KIM Hin Joo (M) Bhd, a leading retailer of baby, children, and maternity products, will unveil a brand new website by end of its current quarter despite the COVID-19 pandemic having caused numerous disruptions to operations, including its digitalisation plans.
Buoyed by a strong growth in its online sales, this will put the company on track in its transition from a multi-channel retailer to an omni-channel retailer.
“It has been an unprecedented year for the global retail industry due to the COVID-19 pandemic and while we do not see the uncertainties clearing up soon, we will continue to seize any opportunities we see in the market,” commented Kim Hin Joo’s group managing director Pang Fu Wei.
“We are glad that our balance sheet remains in a strong position with positive cash flow and zero borrowings for the rest of the year.”
As its retail model evolves to better meet the changing consumer needs, Kim Hin Joo will also be launching Malaysia’s first-ever Mothercare Experience Store in its 3Q FY2021.
This store goes beyond the traditional retail experience as expectant parents will be able to test products in a more meaningful manner, helping them make better purchasing decisions.
“The Mothercare Experience Store promises customers a visual and tactile experience and we believe that it will value add to customers’ in-store experience,” Pang pointed out, noting that the group has identified the location for the experience store.
Earlier, the company had during its virtual annual general meeting for its financial year ended Dec 31, 2020 re-appointed Deloitte PLT as its auditors.
Apart from passing its audited financial statements for FY2020 and re-elected Chew Soo Lin and Stewart Yen Se-Hua as members of the board of directors, Kim Hin Joo’s shareholders had also voted to authorise the directors to fix its remuneration, allow the board to allot and issue shares pursuant to Section 76 of the Companies Act 2016, and renewed the shareholders’ mandate for recurrent related party transactions of a revenue or trading nature.
At the close of Friday’s trading, Kim Hin Joo was up 2 sen or 7.14% to 30 sen with 29.01 million shares traded, thus valuing the company at RM114 mil. – June 19, 2021.
