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PORNNALAT PRACHYAKORN
Lumyook CEO Worawoot Vangvorawong says the new Playboy line will challenge brands such as Homme and Jockey. |
Lumyook (Millennium 2002) Co, the importer of Playboy merchandise and the operator of Chic Club retail shops, plans to add male underwear to its Playboy portfolio in the last quarter of this year with expected sales of 30 million baht.
The company sees room for growth in the men's underwear market, especially for luxury fashion brands, as Thai men increasingly care about their looks, said CEO Worawoot Vangvorawong.
''The new products will help support the growing trend of 'metrosexuality' among Thai men with a mix-and-match design as our selling point,'' he said.
The company hopes for a 5% market share in the 600-million-baht luxury men's underwear market in the first year. Playboy's rivals are Homme and Jockey.
The new product line is scheduled to be launched in the fourth quarter, targeting gay and straight males aged between 18 to 40.
Thailand is the fifth country after the US, France, Japan and Australia to have the Playboy menswear line.
Playboy's first men's accessories shop in the world is expected to open this year at Siam Paragon.
Lumyook plans to add another two fashion brands in October, Arnold Palmer and Mark Farewell, which would bring its total brand portfolio to five.
As consumer confidence dips in the slowing economy, customer spending per bill at its outlets has dropped to 2,000 baht from 3,000 baht last year.
''We set a sales growth target this year of 25%, down from 30% last year. Since the beginning of this year, we've been offering promotions to customers to encourage more spending and also expanding more outlets. This helped us meet the sales target in the first half,'' Mr Worawoot said.
With a total budget of 30 million baht, it opened six Chic Club shops, which sell Playboy products, in the first half and plans four more in the second half.
Playboy has 56 outlets nationwide and will open a website next year to provide online purchasing, promotional news and fashion tips.
Lumyook also expects to reduce the proportion of imports to 50% next year, compared with 70% currently.
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