Valencia Tanoesoedibjo
Category: Next Gen By : Ardian Wibisono Read : 782 Date : Monday, September 04, 2017 - 13:28:02




Agoes Rudianto for Forbes Indonesia

Now just 24, Valencia Tanoesoedibjo has a big dream for e-commerce fashion—to build one of the biggest regional sites for high-end fashion for millennials. Last year, Valencia started the fashion and beauty site Brand Outlet, which sold a wide variety of local and international brands to a mass market. This month the second daughter of media mogul and politician Hary Tanoesoedibjo relaunched her site to focus on top tier clothes for the region’s millennials.

“We’re going to rebrand the Brand Outlet in September 26 to become TheFthing.com. The F word might have impolite connotations for many. But for us, since we are targeting millennials as our market, F stands for fashion, fusion and forward,” says Valencia in her office in the 12th floor of MNC News Center in Jakarta.

E-commerce has a big potential in the country and in the region. The number of Southeast Asia’s digital consumers has grown 50% in 2016 to a whopping 200 million, skyrocketing the valuation of the region’s internet economy to more than $50 billion, according to consultancy Bain. The industry is forecast to be worth $130 billion in 2020 with 50% of annual growth, according to the government. Yet, the competition is also fierce, with many players in the industry. However, Valencia feels she has a good recipe to get a slice of the market.

“What we bring to the table is not something that many have done in Indonesia,” she says. Aside from pure retail, Valencia also says TheFthing will also provide content and build up a community to generate trend and sales, an idea that she says is similar with fashion site Hypebeast. TheFthing will focus only on high-end expensive fashion for millennials.

She sees millennials as a good market because they tend to be very brand oriented and brand-loyal. The niche she chose also tends to affect the fashion trends in the wider lower-priced market. There are 606 million millennials in the Asia-Pacific region, defined as those aged 16 to 34 years old. Affluent millennials represent 16% of that, or a target market of 109 million, according to Asia Pacific magazine.

TheFthing is meant to be a regional site, not just for Indonesia. The rebranding and repositioning process started earlier this year, so now Valencia says the site is ready to be rolled out in big cities in Indonesia, as well as in other countries such as Singapore, Malaysia and Hong Kong. Valencia says she has prepared all the partnerships with the brands and logistics. 

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