The Srivaddhanaprabha family, owner of the King Power International Group, the country's largest duty-free retailer, may find itself facing a challenge to win the upcoming new auction to operate duty-free shops cities and airports in Thailand as King Power's exclusive contract expires in 2020, a source close to the family told the Bangkok Post.
The source was speaking on Sunday after reports that Vichai Srivaddhanaprabha, King Power's owner and chairman of Leicester City football club, is among up to five people feared to have died when his helicopter crashed on Saturday night.
The source said King Power may face Thai competition for the duty-free concessions in Bangkok, Phuket, Pattaya and Samut Prakan and at five major airports, including Don Mueang and Suvarnabhumi.
The source added that his flagship business is heading toward a new chapter with all its concessions set to expire in 2020, not to mention Mr Vichai's plan to open a new shop at U-Tapao airport in the near future.
However, with his family's various connections with politicians, military men and state authorities, as well as the company's financial strength, it may be difficult for other companies to swoop in, the source noted.
Mr Vichai's youngest son, Aiyawatt, is expected to take the helm of King Power after his father.
"Mr Aiyawatt is Mr Vichai's beloved son," the source said.
"He has always followed his father everywhere domestically and overseas to learn as much as possible about the family business."
His other children have already been appointed to key positions. Mr Vichai's oldest son Apichet handles the group's human resources while his daughter, Aroonrung, looks after its financial section.
Mr Vichai, ranked by Forbes Magazine this year as the fifth richest Thai businessman with assets worth US$ 4.9 billion (about 155 billion baht), has also diversified his portfolio by making investments in other business sectors. One estimate said the company racked up about 100 billion baht in revenues last year.
Following his share purchase in AirAsia in 2016, Mr Vichai bought stakes in the iconic Mahanakhon skyscraper, a luxury residence, hotel and retail business.
Known for its pixelated look, its Mahanakhon skyscraper saw its name change to the "King Power Mahanakhon" in July after the deal was signed.