Thailand’s retail group Tanachira Retail Corp has disclosed its plan to further expand its presence in Southeast Asia after making its IPO debut on the Stock Exchange of Thailand.
The company said the funds raised will be used to open more branches of its existing portfolio of brands, following the launch of Harnn’s first branches in Vietnam and Singapore and Marimekko’s first store in Singapore. The group also aims to roll out two Gordon Ramsey restaurants in Thailand this year. The company will also use the funds to adjust capital structure and manage existing branches and business operations.
Tanachira reported an 88.14 per cent net profit jump to $1.9M for the first half, generating $17.9M in revenue. Tanapong Chiraphanidchakul, CEO of Tanachira, said the company is confident in its growth and aims to add new brands to its portfolio.
“It has a clear business expansion plan that is in line with the trend of growth in the luxury lifestyle and fashion product industry, including management teams with vision and experience who understand consumer lifestyles,” said Pongsak Pruekpaisal, MD of Kasikorn Securities.
