Panpuri CEO Vorravit Siripark talks Kose acquisition and future of Thai beauty

Japanese beauty giant Kose has expanded its portfolio with the acquisition of Bangkok-based beauty and wellness brand Panpuri from Lakeshore Capital and shareholders. 

The move came less than four months after the Thai luxury wellness brand opened its first overseas store in Hong Kong’s K11 Musea. Kose aims to expand to three or four stores in Hong Kong and establish its main office there, capitalising on the city’s status as a “strategic gateway” to the region.

“As we looked at Panpuri’s journey and future potential, we recognised that this was the right moment to amplify our impact on a global scale,” Vorravit Siripark, founder and CEO of Panpuri, told Inside Retail. “Kose’s global network, resources, and expertise allow us to bring our vision to a larger audience and scale our innovation efforts.”

He added the acquisition was also a deeply meaningful milestone for him as the brand’s founder, representing the realisation of a dream to elevate a holistic wellness brand rooted in Thai heritage and Eastern wisdom to a global stage. 

“Personally, it’s also a moment of pride and gratitude. I’m proud that a global leader like Kose sees the potential in Panpuri and what we’ve built together. It’s a validation of our philosophy, values, and commitment to creating meaningful, sustainable beauty and wellness experiences,” Siripark said. 

“While Panpuri is entering a larger ecosystem, I remain committed to preserving the heart and soul of the brand. For me, it’s not just about scaling the business but ensuring that we stay true to our roots and continue to inspire a sense of harmony and well-being in everything we do.”

The value of the deal, however, was not disclosed. PwC Thailand acted as the exclusive lead financial advisor to Panpuri.

Established in 2003, Panpuri is known for its range of premium bath and body, hair care, skincare and fragrance products, which take inspiration from Thai indigenous wellness practices. The brand has more than 20 stores in its home market. 

“What sets us apart is our mastery in blending botanical and essential oils to create complex, multi-dimensional fragrances inspired by Eastern landscapes, stories, and traditions,” he said. 

“Each composition tells a tale – whether it’s the soothing calm of a tranquil tropical garden, the vibrant energy of bustling flower markets, or the meditative stillness of ancient temples. We carefully select the highest quality raw materials and local ingredients for their purity and aromatic depth to create fragrances that inspire and awaken the senses.”

Kazutoshi Kobayashi, president and CEO of Kose Corporation, said Panpuri’s traditional approach and commitment to fragrance, which has been “handed down since ancient times in Thailand”, and product design have a high affinity with the company. 

This move coincides with the rising popularity of Thai beauty products, particularly in the wellness and sustainability sectors. According to the Trade Policy and Strategy Office (TPSO), Thailand’s beauty market reached a value of more than 246 million baht in 2022, with exports making up 28 per cent of domestic production. Japan, the Philippines, and Vietnam emerged as the top export destinations.

Prioritise global growth 

Following the acquisition, Panpuri is setting its sights on expanding its international footprint, with a clear strategy to leverage Kose’s global presence and expertise in the beauty industry.

“Under Kose’s ownership, the opportunities for Panpuri are vast. We foresee accelerated growth in both existing and new markets, leveraging Kose’s extensive global network and market insights,” Siripark said, adding the Japanese giant’s advanced R&D capabilities will also help Panpuri to push boundaries in creating more innovative and sustainable products.

The company said it plans to expand into key markets where there is growing global demand for wellness and clean beauty products.

“Our initial focus will be on expanding in Asia, particularly in markets like Japan, China, and Southeast Asia, where there is a strong cultural affinity for holistic wellness and a deep appreciation for craftsmanship and natural ingredients,” he said. 

The company is also looking into emerging markets like Middle Eastern and Western markets such as Europe and North America as consumers in these regions are becoming more attuned to the benefits of clean, sustainable, and wellness-oriented beauty products. 

“My vision for Panpuri over the next five to 10 years is to establish it as a global leader in holistic wellness and sustainable beauty,” Siripark said, adding the company will expand to key markets, introduce innovative product lines, and create transformative experiences that reflect its commitment to mindful living.

“Our goal is for Panpuri to inspire a global community, connecting deeply with those who seek balance, harmony, and sustainability in their lives.”

Further reading: Korean beauty industry giant Amorepacific charts new course in global markets.

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