H&B Intertex Co, the maker of stuffed dolls under Saha Group, is looking to form a joint venture with an Indonesian company to cash in on opportunities arising from the Asean Economic Community scheduled to kick off late next year.
Managing director Jidapa Kittinanthapanya said H&B was negotiating with an Indonesian investor to make Rainflower stuffed dolls jointly in Indonesia.
A deal is expected to be finalised in the second half of next year.
"We're interested in Indonesia because it has the highest population in Asean. Of its 252 million people, 10% have high spending power, while 20% are middle-class earners," Ms Jidapa said.
The company now exports Rainflower stuffed dolls to Indonesia for sale via appointed distributors and has enjoyed better-than-expected sales.
"So we intend a more serious penetration of the Indonesian market next year," Ms Jidapa said.
The company is confident of branching out its business internationally after making stuffed dolls for almost 30 years.
H&B has also been an original-equipment manufacturer (OEM) for stuffed-doll brands from Italy, France Hong Kong and Singapore for 20 years, which brings in 100 million baht a year for the company.
Apart from Indonesia, H&B may also enter Vietnam or Cambodia in the first half of next year.
The company targets availability of its Rainflower stuffed dolls in eight Asean members five years from now.
H&B Intertex also makes helmets for Italian and German customers.
Four factories in Bangkok make stuffed dolls, helmets are made in a Prachin Buri plant, and factories in Tak and Nakhon Ratchasima produce both.
Mrs Jidapa said domestically, four stand-alone Rainflower shops will open in Bangkok next year. H&B expects overall sales of 500 million baht this year, similar to last year.