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Minor International accelerates growth strategy, unveils three-year strategic plan
SATURDAY, JANUARY 21, 2023
Minor International (MINT), a Thai multinational focused on hospitality, restaurant, and lifestyle brands, has launched a three-year strategic plan focused on accelerating growth by improving productivity, cutting costs, and refining data analytics, MINT group CEO Dillip Rajakarier said on Friday.
“Moving into 2023, MINT is fully committed to driving business ‘back to growth’ with prudent business strategies and investment plans for Minor Hotels, Minor Food, and Minor Lifestyle, in order to remain market leaders capable of accommodating current and future customer demand,” he told a press conference.
MINT’s three-year strategic plan focuses on strengthening its brand portfolio, improving productivity and profitability, collaborating with partners to achieve growth, enhancing innovation and digitisation, empowering people and teams, and ensuring long-term growth, he said.
The company also anticipated that the rising number of tourists following the reopening of borders would help support business growth this year.
“Tourist arrivals in Thailand are expected to rise from around 11 million in 2022 to 22 million in 2023. The two-fold increase in arrivals will be achieved as a result of Mainland China’s recent reopening on January 8, 2023, which is expected to result in additional tourist arrivals to previous forecasts, stimulate demand, and further drive economic activities for all MINT businesses,” he said.
Minor Hotels, Rajakarier said, would continue to see revenue growth this year due to an increase in advance bookings.
The company intends to raise both occupancy and room rates. It will also improve service to attract more business travellers and increase marketing, he said.
Minor Food’s revenues continue to grow across all channels while costs are being cut to increase profitability, Rajakarier said.
“New initiatives, such as new store formats, customer loyalty programmes to increase customer engagement, and new product development to create market excitement are examples of such efforts,” he said. “These strategies will continue to propel Minor Food to the forefront of its industry.”
Minor Lifestyle has expanded by focusing on being more customer-centric online as the e-commerce market expands, he said, adding that the unit of MINT would leverage data analytics “to increase customer retention and acquire new customers”.
MINT issued new subordinated perpetual bonds, MINT No.1/2566, on December 2, 2022. MINT is rated “A” with a “stable” outlook by TRIS Rating, while the subordinated perpetual bonds are rated “BBB+”.
Chaiyapat Paitoon, MINT’s chief financial officer, said the funds raised from the bonds would help the company grow.
The new subordinated debentures will be sold to the public between February 7 and 9, through 11 Thai financial institutions.