- The first BANANA REPUBLIC Flagship Store in Bangkok on 1st floor of The EmQuartier
- Leading the luxury business attire fashion market for menswear and womenswear
- Targeting urbanistas who love urban lifestyle
Thailand is a market where there is a high demand for fashion goods. There are many fashion brands, both local and international, in the Thai market today, and the consumers are constantly looking for something new. However, there are not many players in the luxury business attire menswear and womenswear sector.
Minor Corporation recently announced that it has imported BANANA REPUBLIC into Thailand. In the launch event, members of the press have been invited to interview its executives; Chief Executive Officer Mr. James Richard Amatavivadhana; and Vice President Chak Chalermchai who revealed about the company’s vision and strategies, as well as its goals in Thailand’s fashion retail business.
Minor Corporation Public Company Limited Chief Executive Officer Mr. James Richard Amatavivadhana said, “The fashion industry in Thailand has a lot of potential, and there is a lot of demand from the consumers. Even though the economic climate today means the consumers spend money more carefully, in the long run, there’s a lot of room for growth in the mid-end and high-end markets, thanks to the rate of urbanization and the increase of income among the middle class in Bangkok and other provinces. The middle to upper class consumers are not severely affected by the changing economy.”
Minor Corporation Public Company Limited Chief Executive Officer Mr. James Richard Amatavivadhana said, “The fashion industry in Thailand has a lot of potential, and there is a lot of demand from the consumers. Even though the economic climate today means the consumers spend money more carefully, in the long run, there’s a lot of room for growth in the mid-end and high-end markets, thanks to the rate of urbanization and the increase of income among the middle class in Bangkok and other provinces. The middle to upper class consumers are not severely affected by the changing economy.”
Minor Corporation, as the importer of international fashion labels, sees a lot of potential in the Thai market, and therefore has officially brought in BANANA REPUBLIC, a modern American brand from San Francisco, established in 1978.
BANANA REPUBLIC was founded in 1978 by Mel Ziegler and his wife Patricia Ziegler, starting out as a safari-style brand. Five years later, GAP Inc. acquired the business in 1983 and revamped the brand to become an up-market brand, selling affordable luxury. The brand’s promise is “True Outfitters of Modern American Style”.
Under GAP Inc. are other established brands such as OLD NAVY which targets the mass market, GAP which targets the middle class market, and BANANA REPUBLIC which targets the upper market. Its headquarter is located in San Francisco, CA, with more than 600 stores worldwide.
In Thailand, shoppers can experience modern American style at BANANA REPUBLIC’s first Flagship Store on the 1st floor of the Helix Quartier, The EmQuartier.
Thailand is an emerging market with high demand for fashion goods. There is a steady growth among international brands and Thai brands, and there is still room for more competition in the business attire market. BANANA REPUBLIC products are considered affordable luxury.
Thailand is an emerging market with high demand for fashion goods. There is a steady growth among international brands and Thai brands, and there is still room for more competition in the business attire market. BANANA REPUBLIC products are considered affordable luxury.
The brand’s first Flagship Store is at The EmQuartier, which is located in the Central Business District of Bangkok, where the consumers have high purchasing power. It attracts both locals and foreigners. The concept of the mall is “fashion district”, and the space perfectly accommodates a Flagship Store. Minor has invested 50 million baht for this store, including 30 million on the products. The ratio of menswear and womenswear is 45% and 55% respectively. Meanwhile, 20 million baht has been invested in the construction and decoration of the store to create a luxurious space covering 450 sq m. The store is decorated under a new concept with a breezy and spacious feel. The products are displayed to offer an enjoyable shopping experience for the consumers.
The target group of BANANA REPUBLIC is men and women aged between 25 and 45, whose lifestyle is urbanized, meeting the modern American ethos of the brand. At the launch of the Flagship Store on May 27, Minor Corporation is organizing a party under the theme “Nice to meet you, Bangkok” to allow BANANA REPUBLIC fans to check out the “ON THE ROAD” collection for Summer 2015 created by the brand’s latest designer Marissa Webb.
James added more about the pricing strategy.“BANANA REPUBLIC in Thailand is priced similarly to the American stores. With the design, materials, and quality, we believe that the consumers get a great value for their money. We will focus on creating brand awareness through print media, magazines, digital media, and out of home media to encourage the public to try our products, which leads to satisfaction and loyalty.”
Vice President Chak Chalermchai
Vice President Chak Chalermchai
BANANA REPUBLIC is a brand for every occasion, from work to play.
There are plans for expansion to other shop-in-shop branches in department stores and to introduce new free standing stores. Over the next five years, there will be 12-15 new branches along the BTS line. The sales target for the next five years is 300 million baht, and the company aims to break even within three years.
At present, Minor Corporation or Minor Retail Group has many brands under its umbrella, including fashion labels, cosmetic brands, and luxury household products, such as Charles & Keith, Esprit, Bossini, GAP, Pedro, TUMI, Red Earth, and Zwilling J.A. Henckels.
In 2015, the company aims to expand its brands to new locations and add new brands to target a more diverse group of consumers. It is studying possibilities to introduce more fashion brands and lifestyle brands to achieve its long term goal and to reach double digit growth in terms of revenue and profit.
At present, Minor Corporation or Minor Retail Group has many brands under its umbrella, including fashion labels, cosmetic brands, and luxury household products, such as Charles & Keith, Esprit, Bossini, GAP, Pedro, TUMI, Red Earth, and Zwilling J.A. Henckels.
