SET-listed Karmart Plc (KAMART), a local importer and distributor of cosmetic goods and beauty products, plans to increase its expansion internationally.
The company plans to expand its cosmetics shipments to the US within five years by distributing more of its branded products through distributors in the US, according to Wongwiwat Theekhakhirikul, investment committee member and managing director of Karmart.
At present, the company sells its products in the US via online platforms such as Amazon.
Furthermore, the company is also considering launching new products that specifically target the US market.
Moreover, the company is also considering adjusting its product formulas to align with the regulations and standards of other countries.
Currently, the CLMV nations, namely Cambodia, Laos, Myanmar and Vietnam, are the company's leading export markets, followed by countries in the Middle East and South Asia.
He said exports are expected to account for 12% of overall sales this year, while the company aims to expand this to 15% in three years, and to 20% in seven years.
After Donald Trump was elected US president on Nov 5, Mr Wongwiwat said the company has to closely monitor the political situation worldwide.
Mr Wongwiwat believes that if Trump starts to impose import tariffs on goods from China, this would give Thai entrepreneurs greater opportunity to export cosmetic products to the US than in the past.
As the cosmetics market in China is at a point of oversupply, if the US imposes import tariffs on Chinese goods, cosmetic products from China are likely to flood Thailand, affecting local cosmetic entrepreneurs, he said.
He urged the government to keep an eye on and control the influx of foreign goods to maintain the competitiveness of Thai businesses and the trade balance. This would require it to prevent a trade deficit.
He also proposed the government implement stringent measures to tackle counterfeit goods as they have an impact on Thai manufacturers.
To support Thai cosmetics businesses expanding overseas, the company proposed the government initiate more free trade agreements with other countries to increase the competitiveness of Thai businesses.
Despite the sluggish economy, Mr Wongwiwat expects the value of the Thai cosmetics market to reach 280 billion baht this year, up 10% year-on-year, attributed by growing demand for Thai cosmetics products among foreign tourists as well as a shift in consumer behaviour among Thais, who have switched from foreign cosmetics to local brands.
The company has set a revenue target at 3.25 billion baht this year and 4 billion baht next year.