From its founding in 1993, offering the first inbound tours for European tourists to Vietnam with 3 employees based in Saigon, the Group has expanded to include market leading positions primarily in service-oriented businesses across much of Asia. Today the Group employs 4,500 staff including 400 expatriates.

Entrepreneurial Model

AppleTree has expanded by applying a simple and focused entrepreneurial philosophy:

In a developing economy most ideas are valid but the execution is key
Focus on business models that have already proven successful in more developed economies
Concentrate on businesses in which the Group’s added value can be priced-in
Only pursue opportunities in which the Group can obtain either long-term exclusivity or at least enough time in market to establish a lead and/or barriers to entry
Prefer Joint-Ventures and build long-term relationships with local partners

Key Milestones

1993

EXOTISSIMO TRAVEL
is created in Vietnam

1994

A JV agreement is signed with the Vietnam Journalist Association to build the Press Club Hanoi

1995

EXOTISSIMO
Myanmar opens

1997

The Press Club is inaugurated

2000

EXOTISSIMO Cambodia starts operations
The first generation Annam Store opens in HCMC

2002

The Warehouse wine distribution company is established
EXOTISSIMO Laos opens

2003

EXOTISSIMO Thailand opens office
The Emeraude is launched in Hanlong Bay
The first warehouse store opens in HCMC

2004

The first Annam Gourmet Store opens in HCMC

2005

La Residence Hotel is inaugurated in Hue, Vietnam

2007

EXOTISSIMO opens its operational headquarters in Bangkok.
The first Yves Rocher store opens in HCMC

2008

Villa Maly opens in Luang Prabang

2009

EXOTISSIMO Indonesia starts operations in Bali

2011

EXOTISSIMO Japan opens.
The first 5 shops of the New Cho retail chain are open
The first Warehouse Store opens in Cambodia

2012

EXOTISSIMO China opens
The AppleTree Group Headquarters open in HCMC

2013

Bagan Lodge is launched in Myanmar.
Yves Rocher and Warehouse both open in Yangon Myanmar

2014

The Press Club, The Emeraude and Bagan Lodge are sold

2015

EXOTISSIMO rebrands as EXO Travel
EXO TRAVEL Malaysia starts operations

2016

The Sanctum Inle Resort opens its doors in Myanmar
The new Annam Gourmet Supermarket opens at the Takashimaya Saigon

2017

The Yangon Excelsior Hotel opens in Myanmar.
The Parasol Blanc hotel its doors in Luang Prabang.
EXO Singapore starts operations
La Residence is sold

2018

The Yangon Excelsior Hotel is sold

2019

Larfa Holdings becomes a partner of AppleTree Hospitality

2020

Appletree Hospitality acquires a beach side land in Ho Tram for future development

2023

Exo Saudi Arabia and Exo Korea begin operations

2024

Exo is B Corp certified

2025

Exo Morroco and
Exo Egypt open