theceomagazine.com | 129Universal Oil, was developed by Leung Yun Chee and
a German physician Dr Schmeidler. “He told my father
that this formula is good for a humid and hot country
like Singapore, and it relieves all kinds of body aches,”
Mun Sum says. Since then, it has become a global brand,
with a presence in more than 50 countries, including
Vietnam, Australia, the US and Romania.HARD WORK REAPS REWARDS
The company hasn’t always had such success infiltrating the
market, and its founder worked hard to pursue recognition.
During the 1930s, Leung Yun Chee faced stiff competition,
and as an unknown brand, the public was sceptical about the
capability of the oil.
Leung Yun Chee didn’t give up and worked hard to
market the new product. Through a new logo and a team
of illustrators and graphic designers, the company created
a “now iconic, visual identity”.
According to The Business Times Singapore, Mr Leung
would “dress in a Western suit” and employ a uniformed
chauffeur to drive him around in a fancy limousine. Thinking
he was a prominent businessman, the shopkeepers would
come out and talk to him. After distributing pamphlets
around Singapore that explained the benefit of the medical
oil, sales started to pick up.As World War II broke out, Leung Yun Chee and the
entrepreneur that he was seized the opportunity to expand
the business. Trading ceased once Japan occupied Singapore,
and the company’s foreign competition ceased with it. Axe
Brand oil became the “go-to brand”, and this gave it a good
position in the market.
After the war, the company expanded into markets
beyond Asia. Its first foreign market was Saudi Arabia. The
company owes this to pilgrims making their way to Hajj.
“Often, these arduous trips were made by sea, in cramped
and uncomfortable conditions,” its website states. “Suffering
from headaches, giddiness and insect bites, pilgrims came
to rely on the naturally soothing properties of Axe Brand
oil to treat their ailments. In their respective countries, sales
began to increase.”A PRODUCT THAT WORKS
The Middle East is the principal market for the brand,
with Indonesia not far behind. “Our second biggest market
is Indonesia,” Mun Sum says. “We are doing well here. For
the future, I see the most potential in China and India.
China has around 1.4 billion people, and India has more
than 1.3 billion. They know us already, we have a presence
there, but we still have so much potential in both these
markets because there are so many people there.”“WE’RE EXPLORING
INNOVATIVE VIEWS
OF MARKETING,
INCLUDING THE
USE OF DIGITAL
MEDIUMS AND
ONLINE
COMMUNICATION
TO MARKET AND
PROMOTE OUR
PRODUCT.”
Interview | INNOVATE