Fashion retailers targeting middle and upper class consumers in Indonesia reported massive growth of nearly 30 percent in their revenues in the Jan-March period of the year, despite the first three months being considered as more quiet than the other quarters due to the lack of festivities.
In that quarter, PT Mitra Adi Perkasa (MAPI) saw revenue advance by 29.1 percent year-on-year to IDR2.1 trillion (USD215.8 million), with retail and wholesale sales yielding 88.6 percent of this revenue. MAPI, the retailer with the most actively traded shares, has sharply targeted the middle and upper class market with its portfolio of over 100 international brands encompassing Zara, Massimo Dutti, Sogo and Starbucks.
Similarly, PT Trisula International logged a 28.6 percent year-on-year revenue increment to IDR160.2 billion.