Tag: bangkok

  • Thai food delivery app Lineman Wongnai bags $265 million

    Thai food delivery app Lineman Wongnai bags $265 million

    hai food delivery app Lineman Wongnai on Monday said it has raised US$265 million from Singapore’s GIC, PTT Oil and Retail Business, Taiwan Mobile, and other investors.

    The startup said the investment round puts the company’s value at over US$1 billion, making it a ‘unicorn’ firm.

    The announcement comes as competition heats up among food delivery apps in Thailand, including the homegrown Robinhood, which is backed by Thai lender Siam Commercial Bank Pcl, and AirAsia Superapp.

    The capital injection will help Lineman grow from “a local Thai start-up to a regional tech platform,” said chief financial officer, In Young Chung.

    He added the company plans to have an initial public offer (IPO) but did not provide a timeframe.

    The company was formed last year after Lineman and restaurant aggregator Wongnai formed a joint venture and raised US$110 million from BRV Capital.

  • Thai fashion retailer Pomelo culls staff

    Thai fashion retailer Pomelo culls staff

    The online fashion retailer cut about 55 employees, or 8% of its headcount, it said in a statement on Thursday in response to queries by Bloomberg News. The company said it streamlined its processes “to move toward more sustainable growth.”

    The Bangkok-based startup is in the midst of raising external capital and has engaged banks including Morgan Stanley to help with the effort, according to people familiar with the matter. The startup in August secured about $10 million from existing investors including Jungle Ventures, regulatory filings showed, and has raised a total of at least $83 million from investors including JD.com Inc. and Provident Growth Fund.

    Representatives for Pomelo and Morgan Stanley declined to comment on the fundraising effort.

    Pomelo is joining peers in the region trying to reduce cash burn as investors become less willing to bankroll growth without profits. Launched in 2013, Pomelo sells clothing and accessories online and in its retail stores in Thailand, Singapore, Indonesia and Malaysia, according to its website.

    Many of Southeast Asia’s e-commerce companies are facing slower growth as macroeconomic conditions sour and consumers pull back on spending amid rising inflation. Sea Ltd.’s commerce arm Shopee in June made its first major job cuts and is scaling back its overseas footprint. The Singapore-based giant has lost almost $170 billion of its market value since an October high on questions about its money-making prospects.

     

  • Thai Airasia X to Fly to Australia

    Thai Airasia X to Fly to Australia

    Thai AirAsia X (XJ) will launch new services from Bangkok (Suvarnabhumi Airport) to Melbourne and Sydney commencing 1 and 2 December 2022.

    Four weekly flights direct from Bangkok to Sydney Airport depart on Mondays, Tuesdays, Fridays and Saturdays, and to Melbourne Airport (Tullamarine) three times a week on Wednesdays, Thursdays and Sundays.

    The return flights on the same days from Australia to Thailand, start from just A$299.

    Premium flatbeds on both routes are now on sale from A$1,199.

    Thai AirASia will operate 377-seat Airbus A330 aircraft with 12 business-class reclining seats and 365 economy seats, including a quiet zone from rows 7 – 14.

    Mr Tassapon Bijleveld, Acting Chief Executive Officer of Thai AirAsia X, explained that Thailand and Australia have maintained strong relations for over 70 years, noting Australia is among the

    top three educational destinations for Thai students as well as a leading travel destination for Thai tourists.

    “Thai AirAsia X is very excited to be adding Sydney and Melbourne as two key destinations in Australia this year.

    “Thais love Australia and Australians love Thailand and we are confident that these new and direct services will prove popular.

    Mr Bijleveld added that other Australian destinations such as Perth were on the airline’s radar.

    Australia remains a key market for the AirAsia brand. Malaysia-based AirAsia X, the affiliate long haul sister airline of Thai AirAsia X, has also recently announced new direct services from Kuala

    Lumpur to Sydney commencing 9 September and to Perth, Melbourne and Auckland (via Sydney) which begin in November this year.

  • Thailand’s Central Retail Turns Around Bottom Line With Solid Fourth Quarter

    Thailand’s Central Retail Turns Around Bottom Line With Solid Fourth Quarter

    The listed retail arm of Thai conglomerate Central Group says revenue rose by 15 percent year-on-year to 58.77 billion Thai baht ($1.8 billion) and EBITDA was up 42 per cent to 8.03 billion baht in its latest quarter.

    Net profit for the company – which operates La Rinascente department stores in Italy and the Central and Robinson’s store networks in Thailand – soared 124 percent to 2.5 billion baht.

    The group did not break down the performance of its various business units, which also includes retail chains selling groceries, sportswear, stationery, and electronics across Thailand and Vietnam.

    Last year, Central Retail renovated three flagship Rinascente stores in Milan, Florence and Rome while the country was in a Covid-related lockdowns with the work completed before Italy reopened its international borders in mid-2021.

    “The spending power from domestic customers along with the return of European tourists boosted sales growth in the fourth quarter, matching 99 percent of sales during the pre-pandemic era,” the company said in a statement.

    Full-year sales in Italy grew by 30 percent year on year, driving a fourfold increase in EBITDA.

    Group-wide full-year sales reached close to $6 billion with net profit of $8.5 million.

    Central Retail chief executive Yol Phokasub said the company had endured “rigorous-resilience tests” last year due to the impact of Covid-19 on trading and was ready to focus on growth in the year ahead.

    Central Retail is one of several subsidiaries of Central Group, which last December agreed to pay $5.37 billion for the Selfridges department store business in the UK in partnership with Austrian real estate company Signa Group.

    Earlier this month, sister subsidiary Central Pattana, the Group’s property business, revealed plans to invest $3.7 billion over the next five years to build or upgrade shopping centres, hotels and office facilities in Thailand and Vietnam, including Central-branded malls which house its fashion-led department stores.

  • Siam Piwat to manage a new mall at Park Silom in Bangkok

    Siam Piwat to manage a new mall at Park Silom in Bangkok

    NYE & RGP Development Co., Ltd., a collaboration between NYE Estate Co., Ltd., and Minor International PCL, inks a strategic deal with Siam Piwat Co., Ltd. for a retail asset management and property management for “Park Silom”, a premium mixed-use project in the heart of Silom under the theme “New Breed of Silom.”  The retail space spans over five storeys of the total 39-storey mixed-used project that recently won prestigious international awards. The retail concept is envisioned to be a ‘one-of-a-kind retail experience,’ that caters to the lifestyles of office occupants along with Thai and international tourists with high purchasing power The collaboration between the three property and retail industry leaders, all with extensive experience in managing world-class and high-profile projects, will establish “Park Silom” as a new landmark in Silom – the prospering economic neighbourhood, by introducing a new lifestyle that responds to the multi-dimensional ways of living.

    Ms Ornruedi Na-Ranong, Chief Executive Officer of NYE Estate Co., Ltd, said “NYE & RGP Development, which is a joint force between NYE Estate and Minor International PCL, has developed Park Silom as a premium mixed-use office building and a retail space covering an area of six rai and 39-storeys right at the centre of Silom, based on a theme “New Breed of Silom.” The project is designed to offer an integrated lifestyle experience for locals and people working and living around Silom. We have signed the MOU with Siam Piwat in collaboration for retail asset management and property management, with the ultimate goal to fulfil the lifestyle of the new generations at  Park Silom and its neighbourhood, and for Silom people to be able to live a balanced life where work, shopping and after-work socializing perfectly integrated in a different and distinctive way.”

    “This collaboration with Siam Piwat, highly recognized as “The Visionary ICON”, will further enhance Park Silom’s credentials among retailers, thanks to Siam Piwat’s in-depth experience in property development which features numerous world-class projects that have earned many international awards and recognition. The proven success will create a new dimension to the intermix of Park Silom’s office building and retail space – to offer new experiences that cater to the multi-faceted work life and lifestyle of the building’s occupants which are mostly leading companies and international organizations, for “Park Silom” to become a new landmark of Silom,” said Ms Ornruedi.

    Dillip Rajakarier, Group CEO of Minor International, added “We are delighted to collaborate with the two prominent property and retail developers to develop an iconic “Park Silom” project.  Minor International has long experience in building and operating hotels, restaurants and mixed-use businesses globally. We are confident that we can employ our expertise in hospitality and retail, as well as key corporate support functions to contribute to this supreme quality business and lifestyle hub in Bangkok’s financial heart”.

    Chollachat Meksupha, Senior Executive Vice President of Business Development and Real Estate of Siam Piwat Co., Ltd., the leading property and retail developer – the owner and operator of prestigious retail destinations including Siam Paragon, Siam Center and Siam Discovery and a joint venture partner of ICONSIAM and Siam Premium Outlets Bangkok said, “Siam Piwat is delighted to develop ‘Park Silom’, set to become a new landmark of the Silom area which will play a very important role in reviving Silom as a prime Central Business District (CBD).  For the past 63 years, Siam Piwat has been ‘The Visionary ICON’ that excels in developing and managing world-class property and retail projects as well as global All of which have been pioneering milestones, new concepts that deliver the ultimate experience and delights for visitors. In this partnership, Siam Piwat will fortify retail asset management and property management for Park Silom, to achieve the fulfilling experience of an integrated urban work life and lifestyle.”

    Our partnership is formed at the right time, as Silom is a prime location and the centre that welcomes numerous leading organizations such as financial institutions, large corporate enterprises and multinational corporations. Hence, the Silom area welcomes many high purchasing power shoppers. At the same time, this business district also features retail brands and spaces to serve the lifestyles of the new generation who seek harmonious work-life balance.  The area also offers shopping and hang-out spots for office workers as well as local and international tourists who have been increasing in numbers following the country’s reopening.

    “We are confident that, Siam Piwat’s successful credentials as a developer of ‘World Class Destinations,’ together with our extensive knowledge, experience and expertise in multi-faceted areas including real estate development, retail business, shopping centres, food and beverages, marketing communications as well as the retail asset management and property management will ensure this collaboration is successful. It will also mark another retail breakthrough by creating a ‘one-of-a-kind retail experience that is unique and outstanding in the Silom area,” concluded  Mr Chollachat.

  • Thai 7-Eleven operator CP All appoints new CEO

    Thai 7-Eleven operator CP All appoints new CEO

    Thai retailer CP All has appointed Yuthasak Phoomsurakul as its new CEO of operations, overseeing the company’s network of more than 11,000 7-Eleven stores.

    Phoomsurakul started his career with the company as the deputy MD of marketing and product management in 2007.

    He has also held several key leadership roles in companies such as Big C Supercenter, B2S Company, Amarin Printing Company and Publishing Public Company over the years.

    “I am extremely grateful and honoured to have been trusted by the board of directors to be appointed as CEO,” said Phoomsurakul. “In continuation of our corporate philosophy, customers and employees are the heart of our business operations.”

    In his new role, he says he will work to grow the company sustainably bringing innovation and integrating the business both offline and online.

  • Central Group unveils US$825m Vietnam expansion plan

    Central Group unveils US$825m Vietnam expansion plan

    Alibaba’s grocery store chain Freshippo is searching for to boost funds at a valuation of about $6 billion, a lot decrease than a hoped-for valuation of as much as $10 billion earlier this 12 months, three individuals accustomed to the matter informed Reuters.

    The corporate needed to reduce its valuation expectations after China’s COVID-19 restrictions, specifically a draconian lockdown within the financial hub of Shanghai, badly dented enterprise, they stated.

    Traders are additionally sceptical about whether or not loss-making Freshippo can continue to grow and switch a revenue anytime quickly given the corporate’s bleak outlook because the world’s second-largest economic system continues to pursue a strict coverage of stamping out COVID-19 instances, stated two of the individuals.

    The grocery store chain, generally known as Hema in Chinese language, is aiming to boost $400 million to $500 million from outdoors buyers, two of the sources stated.

    The fundraising is much from being finalised and monetary phrases may change, cautioned two of the individuals and a separate fourth supply with information of the matter. The entire sources declined to be recognized as the data was confidential.

    The fourth supply stated Freshippo would welcome good buyers to assist it develop however added it had a wholesome money stream and was underneath no fast stress to boost recent funds.

    Alibaba and Freshippo didn’t reply to Reuters requests for remark.

    Freshippo’s lowered ambitions for its first impartial personal fundraising spherical come amid a drop-off in investor curiosity globally in tech ventures which have but to show a revenue.

    Highlighting tumbling valuations globally, Swedish funds agency Klarna Financial institution AB stated on Monday it had raised $800 million of funds at a valuation of $6.7 billion, down round 85% from the $46 billion valuation it attracted final 12 months.

    Personal fundraising in China has additionally slowed since final 12 months as a result of a sweeping regulatory crackdown on the tech, tutoring, gaming and different sectors.

    Regardless of indicators that Chinese language regulators could possibly be easing up on regulatory crackdowns, dealmakers do not anticipate to see any fast funding surge within the nation given a downbeat outlook for the economic system.

    Based in 2015 and wholly owned by e-commerce behemoth Alibaba, Freshippo has 300 shops in 27 cities that present grocery supply companies, based on its web site.

    Shanghai is its largest market with 73 shops. Though residents in Shanghai relied closely on supply companies through the metropolis’s two-month lockdown this 12 months, grocers like Freshippo struggled to fulfill demand as a result of COVID-19 restrictions and disruptions to the nation’s provide chain.

  • AIS To Purchase Triple T Broadband

    AIS To Purchase Triple T Broadband

    Thailand’s mobile service provider Advanced Info Service (AIS) announced that it is planning to invest 32.4 billion baht to buy out Triple T Broadband and to purchase units owned by JASIF infrastructure fund.

    In a stock exchange filing, AIS said that it intends to acquire Triple T Broadband for 19.5 billion baht and buy 19% of JASIF for 12.9 billion baht.

    The company’s chief financial officer said in the filing, “This acquisition will enhance consumer access to broader and better quality of service by improving broadband inclusion in new areas targeting the upcountry and non-city areas. This aligns with our business direction to grow the broadband business and effectively develop the nation’s fiber infrastructure. A combined fiber network will support effective sharing that reduces unnecessary fiber network duplication and its environmental impact.”

    The announcement comes as competitors True Corp. and DTAC have initiated partnership and are awaiting regulatory approval.

    AIS meanwhile said that the deal must still be approved by authorities and is likely to be finalized by the first quarter of 2023.

  • Pandora Thailand distributor plans to expand food, and beverage sections

    Pandora Thailand distributor plans to expand food, and beverage sections

    Tanachira Retail Corporation Co, the importer and distributor of lifestyle fashion brands including Harnn, Marimekko and Pandora, is eyeing the acquisition of health lifestyle food & beverage operators to help reduce business risks and sustain the company’s long-term sales growth.

    Tanapong Chirapanidchakul, Tanachira’s chief executive, said the company is exploring opportunities to acquire food and beverage firms and is seeking know-how to support its expansion into the sector.

    “Our overall business suffered a lot from the Covid-19 crisis, with sales in 2021 plunging by 50% from a year before,” said Mr Tanapong. “Whenever the economy is in a bad condition, people generally opt to spend their money on food rather than luxury products, which will be the first items to be cut.”

    According to Mr Tanapong, the company moved into the food and beverage business several weeks ago when it invested 5 million baht to open the world’s first Marimekko pop-up café in Bangkok’s Central Embassy mall.

    The company plans to open two more permanent cafes in the city next year. It expects Marimekko to account for 25% of total sales, up from 16% now, once two more pop-up cafés open next year. There are currently 10 Marimekko lifestyle stores in Thailand.

    According to Mr Tanapong, the company is now looking to expand the Marimekko shop at the Lotte Department Store in Vietnam’s capital city Hanoi this year.

    Tanachira is also scheduled to open a Cath Kidston cafe in CentralWorld in December this year.

    The company aims to have a total of five cafes under the Marimekko and Cath Kidston brands in Thailand next year.

    In addition, Mr Tanapong said the company intends to ramp up its online business this year. Before the pandemic, Cath Kidston was the only brand that sold its products online, but all brands are now available on the internet, contributing 12% of the company’s sales in the first half of this year. The company’s target is for online business to account for 15% of its sales in 2022, and double to 30% over the next three years.

    Moreover, Mr Tanapong said the company plans to open three new Pandora branches this year. The company expects its sales to reach 1.15 billion baht this year and 1.4 billion baht in 2023. Of the total, 50% of sales will come from Pandora, 20% from Marimekko, and the remaining 30% from other brands.

  • Lotte prepares to shut its China headquarters

    Lotte prepares to shut its China headquarters

    Lotte, Korea’s largest retailer, has decided to pull out of China altogether, due to the country’s continued retaliation against Korean firms after Seoul’s decision to station a U.S. anti-missile battery in 2016, as well as sluggish private consumption amid the prolonged COVID-19 lockdown. Instead, Lotte plans to focus on Indonesia, Vietnam, Malaysia and other Southeast Asian markets.

    Lotte will close down its Chinese headquarters in the first half of this year and most of its employees there have already returned to Korea, the company said Sunday. The only process left is the cancellation of its business license.

    “We have practically completed the withdrawal of our business from China. We only have paperwork left. We are maintaining our stance on expanding our business in Southeast Asian countries such as Vietnam, Indonesia and Malaysia, but COVID-19 is still a problem there so we are closely watching the situation,” said an official at Lotte Holdings, which is the conglomerate’s parent company.

    Lotte established its Chinese headquarters in 2012 to supervise the group’s businesses there. Lotte Shopping, Lotte Holdings and Lotte Chemical invested 70 percent, 15 percent and 15 percent, respectively, in the Chinese headquarters.

    China was one of Lotte Group Chairman Shin Dong-bin’s key markets for global business. Shin had aimed to achieve 200 trillion won ($157.1 billion) in sales to become one of Asia’s top 10 retailers by 2018.

    However, the Korean government deployed a U.S. Terminal High Altitude Area Defense (THAAD) anti-missile system on a golf course in Korea owned by Lotte despite strong opposition from China. In retaliation, Beijing started to impose tougher regulations on Lotte’s subsidiaries in China. Lotte Mart and Lotte Department Store closed down their businesses in China in 2018, followed by Lotte Chilsung Beverage and Lotte Confectionery the next year.

    Lotte also planned to build an amusement park in Shenyang, Liaoning Province, which took a long time to get permission from the Chinese government. The project finally got the green light in April 2019, but was halted soon after due to the outbreak of the coronavirus pandemic in China.

    When Lotte closes down its headquarters in China, it will only have one department store operating in Chengdu. The store continues to make a profit, but the amount has been decreasing gradually. Lotte Chemical remains open in China, but it also displayed poor performance there in the first quarter of this year.

    On the other hand, Lotte’s retail businesses in Indonesia and Vietnam are displaying stellar performances.

    Lotte Shopping opened its first department store in Indonesia in 2013 and launched two new stores in Vietnam in 2014 and 2015. The company achieved a profit of 5.9 billion won in the first quarter of this year from those three stores alone. Lotte Mart also operates 49 supermarkets in Indonesia and 14 stores in Vietnam. The group’s retail unit made 8.7 billion won between January and March this year in the two Southeast Asian countries, which is 1.1 billion won more than what it made in the Korean market during the same period.

  • Maxim’s to launch Shake Shack in Thailand

    Maxim’s to launch Shake Shack in Thailand

    US burger chain Shake Shack is ramping up its Southeast Asia expansion with its upcoming Thai debut in partnership with Hong Kong-based licensee, Maxim’s Caterers.

    Thailand’s first Shake Shack location, which will also be a flagship store, is expected to open in Bangkok next year, followed by 15 more stores across the country by 2032. Maxim’s, also the licencing partner of Shake Shack in Greater China, currently operates 24 Shacks across the region.

    “Shake Shack was born in New York, and Bangkok is another fantastic city with vibrant energy, friendly people and rich culinary traditions,” said Michael Kark, chief global licensing officer at Shake Shack.

    The Shake Shack Thailand menu will feature the chain’s signature items, such as ShackBurger, Chicken Shack and Chicken Bites. The burger chain said it will also work alongside local producers, purveyors and artists to support the Thai community.

    Meanwhile, Maxim’s will open its seventh Shake Shack outlet in Hong Kong on May 9, at the Citygate Outlets in Tung Chung.

    Maxim’s operated F&B businesses for more than 60 years, including licences for brands including Starbucks, Genki Sushi and Ippudo Ramen, The Cheesecake Factory and Shake Shack. The company operates more than 1800 outlets in Hong Kong, Macau, Mainland China, Vietnam, Cambodia, Thailand, Singapore and Malaysia.

  • Apac tipped to fuel global airport retail market recovery

    Apac tipped to fuel global airport retail market recovery

    Asia Pacific’s airport retail market is projected to grow to US$33.8 billion by 2026, driving the global market to $63.4 billion thanks to a compound annual growth rate of 7.8 percent.

    According to GlobalData, the growth will be driven by the increase in retail space and passenger numbers as cross-border travel resumes and the relaxation of lockdown and duty-free regulations. GlobalData’s latest report found the number of passengers in Apac will surge by 33.9 percent this year, resulting in a boost in retail sales. However, it does not expect pre-pandemic levels to return until 2024.

    Retail analyst at GlobalData, Koyel Ray, said Apac’s airport retail sales fell by $10 billion in 2020 before rebounding slightly last year to $11.8 billion. Ray added digitalization measures have helped provide normalcy after the pandemic, such as contactless payment systems, and antimicrobial coatings on self-service devices to keep shops clean.

    “Airport retailers are welcoming data technological innovation to improve customer engagement,” Ray said.

    “Retailers are employing rolling robots, facial biometric scanners for security check process to avoid physical contact, and 24/7 grab-and-go stores to revive airport sales and protect consumers from further outbreaks.”

  • Thailand Approves Incentives To Promote EV Shift

    Thailand Approves Incentives To Promote EV Shift

    Thailand’s cabinet on Tuesday approved a package of incentives including tax cuts and subsidies to promote a shift to electric vehicles (EVs) in Southeast Asia’s major auto production base, a government spokesperson said. The package for 2022-2025 is in line with a zero emission vehicle policy plus a goal to ensure 30% of Thailand’s total auto production are EVs by 2030, Thanakorn Wangboonkongchana told a news conference.

    In the first two years, the measures will focus on encouraging widespread domestic use of EVs by providing tax breaks and subsidies for imported models and those made locally, he said. In the last years of the package, the support will mainly be on promoting domestically produced EVs, while cancelling some benefits for imported models, Thanakorn said.

    “This is to encourage operators to accelerate the production of electric vehicles in the country to meet increasing demand,” he said. Thailand last year produced 1.7 million regular vehicles, for firms that include Toyota, Honda and Mitsubishi.

    Thanakorn did not give further details on the incentives, which he said would need to be worked out with the energy ministry. According to earlier media reports, the package will help reduce the price of each EV by between 70,000 baht ($2,165) and 150,000 baht ($4,638).

  • Thai food giant to list on Vietnam stock exchange

    Thai food giant to list on Vietnam stock exchange

    Thai food giant Charoen Pokphand Foods has green-lighted its Vietnam subsidiary’s plans to list its shares on the Ho Chi Minh Stock Exchange.

    CPF has made a filing with the Stock Exchange of Thailand, but details are unavailable about plans for an IPO and others.

    C.P. Vietnam gets around 70 percent of its revenues from processed and fresh pork and chicken products.

    It built its first processing plant in Vietnam in 1993 and now has nine around the country.

    Vietnam’s stock exchanges have eight foreign companies listed on them, and they account for 0.3 percent of their market capitalization.

    Another foreign firm, Japanese retailer Aeon, has announced its intention to list in Vietnam.

  • Central Retail invests US$3 million for Tops Market’s new model

    Central Retail invests US$3 million for Tops Market’s new model

    Central Retail has invested US$3 million to build Tops Market’s first standalone supermarket, on Bangkok’s Pattanakarn 30.

    Catering to the residential areas in Eastern Bangkok, the new standalone supermarket spans 3400sqm, housing more than 17,000 items across seven zones, including Healthiful, Snacker, Asian Flavours and Petster. Tops Market Pattanakarn 30 offers omnichannel with personal shopper service and quick commerce service through Line.

    “The new store will cater to modern consumers who prefer shopping near their home so that they do not have to worry about commuting,” said Stephane Coum, CEO of Central Food Retail. “We recognise the spending potential of the consumers in this area, as it is an upscale residential area in Eastern Bangkok, with many large-scale real estate projects.”

    Sustainability innovations and technology are implemented at the store in line with the Central Retail Retailligence strategy. Two EV charging stations are installed to support clean energy, while energy-saving refrigerators are used to reduce the use of electricity and carbon footprints.

    Customers can also collect trash and household waste to receive points on recycling days. Each point is equal to one baht, and Tops Market adds another baht to be donated to Empty Bottles, Full Value project by Wat Chak Daeng in Samut Prakan province, to make PPE uniforms for the temple and garbage collectors.