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https://www.nationthailand.com/business/corporate/40023356

Muji aims to widen market with affordable goods zone at larger new stores in Thailand

THURSDAY, DECEMBER 22, 2022

Nongluck Ajanapanya

Japan’s leading retailer Muji is reaching out to customers outside Bangkok by providing an affordable goods zone in its new full-size stores.

Akihiro Kamogari, managing director of Muji Retail (Thailand), said at the soft opening on Thursday that the total area of over 1,700 square metres of Muji at Robinson Lifestyle Ratchaphruek will be the standard size model the company will apply to open new store in new location.

The majority of locations will be in Bangkok and its surrounding areas, as well as other major cities with high density of population and purchasing power, such as Chiang Mai and Chonburi, where Muji already has opened new branches during the fourth quarter of this year.

“There are currently 29 Muji stores in Bangkok’s prime districts. Eleven of the stores are spread over 1,500 square metres. We plan to open four more stores with this new standard size next year, and seven more by 2024,” Kamogari revealed.

Regarding the existing stores with minimum size of 500-800 square metres, he stated that Muji intends to renovate with more space. However, the process is still being worked out with the department store.

Akihiro Kamogari (left) Phannarat Lowakij (second from right)

Muji (Thailand)’s head of merchandising, Phannarat Lowakij, added that this new roadside model store with two floors will also serve as a pilot area for the retailer to test launch new in-house products.

She revealed that this store has a new hot menu of bakery items, Japanese soft serve ice cream, skincare and haircare product groups, and Muji Curry, which is one of Japan’s best-selling products.

She stated that all of these products are now only available at Muji Robinson Lifestyle Ratchaphruek.

“We’d like to see how our clients respond,” she said, promising that more new items would be added in the future.

Meanwhile, for the first time in Thailand, Muji Robinson Lifestyle Ratchaphruek has opened a good price zone for products below 300 baht. The good price zone will include popular high-quality products from various categories priced under 300 baht.

The zone follows the new concept of grouping products under 500 yen for the first time at Mitake station in Tokyo, Japan in October.

According to Phannarat, the goal is to communicate to people that Muji also offers high-quality products at reasonable prices. The zone will be included in all new stores opening in the next two years.

She anticipates that Muji’s new good-price zone will help increase sales of the company’s daily-life products, which are divided into three main categories: household, garments, and foods.

In order to provide the exact daily life product that Thai people require, Muji has introduced the concept of Asean merchandise.

The concept is to use local resources in combination with Muji simplicity of design to create products for local use, such as furniture made from rubber wood and shirts made from natural fibres that are suitable for Thailand’s hot and humid weather.

According to Kamogari, Muji will focus on developing new daily products to meet Thai people’s demand, particularly in food and beverages, starting next year. With a pricing strategy, Muji will also expand its offline and online sales channels.

Muji at Robinson Lifestyle Ratchaphruek will open its doors on December 23, 2022.

Muji began its operations in Thailand as a franchise in 2006, before forming a joint venture company with Central Department Store through Muji Retail (Thailand) in 2013. Muji now has over 3,000 product items in Thailand.

Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40023344

PTT denies condoning human rights violations in Myanmar after Norwegian fund accusation

THURSDAY, DECEMBER 22, 2022

Oil giant PTT Plc has informed the Stock Exchange of Thailand (SET) that it does not condone human rights violations in Myanmar as accused by a sovereign wealth fund from Norway.

PTT president and CEO Auttapol Rerkpiboon has sent a letter of clarification to the SET that the PTT and its subsidiaries have always adhered to its sustainability management policy that consists of environmental, social and good business governance as well as respect for human rights.

Auttapol was responding to allegations by the executive board of a US$1.3-trillion Norwegian fund last week that it has dropped PTT Plc and PTT Oil and Retail Business Plc (OR) from its portfolio because of “an unacceptable risk” of human rights violations.

The fund’s ethics council expressed concern that PTT and OR’s partnership with state- and military-owned companies in Myanmar and that the two Thai firms’ activities in Myanmar would provide the junta “with substantial revenue streams that can finance military operations and abuses”.

“There is an unacceptable risk that the companies contribute to serious violations of individuals’ rights in the situations of war or conflict,” the fund stated.

The Myanmar army has been repressive and using lethal force to crack down on democracy protesters since it toppled the elected government in February last year.

In his letter to the SET, Auttapol insisted that PTT’s principle of respect for human rights also applied to the companies that served as its supply chain.

Auttapol said that PTT has always been conscientious about its operations not violating human rights and it also protects and supports human rights in line with international standards and promotes good ties with all stakeholders.

Auttapol said the PTT had complied with the laws and regulations and checked and analysed the status of its business partners in Myanmar thoroughly.

“PTT respects human rights and this is among our basic standard of operations,” Auttapol said.

“And PTT is concerned over the violent situation in Myanmar since the 2021 coup. We support a peaceful solution and we strictly observe the law and international operational standard wherever we carry out business.”

He added that the PTT has been monitoring closely the situation in Myanmar to make future decisions by ensuring that its investments would lead to sustainable development and access to energy sources.

After giant Chevron and TotalEnergies announced their decision to leave Myanmar in January this year to not support the repressive regime, PTT announced in March that it would take over from TotalEnergies the operation of the Yadana gas field with effect from July.

Apart from PTT, the OR also sent a letter of clarification to the SET on Thursday.

Signed by OR CEO Disathat Panyarachun, the PTT subsidiary said the OR invested in the Brighter Energy (BE) joint venture in 2019, holding 35% of shares, for the transportation and storage of petroleum products, in which a storage terminal is in the process of being constructed for the operations in Myanmar.

The objective of the investment is to provide broader benefits and help improve the well-being of Myanmar people, the letter said.

“However, since there has been violence and unrest in Myanmar leading to sanctions imposed by several countries in 2021, OR , as a minority interest shareholder, did not and will not make additional capital injection into BE and has expressly declared our intention to suspend BE’s operations and construction and payments. Also, no payments will be made to anyone on the sanctions list. OR strictly complies with business ethics and policies that shall not involve supporting violence and human rights violations from the BE operations in Myanmar,” the letter said.

“OR has adhered to the sustainability management policy, which consists of environmental, social and good business governance by complying with laws, regulations, international guidelines and international human rights standards.”

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https://www.nationthailand.com/business/corporate/40023333

THAI nearing pre-Covid revenue and on course for stock market return: CEO

THURSDAY, DECEMBER 22, 2022

Thai Airways International (THAI)’s monthly revenue is almost back at pre-pandemic levels following recovery in the tourism industry, according to the airline’s acting CEO.

Suvadhana Sibunruang said THAI has now reopened about 70% of its international routes with a cabin factor (passenger load factor) of 85%.

This was driving current monthly revenue of 12 billion baht, compared with 15 billion baht before the pandemic, he said.

Monthly revenue had grown continuously since hitting a low of 200 million baht during the Covid-19 crisis, he added.

Suvadhana said the airline had returned to profit since May this year by cutting costs and expenses while securing more revenue sources. THAI reduced its fleet from 103 aircraft to 61 after filing for bankruptcy protection in 2020 and recording debt of over 400 billion baht in 2021. However, creditors approved a revised rehabilitation plan in September this year after recovery proceeded faster than expected.

Suvadhana said the company no longer needs to urgently seek extra funds as it has cash flow of 30 billion baht.

However, it still needs 25 billion baht to sustain operations and complete the rehab plan, he added.

The revised rehabilitation plan allows THAI to borrow 25 billion baht by 2024, instead of 50 billion as permitted under the original plan.

Read more

Suvadhana confirmed that THAI is on target to resume stock market trading in 2025 or sooner after the return to profit.

Read more

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https://www.nationthailand.com/business/corporate/40023327

Thai Oil names Bandhit Thamprajamchit as new CEO and president

THURSDAY, DECEMBER 22, 2022

Thai Oil Plc (TOP) named Bandhit Thamprajamchit as its new chief executive officer, president, director, and member of the Risk Management Committee in a notification to the Stock Exchange of Thailand (SET) on Wednesday.

Bandhit will succeed acting CEO Noppadol Pinsupa who has submitted his resignation, effective from January 1.

After graduating as a Bachelor of Engineering from Chulalongkorn University and a Master in Advanced Chemical Engineering from Imperial College, University of London, UK, Bandhit joined TOP in 1991 as a technologist.

From 1997-2002, he represented TOP as an adviser for Shell Global Solutions International BV, providing consulting services to leading oil refineries in the Netherlands, France, Italy, Germany, Argentina, Singapore, Brunei and Thailand. Since 2002 he has been working as Thai Oil’s senior vice president for hydrocarbon.

TOP also notified the SET it has appointed Sompop Pattanariyankool as a member of the Corporate Governance and Sustainability Committee, replacing Prasert Sinsukprasert who had resigned on December 20.

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