As the textile company continues to grow, the young Sy is revitalizing the business to take full advantage
By Ma. Carmela S. Glorioso
Enrico Sy, the unico hijo of Gold Fortune Textile’s (GFT) major shareholders Eduardo Sy and his wife Helen, had no inkling that he would one day take sole responsibility and full control of one of the popular, if not the largest, fabric suppliers in Taytay, Rizal.
GFT was established in 2016 after the young Sy’s parents halted the operation of their first textile venture Cotton Master. GFT was initially managed by the Sy family with some business partners but they parted ways with the latter in April 2022. Since then the elder Sy took full control of the company with him as chairman and his wife as vice chairman.
What followed was a request from the Sy patriarch for Enrico, who was then studying in the UK, to come home. His father wanted him to learn the ropes of running the textile business and bestowed on him the position of chief executive officer (CEO).
“This year marks my second year as CEO of GFT,” begins Enrico who finished his bachelor’s degree and master’s degree program abroad. “At first, I wasn’t planning to work in GFT but in JP Morgan as a business analyst officer but due to an unforeseen event, I had to go back to the Philippines to help in the family business,” he adds.
The CEO was only 22 years old when he assumed the highest position in a company which he initially found lacking in extensive approach to business, as well as proper management.
Although young, managing a business is not uncharted territory for Enrico. His dad let him explore the field of sales and marketing at the age of 15 by starting his own businesses. He would sell random stuff like bags and perfumes. He also started a learning center. “My parents did not spoil me. They inculcated in me the value of hard work.”
Thus, taking on a managerial role didn’t come as a big deal. What caught him off-guard was the fact that he had to make a decision pronto: Should he come home to help in the family business or pursue his goal of working at JP Morgan? He was given only two days to decide. “I chose to set aside my plans and come home.”
Enrico admitted that he wasn’t ready yet at that time to take over the business “because I initially had this fear of misdirecting the company and as we all know the employees rely on their leader. So, it’s a matter of where are you going to lead your team – are you going to lead them toward a brighter future or to nowhere?
“It was very hard for me to handle that kind of pressure, especially because I never imagined that I would be in this position at a young age. Unlike others, they learn first before they enter, but it was the opposite for me as I entered first before learning the process. So, everything was new to me.”
A total shift in direction
His first agenda was to form a committee that would help in the execution of his plans. He selected people within the company whom he deemed reliable and trustworthy. There has to be teamwork to properly implement the changes in the system, Enrico pointed out.
He wanted a total shift in direction. He and his team began with the rebranding process.
“We didn’t change the brand name but more of we shifted our attention to build a better GFT in a sense that we are bringing GFT towards elegance, formality, and a journey towards the corporate world. So, we decided to put corporate culture into our company and delegate tasks to people whom I can trust especially (because) we are promoting specialization,” declares Enrico.
Perhaps because of his age (he was only 22 then) and being new to the company, some doubted his capabilities. But he proved them wrong in no time.
“I needed to be nonchalant to everything I heard because all I wanted was to prove myself, to believe in what I was thinking, and continually stay motivated so that the company can stay afloat especially when you’re aiming for the company to grow,’ he shares.
A change in company image
It was a difficult start for Enrico to bring GFT’s presence to more clients. Thus, he relocated one of its showrooms close to the main road in Sitio Malabon, Highway 2000, Brgy. San Juan, Taytay, Rizal. The new showroom called the GFT Center was built within only a month despite the challenge in funds, according to Enrico.
“The image has to be good,” he emphasizes. “The presentation has to be good. So, I also changed the company slogan to “High quality, exceptional service.” It means that we care about providing high-quality fabrics because as a textile distributor, that’s your promise to consumers.
He adds, “I know that by importing high-quality fabrics, it would add up to costs of production but still I chose not to follow in their (competitors) footsteps, especially during that time when we were experiencing a price war in the industry. We have to completely shift our direction to a more quality standard.”
Training for employees, loyalty program for clients
GFT staff members underwent a series of training on engaging with clients and providing excellent service. For clients, GFT has introduced a loyalty program. “GFT was the first textile company that started this program. Up to this day, none of our competitors follow. It’s our way of giving back to our customers,” says Enrico.
He humbly credits GFT employees on the success of putting into reality his vision for the company. “They’re a big help to me. Without them, GFT won’t be where it is today. Good thing, our suppliers, clients, and employees have chosen to support me.
Small wonder, Enrico is strengthening the importance of human resources. He did a major reform in that aspect for the welfare of all employees. Some of the benefits include paid and birthday leaves plus a safe place to stay for employees living in far places.
Social media presence
GFT is active on the different social media platforms that boost the company’s presence to netizens. Through its online accounts, people have become familiar with the products GFT is offering – from different kinds of fabrics to sewing equipment. GFT PH, GFT Home on TikTok and Facebook, and goldfortunetextile.com allow people to be familiar with its products and provide a more convenient way to shop the products.
Corporate social responsibility
As part of GFT’s corporate social responsibility project, Enrico set up the GFT Foundation to help communities through hosting medical and dental missions. He firmly believes that it is right to give back.
“I mingle with people. We are also in the process of looking into offering livelihood programs for people to have a source of income. I also took a lot of jobs when I was younger. I worked as an event coordinator, emcee for events because I didn’t have an allowance. I actually started from scratch. Now, I want to give jobs, guide, and train them. It’s a better way to help the community.”
It has been proven time and again that the importance of strong leadership within an organization is paramount. Without it, a company will indubitably experience a dramatic free fall from which it may never recover.
For Enrico, leadership is not defined by a position. He is the type of leader who gets on with it. Whatever it is he believes in and is passionate about, with a team of people, progress will certainly be achieved.
These days, Enrico feels more relaxed and confident that he is doing an excellent job for the company.
“In terms of revenue, I can say that we are growing and profitability remains steady. It’s not much but we are moving. I always say not to focus on that, just focus on how we can move forward.”
