Everpia’s ASM 2024: Restructuring the product portfolio, launching 'strange ' collections to reach more customers

Everpia (EVE) is constantly refreshing itself with product collections suitable for each customer.

This morning, April 24, Everpia Joint Stock Company (Stock code: EVE) successfully organized the 2024 Annual Shareholders' Meeting. The meeting approved all the statements in the published documents.

Highlights in 2023

2023 is considered a difficult year for the textile industry in general, and the bedding industry in particular, but Everpia still reached 787 billion VND in revenue, down 23% over the same period; Gross profit margin reached 32%.

As a result, Everpia still achieved nearly 19 billion VND in profit after tax for the whole year while many businesses in the same industry were sinking in losses and layoff.

Bedding and mattress products are still the main business, bringing in 533 billion VND in revenue, accounting for 68% of the company's total revenue. Padding products reached 177 billion VND, accounting for over 22% of total revenue; the remaining are other items.

With the results achieved, Everpia submitted to the ASM for approval a 2023 cash dividend plan, at a rate of 5%.

In 2023, Everpia has many notable highlights: The company has researched and developed new product lines to suit a variety of customer needs such as Top Plus pressed cotton mattress, Kingkoil Arise premium spring mattress line, anti-reflux pillows, an exclusive collection for the provincial market, …

The company has also focused on developing the provincial market for more opportunities, opening 22 new agents, focusing on provinces such as Thai Nguyen, Vinh Phuc, Hai Phong, Kien Giang, Phu Yen... bringing the sales from the provincial market increased by nearly 15% over the same period.

Everpia's online sales channel is also growing strongly, continuously ranked Top 1 for achieving the highest revenue on Shopee ecommerce platform in the Home Fashion category at Shopee Mall. Everpia plans to research and develop more key products specifically for online sales channels, at the same time build a sales program with vouchers, and promote sales activities via livestream and tiktok channels in 2024.

2024 - continues to be the year of innovation

In 2024, Everpia aims to achieve 1,000 billion VND in revenue and 60 billion VND in profit after tax. The company also built specific business plans for 2024 - which is determined to be the year it continues to innovate itself to reach deeper into each customer segment.

Specifically, Everpia will continue to restructure its bedding product portfolio, thereby launching Spring-Summer and Fall-Winter collections with the designs that represent Everon's core values ​​and uniqueness. New directional design consistent with the trends and preference of the new generation customers.

The mattress product portfolio will also be restructured, eliminating ineffective products, focusing on three main product lines: Everon standard mattress, Everon Top Plus mattress and Artemis standard mattress.

Regarding export activities, Everon is improving production capacity to meet orders with large volumes but requiring short production times from US customers.

Answering shareholders' questions at the Meeting about export activities, Mr Lee - General Director shared that Everon had established a subsidiary specializing in exporting goods to the Korean market. Everpia is also proud to be the only company in Vietnam that produces sleeping bag products for export to the UAE countries. Currently, the company is promoting to export sleeping bags to the German market.

In addition to agents, Everon will also strengthen communication channels, promote brand equity, modernize showrooms, and reach out to the millennial customer segment.

The company will also increase the number of provincial agents, encourage them to install and use POS sales software provided by Everpia to help process orders faster and more conveniently, moving towards building a multi-channel supply chain throughout the nationwide distribution system. 

Rebranding Everon

In addition to renewing itself to reach wider customer segments, Everon also plans a rebranding strategy. With bedding products, the company will restructure the product portfolio, solve the pain points of previous collections and avoid the overlap situation of the products among brands.

• Everon - Home textile brand with an "Elegance" design philosophy with 3 main styles: Classic, Floral, and Modern.
• Artemis - High-end home textile brand with "Luxury" as the design philosophy representing a symbol of sophistication and luxury. Cooperate with talented artists to bring unique designs with high artistic value.
• K-Bedding - bedding brand exclusively for Online channels and shopping malls. K-bedding's design philosophy is "Minimalism", so the products mainly have simple patterns and gentle colors.