Roca Thailand Co, a vendor of bathroom fittings, plans to expand with three new Greater Bangkok branches next year, aiming at 100 million baht in sales and 30% annual growth through 2018.
The new stores will include one at business partner Boonthavorn's branch on Ratchadaphisek Road, another on Bang Na-Trat Road and a third elsewhere in Greater Bangkok at a cost of 4 million baht each, corporate business development manager Diego Menz said.
Spain-based Roca entered the Thai market in September with a store at Boonthavorn's Pattaya branch before opening two more this month in Chiang Mai and on Bangkok's Kaset-Nawamin Road, also at Boonthavorn.
To keep pace in a highly competitive market, Roca plans to spend 15 million baht next year on marketing to build brand awareness among Thai consumers, architects, designers and project owners.
"The Thai economy was not good this year but will get better in 2015," Mr Menz said.
"The luxury property market will boom with the coming of many new luxury condo projects and three- to five-star hotels."
Of the company's targeted 2015 sales, 60-70% will come from retail and 30-40% from project sales, with the latter's share increasing from 2016 on.
Product prices range from 5,000 to more than 200,000 baht.
Roca will use Thailand as a base to expand into neighbouring Cambodia, Laos, Myanmar and Vietnam.
The company is setting up its regional factory in Indonesia.
"Thailand is one of the most complicated markets, as it has many global sanitaryware brands, some of which have their own factories," said Mr Menz, who recently relocated from Barcelona.
The 97-year-old Spanish company sells in more than 135 countries and territories. It has 78 factories in 18 countries with global turnover of €1.6 billion (64.3 billion baht).
Roca entered China as its first Asian country in the mid-1990s and now has 10 factories there, three of which export to Thailand.
In Southeast Asia, Malaysia was Roca's first destination through the acquisition of local brand Johnson Suisse in 2006.