Earlier this year in April, ÆON Co. Ltd., the largest retailer in Asia and Creation Myanmar Group of Companies Limited (CMGC) formed Aeon Orange Co., Ltd.
Aeon Orange acquired assets including 14 supermarkets operated by Hypermart Asia Co., Ltd. which is one of the affiliate companies of CMGC.
This is a huge vote of confidence in Myanmar and even more positive inertia arriving in Myanmar via this joint venture because……
ÆON was founded in 1758, 258 years ago. Globally in 2012 their total net income was ¥74,697 million, with total assets of ¥5,725,862 million and 360,000+ employees (2013).
FocusCore has in all our blogs since early 2014, repeatedly reported on the growth and economic potential in Myanmar. ÆON, in their press release stated:-
“Followed by the economic liberalization after transition to the civilian government, the modernization of retail industry has proceeded, while the middle-class population has been on the increase in Myanmar. With the population of 53 million people, the real economic growth rate in the country (Myanmar) is 8.3%* which is the dramatic growth, exceeding the average growth rate among five developed nations in ASEAN countries in which further economic growth is expected accompanied by the integration within the region. Myanmar continues to grow in a speedy manner.
CMGC is a Group company which operates 14 supermarkets, mainly in Yangon, and has over 20 overseas brand sales licenses including Adidas and MANGO operating approximately 130 stores under Specialty Store Business, and also a real estate business.
In 2012 ÆON established Aeon Microfinance (Myanmar) Co., Ltd., and since 2013 has been operating a consumer finance business. In 2014, Aeon established a representative office, and started research on the potential for developing retail businesses in Myanmar. The results are now appearing. ÆON, Japan’s single-largest shopping mall developer and operator, will via Aeon Orange open its first supermarket later this year in Myanmar.
If you still have any doubts about Myanmar we really do need to speak to you and clarify some details. The forecasts look better and better. FocusCore is here to help companies start in Myanmar. Call us now!