The investment in an international book retailer and publisher will help CRC in terms of product sourcing and both companies in their future expansion.

The move may help B2S, CRC's book retail chain, accelerate the expansion of its network beyond Thailand.

"We are partnering with a passionate and entrepreneurial management team, with lots of book-retailing experience among them. By deepening our relationship with Page One, Central and B2S will be able to greatly enhance its foreign language book offering and sourcing benefits," said CRC chief executive Tos Chirathivat in a prepared statement yesterday.

Headquartered in Singapore, Page One has operations in Singapore, Hong Kong, Malaysia, Taiwan and Thailand. The group also operates four Page One stores in Hong Kong and one in Taiwan. It operates shops in Kinokuneya stores in Singapore, Malaysia and Thailand.

Founded in 1983, Page One first ventured into the retail business, focusing on art and design-related publications. In 1990, the company became a regional book retailer and moved into book publishing in 1993. Page One currently publishes 130 titles of original design and lifestyle publications per year.

"The investment in Page One marks CRC's first retail investment abroad and give us a presence in four new countries at the same time," said Tos. "We are excited at the prospect of investing in such a high potential book company, whose strategy and ambition of creating a leading regional book retailer is so closely aligned with our own."

CRC recently said that it wanted to become a regional retail leader by 2010.

The retail group is in talks with five local investors concerning investments in the Philippines, Vietnam, and Indonesia.

The move will transform CRC from a domestic leader in the retail industry to a regional leader. CRC said it would be flexible in its business formats overseas.

"With the investment in Page One, we gain a presence in four new countries with Page One's attractive retail locations. It also will serve as a platform for entry [and] set-up for further investments into several high potential markets," said Tos.

Central started as a book retailer in Thailand some 58 years ago.

This partnership is Central's first step in establishing a regional presence in book retailing, a strategy that the group plans to extend to its department stores such as Central, Robinson and the Zen supermarket brand, and other speciality retail formats such as Power Buy and Supersports, according to Tos.

Page One's near-term goal is to increase its geographic presence by opening mega-stores in Beijing, Shanghai, Singapore and Jakarta.

Over the long term, Page One plans to increase its retailing presence beyond Asia, as well as expand its publishing business into other book categories, and develop new product lines and formats.

Kwanchai Rungfapaisarn

The Nation