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Vichai Srivaddhanaprabha: Marking 25 years of achievement |
On 18 November in Bangkok King Power International Group celebrates its 25th anniversary. Martin Moodie spoke to Group Chairman Vichai Srivaddhanaprabha about the landmark and some of the great moments in the company’s journey of the past quarter century.
Martin Moodie: Congratulations Khun Vichai on this magnificent 25th anniversary. Tell us about the significance of the landmark. What does it mean to you personally and to the group? What will your emotions be as you celebrate the anniversary?
Vichai Srivaddhanaprabha: The Silver Jubilee of King Power is a good moment to reflect on the past and how the group’s activities have grown since I started the business in Mahatun Plaza 25 years ago. The night of the anniversary will be one of celebration shared with the staff and management team, many of whom have been with me since the very early days. It will also be a night of thanks to all of our suppliers and key business partners, who have been with us every step of the way.
Of course I am pleased at the financial growth of the company over these years; however what will give me the greatest happiness on the night is to look around and see what we as a team have achieved, I have always had a very strong belief in the travel retail channel, and the opportunities that everincreasing passenger traffic and the evolving wealth among developing countries would bring to our industry. I have always had faith in Thailand as a very attractive tourist destination, but also as a key business and aviation hub in Asia.
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I had a vision how we could develop the travel retail and tourist business. particularly in Thailand. I have travelled constantly from a very young age, and have always sought to bring back innovation and the latest trends to our operations. I always believe in investing in my business, in developing it for the long term, and always ensuring a very strong foundation for future growth.
I think that our industry still has many opportunities to continue to develop the collective business, to ensure that we continue to challenge the way we do things every day, to be more efficient, to be better at what we do, and to always provide something new and different for our customers.
Can you single out some highlights and milestones of your 25-year journey?
Vichai Srivaddhanaprabha: “I believe in investing in my business, in developing it for the long term” |
There have been so many key occasions over the course of our history, each important to me in different ways. The first airport contracts in 1993, which followed our initial downtown shops, were certainly very significant, as it was the start of our tax and duty free concessions at Thailand’s international airports.
In 1995 our successful bid for the liquor & tobacco concessions at Kai Tak Airport was a significant new step for the group. 2004 saw the ten-year extension of our duty free contracts to include the new Suvarnabhumi Airport, which was followed in 2005 by the award of the master concession for King Power Suvarnabhumi Co to operate and manage the commercial and retail areas at the new Bangkok International.
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“We always need to keep our customers at the heart of everything we do” |
The inflight concessions with Thai Airways and Air Asia, and the opening of the downtown shops at Rang Nam, Pattaya and more recently Srivaree, have all been very important moments for me. I felt very honoured when we were conferred with The Emblem of the State by His Majesty the King in 2009, and also for the various industry awards which we have received over the years.
The company has had to face some difficult challenges. What was your toughest moment?
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“I look forward to celebrating many more milestones in the future“ |
Vichai Srivaddhanaprabha Group Chairman King Power |
As with all businesses, there have been several challenges over the years. Probably the single most difficult moment was the closure of Suvarnabhumi Airport for ten days in December 2008. We overcame those difficult days, however, and I was very proud of how the staff and management team dealt with the difficulties presented to them at that time.
Who have been your key inspirations and influences down the years?
My father was the person who has been the key influence in my life. He sadly passed away in 2006; however his values, his wisdom and his great sense of humour are always with me.
What do you think have been the key values that have underpinned the King Power story?
Tenacity, creativity and integrity are some of the key values that I believe have contributed to the growth of King Power, and have helped us to weather the storms and uncertainties of international and domestic crises over the years.
“What will give me the greatest happiness on the night is to look around and see what we as a team have achieved, through determination, creativity and resilience” |
My own belief in the duty free channel has never wavered. I believe we are a very strong company which is ready to face the many opportunities and inevitable challenges – again for the next 25 years.
Corporate Social Responsibility and giving back to society has always been important to you. What drives this philosophy?
I have always had a very strong belief that three fundamental areas – religion, education and environment – are essential pillars for a good society, and I believe they are intrinsically linked. Religion helps to guide people to make correct and moral decisions. Through education people are given the tools to develop themselves and the society they live in. A well-developed environment in turn makes for a very strong community, and a strong community is the foundation for people to live their lives in a fair and moral way.
I have been fortunate in my life, and I have always believed in supporting those less fortunate – and in providing opportunities for others, whenever I can. Through the King Power Foundation, and more recently through the Foxes Foundation in Leicester, UK, I have encouraged my staff to become involved in the lives of the people around us, and for us to always strive to be a positive force in our community.
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Building in Bangkok: The new downtown King Power Srivaree Complex expands on the company’s 25-year success story |
What is your ambition for King Power for the next five years? How would you like the company to be regarded by consumers on the one hand, and by the travel retail community on the other?
“I have always had a very strong belief that three fundamental areas – religion, education and environment – are essential pillars for a good society, and I believe they are intrinsically linked” |
It is very important for me that King Power International Group should continue to grow and develop, not only in the relatively short term of the next five years, but also for the longer term.
My family are now all working in the business in different areas, which gives me great pleasure. I want to ensure that we as a company maintain our professional standards, and that we continue to find new ways to optimise our commercial opportunities. It is very important to me that our customers always feel that they are very highly regarded – by me and by every one of my staff.
Our customers should always feel respected and valued. I would always wish that our supply partners should feel that their support is highly valued, and that they will always be treated with fairness and integrity by me and my staff. I would hope that they feel that King Power International Group is an exemplary business partner for them.
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“Our industry still has many opportunities to develop the collective business, to challenge the way we do things every day, to be more efficient and to be better at what we do” |
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Finally Khun Vichai, if you had one message to the international travel retail community on the occasion of King Power’s 25th anniversary, what would it be?
I would like to take the opportunity of our 25th anniversary to thank the many individuals and companies who have supported us along the journey to where we are today, and I look forward to celebrating many more milestones together in the future. I think we always need to keep our customers at the heart of everything we do.
For me personally, travel is a passion, and what I enjoy in my leisure time. Bringing home gifts for loved ones is also very much part of that experience for me. There is joy in showing family and friends that they have been missed and remembered. I feel we should not lose sight of those simple pleasures for our customers also in our business.
