A Tonymoly Thailand shop is planned to help position the South Korean cosmetics brand for a deeper push into Asean.
Overseas business manager Woo Sung-kook says Tonymoly expects to boost its business by 27 per cent this year, with its products becoming established in the Thai market over a long period.
“Tonymoly has exported more than 50 products to Thailand, and many more items are being considered for the market,” he says. The company is talking with investors about setting up a Thai store soon.
“We envisage the store could be in a similar format to shops such as 7-Eleven and FamilyMart,” he says.
Tonymoly profits grew fivefold last year, says Woo, with 9.5 per cent coming from TV Home Shopping, which is expected to grow by 27 per cent this year.
He says Thailand is an important market for the company’s brand-building efforts, and should set the stage for it to build on the inroads it has made into Asean nations. The company is researching new products for Thais and other Southeast Asians, such as skin-whitening and brightening products.
“We have already entered markets in eight countries in the Asean region, including Indonesia, Malaysia, the Philippines and Vietnam,” he says. “About 20 branches have been opened in each country.”
Meanwhile, the second K-Beauty Expo Bangkok will be held as part of the Beyond Beauty Asean Bangkok 2017 exhibition from September 21 to 23. The expo will feature six segments: beauty and cosmetics, hair and nails, herbal, original equipment manufacturing and packaging, aesthetics and dermatology, and spa and wellness.
It is the ninth edition of K-Beauty Expo and the second time it is being held in Thailand. There will be more than 150 exhibitors, about 50 per cent more than last year’s event, also in Bangkok, where sales over the three days exceeded THB60 million (US$1.7 million).