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Published on April 10, 2008

The total value of the deal has not been revealed but Para Group has bought all of Wanmani's assets. In addition, Trans Fashion (Thailand) has been established to manage the deal and further business operations  here.

The Wanmani Group was set up by a group of celebrities led by managing director Nualphan Lamsam. The company is a distributor of five high-class global brands: four Italian brands - Giorgio Armani, Emporio Armani, Tod's and Canali - and French brand Chloe.

The deal was drawn to create a strategic partnership between Indonesia and Thailand. Nualphan will be promoted to become honorary president of Trans Fashion (Thailand).

It will also encourage Para Group, a multi-business investment firm, to engage in more business in Thailand. Until now the group has managed to respond to the demand for luxury brand products in Indonesia. These include Prada, Miu Miu, Tod's, Aigner, Brioni, Celio, Hugo Boss, Francesco Biasia, Jimmy Choo, Canali and Mango as well as Baskin Robbins ice-cream. The group's other businesses span insurance, banks, financial services, public communications, entertainment, travel agencies and property.  

"Thailand's political stability, basic economic strength in the current environment of increasing food and energy prices, prevailing attractions for tourists, fast growth of neighbouring economies like Vietnam and Laos, provides a very sound platform for Para Group to extend our lifestyle business in the Asia Pacific region," said Ashish Saboo, director of Para Group.

"Para Group will use Trans Fashion (Thailand) to expand the existing portfolio of Wanmani's business in the future by leveraging its relationship with the existing 12 brands which it currently has in its portfolio as well as other relationships," he said.

"I sold Wanmani as I would like to focus on the family's core insurance business of Muang Thai Insurance, which is now under merger negotiations with Phatra Insurance which will be fully completed in June this year," Nualphan said.

She said Muang Thai Insurance showed great business potential for the future. The company posted 30-per-cent growth in premiums last year and another 50-per-cent growth in the first quarter this year.

Achara Pongvutitham,

Kwanchai Rungfapaisarn

The Nation