“Thanks to Albert Yao, toy shopping in the Philippines has taken on a more meaningful dimension.”
Says the headline in Asian Dragon magazine‘s volume 10 number 2 issue, featuring our COO, Alberto S. Yao.
Here are snippets from the article.
“Before 1980, it was impossible to see a comprehensively stocked shelf of Mattel toys in the country. Different department stores and individual shops were bringing in their own stuff, deciding on their own range, choices, and pricing. ‘At that time, there was no real setup for toy distribution in the Philippines,’ says Albert Yao, founder and CEO of Richwell Philippines Inc. Group of Companies.
And so he found an opportunity, and approached the world-famous Mattel brand for a possible distribution partnership.”
And so, they say, the rest is history. But before this, it was not an easy venture right away. Albert, or ASY as he is fondly called in Richwell, faced challenges in offering this kind of setup to retailers. He had to build relationships and structures from the ground up. He also had to learn hands-on.
“This is probably what makes Albert Yao stand out in this ssea of ultra-successful Chinese businessmen. He’s not in it solely for the profit; he’s in it to help people grow in meaningful ways.
His ‘Uncle KP’ was a fixture as Yao was growing up. He credits uncle KP for teaching him ‘ways of running a business that no college degree or textbook will be able to teach. KP had a different style — he delegated his staff to face challenges on their own. A victory wins you confidence; a mistake rewards you with a lesson. Either way, the risk does not go to waste.
This management technique would later be applied when dealing with his own daughters, a method called ‘intrapreneurship’, or the chance ‘to give them the leeway to make their own mistakes with adequate supervision, to allow them breathing room to develop the concern and treat the business as their own.”
Not only has ASY honed his work ethics for himself and the company that he has built, but he also truly loves children.
“‘I love children, so ever since, our vision was spurred on by our love for the global child,’ he says. ‘We are always on the lookout for good products to bring into the Philippines, so that Filipino children can have the chance to share in these kinds of products.”
Today, Richwell’s group of companies continue with this vision in mind.
“Happy children become happy parents,” -Albert S. Yao
Read the rest of the article in Asian Dragon magazine, volume 10, number 2 issue, available in retail outlets today.