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.