Retail in Asia

In Shops

Indonesia to be biggest luxury goods market in SE Asia, says LVMH

Indonesia will become the largest luxury market in Southeast Asia over the next few years, Ravi Thakran, LVMH’s head for South Asia, South East Asia & Middle East told CNBC.

According to him, Indonesian consumers currently buy their luxury goods mostly from Hong Kong and Singapore, but Indonesia’s political stability and improving retail infrastructure will help boost the country’s luxury sector.

LVMH is planning to open 20 to 22 new cosmetic stores under its Sephora brand in Indonesia over the next two to three years as well as a big flagship store for Fendi within 12 months.

(Source: CNBC)