CRC’s 1Q24 Revenue Hits THB 67 Billion, Paving Ways for Accelerated Expansions

Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited or CRC said, ” Central Retail kicks off the year with sustained growth, boasting first-quarter revenues of 67,255 million Baht (+6% YoY) and Core Profit of 2,524 million Baht (+14% YoY). Sales through omnichannel platforms accounted for 19% of total sales, indicating growth driven by Central Retail’s strong ecosystem and the flexible portfolio.”


Central Retail’s business highlights:

1) Fashion business

Central Chidlom, also known as “The Store of Bangkok,” has undergone remarkable transformation with an investment of over THB 4 billion, aiming to elevate itself into a World Class Luxury Destination. This one-stop-shopping boasts an impressive collection of luxury brands that capture interest from customers both in Thailand and across the globe. Some of the renowned names include Bottega Veneta, Burberry, Celine, Dolce & Gabbana, Emilio Pucci, Kenzo, Loewe, Louis Vuitton, Missoni, Roger Vivier and Versace. An exclusive “Luxe Night Out” party was held on April 25th, attracting an impressive array of fashion icons from across the nation. A key highlight of the event was the unveiling of “Shoes Avenue,” the first-of-its-kind in Thailand, bringing together an array of world-class footwear brands under one roof. Featured brands include Christian Louboutin, Gucci, Jimmy Choo, Mach & Mach, Rene Caovilla, Roger Vivier, Sergio Rossi, The Attico, TOD’S, Tom Ford and Tory Burch.

CMG (Central Marketing Group), a subsidiary of the Central Brand & Specialty group, has obtained the distribution rights for Paul Smith, the iconic British luxury fashion brand. With a new flagship store at Central Embassy set to launch, the unveiling event will be attended by founder Sir Paul Smith himself. Additionally, CMG has secured the distribution rights for Jung Saem Mool, a renowned Korean makeup artist brand, reinforcing the company’s commitment to curate world-class brands to strengthen its portfolio.


2) B2B/B2C Category

GO Wholesale – Within 7 months of market launch, GO Wholesale has successfully opened 7 branches, highlighting its position as the ‘King of Fresh’, which has been well-received by customers of all groups. The brand’s success is attributed to its deep understanding of customer needs – offering fresh products, exceptional service and a convenient shopping experience. With plans to open four more branches in the second half of the year, GO Wholesale is expected to end the year with a total of 11 stores across Thailand.

Thaiwatsadu reinforces its position as Thailand’s number one Omnichannel DIY Home Retailer, expanding its presence to 100 branches nationwide. This year, Thaiwatsadu is accelerating its expansion with the launch of 9 additional branches and the remodelling of flagship stores in Bangna and Bang Bua Thong into hybrid stores. Combining the strengths of both Thaiwatsadu and BnB Home under one roof, the transformation will cater to all aspects of home and construction needs. Moreover, Thaiwatsadu private label products have gained increasing popularity, now accounting for 18% of total products sold within the store.


3) Vietnam

Central Retail reaffirms its position as Vietnam’s no.1 mall and hypermarket expanding its GO! malls and GO! hypermarkets by 3 branches this year. Moreover, they will renovate their flagship stores in Hanoi and Ho Chi Minh City, which are expected to be completed by the end of 2025. Furthermore, Central Retail saw positive results from its renovation of 8 GO! malls last year that led to a 12% increase in rental income.

Additionally, Central Retail has expanded its business into the lifestyle and fashion sectors by becoming the Brand Distributor for world-renowned brands such as Dyson, Crocs, and FitFlop. This move is aimed at catering to the growing demand for lifestyle products among high-income earners, millennials, and the increasing number of international tourists in Vietnam.


“These remarkable achievements are from Central Retail’s robust business strategy anchored in the concept of Leading Excellence and Advancing Sustainability. This establishes Central Retail as a leader in the retail and wholesale industries, delivering exceptional performance across all business segments and moving forward with our sustainability initiatives. Central Retail remains committed to the continued growth of our group businesses, striving to deliver the best possible experiences to our valued customers and stakeholders across Thailand, Vietnam and Italy,” concluded Mr. Yol.