Author: Mei Ling Tan

  • American Eagle Outfitters Positive Reports Driven by Aerie

    American Eagle Outfitters Positive Reports Driven by Aerie

    One year ago, American Eagle Outfitters sales were flat – and it exited the Singapore market.

    Now the US apparel brand has reported a 14 per cent year-on-year increase in sales in its second quarter to US$965 million, with same-store sales up 9 per cent. New income rose 6.2 per cent to $60.3 million.

    Alas, that wasn’t enough to satisfy shareholders, the company’s stock price falling 8 per cent after the company reduced its projections for the third quarter.

    Aerie, the company’s spinoff lingerie brand targeting young women aged 15 to 22, delivered a 27 per cent increase in sales, the parent brand a more humble 7 per cent.

    The company does not separate out e-commerce sales, but it did say in an earnings release that sales growth online was continuing at a “double-digit pace”.

    Eagle CEO Jay Schottenstein said American Eagle Outfitters sales growth was boosted by the revamp of flagship stores and those of its Aerie brand (which was launched in 2006). Higher customer conversion rates, higher average transaction sales and increased foot traffic, including at mall stores, showed the initiative was working.

    Aerie’s growth has inspired management to open between 50 and 80 stores in the US and selected overseas markets now planned over the next two years. It is also eyeing offshore opportunities for its namesake brand.

  • Stocks, Forex, cryptocurrency, futures&options – Fantastic show like nowhere!

    Stocks, Forex, cryptocurrency, futures&options – Fantastic show like nowhere!

    Traders Fair & Gala night – financial event for traders and investors, which is going to take place in Vietnam on the 24th of November 2018 (Windsor Plaza Hotel, Saigon). The best trading experts, companies, money brokers and banks from all over the world are going to share out their experience and to find out new up-to-date information about cryptocurrency, forex, stocks, futures and options markets. Also Traders Fair & Gala night is going to be full of educational programs and entertainment.  To register online now for free, you should visit https://vietnam.tradersfair.com

    Traders Fair & Gala night, Vietnam is attracting the world of traders to one place during one day.  This is the confluence of favorable conditions in one system, which brings profit to its participants. The leaders of the industry are going to come together in one place and to have an exchange of knowledge and experience. No doubt you need expertize and capital to work in the stocks, futures, options and forex markets as it will become the initial ticket to the world of big trade. Participants who have capital while entering the market become investors. And you may be a part of this fabulous event! Educational speeches from top speakers, entertainments, live shows, music and incredible prizes included in the agenda.

    Traders Fair & Gala night – Vietnam is organized by FINEXPO, which is the largest company organizing financial and trading events, fairs, expos and shows worldwide since 2002. List of its projects seems quite long. Here you can find Financial Expo, Traders Fair, Traders Awards, Forex & Money Expo, Forex Expo Awards, Money Fair, Investor Expo, Golf Expo, Banking Expo, Online Trading Expo, etc. Over 30000 traders, investors and financial advisors and more than 3 000 financial companies and brokers from Forex, stock, option, bond crypto money and forward markets from all around the world have been connected by FINEXPO. The positive feedback from participants is the best prove of effective and successful work done by FINEXPO.

    Traders Fair & Gala night is sponsored by leading brands such as Australian Forex Marketplace (Grand sponsor), FIBOGroup (Silver sponsor), RPNPay, OlympTrade. To say more the organizers of event offer you different variants of recommended accommodation, so you can focus on agenda and don’t lose you time, thinking about accommodation and everything.

    You are welcome to visit https://vietnam.tradersfair.com to find out more information about Traders Fair & Gala night.

    Telegram https://t.me/tradersfair

    Facebook https://www.facebook.com/TradersFair/

    #tradersfair  #tradersfair2018  #tradersfairvietnam

     

  • 7-Eleven Malaysia Q2 net profit up 29.4%

    7-Eleven Malaysia Q2 net profit up 29.4%

    7-Eleven Malaysia Holdings Bhd reported a 29.4% rise in net profit to RM13.13 million for the second quarter ended June 30 compared with RM10.15 million in the previous corresponding period, driven by higher gross profit margin.

    Its revenue rose marginally by 0.4% to RM557.63 million from RM555.21 million, thanks to growth in new stores and better consumer promotion activity.

    Gross profit improved by 2.2% or RM4 million to RM183 million compared with the corresponding quarter in the previous year, mainly attributed to the rise in revenue and improvement in gross margin by 0.6% points.

    Most categories saw higher gross profit margins.

    “I am personally excited to have joined the business just over two weeks ago, and I am confident that a strategy roadmap focused on strengthening the key areas of assortment, supply chain, operational excellence, store base, and digitally enabling the organisation will bear fruit in terms of financial performance, and overall customer shopping experience. I look forward to the challenges ahead in ensuring that 7-Eleven Malaysia remains the customers first choice convenience store”, CEO Colin Harvey said in a statement today.

    For the first half of 2018, 7-Eleven’s net profit expanded 21.5% to RM22.07 million from RM18.16 million on the back of a 1.4% increase in revenue to RM1.09 billion from RM1.08 billion.

    The group said in a filing with the stock exchange that it foresees the trading conditions for the next quarter to improve with anticipated heightened consumer sentiment.

    “We expect to see further improvements in the next quarter by pursuing our core strategy pillars of operations excellence, cost management and commercial innovation.”

  • Tokyo Tokyo launches new store concept

    Tokyo Tokyo launches new store concept

    Japanese fast-food chain Tokyo Tokyo has launched a new store concept in the Philippines.

    The revision overturns the previous casual brand image, presenting a more authentic cultural atmosphere to the chain’s restaurants.

    The Tokyo Tokyo Philippine flagship was launched in Trinoma mall, and features influences from Japanese fusuma screens, anime and street-culture dining.

    The launch coincided with the introduction of new menu items available only at the Trinoma restaurant.

    The brand will renovate all 60 Tokyo Tokyo locations throughout the country.

    View the gallery below for pictures (4 images) :

  • GEO X HBX launches in HK

    GEO X HBX launches in HK

    First launched as a merchandise project by London based designer in 2016, Geo Owen is very well known for his album art, tour merchandising, and prints for Kanye’s coveted YEEZY Season One.

    After years of experience, Geo Owen has now created GEO, a Ready-To-Wear label that is inspired by the study and understanding of the human and physical geography, locally and internationally.

    The aesthetic of the graphics and configuration of the garments across each collection are the outcome of developing individual case studies.

    GEO is now landing in HK with an exclusive collection designed for HBX, Collection Three, which focuses on the composition of the geographical area that the designer live in and the people surrounded by on a day-to-day basis.

    Arriving with the main line is a collection created exclusively for HBX’s online and retail space in Landmark, Central.

    The official launch is August 25, and Geo Owen will be in town.

  • Emart24 opens swanky cafes overlooking Han river Korea

    Emart24 opens swanky cafes overlooking Han river Korea

    Convenience store Emart24 is hoping to entice visitors to stay awhile at its two new shops overlooking the Han River that open this Friday.

    The multi-level stores will each host a bookstore and cafe that will offer beer on tap.

    Emart24 is taking over the spaces from two existing observatory cafes which face each other at the south end of Dongjak Bridge. Both spots are known for offering great sunset and nighttime views.

    On the bridge’s western side, the cafe’s view includes N Seoul Tower, while the cafe on the east side looks toward the Moonlight Rainbow Fountain at Banpo Bridge.

    Each Emart24 will have five floors: a cafe and snack zone on the first and second floor, a small bookshop and lounge on the third and fourth and an outdoor rooftop on the fifth.

    “The new operations were aimed to look more like a cafe in order to break through the perception people have about convenience stores and make them into a cultural space,” said Emart24 in a statement released Wednesday.

    True to this concept, Emart24 will only offer one-fifth as many products at the Han River shops as its normal branches. However, it will offer a wider variety of desserts, like cake, puddings and macarons. Baristas will also serve up coffee at the cafe.

    Riverside drinkers will find two beers made from the craft brewery Devil’s Door, run by Emart24’s parent company Shinsegae, as well as Heineken draft beer. Wine options are set to be added in the future.

    The Gureum and Noeul Cafes that Emart24 is taking over are two of eight observatory cafes on the Han River. These cafes were part of an initiative by the Seoul Metropolitan Government to develop cultural and tourism infrastructure on the banks of the Han back in 2009. The sites were rented out by the city and made into coffee shops or restaurants, but not all of the operations were successful.

    An Emart24 spokesman said the company won a three-year contract for Gureum and Noeul, the two largest observatory cafes by the Han River.

    “The company sees it more like an experiment rather than a profitable revenue source,” said the spokesman. “We thought if we make it into a cultural space where people can casually stop by without an entrance fee, more people and foreigners would want to come.”

    The bookstore on the third and fourth floors will offer around 800 titles. Every quarter, local publishing house Munhak Dongnae will curate a new selection.

  • US’s Papa John to try Central Asian market

    US’s Papa John to try Central Asian market

    US pizza giant Papa John’s International has continued its Central Asian expansion, opening its first restaurant in Kazakhstan.

    The Kazakhstan Papa John’s is located in the capital city of Almaty and opened its doors this week. Papa John’s is now in 46 countries and territories around the globe.

    Master franchisee PJ Western plans to open 16 Kazakhstan Papa John’s restaurants. PJ Western currently operates 181 Papa John’s in Russia, Belarus, Kyrgyzstan and Poland, and will continue to expand in Eastern Europe and into Central Asia. A second restaurant in Almaty is scheduled to open in October.

    “We believe that our passion for better ingredients will transfer well to Almaty and beyond and our new customers will love our quality pizza,” said Christopher Wynne, co-owner and CEO of PJ Western.

    The company is Papa John’s largest international franchisee with more than 180 restaurants.

    Papa John’s International is looking for potential franchisees in Paris, Belgium and Denmark.

  • Expert investigation says BMW software to blame in fire incident

    Expert investigation says BMW software to blame in fire incident

    An investigation by the Korea Consumer Association (KCA) concluded that the spate of BMW fires that left Korea in a state of panic over the summer was the fault of the engine control unit (ECU) software, not the hardware issue that the German carmaker has maintained.

    The KCA claim that BMW updated the ECU software to make an engine part, called the bypass valve, open at higher temperatures, leading to higher engine performance and better fuel efficiency but also to a higher risk of fire.

    “An update in the ECU to enhance the car’s performance and fuel efficiency is not wrong by itself,” said Lee Ho-geun, an automotive engineering professor at Daeduk University who is leading the investigation team at the KCA, at a press briefing Tuesday.

    “But the fact that the carmaker didn’t fortify other parts to make them endure higher temperatures, leading to engine fires which put consumers’ lives at risk, is wrong,” Lee added.

    The KCA’s investigative team comprising of experts in the auto industry and law carried out a separate investigation into two BMW vehicles manufactured before August 2011 that are not subject to recalls and four recall-subjected cars.

    The team said that the bypass valve for recall-subjected vehicles opened while in operation, while that of vehicles not subject for recall didn’t open at all while in operation.

    According to Lee, a bypass valve in a diesel engine is generally supposed to be closed in order to block gas that’s hotter than 500 degrees Celsius (932 degrees Fahrenheit) from entering the intake manifold in the engine. It usually opens when the coolant’s temperature is lower than 50 to 60 degrees Celsius.

    “Bypass valve operation is controlled by the ECU,” said Lee. “If a vehicle opens the bypass valve while driving – causing a high possibility of a fire breaking out – it means BMW set the software to behave that way.”

    BMW Korea has persistently claimed that the cause of the fire is a hardware issue in the exhaust gas recirculation (EGR) cooler and valve. The ongoing recall process also includes replacing the two parts and cleaning the EGR pipe.

    The KCA investigative team said it is nothing but a temporary fix.

    “It will reduce the number of fires until the car gets that much accumulated sediment inside the pipe,” said Choi Younh-suk, a professor of smart automotive engineering at Sun Moon University at the briefing.

    According to Koo Bon-seung, an attorney at Heon Law, who is in charge of handling legal issues for the team, a total of 1,784 BMW owners have applied for a class-action lawsuit against BMW with Heon.

    Each owner will seek 15 million won ($13,547) in compensation.

    “As this case involves compensation worth 15 billion won in total, we are going to seek the provisional attachment of BMW Korea headquarters in central Seoul as well as the BMW Driving Center in Incheon and other logistics centers as well,” Koo said.

    Meanwhile, BMW Korea Chairman Kim Hyo-joon said he will look into the option of suspending sales of affected cars in Korea at a hearing held at the National Assembly on Tuesday.

    Kim said he feels shame for selling such defective vehicles in Korea and said he will take responsibility.

    Kim reiterated that the issue derives from a defect in the vehicles and not from the driving habits of Korean consumers.

    Earlier this month, BMW spokesman Jochen Frey came under fire for blaming Korean driving habits and traffic conditions for the fires in an interview with Chinese media. BMW Korea instantly refuted the comment, saying it was a translation error.

  • Cafe Amazon makes debut in Middle Eastern

    Cafe Amazon makes debut in Middle Eastern

    The launch of the Cafe Amazon Muscat store, in partnership with Oman Oil Marketing, will help PTT to study local market preferences for coffee, food, decor and atmosphere before making expansion plans.

    PTT currently operates 2557 branches of Cafe Amazon, most of them located in Thailand and run out of petrol stations.

    The brand has been subject to considerable expansion over the past four years in business, and now has a presence in Japan, Myanmar, Laos, Cambodia and the Philippines, as well as the new Cafe Amazon Muscat. Plans are underway to launch in Mainland China later this year.

    PTT is aiming to reach 4000 outlets by 2023, with branches in 14 countries.

  • Aeon to shut down Index Living Mall Malaysia stores

    Aeon to shut down Index Living Mall Malaysia stores

    Aeon Co (M) Bhd’s net profit plunged 64.5% to RM9.79 million for the second quarter ended June 30 compared with RM27.55 million in the previous corresponding period, due to the recognition of impairment loss on investment in its associate company Index Living Mall Malaysia Sdn Bhd (ILMM).

    Its revenue however, rose 5.4% to RM1.06 billion from RM1.01 billion.

    Aeon said in a filing with the stock exchange that ILMM will be closing down the remaining of its furniture outlets in Malaysia by the third quarter of 2018. The outlets are located at Aeon Shah Alam and Kota Baru, IOI City Mall, Putrajaya as well as Aeon Mall Tebrau City, according to its website.

    “As such, for the second quarter result, the company has recognised the impairment loss on its investment in the associate company which amounted to RM8.01 million and also share of its year-to-date operating loss which amounted to RM13.7 million.”

    ILMM is a 49:51 joint venture company between Aeon and Index Living Mall Company Ltd which was incorporated in Thailand.

    Aeon said the outlet closures are expected to reduce its earnings per share and net assets per share by about 2 sen for the financial year ending Dec 31.

    For the first six months of the year, the group’s net profit contracted 29.8% to RM37.73 million from RM53.75 million on the back of a 4.4% rise in revenue to RM2.18 billion from RM2.09 billion.

    Looking ahead, Aeon said the sales and services tax implementation will have an impact on consumer spending and product pricing.

    “With such outlook, the board expects the performance for the current year to remain challenging.”

    For the retail business, the group said it will continue to refurbish its selected stores and employ appropriate marketing and pricing strategies.

    Meanwhile, Aeon foresees the occupancy and rental rates for the property management services to remain stable and sustainable.

    Aeon’s share price closed unchanged at RM2.10 on 590,400 shares done.

  • India’s BuyMore signed agreement with HK company to boost sales

    India’s BuyMore signed agreement with HK company to boost sales

    Indian e-commerce aggregator BuyMore has partnered with retail consulting firm Hong Kong Circle Tech to assist Chinese retailers seeking to sell their products in India.

    The deal will see Circle Tech’s Chinese retail clients listed on BuyMore’s 10 e-commerce websites, a move anticipated to significantly boost e-commerce trade in both countries.

    The partners will initially introduce 450 Chinese brands and US$5 million worth of products to India, which replaced China as the most promising retail market in the world last year.

    BuyMore’s MD & co-founder Sidharth said that more than 80 per cent of lifestyle and electronic products used today originate from China. “This shows that the market has a lucrative opportunity we can enact upon.”

    CEO & co-founder Abhinandan said: “We are hoping to reduce brand monopoly that currently exists in the Indian market. With our leading AI technology we will help Chinese factories streamline their production and cut production costs so that the Indian consumers can benefit from the cost cutting. India is price sensitive and we aim to give quality products at great rates by bringing in Chinese brands.”

    BuyMore will provide free warehousing, listings and cataloguing services to participating Chinese brands.

  • Shilla Duty Free wins Gimpo’s bid for L&T concession

    Shilla Duty Free wins Gimpo’s bid for L&T concession

    Shilla Duty Free wins the bid against Lotte Duty Free for Gimpo International Airport’s five-year liquor and tobacco concession.

    Gimpo is South Korea’s third busiest airport and the core duty categories will now be divided between South Korea’s two biggest duty free retailers – Shilla and Lotte.

    Last month, the two travel retail giants were shortlisted for the five-year concession covering two stores spanning 733sq m. It seems Shinsegae Duty Free had also submitted a bid, but did not make it to the shortlist.

    It appears Shilla’s strength in the business sustainability, financial health and investment category, counting for half of the overall score the bids were judged on, are what made the balance shift in their favor.

    The opening follows the exit of, previous incumbent, CityPlus due to unsustainable losses

    Even though Incheon International Airport is now the nation’s gateway, Gimpo still sees more than 25 million passengers every year.

  • Gome Retail restructure ends up disappointing

    Gome Retail restructure ends up disappointing

    Gome Retail Holdings has posted a loss attributable to shareholders of RMB457 million for the first half of this year as it continued with implementation of its Home – Living strategic restructure.

    The loss was a contrast to the profit of RMB122 million in the same period last year.

    Gome Retail chairman Zhang Da Zhong said the group accelerated its transformation into “a one-stop home solution provider. At the same time, it promoted the overall integration of its online to offline businesses, aimed at raising management efficiency and enhancing consumer experience.

    Gome is combining its electrical appliances, home decoration, household systems and supermarkets to create sizable “experiential stores” in tier 1 and 2 cities. The group is also optimising its platform to include the Xiaomei Net Café, VR Cinemas and Gome esports.

    During the six months, the group’s total gross merchandise volume (GMV) for both online and offline operations increased by 14.94 per cent year on year, with 67.39 per cent growth in the GMV from the marketplace of the e-commerce business.

    As a result of the implementation of the strategic transformation plan, the group recorded sales revenue of RMB34.706 million, representing a decrease of 8.84 per cent when compared with RMB38.073 billion for the corresponding period last year.

    Gome proposed the ‘Triple New’ initiative of ‘New Business, New Market, New Technology’ to rapidly open county-level stores in tier 3-6 cities, and introduced new service initiatives including the integration of kitchen cabinets and electrical appliances, home furnishing/kitchen cabinet and kitchen interior design services.

    “The Triple New initiative proposed by Gome not only represents an operational shift of focus from products to users, but also demonstrates Gome’s determination to attract customers with quality services,” said Zhong.

    In the months ahead, he says the group will continue to open county-level stores at a quicker pace and work on merging its online and offline operations.

  • CIMB Malaysia expects FY18 to be a record year

    CIMB Malaysia expects FY18 to be a record year

    CIMB Group Holdings Bhd, which posted a record net profit of RM3.29 billion for the first six months ended June 30, 2018 (1H18), expects a record net profit to ensue for the full year on a stronger performance in 2H18 partly driven by improvement in loan growth.

    Group CEO Tengku Datuk Seri Zafrul Aziz said CIMB is on track to meet its loan growth target of 6% for this year, compared with a weaker-than-expected 0.2% last year hit by its Indonesian business.

    It saw a loan growth of 3.4% for 1H18, dragged down by the weakening of rupiah in Indonesia. Excluding foreign exchange fluctuations, its 1H18 loan growth would have been 7%.

    “We’re still keeping our loan growth target. 1H18 was slower and we’re optimistic that in 2H18 we will catch up,” Zafrul said in a press conference after announcing its 1H18 financial results here.

    “For 2H18, we hope to sustain (performance). It’s been a strong two months (July-August), we’ve seen a pickup in capital markets (from slower capital market activities in 1H18), but also in the region in Thailand and Singapore. We’re optimistic. Judging from the pipeline that we have, we should see the same, if not better performance in 2H18,” he added.

    Zafrul said CIMB is focused on achieving its T18 targets, subject to recovery of capital markets, and continued improvement in asset quality across Indonesia, Thailand and Singapore.

    Saying the worst is over for its Indonesian business, he said a rate increase is expected in Indonesia to stabilise the rupiah. On the macro side, it is wary of the currency impact and is also mindful of the election in Indonesia. However he said CIMB Niaga has done well in term of its bottom line, adding that it was the best performing bank in 1H18 in Indonesia.

    “If you look at the numbers on Indonesia, the asset quality is better. The problem is the loan growth and this is something that we need to push further and at the same time we’re tracking the industry.”

    For the second quarter ended June 30, 2018, CIMB’s net profit jumped 80% to RM1.98 billion from RM1.10 billion a year ago bolstered by a RM928 million gain from the sale of 20% of CIMB-Principal Asset Management and 10% of CIMB-Principal Islamic Asset Management. Revenue rose 12% to RM4.86 billion from RM4.33 billion in the previous corresponding quarter.

    CIMB posted a record net profit of RM3.29 billion for the first half of 2018, up 44% from RM2.28 billion a year ago, bolstered by the disposal gain. Excluding the gain, CIMB’s 1H18 earnings was RM2.36 billion, translating to a 3.3% year-on-year growth. Revenue rose 5.5% to RM9.17 billion from RM8.69 billion in the previous year.

    Zafrul said CIMB is finalising its next mid-term growth plan post-T18, which will be premised on customers, people and sustainability, among others. He added that any changes to its management are based on performance and will be decided by the board and not one shareholder.

  • Emperor Watch & Jewellery profit jumps high

    Emperor Watch & Jewellery profit jumps high

    Emperor Watch & Jewellery cites “strong momentum in luxury consumption” as the reason for a massive profit boost in the first half of this year.

    Total sales surged 34.3 per cent to HK$2.454 billion (US$312.6 million), as inbound tourism arrivals from the mainland recovered and Hong Kong retail sales rose.

    Revenue from its core, home market Hong Kong was up 42.8 per cent to $1.908 billion, accounting for 77.8 per cent of total sales.

    “The improvement in consumption sentiment has supported robust demand for watches,” the company said in an announcement. Hence, revenue of the watch segment, the group’s largest revenue contributor, rose 32.1 per cent to $1.942 billion, accounting for 79.1 per cent of total revenue. Revenue from the jewellery segment increased by 43.6 per cent to $512.5 million.

    Gross profit grew 39 per cent to $677.3 million, with gross profit margin rising from 26.7 per cent to 27.6 per cent, due to stronger demand for watches.

    Group net profit more than quadrupled year on year to HK$157.2 million.

    “Given the favourable fundamentals of Hong Kong luxury watch sector, we are cautiously optimistic about our long-term business prospects albeit market volatility,” said Emperor Watch & Jewellery CEO and chairperson Cindy Yeung. “We remain committed to respond proactively to the market dynamics and leverage on our core competencies.” As at June 30, the group operated 84 stores – four more than at the end of last year – in Hong Kong, Macau, Mainland China and Singapore.

    After a successful launch in Singapore in 2013, the group now plans to expand into Malaysia. Yeung said the company will also continue to eye further expansion opportunities globally.