Dusit Thani expands into food business; launches Dusit Foods
Dusit Foods to invest in food related companies; eyes $13 milliom revenue in first year
Thailand-based hotel and property development company Dusit Thani Public Company Limited has launched Dusit Thani Food Co., marking its entry in the food business.
Launched at THAIFEX - Southeast Asia's largest F&B show - Dusit Foods outlined its strategy to invest in food-related companies with strong growth potential.
It also announced its plans to market its own premium instant food brand, named Khong Thai, produced in partnership with Australian chef David Thompson and aimed mainly at international markets.
By pursuing organic and non-organic growth, Dusit Foods aims to achieve THB400 million (US$13 million) in revenue by the end of 2019, and a targeted THB1 billion ($32.5 million) in revenue by 2021.
To expedite Dusit Foods' growth, the company recently bought a 26% stake in NR instant produce and a 51% equity stake in Epicure Catering.
The initial product line-up for Khong Thai includes four recipes: green curry, massaman curry, yellow curry, and laksa. Popular recipes such as pad thai and traditional seasonings like sriracha, fish sauce, white soy sauce, and oyster sauce are all slated to be introduced soon.
Dusit International group CEO Suphajee Suthumpun said: “By leveraging and complementing our core operations in hospitality, we are confident that Dusit Foods will be a fruitful venture for our company. The return on investments will be a key driver in achieving our target of 400 million baht ($13mn) from food business this year. And these investments, coupled with the introduction of our own food products, will be another important factor in our sustainable and profitable growth as a company.”
Dusit Foods managing director Jate Sopitpongstorn added: “We are delighted to work with celebrated Australian chef David Thompson to develop the recipes for Khong Thai. His passion for authentic Thai food is well known, especially as he is behind the success of Michelin-starred Thai restaurants both in Thailand and abroad. Our initial marketing mix is 90% overseas and 10% domestic, with a particular focus on the United States because of the large consumer base and popularity of Thai food. We plan to penetrate both online and offline markets, reaching directly to chefs, food entrepreneurs and food services operators. We will launch Khong Thai in the US this September, before expanding to England, Germany, France, and other key European markets.”