MC Group Public Company Limited (MC TB/MC.BK) A leading multi-brand apparel & lifestyle products retailer Q3 FY2018-2019 Result Summary 4 June 2019 “Very Good” score in 2017 from National CG Committee Financial performance in the years prior to the change of fiscal year from January-December to July-June, have been reclassified to the July-June period for management discussion and analysis purposes in this presentation.
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MC Group Public Company Limited
(MC TB/MC.BK)A leading multi-brand apparel & lifestyle products retailer
Q3 FY2018-2019 Result Summary
4 June 2019
“Very Good” score in 2017
from National CG Committee
Financial performance in the years prior to the change of fiscal year from January-December to July-June, have been reclassified to the July-June period for management discussion and analysis purposes in this presentation.
1
DISCLAIMER
The information contained in our presentation is intended solely for your personal
reference only. In addition, such information contains projections and forward-looking
statements that reflect our current views with respect to future events and financial
performance.
Financial performance in the years prior to the change of fiscal year from January-
December to July-June, have been reclassified to the July-June period for management
discussion and analysis purposes in this presentation.
These views are based on assumptions subject to various risks and uncertainties. No
assurance is given that future events will occur, that projections will be achieved, or that
the our assumptions are correct. Actual results may differ materially from those projected.
AGENDA
2
01CompanyOverview
02Business
Update
03FinancialResult
04Appendix
C O M P AN Y
O V E R V I E W
13
4
In Brief
Our Vision
To be ...
a leading multi-brand apparel & lifestyle products retailer
A profitable
company with
high dividend
(in THB millions)
3,4403,720
4,3894,597
4,095
1,914
769 701 756 771630
284
81%86% 85%
99%92%
99%
50%
70%
90%
110 %
130 %
150 %
170 %
190 %
-500
500
150 0
250 0
350 0
450 0
550 0
FY13-14 FY14-15 FY15-16 FY16-17 FY17-18 FY18-19(6M)
Sales Net Profit Dividend Payout ratio
Dividend policy is not less than 50% of net profit
Dominant position in Thailand for more than 40 years
Well-accepted quality, value and innovation
Own brands
Strong relationship withSupplier, Distributor, Partner
POS nationwide & e-marketplacewww.mcshop.com
Active customer engagement year-round
Our pillars are the GREAT foundation of lifestyle business success…
What set MC Group apart
5
Opened mcmc
outlet stores in PTT gas stations
Opened the first
Free Standing
Shop
Launched
online website
Topwear
2008
1st Mc Shop
2012
Expanded
to
Myanmar
& Laos
2005
Launched
“Mc ” brand
2013
Expanded
Brand
Portfolio
Women's’
Jeans & Street wear
Extended Brand
Portfolio
Acquired 51% in
1975
Expanded to
Lifestyle Business
KidswearPremium
Jeanswear
2015
Listed on the SET
Expanded
Brand Portfolio
2016
Expanded
Brand Portfolio
Active wear“U-P”
Skin care“M&C”
2017
Expanded to
Middle East
Key milestones
Revamped
e-commerce
platform
Started CRM
& membership
program
2018
Started as manufacturingand selling through
traditional trade
Onto managing brands and distribution channels
Emerged as a leader in denim market in Thailand
Moving forward to become a leading apparel
and lifestyle products retailer
6
FY2019
Integrated
warehouse
management
solution for E-
commerce
Expanded
Brand Portfolio
7
Overview
Poised to become a
leading multi-brand apparel
and lifestyle products retailer
Retail platform Brand
Mc Store
Integrated warehouse solution for e-commerce
Integrated retail business …
.com
B U S I N E S S
U P D A T E
28
Financial performance in the years prior to the change of fiscal year from January-December to July-June, have been reclassified to the July-June period for management discussion and analysis purposes in this presentation.
Denim - Mc Jeans
9
In light of expected recovery of the domestic economy, MC looks to:
“expand denim business and continue to
enhance 'Brand Equity’”
From FY13-14 to FY16-17, Mc’s denim sales
grew with the market due to expansion and
marketing campaigns
Going forwardTotal Jeans Market
Size in Thailand
THB 21,000 MB
in 2018
55%
Premium and standard
jeans brands
45%
Others (Super Premium, Economy
and non-brand)
Source : Euromonitor, Mar2019
• Jeans is expected to post a retail value CAGR of
10% reaching THB 33,000 MB in 2023. (from prior 6% to
THB 27,000 MB in 2022)
• In 2018, Jeans market grew from promotion
campaigns and ‘fast fashion denim’ segment in
Bangkok
• Jeans remain classic items in most people’s
wardrobes and are gaining popularity for
enhanced comfortable and style.
10.0%
CAGR Growth up to 2023
Jeans market in Thailand
Denim – Mc Jeans
10
Lead by Selvedge Series with go-to-market strategy for denim lover…
Selvedge denim are made out of narrow and tightly woven fabric with a clean look with edges of single red stripe……
11
From FY13-14 to Y17-18, more product
varieties were added particularly non-
denim casual wear with high quality fabric
as well as special techniques.
Continue growth of casual wear products by…
Total Apparel Market Sizein Thailand THB 330,000 MB
in 2018
Source : Euromonitor (Mar 2019)
6.0%
CAGR Growth up to 2023
Non denim / Casual wear
• 4-year CAGR of non denim/casual wear has been 7%
Going forward
Shirts, T-shirts and Jackets
U-P activewear
Seasonal products
(from prior 5.0% in 2022)
Sportswear meanwhile continues to bolster the popularity of sports-inspired apparel.
12
▪ Thai consumers are becoming increasingly
interested in exercising and have sporty and
active lifestyles.
▪ Greater penetration of gyms, fitness and health
clubs will be witnessed in not only Bangkok and
urban cities but also other provinces nationwide.
▪ Global brands maintain leading positions in
sportswear due to strong brand recognition.
Source: Euromonitor (March 2019)
‘U-P’ activewear
In Dec18, ‘U-P’ activewear has been launched to the
market with 1st collection ‘Conceal&Reveal’ under
collaboration with ‘Warrix’ and 2nd collection
‘Monochrome&Pastel lover’ by ‘U-P’ consecutively…
Total Sportswear Market Size in Thailand THB 13,000 MB in 2018
Going forward
Keep tapping into broader customer base by…
“Product, marketing communication and
expansion”
10.0%
CAGR Growth up to 2023
13
C O N C E P T
D E S I G N
Fun
Cool
Energy
Minimal
‘U-P’ activewear
Product item:
Vest, T-shirt, Shorts, Pants, Jogger, Sport bra, Hoodie,
Light Jacket (100-150 SKUs/year)Price range:
600 - 900 THB/item
Newness…
14
Lifestyle products – Mc Jeans
From FY13-14 to FY17-18, lifestyle products
growth with CAGR of 5% due to product
assortments • New collections of successful products
• Limited edition and quantity
• Content marketing
• E-commerceNote :Other lifestyle products (accessories, skin care, watches)
• FY18-19 saw slight decline due to domestic consumption and Chinese tourist contraction in certain periods
Going forward
1. Free Standing Shops 2. Modern Trade 3. Mobile Unit 4. International Markets
Located mainly in
commercial centers or in
the plaza sections of
department stores as
well as hypermarket and
PTT gas station
New sales channel that
helps expand the reach
to customers as well as
build brand recognition
Points of sales or sales
counters in department
stores (both chain and
local non-chain) as well
as hypermarket
Currently, expandedthrough distributors with
presence in Myanmar,
Laos and Middle-east.
15
Distribution channel - offline
(Songkla, Pattani)
(Lampang)
Geographical Analysis of Outlets Geographical Analysis of Sales
# of Points of Sales (by geographical area) 3Q FY18-19 (Jan-Mar 19)
Points of Sales
Greater
Bangkok
27%
Upcountry
72%
Internation
al 1%
Greater
Bangkok
34%
Upcountry
66%
International
1%
0 200 400 600 800 1,000
FY13-14
FY14-15
FY15-16
FY16-17
FY17-18
FY18-
19(9M)
Greater Bangkok Upcountry International
Distribution Channel- Offline and Online for sale growth
Offline channels : numbers adjusted to align with strategy
16
# Points of Sales
6.com
End of FY18
# Points of sales
897
End of 3QFY19
# Points of sales
932Brand
Free-
Standing
Modern
Trade
Mobile
unit
Inter-
nationalTotal
270 493 6 14 783
18 18
14 79 93
Total 302 572 6 14 894
BrandFree-
Standing
Modern
Trade
Mobile
unit
Inter-
nationalTotal
283 506 6 14 809
29 29
18 76 94
Total 330 582 6 14 932
Online channels
Variety of products and brands, suitable with all ages and genders
mcmc store presence
#Points of sales 32 (target end of FY18-19)
17
Distribution channel – mcmc outlet store
Community Store
Affordability
Convenience
Quality
End of season 50% -70% discount of MC’s products and others lifestyle products at affordable price
DNA
Located close to
communities with parking space
1. Gas station
2. Big box retailer
3. Commercial building in local communities
Newness…
Thai Watsadu, Bangna Bangkok#Points of sales
18 (end of FY17-18)
In Gas Station
Porto Go, Ayutthaya
Recognized brand equity and awareness
Dominant position in Thailand for more than 40 years
under Mc Jeans
18
Customer relationship management
• Member as of May 2019: 790,000 and
target December 2019: 1,000,000
• Repeat purchase from members from data• Social Media, Web Portal
Going forward for same store sales…
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
(Launched in Nov 18)
MC Club’s members (Started on Jan 18)Progress and indicative projection
Membership means more…Members can enjoy special deals & offers all year. Sign up today at https://mcclub.mcshop.com/user FREE!
19
Going forward for same store sales…
For instance, project “Mc X”
offering special collaboration
with famous celebrities,
influencers…
Product Assortments Varieties of lifestyle products with ‘New arrival’ to draw traffic
Marketing campaign
20
Going forward for same store sales
Different sales campaigns from other retailers with fun and
customer engagement year-round
Omni channel sales growth +390% YoY (9M from Jul-Mar)
Website traffic +35% QoQ
Ship to shop service* 8% contributed to all
shipments in FY18-19 (Jul-Dec)*started on late-June 18
Omni channel/E-market place
Products offering >5,000 SKUs product mix from MC Group and
selected lifestyle product partners
.
mcshop.com
Lazada
Shopee
Central JD
Looksi
Zilingo
Shop@24
Buzzbees
K+ Market
LINE: @mcshop.com
FB: mcshopthailand
Ever-growing list of online landscape
▪ Apparel
▪ Accessories
▪ Activewear & Footwear
▪ Health and beauty
▪ Cosmetic and skincare
▪ Watches
▪ Sunglasses
▪ Other
Strengthen products portfolio and enhance customer reach for better online shopping experience
22
Apparel
87%
Health
and
beauty
1%
Watch
1%
Accessories
10%
Activewear
and Footwear
1%
Mix
mcshop.com – product mix
F I N A N C I A L R E S U L TQ3 FY18 -19 (Jan-Mar 19) and 9M FY18-19 (Jul18-Mar19)
23
3Financial performance in the years prior to the change of fiscal year from January-December to July-June, have been reclassified to the July-June period for management discussion and analysis purposes in this presentation.
(THB millions)Q3 FY17-18
(Adjusted)Q3 FY18-19 % YoY
9M FY17-18
(Adjusted)9M FY18-19 % YoY
Sales Revenue 1,178 980 -17% 3,262 2,894 -11%
Total Revenue 1,185 995 -16% 3,298 2,931 -11%
Gross Profit 699 567 -19% 1,821 1,675 -8%
Selling and general expenses (466) (443) -5% (1,306) (1,243) -5%
EBITDA 307 176 -43% 707 558 -21%
Net Profit 222 139 -38% 505 422 -16%
Gross Profit Margin 59.4% 57.9% 55.8% 57.9%
SG&A to Sales 39.5% 45.2% 40.0% 42.9%
Net Profit Margin 18.7% 13.9% 15.3% 14.4%
EPS (THB) 0.28 0.18 0.63 0.53
24
Results headlines
NOTE: MC Group Public Company Limited and its subsidiaries (“MC” or “the Company”) changed in accounting period starting
from 1st January to 31st December to the period from 1st July to 30th June, starting from the period ended 30th June, 2018 onward.During the period, the Federation of Accounting Professions announced a new standard on international financial
reporting 15: Revenue from contracts with customers (IFRS 15) which is effective for annual reporting periods beginning on or after 1January 2019, with earlier application permitted. The Company and its subsidiaries agreed to adopt the new IFRS 15 Revenue prior tothe effective date, resulting in the adjustment of financial statement in earlier period for comparison and impact toward result inadoption of such new standard financial reporting.
(THB millions)
Annual Sales Revenue Quarterly Sales Revenue
Sales revenue by channel
3Q FY17-18 (Jan-Mar) 3Q FY18-19 (Jan-Mar)
Others = E-Commerce, International, Mobile, Outside promotion, Factory sales 25
Sales Revenue
(16.8%)YoY
NOTE: Due to changing fiscal year end from December to June and starting from period ended 30th June 2018 onward.
Adjusted annual sales revenue according to TFRS for indication.
NOTE: Adjusted quarterly sale revenue according to TFRS for indication
(11.3%)YoY
58%36%
6%
Free
standing
62%
Modern
trade
32%
Others
6%
1,266
954890
1,194 1,178
889815
1,099980
0
200
400
600
800
1,0 00
1,2 00
1,4 00
3Q
FY16-17
4Q
FY16-17
1Q
FY17-18
2Q
FY17-18
3Q
FY17-18
4Q
FY17-18
1Q
FY18-19
2Q
FY18-19
3Q
FY18-19
Modern trade (1)
’000 THB
Free standing shop
THB
Remark: (1) Figures are calculated based on modern trade sales revenue, before GP. Excluded sales from international markets and other source (i.e., exhibition etc.)
26
Distribution channels performance
NOTE: Adjusted sale revenue for comparison for new accounting period
9,845
8,152 7,484
10,331
8,966
7,404 6,557
8,424 7,631
5,000
7,000
9,000
11,000
13,000
15,000
3Q FY 16-17 4Q FY16-17 1Q FY17-18 2Q FY17-18 3Q FY17-18 4Q FY17-18 1Q FY18-19 2Q FY18-19 3Q FY18-19
Average sales per SQM / month
342
209 224268
294
200 187240
175150
200
250
300
350
400
450
500
550
600
650
700
750
3Q FY 16-17 4Q FY16-17 1Q FY17-18 2Q FY17-18 3Q FY17-18 4Q FY17-18 1Q FY18-19 2Q FY18-19 3Q FY18-19
Average sales per PoS / month
TSS & SSSG
Quarterly TSS &SSSG (YoY)
Remark: Hypermarkets are not included in the calculation in SSSG. 27
Total system growth (TSS) and Same-store sales growth (SSSG)
Note: Adjusted sale revenue for comparison for new accounting period
18%
5%
(11%) (11%)
25%
6%
(11%) (10%)
FY15-16 FY16-17 FY17-18 FY18-19(9M)
Total System Growth Same store sales growth
7%
(9%)
(3%)
(18%)
(11%)(7%) (8%) (8%)
(17%)
1%
(1%)
(6%)
(18%)
(11%)(6%) (7%) (7%)
(14%)
3Q FY 16-17 4Q FY16-17 1Q FY17-18 2Q FY17-18 3Q FY17-18 4Q FY17-18 1Q FY18-19 2Q FY18-19 3Q FY18-19
Total System Growth Same store sales growth
(THB millions)
28
Gross profit margin
(18.9%) YoY
NOTE: Adjusted gross profit according to TFRS for indication
(8.0%) YoY
2,457 2,5482,280
1,8211,675
56.0% 55.4% 55.7% 55.8%57.9%
0.5%
5.5%
10.5%
15.5%
20.5%
25.5%
30.5%
35.5%
40.5%
45.5%
50.5%
55.5%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY15-16 FY16-17 FY17-18 9M
FY17-18
9M
FY18-19
855670
503 474648 699
516 488620 567
58.5%52.9% 52.7% 53.2% 54.3%
59.4% 58.0% 59.8%56.4% 57.9%
-5.0%
5.0%
15.0%
25.0%
35.0%
45.0%
55.0%
65.0%
0
500
1,000
1,500
2,000
2,500
2Q
FY16-17
3Q
FY16-17
4Q
FY16-17
1Q
FY17-18
2Q
FY17-18
3Q
FY17-18
4Q
FY17-18
1Q
FY18-19
2Q
FY18-19
3Q
FY18-19
Gross Profit Gross Profit Margin
SG&A breakdown% SG&A expense to sales
29
SG&A to sales
NOTE: Adjusted SG&A expense to sales according to TFRS for indication
-4.8%YoY
Personnel
39%
Advertising and
Promotion
2%
Rent
41%
Depreciation
and
Amortization
11%
Others
7%
435407 395
445 466
394 382417
443
34.4%
42.6%44.4%
37.2%39.5%
44.3%46.9%
37.9%
45.2%
-1.0%
2.0 %
5.0 %
8.0 %
11. 0%
14. 0%
17. 0%
20. 0%
23. 0%
26. 0%
29. 0%
32. 0%
35. 0%
38. 0%
41. 0%
44. 0%
47. 0%
50. 0%
0
100
200
300
400
500
600
700
800
900
1,0 00
3QFY16-17
4QFY16-17
1QFY17-18
2QFY17-18
3QFY17-18
4QFY17-18
1QFY18-19
2QFY18-19
3QFY18-19
SG&A % SG&A to sales
-4.8% YoY
1,306
1,243
40.0
%
42.9
%
0.0 %
1.0 %
2.0 %
3.0 %
4.0 %
5.0 %
6.0 %
7.0 %
8.0 %
9.0 %
10. 0%
11. 0%
12. 0%
13. 0%
14. 0%
15. 0%
16. 0%
17. 0%
18. 0%
19. 0%
20. 0%
21. 0%
22. 0%
23. 0%
24. 0%
25. 0%
26. 0%
27. 0%
28. 0%
29. 0%
30. 0%
31. 0%
32. 0%
33. 0%
34. 0%
35. 0%
36. 0%
37. 0%
38. 0%
39. 0%
40. 0%
41. 0%
42. 0%
43. 0%
44. 0%
45. 0%
46. 0%
1,0 00
1,1 00
1,2 00
1,3 00
1,4 00
1,5 00
9M FY17-
18
9M FY18-
19
NOTE: Adjusted EBITDA according to TFRS for indication
(THB millions)
30
(21.1%)YoY (25.9%)YoY
411
286
146 128
268307
165136
249
176
27.8% 22.4%15.2% 14.3%
22.1% 25.9%18.4% 16.6%
22.3% 17.7%
-130.0%
-110.0%
-90.0%
-70.0%
-50.0%
-30.0%
-10.0%
10.0%
30.0%
50.0%
0
100
200
300
400
500
600
700
800
900
1,000
2Q
FY16-17
3Q
FY16-17
4Q
FY16-17
1Q
FY17-18
2Q
FY17-18
3Q
FY17-18
4Q
FY17-18
1Q
FY18-19
2Q
FY18-19
3Q
FY18-19
EBITDA EBITDA Margin
964 1,012
840703
561
21.8% 21.8%20.3%
21.1%
19.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
FY15-16 FY16-17 FY17-18 9M FY17-
18
9M FY18-
19
NOTE: Adjusted NPAT according to TFRS for indication
(THB millions)
31
(37.6%)YoY
(16.4%)YoY756 771
630
506422
17.1% 16.6% 15.2% 15.3% 14.4%
-150.0%
-100.0%
-50.0%
0.0%
50.0%
0
200
400
600
800
1,000
1,200
1,400
FY15-16 FY16-17 FY17-18 9M
FY17-18
9M
FY18-19
317
232
90 85
198 222
12594
190139
21.5% 18.1%9.3% 9.5%
16.3% 18.7%14.0% 11.4%
17.0% 13.9%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
0
100
200
300
400
500
600
700
800
900
1,000
2Q
FY16-17
3Q
FY16-17
4Q
FY16-17
1Q
FY17-18
2Q
FY17-18
3Q
FY17-18
4Q
FY17-18
1Q
FY18-19
2Q
FY18-19
3Q
FY18-19
Net Profit Net Profit Margin
Consolidated balance sheet Net debt to equity ratio
32
Remained strong with net cash position
(THB millions) FY17-18 Q3 FY18-19
Cash & Short term investments 1,011 1,218
Accounts Receivable 414 398
Inventory 2,179 1,786
Other Assets 1,266 1,198
Total Assets 4,870 4,600
Accounts Payable 210 203
Interest-bearing Liabilities 16 0
Other Liabilities 446 453
Total Liabilities 671 656
Shareholders' Equity 4,199 3,944
(0.2x)(0.3x) (0.2x) (0.2x)
(0.6x)
(0.4x)
(0.2x)
(0.0x)
0.2x
0.4x
0.6x
FY15-16 FY16-17 FY17-18 9M FY18-19
Return on capital and inventory daysROA ROE
Finished Good Inventory Days Cash Cycle
(THB millions) (THB millions)
(Months) (Months)
33
*Annualized *Annualized
NOTE: Adjusted sale revenue for comparison for new accounting period
5,355 5,091 5,030 5,082 5,219 4,870 4,970 4,844 4,600
18%12%
11%12%
18% 14%12%
13%12%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
1,000
2,000
3,000
4,000
5,000
6,000
3Q
FY16-17
4Q
FY16-17
1Q
FY17-18
2Q
FY17-18
3Q
FY17-18
4Q
FY17-18
1Q
FY18-19
2Q
FY18-19
3Q
FY18-19
Total Assets ROA(%)
4,521 4,214 3,952 4,168 4,406 4,199 4,293 4,124 3,944
22%
16%14% 15%
23%17%
15%16%
14%
0%
5%
10%
15%
20%
25%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
3Q
FY16-17
4Q
FY16-17
1Q
FY17-18
2Q
FY17-18
3Q
FY17-18
4Q
FY17-18
1Q
FY18-19
2Q
FY18-19
3Q
FY18-19
Total Equity ROE (%)
12.4 10.7
14.2 13.3
14.2 15.0 15.4 14.8
FY15-16 FY16-17 FY17-18 3Q
FY17-18
4Q
FY17-18
1Q
FY18-19
2Q
FY18-19
3Q
FY18-19
12.2 10.8
14.4 13.6
14.4 15.1 15.2
14.3
FY15-16 FY16-17 FY17-18 3Q
FY17-18
4Q
FY17-18
1Q
FY18-19
2Q
FY18-19
3Q
FY18-19
Dividend policy is not less than 50% of net profit
34
Stock Information Shareholder Structure
Dividend Information
Share capital information and dividend payment
Share Price vs SET Index (since IPO)
Bloomberg/ Reuters : MC TB/ MC.BK
Share price (May 31, 2019) : THB 7.10
52 week range : THB 13.90/ THB 6.95
No. of paid up shares : 800 m
Par value : THB 0.50
Market capitalization : THB 5,680 m
Avg. daily turnover (12 mths) : THB 9.0 m
Free float : 37.7%
Foreign ownership/ Limit : 19.0% /49.0%
Major shareholder : Ms. Sunee Seripanu (45.93%)
3.00
5.00
7.00
9.00
11.00
13.00
15.00
17.00
19.00
21.00
23.00
25.00
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Jul/
13
Se
p/1
3
No
v/1
3
Jan
/14
Ma
r/1
4
Ma
y/1
4
Jul/
14
Se
p/1
4
No
v/1
4
Jan
/15
Ma
r/1
5
Ma
y/1
5
Jul/
15
Se
p/1
5
No
v/1
5
Jan
/16
Ma
r/1
6
Ma
y/1
6
Jul/
16
Se
p/1
6
No
v/1
6
Jan
/17
Ma
r/1
7
Ma
y/1
7
Jul/
17
Se
p/1
7
No
v/1
7
Jan
/18
Ma
r/1
8
Ma
y/1
8
Jul/
18
Se
p/1
8
No
v/1
8
Jan
/19
Ma
r/1
9
Ma
y/1
9
SET Index (LHS) MC (RHS)
A P P E N D I X
35
4
36
Appendix: retail experience ‘Mc’ store
37
Appendix: retail experience ‘mcmc’outlet store
38
Appendix: retail experience ‘M&C’
39
Appendix: retail experience ‘U-P’
Thank you
Investor Relations
MC GROUP Public Company Limited
Tel: +662 117-9999 Ext 1210
www.mcgroupnet.com
Line ID: @mc_jeanswww.mcshop.com
40
• mcshopthailand• mcjeans• mcladyjeans• Timedecowatch• AromatiqueActive• U-P Activewear
• www.mcshop.com• www.mcjeans.com• www.upactivelife.com• www.timedeco.co.th
• mcshop_official• mcjeans_official• Timedecowatchclub• upactivewear
• @mcshop.com• @mc_jeans• @upactivewear
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