Buddhika Wijesundara, a dynamic force in the realm of business and entrepreneurship is a distinguished alumnus of DS Senanayake College Colombo, Buddhika pursued his passion for business, earning a degree from the University of Wales UK. With a rich heritage deeply rooted in entrepreneurship, he currently leads multiple ventures, serving as CEO of CIB Shopping Centres (Pvt) Ltd., CIB House of Tailors (Pvt) Ltd., CIB Tech Mart (Pvt) Ltd., and Director of KRG Industries (Pvt) Ltd, among others.
As the founder and Managing Director of BH Holdings (Pvt) Ltd. and BH Packaging (Pvt) Ltd., Buddhika exemplifies the entrepreneurial spirit, embodying a vision for growth and innovation. His familial ties to renowned business tycoon Mr K R G Wijesundara have instilled in him a profound understanding of legacy and responsibility.
Residing in Christchurch, New Zealand, Buddhika oversees a diverse portfolio, including Cinch Motors Limited (CML) and CML Machinery, demonstrating his global perspective and acumen. Drawing from his upbringing in a business-oriented environment, he embraces challenges with resilience and determination.
Buddhika’s journey epitomizes the evolution of family-owned businesses, challenging stereotypes and paving the way for sustainable succession. With a keen eye on the future, he aspires to uphold his father’s legacy while carving his path to success. Through leadership and strategic foresight, he aims to propel CIB/Wijaya Group, BH Packaging, and KRG Industries to new heights, while cementing his reputation as a leading business figure in New Zealand.
Buddhika’s journey into entrepreneurship was deeply influenced by his upbringing in a business-oriented family. With his father, K R G Wijesundara, serving as a prominent entrepreneur and the founder of CIB Shopping Centre (Pvt) Ltd. and Wijaya Group of Companies, he was immersed in the world of business from a young age. Witnessing his father’s relentless dedication, ethics, and cultural values left an indelible mark on Buddhika’s approach to entrepreneurship. He recalls the sleepless nights, long hours of work, and numerous sacrifices his father made, instilling in him a profound appreciation for hard work and perseverance.
Growing up under the guidance of his father, Buddhika quickly learned that business success wasn’t handed down easily. Rather, it demanded resilience, determination, and a willingness to take risks. Rejecting the notion of a conventional 9-5 job, he embraced the entrepreneurial spirit, driven by a desire to carve his path and make a mark in the business world. His father’s belief in the value of hard work ensured that there were no shortcuts for Buddhika; instead, he was trained to navigate life’s obstacles with grit and determination.
Reflecting on a pivotal moment during his adolescence, Buddhika recalls a conversation with his father about acquiring a Nokia mobile phone. While initially disappointed by his father’s refusal to purchase it, he later realized the profound lesson embedded in his father’s words. Through this experience, he learned the importance of timing, foresight, and strategic decision-making in business—a lesson that continues to guide his entrepreneurial endeavours.
Buddhika’s foray into international trading and packaging solutions has been shaped by a deep understanding of the challenges and opportunities within the Sri Lankan market. Identifying political instability and governance issues as significant hurdles, he laments the country’s failure to capitalize on its abundant resources and embrace change. Despite Sri Lanka’s potential, a lack of proper leadership and resistance to innovation have hindered progress, leading to an overreliance on imports and a drain of skilled professionals.
In international trade, Buddhika has witnessed firsthand the consequences of this stagnation. While adhering to governmental regulations, he recognized the need for a shift towards domestic manufacturing to reduce dependency on imports. Motivated by a desire to foster economic growth and innovation, he embarked on a journey to establish BH Packaging—a venture aimed at producing essential items such as the bags used by CIB Shopping Centres for packaging. This strategic move not only saved costs for CIB but also created job opportunities and positioned Buddhika as a key player in the manufacturing sector.
However, the journey towards establishing BH Packaging was not without its challenges. Buddhika highlights the glaring absence of research and development (R&D) in Sri Lanka as a significant impediment to progress. Without adequate R&D initiatives, manufacturers struggle to incorporate new technologies and achieve optimal efficiency. Despite his efforts to innovate and drive change, he acknowledges the need for broader systemic reforms to propel Sri Lanka’s manufacturing sector to greater heights.
In confronting these challenges, Buddhika remains undeterred in his commitment to driving progress and innovation within Sri Lanka’s business landscape. Through BH Packaging and other endeavours, he seeks to not only address immediate market needs but also pave the way for a more sustainable and prosperous future for the country’s economy.
Buddhika’s approach to achieving market dominance for CIB/Wijaya Group, KRG Industries and BH Packaging in Sri Lanka is founded on a deep understanding of market dynamics and strategic foresight. Recognizing the country’s large population density and persistent demand, he emphasizes the importance of identifying niche markets and strategically positioning his businesses to capitalize on prevailing and potential demands. Central to his strategy is meticulous research and analysis, allowing him to discern market gaps and gain a significant competitive advantage over rivals.
Buddhika’s strategy extends beyond mere acquisition to a comprehensive understanding of consumer preferences and competitor offerings. By importing apparel, textiles, ready-made garments, and household items tailored to specific market demands, he ensures his ventures maintain their edge in the industry. Through strategic positioning and astute decision-making, Buddhika navigates the intricate landscape of imports, leveraging his expertise, experience, and market insights to secure a prominent position in the market.
Meanwhile, BH Packaging sets itself apart by introducing innovative, eco-friendly, and human-friendly packaging solutions tailored to the diverse needs of clients. Initially conceived as a backward integration strategy for CIB Shopping Centres, BH Packaging has evolved to serve a broader clientele, supplying retailers and wholesalers across various industries. In response to the challenges posed by the COVID-19 pandemic, Buddhika pivoted the business to manufacture clinical overalls and medical-grade masks, demonstrating adaptability and resilience in the face of adversity.
To maintain their position as industry leaders, Buddhika underscores the importance of staying abreast of the latest technology and industry trends. By continually upgrading their manufacturing processes and investing in research and development, BH Packaging ensures they deliver cutting-edge packaging solutions at competitive prices.
Buddhika’s journey in the fashion and apparel trade, particularly through CIB Shopping Centre, has been marked by a delicate balance between tradition and innovation. While deeply rooted in the traditional aspects of his family business, he has demonstrated a keen ability to introduce innovation and adapt to changing market trends, despite facing significant challenges. With a father who holds traditional and conservative views, implementing new ideas or altering existing practices within the family business has been met with resistance and obstacles.
However, Buddhika’s persistence and passion have propelled him to take on multiple leadership roles within the family business, including CEO positions at CIB Shopping Centres, CIB House of Tailors, and CIB Tech Mart. His active involvement and steadfast dedication have not only allowed him to navigate the complexities of traditional family dynamics but also enabled him to introduce positive and lasting changes.
Central to Buddhika’s success in balancing tradition with innovation is his patience. He understands that change takes time and perseverance, and he has patiently waited for the right moment to implement his vision. Through this patience, he has not only harmonized traditional values with modern practices but has also shattered stereotypes and ushered in a new era of growth and adaptation within the family business.
By embracing patience and persistence, Buddhika has not only managed to blend tradition with innovation but has also positioned himself as a catalyst for positive change within the dynamic fashion and apparel industry.
Buddhika’s vision for the future of his family business hinges on a steadfast commitment to sustained growth and expansion. Central to his strategy is a dedication to meticulous planning and thorough execution, eschewing shortcuts and quick fixes in favour of hard work and perseverance. By investing time and effort into every aspect of his endeavours, he aims to ensure that each initiative is carefully thought out from inception to fruition. This emphasis on meticulous planning and diligent execution has been a hallmark of his approach, setting him apart from competitors in the market.
In addition to his work ethic, Buddhika recognizes the importance of surrounding himself with a strong support system. He extends his gratitude to his mentor/advisor V.K Jayawardena, Management Consultant; Business and Organizational Development at CIB/ Wijaya Group for his guidance. His support has been instrumental in enabling Buddhika to navigate the complexities of running multiple businesses across different time zones, further underscoring the importance of collaboration and teamwork in achieving his ambitious goals.
Looking ahead, Buddhika envisions specific initiatives and investments that will be crucial in propelling his family business to greater heights. While the details of these initiatives may vary, his overarching strategy remains consistent: a relentless focus on excellence, innovation, and differentiation. By continuously striving for excellence and embracing innovation, he aims to carve out a distinct identity for his family business in the competitive marketplace, positioning it as a national leader and distinguishing it from its rivals.
Essentially, Buddhika is poised to inherit his father’s legacy and manage the various enterprises under his belt, such as BH Packaging, CIB, and more. It’s common for family businesses to falter once their original founder steps down, but the CIB/Wijaya Group won’t meet such a fate. Thanks to Buddhika, the second-generation successor, who has risen to the occasion. He’s not just maintaining the current business operations but also expanding into new territories like KRG Industries, ensuring that his father’s legacy thrives and evolves under his stewardship.