SABINA reveals its 2024 plan to set revenue goal to grow by 10% from the previous year with confidence of all-distribution-channels expansion; Retail, NSR; and OEM. The OEM clearly shows an improved sign after foreign customers' orders have gradually been increased to the normal situation level. While the 2023 performance stunningly exceeds expectations, with the revenue breaking the previous record of 3,295 million baht set in 2019 prior to the Covid-19 pandemic. The Company's strategy for this year is "ACE" strategy to penetrate both Thai and oversea markets by focusing on customer-centric demand, availability, convenience, and ease. The first collection of the year will be launched at the beginning of February with the product highlight of being lingerie superiority, expecting to stimulate Q1's sales volume. It remains Thailand's number one brand with the highest sales volume while driving its regional brand goal to be more distinctively.
Miss Duangdao Mahanavanont, CEO of SABINA Public Company Limited or SABINA, a manufacturer and distributor of "SABINA" lingerie products revealed the Company's 2024 plan to set revenue goal to grow by 10% from the previous year with confidence of all-distribution-channels expansion: Retail channel, accounting for 63% of the total revenue; Non-Store Retailing or NSR channel, accounting for 30% of the total revenue; and OEM channel, accounting for 7% of the total revenue. In this year, the Company aims to remain the revenue ratio of each channel at existing level.
"We are confident that the sale volume of all distribution channels will be expanded after better than expected 2022 performance and a new record high revenue breaking the previous record of 3,295 million baht set in 2019. The supportive factors were our focus on development and improvement of all distribution channels based on principles of waste reduction while enhancing efficiency and effectiveness at all business operation levels, emphasizing on systematical planning for every unit to work in line with the marketing plan. In so doing, SABINA's products ad services could instantly response to demand of targeted customers. In this year, we will continue to perform to set another new record high sales volume", said SABINA CEO.
For 2024, the important supportive factor is the recovery of the OEM channel. Till today, the OEM orders have returned to similar level of 2019, a normal level after the order levels in 2020 - 2023 from oversea customers in Europe and the UK were not certain due to the Covid-19 pandemic. On the other hand, the Retail channel's stores, the main distribution channel with the highest revenue ratio, have been adjusted and improved to be appropriate with situations while maintaining constant growth rate of the sale volume of the channel since 2022. Also, there will be new NSR channels in this year for customers to easily access to each product type.
However, challenging factors of this year depend on the growth direction. SABINA will not place the importance on store expansion but focusing on sales efficiency enhancement for stores: department stores' counters, SABINA Shop, and online channels, by adding product variety and developing products to meet targeted customers' demand. Through the "ACE" Strategy, meaning moving toward the excellent goal, the customer centric is the core of all aspect development, whether availability, convenience, and ease.
"In 2023, the expansion of SABINA's superiority lingerie product group will be more distinctive. However, we are careful with the expansion to ensure that all launched products respond to targeted customers' demand as expected. You will see the clear picture in the first collection which will be launched in February. We believe the market will be surprised by the collection at the beginning of this year. Also, the new collection will boost the overall market situation, leading to busy sales volume at the beginning of quarter 1 of the year", said Miss Duangdao.
SABINA's oversea market situation after the investment in the Philippines proved to be more successful than expected. The sales volume in the previous year grew by 25%, while in this year, the sales volume is expected to grow higher due to greater opportunity for expansion with the country's populations and economic growth rate. The "ACE" marketing strategy, as used in Thailand, will be applied, and adapted with the market situation and consumers' lifestyle in terms of products and distribution channels to serve the consumers' demand as much as possible. The ultimate goal of the oversea market expansion is to build sustainable growth.
Apart from marketing plan for every sales channel and oversea market penetration, in this year, SABINA is planning to place the emphasis on the Brand DNA which reflects the Company's identity based on the principle of "SBN": Sustainability, a determination to create green products with sustainable and eco-friendly material, accounting for 10% by 2025; Better Life, a participation as a part to drive the New Life Bra Cycle project by recycling old lingerie to clean energy in order to decrease global waste while implementing the sewing bra for breast cancer support activity to provide the sewed bras to breast cancer patients after mastectomy, including providing simulator pad activity to promote breast cancer self-detection; lastly, New Innovation, an emphasis on updated innovation for product designing and manufacturing to cover all target groups for better everyday life. It is believed that this principle will help "SABINA" brand to be the number one Thai lingerie brand in Thailand and to move up its ranks in several countries to enhance its image as regional brand to be more distinctively.
Source: i2C Communications