Teo Ai Siong
Managing Director Aivoria Group of Companies
Malaysiaâ€™s Most Outstanding Retailer-Chains
M A L A Y S I A N R E TA I L E R - C H A I N S A S S O C I A T I O N
馬 來 西 亞 連 鎖 協 會
WHAT IS MRCA AND MRCA-8TV ENTREPRENEUR AWARDS? MRCA acts as an excellent avenue for retail businesses to network and exchange ideas, share resources and to promote the healthy expansion of the retail industry in Malaysia and abroad. There are total 200 established members of diverse retail businesses and over 6,500 members' stores around whole Malaysia. MRCA-8TV Entrepreneur Awards is a recognition programme for outstanding entrepreneurs who have successfully built business models or expanded the business they are running. The Honorees will be featured in the 8TV Prime time Mandarin News. Their experiences and sharing can motivate and spur many more retail chain entrepreneurs to contribute to the retail chain industry. MRCA 8TV Entrepreneur Awards Night is a special collaboration between 8TV and MRCA. MRCA 8TV was launched in 2009 to acknowledge the contributions of our local entrepreneurs and to honour the most outstanding local entrepreneurs who have done exceptionally well in their respective businesses. 3 awards such as Entrepreneur of the Year, Most Innovative Entrepreneur, and Up and Coming Entrepreneur will be chosen and presented among 50 success stories during the event. Our founder, Mr Teo Ai Siong successfully accorded with the Most Innovative Entrepreneur 2011 from MRCA-8TV Entrepreneur Awards.
MRCA 8TV Entrepreneur Awards “Most Innovative Entrepreneur”
Aivoria Group of Companies
About Us he Aivoria Group was established in 1990 at Johor Bahru and moved its headquarters to Kuala Lumpur in 1999. In the year the first Bonita branded store was launched, it was also one of the pioneer outlets in the newly opened Mid Valley Megamall near Bangsar. It has grown to seven stores nationwide today with multi-millionringgit sales, with the latest outlet at the high-end Pavilion Kuala Lumpur. The Group subsequently launched two other brands – skin care and colour cosmetics brand Elianto in 2005 and ballerina shoes brand Tiamo in 2010. The Group has mushroomed into a total of 127 stores, 93 stores nationwide and 34 overseas outlets. The latest addition is Enuca, a hip, Gen-Y/Millenialtype range of beauty products due to launch in 2011. Two other companies serve as management functions – Agasi for the Group’s wholesale business and Bonita Management for the management of licensees and franchising businesses.
About the Founders
This is a classic tale of partners in love and business who made it together, leveraging on each other’s strengths and expertise. Mr. Teo set up the first Bonita boutique right after graduating from the University
of Toledo, USA. His fellow traveller and life partner, Sylvia, studied at the Golden Gate University, San Francisco, USA.
Stages in Management Roles
Their roles within the company could be divided into three different stages. The first was as self- termed “businesspeople” during ages of 2040. During that period, the company was heavily reliant on the energy and vibrancy of youth to go forward. The second stage is between ages of 40 and 50, where they have now progressed to “entrepreneurs.” From using a youth’s brute energy, they have now matured into thinking machines to run the Group. The third stage, which Mr. Teo is easing into, is that of a capitalist’s role. A more famous example of this role is Warren Buffet who uses his experience and vast network gained throughout the years to build and leapfrog the Group. As an example, his personal philosophy is “Management is not to Manage.” It is a classic maturity model, the idea being to allow professional managers run the company eventually from a family-run business mentality. One manages the managers through key deliverables. Mr. Teo believes that if one has to still manage the company at this third stage, one has not managed to mature from one stage to the other. The misconception is when a leader adopts this model, he forgoes details.
Looking at details is still paramount, but managing the details should be left to the professional hires. It was a difficult start. It is through perseverance, mental strength, commitment, discipline that the Teos could reap the fruits of their hard work today. Deep passion is also needed for them to continuously keep striving to do better even after 20 years. Mr. Teo remembers having to wake up at 2am to personally drive and deliver goods to Kuala Lumpur, or offloading newly-arrived supplies from a 40-foot container with only his two maids for assistance to his house. Multi-tasking is key to keeping cost low, by playing different roles as merchandisers, visual artist, storekeepers, accountants, deliverymen, lorry driver (he even has a lorry driver’s licence!) etc. One other critical success factor was the trust bestowed upon them by the suppliers, enabling them to obtain a favourable credit line and to proceed with order fulfilment even without official purchase orders. Through strong connections, their roles now are mainly to source advanced ingredients, products and formulate solutions and keeping prices affordable to the public. They have sourced mainly from European countries such as Switzerland, Germany, Italy and Czech Republic, and also Korea. Using high technology methods to formulate their products and solutions, the Group is meeting its vision of being the forerunner in the industry.
The transition from one stage to the other has it challenges, especially when transforming from a family type management style to a corporate professional, structured and process driven style. Mr. Teo has adopted key deliverables, results driven American-style type of management. The casualty of this is that staff churns tends to peak before it normalises. Initially both Mr. Teo and Ms. Sylvia were confused and worried, and could never find an answer for how to retain their staff despite the good treatment the latter were given. Increasing salaries was not an option, as it leads to a zero sum game. Now they have come to accept and expect it as part of cause and effect. One guiding philosophy they have adopted is to think differently, that each challenge is an opportunity to leapfrog ahead. A dangerous reaction is to stand still, being stagnant in the face of difficulty. That is one thing both Mr. Teo and Ms. Sylvia have never allowed themselves do. They have always made changes to get around issues quickly and continuously pushed forward.
Qualities of a Successful Glamour and Fashion Entrepreneur The fashion and glamour industry demands a keen eye for trend spotting, immediate and proactive reaction, farsightedness and calculated risk-taking as a few critical ingredients to be successful. The Teos have also a consistent determination and drive, essential qualities to tie all these qualities together. Being successful does not mean the journey has ended â€“ in fact, the Teos think it has just begun. They are always wary about accepting the fact that they are successful. On the contrary, they think they still need improvement and it is this attitude that has translated into obtaining the best products and solutions, keeping prices affordable, ensuring that only
the best qualities are offered to their customers. The Teos have one singular belief, which is to seek outcomes where everyone benefits in the end. This single reasons the fact most of their suppliers and partners have stuck with the Teos for 20 years. They feel they have a deep social responsibility to give back to society through introducing programmes enabling entrepreneurs to start their own businesses at virtually no cost. The Teos have also invested in the young â€“ Enuca and Elianto are such examples of their belief that providing opportunities and via financial assistance, mentorship, infrastructure and business guidance to enterprising young people will eventually serve to benefit society atlarge via wealth creation, leadership training, confidence building, creating jobs, contributing to the economy and the country.
Mid Valley Megamall.
It all started with a venture to help women obtain glamour and fashion accessories that were not available in Malaysia in the 90s. From the beginning, its mission has always been to “Accessorize and Beautify Women.” It has grown into a multi-millionringgit brand with expansion into cosmetics, skin care and foot wear. Its accessories range has grown to include shawls, bags, belts, hair accessories and many others. The target audience is broad with themes such as “Evening Glamour”, “Everyday Basic”, “Night Sparkle”, “Leisure Fun” and “Career Chic.” Just recently in 2009, Bonita opened a new concept store in Mid Valley, a total glamour and fashion store. The name Bonita was inspired from Madonna’s hit song La Isla Bonita, meaning, ‘The Beautiful Island’.
Elianto started in mid 2005 to offer total skin care and colour cosmetic solutions with natural ingredients at very affordable prices. The brand personality is to project a sense of fun and energy, targeting customers between 15 and 25 years old, hence the name which is Italian for sunflower. Like Bonita, it has mushroomed to 118 outlets spreading across Singapore, Cambodia, Maldives, UAE and Malaysia. Elianto has two business models, a licensing and a boss scheme model. The Aivoria Group owns 80 per cent of the outlets while the remainders are a mixture of licensees and boss schemes with the main growth contributor coming from the licensing model. The Teos travel frequently to oversee the brands and to listen to partners and help them further.
Tiamo is new, having started in 2010 and is the first and only brand to offer Designer Ballerina Flats and Pumps. It is designed by the famous Korean designer Jung Eun Ju. Tiamo means “I Love You” in Italian, targeting mid and upper class segments with prices starting from RM119. It complements young fashionistas and executives, and also stocks evening wear. Tiamo is also growing, reaching 12 outlets by 2012. It is present in Class A, high-end malls like The Gardens.
Due to launch this 2011 is a new hip, stylish, arty brand of skin and beauty care solutions called Enuca. Enuca came from the word ‘to Enucleate’, which is to uncover one’s potential. And that is exactly its mission. Enuca aims to provide the platform, services and solutions for its customers to realise their potential, aspirations and dreams via affiliate and social marketing. Believed to be the first of its kind offering these types of products and business model in the market, Enucans adopt a sense of fun and creativity in everything they do. Think Facebook, Googlers, Lush, Berry Plus, Sephora and one would have a better sense of the positioning of the brand.
enuca head office.
Infrastructure and Talent The Company adopts technology as its mainstay tools to manage various functions like Enterprise Resource Planning (ERP) and Point of Sales (POS) to monitor real time, daily sales, and stock movements. All stocks are kept and centralised in our headquarters in Kuala Lumpur and dispatched regionally. It has been a difficult experience to recruit, manage and retain talents. This is one reason the Teos have shifted from a family-run management style to corporate, American MNC inspired management style to instil a talent management function.
28, Jalan 6/91, Taman Shamelin Perkasa, Batu 3 1/2, Cheras, 56100 Kuala Lumpur, Malaysia. Tel : +603 9284 8818 Fax : +603 9285 8818 Website: www.bonita.com.my
THE DREAM TO MAKE ALL OTHERS COME TRUE
Mr. Teo Ai Siong and Ms. Sylvia Lim founded Enuca to give aspiring entrepreneurs a lifeline to fast track success. They believe that success is not defined solely in terms of financially-freedom. Instead itâ€™s measured by how we make your life more rewarding, colour the life in more meaningful way, securing your future and bringing your dreams a little closer. Our visionary management team is passion in helping people enjoy unlimited success and Enuca is here to open the doors of opportunity to realize your full potential and live your dream!
ENUCA is here to rewrite the rules of the game! E mpower with network and internet marketing, bringing the benefit to people and society. N urture each Enucan to the fullest potential. U nderstand todayâ€™s consumers and lifestyles, and to make a difference in our lives and the communities we live in. C onnect and enjoy the benefits of a borderless world. A dvocate new luxury and share the joy of indulgence.
SMART LUXURY; SMART LIFESTYLE Staying ahead of the desired lifestyle, we aim to evolve the best products in beauty, wellbeing and fashion. Collaboration with world top manufacturer from Switzerland, Germany and Italy, we only look for the finest ingredient, effective and safe solution that show immediate results yet with long-term benefits. We prescribe to a simple product philosophy, multi-functional and sensorial and deliver impeccable, dependable results. At Enuca, we offer you to enjoy our luxurious products yet at a delightful price tag.
Skin Care Discover the essence of youthfulness, luminous glow with even skin tone, secret of water-lock and anti-acne solution. A variety of special skincare solution for all.
Taking care and comfort to new heights for you and the environment, we aim to infuse your world with the best personal care, home care and nutritional food.
Makeup The best makeup highlights your beauty, creates flawlessness and contains beneficial skin nourishing ingredients!
THE GLORY MOMENT OF ENUCA Enuca’s corporate activities and events channel you to success. Unprecedented opportunities open to all business partners. Positivism and optimism experiences gained from events will always encourage business partner, increases their confidences to the path of unlimited success. “Transformation is needed to live your desire lifestyle, successful always belongs to transformers!” by Mr. Teo Ai Siong
ENUCA SDN BHD (795769-V
No. 26, Jalan 6/91, Taman Shamelin Perkasa, Batu 31/2, Cheras 56100 Kuala Lumpur, Malaysia T +603.9282.0888 • F +603.9282.0999 • E email@example.com • W www.enuca.com