PANPURI, an operator in the wellness sector, said it has received a “significant” capital investment from Lakeshore Capital, an international private equity fund focusing on growth companies in Thailand.
The investment will pave the way for Panpuri’s rapid growth, funding its further expansion, marketing, research and development as well as product innovation initiatives, the company said.
Founded by Vorravit Siripark in 2003, the Bangkok-based brand has enjoyed significant growth in Thailand and Asia by building on its belief that beauty and wellness are intertwined. At the forefront of the wellness industry since its inception, it has strived to deliver experiences for customers to fulfil their wellness ambitions with its range of refined products for natural and organic skincare, personal care as well as home ambiance products, spa and wellness services.
Panpuri products are available in 20 stores overseas. It operates 40 stores in Thailand, covering six major cities in the country and has opened stores in Bangkok and Tokyo.
Panpuri also manages luxury organic spas in Park Hyatt Hotel Bangkok and Eastern & Oriental Hotel Penang.
The newly unveiled Panpuri Wellness – the brand’s new Bt100 million investment located on the 12th floor of Gaysorn Urban Retreat, in the heart of Bangkok’s commercial district, Ratchaprasong – best exemplifies the brand’s philosophy for wellness with a unique 360-degree approach that consists of organic spa treatments, organic F&B, wellness studio and the city’s biggest thermal springs set against Bangkok’s skyline, within its 2,000 sqm facilities.
It plans further retail expansion in Thailand for domestic sales to reach 70 per cent of total revenue, with overseas contributions making up the balance.
“We are thrilled to partner with Lakeshore Capital in our next chapter of growth to become Asia’s top wellness brand,” said Vorravit Siripark, chief executive officer of Panpuri.
“Lakeshore Capital comes with years of expertise, strategic approach, management talents and deep knowledge of the consumer market that will enable us to thrive and grow. Lakeshore Capital also shares Panpuri’s commitment to provide customers with the natural, organic, non-toxic approach to wellness built on our three core values of purity, pleasure and results. With Lakeshore Capital’s investment, we will broaden our consumer base and continually innovate new products, services and wellness initiatives.”
Vorravit added that, “The highly-fragmented beauty and personal care market in Thailand is expanding and expected to grow at eight per cent a year between 2016 and 2020 with more Asian and local brands taking market shares from western products. Furthermore, the global natural and organic beauty industry is estimated to be worth Bt300 billion in 2016 and expected to grow at 8 per cent a year, which will help push the growth of Panpru in the region and globally.
Our core strategy is to focus on consumers in the beauty and health industry, aiming to push Panpuri’s revenue to Bt1.5 billion within the next 5 years, given the segment is now worth more than Bt200 billion a year. In addition, Thailand has seen continuous growth in foreign tourists’ arrivals of approximately 12 per cent a year from 35.4 million in 2017.
The country is now ranked No 1 as a spa-holiday destination, generating revenue of Bt32 billion from foreign customers in 2015, the copany said, citing data from Euromonitor 2017, the Bank of Thailand Tourism Indicator, the Ministry of Tourism and Sports, and the Ministry of Commerce.
“Panpuri has shown immense growth over the last 15 years. Its dynamic management has grown the brand to become an international wellness name,” said Panaikorn Chartikavanij, co-founder of Lakeshore Capital. “As the beauty and wellness industries merge, Panpuri has positioned itself as a brand that appeals to a global consumer base, driven by its skincare, personal care and home ambiance products as well as spa and wellness services. ”