Entrepreneurial Venture: Allure – An Organic Beauty Brand in Maldives

Allure: An Organic Beauty Brand in Maldives
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Executive Summary
Maldives is an emerging economy, shifting focuses to non-tourism sectors for risk diversification. Recent market statistics indicate that Maldives plans sustainable efforts to push industrial practices in the country. However, social and environmental developments remain the central focus of government representatives and regulatory authorities. Allure plans to launch its product mix in FY2024 to push Maldives' social entrepreneurship. Allure's operational plan emphasizes becoming a leading organic beauty brand in the Maldives' cosmetic industry. The company will utilize comparative advantages from trading economies like the UAE, India, and China while injecting green procurement practices. The brand will use systematic marketing strategies to chain customer communication exchanges and build sustainable relationships. The brand will use Omnichannel to reach customers using online and offline platforms. Budgeted forecasts incorporate expenses and revenue for Allure's three fiscal periods. Social and environmental compliances are complex in Maldives due to the high dependency on the tourism industry. However, Allure would create an internal culture using the best HR and leadership practices to overcome external gaps, becoming a leading social brand in the Maldives' cosmetic industry.

Table of Contents  

Executive Summary. 2

1. Introduction. 4

2. Discussion. 6

2.1 Operations Planning. 6

2.2 Marketing Strategies. 8

2.3 Customer Development Strategies. 10

2.4 Financial Requirements. 11

2.5 Human Resource Planning. 12

3. Conclusion. 13

References. 15

List of Figures & Tables 

Figure 1: GDP Trend in Maldives. 4

Figure 2: Maldives - Economic Trading Partners. 5

Table 1: Allure's 3-Years Forecasted Budget Plan. 11

Table 2: Allure's 3-Years Forecasted Sales. 12

1. Introduction
Maldives is an emerging economy, dependent on foreign direct investments (FDIs) generated by tourism. Maldives is a dependent country with intense economic pressures on its 550,000 domestic population. However, Maldives experienced a massive infrastructure development to attract tourism and establish other local industries to diversify economic risks. The country has encouraged social entrepreneurship since the COVID-19 outbreak to utilize natural resources efficiently and reduce import dependency to mitigate national debt (TWB, 2023). The cosmetic industry became a central attraction in Maldives to improve economic, social, and environmental conditions nationwide.
According to O'Neill (2023), the Maldives' Gross Domestic Product (GDP) reported a continuous inclination since FY2023. The current GDP is US$3.2 billion in FY2023, with an estimated growth to US$10.17 billion by FY2028 (See Figure 1 below).
Figure SEQ Figure \* ARABIC 1: GDP ...