Avatar Accessories Inc.
August 2007

Dear Valued Clients and Friends,

This month, we celebrate seven years of excellence and excitement. Since our establishment at the beginning of the new millennium, Avatar has blazed new trails, set new standards and conquered new markets.

Our little project began with just thirty employees and has grown to become the premier manufacturer and exporter of fashion accessories in the Philippines. To date, there are over 500 individuals who comprise the Avatar family with hundreds more if we were to count our extended subcontractor base.

Paramount to Avatar's success has been our unwavering dedication to design and our commitment to continuously innovate whether it be developing new materials or refining existing processes to take them to the next level. Since our inception, we have become the most awarded Philippine-based company in the industry. More importantly, our tremendous growth is a testament to the marketability and universal appeal of our items. At present, we are represented in every major international market with numerous big prospects in the pipeline.

In the middle of last year, we moved into our new state of the art compound, the Avatar Style Center. Spread over 11 storeys in two main buildings and surrounded by in-house component manufacturing facilities, this facility is the largest and most vertically integrated of any fashion accessory company in the Philippines. Machinery and capability upgrades are continuously ongoing, the most recent being the establishment of a laser cutting and engraving section.

To be sure, there remain many challenges both internally and externally, especially with the global slowdown in fashion jewelry demand and the specter of the Chinese manufacturing juggernaut. While many would see this as a bane, we like to think of it as an opportunity to improve our product offerings and continue the momentum which has defined our company from the start.

Sincerely,

Gil Z.C. Carungay
Managing Director

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