 | From humble beginnings as a kitchen appiance trading company, OSIM International has grown to become a global leader in healthy lifestyle products. |
Twenty-seven years ago, entrepreneur Ron Sim's livelihood revolved around common kitchen appliances and household gadgets. Little did he know that the economic recession of the '80s would be a turning point in his career; in order to survive, he took a gamble and traded in appliances for healthy lifestyle products. The move changed his life forever.
Today, his self-founded company OSIM - based in part on his surname 'SIM' and 'O', his dream of a global footprint - has a wide point-of-sales network comprising some 1,000 outlets, in over 150 cities across 26 countries. It is also responsible for some of today's most innovative products - come of which are world-firsts - which focus complementarily on the promotion of health, hygiene, nutrition and fitness.
Peter Lee, chief financial officer, OSIM, credits the company's success to its foresight as the first local start-up to capitalise on the opportunity to consolidate and build a business focusing on healthy lifestyle products. And its success formula is no secret.
"Over the years, OSIM has grown through constant product innovation, marketing and service levels," says Lee. "The brand focuses on customer service, listens to what the consumer wants and builds innovative products to meet those needs. Over 5,000 OSIM staff members worldwide undergo regular product training for sales, and the company supports the practice of instilling a strong corporate culture and values in them."
The home-grown company's success has also been attributed to Singapore's excellent business, transportation and financial infrastructure. Accordingly, OSIM's Singapore operations have been beefed up significantly, and serves as regional HQ today - proof that the Republic is an important springboard for the company's global expansion interests.
 | OSIM's iDesireROBO is the world's first voice-controlled massage chair. |
Inner and outer well-being
OSIM's holistic approach to health emphasises mental and physical well-being, and this philosophy translates into products aimed at improving users' relaxation, fitness and overall quality of life. To this end, the company offers a diversified product portfolio that encompasses massage chairs, foot rollers, handheld massagers, slimming belts and blood pressure monitors.
"The trend in consumers' attitudes towards health is on the increase, as more and more people make an effort to take better care of themselves by exercising and eating a balanced diet," says Lee. "Keeping fit is no longer something for health fanatics, nor is it just about working out at the gym. As urbanites get more stressed with the increasing pace and volume of work, there is a growing need for products that aid and promote relaxation."
OSIM has also kept up with the times. As household incomes rise and consumers become increasingly health-conscious and sophisticated, the company has correspondingly met this demand with new and novel products.
A classic example is the OSIM iSymphonic, which provides physical massage sessions that are complemented by synchronised soothing music therapy, for total mental and physical well-being. Other products include the local and regional bestsellers, the uZap slimming massage belt and the iSqueez foot, ankle and calf massager.
The next levelAs an industry pioneer, OSIM expects more competition and the entry of more players within the next five to 10 years. Such competition, says Lee, serves as a very healthy impetus for the company's business and the industry as a whole.
In the meantime, OSIM aims for S$3 billion (US$1.9 billion) in sales by 2013, after it made its first billion (US$0.6 billion) last year - three years ahead of its target. It plans to continue growing its biggest market, North Asia, and the lucrative US market, which presents lots of potential, given the company's recent acquisition of specialty retailer Brookstone. With 303 outlets across 41 states in the US, Brookstone will enable OSIM to capitalise on the large homogenous 100 million-household consumer market there.
To build on its existing success and reinforce its global presence, OSIM plans to open more outlets worldwide and introduce a constant stream of new products. And, from the looks of recent, market-leading offerings such as the iGallop, which users are able to 'ride' like a horse for a lower body workout; and iDesireROBO, the world's first voice-controlled massage chair, these innovations will certainly help OSIM in its strategies to stay ahead.