Growth Strategies of Banyan Tree
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Code : COM0009
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Region : Singapore
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Introduction:Before his foray into luxury resort business, Ho Kwon Ping (Ho), the founder chairman of Banyan Tree, was involved in his family business, the Singapore-based Wah Chang Group. As many of his businesses like shoe manufacturing, retailing of electronic goods and others were getting hit by low-cost competitors from other Asian countries, Ho decided to venture into tropical luxury resorts that were unique to certain South-East Asian countries like Thailand. He wanted to create a brand for himself instead of being a distributor of other companies. So he founded Banyan Tree, the luxury resort chain, in 1995. Starting with a solitary hotel resort in Thailand, Banyan Tree was the first to introduce the concept of pool villas and tropical spas1 to the world. Banyan Tree soon expanded into a luxury-resort chain with its hotels, resorts, spas and retailing galleries in different places like Singapore, Bangkok, Shanghai, Bangalore, Sydney and Seychelles. Banyan Tree earned $114 million in revenues in 2002 andwas projected to earn $130 million in 2003. With its diversified services, Banyan Tree became the onlyAsian company among other world famous corporates like Virgin, Harley-Davidson, Manchester United and others, to feature in the book 'Uncommon Practices'. Banyan Tree was also named the 'Best Asia-Pacific Resort Hotel' for the second time in the 'Business Traveller Asia- Pacific Awards'. Ho said, "I believed that building a powerful brand was the prerequisite to, rather than the reward for, success. Indeed, it was the key to our survival as a small company"... |
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