Amid challenges in the domestic economy, Meemitmak Co Ltd, the manufacturer of Mith, Proad and Prann perfume brands, is aiming to expand into international markets this year.
The Thai economy is sluggish this year, caused by both domestic and global factors. The lingering effects of the pandemic continue to impact the economy while consumer purchasing power weakens, said Juthinat Piyaweerawong, founder and chief executive of Meemitmak.
Meanwhile, the tourism sector, a critical driver for Thailand's economy growth, is grappling with safety concerns following the kidnapping of Chinese actor Wang Xing.
Mr Juthinat urged the government to quickly address safety concerns to reassure foreign tourists.
In his view, the country's goal of attracting 35-40 million foreign visitors this year will be difficult to achieve.
Currently, domestic sales account for 80% of total sales, while exports make up the remainder, said Mr Juthinat.
Notably, around 60% of domestic sales come from foreign tourists with primary markets including China, Singapore, Malaysia and countries in the Middle East.
Despite the challenges, Mr Juthinat remains confident about the demand for perfume products as many people continue to prioritise their appearance.
He said the company plans to penetrate foreign markets this year.
"The number of foreign tourists may be declining. That's fine. We will expand our business to reach them," he said.
The company aims to find distributors for its products in international markets, he said.
He is aiming for export sales to increase to 30% of total sales in 2026, up from around 20% last year.
Currently, the company has distributors in the US and Vietnam.
For the US market, its distributor distributes the products through Glindee.com, he noted.
The company also intends to penetrate the Chinese market this year while exploring opportunities to enter the Malaysian and Singaporean markets.
Domestically, the company operates 11 Mith stores, mainly located in tourist hotspot areas, such as Iconsiam and CentralWorld in Bangkok and Maya Shopping Center in Chiang Mai.
The company plans to open one more store this year in Pattaya, as its data shows a high volume of domestic sales generated by foreign tourists, Mr Juthinat said.