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Thai AirAsia Acquisition by King Power is Massive, Says Tony Fernandes
21st Jun 2016
Speaking about the potential tie-ups after King Power purchased a 39 per cent controlling stake in Thai AirAsia, AirAsia Group Chief Executive Officer Tony Fernandes said the acquisition is “fantastic and potentially massive”.
Fernandes said:
The potential tie-ups between AirAsia and King Power, Thailand’s sole duty-free operator, are massive and we look forward to working together, not only in Thailand but across the group and ASEAN.
In a joint statement, the duty-free operator and the Thai-based carrier said:
TAA and King Power will team up to develop their brands, products and services together, with the aim of providing customers with international-quality shopping and travel experience at affordable prices.
As part of the deal, Tassapon Bijleveld will remain Thai AirAsia CEO, despite selling his shares there, while Aiyawatt Srivaddhanaprabha, son of King Power owner Vichai, will be appointed to Thai AirAsia board of directors. Mr Aiyawatt will become the director of Thai AirAsia and of Asia Aviation. He is also the vice chairman of Leicester City FC.
What Does the Tie-Up Mean for Thai AirAsia’s Presence in China
Thai AirAsia already has a strong presence in China, but with the tie-up with King Power, it will have an even stronger footing on this huge market.
Both the airline and KPIG agreed that:
It is not difficult to see how an alliance with TAA will promote King Power’s retail business in the Chinese market.
Thai AirAsia flies to a number of destinations in China from Thailand, including directly from Bangkok to Changsha, Chongqing, Guangzhou, Hangzhou, Kunming, Nanchang, Shenzhen, Wuhan and Xi’an. The carrier also operates direct flights to Hong Kong and Macau.
In 2015, around 10 million travelers from China visited Thailand and they all had the opportunity to buy something at King Power’s duty-free shops at Suvarnabhumi and Don Muang airports in Bangkok, as well as regional airports in Phuket and Chiang Mai.
Thailand’s leading LCC carried a total of 14,849 422 passengers in 2015, which represented a 22 per cent increase from the year prior. This year, the airline plans go beyond even this.
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