By KWANCHAI RUNGFAPAISARN
The move is in line with the company's strategy to expand new customer base, targeting the growing Korean restaurant market.
The company is confident that Red Sun will be a part of an important jigsaw that would help strengthen the Food Passion empire in the future. After the acquisition, individual strengths will be merged to push Red Sun to become the No 1 Korean restaurant chain in Thailand, as well boosting its annual revenue by 40 per cent this year.
Chataya Supanpong, Food Passion's chief engagement officer, said the company has been looking for opportunities to expand its business broadly.
"Adding a new brand into the portfolio is an important strategy to widen the diversity of dining options. This strategy will not only increase revenue, but also expand the opportunities in reaching out to new customers in new markets, with the ultimate goal of creating an empire of happiness through dining for Thais," she said.
"Red Sun is a brand with potential and steady growth, even though it has only been in Thailand for four years. This is a product of distinctive flavours and menu that has attracted many loyal fans. The popularity of Korean food is growing Thailand. Its market value has now grown to Bt2 billion from Bt10 billion in 2013. Red Sun currently commands a 5 per cent market share.
“These were the factors making Food Passion confident enough to have taken over Red Sun. We're sure that combining the strength of Red Sun with the business know-how, professional management, and unique marketing of Food Passion, Red Sun will grow exponentially," said Chataya.