Food
International fashion and lifestyle brand distributor Tanachira Retail has acquired Thai health and beauty business Harnn. The THB1 billion (US$30.4 million) purchase is part of the firm’s moves to become a regional lifestyle company.
Tanachira CEO Tanapong Chirapanidchakul said: “We will use our strength and expertise to expand Harnn’s business throughout Asia, with priority markets China, Taiwan and Japan.”
Harnn products sell at more than 30 branches throughout Thailand and are distributed in 16 countries, predominantly in Asia.
The acquisition, which covers brands, intellectual property assets, and business networks will help Tanachira to reduce risk from dependence on imported brand revenue. The firm will build brand awareness for Harnn among Thai consumers before building international partnerships with current and new dealers in new international markets, focusing on Asia.
Tanachira’s CFO Aphichai Pholkosol said: “By 2020, we target Harnn contributing about 25 per cent of our total revenue at THB2.25 billion, helping us to list on the stock exchange in the second half of that year.”
