SPC Samlip and Thailand's Siam Makro sign bakery MOU

Industry

Published: 06 Mar. 2023, 15:28

SPC Samlip and Thailand's Siam Makro sign bakery MOU

From left, SPC Samlip CEO Hwang Jong-hyun, SPC vice president Hur Hee-soo, Siam Makro Enterprise CEO Tanit Chearavanont and Siam Makro Group CEO Saowaluck Thithapant pose for the photo after signing memorandum of understanding to collaborate on bakery business development in Thailand at the InterContinental Seoul Coex hotel in southern Seoul in February. [SPC SAMLIP]

SPC Samlip signed a memorandum of understanding (MOU) with Thai retailer Siam Makro to enter the Thai bakery market.

It marks SPC Samlip’s first agreement with a local Thai company. The two companies may form a joint venture to produce and distribute bakery goods in Thailand.

The MOU was signed at the InterContinental Seoul Coex hotel in southern Seoul last month.

Siam Makro will outsource management of its in-store bakery franchises to SPC Samlip so the Korean company can learn more about the company's operations, including product development and quality control.

Siam Makro generated 17.6 trillion won of sales last year and has 150 Makro supermarket branches and 2,500 LOTS wholesale outlets. The company also runs 10 Makro branches in Cambodia, India, China and Myanmar.

“We plan to expand our business into the Southeast Asia market starting with Thailand through this partnership,” said SPC Samlip spokesperson. “We will promote our bakery specialties to the Thai market which we have done with the domestic market.”

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]