced with consumers having a short attention span.

Therefore, we are constantly striving to innovate to produce artisan durian treats that are not fad foods but constant cravings.

Josiah Jeremy, co-founder of Golden Moments

It’s clear that they are always pushing the limits of creativity in their quest to produce the best product and the best customer experience.

Josiah added that he sees the Golden Moments as the “next durian revolution”.

“We are constantly at the forefront of product innovation and aim to set the benchmark for creative, high-quality durian treats.”

golden moments artbox 2019 ice cream macaron mao shan wang
Golden Moments @ Artbox 2019 / Image credit: Golden Moments

Besides moon cake, some of their other durian offerings include Mao Shan Wang durian puffs, Mao Shan Wang peeled durians, Mao Shan Wang ice cream, and Mao Shan Wang macaroon.

Sales of S $ 1.5 million in one month

Golden Moments’ initial funding amount is a six-figure number, and it only took them three months to break even.

Since its creation, their turnover has tripled in just three years.

The COVID-19 crisis does not appear to pose a threat to its business, although mid-autumn festivals have had to step back and be forced to move online.

In previous years we had 20-30 booths, but now we only have five and (had to) pivot to focus on online sales strategies.

However, the positive result is that our operating costs have been drastically reduced, so we see a higher profit margin. We have (also) collaborated with many partners which has allowed our overall sales to be higher than last year.

Josiah Jeremy, co-founder of Golden Moments

That said, being an exclusively online brand with a strong social media presence has helped them thrive during this pandemic as they don’t have to shoulder the sunk costs of retail outlets.

During the breaker period, they pivoted their operations to ensure same-day delivery within three hours, and had an average of 300 to 400 deliveries per day.

At its peak, they had 600 deliveries per day.

For this year’s mooncake launch, they achieved a turnover of S $ 1.5 million in just one month.

“This puts us on track to meet our S $ 3 million sales target for the Mid-Autumn Festival season,” Josiah said.

Grow the business

According to Josiah, the biggest business challenge for him is taking the Golden Moments to greater heights – and that “requires the right people with the right ambition and the right vision.”

With the fallout from his fellow co-founders, Josiah had to reorganize the company earlier this year to reset the work culture and the foundation of the company.

Initially, I went beyond all aspects of the business, from marketing and production, logistics and operations, customer service, inventory and business development.

I personally conducted over 70 interviews with 10 consecutive interviews per day for a week to hire the right people for the team. It was very trying and I felt exhausted.

Josiah Jeremy, co-founder of Golden Moments

His saving grace was his faith in God and his mentor Ivan Lee, who is also the founder of the Thai Express restaurant group.

“With her guidance, I was able to stay positive and get through this difficult time. We have been successful in streamlining and improving the business, increasing daily revenue from four to six figures, ”he said.

In addition to being his mentor, Ivan is also his investor. In August 2018, Golden Moments secured $ 1 million in seed funding from him.

With the new funding at the time, Golden Moments planned to expand into Indonesia, Thailand, China and Hong Kong as demand from these markets grew.

Asked about the current state of those expansion plans, Josiah said they had already executed the plans, but had to put them on hold due to the pandemic.

Likewise, other “exciting plans” in the works have also had to stop, but he hopes to resume them once the COVID-19 situation improves.

Featured Image Credit: Golden Moments

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Jothi Venkat

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