More stores and e-commerce key strategies as Jaspal eyes expansion in Asean markets
Jaspal Co Ltd, a leader in Thailand’s fashion retail industry, has unveiled its 2023 overseas expansion plan with the goal of becoming a leading “regional fashion and lifestyle retailer”.
Jaspal aims to achieve a leap in overseas sales by focusing on Asean markets, particularly Vietnam, Cambodia and Malaysia, where it has made inroads, and the high-growth Philippines market for the first time.
The company will focus on a number of its flagship brands, including Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps and Jaspal, as well as import premium and sports brands to strengthen its portfolio and cater to all fashion shoppers in the targeted Asean markets.
Yosathep Singhsachathet, deputy chief executive officer of Jaspal Co Ltd, said, “We want to build upon our success after having become a leader and key driving force in Thailand’s fashion retail industry. In the next step, we aim to become a regional fashion and lifestyle retailer by expanding our overseas stores, especially in Asean countries, many of which have high growth potential, high purchasing power and fashion tastes similar to the Thai market.”
“We have established subsidiaries in target Asean countries to enable quality control of products and services and carry out effective marketing communication, which, ultimately will serve our goals of delivering the best experiences and impressions to customers in each country,” he said.
In 2022, the company was active in three countries with a total of 70 stores. In Cambodia, the company managed Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps, Lyn Beauty, Mango, Super Dry, Fred Perry, Champion, Asics, and New Era. In Vietnam, it managed Lyn, Lyn Beauty, Jelly Bunny, Lyn around, Fred Perry, and Diesel, and in Malaysia, it managed Jelly Bunny.
Last year, the company launched Lyn Beauty, its own in-house brand of cosmetic products, in Vietnam via stores and online channels, modelled after the successful business in Thailand. It also pushed for growth for various other brands under its management with the opening of the first Fred Perry stores in both Vietnam and Cambodia, as well as a New Era store in Cambodia and a Diesel store in Vietnam. The company also launched "StudioJPS.com", the fashion multi-band website targeting the Cambodian market.
The company expects its planned expansion in Asean countries in 2023 to boost its overseas sales. The company outlined its various brand and channel strategies:
* For In-house brands of Jaspal Co Ltd, including flagship brands such as Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps and Jaspal, which have an established customer base in Thailand and some foothold in other countries, the company will open more stores and e-commerce channels to increase coverage and provide access to more customers. In addition, it will open the first Jaspal brand store in Cambodia in the first quarter of 2023, the deputy CEO said.
* For brands that the company manages as an authorised importer and distributor, it looks to expand its role and find more premium and sports brands. The company already manages global brands, such as Mango, Super Dry, Fred Perry, Champion, Asics, Diesel, and New Era. The company will focus on expanding overseas customer base among those with high purchasing power in keeping with the growth of the fashion industry in each target country, Yosathep said.
* Regarding store locations, the company will give priority to top shopping centres in each country, with consideration for economic growth and customer demand in the areas where the shopping centres are situated as well as customer traffic in order to reach more customers, Yosathep said. It will also focus on the interior design of the stores and display to reach the brands’ standards, which will reinforce the brand image. In addition, it would provide professional staff members who are skilled at giving recommendations to customers and providing great experiences and impressions, he added.
* For the online business, the company will utilise its expertise with 27 e-commerce sites across Asean, each of which is handled by a specialised and experienced team, a strategy the company has been using to reach customers and generate sales. The e-commerce sites are divided into four groups: brand websites; popular marketplace platforms in each country, such as Lazada, Shopee and Zalora; the multi-brand website StudioJPS.com targeting the Cambodian market managed directly by the company; and, social commerce platforms such as Facebook, TikTok and Line, he said.
The diverse range of online platforms can answer a wide range of different challenges in different countries, including varied customer behaviour and market growth, Yosathep said. In some markets, such as Malaysia and Vietnam, revenue from e-commerce accounts for a high portion of about 9-10 % of the total revenue, he added.
According to Statista, the Thai apparel market will expand by 3.1% in 2023, by 7.7% in Vietnam, 7.5% in Cambodia, 8.2% in Malaysia, and 11.1% in the Philippines.
“This has led us to feel confident of our plan to expand our businesses to the four target Asean countries and benefit from the high growth of those markets, which will help us achieve the status of the top regional fashion and lifestyle retailer,” Yosathep said.
Related News
