Vinomofo adds Malaysia, Indonesia to global expansion plans
Vinomofo’s launch in Singapore last year has exceeded its expectations, so much so that the business is now adding Malaysia and Indonesia to the list of international markets it intends to enter.
The pureplay wine retailer said it has sold 21,600 bottles of wine since it began trading in Singapore on 6 December, equating to more than $400,000 in sales and 7000 site memberships in just over two months.
According to Vinomofo co-founder and joint CEO Andre Eikmeier, Singaporeans are responding to the fact that Vinomofo offers higher quality wines at a lower price point than anyone else in the market.
Believing the same is true in other countries in South East Asia, Eikmeier and his business partner Justin Dry are now planning to look at expansion in Malaysia and Indonesia.
“A whole new world has opened up off the back of Singapore,” Eikmeier said.
“The research we’ve done into other SEA markets are that they are in the identical position of Singapore, so we’re getting excited about that.”
The company’s international expansion has been aided by the establishment of global sourcing capabilities, which allow it to sell wine from around the world to the Singapore market.
Eikmeier explained that the company constantly has crates on the water ferrying cases from Europe and the US.
“We wouldn’t have been able to do Asia without having really started to ramp up our own international wine portfolio,” he said.
Vinomofo has previously discussed its plans to enter six international markets, including China, Hong Kong, the US and UK, in addition to Singapore and New Zealand where it already operates.
The online retailer raised $25 million from Blue Sky Venture Capital in April last year, partly to fund this expansion. With Malaysia and Indonesia now on the cards, Eikmeier said the company could enter 12-15 markets in the next three years.
A version of this story written by Matthew Elmas appeared in Inside Retail Weekly, issue 2128. To subscribe, click here.