Jas Asset to run Casa Lapin cafe
Jas Asset Plc, an IT retail and shopping mall arm of SET-listed Jay Mart Group, is bolstering its retail business with the launch of a new subsidiary, Beans and Brown Co, to operate the cafe brand Casa Lapin.
Jas Asset chief executive Suphot Wanna said the company started to diversify away from IT retail rental space four years ago. Last month, the company acquired a food and drink business under the Casa Lapin trademark from Coffee Project Co, a specialty coffee chain, for 42 million baht.
Under the agreement, Beans and Brown was set up as a joint venture to manage Casa Lapin, in which Jas Asset holds a 60% stake and Coffee Project has the rest.
Mr Suphot said that the company is adding coffee business to its portfolio because it wants to strengthen its retail business, which is one among its core operations.
Jas Asset began diversifying into mall development in 2014 and now operates community malls such as Jas Wanghin, Jas Ram Intra and a shopping complex, Jas Urban Srinakarin.
“All of the diversified businesses, from condominiums, shopping malls to cafes, helps increase our business strength,” Mr Suphot said.
He said that while competition in Thailand’s coffee market is intense, the Casa Lapin brand has huge potential to grow.
The coffee market in Thailand was worth 17 billion baht in 2015, rising to 19 billion baht in 2016.
Each year, the consumption of coffee in Thailand has risen by 10%. But Thais, on average, drink fewer than two cups per day, compared with five cups in Scandinavian countries and three cups in the US.
While there are over 40 brands of specialty coffee available in the market, most of them are not from big chains.
Surapan Tanta, the founder of Casa Lapin and chief operating officer of Beans and Brown, said the joint venture with Jas Asset will enable further development of Casa Lapin.
At present, Casa Lapin has seven branches in Bangkok. Three are operated by Beans and Brown Co. The other four branches are managed by Casa Lapin and its partners on a revenue-sharing basis, Mr Surapan said.