CEBU, Philippines - The M. Lhuillier Group of Companies will be opening at least 100 branches this year, to add to its existing 1,600 outlets worldwide.
In an interview with Amparito Lhuillier she said that despite the fierce competition in the pawning/lending, and money transfer business, the brand has continued to stay dominant in the industry’s market share.
“We are banking on our brand, people have trust us over the years,†said Lhuillier, adding that the company’s long term goal is to set up over 7,000 branches all over the country, aside from expanding its international network.
The M.Lhuillier “Kwarta Padala†money transfer system is now in different countries abroad, in partnership with financial institutions in each country, such as United States, Middle East, among others.
“We want to be everywhere, where there are Filipinos. Money transfer is becoming one of the most profitable products we have,†said Lhuillier.
M.Lhuillier one of the pioneering brands in the pawning and lending services in the Philippines, has also been affected by the mushrooming pawnshop outlets in the Philippines, however, Lhuillier said the company’s edge is the trustworthiness of its brand, and that is keeping the company grow and stay ahead of the competition.
In the money transfer business, Lhuillier said the company is also competing closely with the banks, which are also now active in the real-time money transfer business, even including the telecommunication networks which are now into money transfer also.
“But, Filipinos like our brand. We are going everywhere,†she said adding that aside from its strong brand, the location and speed of the transfer is also an advantage for the company.
Although, the money transfer business is the fast growing segment of the company’s services, still the pawning, and money lending are the most profitable businesses for the company.
She added that while the company aims to be in every corner in the Philippines, it is also aiming to be in every continent, or every country where there are Filipinos residing and working.
At present, M.Lhuillier through its “Kwarta Padala†service has 85 to 95 international partners either banks or individual remitters, Lhuillier said the company is still working to add more international partners to take advantage of the growing money remittance business both locally and internationally.
While it has already established its brand in this particular business, Lhuillier said the company has no plan to enter into franchising trend, saying the Group is handling and operating all its branches here and abroad in order to sustain the quality of its service which has been the backbone of the company’s success over the years. (FREEMAN)