Thailand’s retail group Tanachira Retail Corp has disclosed its plan to further expand its presence in Southeast Asia after making its IPO debut on the Stock Exchange of Thailand. 

The company said the funds raised will be used to open more branches of its existing portfolio of brands, following the launch of Harnn’s first branches in Vietnam and Singapore and Marimekko’s first store in Singapore. The group also aims to roll out two Gordon Ramsay restaurants in Thailand this year. 

The company will also use the funds to adjust capital structure and manage existing branches and business operations. 

Tanachira reported an 88.14 per cent net profit jump to US$1.9 million for the first half, generating US$17.9 million in revenue. Tanapong Chiraphanidchakul, CEO of Tanachira, said the company is confident in its growth and aims to add new brands to its portfolio. 

“It has a clear business expansion plan that is in line with the trend of growth in the luxury lifestyle and fashion product industry, including management teams with vision and experience who understand consumer lifestyles,” said Pongsak Pruekpaisal, MD of Kasikorn Securities.

“After being registered on the Stock Exchange of Thailand, it is expected that Tanachira’s potential for business operations will increase and strengthen its financial capital to be used for business expansion as planned.”

Further reading, Gordon Ramsay’s group set to open 14 restaurants in Thailand