Hayleys Consumer to focus on core brands and distribution
Hayleys Consumer Products Limited (HCPL), the owner of a large and
multi-sector portfolio of leading global brands unveiled plans to
intensify its focus and commitment to core brands, primarily Fuji
Imaging and Medical, P&G and the Gillette range, Philips Consumer and
Professional Lighting, its core Medical Equipment brands Shimadzu and
Fuji, its Pharma agencies led by Blue Cross and its distribution
businesses.
The company said it plans to phase out its retail electronics
business and that as a first step in this process, Hayleys Electronics
(Retailing) Ltd, its subsidiary in electronics retailing has entered
into an understanding with Singer Sri Lanka Limited to manage its
network of showrooms with effect from January 2.
"This re-orientation of the company's areas of focus is a strategic
decision that will enable HCPL to concentrate on its current strong
portfolio as well as on new business categories that fit well with
medium and long term profit and growth targets," the company's CEO
Trevor Reckerman said. "This decision was arrived at after a detailed
analysis and a new business plan developed after extensive discussions
with our principals, and is believed to be in the best interests of all
parties concerned."
Singer (Sri Lanka) Ltd. (SSL) Chairman Hemaka Amarasuriya said that
"taking over of Hayleys Electronics' well located retail network is in
line with our primary goal of expanding the distribution network and
providing comfort and convenience to Singer's customer base of over four
million households spanning the length and breadth of Sri Lanka. These
showrooms will in turn reinforce Singer's multi channel dimension with
significant additions to the "Singer Plus", "Sisil World" and "Merit"
Channels of Distribution. This arrangement opens possibilities for
strong revenue growth in fiscal 2008."
Subsequent to this restructuring, Hayleys Consumer will continue to
represent brands such as Fujifilm and Fuji Medical Systems, Shimadzu
Imaging, Proctor and Gamble (P&G), and Philips Lighting for which the
company has achieved market leadership status or significant market
shares. |