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yoda
Posts:271
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| 08/05/2008 10:14 PM |
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Caliea International Entrepreneur Alliance
Elim Chew
Managing Director
CALIEA: Could you give us a quick overview of your company's service?
CHEW: Our core business is our youth fashion retail in Singapore, Malaysia and China. Our subsidiary companies are in the business of manufacturing and distribution of skincare products, whole sale men's wear distribution,
health care products and management of shopping malls.
CALIEA: What is the opportunity in your industry and country?
CHEW: The youth fashion scene is a very dynamic industry and its short product life cycle creates abundance of opportunities if you can see it in the right way. For instance, while some may lament the rapid changes, others are creating and capitalising on these changes in their innovative marketing zeal and abilities.
In my country, there is a population stagnation and thus growth may be curtailed because of the shrinking consumer market. That is why we have ventured into other countries such as China which will be and not if already are, an economic powerhouse..
CALIEA: What is the major competition in your industry and country?
CHEW: Competition in my country come mainly from the small players who do not know how to capture their market share except by cutting prices. This in turn eat into their profit margin as they too will have to compete with each other. Then they fold up. But there will be another like them who will start again until it becomes yet another casualty. The cycle goes on and on.
Industry wise, we have no major competition in the youth fashion arena.
CALIEA: How do you view your competitors and how do you see your company
positioned in the space?
CHEW: Although there are big players sharing the youth fashion pie, we have through the years carved ourselves as a one-stop provider for them. Whatever apparels or style they want, whatever accessories to go along, being hip hop, funk, rock or just plain casual, we carry them all. We have no standard typical style but yet the youths identify with us as what they want and wants to belong. It is this reason that we do not see any major competition because our bigger competitors leave a mental picture of only one type image. Like MacDonald is to hamburger and KFC is to fried chicken. So by this distinction, we can say that we have no direct competition from the bigger players in the industry because of product and presentation differentiation.
There are smaller mom and pop shops that are catering to the same market as us. Those lack the infrastructure and economy of scale to compete with us on the national market. But on a local scale, they do compete with us,
especially on pricing. Fortunately, our most of our customers do not look at pricing alone. They are looking for a sense of belonging, a brand of quality and innovation that they can trust. A brand that is always ahead in whatever fashion they are looking for and knowing that they have to look no further than in 77th Street.
CALIEA: How has your business held up during this tough economic environment?
CHEW: Running the risk of sounding cliche, we see opportunities in every storm. When the economy slowed down, we took the opportunity to review, restructure, plan and execute things which during busier times we were unable to look into. Since then, we have revamped our computer systems, execute many customer loyalty programs, tailored our logistic system to make it more efficient and gone into businesses which we will not have a chance to look at during the busier days of a robust economy. That make us now ready, leaner and more efficient to take on the fortunes of an economic up turn.
CALIEA: What have you defined as your company's main objectives for the next 12 to
24 months?
CHEW: In the short term plan over the year or 2, we have developed some promising products which may have a massive distribution potential in Asia. We are also learning the ropes of managing a shopping mall in Beijing and there are plans to open 4 more malls by 2008 Beijing Olympics.
CALIEA: What is the most important advice you could offer people who's just
starting a business?
CHEW: Have a business plan and have people take a shot at it from all angles. Adjust the plan. Execute it with a passionate zeal that even the most ferocious storm will be unable to douse it. Most of all, to develop and entrepreneurial mindset.
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