Speaking recently to the Jakarta Post, the industry expert spoke of L’Oreal’s continued drive for improved sustainability, confirmed his interest in upholding strong colleague welfare, globally and emphasised the company’s major focus on sustainability.
In specific regard to Indonesia, the global CEO spoke of the strong rate of growth for beauty being enjoyed in the country.
Pace of change
Agon compared the beauty company’s performance in Indonesia to that of its global presence, noting that although not yet as strong, there is potential for growth.
“Our top three biggest markets are the US, China and France,” he explained. “We have around 12% market share worldwide, 30% in France. In Indonesia, we are a bit less than 10%, but we are catching up with more stores offering more products.”
The industry leader went on to highlight one of its recently acquired brands, NYX Cosmetics, which is a particularly strong player on the digital arena, with a considerable brand presence online.
“We also have a new brand that we just acquired last year, Nyx, which has already started very well in Indonesia.”
Indonesia ‘one to watch’
Thanks to rapid economic growth in recent years, Indonesia is amongst the fastest growing cosmetics markets worldwide, according to a recent overview from market research firm Euromonitor International.
The country is now included in the recently identified BIITS markets – Brazil, India, Indonesia, Turkey and South Africa, which have usurped the BRIC markets – Brazil, Russia, India and China – as the primary focus for growth.
The market research firm has picked the country out as one of the next big markets in global commerce, singling it out specifically as “one to watch”.