RICHWELL Trading Corp. (RTC) has launched a new operating unit to focus on its industrial and tire businesses. The firm officially introduced last week Richprime Global Inc. (RGI) as the group’s distribution, marketing, retail and operation subsidiary.
“Through the years, we have grown the company from tires and Barbie dolls to do a business that includes toys, baby products, licensing, apparel and footwear,” RGI Managing Director Liza-Yao-Bate said.
RTC was incepted more than three decades ago as a distributor of Good Year tires. Through the years, it has an average annual growth of 15 percent in terms of revenues.
Last year it incorporated RGI to be engaged in the distribution of branded children’s products, such as Barbie, Hot Wheels, Fisher-Price, Vtech, and Chicco, among others. The latter gave birth to Richprime Sales Inc. with the acquisition of Big & Small Retail Group, whose brand is included in its 24 different stand-alone retail concept boutiques.
Currently, RGI has 1,400 employees and a distribution network of around 1,200 outlets across the country from the department stores to direct-selling companies. It has made several investments to better serve its growing market and guarantee efficiency in all divisions. Initially, the company has worked on the enhancement of its management information and business-solution systems. Coinciding RGI’s unveiling, it also inaugurated its new nine-story corporate headquarters in Quezon City (QC) to meet the expanding business requirements.
“The company motto ‘Every Child Deserves a Happy Childhood’ has been one of the key inspirations to its rapid growth that ultimately led to the construction of this new building,” Richprime Founder and CEO Myrna T. Yao said.
Since they have been working in small spaces in their old building also in QC, Yao-Bate said they are “fortunate to find this place with a building already in place,” which only needed “a few structural changes and renovation works” to become a workplace for their employees to “perform their tasks, innovate and grow.”
With the country’s sustained economic growth, she said that they will continue to expand through new businesses.
The founder and CEO, on the other hand, noted that they will stay committed in providing the Filipino market with quality products for the whole family.
“We will also remain focus on maintaining that solid relationship with our principals, customers, and suppliers by always striving for excellence and being result-oriented,” Yao added.