Cayman Tung Ling Industrial Co (開曼東凌集團), a maker of baby clothes and infant products, plans to boost its e-commerce business to 10 percent of overall sales by the end of this year.
Tung Ling, which has various brands led by cartoon icons Piyo Piyo and Abby Bear, saw consolidated sales rise 2.64 percent to NT$1.54 billion (US$50.88 million) last year, of which 4 percent came from its e-commerce sector.
China’s e-commerce market accounts for more than 70 percent of the company’s consolidated sales.
The company plans to launch a new brand, Kaeru, later this quarter that will be offered through online sales only in the preliminary stage.
The new brand will target middle-end products, the company said yesterday.
“With Beijing’s easing of China’s one-child policy, more babies will be born and we expect the first round of newborns will be seen in the fourth quarter,” company president William Hsu (許復進) told an investors’ conference.
The strategy to focus on e-commerce would mean that Tung Ling slows its expansion of physical outlets.
The company currently operates about 366 outlets in Taiwan, China and the US.
Hsu said the company may only launch between 30 and 40 new physical outlets this year, compared with the 40 to 50 that were opened each year previously.
Even so, Hsu remains bullish that Tung Ling’s consolidated sales this year could show double-digit percentage growth from last year, driven by strong momentum in its e-commerce business.
Meanwhile, the company’s board has agreed to provide a cash dividend of NT$3.2 per common share this year, based on last year’s net income of NT$132.28 million, or NT$4.16 per share.
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