Petico, self-proclaimed as Malaysia’s largest online pet retailer, has taken its initial stride towards expanding its influence in Southeast Asia with the acquisition of Perromart, a prominent online pet retailer based in Singapore.
Daniel Choy, the CEO and Founder of Petico, conveyed to GlobalPETS his motive behind acquiring Perromart’s assets. He recognized its substantial customer base, established brand equity, and the significant presence it had established in Singapore. He stated, “They had a very positive reputation and strong brand equity and, despite the issues, they did very well over the last 8-9 years of business.” It’s worth noting that Perromart faced insolvency earlier in the year.
Looking ahead, one of Petico’s primary objectives following the Perromart acquisition is to enhance its online capabilities and strengthen its presence in Singapore. Choy elaborates, “The Singapore and Malaysian markets are quite similar, online is growing and we think there is still a big opportunity for offline retail.” According to Choy, Petico is a standout player in the Malaysian e-commerce market, and their focus now is to “create confidence” in their products and maintain competitive pricing in Singapore.
Established in 2019, Petico currently operates 12 stores in Malaysia and has plans to launch two veterinary clinics in the near future. It was revealed that the company is also considering the prospect of opening stores in Singapore to “complete the omnichannel experience” in the country.
As per market research projections, the revenue in the pet food segment in Singapore reached $108.1 million (€99.6M) in 2022, with an anticipated annual growth rate of 4.0%.
Read the full article here – globalpetindustry.com
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