Nature Republic opens store in Indonesia
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South Korean cosmetics company Nature Republic opens its first outlet in Indonesia.
Nature Republic speeds up to expand overseas market. The store is in a Jakarta shopping mall and registered 100 million won (US$94,000) in sales on its pre-opening day, the Seoul-based company said.
Indonesia is the fourth largest country in the world and is considered the next big thing after China.
The economy continues to grow at a rate of 5% and has more potential to growth. As about 90% of the population is Muslim, the world’s largest Muslim country, the company plans to establish a bridgehead for the Middle East and other Muslim markets.
In order to enter Indonesia, the company has been thoroughly prepared for one year including local market analysis and product pre-registration.
The company focused on product selection, reasonable price, and all-round marketing strategy, and online marketing considering the characteristics of the country.
Jakarta shopping mall, chose by Nature Republic to open the store, is main shopping area for Muslim Indians.
In particular, young people from 10s to 20s who are interested in Korean culture such as K-pop and K-beauty visit the store. The company is targeting young customers to raise brand awareness and stabilize the local market.
“We will expand our presence in the overseas market, including the Middle East and Europe, in the long-run, with Indonesia as our outpost,” the company said.
Nature Republic plans to operate up to 10 outlets in Indonesia by the end of this year.
The company has stores in 17 countries, including China and Vietnam.
Questions & Answers
Q.What sales figure did the new Indonesian store achieve on its pre-opening day?
What sales figure did the new Indonesian store achieve on its pre-opening day?
The store registered sales of 100 million won, which is equivalent to US$94,000, on its pre-opening day. This figure was reported by the Seoul-based cosmetics company itself.
Q.Why does Nature Republic consider Indonesia an important market for future expansion?
Why does Nature Republic consider Indonesia an important market for future expansion?
Indonesia is the world’s largest Muslim country and is considered the next big thing after China. Its economy grows at 5%, offering potential as a bridgehead for other Muslim markets like the Middle East.
Q.Which customer demographic is Nature Republic primarily targeting with its new store in Indonesia?
Which customer demographic is Nature Republic primarily targeting with its new store in Indonesia?
The company is targeting young people aged 10 to 20 who show interest in Korean culture, such as K-pop and K-beauty. This strategy aims to raise brand awareness and stabilise the local market.
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