What CPL Group does

CPL Group Public Company Limited (SET: CPL) is one of Southeast Asia's largest integrated leather tanneries, founded in 1989 in Samutprakan, Thailand, and listed on the Stock Exchange of Thailand since January 1994. The company produces finished leather — Full Grain, Suede Split (including the proprietary BioTan+ chromium-free variant), Nubuck, Oil & Wax, Pigment, and Water Proof — together with intermediate Wet Blue and Wet White semi-finished leather, at a combined Thailand plus China capacity of roughly 4.7 million square feet per month. Process technology centers on chromium and chrome-free tanning, SATRA-accredited grading, and a 300 million Baht joint wastewater treatment facility handling 20,000 sqm/day, backed by an unusually extensive compliance stack (LWG Gold, ISO 14001, ISO 9001, Green Industry Level 3, SET ESG Level A, Higg FEM/FSLM, Carbon Footprint of Product, Carbon Footprint of Organization).

CPL sells finished leather directly to global footwear manufacturers — including Nike, adidas, Timberland, Rockport, Lacoste, Reebok, and Marks & Spencer — supported by sales representative offices in China, USA, Vietnam, and Indonesia. In 2017, the company merged with Pangolin Safety Products Co., Ltd., adding a second business line comprising safety footwear, helmets, and back-support PPE, distributed through 24 showroom branches across Thailand and ASEAN to enterprise customers such as Thai Honda, Thai Toyota, Charoen Pokphand, Siam Cement Group, and PTT Oil. A small consumer-facing footwear business operates under the Galavela and PLY brands on Line, Instagram, Facebook, Shopee, and TikTok, though these remain immaterial to consolidated revenue.

The revenue model is B2B one-time sales of finished leather and safety products priced by square foot (leather) or per unit (safety products); pricing is not publicly disclosed. The company is controlled by the Charoensin family via Chareonsin Holding Co., Ltd. (40% as of March 2023). FY2025 total revenue was 1,867 million THB against a net loss of 145.15 million THB, reflecting margin pressure amid a multi-year trend of negative or thin net income despite stable revenue.

Name

CPL Group

Legal name

CPL Group Public Company Limited

Website

https://cpl.co.th

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

101–250 employees

Short description

CPL Group (SET: CPL) is a Thailand-based integrated leather tannery producing finished leather for global footwear brands such as Nike and adidas, and safety footwear/PPE under the Pangolin brand for Thai industrial corporates across Southeast Asia.

Ownership category

akta.pro rank

Headquarters

HQ city

Smutprakan

HQ country

Thailand

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Finished Leather Manufacturing and Sales: Manufacturing and selling finished leather products including Full Grain Leather and Suede Split Leather. Product types include Nubuck Leather, Oil & Wax Leather, Pigment Leather, Sued Leather, and Water Proof Leather. Revenue from domestic and export sales to shoe manufacturers worldwide.
2. Safety Products (Pangolin Brand): Manufacturing and distribution of safety footwear and personal protective equipment under the Pangolin brand. Products include safety shoes, helmets, and back support. Distribution through showrooms throughout Thailand and export inquiries.
3. Tanning Services: Processing raw hides into wet-blue and wet-white leather for internal use and supply to main factory in Samutprakarn province.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

CPL Group is a comprehensive leather tannery enterprise that manufactures finished leather products including Full Grain Leather, Suede Split Leather (including the BioTan+ chromium-free variant), Nubuck, Oil & Wax, Pigment, and Water Proof Leather for global footwear brands. Through its Pangolin subsidiary, the company also produces and distributes safety footwear, helmets, and personal protective equipment (PPE) meeting EN 345 European standards, distributed through showrooms across Thailand and ASEAN.

Product overview

CPL Group operates as a comprehensive leather tannery enterprise with two primary business segments: leather manufacturing and safety products. The leather division encompasses the complete tanning process from raw hides to finished leather, offering diverse product types including Full Grain Leather, Suede Split Leather (including the innovative BioTan+ chromium-free variant), Nubuck, Oil & Wax, Pigment, Water Proof, Wet Blue, and Wet White leathers. Production is split between Thailand (main facility in Samutprakarn with 2.7 million sq ft/month capacity) and China (Guangzhou facility with 2 million sq ft/month capacity). The safety products division operates under the Pangolin sub-brand, encompassing safety footwear, helmets, back support, and PPE distribution through 24 showrooms across Thailand and ASEAN. The company serves global footwear brands including Nike, adidas, Timberland, Rockport, and operates in industrial sectors with customers like Thai Honda, Thai Toyota, and Siam Cement Group.

Differentiator

Problem solved

Functional benefit

Brands

• PANGOLIN: Safety footwear and personal protective equipment brand, market leader in Thailand for over 25 years. Products include safety shoes, helmets, and back support meeting European (EN 345) standards with TISI, ISO 9001:2000, and SATRA certifications.
• GALAVELA
• PLY
• BioTan+

Products and services

• Full Grain Leather Premium leather from the top layer of hide, manufactured as Full Grain finished leather for use by global footwear brands and leather goods manufacturers.
• Suede Split Leather Split leather from the middle layer of hide, available as standard suede leather for footwear and leather goods manufacturing applications.
• Nubuck Leather Top-grain leather buffed to create a velvet-like surface, commonly used in premium footwear applications for global shoe manufacturers.
• Oil & Wax Leather Leather treated with oils and waxes for enhanced water resistance and a distinctive finish, used in footwear manufacturing.
• Pigment Leather Leather with pigmented finish providing consistent color and superior scratch resistance, used in footwear and leather goods manufacturing.
• Water Proof Leather Leather treated for water resistance suitable for outdoor applications and wet environments, used in footwear manufacturing.
• Wet Blue Leather Chrome-tanned leather in the blue intermediate stage, processed from raw hides prior to final finishing for supply to shoe factories.
• Wet White Leather Chrome-free tanned leather in the white intermediate stage, an alternative to traditional chrome tanning for leather manufacturing.
• BioTan+ Suede Split Leather Chromium-free suede split leather made using innovative green silica-based tanning process that reduces hazardous chemical release to the environment, available in 1.2-1.4mm and 1.4-1.6mm thicknesses in standard and custom colors. Tested for biodegradation per ISO 20136 using Plant Response REAL CCS (WRAP) v3.1 method.
• Pangolin Safety Footwear Safety shoes and protective footwear manufactured under the Pangolin brand, the market leader in Thailand for over 25 years, meeting EN 345 European standard with TISI, ISO 9001:2000, and SATRA certifications. Sold to industrial and corporate customers.
• Pangolin Safety Helmets Safety helmets manufactured under the Pangolin brand for industrial and workplace protection applications.
• Tanning Services Professional tanning services processing raw hides into finished leather, including chrome tanning and innovative chromium-free tanning processes, supplied to the main factory in Samutprakarn province.

Quantifiable outcome

• Wastewater treatment capacity: 20,000 square meters per day
• +3 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators8 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Conceria Volpi: Italian premium leather tannery serving footwear and leather goods manufacturers globally, including major Western brands. Overlap with CPL in footwear OEM supply, though positioned more in the premium fashion segment.
• PrimeAsia: Vietnam-based finished leather producer that directly supplies global sports and casual footwear brands including Nike and adidas. Same target customers, same product category, and similar Asia-centric manufacturing footprint as CPL.
• Sadesa: Argentine finished leather manufacturer serving global footwear and leather goods brands. Similar product types (full grain, suede, nubuck, finished leather) but operates at a larger global scale, providing a like-for-like benchmark on size and customer overlap.
• Tong Hong Tannery: Thai leather manufacturer with a similar Southeast Asia footprint and similar customer base supplying global footwear OEMs. Comparable scale and product mix (finished and split leather for footwear) make it the closest like-for-like peer to CPL.

Others

• Stahl International: Dutch-based global supplier of leather chemicals, finishes, and coatings used in tanning and finishing processes. Comparable ecosystem participant — its chemistry enables the kind of chrome-free and bio-based leather processes that CPL's BioTan+ technology exemplifies.

Broad incumbents

• Bader Group: German-based global leather manufacturer with broad coverage across automotive, footwear, and upholstery. Comparable in terms of integrated tanning-to-finished-leather operations but at much greater scale and broader customer diversification than CPL.
• Rino Mastrotto Group: Large Italian leather manufacturing group serving footwear, automotive, furniture, and leather goods. Overlaps with CPL in finished leather for footwear but operates at significantly larger scale and across more end markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Galavela.official
• Xx.com/cpl_group
• LinkedInlinkedin.com/company/cpl-tanning-public-group-ltd

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CPL Group