Bangkok--7 Oct--The Way Communication
Mrs. Pratana Mongkolkul, Chairperson of Executive Committee, announced that the Board of Directors has unanimously approved Look Balance Co.,Ltd, the Company wholly owned subsidiary, a THB 200 million investment in Time Deco Corporation Co.,Ltd. equating 51% stake in the leading importer, retailer and exclusive distributor in Thailand of famous international watch brands. This transaction is expected to create significant synergies for both companies - from MC GROUP’s experienced team and financial strength to help Time Deco in planning, negotiation and management of distribution channels, warehouse and logistic; to Time Deco’s extensive portfolio of brands, some of which can be sold at more than 150 of MC GROUP’s free standing shop. This will increase both companies’ revenue.
Ms. Sunee Seripanu, CEO of MC GROUP, added “We are delighted to announce this strategic investment. In addition to the expansion into lifestyle business for MC GROUP, the potential synergies will deliver greather strength for both companies. While MC GROUP can help with network connection in the upcountry and local department stores for expansions, warehouse and logistic management, IT sales system, salesforce training and development program as well as accounting system; Time Deco’s extensive portfolio of watch brands will expand our product assortments and some of which can be offered in our shops which will create higher asset utilization for the stores. This will not only enhance MC GROUP’s and Time Deco’s revenue and profit, but also allow us to better respond to customer demand and maximize return to our shareholders.”
Mr. Panu Narongchaikul and Mr. Vararit Plengvanit, Founders and Executivie Directors of Time Deco Corporation, comments “We are very happy to partner with MC GROUP whic has an excellent reputation in the apparel retailing business. Moreover, we have known MC GROUP’s management for a long time and have seen MC GROUP’s strength from its extensive distribution channel network, financial and accounting system and experience management team. Under this partnership, Time Deco is set for rapid expansion and continued future success.”
At present, Time Deco Corporation Co.,Ltd imports more than 20 of fashion and fashion luxury watch brands for both men and women, for example Diesel, DKNY, Emporio Armani, Marc by Marc Jacobs, Burberry, Coach, Lacoste, Tommy Hilfiger, Victorinox Swiss Army, Fossil, Kenneth Cole New York etc. Time Deco sells its timepieces through 103 locations nationwide including department stores, licensing channels and its own shops “Time Deco” with total sales revenue of approximately THB 400 million in 2012.
MC GROUP Public Company Limited operates as a distributor of products mainly under its group of companies’ brands. Focusing on distribution network expansion as key driver of business, MC GROUP has reached an impressive network footprint of 583 points of sales nationwide and 7 points of sales internationally (6 in Myanmar and 1 in Laos) as of 30 September 2013.
Currently, brands under MC GROUP consist of Mc, McLady, Bison, Mc Pink (premiered in February 2013), Mc Mini (premiered in April 2013) and Blue Brothers (premiered during mid June 2013). Each brand is positioned uniquely through its designs and features to respond to different tastes and lifestyles of target customers. Apart from its own brands, MC GROUP also distributes other leading international brands through its online platform www.WoWme.co.th since the site’s inception in early June 2013.