BANGKOK – As Southeast Asia emerges as a bright horizon for luxury, what are the keys to successfully entering this market for Western brands?
At the inaugural WWD x Siam Piwat Global Fashion Spotlight in Bangkok, Emmanuelle Kouakou, managing director of Piaget Southeast Asia and Oceania; Roberta Pellacci, vice president of marketing and communications of Bulgari Japan; and Thailand-based luxury brand distributor PP Group’s cofounders Suvadee Phungbunphra and Orand Puipunthavong discussed with WWD and Fairchild Media Group’s chief content officer Jim Fallon how to leverage local influencers, ambassadors and cultural bridges.
“I have to say that we have been witnessing the changes for the past 21 years and personally, I believe that the changes in the consumer in Southeast Asia are no different to [those of] the consumer from the rest of the world,” said Phungbunphra, who is PP Group’s chief executive officer.
Luxury’s earlier definition as a pursuit for a happy, wealthy few has been replaced by a broader definition.
Consumers now take “a multifold approach to luxury,” according to the Piaget executive, one that hinges on personal experiences that ring true to them and their cultural heritage as well as a desire for long-term brand relationships.
“Our consumers are younger, they are smarter and they even stay younger for much longer,” said Phungbunphra. No longer content with one vision of luxury, this cohort tend to define their own sense of luxury, prioritize experience over material possessions and value quality and authenticity over marketing.
It’s a movement that jewelry houses like Piaget and Bulgari have also witnessed. “We see a much stronger sophistication, [consumers] appreciating luxury for different aspects,” noted Kouakou. “And there’s much more eagerness to know more and ask questions.”
Bulgari’s Pellacci agreed, pointing out “the importance of speaking truthfully about your brand and staying true to [its] history and respect of the consumer.”
Take the Serpenti collection. A “universal symbol of wisdom, transformation, eternal rebirth,” the titular snake also represents protection in Thailand.
“We find bridges between what really represents the brand, its heritage and culture, and what really evokes an emotional attachment in the country itself,” she said.
Within Southeast Asia, Thailand is now ranking neck-and-neck with Singapore for the regional crown as a shopping and luxury hub.
Not only did Thailand’s luxury goods revenue weigh $4.6 billion in 2023, according to insights firm Statista, but its compound annual growth is outpacing Singapore’s.
Plus, Thai stars move fervent crowds at each fashion show appearance.
The appearance of Nattawin “Apo” Wattanagitiphat at the spring 2025 Dior show had an earned media value (EMV) of $14.2 million, placing him as the third-most influential figure of Paris Fashion Week, right after Kylie Jenner and Jisoo, according to Lefty.io.
“Thailand is really influential,” said Puipunthavong, PP’s chief operating officer. “The right [face] can really give brands visibility to a new audience…[and] will help the market’s consumers understand what the brand image is from [their] perspective.”
“The most exciting side besides the importance of Lisa [Manobal] is to see Lisa become not only a symbol of Thailand [but also] beyond Thailand, a global phenomenon,” said Bulgari’s Pellacci. “It’s fantastic to see [talents] from this market really exporting at global level the power of celebrity.”
In addition to Manobal, the Roman jeweler also counts Davika Hoorne and Phakphum “Mile” Romsaithong among its friends of the house. “They are all going way beyond the regional importance to be global influences for everyone, across generations as well,” added the executive.
The results speak for themselves.
For Piaget, inviting Apo Nattawin to become a friend of the brand as a continuation of its arrival at Siam Paragon luxury mall last year netted no fewer than 20 million impressions and 8 million engagements. The actor was later appointed one of the brand’s global ambassadors in April.
“That was really impressive to see that beyond Thailand and the region, he has global influence, even [in] our headquarters,” said Kouakou, adding that seeing his community’s reaction and the brand’s relevance was impressive.
For Europe’s houses, one challenge is keeping heritage current and attractive to new generations of consumers.
“For me, it’s about two clear points,” said Kouakou. “The maison needs to have clear foundations [and] heritage but listen to its client and understand how the world is evolving.” The Piaget executive said this agility and clarity in direction were distinguishing traits of the major houses.
“Brand rejuvenation is always a very interesting hot topic for all heritage brands,” said Pellacci.
A successful strategy isn’t just launching a product that appeals to today’s consumer, as exemplified by the recent launch of the Tubogas line inspired by a 1950s design, marketing campaigns or even brand ambassadors. It is also about creating a spot-on in-store experience, particularly as luxury consumers grow younger.
“Nowadays, if we look at the consumers here in Thailand or all around the world, they are young and they are modern, and they have purchasing power, so we need to talk across generations,” she said.
To avoid losing one’s identity, a brand need only ask itself if the decision was being true to its DNA, founder’s intention and whether the move was a step too far. “If you can answer these questions, I don’t think you can be wrong,” said Pellacci.
Ultimately, what makes a luxury brand so valuable isn’t diamonds, gold or high-end materials.
For PP Group’s Puipunthavong, “it’s about the story behind the product,” whether it’s age-old crafts or a well-thought-out product.
“Luxury doesn’t need to mean heritage,” he continued. “It’s about consumers, how they feel with the brand, and [whether] they feel proud when they use the brand — and I think it’s more personal now for luxury.”
Take Ami Paris, which entered the Thai market with a first boutique in May and has opened a six-month pop-up and café in the luxury hall of Siam Paragon.
Bringing a new brand to the market is not a decision PP Group takes lightly, said its executives. Substance, especially quality and brand authenticity, as well as potential are the first two criteria, according to Puipunthavong.
“And lastly, I think we will pick the brand that allows us to talk to a new customer without cannibalization,” he continued. “Right now, the luxury consumer [pool] is getting wider while the definition of luxury is getting broader. [We] want to serve luxury to our consumer so will pick the brand that gives us an opportunity to speak with a new customer.”
