\n<\/p>\n
Mr Tan’s start at the helm was not an easy ride.\u00a0<\/p>\n
In an article published by the Singapore Management University (SMU) in 2018, he said that the Sep 11 attacks in the United States in 2001 had caused economic panic after Asia had just recovered from the 1997 Asian Financial Crisis.<\/p>\n
At the same time, Tollyjoy’s Malaysian business was struggling, with customers leaving, revenues falling, and the company “deeply in the red”, Mr Tan said in the SMU article.\u00a0<\/p>\n
He recalled eventually deciding to stop dwelling on the difficulties and confront the problems facing the business.<\/p>\n
Despite the difficult start, Mr Tan steadied the company and expanded its reach in the region.\u00a0<\/p>\n
In the SMU article, he said that the company was managing about 500 stock-keeping units across 50 categories. These ranged from baby wear to feeding accessories to carriers.<\/p>\n
About 95 per cent of production is done outside Singapore.<\/p>\n
He also described Tollyjoy’s desired position as “not too cheap, not too expensive”.<\/p>\n
The aim, he said, was to make products that were reliable, durable and value for money.<\/p>\n
The company had about 200 employees and recorded S$16 million in annual revenue in 2016, the article stated at the time.<\/p>\n
In a Facebook post dated Sep 15, Tollyjoy said that it is “winding down the brand”, although it did not specify how long its products would remain available for sale in its markets.<\/span><\/p>\n It added that the decision to wind down was a “bittersweet moment”.<\/span><\/p>\n In a statement issued by the company on Tuesday (Sep 22), Mr Tan said: “We recognise the responsibility that comes with making a decision of this nature. It was not entered into lightly, nor was it driven by financial considerations.\u00a0<\/span><\/p>\n “After careful consideration on the future of the business and how we wish to focus our time and resources going forward, we felt that the time was right to conclude our operations.”<\/span><\/p>\n The company did not elaborate on where it intends to direct its time and resources, and did not give a date for when operations would end.<\/p>\n Mr Tan added: “Tollyjoy will focus on an orderly closure of its operations, including ensuring the welfare of its team and managing any remaining stocks”<\/p>\n In Singapore, stocks of Tollyjoy products are no longer available, but some products are still available in neighbouring Malaysia.\u00a0<\/p>\n “We leave this 55-year journey with a deep sense of appreciation for the many people who have been part of it. The relationships we have built and the memories we have shared over the years will always be meaningful to us,” Mr Tan said.<\/p>\n<\/div>\n Mr Tan’s start at the helm was not an easy ride.\u00a0 In an article published by the Singapore Management University (SMU) in 2018, he said…<\/p>\n","protected":false},"author":1,"featured_media":87008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/dam.mediacorp.sg\/image\/upload\/s--EASRurIB--\/c_crop,h_382,w_680,x_0,y_59\/c_fill,g_auto,h_676,w_1200\/f_auto,q_auto\/v1\/mediacorp\/cna\/image\/2026\/09\/22\/tollyjoy_pic_3.jpg?itok=gQw2ow2G","fifu_image_alt":"","footnotes":""},"categories":[2],"tags":[30447,355,6346,2066,2013,22,30377,59],"class_list":["post-87007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-news-sg-global","tag-100worker","tag-brand","tag-factory","tag-grew","tag-regional","tag-singapore","tag-tollyjoy","tag-years","wpcat-2-id"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/87007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=87007"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/87007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/87008"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=87007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=87007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=87007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n
\n
Read Full Article At Source <\/a>
\n