PROJECT: Interviews, Research and Copywriting Splash Corporation’s Annual Report for 2010
Design and Layout: JimenezBasic
COVER | THE WORLD TRANSFORMED: A Beautiful Change Coming
PHILIPPINE OPERATIONS
HEADLINE | PROGRESS ROOTED IN THE CENTER
There comes a time in every great organization’s history when challenges are encountered and in Splash Corporation’s case, used as a springboard towards incredible progress. In 2010, Philippine Operations charged through towards a new era of excellence and profitability fueled by sustainable innovation and strategic risk-taking, marks of an unmatched entrepreneurial spirit.
Splash Corporation is a Filipino corporation first and foremost so though expansion into multiple foreign markets and into alternative modes of distribution are definite highlights, Philippine Operations remains the formidable driving force. In 2010, both tangible and intangible indicators have emphasized that Splash Corporation gained a status of maturity. With a certainty of vision, the Chairman has put together a team, outlined a strategy and executed it proclaiming a company that is flourishing from a year of challenges. The result, Splash Corporation has written for itself an epic of transformation—one that is still unfolding.
With 2010 ushering a new government—one led by a beacon of a historical revolution—consumer confidence grew contributing to the growth of the personal industry. By aggressively promoting its core brands and unveiling numerous new brands, Splash Corporation maximized this unprecedented momentum. Distribution also grew from 13,000 to 22,000 stores in 2010. Enhancing the mix of products and their strategic availability resulted in a 3% increase of net revenues. This is only the beginning.
Founded upon a strong sense of discipline and aided by a sense of accountability, Philippine Operations has proven to be the steadfast player within the company ensuring that Splash Corporation stays a market leader in an industry teeming with new competition, especially since Splash Corporation transformed the personal care industry and its end-consumers. By making quality products accessible and affordable, consumer behavior was changed, expectations were raised. A true pioneer in the skin whitening industry, the Company secured the evolution of a niche category of 3 players to a broad-based category of 50 brands across different formats. The same goes for the exfoliant industry. Extraderm and Maxi-peel opened the mass consciousness to the benefits of regular exfoliation and in effect, cultivated extreme loyalty reflected in numerous personal endorsements. These lasting changes in personal care are borne of a keen appreciation of market intricacies and a boldness innate to the entrepreneur. Both traits testify to a prioritization of technological development. For example, it is cutting-edge advancements of the Splash Research Institute that make Vitresse Cuticle Coat, a hair product that provides consistent shine and manageability, unmatched by international and more expensive brands.
In addition, a mindfulness of processes and singularity in purpose have served to be fertile grounds for strategic and progressive ventures. The year 2010 was one that illustrated how a smart mix of the old and the new is sure to reap rewards. Namely in terms of management, the injection of fresh ideas and managing styles rejuvenated an existing enduring base of experience. With processes well-documented and a mission vision clearly declared, the new team was able to integrate into the community with ease without question on function. Along with a rejuvenated engagement with key suppliers, the foundation laid in 2010 resulted in a 25% jump of gross profits from 2009. But most importantly, this transformation was collaborative led by a Chairman whose trust in his people and their partners instilled a genuine sense of involvement.
Splash Corporation has always carved out its own market making the next years definitely ones to watch. Major thrusts in the new year include continued outlet expansion and the introduction of new products and brands including the premium Skin Medix line. With a major capital expenditure going towards the expansion and development of the plants and the supply chain division, a significant reduction of cost of goods sold is also expected. Philippine Operations confidently presses on its chosen path towards unprecedented progress.
