TANACHIRA Retail Corporation Co., Ltd. (SET: TAN), has announced impressive 9 month results for 2024, with total revenue of THB 1,274.3 million, a 27.5% increase year-over-year. Net profit reached THB 106.5 million, up 8.2%, driven by outstanding performance in fashion and food & beverage sectors. TAN is set to launch Gordon Ramsay’s Bread Street Kitchen & Bar at ICONSIAM to cater to high-season tourist demand and will continue expanding its fashion and lifestyle brands. The company is confident of achieving over 20% annual revenue growth as projected.
Mr. Tanapong Chirapanidchakul Chief Executive Officer, TANACHIRA Retail Corporation Co., Ltd. (TAN) stated, “Our 9-month results for 2024 reflect strong growth across all business segments despite economic challenges. We are focusing on three core strategies: 1) impactful marketing to encourage repeat purchases and enhance the customer experience, 2) rigorous cost control to maintain profitability, and 3) strategic expansion of high-growth brands in both domestic and international markets, especially with the promising launch of HARNN in Greater China. We are confident these strategies will sustain growth through Q4 by aligning with consumer demand, particularly during the high season for both tourists and local consumers, allowing all business groups to perform robustly.”
For the first nine months of 2024, TANACHIRA achieved a total revenue of 1,274.3 million baht, reflecting a growth of over 27.5% year-over-year (YoY), with a net profit of 106.5 million baht, an increase of 8.2% YoY. In Q3 2024 alone, the company generated a total revenue of 422.3 million baht, up 28.63% YoY, and a net profit of 27.0 million baht, up 5.3% YoY. Revenue distribution by business segment was as follows: Fashion accounted for 22%, Lifestyle 53%, Beauty & Wellness 18%, and Food & Beverage 7%.
The revenue increase remains primarily driven by in-store sales, featuring special collections and the introduction of leading fashion brands, particularly new additions such as GANNI and United Arrows. Additionally, growth in the Food & Beverage segment has gained strong traction among customers, creating significant buzz. Q3 also marked the start of revenue generation from the company’s subsidiary in China, a critical milestone in TANACHIRA’s regional expansion. The company’s focus on beauty and wellness products aligns well with the current health-conscious consumer trend, supporting TANACHIRA’s strategy to establish new revenue streams. Furthermore, same-store sales growth (SSSG) across key brands—including Marimekko, HARNN, and Pandora—has been notably strong, especially for HARNN, which has performed well even in the absence of significant tourist growth.
Looking ahead to Q4 2024, TANACHIRA plans further expansions, both domestically and internationally. Key openings include Bread Street Kitchen & Bar at ICONSIAM and a second Marimekko location in Ngee Ann City, Singapore—a strategic site in the city center—both launching in December 2024. Additionally, TANACHIRA will enhance Pandora’s accessibility by launching an e-commerce platform at www.pandora.co.th in November, offering customers a more convenient shopping experience.
Additionally, TANACHIRA continues to expand its HARNN distribution network in China, which now spans over 170 locations and is expected to grow further. This comprehensive operational plan is anticipated to ensure a balanced Q4 2024, achieving both revenue growth and effective cost management. The company remains focused on its target of achieving no less than 20% growth in revenue.
“TANACHIRA is committed Leading dynamic regional fashion lifestyle. We will continue to expand our portfolio in the fashion and lifestyle sectors to meet growing market demands and foster stable, sustainable growth opportunities,” Mr. Tanapong concluded.
