Matsumotokiyoshi Thailand to launch in Bangkok
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Japan’s largest drugstore Matsumotokiyoshi has chosen Thailand for its first international foray.
Matsumotokiyoshi Thailand is a joint venture between the Japanese company and Thai retail conglomerate Central Retail Food Corp who have formed Central & Matsumoto Kiyoshi Corp. Central owns 51 per cent.
The first store will open in Bangkok at Central Plaza Ladprao this week and will be followed by a second before the end of the year.
“We are confident to be successful here,” Junichi Tateno, CEO of the JV told a press briefing.
Tateno says Thailand’s health and beauty market is worth 85 billion baht, or US$2.4 billion, annually and is continuing to grow. Thais, he says, have an interest in Japanese culture and products.
Central has been test marketing some 200 Matsumotokiyoshi products in 23 Bangkok supermarkets for about a year to assess interest in Japanese beauty products. The results prompted the two companies to proceed with standalone stores, which will stock about 2000 SKUs from the Japanese company’s mainstream offer, together with products sourced from elsewhere.
Matsumotokiyoshi, launched 85 years ago, has 1500 stores in Japan.
The second Thai store will open at Central Plaza Pinklao and there are plans to open concessions in department stores from next year.
Questions & Answers
Q.Which company holds the majority stake in the new joint venture?
Which company holds the majority stake in the new joint venture?
Thai retail conglomerate Central Retail Food Corp owns 51 per cent of Central & Matsumoto Kiyoshi Corp. This makes them the majority shareholder in the joint venture with Japan’s Matsumotokiyoshi.
Q.What is the initial expansion plan for Matsumotokiyoshi in Thailand?
What is the initial expansion plan for Matsumotokiyoshi in Thailand?
The first store opens this week at Central Plaza Ladprao. A second store will open at Central Plaza Pinklao before the end of the year, with department store concessions planned from next year.
Q.How did the companies determine there was interest in Japanese beauty products in Thailand?
How did the companies determine there was interest in Japanese beauty products in Thailand?
Central test marketed around 200 Matsumotokiyoshi products for about a year. They offered these products in 23 Bangkok supermarkets to gauge customer interest before committing to standalone stores.
Q.How many different products will the new standalone stores offer?
How many different products will the new standalone stores offer?
The new standalone stores will stock about 2000 SKUs from Matsumotokiyoshi’s mainstream range. They will also include additional products sourced from other suppliers alongside these Japanese items.
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