BANGKOK, Oct 19, 2023 - (ACN Newswire) - Tanachira Retail Corp PLC, (SET: TAN), a leading importer and distributor of world-class luxury lifestyle and fashion products, trades for the first time on the Stock Exchange of Thailand, highlighting its expertise in managing high-potential lifestyle brands. It moves forward to create continuous growth for its portfolio brands and expands its business ecosystem to related businesses, to create group brand synergy and become a Thai lifestyle company in the regional market. Meanwhile, its performance in the first six months of this year tops the form, with a net profit of 71.06 million baht, up 88.14% from the previous year.
Mr. Tanapong Chiraphanidchakul, CEO of Tanachira (TAN), said the company has initiated trading of TAN shares on the first day (October 18, 2023) in the Stock Exchange of Thailand in the "Services", "Commercial Business" category, after successfully offering an IPO of 77.5 million shares at a price of THB 16.50 per share. This is an important step to help TAN grow into a leading lifestyle company in the region, supported with strong financial capital to expand its business ecosystem in the future. The company aims to become a leading lifestyle company in the region by delivering exceptional experiences to customers and creating value from sustainable operations for everyone.
The company has laid out a strategy to expand its business ecosystem through brand extension under the lifestyle portfolio, related businesses, and adding new lifestyle product brands with growth potential to boost its strength. TAN is the owner of HARNN Group, whose body care, skincare, spa, and aromatherapy products are sold globally through expansion from being one of the leading retailers of lifestyle and fashion products with various product brands and high growth potential.
The company has a comprehensive distribution channel with successful global lifestyle and fashion product brands and is pioneering and presenting lifestyle and fashion product brands to consumers in Thailand. It has been able to rapidly expand its branches and customer base while integrating marketing excellence and operational excellence, as well as experienced management teams and employees in the lifestyle and fashion product business. This helps support TAN's continuous growth and aims to become a leading lifestyle company in the region.
TAN plans to use the funds raised to create sustainable growth opportunities in the future, including (1) expanding the lifestyle and fashion product business branches that the group currently has the rights to. In Q3/2023, in addition to expanding its business in Thailand, the group also expanded its branches overseas by opening HARNN's first branches in Vietnam and Singapore and Marimekko's first branch in Singapore.
The company has exclusive rights to import, distribute, and market Marimekko products in Singapore for a period of 5 years. In addition, the group has been granted the right to manage the world-renowned chef Gordon Ramsey's restaurant chain in Thailand. It is expected that two branches will be opened this year.
In addition, the company has invested in computer programs to support business and develop online sales channels that support changing consumer behavior. (2) Adjusting capital structure through debt repayment to institutions and (3) using revolving funds for managing existing branches, expanding new branches, as well as revolving funds for business operations.
"I am confident that from now on TAN will grow by leaps and bounds from a strong capital base, expanding branches both domestically and regionally, including adding new brands to the portfolio, expanding the business ecosystem from the service industry to the lifestyle food and beverage business, to create growth in Group Brand Synergy and aim to become a leading Thai lifestyle company in the regional arena," concludes Mr. Tanapong.
Mrs. Chidchanok Jangpol, Chief Financial Officer of TAN, says that the company's first half-year results (January-June) of 2023 had total sales revenue of THB 655.80 million, up 18.01% compared to the same period last year. The net profit was THB 71.06 million, up 88.14% compared to the same period last year. The company's performance has returned to strong growth, reflecting the strong business fundamentals of its group of companies.
Mr. Pongsak Pruekpaisal, Managing Director of Kasikorn Securities Pcl, as financial advisor and underwriter, says "TAN is a growing company and is considered a Growth Stock with expertise in managing lifestyle and fashion brands that are globally renowned and have long been popular with consumers. The company has a variety of distribution channels that can reach customers in all target groups both domestically and internationally. 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. They are excellent in both marketing and operations, which has led to TAN's IPO being well received by both leading institutional investors and retail investors. After being registered on the Stock Exchange of Thailand, it is expected that TAN's potential for business operations will increase and strengthen its financial capital to be used for business expansion as planned."
Mr. Pongsak expresses confidence that TAN will be a quality stock in the Thai stock market that will gain investors’ trust.
Press release distributed by MT Multimedia Co., Ltd. on behalf of Tanachira Retail Corporation PLC
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Tanachira Retail Corporation PLC, http://www.tanachira.co.th [SET: TAN]
Source: Tanachira Retail Corporation PCL
Sectors: Retail & eCommerce, Daily Finance
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