PURI Co Ltd, which operates the Panpuri chain of stores for beauty and wellness products, has mapped out a five-year business plan to double the number of its shops.
The expansion would see 40 stores added to its retail network in Thailand and abroad over the period.
The company will invest at least Bt100 million to open four to five new stores every year over the five years, said Pramote Dechaboonsiripanich, managing director of Puri Co Ltd, adding that the investment would be varied depending on the types of Panpuri stores. This would take into account the store size, whether it is to be a signature store or a smaller outlet that sells only beauty products, Pramote said.
Puri Co Ltd operates 40 Panpuri stores in the Kingdom in six cities: Bangkok, Chiang Mai, Pattaya, Phuket, Surat Thani and Krabi. The company also distributes its beauty and wellness products to 20 markets around the world.
“The health and beauty market tends to leapfrog, reflecting a global market value of more than Bt900 billion, of which over Bt500 billion is in Asean and Bt250 billion in Thailand, according to a 2017 report made by the University of the Thai Chamber of Commerce’s Economic and Business Forecasting Centre,” Pramote said.
“The market enjoys annual growth of between 15 per cent and 20 per cent. The Thai government’s strategy to turn Thailand into the world’s health centre in four areas – wellness hub, medical hub, academic hub and product hub – is also a key catalyst for a marked increase in the market’s potential.”
Pramote said that of the additional stores to be opened in the next five years, about 20 of them will be in Thailand and the rest overseas.
“We have seen demand for beauty and wellness products from high-income earners in key Asian markets like South Korea, Hong Kong, Taiwan, Singapore and China,” he said.
He said that about Bt120 million of the investment budget would be allocated to store expansion this year, of which Bt100 million has been invested in the 2,000-square metre Panpuri Wellness, a one-stop centre for rejuvenation and wellness services on the 12th floor of Gaysorn Tower in the Ratchaprasong district of Bangkok. It will be officially opened in August. Some four to five new stores will be opened this year and will cost about Bt20 million altogether.
Vorravit Siripark, chief executive officer of Puri Co Ltd, said the company achieved Bt500 million in total sales last year, with 80 per cent coming from its business in Thailand. The company expects its sales to increase by 30 per cent this year. “We aim to increase our annual revenue to Bt1.5 billion in the next five years,” said Vorravit, who founded Panpuri in 2003.