Billionaire Chearavanont’s company to expand retail footprint in Southeast Asia with $580M plan
CP Axtra, a company controlled by the family of Thailand’s richest man Dhanin Chearavanont, will invest around THB18 billion (US$580 million) this year to expand its retail network in Southeast Asia.
The retailer, operating under Dhanin Chearavanont’s Charoen Pokphand (CP) Group, intends to launch 110 new outlets across Thailand, Malaysia and the Philippines, Forbes reported.
Dhanin Chearavanont. Photo by Bangkok Post via AFP |
In the Philippines, CP Axtra has partnered with Ayala Corp., the country’s oldest conglomerate, according to an earnings presentation released on Monday.
“In 2026, the company and its subsidiaries aim to achieve continued revenue growth both domestically and internationally by further strengthening the business across all dimensions,” the company said in a separate statement.
CP Axtra, which operates the Makro wholesale chain and the Lotus’s supermarket brand, opened 131 new stores last year.
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An office of CP Axtra. Photo courtesy of the company |
The expansion lifted revenue by 1.7% to THB520.7 billion in 2025. However, net profit declined 11.5% to THB9.4 billion baht, as margins narrowed amid intensifying competition in the retail sector.
Consumer spending slowed during the year, while ongoing border unrest with Cambodia also affected operations.
Dhanin Chearavanont has a net worth of $19.9 billion as of Thursday, up 31% from March last year when Forbes compiled its annual global billionaire list.
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