Siam Piwat reaffirms its position as Thailand’s leading luxury developer with record high luxury sales in 2023, solidifying its goal to become Asia’s best luxury destination
Siam Piwat Group – a leading real estate and retail developer and the owner and operator of world-class destinations Siam Paragon, ICONSIAM and Siam Premium Outlets Bangkok – has reaffirmed its leadership position in Thailand’s luxury retail market, achieving a new record high for luxury sales in 2023. Sales from luxury brands at all Siam Piwat properties have grown exponentially over the past 3-4 years resulting in a cumulative growth rate of 300% compared to pre-covid levels. This historic achievement is in line with the expansion of luxury zones at both Siam Paragon and ICONSIAM, primarily the new Luxe Hall at Siam Paragon in October, 2023, leading to numerous launches of new and exclusive flagship boutiques by leading luxury brands throughout 2023.
Caroline Murphy, President - Sales and Business Relations, Siam Piwat Co. Ltd., said, “Siam Piwat Group has long been at the forefront of the luxury market and trusted by premier brands due to the fact that sales of luxury products in Siam Paragon and ICONSIAM rank among the top in Asia and indeed globally for select brands. As a result, Siam Piwat’s shopping centers represent the largest share of Thailand’s luxury retail market and remain the preferred choice for world-renowned luxury brands seeking to launch their first stores in Thailand and/or expand their current footprint to create global flagships, enabling us to deliver extraordinary and unique luxury experiences before anyone else.”
A total of 35 new luxury boutiques were opened at Siam Paragon and ICONSIAM in 2023 and a total of 20 new luxury boutiques are planned for 2024. 2023 new openings include the first boutique in Thailand of the Italian luxury fashion brand Loro Piana and the first menswear boutiques from Louis Vuitton and Fendi. The lineup also features new luxury watch brand boutique openings such as Breitling, Chopard, Franck Muller, Gucci Watch, IWC, Jaeger Le Coultre, Panerai, Piaget , Rolex, Tag Heuer ,Tudor, Vacheron Constantin and Zenith. The majority of these boutiques are opening for the first time in Thailand and are exclusive to Siam Paragon. Meanwhile,
ICONSIAM is preparing to double its space for luxury this year with stunning new duplexes and new to market brands who will open their first boutiques in Thailand.
In addition, throughout 2023, Siam Paragon and ICONSIAM delivered a total of 24 unique luxury pop-ups and exhibitions, for example “Hermes in the Making” which took place at ICONSIAM’s stunning Pinnacle space November – December 2023 and showcased a total of 10 master craftsmen from the house’s metiers and received record attendance. More than 23 new luxury pop-ups and exhibitions are planned for 2024 to continue to bring unique and ever-changing experiences for our customers.
With its unwavering commitment to creating a global luxury phenomenon meeting the lifestyle demands of the future, Siam Piwat will continue to collaborate with global luxury brands to curate products and services in innovative formats at both Siam Paragon and ICONSIAM, with the goal of enhancing their capability to deliver diverse experiences that resonate with luxury customers, generating traffic of over 350,000 Thai and international visitors daily. The continuous success in Thailand’s luxury retail market will pave the way for Siam Piwat’s shopping centers to become the best luxury destinations in Asia.
