Singapore Myanmar Investco (SMI) which is listed on the Singapore Stock Exchange will expand in retail market by distributing Brazilian flip flops brand, Havaianas in Myanmar

Singapore Myanmar Investco (SMI), which is listed on the Singapore Stock Exchange, has secured an exclusive agreement to distribute and market Brazilian flip flops brand, Havaianas, in Myanmar.

The agreement could see SMI open a network of Havaianas stores across Myanmar over the next five years. 

“We expect to further broaden the distribution and marketing of Havaianas across all major tourist destinations in the country as well,” Mark Bedingham, president and CEO of SMI, said in an October 8 statement.

Havaianas will help SMI broaden and diversify its retail brand portfolio in Myanmar. Last year, SMI secured exclusive rights to distribute and market cosmetics brand Shiseido in Myanmar for a period of three years. The first Shiseido outlet in Myanmar will open in Yangon’s Junction City shopping mall.

Last April, SMI had announced plans to open and operate up to 10 retail and food and beverage (F&B) brands in Junction City over a period of five years. These include luxury brands like Coach, Aigner and Versace Versus as well as fashion label Benetton, all of which have since launched at the mall.

SMI has also opened Chinese restaurant Crystal Jade and Japanese ramen outlet Ippudo at Junction City.

Earlier this year, SMI announced an exclusive international area development agreement to set up and develop The Coffee Bean and Tea Leaf (CBTL) in Myanmar. Last month, it launched its first CBTL outlet outside the Yangon International Airport (YIA) in Myanmar Plaza. 

The company operates two CBTL outlets in YIA, where it has been operating duty-free retail operations at Terminal 1 since September 2016. 

Shares of SMI closed October 9 at 19 Singapore cents each, approximately half their value in January.

(The Myanmar Times: https://www.mmtimes.com/news/smi-expands-retail-fb-portfolio-myanmar.html )

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