Singer Asia will continue to pursue a more expansive strategy, as follows:
- Increase the retail stores base, focusing on the rural areas in each country.
- Renovate and modernize the existing retail network, including introducing new store layouts and designs.
- Increase the range and penetration of certain products, in particular, furniture and IT products in Sri Lanka and Bangladesh, and appliances in India.
- Expand the range of third party brands being sold.
- Extend the range and penetration of the financial services offering, particularly in Bangladesh and Sri Lanka.
- Invest in plant and machinery to enhance local manufacturing and assembly operations, realizing additional duty and tax advantages.
- Expand the existing E-commerce platform to offer products and services to overseas workers from the Singer Asia markets.
- Improve operating profit margins, while further driving down the total cost to revenue ratio.
- Maintain the high quality of the consumer credit receivables.
- Improve the investor relations function at each of the public companies.
The unique attributes of Singer Asia include:
- Number One Retailer of Durables for the Home - In each of the markets where Singer Asia operates retail stores – Bangladesh and Sri Lanka – the Company is the number one retailer of HCDs, with broad, often multi-channel distribution and significant market shares across several product categories.
- Offer of Consumer Credit and Financial Services - Singer Asia is the leading provider of non-automotive, non-residential, consumer credit to middle- and lower-income consumers in Bangladesh, and Sri Lanka. Singer Asia has approximately 438,000 active installment accounts and a receivable of $116.5 million.
- Powerful Brand - Singer Asia has an exclusive, perpetual, royalty-bearing license allowing the Company to use the Singer name and trademark. The brand's strengths include exceptionally high brand awareness, positive emotional consumer tie-in and consumer association with trust, with reliable products for the home and with reasonable prices and available credit.
- Superior Management - Singer Asia has the benefit of a very strong management team with exceptional local market knowledge and international experience.
- Strong Products Offering - Singer Asia successfully sources a broad range of competitively featured and competitively priced products from third-party manufacturers that it markets under the Singer brand. An increasing array of products is also being sold using a variety of other well-known brands, often under exclusive brand distribution arrangement.
- Public Market Presence - Six of the Singer Asia companies – one each in Bangladesh, India and four companies in Sri Lanka – are public companies. Public ownership enhances the image and prestige of each of the operating subsidiaries and affiliates in customer, lender and investor perceptions, and, in a few cases, results in lower tax rates.
- Additional Assets - Singer Asia has substantial additional assets including unutilized cash and unutilized, confirmed bank facilities. The operating companies also have a large portfolio of owned properties and long-term leaseholds.