Kelvin Wu: Life is too short; make sure it is spent well

When Kelvin Wu does something, it is never by halves. This year, he rescued the Hong Kong and Singapore branches of bankrupt British music retailer HMV. In his role as principal partner and co-founder of consumer-focused private equity firm AID Partners, Wu spotted an opportunity that was too good to miss. "With private equity it is partly about timing, but there needs to be a good story, a good brand and a good team, too," he says.

All the elements were present with HMV's Asian division and Wu is confident of doubling revenues of HK$300 million within two years at the 91-year-old brand. The plan is to transform the entertainment retailer, from a music "play" into a consumer "play".

"Music needs another level," Wu explains. "Today, we mainly listen to music on smartphones and the quality has diminished. People want high-quality music, so high-definition music will be the future."

Wu wants to pioneer high-definition music retail in Asia using superaudio CDs, DVDs, high-definition speakers, earphones and players. He plans to install a high-end audio room at the Tsim Sha Tsui branch of HMV. Chinese high-definition music downloads are the next phase, along with a potential tie-up with a South Korean tech firm.

Wu doesn't plan to stop there. The social aspect of the brand will get a makeover too. Earlier this month, HMV Central opened a large, al fresco cafe, one of the few public open-air spaces in the district. A separate 3,000 sqft HMV Kids Zone in partnership with Lego is also on the cards.