L Capital Asia, a private equity fund sponsored by LVMH Moet Hennessy Louis Vuitton S.A., is adding food brands here the next few years after its recent investment in Ku De Ta, a food company in Singapore.
"We really believe in the business potential of food business in Thailand," said Kirk Martin, chief executive of Ku De Ta SG.
Thailand is a great place for a restaurant business because Thais like to dine out and the middle class continues to expand. Moreover, the country is a big tourist destination with many expatriates living here.
The company will open the first outlet of Jones the Grocer, a western-style restaurant, in Thailand the next few years.
Jones the Grocer is an Australian restaurant and grocery with a growing presence in Australia, Southeast Asia and the Middle East.
Apart from Jones, the company will spend about 15 million baht to renovate Ku De Ta, an integrated dining and entertainment place at Sathorn Square Building. Slated for completion in October, the new venue will feature three entertainment zones comprising a club, a lounge and an outdoor terrace where guests can enjoy the striking skyline of Bangkok at night.
L Capital Asia is a major shareholder in Ku De Ta after its investment in January. The first branch of Ku De Ta was opened in Singapore in 2010 at Marina Bay Sands, followed by the Bangkok branch, which opened last October.
"Ku De Ta Bangkok has been well received by both Thais and foreigners, and with the renovation, we expect our business will have strong double-digit growth," he said.
More Ku De Ta branches are scheduled, with a Hong Kong outlet opening this year while the company explores other key Asian cities such as Dubai, Tokyo and Seoul. Over the next three years, it envisions expansion to Sydney, Miami and Los Angeles.