Korea's The Face Shop enters Laos, eyes Thai store rollout
The Thai franchisee of South Korean beauty brand, The Face Shop, is set to open its first store in Laos this year, ahead of a mass store rollout in Thailand planned for 2017, local newspaper The Nation reported.
The Thai subsidiary plans to link up with a partner in Laos for a joint venture that will see the K-pop beauty retailer open its first store in the southeast Asian nation.
According to Pithan Ongkosit, president of The Face Shop Thailand, the company is looking to invest THB100 million (US$2.88 million) in its store network this year, namely in the Cambodia, Laos, Myanmar and Vietnam (CLMV) market, with a further THB50 million to be spent in 2017.
“In Thailand we plan to increase the number of The Face Shop stores from 63 to 70 by the end of this year, and up to 100 by the end of 2017,” Pithan told The Nation.
"We expect to achieve THB500 million in total sales for the whole of this year, up 200 percent over last year. We expect our annual sales to reach THB1 billion in total within the next two years.”
The Laos store news follows the successful establishment of the beauty brand in Vietnam, Cambodia and Myanmar.
The Face Shop, is a popular brand from South Korea's second-ranked cosmetics firm LG Household & Health Care.
Earlier in the year, it was reported that the firm sold out of its initial 130,000 cushion compacts featuring Disney characters - costing 20,000 won ($17.82) - in just two days. It said it expects to launch about 600 new products this year.
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