Name of Recipient:
Mr. Abhit Sud
“Think big, seize every opportunity, do not let failures or challenges stop you,” Mr Abhit Sud advises young future entrepreneurs.
Mr Abhit Sud, Executive Chairman of Global Wellness Holding Pte Ltd, strongly believes in self-judgement and following his instincts. With these principles to guide him, and strong motivation from his mentor, the Group Chairman of the Mayar Group, Mr Abhit has acquired
and grown several businesses successfully.
Body Contour is part of Global Wellness Holding which belongs to the billion-dollar multinational conglomerate, the Mayar Group. Established in 1997, Body Contour Pte Ltd is the leading full service spa and wellness establishment in Singapore with a total of 5 outlets locally,
with close to 200 treatment rooms. Body Contour has a strong history of providing only the best for their customers. Catering to the diverse needs of their customers and as a multi-specialty company, Body Contour offers an extensive range of premium products and treatments.
Sharing his reasons for acquiring the company, Mr. Abhit has this to say. “The spa industry is one of the few industries that demonstrate resilience despite the economic crisis. As people are more affluent and willing to spend on their well-being; coupled with the ageing population trend in developed countries, consumer investment in wellness is on the rise.”
“When researching for business opportunities in 2009, the wellness industry was suffering. There were a lot of closures, and the industry did not have a good reputation. However, Body Contour initiated the rescue of spa customers who were left stranded from various spa closures that year. Furthermore, Body Contour was known to provide continuous service and support, as well as being one of the best in the industry. I saw the opportunity to establish ourselves as the market leader when then Singapore spa industry is going through a transformation, and we seized it! With rising public awareness, and the tightening of government control, surely, the weaker ones will be eliminated, and the strongest will emerge.”
With the acquisition of the company, Mr. Abhit began the task of reinforcing Body Contour leadership position. But it did not come without its challenges. “The competitive trade makes pricing the most challenging marketing’s 4Ps to manage. Pricing our services right in the saturated market to attain a balance of demand and supply is an art.” Mr. Abhit also added, “In addition, a lot of marketing effort are also needed to build the brand and consumers’ confidence, as the spa industry typically did not have a pristine reputation. Many were concerned over spa closures upon signing up for packages.”
However, Mr. Abhit was confident at building up their credibility as a service provider in the wellness industry. “To overcome consumer’s price sensitivity, a strong company branding is required. We also invest in quality products and treatments in order to justify our premium pricing.” Additionally, being under the Mayar Group presents many advantages as well. “Our strong financial position and backing under the global billion-dollar group gives a definite boost to consumers’ confidence.”
His judgment proved to be well placed. Within two years of business acquisition, Body Contour is already generating double revenue and exhibiting 100 percent growth. During this time, Body Contour also acquired additional reputable brands under their group. Through information sharing amongst the various brands, they are all able to merge their management successfully, and grow as one company, moving ahead to the future with the same vision.
To better manage Body Contour and its various wellness brands, Mr Abhit formed a holding company, the Global Wellness Holding in 2014. Currently the group owns 6 established brands spanning close to 50,000 sq ft of retail space, and serving over a quarter million clients.
Having been in the ranks of Mayar Group since 2003, Mr. Abhit has garnered invaluable experiences in managing successful enterprises. In addition to Body Contour, Mr. Abhit has managed a multiple companies in different industries, namely in the real estate, hospitality, and wellness industries. He shared, “Due to the diversity of the different markets, they have all presented different challenges for me. What I learnt most was how to integrate the different types of business and to overcome the challenges management faces.”
“Compassion toward your staff is also important. To be a good leader, you have to carry your team with you, and be able to motivate and inspire your team. Treat your employees and clients well and on an equal level. You build a company via people, and there is no one-man island.” Mr. Abhit further added.
Aiming to build on their current success, Mr. Abhit aims to expand and widen their range of services and products. “The group is planning for both horizontal and vertical expansion. We would be acquiring another established and reputable company extending its network into retail. We are also planning to acquire more wellness and spa brands under our group, and looking at regional expansion, bringing the brands beyond Singapore.”
With Body Contour swiftly rising to become one of the biggest brands in Singapore, there is little doubt that under the leadership of Mr. Abhit and the Mayar Group, they will remain a prominent company in the beauty and wellness industry, in Singapore and beyond.
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