CEO Insights Magazine

Thailand boasts one of the strongest markets for cosmetics and grooming products among the Southeast Asian nations. Significant global brands have made investments in the Thai cosmetic market. The value of Thailand's market for high-end cosmetics and fragrances in 2021 was almost 343 million dollars. In an endeavor to establish Thai cosmetics and skincare products in overseas markets, considerable effort has additionally been invested in growing and extending native brands' manufacturing. In 2020, the global cosmetics industry was worth $307.69 billion. Thailand is strategically well-positioned for prospective development and advancement along the whole distribution chain because the Asia Pacific area is thought to be one of the most significant and fastest developing regions for the cosmetics industry. With a market penetration expected to be worth over $7.3 billion in 2022 and administrative harmonization with ASEAN through the AHCRS, Thailand has the potential to become Southeast Asia's cosmetics hub. In response to increasing social acceptance, men's grooming is also expanding in Thailand, particularly in terms of urban skincare and haircare.

Eveandboy, Thailand's leading multi-brand cosmetic store boasting 1000+ cosmetic brands including major international names, across varied product categories including Makeup, Skincare, Haircare, Fragrances, and Supplements for men and women, is a stellar example of the penetration of the cosmetic industry in Thai culture. The specialty store, founded in 2005, and currently flourishing under the leadership of CEO Hiran Tanmit, is creating an ecosystem of top international and domestic cosmetics under one roof, catering to cosmetic lovers of all ages. Here are some highlights from our exclusive interaction with Hiran.

Throw some light on your journey from humble beginnings to a new-age leader. What drives you to attain such high goals?

I hail from a business background, and to some extent believe that entrepreneurship is in my blood. Having said that, I had since a young age had a passion for making some thing of my own which led me to establish Eveandboy. Today, we have established ourselves as a cosmetics retail giant in Thailand, with multiple branches across provinces. My passion for the industry coupled with my personality traits of being highly determined, focused, and detail oriented have helped me stay on top. I have a hunger for excelling in my ventures and thus I immerse myself in my work, gathering all the information for every business vertical to stay on top of my game always. Having a burning desire to be at the top fuels me to keep improving and raising the bar for work, think outside the box and gain a vision or perspective for the future which helps me in carving out new opportunities for my business. I enjoy my position as a game changer and keep myself aligned with the latest developments. My agility and pace at which I adapt to new technologies and ideate strategies also keeps my employees on top of their game which is essential for business growth.

How is Eveandboy positioned in Thailand and the international market? What is its USP?

In Thailand, Eveandboy is the top-ranked premium multi-brand cosmetics business. In fact, Eveandboy was also awarded as one of the Top 50 Employer of Choice Awards as a result of its work culture emphasizing on work-life balance for every employee across all our outlets. We are aggressively preparing for the regional market sector for the coming years. Our domestic expertise is proactive, propelled by the rapidly shifting local demands, the conventional commercial business standards, and the 'not much space for expansion' regulations. The entire package, including our consumer centric work culture, audacious, one stop facility, our greatest inventories including over 5-digit Product lines and current merchandise to attract the local industry, and the magnificent playground encounter fostered by our cordial beauty consultants, makes up Eveandboy's USP. In the end, Eveandboy aspires to emerge as the name that people think of first when it comes to cosmetics and beauty.

What have been some of the major challenges in your journey and how do you leverage your expertise to successfully mitigate them? We momentarily shuttered all our outlets for the very first time because the epidemic undoubtedly had a severe impact on us like it did on everyone else. I quickly consolidated my e-strategy and, for the most part, learned all the 'must know' tips for using online commercial activity in order to survive and flourish in the face of the economic upheaval. I believe that a catastrophe can potentially be viewed as a disguised benefit because it allowed us to build our e-commerce platform and Eveandboy Apps in the short span of just three months, and revenues from these platforms have since been booming.

Are you employing any latest technologies to revolutionize your services to be at par with current industry standards? I believe in keeping up with advancements in order to stay relevant in any business, and extend this idea into Eveandboy, which uses cutting-edge e-Commerce technologies and quick shipping to cater to our local customers and support the eventual worldwide clientele. Cosmetics are merchandise that provide instant gratification, which has led to their incredible popularity especially in today's hectic world where selfcare has become a conscious habit and includes using products which keep your skin healthy as well as enable users to enhance their looks and boost confidence. With an automatic link to our user-friendly online buying platform, our brand visibility continues to be at the top across well-known, fresh, and future networking sites.

What are your future goals as a leader? Do you anticipate any upcoming opportunities in the industry?

The commercial cosmetics sector is evolving quickly, creating new prospects every minute. Eveandboy strategically introduced new things before they grew popular by envisioning the potential and spotting trends early on. My future ambition for Eveandboy is to be the cosmetics merchant that detects and capitalizes on the next developments, and introduces the appropriate items that appeal to the shoppers' hearts. We are also working towards expanding demographically to further spread our footprint.

As a successful business leader, what would you advise young aspiring entrepreneurs?

My advice to all the aspiring entrepreneurs would be to always be fully aware of what is going on around you in your field of business. Do not stay stuck in the past because the world is very dynamic now. Agility is key to succeeding in any venture and in any field.  You must maintain an optimistic perspective as well as an inquiring mind when it comes to solving problems as a leader throughout each circumstance. Lead your team with a progressive outlook and create an environment that encourages people to perform well, so that they will also get invested in growing the company rather than seeing it as any other place of employment.

Hiran Tanmit, CEO, Eveandboy

Growing up in a business family, Hiran Tanmit has the early seeds of entrepreneurship and business acumen sown into his DNA. Watching his family run a business led him to absorb important strategic and tactical intricacies, which, in addition to his strong educational background, passion, ambition, and persistence, enabled him to launch Eveandboy as Thailand's next major multibrand cosmetic store. Today, the brand is renowned for being one of the top few multibrand stores worldwide that can boast the availability of the MAC cosmetics range of products.