To expand its foothold in the ASEAN market, the company will focus on a number of its flagship brands, including LYN, CC DOUBLE O, Jelly Bunny, Lyn around, CPS CHAPS and JASPAL, as well as importing the premium and sport brands to strengthen its portfolio in order to be able to better cater to all fashion shoppers.
Mr. Yosathep Singhsachathet, Deputy Chief Executive Officer of JASPAL CO., LTD. said, "We want to build upon our success after we have become a leader and key driving force in Thailand's fashion retail industry. In the next step, we aim to become a regional fashion and lifestyle retailer by expanding our overseas stores, especially in ASEAN countries, many of which have a high growth potential, high purchasing power and a fashion taste that is similar to the Thai market."
"We have established subsidiaries in target ASEAN countries to enable quality control on products and services and carry out effective marketing communication, which, ultimately will serve our goals of delivering the best experiences and impressions to customers in each country," he said.
In 2022, the company was active in 3 countries with total 70 stores. In Cambodia, the company managed LYN, CC DOUBLE O, Jelly Bunny, Lyn around, CPS CHAPS, LYN BEAUTY, MANGO, Super Dry, FRED PERRY, Champion, ASICS, and NEW ERA. In Vietnam, we managed LYN, LYN BEAUTY, Jelly Bunny, Lyn around, FRED PERRY, and DIESEL. In Malaysia, we managed Jelly Bunny.
In that year, the company launched LYN BEAUTY, its own in-house brand of cosmetic products, in Vietnam via stores and online channels, modeled after the successful business in Thailand. It also pushed for growth for various other brands under its management, with the opening of the first FRED PERRY stores in both Vietnam and Cambodia, as well as NEW ERA store in Cambodia and DIESEL store in Vietnam. The company also launched 'StudioJPS.com', the fashion multi-band website targeting the Cambodian markets.
The company expects its plan to expand in ASEAN countries in 2023 to boost its overseas sales. The company will utilize brand and channel strategies as follows:
- For In-house brands of JASPAL CO., LTD, including flagship brands such as LYN, CC DOUBLE O, Jelly Bunny, Lyn around, CPS CHAPS and JASPAL, which have solid customer bases in Thailand and some foothold in other countries, the company will open more stores and e-commerce channels to increase coverage and provide access to more customers. In addition, it will open the first store of JASPAL brand in Cambodia in the first quarter of 2023.
- For brands the company manages as authorized importer and distributor, it looks to expand its role and find more the premium and sport brands, in addition to the brands it already manages such as MANGO, Super Dry, FRED PERRY, Champion, ASICS, DIESEL, and NEW ERA. The company will focus on expanding overseas customer bases with high purchasing power in according to the growth of the fashion industry in each target country.
- For the store locations, the company will give priority to top shopping centers in each country, with consideration for economic growth and customer demand in the areas where the shopping centers are situated as well as customer traffic in order to reach more customers. It will also focus on interior design of the stores and display to reach the brands' standard, which will reinforce brand images. In addition, it will provide the professional staff members who are skilled at giving recommendations to customers and providing great experiences and impressions.
- For the online business, the company will utilize its expertise with 27 e-commerce sites across ASEAN, each of which is handled by a specialized and experienced team, a strategy the company has been using to reach customers and generate sales. The e-commerce sites are divided into four groups, which are 1) brand websites, 2) popular marketplace platforms in each country such as Lazada, Shopee and Zalora, 3) the multi-brand website StudioJPS.com targeting the Cambodian market managed directly by the company, 4) social commerce platforms such as Facebook, TikTok and LINE. The diverse range of online platforms can answer to a wide range of different challenges in different countries, including the varied customer behavior and market growth. In some markets, such as Malaysia and Vietnam, revenue from e-commerce accounts for a high portion of about 9-10 percent of the total revenue.
According to Statista, the Thai apparel market will expand by 3.1 percent in 2023, among other countries are 7.7 percent for the Vietnam, 7.5 percent for the Cambodia, 8.2 percent for Malaysia, and 11.1 percent for the Philippines.
"This has led us to feel confident of our plan to expand our businesses to the four target ASEAN countries and benefit from the high growth of those markets, which will help us achieve the status of the regional fashion and lifestyle retailer," said Mr. Yosathep.
Source: Jaspal