Kose plans new brand for Indonesia, Myanmar & Vietnam
Kose Corp. plans to roll out a dedicated cosmetic brand targeting middle-income earners in Indonesia, Myanmar and Vietnam. It will also consider outsourcing production of the new products to local manufacturing plants.
Kose Corp. plans to roll out a dedicated cosmetic brand targeting middle-income earners in Indonesia, Myanmar and Vietnam. It will also consider outsourcing production of the new products to local manufacturing plants.
Myanmar is a new market and one of growing interest to Japanese companies since military rule was relaxed two years ago.
Kose currently sells higher-end brands, such as their Sekkisei products priced from ¥3,000 to ¥5,000, at department stores in 13 Asian markets. The company now aims to cultivate middle-income consumers with the new brand and increase the share overseas sales contribute to its business from 13 percent today to 30 percent in the next few years.
Viewed as a whole, SE Asia is home to almost 9 percent of the world's population and is becoming one of the major cosmetic markets. The combined cosmetics market for six major members of the Association of Southeast Asian Nations totalled roughly US$ 5.2bn, or ¥460bn, in 2011, according to Euromonitor International.
This represents a nearly 70 per cent jump from 2006. Euromonitor International forecasts the figure to hit about US$ 7.2bn dollars in 2016, a 40 per cent increase from 2011.
