Mr. Tanapong Chirapanidchakul, Chief Executive Officer of TANACHIRA Retail Corporation Public Company Limited (TAN), a leading importer and distributor of global luxury lifestyle products, revealed that the company has set a revenue growth target of 20% for 2024. This will be driven by same-store sales growth (SSSG) of approximately 10% and new store sales growth of 10%. The growth will be supported by adding new brands in the fashion business group, launching new product collections, expanding the ecosystem into the food and beverage business, which has received a good response from customers, and fully expanding HARNN into China, which will help drive significant revenue growth this year.
To enhance its competitiveness, support exponential growth potential, and cater to customers' lifestyles in all dimensions, the company has restructured its business groups into four categories: 1) Lifestyle including Pandora, a leading jewelry brand from Denmark, and Cath Kidston, a lifestyle brand with a modern vintage touch from England, 2) Fashion including Marimekko, a brand known for its unique prints and colors from Finland, GANNI, A fashion brand with distinctive design and identity from Scandinavia, 3) Beauty & Wellness including HARNN, a brand offering body care, skincare, spa, and aromatherapy products, Vuudh, a brand of contemporary Thai fragrances, HARNN Wellness & Spa, which expanded both domestically and internationally, including HARNN HERITAGE SPA, SCAPE BY HARNN, THE SPA BY HARNN, and BY HARNN 4) Food & Beverage including brands from celebrity chef Gordon Ramsay's Bread Street Kitchen & Bar, Gordon Ramsay Street Pizza, and Gordon Ramsay Street Burger, along with cafes, such as Marimekko Kafe and Cath Kidston Tearoom.
TAN's CEO stated that the company is ready to implement its growth strategies for 2024, which include: 1) Effective marketing communication: To attract customers for repeat purchases without relying on price promotions. 2) Continuously adding new brands to strengthen the portfolio: The company is preparing to launch a leading fashion brand from Japan. This brand is popular worldwide for its diverse clothing styles, catering to people who love streetwear and high-end fashion. The new brand will help expand the customer base to young generation and increase brand awareness for TAN. The company has observed that streetwear fashion has grown significantly among young people in the past few years. Its value is expected to double by 2028. The continuous increase in value has made streetwear one of the key fashion retail trends and has significantly influenced the fashion market. Meanwhile, clothing trends are becoming more formal, emphasizing simplicity and sophistication. Therefore, the introduction of the Japanese fashion brand will meet the current trend. The brand is expected to launch in the second quarter of 2024. Moreover, the company plan to launch Street Burger, a burger chain from England, in order to diversify Gordon Ramsay's famous brands and capitalize on the recovering restaurant market. The brand will target new-generation burger lovers and tourists looking for a new burger experience. Street Burger will offer unique recipes from Gordon Ramsay using high-quality ingredients and delicious flavors. The brand is expected to launch officially in Thailand at the end of 2024, with a target of opening three branches in total. 3) Expand branches of potential brands both domestically and internationally: The company aims to open a total of 23 new branches. Internationally, it plans to expand sales through the Multi-tier Franchise System in China to expand its regional customer base in a high-potential country. This will be complemented by a strong online presence, which has always performed well and has seen significant demand growth. 4) Increase profitability: Through cost control with a fixed ratio to create increased sales from both existing and new branches.
The CEO of TAN added that to enhance operational potential and support business expansion, the company has strengthened its management team with experienced professionals to drive the strategic plan towards its goals. These include: Mrs. Chidchanok Jangpol, Chief Financial Officer, who will strengthen financial management, business strategy planning, efficiency improvement, and financial stability, including risk management. Ms. Majorie Siddhiteja, Vice President of Brand Management Group & Creative Director - HARNN Group, who will strengthen the brand development strategy under TAN's operations both in Thailand and internationally. Mr. Poompong Tancharoenphol, Vice President of Business Development Group & Chief of Staff, who will strengthen the search for new market opportunities and create a business expansion strategy for sustainable growth. These individuals will help TAN achieve exponential growth in all business groups.
"We aim to become a truly integrated lifestyle company through the creation of Lifestyle Ecosystem with a variety of international and our own brands to deliver value and a convenient lifestyle experience to customers in all dimensions. We will also increase our competitiveness and create sustainable growth, propelling TAN to become a leading regional lifestyle company," said Mr. Tanapong.
Source: MT Multimedia