Page 78 - Forbes - Asia (October 2019)

FORBES LIFE

Let’s Relax
Staff panicked during a raid trying to Onsen and Spa
in Bangkok
telephone him while traveling abroad
instead reached Wiboon’s sister. “She
answered [my staff’s call] like, ‘What
massage? What kind of massage? Who
is this?,’” Wiboon says. “Finally the re-
ceptionist had to tell my sister that this
business belonged to me, so the secret
was no more.”
Once his family was in on the secret,
though, they saw the opportunity. He
began recruiting siblings and cousins to
executive positions, including Wiboon’s
nephew Narun Wiwattanakrai, now
Siam Wellness’ chief marketing officer.
Before long, Siam Wellness surpassed
the family’s copy-print business in size.
Siam Wellness emphasized on bright,
clean interiors and efficient service. The
company portioned massage oil and lo- The company enjoys but six times what the company was
tions into individual sachets so it could gross margins over earning when it listed. The company
determine usage per massage. enjoys gross margins over 30% and
Next came data mining. Armed with 30% and net of 20%. net of 20%.

his computer science degree, Wiboon Siam Wellness’ growing branch net-
designed and commissioned a custom- work abroad, analysts say, can help it
er registration system that collects basic a company to market its own massage weather a slowdown in outbound China
customer details, treatment preferenc- oils and other products, Siam Wellness tourism to Thailand. It’s also diversify-
es and any health issues, which Narun Lab, followed in 2011 by its own mas- ing, adding a facial care salon, makeup
then uses to devise targeted promo- sage school, Siam Wellness Education. studios and yoga studios.
tions and spot tourism trends. One they In 2015, it bought rival massage chain, Expansion puts Siam Wellness in
saw early on was the growing numbers Baan Suan, with 10 branches. competition with bigger, international
of mainland Chinese tourists, so Siam In late 2014, Siam Wellness went names in hospitality. But Wiboon is
Wellness now actively markets to Chi- public, raising 280 million baht ($8.7 confident that when it comes to Thai
nese tour groups. million) on the Stock Exchange of Thai- massage, Siam Wellness has a home-
Soon, Siam Wellness was branch- land’s market for small and midsized field edge. “At this point they have to
ing out, launching in 2005 a destina- enterprises. Profits have soared since: run really fast to catch up,” Wiboon
tion spa resort, RarinJinda, which now Siam Wellness last year reported $6.4 says of his competition. “We have
has three locations. In 2007, it created million in net profit, up 17% from 2017 the advantage.” F

Hands-on Experience

Thai massage—with its signature lemongrass-infused
oil—has become a staple of the wellness industry.
It’s part of an ancient healing system first recorded LET’S RELAX SPA: SIAM WELLNESS GROUP, MASSAGE: ISTOCK/GETTY IMAGES PLUS
in the original codex of Theravada Buddhism in the
1st century B.C., and traditionally passed down from
master to trainee. At massage institutes such as the
one at Bangkok’s famous Buddhist temple Wat Pho,
masseurs are trained to focus on 10 energy lines,
called sen in Thai, that run through the body. A Thai
massage can include stretching and kneading by
hands—or even elbows, knees and feet.

76 | FORBES ASIA OCTOBER 2019