US furniture retailer Ashley has launched in Thailand, partnering with local home furnishing and decor chain Chic Republic.
The move is expected to help the brand capitalise on growing market demand and consumer purchasing power in the territory.
Ashley president and CEO Todd Wanek said Thailand is a critical and potentially huge market for Ashley, due to its fast-growing middle-class affluence and population of 70 million.
“There is huge demand for American contemporary and transitional looks in Thailand. This is why Ashley took the time to find the right partner, test the market thoroughly and made this decision after more than three years of finding the right fit.”
Chic Republic’s strategy for expansion aims to target mid- to high-income consumers.
It aims to sell Ashley’s products online via www.chicrepublicthai.com, and at four retail stores in Bang Na, Pradit Manutham, Ratchaphruek and Pattaya.
Chic Republic CEO Kijja Pattamasattayasonthi said the outlook for furniture and home decor sales for the remainder of this year and into next is positive, due to demand from middle- to high-income customers, whose spending confidence has increased, as well as support from the increasing numbers of low-rise and high-rise high-end property projects.”
Ashley has operated globally for more than 70 years, and has worked in the Asia-Pacific region for five years. It has more than 850 branches in 150 countries and brought in global sales of more than US$6 billion last year, accounting for 5 per cent of the brand’s total sales.