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Bonia CASE Study ENT600

Business Communication (Taylor's University)

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CASE STUDY

BONIA CORPORATION BERHAD

Faculty : Applied science

Programme : AS201

Programme code : 2B2

Course : Bachelor of Science (Hons.) Biology

Course code : ENT600

Semester :2

Name : Nur Afiqah binti Mohamad Sufi

Submitted to

Madam Nur Syahira Abd Latif

Submission Date 2nd July 2020

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Table of Contents
EXECUTIVE SUMMARY......................................................................................................2

1.0 INTRODUCTION..............................................................................................................3

1.1 BACKGROUND OF THE STUDY................................................................................3

1.2 PURPOSE OF THE STUDY...........................................................................................3

2.0 COMPANY INFORMATION...........................................................................................4

2.1 COMPANY BACKGROUND.........................................................................................4

2.2 ORGANIZATIONAL STRUCTURE..............................................................................5

2.3 PRODUCTS/SERVICES.................................................................................................6

2.4 MARKETING STRATEGY............................................................................................9

2.5 FINANCIAL ACHIEVEMENTS...................................................................................11

3.0 COMPANY ANALYSIS...................................................................................................12

3.1 SWOT ANALYSIS........................................................................................................12

4.0 FINDINGS AND DISCUSSIONS...................................................................................13

4.1 FINDINGS.....................................................................................................................13

i. Increased in price of the leather goods......................................................................13

ii. Increased in turnover rate......................................................................................14

iii. Uncontrolled counterfeit goods.............................................................................15

iv. Strong competitors.................................................................................................16

4.2 DISCUSSION................................................................................................................18

5.0 RECOMMENDATION AND IMPROVEMENT..........................................................19

6.0 CONCLUSION.................................................................................................................23

7.0 REFERENCES.................................................................................................................24

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EXECUTIVE SUMMARY

BONIA Corporation Berhad offers customers a wide range of leather goods from bags
to accessories for both men and women. Like many other popular names in the fashion
industry, BONIA Corporation Berhad also has stepped up its games in order to win over the
customers against the competitors by upgrading its marketing strategies and managing
customer relationships. Despite its strong brand names and presence in the fashion industry,
BONIA Corporation Berhad still facing some difficulties in its business. Therefore, the main
objective of this study is to determine the external and internal factor in the BONIA
Corporation Berhad and come out with best solutions and recommendations for every
problem arise. After some study and analysis done based on the BONIA Corporation Berhad
annual report in 2019, four major problems can be identified in the business which come
from both internal factors and external factors. Through the SWOT analysis, increased in
price of leather goods and increased in turnover rate of the employees contribute to the major
weaknesses of the business. Meanwhile, major threats that can interrupt the business is the
uncontrolled counterfeit goods and strong competitors. Every each of these problems will
influence BONIA Corporation Berhad’s productivity to perform well and to provide the best
for its customers. Hence, adequate measures must be taking in consideration of BONIA
Corporation Berhad to eliminate the problems as well as to improve the company potential
and business viability. If no proper actions being done by the company, company’s future will
be put at high risk. Lastly, several recommendations have been suggested to BONIA
Corporation Berhad after looking over some solutions and analysing its advantages and
disadvantages on the business.

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1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

ENT600 is an entrepreneurship knowledge that involves the development of the
technology to improve the use and function of an existing product. Before this, the students
have proposed their own product development in the technology blueprint report. To
complete the requirement of this code subject, the students are required to analyse every
detail present in the company’s annual report assigned by the lecturers and come out with
solutions and recommendations based on the problems facing by the company.

1.2 PURPOSE OF THE STUDY

The main purpose of this study is to provide insight into the real business based on the
experience of the well-established and well-known company. To reach the highest level of
success, every big company had to go through many difficulties to maintain their good
performance. From this depth research study, I can look into the strengths and weaknesses of
the company. Then, I can analyse and determine what actions are taken by the company to
sustain the great performance as well as to overcome the challenges. Lastly, this study also
helps me to gain clear view and better understanding on the application of the technology as
the tool to enhance the function of a product. In that way, the company will show a positive
development gradually.
2.0

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2.0 COMPANY INFORMATION

2.1 COMPANY BACKGROUND

The history of BONIA Corporation Berhad begun when it was founded by Mr. Chiang
Sang Sem in 1974 when he started the business by designing, manufacturing and wholesaling
the leather goods in Singapore. When he attended a Leather Trade Fair in 1977 in Bologna,
Italy, an artwork of the 16 th century sculptor named Giambologna caught his eyes and
inspired him to register BONIA under his brand name.

BONIA first official boutique was opened in Singapore in 1981 then followed by the
first boutique in Malaysia in 1988. From the bag-making company, the brand has transformed
into a very successful Malaysian fashion label and become the main leader in the leather
fashion industry. One of the biggest remarks made by the BONIA was in the year 2000, 2003,
2005 and 2007 when it expands its core markets of Malaysia and Singapore to a few other
Asian countries such as Indonesia, Hong Kong, Brunei and Taiwan respectively.

BONIA also has launched two other in-house brands which is SEMBONIA and
CARLO RINO by offering a luxurious yet affordable price in order to widen their target
markets. The vision to transform BONIA into a leading international by targeting travel retail
is slowly achieved when it owns the license to distribute renowned international brands such
as Santa Barbara Polo & Racuet Club, Valentino Rudy, Renoma, Pierre Cardin.

BONIA that has achieved numerous milestones since years ago is now actively
involves in product design, manufacture, promotion, marketing, distribution, wholesale, and
retail of luxury leatherwear, footwear, apparel, accessories and eyewear, for both men and
women under its in-house brands as well as other international licensed brands. According to
its Corporate Finance, Mr Chong Chin Look, the brand is still going forward to expand more
outlets on their existing brands as the strategy to increase the market share.

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2.2 ORGANIZATIONAL STRUCTURE

BOARD OF DIRECTORS

Dato’ Mohamed Khadar Bin

Merican
(Senior Independent Non-Executive
Chairman)

Chiang Sang Sem

(Founder, Group CEO, & Group Chiang May Ling
Executive Director)
(Alternate Director to Chiang Sang
Sem)

Dato’ Sri Chiang Fong Tat Dato’ Sri Chiang Fong Seng Chong Chin Look
(Group Executive Director) (Group Executive Director) (Group Finance Director)

Dato’ Sri Chiang Fong Yee Datuk Chiang Heng Kieng

(Non-Independent Non-Executive (Non-Independent Non-Executive
Director) Director)

Chiang Fong Chyen

(Alternate Director to Datuk Chiang
Heng Kieng)

Chong Sai Sin Lim Saw Imm

(Independent Non-Executive Director) (Independent Non-Executive Director)

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2.3 PRODUCTS/SERVICES

Bonia Corporation Berhad mainly focused on producing a high-quality leather goods both
for men and women. The designs produced are mainly based on their customer’s preferences.
The company also follow the local and global trends to ensure the products are relevant in the
current market.

Women’s Bags

Bucket bags Crossbody Hobos Messenger

Totes Shoulder bags Backpacks Satchels

Sling bags

Women’s Accessories

Bag’s straps Card holders Charm Pouches

Purses Wallet

Women’s timepieces

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Dakota Jodi Leona Lucciola

Women’s shoes

Ankle boots Ballerina flats Mules Open-toe sandal

Sneakers
Pump Sandal heels Slingback

Wedge

Men’s bags

Clutches Messenger Pouches Crosbody bags

Backpacks

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Men’s accessories

Belts Wallets Card holders

Men’s timepieces

Chiaro Kosmo Sibilo

Men’s shoes

Loafers Derby shoes Driving shoes Oxford shoes

Slides Sneakers

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2.4 MARKETING STRATEGY

In accordance to its well-established brand name, BONIA Corporation Berhad has set up
many marketing strategies to promote its products to the potential customers as well as to
achieve the target sales, market share and to increase the profitability.

BONIA Corporation Berhad utilizes different market strategies on local and overseas
markets. To broaden up its brand in Malaysia, BONIA Corp using its numerous stand-alone
boutiques that is running under several brand name such as Bonia, Braun Büffel, Sembonia,
Renoma, Valentino Rudy and Santa Barbara Polo & Racquet Club. In addition, it also uses
the third party to market the products thereby increased the sales and margin as well as
increase the opportunities for the growth of the company.

For market in overseas excluding Singapore and Vietnam, BONIA Corporation Berhad
make use of its licenses, distributors and dealers to manage the sale of the products through
the retail stores. Retail stores are important in levelling up the exposure of the business and
widespread the distribution of the products as the retailers can communicate with the
customers and receive direct feedback from them. In Singapore and Vietnam, the products are
sold through the subsidiary companies.

Next, Bonia brand’s Loyalty Programme has been introduced since 2009 as an
appreciation to its loyal customers. In this programme, the loyal customers will receive many
customer loyalties benefits such as member discounts, members sale and birthday privileges.
Since customer is a priority, BONIA Corporation Berhad also conduct a survey on its
customers regarding the sale channels, brand recognition, acceptance of the brand and the
spending power. From the survey, the company can improve its products and services based
on the customer’s preferences.

Furthermore, BONIA Corporation provide training for the staffs to educate the customers
on how to distinguish between the authentic and fake products. In that way, the customers
will be more interested to purchase original goods that has many benefits rather than the
counterfeit items. To win the hearts of its customers, BONIA Corporation Berhad also offers
the repair service to its customers to maintain its reputation and to prove its transparency in
business. Not only that, a lifetime polishing service also being offered to the customers once
they purchase any product. This strategy will make the customers grow attach towards the
brand.

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BONIA Corporation Berhad has stepped up its marketing game not only by using the
offline platform but also an online platform to attract more customers to purchase their
products. The main objective of the online platform is to reach a wider market specially to
target the online shoppers. Through the internet, they can surf on BONIA and its in-house
brands’ official website such as bonia.com, sembonia.com and braunbuffel-asiapac.com to get
the information about the products easily. From these websites, customers can simply make
their purchase without having to walk-in to the stores. Besides, BONIA Corp also set its
products on many other popular e-commerce sites based on its region.

Lastly, using the online platforms that has been set up to expand the target market,
BONIA Corporation Berhad also utilize this platform as the medium of communication
within the customers. Every feedback either complaints or suggestions will be responding by
the professional customer service team in 24 hours of working days.

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2.5 FINANCIAL ACHIEVEMENTS

Figure 1.0 Five-year financial highlights of BONIA Corporation Berhad

Figure 1.0 above, shows the financial highlights of the BONIA Corporation Berhad
within five years. Based on 2019 annual report, the revenue streams come from various
sources include the leatherwear, ladies’ footwear, men’s footwear, men’s apparel and
accessories. Overall, the company revenue has decreased year by year since 2015. The
difference in revenue between 2015 and 2016 is RM 29,891 million. Meanwhile, the
decreased in revenue also can be seen from RM613,159 in 2017 to RM555,363 in 2018. The
decline continues in 2019 as much as RM58,917 million.

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3.0 COMPANY ANALYSIS

3.1 SWOT ANALYSIS

SWOT analysis is one of the effective tools for the analysis of internal and external
factors of BONIA Corporation Berhad. Internal factors include the strengths and weaknesses
of the company while external refers to the opportunities and threats face by the company. It
helps in the development of a business by helping to strategize plans and making crucial
decision. It gives insight on new ideas and the action plans that should be taken by weighing
out the pros and cons of the business itself. The analysis of the BONIA Corporation Berhad
should be done to establish strong foundation of the business as well as to monitor
performance of the business itself.
STRENGTHS WEAKNESSES
S1: Well-established and well-known W1: Increased in price of the leather
brand name goods
S2: Offers wide range of leather goods such W2: Increased in turnover rate
as handbags, footwears and accessories for W3: Less brand exposure excludes in
both men and women. Asia
S3: Strong presence in Asian market with W4: Lack of online presence such as on
more than 700 outlets online advertisement
S4: Produce high quality leather goods W5: Fashion industry require continuous
S5: Follow the latest local and global changes to follow up with the
Trends current
trend
OPPORTUNITIES THREATS
O1: The high demand of premium brands T1: Changing of customers’ preferences
by the youth due to the increase in and behaviour
earning power T2: Uncontrolled counterfeit goods
O2: Enter the European market to serve T3: Competition among strong
customers worldwide competitors such as Couch, Gucci,
O3: Expansion of products range not only in and Vincci
fashion industry but it also can be in T4: Weakened of Malaysian Ringgit
cosmetics industry T5: Global pandemic
O4: Fashion industry is sustainable because it
keeps changing based on trend and never
ends
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4.0 FINDINGS AND DISCUSSIONS

4.1 FINDINGS

i. Increased in price of the leather goods

Started in 2015, BONIA Corporation Berhad had to increase the price of its leather goods
due to several reasons. In the article The Edge Financial Daily written by Tan Siew Mung,
Bonia Managing Director states, the company had to charge extra costs on their customers by
increasing the prices of its products due to the depreciation of Ringgit Malaysia against US
dollars. In addition, when the government started to implement the goods and services tax
(GST) in 2015, BONIA itself choose to absorb the cost of GST on behalf of its customers. As
reported in its annual report, the revenue declined from RM 695,329 million in 2015 to
RM665,438 million in 2016 regardless of its strategy to absorb the cost of GST indicates the
method is not effective. Therefore, to overcome those challenges BONIA had to rise the price
of the products.

Figure 2.0 Article on the increase of BONIA price of goods

Graph 1.0 Downfall of revenue on 2016 due to the impact of GST

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ii. Increased in turnover rate

Turnover rate can be defined as the percentage of employees leaving the company within
a certain period. Based on the 2019 annual report of BONIA Corporation Berhad, the
turnover rate of the company has increased by 2% compared to the previous year. Even
though it is an attempt to strengthen the operational activities and to improve the efficiency of
the company, the impact of turnover rate is greater than expected. The company will have to
face with many difficulties once this situation happens. It is very hard to find and keep the
skilled employees in the company. Besides, training new employees will require more time
and cost.

Graph 2.0 BONIA’s turnover rate based on age and gender from year 2017 to 2019

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iii. Uncontrolled counterfeit goods

It is normal for a strong brand like BONIA being counterfeits numerous times over many
years. These counterfeit goods can be found easily on online platform such as on Mudah.my
and Carousell. In 2018, 162 fake BONIA bags has been seized from the shopping mall outlets
in Johor. According to Domestic Trade and Consumer Affairs Ministry’s (KDNHEP) Batu
Pahat branch head Noor Azmi Lamisza, those who found guilty have been involved in selling
these counterfeit goods from China for the past six months ago.

Figure 3.0 Sale of fake BONIA purse on Carousell

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Figure 4.0 Police confiscated the counterfeits handbags including BONIA in an operation on

four shopping complex outlets in Johor

iv. Strong competitors

Huge competition frequently exists in the fashion industry especially when the products
offer the similar function. A fierce competition in the market can change customers’
perspective on certain brands because they have power to move from one brand to another
until they find brands that suits their preferences. Customers normally put price as their top
priority. Therefore, brand like Vincci and Padini offer products at lower price compared to
BONIA as shown in Figure 4.0 and Figure 5.0 below. This pricing strategy will attract
customers to purchase more products from them. Other than the price, quality also become
one of the criteria that is important in a brand. Although BONIA is very popular with its high-
quality leather, there are also a lot of luxury leather brands which possessed higher quality
than BONIA such as Coach and Gucci. Therefore, it will be harder for BONIA to compete in
the

market.

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Figure 4.0 The price range of BONIA leather tote bags

Figure 5.0 The price range of VINCCI leather tote bags

Graph 3.0 The percentage of online market share indicates the competition among luxury

brands

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4.2 DISCUSSION

ALTERNATIVE
PROBLEMS ADVANTAGES DISADVANTAGES
SOLUTIONS
Add value on product Secure the potential Require extra cost to
purchase such as by and existing produce new packaging
improving the product customers
Increased in design and the packaging
price of leather Offer seasonal discounts Attract new and Increased price
goods on certain items such as repeat customers sensitivity because
discounts of handbag for people only willing to
Mother’s Day buy during promotion
deals
Company offer employees’ Encourage employees Increase the
benefits to improve their work administrative overhead
performances cost
Increase in
Implement job rotation in Increase the level of Waste of time and effort
turnover rate
the company motivation and
interest level among
employees
Develop the verification Easy access and Special IT team needed to
application on mobile simple use develop the technology
Uncontrolled
phones
counterfeit
Continuous products Fulfil customers’ Critical customers could
goods
updating needs and preferences not afford the frequent
release of new products
Build up partnership with Enhance reputation Different working styles
competitors and gain customers’ to handle certain tasks
Strong
trust
competitors
Build strong customer Increase customer Staff-training is costly
service by training staffs loyalty and time-consuming

5.0 RECOMMENDATION AND IMPROVEMENT

Problem 1: Increased in price of leather goods

Solutions : 1. Add value on product purchase18such as improve design of the packaging

2. Offer seasonal discounts on certain items

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To solve the rising of leather goods price, the best solution that can be implied is by
adding the value on purchase of product rather than offering the seasonal discount on the
items. This is because, seasonal discounts only can boost product sales in short term due to
the purchase power by the customers are limited which depends on the promotion deals.
According to Drypen (2008), customers are willing to wait until promotional offers to
purchase their desired products. Thus, profit margin will be reduced on the daily sale and
rising only on seasonal discounts sale.

Adding value on the customers’ purchase is the most effective way to overcome this
problem because it gives new perspective to customers to agree with the price increased.
Adding value can come in many ways and strategies. The best way to add value on the
products is by improving the packaging or design. When there are different brands that offer
the same product, customers most likely to choose products that will create extra perceived
values on their sight, and it is depends on the design and packaging of the products itself
(Sutevski, 2020). The new feature also become a reason that makes customers stay loyal to a
brand.

Problem 2: Increased in turnover rate

Solutions : 1. Company offer employees’ benefits

2. Implement job rotation in the company

The increased in turnover rate is another problem that have to face by the BONIA
Corporation Berhad. The most effective way to overcome this issue is by offering benefits to
the employees. Habib et. al (2018) states, some benefits that are worth given to the employees
are the health insurance, life insurance, pension plans, and sick leave. This is the
responsibility of every employer to ensure the welfare their employees are guaranteed in
order to create a happy working environment. In that way, the quality of work can be

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improved, and high performance can be achieved. Hence, it gives reason for employees to
grow attach and remain loyal with the company. In brief, increased in number of turnover
rates can be overcome easily.

Implementing job rotation in the company would not show effective results as much
as the employees’ benefits do to solve the turnover rate. Even though job rotation allows the
elimination of boredom thus increase the employees’ level of motivation and interest in
performing the assigned task. The negative effect of this method is bigger than its advantage.
The job rotation is mainly about a practice of moving employees between different tasks
within certain period of time to enhance their experiences in every work department. Thus,
the employees need lot of time to understand the specific task which leads to waste of time
and some of them do not even understand the job at all which is waste of efforts and energy
(Reddy, n.d.). The productivity of the company itself can decline gradually. In conclusion,
offering benefits to employees are the best way to overcome the increased in turnover rate.

Problem 3: Uncontrolled counterfeit goods

Solutions : 1. Develop the verification application on mobile phones

2. Continuous products updating

The best way for the BONIA Corporation Berhad to deal with the issue of its
uncontrolled counterfeit goods is by continuously updating the products not by developing
the verification application on mobile phones. Nowadays, to develop the verification
application of the genuine goods on the mobile phones is not impossible because of the
unlimited technology growth. However, the company have to invest a large amount of money

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to hire special IT team that are skilful enough to develop the suitable technology to fulfil the
criteria of the applications.

Rather than spending those money on the uncertain application, it is better for the
company to take a proper and reliable measure to solve this problem by updating the products
continuously. Chen et. al (2018) mentions, constant production of the new products will
interrupt the counterfeiters’ activity to copy the genuine product because it takes about a
month for them to produce and sell it in the market. A model that follow up the trends is hard
to copy by unauthorized manufacturer. In addition, frequent product updates will help the
brand to meet customers’ preferences as the continuous improvements were made every time
new product launch. In conclusion, continual update of products is the best way to solve to
counterfeits issue.

Problem 4: Strong competitors

Solutions : 1. Build up partnership with competitors

2. Build up strong customer service by training staffs

Lastly, to overcome the problem of strong competition in the market, building up the
strong customer service through the staffs training would be the best solution rather than
building up partnerships with competitors. Customer service is very important in a business
to reflect the brand’s potential to engage with the community. The main objective of customer
service training is to improve the customer support and satisfaction based on the ability of the
customer service personnel to listen, show empathy, solve the problems and communicate
with the customers. Therefore, a business that provides an excellent customer service has an
ability to turn an ordinary customer into a loyal customer. Training of staffs to become a
customer service professional may require extra cost to and time. However, it is still
manageable as this investment will help the brand to gain more loyal customers and attain
high profit in the future.

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Build up partnerships with competitors is less relevant to solve the strong competition
compared to build up strong customer service. To build up partnerships with competitors
could be more challenging than improving the customer service because it can cause risks
more than the rewards. Every detail requires depth discussion and further action plan to make
this collaboration worth the time and cost. According to (Martinuzzi, 2017), when the partner
makes the wrong decision in a matter, both parties are responsible for the consequences that
might occur such as the burden on business losses and debts. Therefore, it is very important
to reconsider the partnership between the competitors.

6.0 CONCLUSION

In conclusion, regardless of its well-established brand name in the fashion industry,

BONIA Corporation Berhad still encounter several internal and external problems which
negatively can impact their business if no further actions were taken to solve the problems.
Several major problems that can be identified after analysing the company is increased in
price of leather goods, increase in turnover rate, uncontrolled counterfeit goods and strong
competitors. Thus, a few recommendations and improvements have been proposed on each of
the problems can be taken into consideration of the BONIA Corporation Berhad to overcome
the problems and develop the business to reach new levels of success.

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7.0 REFERENCES

1. Baghi, I., Grappi, S., & Gabrielli, V. (2016). Consumers’ awareness of luxury brand
counterfeits and their subsequent responses: When a threat becomes an opportunity
for the genuine brand. Retrieved from
https://www.researchgate.net/publication/283714528_Consumers'_awareness_of_luxu
ry_brand_counterfeits_and_their_subsequent_responses_When_a_threat_becomes_an
_opportunity_for_the_genuine_brand
2. Chen, L., Yue, T., & Zhao, X. (2018). 5 ways to tackle counterfeiting in the supply
chain. Retrieved from https://lot.dhl.com/5-ways-to-tackle-counterfeiting-in-the-
supply-chain/
3. Drypen. (2008). Disadvantages of Sales Promotion | drypen.in. Retrieved 2 July 2020,
from http://www.drypen.in/sales-promotion/disadvantages-of-sales-promotion.html
4. Habib, A., Sheikh, M., & Nabi, N. (2018). Employee Turnover & It’s Impact on
Apparel Industry in Bangladesh: A Case Study of Mondol Group. Retrieved 2 July
2020, from http://article.sapub.org/10.5923.j.hrmr.20180803.03.html
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http://bonia.listedcompany.com/structure.html
6. Luxury Brand Report Studies New Online Trends - Marketing Forward Blog. (2011).
Retrieved 2 July 2020, from http://www.experian.com/blogs/marketing-
forward/2011/12/15/luxury-brand-report-studies-new-online-trends/
7. Martinuzzi, B. (2017, September 19). What Are the Advantages and Disadvantages of
a Partnership? Business Trends and Insights. https://www.americanexpress.com/en-
us/business/trends-and-insights/articles/what-are-the-advantages-and-disadvantages-
of-a-partnership/
8. Rahmat, M. (2018). Fake designer handbags worth RM20,000 seized from shopping
mall outlets | New Straits Times. Retrieved 2 July 2020, from
https://www.nst.com.my/news/nation/2018/10/422096/fake-designer-handbags-worth-
rm20000-seized-shopping-mall-outlets
9. Reddy, C. (n.d.) Job Rotation: Meaning, Advantages and Disadvantages - WiseStep.
Retrieved 2 July 2020, from https://content.wisestep.com/advantages-disadvantages-
job-rotation-method/

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10. Siew Mung, T. (2015). Bonia poised to raise prices next year. Retrieved 2 July 2020,
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11. Spotlight on fashion stocks: Bonia known for its quality. (2010). Retrieved 2 July
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known-its-quality
12. Sutevski, D. (2020). How to Add More Value to Your Products and Services.
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value-products-services/

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