Retail News CRM

Author: Mei Ling Tan

  • J Crew to spin off Madewell denim jeans brand

    J Crew to spin off Madewell denim jeans brand

    The Madewell denim brand is set to be split off from J Crew as part of a planned IPO by parent Chinos Holdings.

    Documents lodged with the US Securities and Exchange Commission on Friday show Chinos plans to raise funds to pay off some of its US$1.7 billion in debt, although the volume of shares and their projected value have yet to be revealed.

    Under the plan, Chinos Holdings will be renamed Madewell Group.

    “We have consistently grown at Madewell, but we have retained both our focus and the start-up mentality of our earlier days, which allows us to remain nimble, challenges us to get creative and motivates us to always look toward the future,” said Madewell CEO Libby Wadle in a statement.

    The Madewell denim brand is considered to be more successful than its sister J Crew which has been struggling to maintain market share and brand appeal in recent years. In the second quarter of this year, Madewell sales rose 15 percent to $139.7 million with same-store sales up 10 percent. That followed a 28-per-cent rise in sales in the same quarter a year ago. J Crew sales, however, fell by 7 percent in the second quarter, to about $400 million, with comp-store sales down by 4 percent.

  • Gap franchising Athleta, Janie and Jack brands in Asia

    Gap franchising Athleta, Janie and Jack brands in Asia

    Gap Inc is planning to roll out stores globally under its Janie and Jack and Athleta banners via a franchise model.

    The US-listed fashion giant already has about 500 franchised Gap, Banana Republic and Old Navy-branded stores operating in 40 markets around the world with local partners, including in Asia. Now it sees an opportunity to boost sales by franchising its fast-growing domestic labels.

    Athleta is a yoga-influenced sportswear brand which is competing with Canadian brand Lululemon. Janie and Jack is a childrenswear label it acquired from fellow US apparel company Gymboree which went into liquidation earlier this year.

    Gap has learned from past experience that the best business model to launch in new overseas markets is through a local partner.

    “We’ve come to realize there is local expertise that frankly, we don’t have,” Roy Hunt, the senior VP of Gap Inc’s global franchise and strategic alliances division, said in an interview. “But we go through a lot of different steps to make sure we have the right partners. … For the most part, we are very selective.”

    The company plans a multi-channel approach to overseas markets when it launches Janie and Jack and Athleta, with brick-and-mortar stores to be supported by websites, also operated by the franchise partners.

    “Given the premium, gift-worthy children’s looks of Janie and Jack and the versatile, sustainable women’s performance apparel of Athleta, we feel the two brands will resonate with customers in new and existing markets internationally,” Hunt said in a statement.

    He believes there is a “huge opportunity” for Gap in markets such as Asia, Europe, and Central America.

    “If you think about it, the primary benefit we have in doing this is that we are not investing our own capital … the partner is investing capital to build out the business,” he said.

  • Sephora expanding to Australia next month

    Sephora expanding to Australia next month

    Beauty brand Sephora is opening its first store in South Australia next month in Adelaide’s Rundle Mall.

    According to Sephora Australia and New Zealand country manager Beth Glancey, a store in Adelaide has been long requested by its more fervent fans.

    “We have been eagerly waiting for the perfect location on Rundle Mall for some time now,” Glancey said.

    “We are excited that we are only weeks away from bringing the fun, dynamic and inspiring Sephora retail experience to our clients in Adelaide.”

    According to Glancey, the store will be unlike any other Sephora location in Australia, with a particular focus on Sephora Services, offering a benefit brow bar and Sephora’s first dedicated skincare studio in the country.

    Sephora’s services include make up lessons as well as applications, with customers able to book in to receive a full makeover, while the benefit brow bar allows customers to have their eyebrows, lips and chins styled, waxed, tinted, and tweezed.

    General manager of the Rundle Mall management authority Johanna Williams said the destination is thrilled to house the first South Australian Sephora store.

    “Sephora is a trailblazer in the international beauty world, known not only for its product range but for unique in-store experiences that are sure to be a hit with South Australian beauty fans,” Williams said.

    “We look forward to Sephora openings its doors in October.”

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  • Ex-GIC Head Joins Fintech Arm of Razer

    Ex-GIC Head Joins Fintech Arm of Razer

    The fintech arm of gaming hardware manufacturer Razer has appointed the former group president of Singapore sovereign wealth fund GIC as an advisory board member.

    Lim Siong Guan joins Razer Fintech as an advisory board member as the firm enters its next growth phase to expand regionally and globally.

    Lim currently is a professor at the Lee Kuan Yew School of Public Policy; a senior fell at the Singapore Civil Service College; and chairs the board of directors of Swiss Re Asia. Previously, he was the group president of GIC Private Limited from 2007 to 2016 before subsequently acting as its advisor until March 2019.

    With Mr. Lim coming on board, we will be able to leverage on his extensive experience and network in the global financial markets to scale up and successfully execute on our strategic roadmap,” said Tan Min-Liang, co-founder and CEO of Razer.

    I am a firm believer in Razer Fintech’s strategy and vision of addressing the unmet needs of underserved people, particularly the youth and the millennials who are the future consumers of the world, through technology and product innovation, Lim added.

  • Women Take the Lead in Impact Investing

    Women Take the Lead in Impact Investing

    Banks and wealth managers tend to appoint women to spearhead their sustainability programs. we wanted to find out whether this was pure coincidence or sign of a trend.

    Ecological and sustainable investing has become very popular in wealth management and among investors. Almost every bank has invested in a high-powered division that devotes its resources on finding assets that are making the world a better place.

    It is striking that women hold a great many top positions in ESG and impact investing at banks and asset managers – in an industry, where women still aren’t equally represented in top management.

    Sallie Krawcheck, the American co-founder of Ellevest wealth manager, who used to work for Citigroup and Bank of America, doesn’t mince her words: women are better investors than men.

    Sounds pretty placative of course, even if some studies seem to back up her theory. And yet, her conclusion may not be too far from the truth, at least in respect to impact investing.

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  • Hattendo bakery to franchise stores in Hong Kong

    Hattendo bakery to franchise stores in Hong Kong

    Japanese baker Hattendo is planning to ramp up its store rollout in Asia, with particular focus on Greater China and Southeast Asia.

    The company – known for its cream-filled buns – already has stores in Hong Kong, Singapore, and Australia. Its next stop is Malaysia where it will launch next month after finding a local partner to produce its buns, selling through convenience stores.

    Hattendo is currently finalizing a joint venture with a Thai company to manufacture its products to supply stores locally. The plan there is to supply supermarkets and a network of its own-branded kiosk stores in shopping malls and other locations.

    In Hong Kong and Mainland China, Hattendo will expand its network by appointing franchisees, part of a plan to boost its network six-fold to 30 by the end of 2021.

    “In China’s Shenzhen and Hong Kong, there is strong interest from potential franchisees and we receive a lot of inquiries,” Daisuke Ishioka, the company’s representative director, told Nikkei.

    Last year, Hattendo’s group sales reached US$19.6 million. The company is planning to issue new shares by the end of this year to raise about $900,000 to fund the expansion.

    The company – known for its cream-filled buns – already has stores in Hong Kong, Singapore, and Australia. Its next stop is Malaysia where it will launch next month after finding a local partner to produce its buns, selling through convenience stores.

    Hattendo is currently finalizing a joint venture with a Thai company to manufacture its products to supply stores locally. The plan there is to supply supermarkets and a network of its own-branded kiosk stores in shopping malls and other locations.

    In Hong Kong and Mainland China, Hattendo will expand its network by appointing franchisees, part of a plan to boost its network six-fold to 30 by the end of 2021.

    “In China’s Shenzhen and Hong Kong, there is strong interest from potential franchisees and we receive a lot of inquiries,” Daisuke Ishioka, the company’s representative director, told Nikkei.

    Last year, Hattendo’s group sales reached US$19.6 million. The company is planning to issue new shares by the end of this year to raise about $900,000 to fund the expansion.

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  • Muji sends excuses for Shanghai slur on social media

    Muji sends excuses for Shanghai slur on social media

    Japanese retailer Muji has issued an apology to the Chinese people for referring to a historic neighborhood in Shanghai as the “French Concession” in a social media post.

    The term refers to a time in history when parts of the city were conceded to foreign countries, a period many Chinese people view as an insult to China’s sovereignty. The name is still commonly used in the city for the district that still retains some of its former European characters, and where Muji’s flagship store is now located.

    Some social media users were angered by the firm’s use of the term in promoting a walking tour around the neighborhood.

    The statement issued by Muji an apology for using the term read: “We had no intention of hurting Chinese people’s feelings. We fully respect China’s culture and history.”

    The brand’s walking tour promotion has been canceled and the offending post removed.

  • Tata Motors Group Global Wholesale Down

    Tata Motors Group Global Wholesale Down

    Tata Motors group global wholesale has gone down by 32 percent at 72,464 units in August 2019 including the Jaguar Land Rover Business. In the same month, global wholesale of Tata Motors commercial vehicle (CV) division was down by 45 percent at 25,366 units while global wholesale of passenger vehicle (PV) division was down by 22 percent at 47,098 units. Global Wholesale of Jaguar Land Rover stood at 39,615 units which include 4680 units of the CJLR business, JLR’s China joint venture with Chery Automobiles. In August 2019, Jaguar sold 10,097 units while Land Rover sold 29,518 units of SUVs.

    The overall de-growth in Tata Motors business is due to the slowdown in the Indian auto business which has adversely affected its domestic business while JLR sales in global markets aren’t adding up substantially. Tata Motors PV sales were down by 58 percent in August 2019 at 7316 units as compared to 18,420 units which were sold a year ago. The company has announced attractive discounts ahead of the festive season in a bid to cash is the demand and recover its lost market share. In the April – August 2019 period, its market share went down by 1.39 percent at 5.41 percent.

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  • Saado eyes US expansion after Southeast Asian success

    Saado eyes US expansion after Southeast Asian success

    Vietnamese startup footwear brand Saado plans to expand its retail network into the US after successful launch in Laos, Cambodia and Myanmar within just a year – all without a single store.

    Last month, Saado launched its products on Amazon in the US, using the tagline “US Brand, Vietnam Soul”.

    “By applying for a US trademark, our brand is able to protect our products while enabling us to sell the sandals at more competitive prices” said Le Lam Hai Phung, CEO at Saado.

    Despite successful growth in four countries, Phung added he had no intention to set up physical outlets and planned to focus on a direct-to-consumer “Uber in Retail” business model instead.

    Founded in January last year, Saado has partnered with 40 stores throughout Vietnam as well as selling direct online and through marketplace platforms like Shopee. The company plans to enter three other Asian markets by the end of next year.

  • BMW Engine Development Expert Duesmann Set To Become Audi Chief In April

    BMW Engine Development Expert Duesmann Set To Become Audi Chief In April

    BMW’s engine development and purchasing expert, Markus Duesmann, is set to become the CEO of Volkswagen’s Audi premium brand, after BMW dropped its opposition to his early departure, a German newspaper reported on Saturday.

    The Frankfurter Allgemeine Zeitung cited a person with knowledge of the appointment as saying Duesmann will start as Audi chief on April 1.

    It said BMW’s board would discuss Duesmann’s planned departure to Audi in the near future.

    Wolfsburg-based VW is on the lookout for clean-engine expertise as it struggles to overcome an emissions scandal that originated in Audi’s engine development department.

    Audi’s current CEO and VW board member Rupert Stadler was forced to step down temporarily after his arrest in June as part of an ongoing emissions investigation. VW is seeking to replenish its senior leadership while Stadler remains in custody.

    VW had said in July that Duesmann will take up his new position as soon as he is able to do so. He will be the second high-profile defection from rival German carmaker BMW after the poaching of Herbert Diess in July 2015.Duesmann’s BMW contract runs until Sept. 30, 2019, and it would also have a non-compete clause that BMW board members are required to sign.

    BMW had said that Duesmann had informed its chairman that he would not make himself available for an extension of his contract because of personal reasons.

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  • Twitter’s darker Dark mode for Android is delayed

    Twitter’s darker Dark mode for Android is delayed

    Back in March, Twitter introduced Lights Out, a revised version of its native Dark mode option. Instead of the dark blue background with white text that it was using with its Dark mode, Lights Out features a true dark black background and white text. Not only does the dark black look better than the blue, but it also saves battery life on phones with OLED screens. That’s because these displays create the color black by turning off the appropriate pixels thus lowering the demand for power from the battery.

    The Lights Out feature launched on iOS back in March. To enable it, users go to Settings > Display and sound > Dark Mode > Lights Out. The old Dark mode option with the blue background is now called “dim.”

    When Twitter announced Lights Out back in March, it had yet to disseminate a timeline for its appearance in the Android app. Last week, Twitter’s VP of Design and Research, Dantley Davis, sent a tweet with an update for the Android version of Lights Out. Davis wrote, “The feature is coming soon, but has been delayed a bit as we work on polishing the experience. Here’s a screenshot of the current build (we’ve included it below). Looking forward to getting this much-anticipated feature to Android users. We appreciate your patience.”

    While waiting for Lights Out to hit the Android version of Twitter, users can still use the current version of Dark mode which can be enabled by going to Settings > Display and sound > Dark mode. On Android, users can select to turn Dark Mode on or to have it activated automatically at sunset.

  • Grab Seeks to Merge Digital Payment Firms in Indonesia

    Grab Seeks to Merge Digital Payment Firms in Indonesia

    Grab is looking to gain pole position in Indonesia’s budding digital payment market, reportedly exploring a merger between two major players – a local entity it owns and another one backed by China’s Ant Financial.

    A merger between Grab-backed ONO and Ant-backed DANA would give the ride hailer app an edge over its major Indonesia competitor Gojek, which has been vying for the top spot in digital payments with ONO since 2018.

    The deal would also result in Grab acquiring a majority interest in DANA from Indonesian media conglomerate Elang Mahkota Teknologi (Emtek).

    It’s part of the Grab-Gojek battle, one of the sources said.

    According to the report, SoftBank, Grab’s largest shareholder, supports the proposal with the plan having already been discussed in July during a meeting in Jakarta between SoftBank CEO Masayoshi Son and top Indonesian officials.

    Son is in favor, another source said, adding that negotiation on deal structure with the Indonesian central bank will also be required due to foreign ownership restrictions.

  • Ping An Signs Fintech MoU with Indonesian Insurer

    Ping An Signs Fintech MoU with Indonesian Insurer

    Ping An’s OneConnect is rapidly making inroads into the regional fintech market including the latest signing of a memorandum of understanding with Indonesian insurer Asransi Sinarmas.

    The MoU, signed by OneConnection’s insurance division CEO Bi Wei and Asuransi Sinarmas director Njoman Sudartha, includes an initial phase that will enable the insurer to launch its Smart Auto Claims solutions on the Chinese platform.

    Sudartha cited technical strength and in-depth knowledge in AI and blockchain technologies as reasons to select OneConnect as its insurtech partner which is expected to help improve operational efficiency and reduce costs.

    Ping An’s statement also details a myriad of technology from OneConnect that will be leveraged to enhance the insurer’s business.

    It has a Smart Agent app that can help insurers with agent training and incentive programs. Its agent management app aims to improve talent retention and productivity. In terms of AI, its risk control solution suite includes the usage of image recognition and big data for quick completion of car damage claim assessments.

    Asuransi Sinarmas is part of the Sinarma Group, a local conglomerate owned by Indonesian Chinese Huang Yucong, with a global portfolio of businesses spanning pulp and paper; agriculture and food; finance; and real estate.

  • Indian traders lobby for ban on Flipkart, Amazon sales

    Indian traders lobby for ban on Flipkart, Amazon sales

    The Confederation of All India Traders is asking the government to ban pending sales events to be held by e-commerce rivals Amazon and Flipkart.

    The confederation, which represents 500,000 merchants and traders within the country, claims that the heavily discounted online sales violate India’s restrictions on online retail for foreign firms.

    “By offering deep discounts ranging from 10 percent to 80 percent on their e-commerce portals, these companies are clearly influencing the prices and create an uneven level playing field which is in direct contravention of the policy,” read a letter from the retailer body to the federal trade minister.

    Both online firms have defended the sales festivals, claiming they offer best value for money to consumers and help small-scale retailers reach broader markets.

    India forbids foreign investors from direct involvement in inventory-driven models of e-commerce in order to protect the country’s retailers who are unable to compete on price.

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  • Thailand’s Central Group names new executive commitee

    Thailand’s Central Group names new executive commitee

    Thailand’s Central Group has appointed Stephane Coum as CEO of Central Food Retail Group.

    The appointment coincides with Alistair Taylor being handed the role of president of Central FamilyMart. Both appointments are part of the firm’s strategy to develop borderless retail and digital technology.

    Central runs food stores and supermarkets in the territory, with its Central FamilyMart subsidiary responsible for its convenience stores.

    Stephane Coum has worked in the global retail industry for more than 20 years, and was previously operations director for Carrefour Italia.

    A statement by the firm said Coum will lead CFRG to become a leader in innovation, gaining market share and growth in sales and profits. He aims to transform the business through the use of technology and digital tools.

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