Luxury brands are expanding their footprint across Siam Piwat’s retail portfolio as Bangkok strengthens its standing as a regional luxury retail destination.

The latest round of store openings at Siam Paragon and IconSiam follows Bangkok’s rise to fourth place globally for new luxury brand openings in Savills Research’s ‘Top 10 Global Alpha & Destination Cities’ ranking, alongside New York, Beijing and Paris.

Since last year, more than 40 luxury brands and concept stores have opened across the two malls, adding more than 14,000sqm of retail space. The expansion underscores Thailand’s growing appeal to international luxury houses seeking growth opportunities in Southeast Asia.

At Siam Paragon, American luxury label The Row is launching its first boutique in Thailand and Southeast Asia this month, while French leather goods brand Fauré Le Page will enter the Thai market in August. Swiss watchmaker Roger Dubuis is also preparing to launch a new boutique at the mall.

Meanwhile, IconSiam is strengthening its luxury watch offering, with Jaeger-LeCoultre having recently opened a boutique, while Chopard and Blancpain are scheduled to open boutiques next month and in October, respectively.

The developments reinforce Siam Piwat’s dominant position in Thailand’s luxury retail market, where the company accounts for an estimated 70 per cent share of the sector.

In April, French fashion brand Maje opened its first concept store in Thailand at Siam Takashimaya, located within Bangkok’s IconSiam.