Vietnam sends document responding to US trade requests
Employees work at a shoe factory for export in Hanoi, Vietnam December 29, 2020. REUTERS/Kham/File Photo
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South China Morning Post
an hour ago
- South China Morning Post
How Karmart rode the Thai beauty wave: with 2gether stars Bright and Win as Cathy Doll ambassadors and support from Kim K favourite Patrick Ta, the beauty retailer is setting its sight on the world
For the better part of the past decade, South Korea has reigned supreme as the epicentre of entertainment and celebrity-driven trends in Asia. But Thailand, with its own brand of bankable stars , fast-growing economy and inviting culture, is on the rise. Nowhere is this more evident than in the realm of beauty: Thai brands, bolstered by a booming creative scene and promoted by local celebrities with a global reach, are quickly taking over. At the nexus of this rapid evolution is Karmart, a multi-brand beauty retailer akin to Sephora which, in its 15-plus years in the business, has grown to become an international company. It's brought to the world locally made, widely recognised brands like Cathy Doll, known for its sunscreens and cosmetics. 'We started off at the right time, starting this business unit back in 2009 as Thai consumers started to know more about make-up,' says 42-year-old Wongwiwat Theekhakhirikul, Karmart's managing director. 'Now we have a total of 21 brands in our company, of which nine are our own' – including Cathy Doll. Advertisement Thai retailer Karmart has brought its brands like Cathy Doll to the international market. Photo: Handout Though Karmart is now a public company listed on the Stock Exchange of Thailand, it is in several ways still a family business, having been first established in 1982 by Wongwiwat's father, Wiwat Theekhakhirikul, long before the company pivoted to cosmetics. In the decades since, Wongwiwat and his brother Pongwiwat, 41, have helped transform a once modest electronics company into a beauty powerhouse, waving the flag for Thailand worldwide with a robust presence in over 30 countries. Cathy Doll, a Karmart brand, is known especially for its sunscreens and cosmetics. Photo: Handout Reasonably priced and largely intended for mass consumption, many of Karmart's most famous brands and signature offerings come in premium-looking packaging for a fraction of the cost of popular beauty products from elsewhere in Asia. 'This is the market that we're targeting, because the majority of Thai people have relatively lower average income than Hong Kong or Taiwan,' says Wongwiwat. The Thai beauty industry's growth well outpaces that of Hong Kong, Taiwan and its Southeast Asian neighbours sans Indonesia, with revenues projected to reach US$7.1 billion in 2025, according to market research by Statista. A Cathy Doll lip serum. Photo: Handout Wongwiwat points out how Thai spending on cosmetics is virtually on par with that of Indonesia, considering the country has over three times Thailand's population. That's not including Thailand's impact on the neighbouring Cambodia, Laos, Myanmar and Vietnam, a portfolio that is key to Karmart's expansion plans.
South China Morning Post
an hour ago
- South China Morning Post
China's Unitree eyes pre-IPO fundraising, valuing robot maker up to US$2 billion: report
Advertisement Hangzhou -based Unitree's latest financing initiative would value the company between 10 billion yuan and 15 billion yuan (US$1.4 billion and US$2.1 billion), Chinese digital media outlet Sohu Tech reported on Friday, citing sources. That would follow Unitree's restructuring last week, when it changed from a limited liability company into a joint stock limited firm, according to Chinese corporate database Tianyancha. A joint stock limited structure lets a company issue and transfer shares, allowing it to raise more capital as it scales up its operations. This move appears to put the firm another step closer to going public on mainland China's stock exchanges. In a letter to business partners, Unitree said the conversion into a joint stock limited company was done to address the firm's 'development needs', according to a report by the state-owned financial newspaper Securities Times. Advertisement Unitree did not immediately respond to a request for comment on Friday about its latest effort to generate new investment.
South China Morning Post
2 hours ago
- South China Morning Post
Lack of cash could see Hong Kong drop out as hosts of fencing World Cup
Hong Kong could be forced to withdraw as hosts of the FIE Women's Foil World Cup next year because of a lack of sponsors, sources have told the Post. Advertisement The three-day tournament, featuring individual and team events like this year's edition at AsiaWorld-Expo, is scheduled to run from January 9 to 11. However, securing financial backing has proved difficult in the current economic climate. 'We were awarded the rights by FIE but securing sponsors would be crucial and given the current economic environment, it's highly likely that we might not be able to get one,' a source said. 'It would be great if we could do it, but that being said, there are other priorities. 'First it's the National Games, then there is the FIE Junior Men's and Women's Epee World Cup, and there's also the all-important World Championships next July. The World Cup was the last thing to worry about.' Hong Kong's Kuan Yu-ching (right) against Ukraine's Anna Tarankeno. Photo: Dickson Lee Fencing at the National Games will run from November 15 to 20 at Kai Tak Arena, followed by the Junior Epee World Cup at AsiaWorld-Expo from November 28 to 30.
