After a three-year delay caused by the pandemic, the Thai designer brand Asava Group is set to resume its international expansion efforts in 2024.
Polpat Asavaprapha, the company's founder and designer, said the company wants to expand to China and Indonesia in the near future.
Discussions are ongoing with partners in both nations to identify suitable platforms that will give Asava Group's fashion brands access to their target audience, he said.
"Although the Chinese fashion market is very competitive because it has several international luxury brands and complex trade regulations, we still see the immense potential based on its large population. Our approach will be refined as we revive our expansion efforts in China and Indonesia. We are seeking business partners who comprehend our vision and potential," said Mr Polpat.
Now is an opportune time to re-enter the global market as the company is better equipped and more knowledgeable on how to minimise potential risks, he said.
Asava is also exploring joint ventures with local partners to extend its fashion and lifestyle brands into the Asean market, excluding Singapore. This strategic expansion targets Laos, Cambodia, Malaysia, the Philippines and Vietnam, which are markets with relatively large consumer bases.
"We are primed to showcase Thai lifestyle brands to the international market, buoyed by the global attention garnered by Thai national costumes in international beauty pageants and the distinctive silk attire worn by Lalisa 'Lisa' Manoban of Blackpink. Furthermore, over 50% of Asava's customers in certain stores in Bangkok are from Asean, who exhibit substantial purchasing power. Cambodians stand out as the leading spender, averaging 200,000 baht per bill," Mr Polpat said.
Asava Group was founded in 2008 with registered capital of 20 million baht. Currently, the group boasts five fashion brands across 11 outlets: Asava, Asv, Uniform by Asava, White Asava, and Moo for men. The group also manages a modern Thai restaurant brand named Sava.
The group's products are sold through retail shops, websites and social media platforms. The company is also exploring novel sales channels as part of its growth strategy.
"Asava Group has consistently achieved a remarkable average annual growth of 25-30%. Even throughout the challenging years of 2020, 2021 and 2022, our business experienced exponential expansion. More importantly, we are well capable of retaining our customers, our important asset, and are flexible to adapt to changing trends," he said.
Alongside international expansion efforts, the company is planning marketing initiatives and brand image campaigns within the domestic market, including fashion shows and the unveiling of new collections through collaborations with esteemed entities such as Jim Thompson.
In addition, it also plans to renovate its existing fashion stores in Chidlom and Paragon, along with the flagship store on Sukhumvit Soi 45, to be uniquely designed to cater to the distinct preferences and lifestyles of the individuals in each respective area.
Asava Group expects its sales to hit 1 billion baht this year, representing an increase of 50% from 2022. The group is also bullish about its sales prospects for 2024, with forecast growth of 50% from this year.