We have an established operating history of over 20 years and our Group was the leading player in the PV interior modification industry in Singapore, having a market share of approximately 16.3% in terms of sales revenue in 2016 according to the Frost & Sullivan Report. We ranked first in both the PV leather upholstery and electronic accessories segments in Singapore as measured by sales revenue in 2016, according to Frost & Sullivan Report.
During the two years period in 2015 and 2016, our customers are primarily authorised PV distributors and dealers in Singapore, who usually have strict requirements on the quality of PV leather upholstery and electronic accessories. According to the Frost & Sullivan Report, there were 34 PV distributors and dealers in Singapore in 2016, and 11 of them were our customers during the two years in 2015 and 2016. We believe our long standing relationship with these customers is a testament to the prompt service and quality of our PV leather upholstery and electronic accessories.
We have always strived to make a conscientious effort to stay up to date with market trends and to adjust the business strategy of our Group to meet market needs whenever necessary. We believe the comprehensiveness of our product range and quality of our installation services enhance our reputation and our ability to maintain our market position and overall competitiveness.
We have established long standing business relationships with many of our customers, which comprise several major authorised passenger vehicle (“PV”) distributors and dealers in Singapore. Our dedicated sales and marketing team maintains constant contact with all our customers. We have been serving our top five customers in the two years period in 2015 and 2016 for a period ranging from ten to 22 years.
Over the years, we believe that our Group’s commitment to provide high quality leather upholstery and electronic accessories products and reliable installation services strengthens the relationships between our Group and our customers. Our well-established and long standing relationships with our customers enable us to better understand their needs and demands. We believe that our Group has built a trustworthy strategic partnership with our customers, in particular the major authorised PV distributors and dealers in Singapore. We consider our relationship with existing customers and our expertise, experience and reputation in the PV industry are our valuable attributes in maintaining relationship with our customers.
We have also established long standing business relationships with our suppliers for our PV leather upholstery business and electronic accessories business. We have been working with most of them for a period ranging from three to 16 years and we believe that our suppliers have developed a good understanding of our business which allows them to better meet our needs and requirements. We are the exclusive distributors to several suppliers for their electronic accessories in Singapore. We also have co-branding arrangements with some of our suppliers, pursuant to which our ‘‘Eurostyle’’ logo is printed on the products together with their brand.
We are committed to high standards of quality for our products and services, and we employ stringent quality control over our operations, from selection of suppliers to procurement and installation, in order to ensure that our products and services meet the quality standards required by our customers. Our strong emphasis on product quality helps to maintain customer confidence and loyalty. We have established stable relationships with suppliers which we have carefully selected, which enable us to ensure that we have a stable supply of quality raw materials that meet our requirements.
We also implemented stringent quality control and our senior technicians or supervisors from each of our leather upholstery business and electronic accessories business to over quality control during our day to day operations. Our established relationships with our suppliers and our ability to maintain high and consistent standards on quality control measures throughout our procurement process and delivery of services are an integral part of our operations.
Our senior management team is led by our founders, Mr. David Siew and Ms. Lee, both have around 30 years of experience in the passenger vehicle (“PV”) interior modification industry and are involved in the strategic planning and management of our day-to-day operations. Under their leadership and management, our Group has grown to become the leading service provider in the PV interior modification market in Singapore. We believe that the senior management team’s extensive experience and in-depth knowledge of the PV industry would enable our Group to understand the market trends and the needs of our customers in a timely and efficient manner.
Our senior management team is supported by a team of well-trained technicians who have served our Group for an average of over eight years. More than one-third of our employees have been with our Group for more than ten years. We recognise that having skilled and highly motivated employees are keys to the success of our business. We conduct on-the-job training for our employees to continuously upgrade their skills, knowledge and update on industry trends. We believe that the continuous development of our employees provides us with a strong foundation for the continuing success of our business.
We believe that an experienced and committed management team, together with our well-trained technicians, would enable our Group to continue to capture market opportunities and contribute to our sustainable growth in the future.