Penshoppe parent in Asia expansion
Philippine fashion retailer Golden ABC Inc is set for Asian expansion.
The company behind Penshoppe, Oxygen, Regatta, For Me, Memo, Tyler and Red Logo said it plans to increase its approximately 660 stores in the Philippines to 700, and open 50 stores elsewhere in the region by the end of 2016.
“The vision of the company is to become the most admired Asian fashion brand company,” said Liu in an interview.
Golden ABC has recently approved six new sites in Vietnam for its expansion there. Currently, it has more than 40 stores outside the Philippines, and most of these are located in Indonesia, Vietnam, Saudi Arabia, Dubai and Bahrain. It also has a store in Cambodia and will debut in Myanmar in August. Online, Golden ABC has a strong presence in Singapore, Malaysia, Taiwan and Hong Kong.
Liu added that Asia is the focus as of the moment, and there are no plans to open stores in the US or Europe yet, despite invitations to these markets.
“I want to put more focus and attention in ASEAN, which I think rightfully deserves the opportunity because that is really the new frontier, the new growth area,” he said.
Commenting on the entry of foreign brands in the Philippines, Liu said: “You have to level up by preparing. You invest and innovate. You look at best practices and how you can differentiate.”