News: Splash puts up unit for Vietnam expansion -
04 Aug 2010
Homegrown personal care products manufacturer Splash Corporation has set up a subsidiary in Vietnam which signed a distribution agreement with the TKM Group last month to boost its presence in the Vietnam market.
The new subsidiary, Splash Vietnam, has agreed to make TKM the exclusive distribution partner of Splash products in Ho Chin Minh City. The agreement involves the debut of Splash's four skin and hair care brands in Vietnam.
“The agreement marks a major milestone in Splash's continued domestic success and international expansion. It is with pride and great excitement that we finally bring our world class products within reach of our Vietnamese consumers,” Splash president Eric Domagas said.
He added that, “from having no presence in Vietnam, we will be now be available in targeted modern and general trade channels” and noted that “we see Vietnam as a major market in Southeast Asia.”
The establishment of Vietnam subsidiary further enables Splash to have more control over distribution, product registration and marketing of its products.
“Beyond marketing our category leading brands, our presence in Vietnam serves a higher purpose. It is our vision that through the commercial success of our brands and products in Vietnam, we can bring about positive change in our individual Vietnamese consumers, and in doing so, we will fulfill our corporate cause of enriching the economic well-being of the societies we serve,” Domagas said.
He said Splash Vietnam will help boost international sales and he is optimistic that the Vietnam market will respond positively to the company's major brands.
TKM Group is a group of companies involved in the importation, trade and distribution of food, beverage, alcohol, perfume and cosmetics into Vietnam.
Established in 2005, TKM Group is composed of Thien Kim (domestic food and distribution company), Toan Phuc Companies (duty free business), TKM Group Singapore (international sourcing and logistics arm) and We are Beauty (W.A.B.), which imports and markets cosmetics and fashion brands to Vietnam.
Source: Manila Bulletin Online, Main Business Section, by James A. Loyola, 3 August 2010