YBS TARGETS RM15M SALES IN 5 YEARS

Company plans 2 new outlets in Damansara, Shah Alam, as it focuses on middle-income group customers

YBS Retail Trading Sdn Bhd, the owner of the Gull Jewellery brand, is targeting RM15 million in sales over the next five years following the opening of new outlets.

Chief executive officer Muhammad Solehuddin Shamsuddin said the company, currently with one outlet in Wangsa Maju, planned to open a second by yearend and the third soon after.

“We have identified locations in Damansara and Shah Alam for our outlets.

“After making our presence felt in the Klang Valley, we will then penetrate other regions (in the country),” he said.

The 24-year-old said he expected the three outlets to generate at least RM5 million in sales each, and was confident they would meet the target based on demand from their target markets.

Most of Gull’s customers are from the medium-income group who want an exclusive touch to their jewellery, but at affordable prices.

He said the company also absorbed the goods and services tax instead of passing it onto their customers.

“Due to this, our products are slightly cheaper compared with big name stores and jewellery outlets at shopping malls,” he said.

He said gold remained a safe haven asset and people would continue to buy it, either to wear or as an investment, despite the economic slowdown.

On business tips for young entrepreneurs, he said he started his business by purchasing items from a third party and shipping them directly to his customers.

“After a few years, I managed to secured my customers’ trust and, even though I could venture into another sector, I have chosen this safe haven market as I believe it will provide me more value in the longer term,” he said. Bernama