On January 25th, the annual INOVIT global summit was held at Bund 27, The House of Roosevelt in Shanghai. The theme for this year’s event was ‘Ready for Takeoff’, indicative of our future plans for fast-paced growth and preparations to undertake fresh challenges and new ventures around the world. During the conference, the INOVIT team presented a selection of the most successful wheels released throughout the company’s existence. From the INOVIT Prestige Spin, which was first launched ten years ago, to this year’s new INOVIT Prestige Revolve, the latest and greatest from the INOVIT stable were featured at the event.
The first speaker at the summit was INOVIT’s global CEO, Adam Baker, who provided a summary of the past year and addressed some of the issues that arose, explaining how the team overcame them. Mr. Baker proceeded to set out targets for the year ahead and described his vision for the future of INOVIT branches across the globe. Following this presentation, Chairman of the group, Victor Mau delivered a speech to the branch managers which outlined the direction he wished the company to take in the forthcoming year and his expectations of the team. Some of the biggest challenges INOVIT faced in 2013 include the announcement of anti dumping duty and increased scrutiny from the customs representatives in Australia. This development dramatically increased the price of exporting our products to Australia and is a concern we are still grappling with. The recession in Europe continued to have a negative impact on the market for us, as well as other businesses in our industry. Despite these issues, however, 2013 was a record year for INOVIT. One of the key reasons behind this massive growth lies in the infrastructure of our company, supported by our eFision system. Stocks, dealer contracts and human resources are all run with the help of our innovative, custom-built Enterprise Resource Management system.
Fifteen years have passed since the founding of our company, and we are proud to report that INOVIT is still going strong and growing day by day. At present, INOVIT has seven global distribution centers (UK, Netherlands, Italy, India, USA, China, Australia) and two factories in Asia with total overall sales in excess of 70 million dollars. Since the early days of INOVIT in the city of Coventry, England, we have steadily built up a reputation in the European market for producing high quality alloy wheels and have become one of the leading aftermarket brands on the continent. The company boasts the number one position in the industry in terms of sales performance and with two established manufacturing facilities already in place, we aim to become the world’s single largest supplier of alloy wheels. In addition to our factory in Suqian, Jiangsu, China, we have recently opened a new facility in Mumbai India, which will enable us to significantly increase our output to clients around the world and ensure a ready supply of INOVIT products are constantly available. Regarding our future expansion strategy, we hope to launch INOVIT Japan in early 2015. Furthermore, our rapid growth has led to a rising number of investors approaching our company and as a result, we have decided to go public within the next five to seven years, a move that will dramatically alter the structure of the company. This is an incredibly exciting time and we think everyone should be looking out for INOVIT!
In the competitive landscape of the alloy wheels industry, marketing is critical, which is why we maintain a large presence on all of the most popular social media platforms including Facebook, Twitter, Instagram, YouTube, WeChat and Weibo. Moreover, INOVIT is sponsoring two drifting teams in the UK, the Learn2Drift Drift Team (also known as SSDA Drift Team) and the CarLoans4U Drift Team. This will be managed alongside our continued sponsorship of the CDF (China Drift Formula) in the CDC competition (China Drift Championships), who were crowned champions again in 2013 for their outstanding performance on the track. INOVIT has further plans to sponsor more teams in different countries like New Zealand and Ireland.
Celebrations on the night were enjoyed against a backdrop of the breathtaking Shanghai skyline and accompanied by fantastic food and wine at the House of Roosevelt’s award-winning restaurant. To conclude the event, prizes were awarded to our most hardworking team members, our top prize being given to Manager of the Year 2013. In recognition of his exceptional achievements, the award was presented to Nick Muradyan, the US General Manager, along with a fully expensed holiday including two tickets for two people and four days in Hawaii, our way of expressing our appreciation for his outstanding performance and encouraging him to keep up the good work in the years to come. The efforts of our other branch managers were not forgotten either; each of our managers had reported growth in their individual operations. It has been a great year for our staff and INOVIT highly appreciates and give thanks to Alex Khilji, Gavin Hughes, Emanuele Greco, Fabrizio Pavesi, Sanjay Kacheria, Satya Kacheria and of course Nick Muradyan for coming all the way to our central hub in Shanghai to attend this wonderful party. We wish all staff members a great year ahead in 2014.