Five years ago, we studied the case of KOLAO Group, which was founded and grew up in Laos, and derived success factors in the Lao market. The purpose of this study is to look into the changes in the KOLAO Group during the last five years. Such follow-up research helps to understand the company in-depth in that it is possible to grasp the strategic decision-making of the company and its performance at a time interval. The world economy has been in recession over the past few years (e.g., COVID-19, rising oil prices, inflation, job insecurity, Ukraine-Russia war, etc.). In addition, the situation in Southeast Asia was even worse (e.g., Myanmar insurgency, Laos bankruptcy crisis). It is found that the KOLAO Group is promoting the growth strategy despite these unfavorable conditions. In 2018, the company name was changed to LVMC Holdings. LVMC Holdings expanded its business to the Indochina Peninsula. It is also pursuing new business in Laos (e.g., retail distribution, O2O platform). In a recession, most companies shrink or seek stable management. On the contrary, LVMC Holdings is taking an aggressive growth strategy. Of course, success is not guaranteed by a company's will and effort alone. This is because a company's performance can be sufficiently different depending on the change of market conditions that are difficult for a company to control. Regardless of the outcome of success, the review of this process, that is, the analysis on the challenging spirit and passion, will be invaluable information for many contenders who enter the Southeast Asian market in the future.