King Power Group, Thailand’s sole duty-free operator, plans to spend more than THB8 billion (USD220.8 million) on its first business expansion abroad.
It will initially invest in two Asian countries: Japan, where most of the THB8 billion will be spent, and Myanmar, for which it has a THB100-million budget, chairman Vichai Srivaddhanaprabha said. The two international duty-free shops are expected to open next year.
The group sees potential to expand its duty-free business in ASEAN. Apart from Myanmar, Mr Vichai is also interested in entering the growing tourism market of Vietnam.