The Thai franchisee of K-beauty brand The Face Shop is set to open its first store in Laos this year, according to a report published by The Nation.
The Thai arm will team up with a partner in Laos in a joint venture that will see the South Korean beauty retailer establish its first presence on the Cambodia, Laos, Myanmar and Vietnam (CLMV) market.
According to Pithan Ongkosit, President of The Face Shop Thailand, the company is looking to invest THB100 million in its store network this year, with a further THB50 million to be spent in 2017. “In Thailand we plan to increase the number of The Face Shop stores from 63 to 70 by the end of this year, and up to 100 by the end of 2017,” Pithan told The Nation. “We expect to achieve THB500 million in total sales for the whole of this year, up 200 percent over last year. We expect our annual sales to reach THB1 billion in total within the next two years.”