Thailand's beauty market is growing rapidly and becoming more competitive, mirroring a global trend where Beauty Retailers are continuously expanding their branches. Recently, EVEANDBOY, one of Thailand's leading multi-brand beauty retail chains, filed for a listing on the Stock Exchange of Thailand.
On 10 September, EVEANDBOY Public Company Limited filed documents to offer up to 170,354,000 newly issued ordinary shares to the public for the first time, representing up to 25.05% of total shares after the IPO. This marks a significant step for the brand to raise capital for branch expansion and working capital for its business.
This move reinforces EVEANDBOY's strategy of continuous branch expansion since 2025, when it opened 25 new stores in one year with an investment exceeding 600 million baht, averaging about 24 million baht per branch. Their target is to open 68 additional branches by 2026-2027 and reach 320 stores by 2031.
EVEANDBOY has positioned itself as a “Beauty Destination,” offering thousands of beauty products from numerous brands covering various categories. The retail chain has become a leading player in Thailand, operating 71 branches nationwide as of 30 June 2026, and the company states in its filing that it leads the multi-brand beauty retail segment.
However, expanding more branches in an era when consumers have many purchasing options—from social media to online product websites and e-commerce platforms—poses a challenge. The key question arises: why are beauty retail chains, not only in Thailand but globally, intensifying their offline store expansion?
Tracing back to its origins, EVEANDBOY was founded by two siblings, Boy Hiran Tanmit and his sister Eve Suthawan Trachu, heirs of a major supermarket owner in Maha Sarakham Province. They started a small store in 2005 within the family business premises, selling multi-brand cosmetics. The brand gained popularity and expanded continuously to the present.
The main factors behind EVEANDBOY's success consist of three key elements:
Interestingly, despite covering all sales channels, EVEANDBOY earns the majority of its revenue—84.5% in the first half of 2026—from offline stores. Other channels combined account for 15.5% of sales during the same period.
Additionally, around 92.1% of revenue comes from product sales, with approximately 7.6% from services such as shelf rental, product display space, support fees for new branch openings, and distribution services.
The latest filing indicates outstanding sales and profit growth: total revenue increased from 3.29 billion baht in 2023 to 4.43 billion baht in 2024, reaching 5.34 billion baht in 2025.
Net profit grew from 747.5 million baht in 2023 to 1.10 billion baht in 2024 and 1.22 billion baht in 2025. In the first half of 2026, the company posted revenue of 2.76 billion baht and net profit of 598 million baht.
EVEANDBOY's main expenses include heavy investment in large inventory stocks, followed by rental costs, sales and distribution expenses due to branch expansion, and higher commission fees from increased online platform sales.
Overall, rising costs stem from the ongoing branch expansion plan, reflected in net profit margins peaking at 24.9% in 2024, then declining to 22.8% in 2025 and 21.6% in the first half of 2026. Nonetheless, the company views these expenses as investments to support revenue base growth and to build economies of scale for long-term cost efficiency.
Looking at the global beauty retail landscape, Sephora under LVMH operates 3,400 stores across 35 countries, offering premium products from major brands. In 2025, LVMH's selective retailing division—which includes Sephora, DFS, and Le Bon Marché—reported 4% revenue growth and a 28% increase in operating profit.
Even with Sephora opening over 100 new stores that year, its operating profit margin rose to 9.7%. LVMH states Sephora is the main driver of this segment's performance.
Sephora recently partnered with Olive Young, South Korea's leading beauty retailer, to enter the Korean market in January 2026, after having exited in 2024 due to slow adaptation to Korean trends.
However, this collaboration is not about Sephora returning to Korea but leveraging Olive Young's product curation expertise in Sephora stores worldwide through dedicated K-Beauty zones chosen by Olive Young. Thailand is among the first countries officially selected to host Olive Young product zones.
In South Korea, a top global beauty market, fierce competition includes rapid new product launches and branch expansion as key strategies.
Olive Young operates over 1,376 branches nationwide as of August 2026. Amid rising competition, many Korean brands are opening physical stores. Recently, Musinsa, a popular fashion platform among younger consumers, plans to open stores to compete with major players after strong online reception.
This transition reflects consumers' ongoing desire for physical product experiences and in-store trials. Additionally, tourists favor buying beauty products to take home; Olive Young derives 28% of its sales from international customers, totaling 5.83 trillion won (over 144 billion baht).
However, Thailand's beauty market, led by EVEANDBOY, differs from Korea’s due to intense competition and market share spread across multiple brands, including multi-brand beauty retailers and health and beauty chains like Watsons. This makes physical stores crucial for growth by offering experiential shopping, leveraging social trends to close sales, and encouraging repeat customers—a strength of EVEANDBOY.
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