Mc Group unit to hold 51% of Time Deco
Watch importer, clothing retailer see broad gains from expected synergy
The board of directors of clothing retailer Mc Group yesterday approved the acquisition by its wholly owned subsidiary Look Balance of Time Deco Corporation, an importer and distributor of leading watch brands.
Pratana Mongkolkul, director and chairwoman of Mc’s executive committee, said that under the acquisition deal, worth about Bt200 million, Look Balance would hold 51 per cent of Time Deco.
It is hoped that the move will create business value for Time Deco as supported by Mc Group in the areas of human resources and financial strength. Mc will be able to help Time Deco in business planning and negotiations, as well as managing its distribution network,
warehouse management, and business expansion. The group can place Time Deco’s products in more than 150 retail outlets nationwide.
Sunee Seripanu, chief execu-tive officer of Mc Group, said the acquisition would promote business synergy between the two partners, particularly in business connections and distribution in the provinces. This synergy would extend to the warehousing system, distribution network, point-of-sale system, and training and development of sales teams.
Time Deco’s extensive portfolio of watch brands will also enhance Mc Group’s expansion of the products it offers in its shops, which will create higher asset utilisation for the stores. This will not only enhance Mc Group’s and Time Deco’s revenue and profit, it will allow Mc to respond better to customer demand and maximise return to its shareholders, the group believes.
Panu Narongchaikul and Vararit Plengvanit, founders and executive directors of Time Deco Corp, issued a statement: “We are very happy to partner with Mc Group, which has an excellent reputation in the apparel-retailing business. Moreover, we have known Mc Group’s management for a long time and have seen Mc Group’s strength from its extensive distribution channel network, financial and accounting system and experience management team.
“Under this partnership, Time Deco is set for rapid expansion and continued future success.”
At present, Time Deco Corp imports more than 20 fashion and luxury watch brands for both men and women. These include Diesel, DKNY, Emporio Armani, Marc by Marc Jacobs, Burberry, Coach, Lacoste, Tommy Hilfiger, Victorinox Swiss Army, Fossil, and Kenneth Cole New York.
Time Deco Corp sells its timepieces through 103 locations nationwide including department stores and its own Time Deco shops. Sales revenue last year was about Bt400 million.
