Asian Joint Ventures - Keys to Success 2012

7/31/2019 Asian Joint Ventures - Keys to Success 2012

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Joint Ventures in Asia

Key insights on establishing and managing successful JV’s in Asia, and avoiding

common pitfalls



8 years and more than 100 real life examples used

A Basis in Practice, Not Theory

Phase1–FocusonAsianmarketsFinancialServicesJV’sDuring2004–2006,indepthfieldworkwascarriedouttoanalyzetheexperience,successandfailuresoffinancialservicesJVsinAsianmarkets–andtoderivea“KeySuccessFactors”blueprintforfutureJV’sthatmaybeestablishedFieldworkinvolved1-1interviewswiththeCEOsandarangeofseniorexecuQvesof10JVsacrosstheretailfinancialservicessector,ineachcasetheforeignpartybeingarecognizedmulQnaQonal.TheinterviewsanddiscussionswereconductedinBeijing,Shanghai,Dalian,Tianjin,GuangzhouaswellasHongKong.Addedtothis,arangeofotherinterviewswithseniorindustryfigureswerealsoconducted.TheseincludedrepresentaQvesofmajorcorporatestrategyandconsulQngactuarialbusinessacQveintheAsianmarketsfinancialservicesmarket,andthiswassupportedwithextensivedeskworkwas

alsocarriedoutwithannualreports,strategypresentaQons,analystreports,pressreleasesandindustrypublicaQonssearchedandsummarizedforrelevantcontent.Phase2–InputFromDueDiligenceProjects–MulQpleIndustriesandMarketsAsthedecadeunfolded,thenumberofJV’sinnumerousAsianmarketsandacrossmanysectorsoftheeconomybegantoemergewithintheM&Aspaceasmanyofthesehadreachedalevelofmaturity.JV’scoveredthespectrumofbeingboththepotenQalacquirerorconsolidatoraswellasthetarget.Someweredistressedornonperforming,andsomewereexperiencingexcellentgrowthandreturns.Insomecases,globalM&AacQvitywasacatalyst,forexampleinforcingtwonewlymergedformercompeQtorstohavetoexitoneJVinamarketwhereregulaQonorbusinesslogicdemandedthis.ItbecameincreasinglyclearthatthesamerangeofissuesandfactorswereatplayinthesuccessorfailureofJV’sinothermarketsacrossAsia,andwererelaQvelyuniversalregardlessoftheindustrycategory,effecQvelywithminor,cosmeQcdifferences.

InsightsandexperiencedobtainedfromarangeofDueDiligenceprojectsconductedatfirsthandbytheauthor,plustheacQveengagementofseniorfigureswithintheInvestmentBankingindustryacrosstheregionwerecollatedandprovidedaddiQonaldepth,perspecQveandapplicabilityofthestudy.Phase3–FurtherFocusedResearchinDepthTheperiod2008–2011providedtheauthorwiththeopportunitytostudyindepththepracQcaliQesassociatedwithJV’sinAsianmarkets,JapanandMalaysiaandfranchise/partnerbusinessesinIndia,Australia,SouthKorea,Indonesia,ThePhilippinesandVietnamfroma“hands-on”perspecQveontheinsideofalargemulQnaQonal.InaddiQon,theauthorwasabletoinvesQgateindepthafinancialservicesJVinThailand,whilebeingresponsiblefortheestablishmentofanewfinancialservicesJVinIndiaandconsumergoodsJVinThailandusingmanyoftheinsightsgainedfromthis

researchproject



Buildingthefounda/onsforsuccess

Goldmedalsandwoodenspoons

Ge7ngasuccessfulJVestablished

Exi/ng

Abouttheauthor

I

II

III

IV

V

VI

Opera/ngasuccessfulJV

The Executive Summary



I. Establishing thefoundations for asuccessful JV

I.EstablishingtheFounda/onsofaSuccessfulJV

# Topic KeyLessonLearned ImplicaQons

1 StrategicAlignment Thestrategicintentofboththelocalaswellasthe

foreignpartyneedtobeclearlyidenQfied,

arQculated,andaligned

NeedtohaveaclearandarQculatedviewofstrategyfor

AsianmarketsandabletoidenQfypartnerthatisableto

alignfullywiththisstrategy.

2 CulturalAlignment Thecorporateculturesofthelocalandforeign

parQesneedtobecompaQble,andinparQcular

thereneedstobealeveloftrustandpersonal

rapportbuiltbetweentheChairmanand/orCEOof

bothparQes

NeedtoidenQfyandarQculateculture;alignwithculture

ofproposedpartner;ensurepersonalalignment/

relaQonshipbetweenGroupCEO/Chairmanandlocal

partner.

3 LongTerm

Commitmentto

Asianmarkets

Acorelongterm(i.e.20year+)strategic

commitmenttoAsianmarketsneedstobe

embeddedwithintheorganisaQon,arQculated,and

thendemonstrated.

Needtohaveclear,arQculatedAsianmarketstrategy.

ShouldhaveBoard-levelsign-offandappearregularlyin

publishedmaterial.SeektodemonstrateinpracQcalways

targetedatthechosenmarket’spoliQcalandbusinesselite.

4 Senior

Management

Commitmentto

Asianmarkets

Seniormanagementofthecompany(i.e.Chairman

and/orGroupCEO)needtocommittoregularvisits

toAsianmarkets2-4Qmesperyearduringthe

negoQaQonperiodandinperpetuity

ChairmanandCEOneedtopersonallycommittoregular

Asianmarketvisits.

5 Strategic

Investment

Strategy

Iftheentrypathchosenisastrategicinvestment

ratherthanajointventure,thestrategybehind

this,includingexitstrategy,needstobeclearly

understoodandarQculatedfromtheoutset

NeedtodecidewhetheracQveJVstrategyorstrategic

investmentstrategyischosen,andifthelaer,aclear

purposeforthestrategyincludingpreferredexitposiQon.




6 UnitedVoiceFrom

ForeignShareholder

Aforeignshareholderthatispartofalargergroupmust

developaconsistentandco-ordinatedgroupstrategyfor

themarketinquesQon,ratherthanhavedifferentpartsof

thegroupundertakingdifferentandpotenQally

contradictorystrategies

Shouldbeseenandactasonecompany.Thereshould

beonlyonegroupstrategyforeachmarket;onepoint

ofcontact;onefocusformarketregulatorsand

bureaucratstofocuson.

7 CorporateCulture Thereisnoconsensusontheidealcorporateculturefora

ventureinanAsianmarket.Thereappearstobeequal

argumentforrunningtheAsianbusinessasa“subsidiary”

oftheforeigncompany;apurelyAsiancompanyreflecQng

thecultureofthelocalpartner;oranewlycreated

“hybrid”culture

Desiredculturefortheproposedventureshouldbe

chosenandarQculated.

8 PersonalAgendas

AmongLocal

Management

Theforeignpartnershouldnotbesurprisedwiththe

emergenceofpersonalagendasamongthemanagement

andBoardofthelocalpartner.Thisisnotnecessarilybadinitselfandcanbealignedwiththeinterestsoftheforeign

partner

RealisQcexpectaQonsandconQngencyplansneedto

bedrawnup,parQcularlywhenthismaycontravene

policiesandprocessesthatareappropriateforthecompany’shomecountrycontext.

9 EarlyMover

Advantage

Earlymoveradvantage–especiallyfirstforeignplayerinto

ageographicregion–areseeninmanyinstancestobean

importantingredientindevelopingasuccessfulJV

howeverthereisnoclearcorrelaQonbetweensuchearly

moveradvantageandsuccessinthemarket

Careshouldbetakentoensurethatifearlymover

advantageisseenasaddingvalue,thatthisvalueis

realandnotillusoryversusamoremeasured

approach.




10 DifferentiationThrough Being

Foreign

Simply being a company with some claim topartial foreign ownership is not in itself any point

of differentiation that is relevant to the localmarket

Company must decide if it wishes to have a point of differentiation and if so, what it is. Simply being foreign

will not have any particular resonance in the market byitself.

11 Less Than 50%

Equity

An equity stake of less than 50% will almost

certainly mean that the foreign party will have norealistic voice in the company’s strategy or

management and will be relegated to being anobserver, rather than a participant

Company must make a clear choice between s strategic

investment where it has no real control over thebusiness, or a JV – and this base decision will guide

future strategic choices.

12 Up-Front Capital

Commitment

Fully capitalising a business at the

commencement of business will test the resolveof both parties to make the business succeed

Company should consider its own level of commitment

to the market as well as that of its chosen partner.Committing capital up-front is an “acid test” of thiscommitment.

13 Level of CapitalCommitment

Capitalising the business at the minimum levelsmay create difficulties in agreeing to capital

increases by the local partner, however over-capitalising the business may be inefficient

Company needs to establish an appropriate balancebetween the minimum and maximum capital levels,

taking into account the cost of allocated capital.

14 Local Partner Has Western

BusinessExperience

A local partner who has experience of the waysthat foreign businesses operate – and ideally has

other true JV experience with a foreign partner –will prove to be a much easier relationship tomanage

Company should seek to find a partner that has a levelof experience and comfort in dealing with and

understanding the foreign business culture.




15 Foreign Partner JV Experience

A foreign partner with institutional experience inoperating JVs, and particularly operating JVs in

different cultural and language situations, willfind forming and operating a JV in Asian

markets much easier than a company that

does not possess this experience

Company should seek to leverage off anyexperience within the group in running foreign

JVs. Should this experience not be in existence,the group should consider recruiting or

contracting such experience and ensuring that the

institutional knowledge is embedded within the

group in the future.

16 Foreign Partner Clear Modus

Operandi

A foreign partner that has a clear businessmodel that is relevant to Asian markets and

can be easily cloned, “taken off the shelf” or aneasy turn-key solution proposed will find that asuccessful JV in Asian markets is much easier

to achieve

Company should seek to develop and articulate avery clear operating model for the proposed

venture, preferably one that can be demonstratedas successfully operating elsewhere.

17 Tangible Value to

the Partnership

The foreign partner needs to be able to bring

very tangible items of value – such as alocalised IT system – to the venture

Company should seek to be very clear in

“bringing to the table” some key points of valuesuch as IT, product, operating models, personnel,etc

18 “Cloning” anOperation is

Easiest

Foreign companies that are able to copy or clone a successful Asian operation with a

minimum of customisation find that forming andoperating in an Asian market JV is easiest

Company should seek to find operations of elements of operations that can be copied and

adapted wherever possible rather than beingcreated from scratch.

19 GeopoliticalRealities

Asian governments may be sensitive to therelative strategic importance of countries and

specific countries may be of greater strategicsignificance than many other countries

Company must acknowledge the position of their origin in this context and seek a partnership or

positioning that exploits a particular strength thatthe company – or their origin – may possess.



II. Establishing a successfulJV in practice

II. Getting a Joint Venture Established


20 Capacity for Expansion

Companies that have a local partner with theestablished capacity to expand (e.g. national

distribution) have the ability to expand, when

allowed, faster and quicker than purely localoperation

Company should ideally seek to form a partnershipwith a company that is able to leverage national

distribution at a future point.

21 Local Partner

Understanding of international

Finance andReporting standards

The local partner must be able to comprehend the

need for certain accounting and regulatoryapproaches to be used even if they are not

necessary for their particular market

Company needs to take particular care to ensure that

the local partner understands (and is regularlyreminded) of the way that financial reporting may

differ from what they are used to at a local level

22 The NegotiatingTeam

Both local as well as foreign representatives of theforeign partner should form part of the negotiating

team

Company should have a negotiating team thatconsists of both local and foreign members, of

appropriate seniority. The foreign members can beexcused for blunt and insensitive behaviour.

23 Seniority of Chief Negotiator

Top management of local partners expect tonegotiate only with a person very highly placed in

the organisation

Company’s most senior hands-on negotiator must beas senior as possible. The level of seniority of the

negotiator will be reciprocated by the local party.

24 Underlying Intent The underlying intent of the JV agreement and the

personal relationships between senior members of the two negotiating teams may mean more than

the actual agreement wording

Company must ensure that there is as much

“common understanding” and accord on theprovisions and intent of each part of the agreement

as there is to the actual wording of the agreement.



# Topic Key Lesson Learned Implications

25 Reluctant LocalPartner

If a local partner is reluctant or under duress byGovernment or some other party to form a JV, the

foreign party should exercise great caution

Company should decline to proceed with any partner who appears to be going through the process with

any form of duress or reluctance.

26 Address All Issues At The Beginning

Issues that have been overlooked, or have beenallowed to remain unresolved as part of the

negotiation process will not resolve themselvesand may become a major future problem

Perhaps allow 2-3 times longer for the negotiationprocess than in any other culture, to ensure that

there is complete and detailed agreement on everypoint. Should not move ahead if any doubts remain

27 Local Partner Understanding of

industry

There is no clear pattern to success/failure basedon whether the local partner is or is not already

involved in the same industry as the foreign party

Company should ensure that if the local partner isnot exposed to their industry sector that they receive

the necessary assistance to help them understandthe business and financials. If they do have an

existing company, must ensure that this knowledge

will not impede the partnership.

28 Local Reputation of Partner

The local reputation of a potential JV partner inside the relevant markets is more important

than the reputation of that potential partner outside Asia

Company should research the local reputation of theproposed partner as much as its international

reputation.

29 Speed is Not Of The Essence

Pressure to agree on a local partner according toan arbitrary time frame is likely to cause a poor

decision to be made. The Asian opportunity is notgoing to disappear tomorrow.

Company must be prepared to take “as long as ittakes” to get the deal right, and not be motivated by

external agendas or time frames.



III. Operating asuccessful JV

III. Successfully Operating a Joint Venture


30 Asian people may

appear similar towesterners, but

great culturaldiversity exists

Staff and other resources from other Asian

countries can assist markedly in the quickestablishment of another Asian operation

However these people – could be seen by thelocal staff as even more foreign that the

“foreigners”

Company should not be lured into the trap that

sees all parts of Asia as culturally homogenous.

31 A JV is aCompletely New

Entity

Creating a JV creates a completely new entityand one that is not a true subsidiary of either company. The new management team should

have allegiances to both shareholders andcannot be treated as a member of the normal

management team of either party

Company must understand that a JV will have asmuch allegiance to the other shareholder as theyhave to , and a JV will probably operate very

differently to a controlled subsidiary.

32 OperationalManagement vs

Shareholder Management

A good operational CEO may not be the bestperson to also “front” the primary shareholder

relationship. Some models separate these twofunctions within a JV

Company should carefully consider the two rolesof operational management of the business and

management of the shareholder relationship anddetermine whether it is reasonable to expect thesame person to excel at managing both of these

issues.

33 Abdication of responsibility

The foreign shareholder should not abdicateresponsibility and allow the local shareholder to

make key decisions or manage the business

as they see fit, because they have greater market understanding

Language can create barriers, but it is dangerousto allow the local partner to do what they like, as

this will often be to their own benefit alone. Such

a stance may also involve brand risk for theforeign shareholder




34 Differentiation and

Innovation

A number of companies do not feel that in a

growing and immature market like many Asiancountries, differentiation or innovation are

important qualities compared with faithfulexecution of a proven business model

Company needs to form a view as to whether

differentiation and/or innovation should form apart of the Asian market strategy, and if so what

are the most meaningful forms of differentiation or innovation for the local market.

35 Development of Local

ManagementCapacity

There is a limited capacity of external staff toadequately resource most Asian markets’ need

for qualified and experienced people, andcompanies must devise ways to train, promoteand retain “home-grown” talent

Company must develop a viable strategy for theidentification and development of appropriate

local management talent.

36 Do Not

Underestimate theRegulator

The relationship with the regulatory bodies –

and their power to create future problems for acompany – should never be underestimated.

Out of sight should never be out of mind.

Company should not underestimate the

importance to develop and maintain a positiveongoing relationship with the regulator and all

relevant officials37 Role of Chief

Representative

In a number of cases, the skills needed to be a

successful Chief Representative have not beentransferable into successful operational CEO

Company needs to form a view as to the role of

the Chief Representative once the venture movesinto execution and ongoing operations.

38 Staff SecondedFrom Local

Partner

Staff who are seconded from the local partner require a specific management strategy to

ensure that they are appropriately recruitedand managed.

Company must acknowledge and drawcontingency plans for the inevitable management

issues that will develop from staff seconded to thebusiness from the local partner.




39 Multiple Levels of Relationship

Shareholder relationships should be developedand maintained at all levels from Chairman andGroup CEO down, to ensure stability in the

event of staff changes

Company must build a relationship with the localpartner at various levels that insulates therelationship from personnel changes.

40 Customer Service A number of companies who do not feel it is

possible or necessary to differentiate on thebasis of product or distribution are

differentiating on the basis of customer service

Company should consider the role of customer

service in developing a point of differentiation,particularly against local companies

41 Emulation of Best

Practice

Do not underestimate the willingness and

capability of a local company, if they are thepartner, to quickly copy best practice from the

JV and thus erode any specific value the JVhas to offer

If Company chooses to partner with company

already in the same business in their own right,the threat of loss of intellectual capital to the local

partner should be factored into the equation

42 Brand Strategy A clear brand strategy needs to be adopted,although there is no consensus of what model

is the best option

Company needs to address the brand issue, andthen develop and agree with the local partner on

a clearly articulated brand strategy

43 Use of Best

Practice

The local partner will be very much aware of

best practice and sensitive to the possibilitythat the foreign partner may not offer this best

practice in the Asian context

Company must ensure that best practice from

within the group is demonstrated to the localpartner, and not treat the JV in an immature

market as being “just like our country was 20years ago”. This may be quickly seen as

disrespectful




44 Specialrelationships

Senior members of the local partner may forma particularly strong relationship with the CEO,(or other senior roles) of the foreign

shareholder, however the business usually isrequired to report to or work closely with less

senior roles in the foreign company. This isoften the cause of a great deal of tension

CEO or other senior roles within the foreignshareholder should take care to manage therelationship and not undermine functional

leadership responsible for the day to dayoperation of the JV. If this is not done well and the

local shareholder has the ability to go direct to theCEO and bypass normal channels, it will result in

a range of difficulties and complexities



IV. Exiting a JV

IV. Exiting a Joint Venture


45 Do not ignoreJV’s in M&A

discussions

Asian JV’s are often quite insignificant in financialscale for a large global M&A transaction and they

are often brushed aside as a detail to be sortedout later by the corporate finance teams in New

York or London

Failure to adequately consider and address these issues canbe costly at a later stage and take a disproportionately large

amount of resource to untangle. Many multinationals arevalued on the basis of their Asian future growth prospects and

Asian JV’s may have greater significance for the future thanis realized

46 Maintain open

dialog withthe localpartner

Whether there is a requirement to exit the JV for

reasons beyond the control of either party (e.g. aninternational merger requiring rationalization of multiple JV’s in the market) or any other reason,

early and frequent communication with the local

partner is important, even if that is to say there isno news

The local partner is likely to be particularly sensitive and

within many Asian contexts may interpret silence asdisrespectful or jump to conclusions that are not valid.Regular and open communication is essential to defuse these

issues

47 Problems donot fix

themselves

“Ignore it and it will go away” does not apply.Unresolved issues or leaving things until a later

time will often compound the matter

Failure to act in a timely manner can cause significantdownstream issues of financial and reputational damage

48 ExpectWeakness to

Be Exploited

If you wish to exit whether by choice or necessity,expect the local partner to take as much as they

can. They have little to lose and potentially a lot togain

Exiting a JV can be messy and often the best outcome is towrite off all investment to try and minimize liabilities. A weak

or inexperienced person managing this process can expect tobe fleeced

49 Reputation is

Critical

Preserving the reputation of the foreign partner

throughout the process is a critical factor thatshould not be overlooked

It is important to think about the long term strategic

implications of the exit to your brand reputation, not just theissues/numbers in the short term



V. Gold Medals andWooden Spoons

Conducting first hand research into this topic, and speaking first hand to senior executives within both the foreign partners as well asJV’s themselves across the Asian region has been a fascinating and illuminating experience.

In most cases the foreign partner was a significant multinational, and in the majority of cases was a global “Fortune 100” company withwell recognized and respected brands.

One factor was almost universal; the executives – whether they had been fully or partially responsible for the JV’s establishment or

had become involved later in an operational capacity – all stated that they or their companies made some fundamental mistakes in theway they went about the exercise, and would do things differently if they were given the same task again. These comments were quite

consistent, and startling considering the range of different organizations, their global reach and experience, and the level of resourcemost had to call upon. And considering the amount of financial investment involved, the comments were concerning.

How could it be that so many companies, with so much management talent and experience, willing to invest so much capital, would

admit they would do things differently in the future?

The answers are complex as are the reasons for these comments in some cases, and it is rare for anyone with the gift of hindsight to

not identify things they would wish to change or do differently. And in some cases the JV’s have performed well but still there weresome major issues or false starts to get to the current point.

However even discounting those factors there remains an unexpectedly large number of companies who admit to seriousshortcomings in the way they have established or operated their JV operations in China, and these are arguably companies that would

in the normal course of things be expected to do things well – whatever they do.

Analysis of the underlying cause of the self-confessed shortcomings of this group highlights some common themesand these emerge as the most critical pitfalls to avoid, or conversely the most critical success factors that must be met.



Key common pitfalls

The most common underlying cause of failure or sub-optimal

performance of the JV mentioned by the foreign partner

StrategicMisalignment

• “Wejustweren’tclearonwhatourstrategywasforAsianmarkets,andwewereallovertheplacewithdifferentpartsofthecompanydoingdifferentthings.ItstartedasamessandsQllisamess”

• SincewesetuptheJVwehavebeenthroughrestructureandmergerandourstrategyisquitedifferentnow–andtheJVreallydoesn’treflectourfocusanymore

• “WhenourpreviousCEOreQredimpetusandfocuswaslostbecausehissuccessordidn’thavethesamevisionanditwasn’thisidea”

• “TheoriginalstrategyseemedtobemoreaboutplanQngflagsinAsiathanreallyfindingastrategythatwasworkable”

Haste• “WeweregivenafixedQmeframetogettheJVestablishedanddidourbestwithinthoseconstraints”• “OuroriginalnegoQaQngposiQonwasweakbecauseourproposedpartnerswereawareweneededtodosomething…anything”

• “TheJVstructurewastheonlystructureopentousattheQme,andwetookit.Iwishwehadwaited”

CorporateArrogance

• “We’vegotacorporatestrategyareabristlingwithMBA’sbuttheylackthedown-and-dirtystreetexperienceittakestorunabusinesslikethis”

• “Wedidn’tseekadviceoremployanyonewithrealexperience.Wedon’tneedto.We’reMastersoftheUniverse.Weknoweverything.Thatwastheatude”

• “OurCEOwasapproacheddirectlywithaproposalthathethoughtsoundedgood,andhewasanexpertonChinaasheoncesawaJackieChanmovie.Thedealwasdonebeforewecouldtakeabreath”

LackofApprecia/onforJVFundamentals

• “Believeitornot,eventhoughweareahugegroupwehavepracQcallynoexperienceinworkingasaJV”

• “TheHeadOfficeguysjustcouldn’tcometogripswiththefactthatIdon’trunabranchoffice–Irunaseparatecompanythatisaccountabletothelocalpartnerasmuchasthem”

ExcessiveInterference

• “OurPresidenthasanegothesizeofafootballfieldandlovestocometoAsiatwiceayeartomanagetherelaQonshipandhavehissuitsmade.ThetroubleishegetsinvolvedandtakescallsfromthelocalshareholdersandweendupwithtwostrategiesforAsia–onewherewehavecontrol,andtheotherfortheJV’sthatarethePresident’spetprojects”

LackofPriorityFocus• “WegettreatedlikeamadrelaQve–alotoftroubleandno-onereallywantstotakeresponsibility.WegetshuntedaroundanddowntheorganizaQonalstructureandit’sclearwearereallyjustadistracQontoHeadOffice.Ourlocal

shareholderfeelsthesameandisreallydisillusionedcomparedwiththeiroriginalexpectaQons”



VI. About the Author

AveteranoftheAsiaPacific

businessscene,DavidChristensenis

anAustralian(withNewZealand

roots),currentlybasedinBangkok,

ThailandwhereheisCEOof

premiumskincareandanQaging

productsmanufacturerRoyalSiam

NaturalHealthandBeauty.

Havinglivedandworkedin14

countriesaswideafieldasRussia,

India,andJapan,Davidhasa

backgroundinadverQsingwith

Saatchi&SaatchiandDDB,

extensiveinternaQonalbusiness

strategyconsulQngexperienceasa

PartnerwithGravitasPartnershipin

HongKong,andseniorregionallinemanagementrolesacrossAsia

PacificwithAmericanExpress,

CarlsonWagonlit,andAXAAsia

Pacific.

HisLinkedInprofilecanbeseenat

thislinkLinkedInProfileandyou

cancontacthimbyemailat

[email protected]

.

www.royalsiam.asia

RoyalSiamNaturalHealthandBeauty

RoyalSiamisaninternaQonalmanufactureranddistributorofbrandedskincare,haircareandrelatedhealthandbeautyproducts,withitsheadquartersinBangkok,Thailand.Thecompanyspecializesintheuseofnatural

ingredients,leveragingtheextensiveknowledgebasebuiltupovermorethan800yearsbytheThaiTradiQonalMedicineprofession.InaddiQontothisemphasisonnaturalandtradiQonalingredients,RoyalSiamresearchesandincludessomeofthelatestingredientsandtechniquesdevelopedbymodernscienceresulQnginarangeofpremiumskincareandanQagingproductsthatrepresentworldbestpracQceinboth100%

naturalproductsaswellasthosethatincludesyntheQcingredients.ThecompanydistributesitsproductsthroughretailoperaQonsinThailandandgloballyviaandinternaQonalonlinestore,accessedathp://www.royalsiam.asia.Thewebsiteofwww.royalsiam.asiacontainsextensiveresourcesandinformaQonaboutthe

skincareindustryaswellastheroleRoyalSiamplayswithintheindustry.

Documents

Asian Joint Ventures - Keys to Success 2012