PRG ventures into Thailand’s luxury fashion market

KUALA LUMPUR: PRG Holdings Bhd, through its 54.19 per cent-owned subsidiary Furniweb Holdings Ltd, has opened a Philipp Plein outlet in Bangkok, Thailand, marking its first venture into Thailand’s fashion apparel industry and the second such outlet in Southeast Asia.

In a statement today, PRG said the luxury fashion outlet was opened last Wednesday at the prestigious department store, Icon Siam Mall.

It followed the opening of a Philipp Plein flagship store in Singapore earlier this year.

Furniweb, which is listed on the Growth Enterprise Market board of the Hong Kong Stock Exchange, secured the distribution and retail rights in Thailand, Singapore and Malaysia from the Switzerland-based Philipp Plein group last year.

PRG said it is enthusiastic to capture new business opportunities in the fashion apparel business and believes the association with a famous global apparel brand will bring new elements and dimension to the group’s profile.

“The business venture will also potentially broaden the customer base for its existing core businesses and provide opportunities for growth,” it said.

PRG, a Bursa Malaysia Main Market-listed investment holding company, is mainly involved in the manufacturing, property development, construction, fashion apparel and healthcare businesses.

Furniweb entered into a letter of intent with Philipp Plein International AG (PPI) and Plein Sport AG (PS AG) in April last year with a view of starting a collaboration initially in Singapore, Malaysia and Thailand.

This included the appointment of Furniweb as the authorised dealer for the distribution, promotion and sale of luxury fashion apparel carried on under PPI’s trade name and/or lifestyle fashion apparel carried on under PS AG’s trade name in the three countries.

There are more than 200 Philipp Plein stores globally.

The high-end fashion label is named after its founder, German designer Philipp Plein, who is known as the “King of Bling”.

source https://www.thesundaily.my/business/prg-ventures-into-thailand-s-luxury-fashion-market-EX1176530