Premium retail development company Siam Piwat Group and istyle Inc have joined forces in a joint partnership to launch istyle Retail Thailand Co, which will see the two companies open @cosme stores in Thailand.
In a 70/30 percent split between istyle Inc and Siam Piwat Group respectively, the first @cosme store will officially open by the end of the year and be located in Iconsiam.
Labelled as a ‘phenomenon’ in Japan by Usara Yongpiyakul, Chief Executive Officer of Siam Piwat Retail Holding Co, @cosme is thought to have great potential in Thailand and Bangkok thanks to strong GDP per capital and total consumer cosmetic spending per month.
Yongpiyakul stated, “We (Siam Piwat) believe in partnership and collaboration as the best way to succeed in the fast-evolving retail environment. The @cosme retailing concept that merges online consumer engagement with offline sales is extremely innovative and will be exciting for Thai consumers. Next to that, this joint venture will facilitate the arrival in Thailand of many new, high quality Japanese beauty brands that have not been available to consumers in Thailand.”
The two companies plan to open five @cosme stores within Thailand, with the second store set to be located at the Siam Center.