Young tycoons bring fresh outlook to cope with disruptions of a fast-changing world

Central -- Wherever you are, you can shop

Many years ago, the Central Group, which operates physical malls and branches both in Thailand and abroad, had transformed itself into a “tech company” as a strategic framework for driving its business with the mobilisation of the new generation of the Chirathivat family.

Rvisra Chirathivat is the daughter of Suthichai Chirathivat, who has become an important force in leading the Central Group's foray into the digital world.

Rvisra, who is now the chief marketing officer at Central Department Store Co and Robinson Plc under Central Retail Group, has always emphasised “digital and technology” as important tools to facilitate easier and more efficient connection between Central Group’s core department store business and the online world.

“Central is a leader in innovation,” she says. “We bring various technologies to develop our business and create an omni-channel experience to provide our customers with complete comfort and cover all platforms, both online and offline,” she adds.

Rvisra, graduated in economics from Scripps College, and obtained an MBA from Loyola Marymount University, USA, before working for both a new tech startup company, and global-brand companies, such as Microsoft, Samsung, Universal Studios.

Rvisra was also marketing director of Central Department Store in China before being promoted as chief marketing officer of JD Central, a joint venture between Central Group and JD.com, China’s largest online retailer.

JD Central has become the flagship of the Central Group in penetrating the online retail business.

“New lifestyles are developing every day. Everyone is free to live as they please, and that makes marketing more fun as marketers have the opportunity to come up with new ideas and strategies,” she says.

Rvisra says that new-age marketers need to focus on three areas:

1. The speed and agility to keep up with new trends and get used to creating big impacts;

2. Co-creation by persuading customers and partners to create new innovations together;

3. Marketing with social responsibility.

Building a strong team the secret to Korawad’s world-class tech company

Korawad Chearavanont is the 26-year old son of Suphachai Chearavanont of the CP Group, and grandchild of Dhanin Chearavanont, Thailand’s richest man. Korawad is now the CEO of Amity, which is the cloud company founded and built by him. Amity is also recognised as a Thai tech startup that has achieved success on a global scale.

“Big challenges and opportunities arise all the time, both what we expect and we do not,” he says. “The most important idea is not to waste the crisis and do what you can to make your business stronger than ever. It can be done both by reforming it and trying to find new opportunities.”

“For me, building a world-class team is key. The objective is to build a business that grows with a strong team. Everyone on the team has to be good and grow without me. This is the real test. The team must not only be the best at what they do, but they have to adjust and be flexible, and be ready for change and evolve as much as possible,” says Korawad.

“The goal of the business is to maintain 100 percent growth every year without spending huge amounts of cash. That is the necessary growth rate to become a truly global technology company.

“I believe that we have to focus on being the best at we do both regionally and globally. To be truly successful, the company must look at expanding the scale to foreign countries. We must position it as a regional or global business, and try to have a clear focus, and step up to be number one in that business,” he says.

LINEMAN Wongnai widens the scope of its ambition

Yod Chinsupakul, the CEO of LINEMAN Wongnai, admits frankly that food delivery is one of the few businesses to benefit from the Covid crisis, with substantially higher growth in 2020 compared to the previous year. LINEMAN Wongnai’s orders volume grew more than five times.

But this kind of exponential growth comes with a variety of challenges.

“Therefore, the approach to business management is not only aimed at growing one's business, but also to be a part of helping restaurants sell more, help the delivery drivers earn more, and ensure convenience for users in ordering,” says Yod, adding. The secret to success comes from grit.

“Stepping up to become a leader requires working hard and never giving up. Covid proves that we cannot predict everything.

“We must be prepared to deal with a variety of situations. We have to deal well with situations when unforeseen events affect our business,” he says.

Yod says that the previous goal of Wongnai was to become Thailand's first unicorn. But since the merger, LINEMAN Wongnai's goal is no longer to only become a unicorn.

“A new motto we will follow is ‘to help Thai people live better’, We aim to expand our food delivery service to 77 provinces across Thailand by the end of this year,” he says.

Expanding the Vibhavadi Hospital network across the country

Pijit Viriyamettakul, the managing director of Vibhavadi Medical Center Plc, is a young businessman who is the heir to Chaisith Viriyamettakul, a respected leader in medical care.

Pijit started his career at a private company in the logistics business after graduating with a bachelor’s degree. His stint in the private company was because his father wants all his children to get work experience from outside first, learn the guidelines and systems of work from large organisations, before being absorbed in the family business.

“I worked at the logistics company for about one year before my father called me back to help the family business by starting in real estate, while concurrently studying for a master’s degree,” he says.

However, due to lack of knowledge about the hospital business, Pijit started doing internships in every department, before being promoted to assistant managing director, and then to deputy managing director. He was elevated to managing director as of May 14, 2019. His main function is to oversee the business, including accounting, finance and marketing. The doctors and nurses are taken care of by a director.

Pijit says that hospital jobs are very challenging. For him, the hospital business is different from any other business that he has been done in the past. The size of the organisation is also bigger and there are many parties involved in the coordination.

“The hospital business is more complicated, but that’s not a problem,” he says. “I have to do business to get better. If not better, at least I must maintain the existing standards,” he says.

Pijit says that he wants to make Vibhavadi Hospital one of the largest in Thailand in terms of networks, now spread over more than 10 locations across the country.

Swearing by bitcoin, Jirayut hopes to make Bitkub into a unicorn

When it comes to the cryptocurrency in Thailand, there is nobody who doesn’t know Topp Jirayut Supsrisopa.

Jirayut, a 31-year old businessman, holds a bachelor’s degree in economics from the University of Manchester, UK, and a master’s degree in economics from the University of Oxford. He is a co-founder and the chief executive officer of Bitkub Capital Group Holdings or Bitkub.

In three years, he has created a digital asset trading center (www.bitkub.com) and it occupies the number one slot with a 90 percent market share in Thailand. More than 40,000 new users sign up for the system per day. The center has an average of THB4 billion in crypto trades per day, up 1,000 percent from the end of 2020.

Jirayut says he was among a minority who believed that cryptocurrency could improve the financial world, “and the minority is right”.

With the current value of the global cryptocurrency market at US$1.6 trillion, it amounts to 10 percent of the $100-trillion gold market value.

“Today, the cryptocurrency market that we are seeing is just the tip of the iceberg. There is still a lot to grow below” he says.

Jirayut says he decided to jump into the cryptocurrency industry in Thailand eight years ago. He set a goal that the financial industry must belong to the Thai people 100 per cent, and he vowed to make Bitkub into a unicorn by the end of this year with a company value of more than THB30 billion.

“We want to represent the new generation that shows the potential that Thai people are good as well. We want to encourage the new generation of Thai people to rise and create something new for our country,” says Jirayut, adding that one of the factors supporting his goals is the growing trend of the cryptocurrency market in Thailand.

“We will not stop here. We are now preparing to open a new business, the fourth of the group, which is “Bitkub Venture” with THB10 million in registered capital.”