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Suyen Corp in Apparel and Footwear (Philippines)

Local Company Profile | 01 Mar 2017

STRATEGIC DIRECTION
The company is expected to increase its presence by launching higher-end premium apparel and footwear brands in the Philippines.
Known for its maturing flagship brand Bench, which targets mass consumers, Suyen Corp is expected to invest in becoming one of the
biggest players in premium apparel and footwear as the increasing numbers of middle-income consumers in the country are driving
demand for these items. The company is also expected to maintain its aggressive and influential marketing strategies, which have
attracted the interest of its target consumers.
As part of its highly active promotional campaigns, towards the end of the review period, Suyen Corp introduced one of the biggest
celebrity loveteams as its newest endorsers, Alden Richards and Maine Mendoza. This move has been taken in an effort to target mass
consumers, encouraging them to support the companys major brand, Bench. In addition, the company has also been active in terms of
opening doors for other business interests such as Pablo from Osaka, which is known for having one of the best-tasting cheesecakes in
Japan, and the innovative dermatological skin care brand Sygma-Lift.
Despite the huge growth potential of the company, Suyen Corp remains a privately-owned corporation. Its plan to go public during the
review period has still not been realised.
Suyen Corp is known to have a strong presence in numerous other areas of business in the Philippines and it continues to expand,
underlining its status as one of the leading local corporations. Recently, the company has been investing in the development of premium
and luxurious foodservice outlets in order to tap into the growing demand among middle-income and high-income consumers throughout
the country. It has sought to achieve this through the brands Feliz, Patchi, Paul and Pablo, among others. During its more than 28 years
of operating in the Philippines, the company has been able to successfully establish 18 local brands and 42 foreign retail and consumer
foodservice brands, most of which are within the apparel and footwear industry. Some of the other consumer goods industries on which
the company focuses include beauty and personal care, personal accessories and home and garden.

KEY FACTS
Summary 1 Suyen Corp: Key Facts
Full name of
company: Suyen Corp

www: //www.bench.com.ph

Manufacturer, distributor and manager of local and international brands in apparel


and footwear, personal accessories, beauty and personal care, home furniture,
Activities: specialty food, consumer foodservice and various other services

Source: Euromonitor International from company research


Summary 2 Suyen Corp: Operational Indicators
Year end December 2014

Net sales PHP9,848.5 million

Net profit PHP174.1 million

Source: Euromonitor International from company reports

RETAIL OPERATIONS
The company is expected to open up at least four stores for its flagship apparel and footwear brand Bench in 2016, while a new store was
opened in Cebu for its international brand American Eagle Outfitters. With this progress, Suyen Corp is seen to be continuing with its
plan to increase the number of new store openings in the country as the rising number of shopping centres in the country means that the
company is now able to tap into demand in regions that are less densely populated than the countrys major cities.
In 2015, the company opened the first Charles & Keith flagship store in the Philippines. This store is located on Bonifacio High Street,
the countrys first mixed-use retail concept development that is also a main street. The location offers many welcoming and eco-friendly
features, targeting middle-income and high-income consumers. The opening of this store reflects the companys developing goals of
reaching out to this specific consumer base.
Summary 3 Suyen Corp: Retail Operational Indicators
2014 2015 2016

Outlets 252 265 269

Source: Euromonitor International from company reports, company research, trade press, trade sources

INTERNET STRATEGY
Although online retailing in the country is still yet to take off, Suyen Corp has done well to have already penetrated e-commerce.
Through its own website, www.freestate.ph, consumers are able to scan and even purchase the companys wide portfolio of local and
international brands and products for many different types of consumer goods, including apparel and footwear. The company is expected
to have a strong presence in e-commerce of apparel and footwear as it continues to attract consumers and is able to present a unifying
website for most of its brands.
With its vast array of apparel and footwear brands in the Philippines, Suyen Corp has become adept at using different social media
platforms to reach out to its potential consumer base. Most of its major brands have their own Facebook pages, while some even have
Twitter, Instagram and YouTube profiles, catering to consumer inquiries and enabling the company to engage in advocacy and
promotions.

COMPETITIVE POSITIONING
Suyen Corp remained the leader in apparel and footwear in 2016 with a value share of 2%. Despite the market being highly
fragmented, Suyen Corps vast range of brands has enabled the company to maintain its leading position, while its aggressive marketing
strategies have enabled it to effectively reach out to its target audience.
Growth in the companys market share slowed down slightly in 2016 as international fast fashion brands continued to gain strong
prominence, attracting young consumers from middle-income groups.
Suyen Corps brands are positioned at the lower end of the mid -priced segment of the apparel and footwear market.
Summary 4 Suyen Corp: Competitive Position 2016
Category Value share Rank

Apparel and footwear 1.8% 1

Womenswear 2.3% 2

Menswear 3.0% 1

Childrenswear 0.8% 8

Sportswear - -

Jeans 3.1% 3

Hosiery 0.2% 12

Apparel accessories 0.3% 10

Footwear 0.0% 44