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Outlet open to enhance Pegasus foothold
By Hui Ching-hoo (HK Edition)

Taiwan-based footwear seller Pegasus International Holdings intends to double its self-run outlets to 244 on the mainland over the coming year.

The company's Chairman & CEO, Thomas Wu told China Daily that the economic takeoff has fuelled strong demand for footwear. "Unlike luxury products, shoes can withstand more from the volatility of economic cycle."

After setting up business on the mainland in the 1990s, Pegasus adopted two-pronged strategies to spearhead the market.

"Our mainland branches incorporate manufacturing and distributing segments. The company set up its manufacturing business on the mainland in 1998 and it began to dabble in the retail sector in recent years."

"Although the marginal profit of footwear business is narrower than the other industries, it picked up steadily and consistently over the past few years."

To maintain the efficiency of the production lines, Pegasus trimmed its manpower as well as raised the productivity of labour. "We have slashed our workers' number from 24,000 in 2004 to 16,000 now. The production, however, remained same-from 60,000 to 80,000 pairs per day."

However, Wu said the company would not rush to extend its production lines.

On the retail front, Pegasus currently has 728 selling points across the mainland. "We have 83 self-operated outlets, running in the form of franchisees and counters. The number of outlets will be increased to 244 by the end of the year," he said.

"We have financial muscle for the expansion. The company currently has US$13 million in cash, with low gearing ratio below 10 per cent. We will earmark $5 million to increase our presence."

The company has categorized the outlets in three brands to accommodate the needs of various age groups. "For instance, Magic House mainly focuses on kids and students' sectors and E-kid is more teenage-orientated."

Pegasus now undertakes distributions for 40 to 60 international brands. Wu promised the company would continue to introduce new brands to the market. "We eye on semi-casual footwear. Our newly-signed partner Speedwell, for example, and their shoes are suitable for both informal gatherings and banquets."

Speaking about the export market, Wu said 9 percent footwear are exported to the mainland. He hopes to scale up the proportion to 50 per cent in five years.

(HK Edition 06/21/2007 page6)