By The Nation
Founded in 1972, OVS is Italy’s first and No-1 fast-fashion brand for men, women and kids, and the global apparel chain has more than 1,300 stores in Italy and abroad.
Minor Corp operates four stores in Thailand.
The latest addition to the listed company’s growing stable of international clothing brands will help consolidate the company’s position as one of Thailand’s leading retail operators.
OVS’s entry into the Thai market also signals intensifying competition in the fast-fashion segment, said James Richard Amatavivadhana, chief executive officer of Minor Corp.
“If you look at the [apparel] market, we want to participate in this area with brands that have a unique proposition in terms of quality and style. And yet they must be affordable to our potential consumers. OVS – being a successful Italian-based brand itself – has great potential to effectively compete in this market based on its unique proposition.
“It’s our mission to be one of the leading operators in Thailand’s fashion retail [sector]. In order to do so, we need to drive performance and the economic value of our existing portfolio. More importantly, we need to add new brands to our portfolio that are relevant to our discerning customers,” the CEO said.
“We’re seeing a great opportunity for growth with OVS’s debut in the Thai market,” he added.
Thailand’s clothing industry grew 4.4 per cent in 2017 and is forecast to expand a further 4.1 per cent to reach Bt234 billion this year.
Minor Corp expects to generate Bt4 billion in sales this year from its imported brands.