The universe of alternatives is growing and batik – a fabric made with a unique Indonesian technique – could be the next luxury good to join the asset class, according to digital marketplace Alta.
Originating from the Indonesian island of Java, Batik is a fabric made using a unique technique that applies wax and dye by hand. The wax is used as a dye repellant, allowing artisans to color selectively and create exquisite designs.
According to Kelvin Lee, co-founder and CEO of Alta, a Southeast Asia digital marketplace for alternatives, the Javanese textile is already celebrated as a luxury good but its position as a luxury investment has yet to be explored.
«We are working towards growing investor participation in this space,» Lee added in a conversation with finews.asia.
Fashion Tie-Up
As a result, Alta recently announced a partnership with Iwan Tirta Private Collection, a lux fashion company in Indonesia, to bring batiks to the world of investable alternatives in the form of digital assets. Established in the 1970s, the artisan-run brand is renowned for producing one-of-a-kind high-end batiks.
«Hand-drawn batiks are increasingly recognized as valuable luxury assets, achieving international recognition through high-profile collaborations that bring batik to the forefront of the world of fashion and textiles,» said Iwan Tirta CEO Widiyana Sudirman in a statement.
The export value of batiks reached $533 million in 2020 and $158 million in the first quarter of 2021, according to data from Indonesia’s Ministry of Industry.
Lux Assets
The batik tie-up is part of Alta’s continued efforts to expand the universe of investable alternatives with a focus on luxury assets. Alta also listed wine via a collaboration with PhillipCapital in 2022 as well as Diageo’s single malt Scotch whisky – Casks of Distinction – in 2021.
Luxury assets as a whole is seeing a high investor interest, Lee added.
