Thai Cosmetics Company Eyes U.S. Market and Global Growth
Karmart Plc (KAMART), a Thai cosmetics importer and distributor, is intensifying its international expansion strategy.
The company plans to grow its exports to the U.S. over the next five years by increasing distribution through U.S. partners, according to Wongwiwat Theekhakhirikul, managing director and investment committee member.
Currently, Karmart sells products in the U.S. via Amazon and is exploring new products tailored specifically for the U.S. market.
While the CLMV countries—Cambodia, Laos, Myanmar, Vietnam—lead Karmart’s exports, the company also targets the Middle East and South Asia.
Exports are set to account for 12% of sales this year, with goals to reach 15% in three years and 20% in seven years.
The U.S. political climate, especially potential tariffs on Chinese goods, could present opportunities for Thai exports, but also risks of Chinese product influx affecting local markets.
Karmart encourages the Thai government to negotiate more free trade agreements and safeguard against counterfeit goods to ensure competitiveness.
Despite economic challenges, the Thai cosmetics market is expected to reach 280 billion baht this year, driven by international tourist demand and shifting local preferences.
Karmart aims for revenues of 3.25 billion baht this year and 4 billion baht next year.