N 3.

0 Objectives and Goals

Padini Holdings Berhad has been operating n the Malaysian Market since 1999. The organization

has expanded further from the market as well and now sells in numerous countries which include

the regions of Middle-east, South Asia. While Padini is mostly known in these markets as a seller

for apparel and other accessories for clothing, the organization has numerous other holdings as

well. The organization has clearly written vision and mission statements as well as the core

values that it aspires to have, which shows that Padini Holdings Berhad is a well-defined

organization with high focus towards the achievement of its objectives.

3.1 Vision Statement

While these statements merely define the organization’s perception on what they what to do,

strategies that are designed by the organization are much more complex. Padini’s Vision

statement tells that the organization aspires to become the best fashion company ever (Padini

Holdings Berhad, 2016). Although stated rather bluntly, the organization has been working to

achieve this objective since quite long. The vision statement also shows that the organization has

bigger plans and does not plan on staying within the current regions as becoming the best fashion

company would mean the organization is best everywhere. The Brand, while well known in the

regions of Southeast Asia, is not much well-known in the Middle East. Also, to be the best it

would have to not only capture the continent of Asia, but also be able to overcome competition

in other regions of the world.

3.2 Mission Statement

The mission statement of Padini states that it wants to exceed customers’ expectations and also it

brands’, which shows that the organization is extremely vigilant about its product in order to
efficiently satisfy the needs of its consumers(Padini Holdings Berhad, 2016). As the organization

conducts its business mostly directly with consumers, it has extensive knowledge regarding the

demand which is one of the reasons why it has been growing in the Middle East sector.

3.3 Core Values

The core values of Padini Holdings Berhad dictate caring from the heart(Padini Holdings

Berhad, 2016). While the sentence may seem quite vague as it does not refer to any particular

stakeholder, it can be assumed that this depicts the relationships that the organization has and

will develop during its operations. This not only shows that the organization is prone to long

term commitment but also illustrates that Padini stays conscious about the needs of the

environment.

3.4 Goals

3.4.1 Application of SMART goals

Every organization needs its goals to be SMART (Haughey, 2017). While there may be many

goals an organization may be simultaneously working towards, it should be focused and build a

strategy such that maximum of them are satisfied. The acronym of SMART stands for, Specific,

Measurable, Achievable, Realistic and Time-specific (Haughey, 2017).

First and foremost requirement of any goal is that it needs to specify the achievement, otherwise

the organization may never be able to know whether it has achieved it already or needs to work

towards it. A specific goals means that the organization is clear on the strategy that is likely to be

used in order to achieve the goal. For example, as earlier stated, Padini’s vision is to be the best
fashion company. It needs to be specified in which sense is it to be the best, from a sales point of

view, highest percentage of market share etc.

Secondly, a goal needs to be measurable. Measurability is an important factor that defines the

extent of the goal. For example, if Padini Holdings Berhad wants to capture the highest market

share in fashion industry in the world, how can it be determined what the majority percentage of

market share is? Padini also needs to determine the measureable percentage at which it will be

dominant in the global market.

Thirdly it needs to know that the goals that have been set are achievable. If the goals set are not

achievable, it would be a wasted effort to work towards them knowing the company will not

benefit from them in the long run.

Fourthly, Padini’s goals need to be realistic. Realism refers to the point that the organization

diligently works towards them and is able to monitor its progress and the distance to completing

the goals itself.

Finally, there needs to be a specification of time when goals are selected. Every successful

strategy is based on the assumption which is the time that would take a specified strategy in

completing the objective.

Ensuring that the goals set by Padini are SMART would mean that the organization knows its

own capabilities and limitations. Setting goals according to the SMART criteria would also

enable the organization to develop effective and efficient strategies in order to achieve these

goals. PadiniBerhad has been working in the market since more than a decade which has enabled

it gain extensive knowledge about the industry as well as the market. This knowledge has led the
organization to open specialized brands which target their market based on different strategies,

approaches and demographics (Padini, 2016).

3.4.2 Achieving goals in the short run

However, one of the core objectives of the organization has always been to provide its customers

with the best quality at the lowest rates such that customers also benefit from their purchases.

Becoming the best fashion company may be quite a difficult task for the organization if one

looks at the short run, but its vision is nonetheless one of the core reasons why it has grown so

significantly in the past years.

The short term objectives have kept on changing since the last few years due to economic

instability, yet the long term objectives that were set by the company have been quite consistent.

3.5 Long-term Objectives

The long term objectives of an organization are meant to be achieved usually after the duration

of five years. These objectives are usually aimed at improvement that an organization requires at

its certain Strategic Business units or departments. However long term objectives are not only

limited to strategic business units or departments and may also consist of improving the

company’s position in the market. While Padini’s management hasn’t clearly stated the time

during which it plans to complete its vision and mission statement, there are numerous objectives

which the organization has already defined and its current strategy is working towards. Due to

economic instability in the past, the organization has faced many difficulties in using a consistent

strategy and as a result its strategies have been changing according to the environment. This is

clearly visible from the chairman’s statements found in annual reports for the organization,

where not only did Padini experience a loss in 2014, it also had to temporarily close its
operations in Syria due to unfavorable conditions in the country as it was unable to operate in the

market (Padini, 2016). However, the organization has been able to improve its performance since

the last two years with an increase in its net profit margin and the Chairman of the organization

stating that the organization is becoming stable again.

3.5.1 Using a mixture of different strategies

The organization aims to increase its position of leadership across Malaysia using a mixture of

different strategies according to its business units in order to firmly secure its market position.

These strategies will not only help the organization in effectively and efficiently capturing the

fashion market of Malaysia but will also motivate its buyers from other regions to buy from a

brand which is dominant in one of the most potential economies of the region (Padini, 2016).

Padini also aims to strengthen its already dominant position of its brand Vincci in women’s

footwear. Padini’s objective however is not limited only to Vincci and also aims to get its other

labels widely identified in the fashion market. In order to increase the position of these labels in

the market, Padini needs to make use of improved and more efficient production lines and also

increase its production capacity in order to increase the inventory it withholds in order to cater to

the larger market. This not only means that the organization has to increase its inventory size, but

also needs to be able to accommodate a diversified range of products.

As the position of these labels will start improving in the market, Padini’s long term plan is to

actually turn these labels into highly recognized regional brands. Although this objective would

have been achieved rather easily if the organization was working under the constant

environment, but this has not been the case. There have been various economic fluctuations that
the country of Malaysia has been experiencing that has led to shifts in demand for the products

offered by Padini, as fashion is mostly treated as a luxury by most consumers.

3.3 Short Term Objectives

Short terms objectives can be defined as objectives that an organization aims to accomplish

within five years of its operations. While currently, Padini can be labeled as a well-known

fashion company in the Southeast Asian sector, however, the organization does not yet hold the

same reputation among its operations in the Middle East. One of the first and foremost short term

objectives that Padini’s management wants to complete is that of improving the image of its

products in the market by emphasizing the quality and value delivered by these products.

Another short term objective which is given high priority by the upper management of the

organization is that Padini aspires to reach the optimum potential in the export market (Padini,

2016). The export market being referred to is that of the fashion industry of the Asian region.

After these objectives are accomplished, Padini aims to step up and set is operations in order to

penetrate the overseas markets through these exporting channels. Exporting would not only help

Padini grab the market share of other regions of the world but will also help the organization take

its first steps towards expanding into other regions of the world where the organization is not

known.

4.0 Strategy Formulation

Strategy refers an action plan that is designed to achieve a long term objective. Strategies are

formed by an organization by analyzing several different factors and conducting their impact on

the business of the organization (Parnell, 2010). Every stakeholder needs to be looked at before a

strategy is formed and the organization needs to be aware of its actions which may provoke
unpredictable consequences. Forming a strategy is quite a complex decision for the organization

as it is the guidelines that must be followed integrally and each resource of the organization must

be efficiently utilized so the strategy works and enables the organization in achieving its goals

and objectives. However, while internal factors may be in control and can be influenced by the

organization, external factors can never be effectively influenced so the strategy must be flexible

such that if any unforeseen situations occur, the organization should be able to respond correctly

and immediately (Anwar &Hasnu, 2016). These unforeseen situations are often analyzed by the

organization in the form of opportunities and/or threats. However, their predictability is not

always full accurate which leaves a gray area for which the organization must prepare in

advance. These are only a few of the several factors that an organization must look at while only

formulating a strategy.

4.0.1 Using SWOT analysis

The organization also needs to be well aware of its strengths and weaknesses in order to

effectively predict whether the proposed strategy may even be possible to implement on the

business, otherwise all the analysis, coupled with the resources used is a wasted effort and may

even incur a loss (Alexander & Contreras, 2016). Due to the fast pace of technological

development, as well as new strategies being developed by competitors as well, an organization

needs to be aware if and when it current strategy may become obsolete and it should already

have a backup plan in place which would then be immediately applied in order to stay ahead in

the market (Bennetton, 2016).

4.0.2 Holding position against entrants

in Malaysia due to the country’s economic growth. While the threat of new entrants is high

Padini needs an effective strategy which it can easily rely on in order to stay ahead in its market.

The various brands under Padini Holdings clearly demonstrate that the organization is well

established in the region and by usage of its website; Padini has also been able to further its reach

of the market via E-commerce. It has been easier for Padini to hold its own position and status in

the market by making sure that these strategic business units are widely recognized at least in the

south east region. Vincci and SEED are among the most popular brands that Padini has under its

control right now (Padini, 2016).

4.0.3 Retention of customers

Padini has worked diligently in order to retain the interest of its consumers while competitors

have been trying to penetrate the market, and this has enabled the organization to maintain its

position effectively in the market. In Malaysia’s fashion industry, the bargaining power of buyers

is high and the bargaining power of suppliers is low, which shows that producers are the ones

who dependent on their customers for survival in the long term. This means that in order to

maintain its position in the market Padini needs to maintain its good reputation among

customers. This has also been one of the reasons why the organization does not extensively

advertise its products and regularly conducts activities that demonstrate its corporate social

responsibility. Padini has also been targeting the mass market overall, however due to its brands

it has often also been easy for its customers to more easily find their desired products.

4.0.4 Using penetration pricing

strategy of price skimming is often used which means that an organization sets a high prices for

its customers to establish a sense of high quality in their minds (Wang, 2016). Padini, on the

other hands has majorly opted to go in the opposite direction of this strategy and have mostly

opted to supply its products, although with high quality, but at a lower price for affordability of

its consumers. While this has proven without a doubt as a favorable strategy in its domestic

region of South-east Asia, it has also been one of the reasons that while Padini has been

operating in the Middle East for considerable amount of time it has not gained the exposure

needed to establish itself as one of the leaders in the market. The implementation of this strategy

has often meant higher sales volume for Padini in the past, but it has also led the organization

with having to deal with lower profit margins than its competitors.

4.1 Corporate Level Strategy

4.1.1 The need to integrate

Currently the organization has established various brands and all these brands can be easily

observed under the umbrella of Padini Holdings Berhad through its website. The list of brands

under the organization may not be very numerous, but Padini has made sure that these brands

offer each product to specific target market. These brands have targeted their specified market

based on various factors, such as age, gender, income etc. For example, while Padini (the brand)

sells apparel and target both female and male genders, it does not offer products for children, and

similarly MIKI is limited to accessories for children rather than adults targeting market specified

to age groups. Even According to Padini’s website, the organization targets both genders and

people of all ages through the variety of its brands. Each of its strategic business units follow a
different philosophy which can be observed by the difference in designs and accessories offered

by them.

4.1.2 Current Presence on the map

While Padini Holdings Berhad has its operations in many countries of the world, the focus of the

brand has only been towards the Southeast Asia and Middle East market. Some of its brands

have in fact ventured out to countries of other regions in the past few years but have yet to

become well-known in those markets. For example, the strategic business unit of Vincci entered

the market of Qatar and Pakistan only in 2010, and while 6 years have gone-by the brand is still

not well known in those markets.

4.1.3 Targeting different market using Strategic Business Units

As explained earlier, currently Padini Holdings Berhad is targeting different markets using its

different strategic business units, and as each of these business units offer a different philosophy

for fashion it means that organization is trying to target the mass market by create products for

everyone based on their psyche. While some of the brands are offering trendy apparel and

accessories which experience a highly responsive demand, some brands offer simple products

which have been in demand consistently such as denim jeans. There are also brands under Padini

that are offering a mixture of these products as well. However, in order to increase exposure for

Padini, there are three available options for developing the corporate strategy, either the

organization may opt to integrate vertically or horizontally, or mix between the two integration

methods.

4.1.4 The suggested integration method

that forward vertical integration is not likely to occur. Currently the organization is able to deal

directly with customers via not only its website but also through its franchised, as well as direct

stores. However, the organization mostly outsources its manufacturing from Sri Lanka and China

and being the business that deals in tangible products, Padini has to be heavily reliant on its

inventory. Thus the option for vertical integration would very likely be backwards, where Padini

may undertake its own manufacturing operations by either taking over a supplier or merging with

one. However, right now outsourcing manufacturing provides a comparative advantage to Padini

and if it decides to undertake its manufacturing, not only would the cost for the organization

increase, but it is also likely to face problems in dealing with operations having no current

experience in the area, having always been a retail business. So, solely vertical integration is not

a likely option for the organization as it would not be beneficial.

Horizontal integration occurs when a firm merges with or takes over a competitor in the market.

This not only eliminates the competitor, but also provides the organization with an opportunity to

expand upon the acquired brand and further increase its cumulative market share. As stated

earlier, there are various brands that are currently trying to penetrate the Southeast fashion

market especially that of Malaysia. Acquiring a local firm such as Aere would mean that while

Padini is already well-known in the Malaysian market, it would also be firmly recognized by its

customers as a local brand. This in turn may not only result in higher consumer expectancy from

the firm being able associate it with themselves, but also help Padini further dominate the

market. This is a better choice for Padini as it would help the organization’s exposure not only in

the local market, but can also eventually lead the company to recognize itself as the leading

brand in fashion for the Malaysian market. However there should be a time limit for this strategy
in order to provide a time-specification for the goals set by Padini, which is likely to be in 8

years. The 8 year time span would be needed as currently the organization is facing difficulty in

being consistent with its financial position and acquiring of another brand is likely to be quite

costly for the firm.

4.1.6 The need to change corporate direction

Right now, Padini focuses to provide premium products at the most reasonable prices. However,

as mentioned earlier fashion market often attracts consumers who refer price as a standard for

quality (Alexander & Contreras, 2016). While initially the strategy of price skimming may

actually result in fall of sales volume for Padini, the acquired brand of Aere can be used for this

strategy which would enable Padini to earn higher profit margins. Currently the organization has

closed a number of its stores and yet has experienced increased profits, which means that

resources were not being efficiently utilized. This depicts that the organization should start

cutting its costs as well in order to better maintain its financial position.

4.2 Business Strategy

4.2.1 Need to enhance operational efficiency

As stated earlier, Padini was able to increase its profits even though it closed down a number of

outlets in different countries which is a clear indicator that the organization was working

efficiently. This means that Padini needs to work closely with its costs and analyze the potential

of its brands in order to recognize which is the most profitable. From financial records it can be

deduced that Vincci is the most profitable brand currently for Padini.

4.2.2 Need to enhance customer intimacy

unpredictably as fads and trends change. Increased customer intimacy would mean retention of

customers which is one of the key elements required as brand loyalty is deemed extremely

important for dynamic markets. If Padini is able to retain its customers, not only would it mean

that new entrants of the market would find it difficult to grab market share from Padini, but it

may also result in better word of mouth for the organization eventually leading to increase in

market share.

4.2.3 Need to enhance product leadership

While Padini has already established itself among the top 30 brands in the fashion market of

Malaysia due to its superior quality products (Padini, 2016), it has not been able to do the same

in other regions where it sells while providing the same quality products. This has been due to

the reason that while high quality products are already available in those regions under Padini,

the competitors have been able to maintain their share of the market by having higher customer

intimacy and operational excellence, meaning product leadership is not likely to be of high

priority to the organization as it has already been achieved.

4.2.4 The business unit to be given priority

Padini has many brands working under it. Of these business units the most profitable and

successful has been Vincci, which is the only brand to have even penetrated the South Asian

market. This means that the organization needs to highly prioritize the business unit of Vincci

and the newly acquire Aere in order further benefit from it and also use the business unit itself to

further exposure of its other lesser known brands such as SEED and MIKI in order to be able to

target different segments of the market.

Currently the organization operates mostly in the regions of South East Asia and Middle East.

However, while Padini has been quite successful in acquiring the market share from South East

Asian countries, the same cannot be stated for its presence in Middle East. To fulfill its vision of

being the best fashion company, the organization would have to be dominant in each of the

markets it works in which means that it has to give more priority towards the Middle Eastern

region.

4.3 The selected Corporate Strategy

Based on the findings of the report the organization should opt to integrate horizontally in order

to extend its reach in the market. For horizontal integration Padini would be acquiring another

fashion company of Aere in order reduce its present competition. Padini may also opt to acquire

the Aere and use it as a strategic business unit which would help the organization’s customers

associate Padini with themselves, or Padini may acquire a foreign organization in a foreign

market to expand its operations beyond the regions it has currently captured a significant market

share of. If Padini opts to acquire this domestic brand which operates solely and initiated its

operations in Malaysia, then it is likely that Padini would choose a brand that is well known for

price skimming for its selected business strategy which will be further explained in the next

section. Acquiring Aere would also enable Padini target a new market which it has previously

neglected due to its older strategies of providing lower priced products with higher quality.

Acquisition of another firm may take longer than expected, however it would not be the main

objective of the organization. The main objective behind acquisition is to extend market reach

and provided the acquired strategic business unit functions according to expectations; it is likely
that Padini would require an additional period of time in order to fully complete its objective

behind the strategy. This would give Padini around five to 7 years to fully implement this

strategy. After the strategy is successfully implemented Padini is likely to move its priorities to

fashion markets of other countries where it may want increase awareness among consumers

through the Aere and its other business units by the same strategy of price skimming.

4.3 The Selected Business Strategy

After acquiring the Aere, Padini will have to work diligently in order to form a perception about

the newly acquired brand in the minds of its existing and potential consumers. As the new brand

would be targeting the upper class, then it is likely to be targeting a niche segment of the total

market. The products being sold by the Aere would be quite different from the ones that Padini is

already selling, having a different target market. Also, while Padini currently tries to provide

high quality products on low prices to attract more customers, the philosophy will be opposite for

the new brand. The newly acquire Aere would focus on the business strategies of product

differentiation to ensure its unique selling point and price skimming in order to effectively

operate in the market. These business strategies will come into play the moment the strategic

business unit is acquire by Padini and will work for around 3 to 4 years until the brand becomes

known in the market.

5. Strategy Implementation

Once an organization has developed suitable strategies in order to accomplish its goals and

objectives, it becomes imperative for the organization to analyze all its strategies and prioritize

them according to its objectives (McColl & Moore, 2016). These strategies must be implemented

in a step by step process to ensure optimum results, otherwise their implementation would not
only be counter-productive, but also result in drastic losses for the organization (Anwar &Hasnu,

2016). For example, if the company wants to expand its operations in the market, and currently

faces problem to even survive in the market, then expanding would not only be a wasted effort

but it is also likely to further deteriorate the financial condition of the company.

It is important that the strategies formulated and selected to be implemented are in an order, such

that after one strategy accomplishes its required objective, the organization is free to implement

the second one. This not only provides the organization with a corporate direction towards its

goals, but also helps the organization in keeping track of its progress (McColl & Moore, 2016).

Timely deadlines are often given to strategies according to the firm’s estimation when the

strategy’s implementation may achieve the desired outcome. For instance, if Padini aims to

become the best fashion company in the world, and aims to be so by offering the most diverse

production lines, it would not only need to estimate the finances the organization would require

for this objective but also need to set a deadline which dictates the time frame during which the

company successfully achieves its objective.

The strategic implementation would not only tell its upper management about the steps necessary

for proper implementation of the strategy but also dictate the circumstances that would be

considered most suitable for implementation. In Padini’s case the bargaining power is higher for

buyers which means that it needs to rely heavily on retention of its consumers. However this is

likely to become more difficult for the organization as more competitors are trying to enter the

market. This shows that while internal analysis would suggest that the organization has and will

keep good relation with consumers, only external analysis would reveal that Padini needs to

work diligently in order to eliminate the threat of its customers switching to rival brands. Such an
environment does not suggest the organization should give higher priority towards increasing its

profits but rather these conditions would mean that increased competition may result in lowered

profits.

While Padini was able to secure a profit in the year 2016 even after closing down multiple stores,

this would also suggest to the consumers that the organization is losing its position. If Padini

wants to maintain its position as one of the leading brands of the country it would need to retain

its customers and also at the same time increase customer loyalty. To achieve these objectives

the strategy of horizontal integration (acquiring the local brand Aere) would be a viable option as

it would extend the reach of the organization in the fashion market of Malaysia but also

demonstrate to the public that the Padini proudly a Malaysian brand giving them a sense of

belonging (Wang, 2016). Activities of Corporate Social Responsibility would also suggest to the

consumers that the organization cares for the community further strengthening customer loyalty

and enabling the organization to improve customer intimacy.

Padini is a well-known brand in Malaysia and is known to be one of the few in market who sell

their high quality products on a low price. While this has definitely led Padini to reap great

profits in the past, it also means that the organization has a lower profit margin than most of its

competitors. As mentioned earlier, the customers in the fashion market often associate quality

with prices, and while Padini provides good quality products, but its lower prices has often led

the brand to be limited by its sales to only the upper middle and middle class. However, if the

organization acquires another fashion brand, then the new strategic business unit can use the

strategy of Price skimming which will be targeting consumers which higher purchasing power.

The new strategic business unit will not only have a present customer base for itself, but its

association with Padini would also give a boost to its reputation of the market. While the current
strategy of Padini of targeting the mass market through various brands may be effective for the

foreseeable future, it would definitely need to become more dominant in the market by extending

its reach. The newly acquired brand would also help Padini in penetrating a market segment

which is not being currently targeted. The market segment that Padini does not currently target is

the upper class. While the classes being currently targeted by the firm may provide with better

sales volume, the higher purchasing power of upper class would provide with better profit

margins and further ensure proper foothold in the Malaysian fashion market.

While the corporate strategies will be focusing on expansion plans for the organization and

retention plans depending upon the upper management, the business strategies will be dealing

with the main issues that the organization is prone to facing regularly or every year.

As stated earlier, Padini needs to increase its efficiency in operations. This was evident from the

fact that while the organization closed a number of its outlets and stores, it was still able to

increase its profit significantly. This shows that the organization was not cost effective and its

operations were not being conducted optimally. However, these were not the only reasons as

Padini’s chairman also stated that the organization was facing difficulties in keeping up with its

finances which was one of the reasons why it even incurred a loss during 2014 (Padini, 2016).

5.1 Horizontal Integration

Opting to use the corporate strategy of horizontal integration was previously mentioned under

strategy formulation. The first and foremost strategy which should be implemented is that of

sustenance in the market via horizontal integration. Padini should opt to acquire Aere if it plans

on extending its reach in the fashion market of Malaysia. However, if Padini opts to strengthen

its position in other regions it would be better off acquiring an international fashion brand such
as Haute Hijab as it is already known in the middle-eastern market and will provide a boost to

Padini as a parent company, although it would significantly consume the budget set for

acquisition by the organization, as the international brand would have more recognition in the

foreign markets than a local Malaysian brand. However, right now it would be more suitable for

Padini to work towards strengthening the position in the domestic market of Malaysia, as there is

an increasing threat of new entrant in the market.

5.2 Price Skimming

Price skimming would be the suitable business strategy for the newly acquired strategic business

unit under Padini. The new business would likely be working on the same tactic before being

acquired by Padini. The new business would be employing the opposite strategy being used by

other brand under Padini Holdings Berhad. This would also suggest that the brand would work

differently from other strategic business units hence provide an edge for Padini itself.

Strategy Implementation Deadline

Padini would acquire a local 3 years or by 2019

Horizontal Integration with a brand which strengthens the

local brand (Aere) of firm’s position and

Malaysia perception in Malaysia.

Introduce Price skimming by introducing high prices

and Product differentiation in provoking a sense of high

the acquired Brand of Aere. quality.

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