Siam Piwat, a prominent real estate and retail developer in Thailand, known for owning and operating Siam Paragon, Siam Center, Siam Discovery, and partnering in joint ventures with ICONSIAM, ICS, and Siam Premium Outlets Bangkok (the sole luxury outlet mall in Thailand), has unveiled the secrets behind its remarkable success in the luxury market. In the first eight months of 2023 alone, Siam Piwat witnessed over 14 million visitors, both Thai and international, marking a substantial 46% year-on-year increase. These visitors displayed an average daily spending of THB 8,500 per person, a significant surge from the previous average of THB 5,500 per person per day.
Siam Piwat's strategy for solidifying its position as the leading developer of Thailand's premier luxury destination revolves around creating an extraordinary shopping experience. This is achieved by collaborating with various luxury brands, empowering them to fully leverage their brand identity, and delivering unforgettable customer experiences. As a result, luxury brands across all product categories have experienced an astonishing sales growth of over 400%, one of the highest growth rates globally. This success has led to the launch of the LUXE Hall at Siam Paragon, an expansion that will double the floor space for luxury brands from approximately 10,000 square meters to 20,000 square meters. This newly expanded area will accommodate 20 new stores featuring renowned luxury brands such as Givenchy, Miu Miu, Roger Vivier, Valentino, as well as luxury watch brands like Vacheron Constantin, Jaeger Le Coultre, IWC, Panerai, Piaget, Chopard, and Franck Muller. Additionally, the Italian luxury fashion brand Loro Piana will open its first boutique in Thailand at Siam Paragon.
Meanwhile, ICONSIAM is also expanding its luxury product zone to twice its original size, welcoming a range of new luxury brands. Together, these developments aim to create iconic, one-of-a-kind experiences catering to diverse lifestyles and the luxury living of the future.
At the heart of Siam Piwat's success lies its dedicated team, comprised of seasoned experts with exceptional expertise. These experts excel in collaborating with premier partners both locally and globally to curate distinctive products and deliver exclusive experiences that set new standards.
Siam Piwat upholds a "Work as One" corporate culture, placing significant emphasis on employee participation, recognizing it as the key to developing world-class destinations and delivering unique experiences.
Eight Luxury Experience Creators:
Caroline Murphy, President – Sales and Business Relations, “To succeed in the luxury market, the key is the understanding of global trends, the needs of affluent consumers and the requirements of leading luxury brands in order to deliver distinct and exclusive experiences before anyone. Not only do we have a robust customer base who are extremely loyal to us but we also have trusted long-standing relationships with all leading luxury brands. They have full confidence in our ability to create World-class destinations providing every brand the platform achieve top sales at a regional, and even global level. ”
Tipanat Lenbury, Senior Executive Vice President, Sales and Business Relations Division, a seasoned executive with years of experience in the luxury industry, has recently joined Siam Piwat’s family to oversee relations with luxury customers and international fashion anchors.
“It is an honor and a pleasure to be a part of Siam Piwat. I plan to leverage my in-depth knowledge and expertise to mobilize and empower our young generation of capable staff members to create and develop world-class properties.”
Drawing upon more than two decades of expertise in luxury market management and retail operations across both domestic and international markets, Tipanat is ready to contribute to the Siam Piwat Group's pursuit of excellence and uphold its leadership position in the luxury market.
Thanaporn Tantiyanon, Deputy Managing Director, Group Head - Siam Paragon Business Unit: “It is necessary to adapt to changes in the behavior of both domestic and international consumers. There has been a shift in perspectives towards the word “luxury,” giving rise to the “new luxury,” which embraces individualistic preferences. Siam Piwat is a venue that creates a luxury experience for everyone, enabling them to experience the sense of luxury in a tangible way, as well as a platform where everyone can showcase and expand their experience and knowledge.”
Angkana Sriphanomthorn, Assistant Vice President – Sales Department “Siam Piwat’s leadership in the luxury market is built on the strategy to Co-create and Collaborate to Win with all our partners, which helps to strengthen our core business across all platforms. We are equipped to develop novel creations and co-develop an ecosystem with our partners to foster an even greater and more sustainable success and create a world without frontiers filled with opportunities across all dimensions.”
Narinthorn Naewsung, Marketing Director - Luxury Tenant, Siam Paragon Development Co., Ltd. “The delivery of awe-inspiring and magnificent phenomena is key to destination development, be it in the form of world-class events or launches of exclusive limited edition collections not available anywhere else. Our venues have been trusted through the years to host global events of great magnitude in the world of luxury brands, and this year, we have already been selected by various world-renowned brands as their venue of choice to deliver a spectacular experience.”
Phataraporn Takdhada, Senior Sales Department Manager “Luxury products have continued to see exponential growth thanks to the novelty factor generated through, for instance, pop-up stores that offer limited collections, which create a sense of excitement and deliver experiences that exceed customer expectations.”
Chittinun Yotinnoratham, Senior Sales Department Manager, Siam Piwat Co., Ltd. “We focus on delivering superior experiences to our customers. To this end, we pay meticulous attention to every detail with regard to the quality of serviceour staff delivers and seek to develop a level of personalisation that sets us apart from others, thus establishing our destinations as global landmarks and a source of inspiration for people across the globe.”
Armaj Sombunjaroen, Consultant – Creative and Innovation "Siam Piwat must put itself at the forefront of the fast changing and perpetually evolving luxury landscape. Luxury businesses today have to provide many forms of indulgences for people of all ages and all walks of life. The luxury industry must also provide people with opportunities in life and promote a more sustainable world. This is a multi-faceted sustainable luxury for all that we are actively seeking to promote."