Zoom in

This week, i Capital updates on Padini Holdings Berhad (“Padini”), a prominent Malaysian fashion retailer with two multi-brand labels; namely, Padini Concept Store and Brands Outlet. Padini’s flagship brand, PADINI, was launched in 1975. Padini Concept Store opened in 1999 and presently carries the brands of PADINI, Seed, Padini Authentics, PDI, P&Co, Miki, Vincci, Vincci Accessories, and Vincci Mini. Brands Outlet, which debuted in 2007, includes labels Garage Inc, Industrie Co, Studio, Filanto, Oceano, Ropé, Portofino, Gamester, Hotshots, and BO Accessories.

Padini enjoys a significant presence in Malaysia, having opened over 300 stores here, and has expanded internationally with 32 outlets spread across Cambodia, Thailand, the UAE, Oman, Qatar, Bahrain, and Brunei. As of FY2024, 13 of these international stores were managed directly by Padini, with 8 of their locations proving profitable, primarily in Cambodia and Thailand. 

Zoom in

Padini remains heavily reliant on its domestic market, which accounted for 97% of total revenue in FY2024. While its retail network in Malaysia has reached saturation, it maintains a cautious approach to international expansion, prioritising risk mitigation in unfamiliar markets over aggressive growth. 

While e-commerce contributes less than 1% to Padini’s total revenue, its role must not be underestimated. The shopping landscape has evolved beyond traditional brick-and-mortar transactions in