BANGKOK, NNA - Japan's leading second-hand luxury brand goods seller Komehyo Co. will enter the Thai market in partnership with local consumer goods conglomerate Saha Group.
The two companies have agreed to establish a joint venture to open a flagship shop for used bags, accessories and watches in Bangkok next year, the Thai firm said at a press conference in the capital last week.
The planned shop will be Komehyo's first of its kind in Southeast Asia.
The Japanese retailer, headquartered in Nagoya, central Japan, will hold a 49 percent stake in the planned joint venture and Saha Pathana Inter-Holding Public Co. will own 51 percent, according to Komehyo's statement. The value of its registered capital has yet to be made clear.
Takuji Ishihara, president of Komehyo, told NNA in Bangkok that his company "has decided to advance into Thailand as Thai travelers to Japan are among our top-three buyers from abroad."
Komehyo posted group sales of 40.1 billion yen ($364 million) in the business year to March 2017, with sales to tourists from Thailand accounting for 500 million yen to 600 million yen, Ishihara said.
As part of efforts to expand business overseas, the Japanese company is planning to open a store in Beijing and another in Shanghai this year. (NNA/Kyodo)