Retail group Parkson Holdings has invested about RM 100 million into a rebranding exercise.
The brand seeks to enter new areas including food and beverage, beauty and gourmet supermarkets, The Star reported. The group told the publication it aims to have about 100 labels under its brand in the future, with investments well over another RM 100 million.
Along with the rebrand Parkson is also launching three additional affordable South Korean labels. With the addition of these labels, Parksons is now targeting sales of RM60million in the first 12 months after its launch. The stores carrying the labels are said to open on 27 November 2015.
For the Malaysia market, the rebranding is targeted to boost sales, which have proved slugging following the implementation of goods and services tax (GST) and the weakened ringgit. Parkson Retail Asia non-executive director Datuk Magic Lee said the group had earlier expected sales to fall as much as 15% after GST came into effect.
Parkson currently has a presence in China, Indonesia, Vietnam, Myanmar and Cambodia. It aims to also implement the rebranding exercise in all these markets, rolling out different labels and concepts.
Presently, it plans to aggressively expand in Southeast Asia with Malaysia and Indonesia as its key focus.
“We will keep doing this. Retail needs to keep changing or it will get boring. We will continue investing in new businesses, bringing in new brands, even in food and beverage,” Lee said.
“We plan to bring in a bakery in the future,” he said at a briefing on the group’s future direction and plans.
A+M has reached out Parkson for comments on the development.