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Published on December 4, 2007

The managing director of the fledgling company, Emil Mirzakhanian, yesterday said he was unconcerned about the situation, because 90 per cent of his customers were wealthy foreigners and that Thais made up only a small percentage of his clientele.

The firm distributes a premium leather brand called EM and another brand named M. Its customers are a niche market: they love luxury products and are unlikely to be affected by any economic downturn. Average prices range from Bt8,500 to Bt400,000.

The company has one boutique in Bangkok's All Seasons Place, selling products aimed at three sectors - travel, city and business. It plans to open further outlets in Tokyo and Milan next year.

It also has a plan for a business alliance in Milan to help it gain access to markets in Europe, and also with the DKSH Group to cover Asia. However, Mirzakhanian's ultimate goal is to open boutiques in Paris and London.

He said all of the products were made from crocodile skins from Thailand and Africa and manufactured in its plants in Thailand but using designers from Italy.

Nitida Asawanipont, The Nation