Mc Group forecasts 4 billion baht revenue, targets Gen Y and Z
The well-known creator and distributor of Mc Jeans, Mc Group Plc, anticipates its revenue to hit 4 billion baht this year, with a strategic focus on engaging Generation Y and Z to fuel its growth.
The Chief Executive James Richard Amatawiwat acknowledged the competitive nature of the market this year but expressed confidence in the company’s ability to stay ahead by consistently introducing new collections.
With a substantial customer base of 1.8 million, the company plans to roll out campaigns specifically aimed at retaining its loyal customers, Amatawiwat confirmed.
“Denim products currently represent less than 40% of Mc Group’s total sales, with a noticeable increase in the sales proportion of other items such as shirts and footwear.
“To manage costs effectively, the company is adopting a strategy of advanced purchasing materials, which helps to mitigate financial risks.”
The demographic breakdown of Mc Group’s customer base reveals that males make up 60% of its clientele, while Generation Y and Z contribute 70% of sales, and Baby Boomers account for 30%. The majority of these customers are Thai nationals, said Amatawiwat.
“We want to focus on the young generation.”
Despite the strong presence of offline stores providing a competitive edge over online clothing vendors, Mc Group intends to increase its focus on online platforms. The company witnessed a 30% growth in online sales last year, according to Amatawiwat.
For the fiscal year ending on June 30, 2023, Mc Group reported a revenue of 3.6 billion baht, reported Bangkok Post.
In related news, Thailand’s economy is forecasted to grow 2.7% this year, up from 2.4%, driven by increased foreign tourist arrivals and stronger exports, according to the Ministry of Finance.
Deputy Finance Minister Paopoom Rojanasakul cited improved economic conditions among trading partners as key factors. Growth could reach 3% with new policies. A 450-billion-baht cash handout scheme in Q4 could further boost growth by 1.2 to 1.8 percentage points.
