Venture further: A slowdown in the luxury market is shifting the areas in which luxury brands can win.
For Nichapat Suphap, who founded Thailand-focused boutique talent agency The Venture Management last year, tapping into Southeast Asia's regional dynamics is an opportunity.
Her nine-month-old agency is headquartered in Bangkok and plans to open a branch called “The Venture SEA” dedicated to talent and projects in the region.
“This is not just about working with luxury brands because they all have press offices and offices there,” she said. “Now the focus has shifted to Southeast Asia and there are synergies between markets. The venture aims to globalise local stars and localise global brands.”
“For example, for Thai brands, expansion overseas needs to start from this region, rather than Europe or the US, as there are high barriers to entry, not only in terms of product export but also in terms of communication and other practical issues,” she continued.
According to Statista, luxury goods sales in Southeast Asia are expected to reach $1.71 billion in 2024, with a compound annual growth rate of 9.86% over the next five years, pushing the market to $2.74 billion by 2029. This is in line with the growth rate predicted for the United States over the same period.
Nichapat Supat Mohammad Abbas/Courtesy of The Venture Management
While The Venture's opening members include Thailand-based talents such as Vachirawit “Bright” Chivaaree and Nattawin “Apo” Wattanagitiphat, The Venture SEA's starting lineup features four veteran talents from the region with a combined Instagram following of over 65 million.
The list includes Indonesia's leading actress and presenter Luna Maya (a former runway model who made her name on the silver screen in horror films and has around 38 million followers on Instagram); Vietnamese-born singer and actress Chi Phu, considered one of the most influential digital stars in the region; Malaysia's Sharifah Nor Ajeen binti Syed Mahazir Al Yahya, best known as Shah Al Yahya for her career as a model, actress and TV presenter; and Filipino model and actress Pia Jauncey, who won the Miss Universe 2015 title and represented her country and the pageant organization at the United Nations Conference on the Elimination of AIDS.
“As leading stars in the region, they drive vibrant debate and communities in their own countries, while also gaining international importance thanks to global interest in the region's culture and entertainment,” Spaap said.
A graduate of corporate communications, Sparp gained experience in executive training programs at Macy's and Bloomingdale's in the 2010s, before spending six years freelancing in brand discovery at Central Retail Group.
Currently enrolled in a Master's in Public Administration at Harvard University, she launched The Venture last year, drawing on her experience as an image consultant and personal manager to actress and model Prairie Lundberg, and her collaborations with Southeast Asian actresses such as Maya.
