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Author: Mei Ling Tan

  • CapitaLand acquires 32-hectare prime mixed-use site in Chongqing

    CapitaLand acquires 32-hectare prime mixed-use site in Chongqing

    CapitaLand has acquired a company which owns a mixed-use development site in China’s Chongqing.

    The CapitaLand Chongqing project, which will boost the Singapore developer’s residential pipeline in China by more than 2100 units, includes a 335,000sqm shopping mall scheduled for completion in 2022, and a further 100,000sqm of office and retail space.

    CapitaLand is acquiring all the shares in the company which owns the 32 hectare site at the gateway to China’s fast-growing western region. The deal is valued at about S$1.19 billion.

    The land parcel is located in Xinpaifang, a mature residential and commercial zone in Liangjiang New Area, the first national-level development area in inland China and a part of Chongqing’s Free Trade Zone. It is a 20-minute drive from Jiangbei International Airport and a short distance from Guanyinqiao and Jiefangbei CBDs, which is next to Raffles City Chongqing.

    Lim Ming Yan, president & group CEO of CapitaLand Group, said given the site’s scale, strategic location and excellent connectivity, the Chongqing’s Xinpaifang asset is a prized acquisition that will boost CapitaLand’s land bank in a key gateway city in China’s southwest.

    “Through our ‘core city clusters, dominant assets’ strategy, we have steadily ramped up our network in China’s first- and second-tier cities, cementing our lead as the foreign real estate developer with the largest portfolio of integrated developments.”

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  • New York-based Russian label J.Mendel files for bankruptcy

    New York-based Russian label J.Mendel files for bankruptcy

    After fighting creditors in court for several months now, fashion label J.Mendel has filed for bankruptcy, in a last minute bid to restructure debts and continue operations.

    The U.S-based womenswear brand has officially filed for Chapter 11 protection in bankruptcy court in New York.

    According to J.Mendel’s controlling investor Stallion Inc. and its John Georgiades — who has been at the helm of the Russia-founded firm since Marc Durie’s leaving as CEO in early 2016 – the company plans to “move forward” despite the news.

    “Restructuring the company’s debts will allow J.Mendel to face the current challenging luxury retail environment, and I am confident that this will allow the company to move forward with renewed financial stability, allowing us to focus on crafting the best designs for our devoted clientele,” said Georgiades.

    With bills owing to landlords and modelling agencies, among other firms, J.Mendel’s creative director and brand scion Gilles Mendel, revealed that he continues to work on the label’s upcoming collection.

    “I am actively designing our spring 2019 collection and look forward to presenting it in September during fashion week,” said Mendel.

    Founded in St. Petersburg, Russia, in 1870 before moving to New York in the 1980s under Mendel’s guide, J.Mendel is known its formal women’s wear and gowns that often appear on red carpets.

    In 2015, J.Mendel reportedly made some $30 million a year in sales from its ready-to-wear, couture, bridal and accessories lines.

    According to recent U.S. press reports, the brand owes real estate firm The Arsenal Co. $1.1 million relating to the lease of an entire floor in a Midtown building, where the brand previously kept its headquarters, which is left early and has since stopped paying.

    Earlier this year, public relations firm Karla Otto said the brand owed $260,000 for its work putting on J.Mendel’s first couture show in July 2016 in Paris.

    The New York Times is also suing J.Mendel for $28,000 owed for advertising. DNA Model Management is owed close to $60,000 in unpaid modelling fees while Er Fur Trading Corp. requires $107,500 for animal fur skins.

    It also owes e-commerce platform management company Acadaca LLC some $60,000.

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  • Valextra opens flagship in Chengdu China

    Valextra opens flagship in Chengdu China

    The new Valextra flagship store in China’s Chengdu, designed by Neri&Hu, features hovering walls and a conical light funnel modelled on the Pantheon in Rome.

    The Italian accessories brand’s 160sqm store is divided into two connected spaces: a library and a reading room.

    When customers enter the store, they are greeted with a grid of walnut shelving, on which merchandise is displayed.

    Like a library, ladders are used to access the merchandise placed on the upper shelves.

    Reclaimed grey bricks are laid on the floor, sliced and twisted in a circular motion, reflecting the deep conical light funnel in the ceiling above – a design element that Neri&Hu says was used to recall the oculus of the Pantheon in Rome.

    Lit like a museum, the space uses both artificial spotlighting and natural light, which penetrates the space from the deep facade windows. At the centre of the library the grey brick rises from the floor plane to meet a slab of solid white marble that forms a merchandise display table.

    Through the library screen, customers enter the ‘reading room’, which is clad in vertically placed rectangular, green tiles. The tiles’ curved glazed surface create a reflective undulating effect that the designers said adds “texture and depth”.

    Imposing facade

    To create the store, the pre-existing shopfront which was designed to match its shopping centre neighbours was demolished, replaced with an imposing solid wall of dark concrete that spans two stories.

    A strip of glass runs around the bottom of the black wall, making it appear as if it is hovering above the ground.

    Narrow vertical and horizontal windows are carved into the thick wall to provide glimpses of the store within, while a deep set arched entrance with a curved glass door detailed in brass and curved green tile is positioned off centre.

    View the gallery below :

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  • VN’s seafood exports to face difficulties following EC’s warning extension

    VN’s seafood exports to face difficulties following EC’s warning extension

    Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), noted that the seafood volume sent to the European Union (EU) will drop as both exporters and importers will suffer from more time-consuming customs clearance procedures, resulting in higher costs.

    VASEP deputy general secretary Nguyen Hoai Nam pointed out that the EC will return to Vietnam next year to check whether the country has clamped down on illegal, unreported and unregulated fishing.

    Meanwhile, the country’s management of fishing and origin traceability remains inadequate. Vietnam currently has nearly 110,000 fishing boats, with 33,000 of them specializing in offshore fishing. However, only some 3,000 boats have satellite-positioning devices installed.

    Although the EC’s recommendations have been included in the 2017 fisheries law, decrees and guiding documents, law enforcement needs to be strengthened at the local level.

    Answering a question by Retail News on the possibility of a red card for Vietnam’s seafood, which would entail a complete ban on Vietnamese seafood exports, if the country fails to fix the situation as requested by the EC, Hoe said the EC is not likely to issue a red card as the local seafood sector is striving to cope with its shortcomings and comply with the EC’s recommendations.

    However, it is not easy to resolve the existing problems over the short term. Thailand, for example, has had a yellow card for several years, Hoe added.

    Nguyen Thi Trang Nhung, deputy director of the Department of Science, Technology and International Cooperation under the Directorate of Fisheries of the Ministry of Agriculture and Rural Development, said that the department will hold a press conference on the problem on July 3.

    The EC on October 23, 2017 announced a yellow card for Vietnam’s seafood exports to the EU market.

    The nine recommendations given to Vietnam to act on within the six-month period from October 23 last year to April 23, include ensuring the effective adoption of revised laws; enhancing the effective execution of international regulations and management measures; increasing the traceability of seafood products; preventing sales of products from illegal, unreported and unregulated fishing; and promoting cooperation with other countries.

  • Vietnam’s Mobile World sales rises

    Vietnam’s Mobile World sales rises

    Vietnam’s Mobile World saw a 43 per cent jump in revenue in the first five months of this year.

    The mobile device and consumer electronics retailer posted net sales of VND37 trillion (US$1.61 billion) and an after-tax profit of $55.8 million, 44 per cent up year-on-year.

    Of its divisions, electronic retail arm Dien May Xanh accounted for 56 per cent, mobile phone retail chain The Gioi Di Dong 41 per cent, and its fledgling grocery chain Bach Hoa Xanh 3 per cent.

    According to Mobile World’s CEO Tran Kinh Doanh, the company plans to expand Bach Hoa Xanh to 1000 stores in Ho Chi Minh City, and more in other provinces.

    The Gioi Di Dong chain has scaled down its network to 500 stores this year after closing six stores.

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  • Starbucks opens new Hong Kong flagship

    Starbucks opens new Hong Kong flagship

    The first Starbucks Hong Kong flagship has formally opened in Causeway Bay.

    The new store is located on level one of Lee Garden Three. As previously reported, the store features the city’s first standalone Teavana Bar and a ‘Mixology Bar’ where coffee-inspired alcoholic beverages are served, along with premium coffee and an expanded food menu.

    The 5500sqft store is positioned as “an urban retreat within the bustling city” and what Starbucks describes internationally as “a Third Place” for customers to socialise with family and friends. (First and second places are home and work).

    The Starbucks Hong Kong flagship opened on Friday and boasts more than 50 new food and beverage items, as well as branded homewares and merchandise, including items exclusive to the store.

    The Starbucks Reserve coffee bar is built with marble in deep green shades inspired by coffee plantations. Staff will guide customers through the flavours of different coffee origins, and through various coffee brewing methods including nitro cold brew, siphon, pour over, coffee press, Chemex and Black Eagle Espresso.

    The Starbucks Hong Kong flagship features a coffee tree-inspired centre pillar that extends through the store ceiling, made with 370 pieces of geometric wooden panels shaped like coffee leaves.

    Local designers Fa and Jun from Kanvas Studio created a feature art piece for the flagship made with 250 pieces of handcrafted ceramics inspired by the natural form of coffee and tea leaves.

    The Teavana Bar will feature five Hong Kong-exclusive teas among 15 new menu items at the Starbucks Hong Kong Flagship to offer consumers an alternative to coffee.

    The Teavana Bar will launch the first cold foam-tea series, bringing the foaminess customers of hot beverages to iced beverages with matcha latte with cold foam and black tea with Earl Grey jelly and cold foam.

    Food options at the new Starbucks Hong Kong flagship include gourmet toasts (bacon, Nurnberger sausage & scrambled eggs, avocado & scrambled eggs and soft-boiled egg & smoked salmon, for example). The menu also features a salad bar, flatbreads and pancakes.

    The full pictures of the new flagship store can be viewed below :

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  • Christopher Kane in talks with Kering to take back his brand

    Christopher Kane in talks with Kering to take back his brand

    Kering is announcing that discussions are underway with Mr. Christopher Kane about the conditions in which the British designer could take back full control of the eponymous brand.

    In 2013, Kering had acquired 51% of the brand created by Christopher Kane in 2006.

    Christopher Kane, the label, launched in 2006 and began almost immediately upon Kane’s graduation from Central Saint Martins, capitalizing on the success of his award winning MA collection that had already garnered much media attention.

    The designer has always been acknowledged as both a precocious and truly gifted talent. Christopher Kane has quickly matured and grown to become one of the powerhouse labels of British fashion with one of the biggest International profiles.

    The catwalk shows, held during London Fashion Week, are a widely acknowledged highlight of the International fashion calendar.

    Developing his playful signatures of constant innovation, rebellious femininity and extraordinary skill, his clothes continue to surprise and seduce with their ineffable sense of chic.

    Christopher Kane and Kering wish to continue to collaborate with the aim of achieving a gradual and harmonious transition.

    As an accounting consequence of the talks underway, the Group will apply IFRS 5, Non-current Assets Held for Sale and Discontinued Operations to this asset in its half-yearly accounts to 30 June 2018, which will be published 26 July.

    The brand is currently consolidated according to the full consolidation method.

  • Vietnam’s Bamboo Airways commits to 20 Boeing aircraft

    Vietnam’s Bamboo Airways commits to 20 Boeing aircraft

    Boeing Co (BA.N) said on Monday entered into an agreement to sell 20 of its widebody long-haul aircraft to Vietnamese startup Bamboo Airways in a $5.6 billion deal at current list prices.

    As part of the deal, which is yet to be finalized, FLC Group-owned FLC.HM Bamboo Airways has made a deposit in mid-June to reserve the 787-9 Dreamliners, whose delivery is likely to begin from April 2020, through 2021, Boeing said.

    Bamboo Airways plans to begin commercial operations next year out of Hanoi.

    FLC Group has also signed an initial agreement with Airbus SE (AIR.PA) in March for up to 24 A321neo aircraft.

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  • Australian, New Zealand central banks say no plans to issue official digital currencies

    Australian, New Zealand central banks say no plans to issue official digital currencies

    The central banks of Australia and New Zealand ruled out today the notion that they would issue official cryptocurrencies anytime soon, warning the potential damage to their banking systems could outweigh the benefits.

    Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, said that bitcoin and other cryptocurrencies had not proven their worth as reliable stores of value or means of payment because of their volatility and vulnerability to hacking.

    “Nine years after its launch and about five years since it entered the public consciousness, bitcoin continues to have structural flaws that make it unsuitable for many uses, many of which stem from its inefficient verification process,” he said in the text of a speech given in Sydney.

    Given their low usage in Australia, cryptocurrencies were unlikely to have any significant impact on the RBA’s oversight of monetary policy and the banking system, he said.

    The RBA had no plan for the time being to adopt any new electronic form of money for households, he added.

    “Based on our interactions with our counterparts in other countries, it is also not front of mind for most other advanced economy central banks,” Richards said.

    The Reserve Bank of New Zealand (RBNZ) also said that while it was open to exploring new technology, it was unclear whether a central bank digital currency will bring conclusive benefits.

    While digital currencies could make distribution of money safer and cheaper, they could increase the likelihood of bank runs during periods of financial instability, said RBNZ deputy governor Geoff Bascand.

    That was because in times of financial stress, depositors could easily and remotely transfer large deposit holdings to a central bank digital currency, he said.

    “A breakdown in the financial system can cause enormous economic and social harm. We could not issue a digital currency if it might undermine financial stability,” Bascand said in the text of a speech at an Auckland conference.

    “The payments industry is dynamic, which is good. But the Reserve Bank must be a considered prospector in the exploration for digital currency benefits – we have New Zealand’s currency and financial system at stake.”

    Wild swings in the price of cryptocurrencies, and fears they may be used for illicit activities such as tax evasion, have drawn the attention of global policymakers.

    Finance leaders of the Group of 20 major economies agreed in March to open the door to regulating the booming industry, though they have only just started adopting individual rules due to the difficulty of agreeing on a multilateral approach.

    Most central banks are wary of embracing cryptocurrencies and say they have no plans to issue their own digital money with the exception of Sweden, where the shift away from the use of cash is significantly more advanced than in other countries.

    Bitcoin prices dropped their lowest in more than four months on Friday, continuing a downtrend driven by authorities’ measures to impose tighter regulation on cryptocurrencies.

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  • Celine Dion to sell her Collection via Tmall

    Celine Dion to sell her Collection via Tmall

    Alibaba Group’s Tmall is now distributing the Celine Dion Collection in a new partnership with Canadian handbag, luggage and accessories manufacturer The Bugatti Group.

    The partnership will make the popular brand available to Tmall’s 500 million-plus consumers located in Mainland China, Hong Kong, Macau and Taiwan. It is the largest B2C platform in the region.

    The Bugatti Group North America CEO Andrew Hattem called the partnership “a big step to the growth of our global distribution” for the celine Dion Collection brand.

    He said China will be the largest global market for its flagship brand.

    An exclusive leather collection, “Harmonic”, was released to mark the Tmall launch.

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  • L’Oréal completes its Stylenanda takeover

    L’Oréal completes its Stylenanda takeover

    French cosmetics giant L’Oréal has completed its takeover of Korean fashion and makeup company Stylenanda just 50 days after it first announced that it would acquire 100 percent of the company.

    L’Oreal said on June 19 that it will operate Stylenanda separately from L’Oreal Korea’s four existing divisions.

    L’Oreal explained that it intends to encourage the creativity of Stylenanda’s fashion business and its makeup brand 3CE.

    Stylenanda’s new CEO will be Shin Ji-eun, 37, a general manager at L’Oreal Korea. Shin joined L’Oreal Korea in 2004, has worked various positions within the company in both Korea and France, and most recently worked as the general manager of marketing operations in Indonesia, one of the key emerging markets to the company.

    Kim So-hee, 35, the founder and former CEO of Stylenanda, will serve as its chief creative executive. “Kim will continue to contribute to the success of Stylenanda by providing major input in both the fashion and makeup divisions of the brand, “ said a L’Oreal official.

    L’Oréal did not disclose the exact amount it paid to take over 100 percent of the fashion brand, but considering that Stylenanda originally planned to sell 70 percent of its shares for 400 billion won (US$361 million), industry sources estimate the company was sold for between 570 billion won and 600 billion won.

    L’Oréal’s focus in acquiring Stylenanda was its makeup brand 3CE. Although Stylenanda started out as a clothing business in 2004, ever since it launched 3CE in 2009, makeup has propelled the brand’s growth. 3CE is popular both domestically and in China and Southeast Asia, and makeup products now account for 70 percent of Stylenanda’s total sales. L’Oréal believes that it can effectively target Asian markets, including China, using 3CE.

    Unilever bought Carver Korea, which owns the Korean cosmetics brand AHC, for 3 trillion won last year for a similar reason. L’Oreal, which has been criticized for its relatively poor competitiveness in makeup relative to skincare, is planning to solidify its position in color cosmetics through 3CE.

    The beauty industry has high expectations for growth in the Asian cosmetics market. The Asian makeup market is expected to account for more than 30 percent of the global makeup market in the future, and the Chinese market, particularly, has huge growth potential.

    According to Euromonitor, a global market research provider, the Chinese color cosmetics market is expected to reach 6.6 billion dollars in 2020. Between 2013 and 2016, its average annual growth was 11.3 percent, higher than the global color cosmetics market average of 6 percent.

    L’Oréal anticipates that if it sells 3CE products through its current distribution networks, it will be able to increase its influence in Asia as well as the North American and European markets.

    L’Oréal’s also hopes the acquisition will help boost its brand image, as 3CE’s main customer base is Asian millennials.

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  • China, Japan and Korea enter 5G alliance

    China, Japan and Korea enter 5G alliance

    The ICT ministers of South Korea, Japan and China have jointly agreed to collaborate on the standardization of 5G technology.

    Korean minister for science and ICT Yoo Young-min, Chinese minister for industry and information technology Miao Wei and Japanese minister for internal affairs and communications Yoo Young-min convened last week to discuss ways to promote cooperation in communications policies and regulations.

    The meeting marked the first ministerial meeting between the three countries in seven years, and the sixth overall.

    The ministers agreed to collaborate on accelerating the commercialization of 5G technology, reducing roaming fees between the three countries and facilitating the deployment of 5G and other advanced technologies for the 2020 Summer Olympics in Tokyo and the 2022 Winter Olympics in Beijing.

    At the summit, more than 200 government and business leaders from the three countries also agreed to cooperate on the development of emerging technologies including 5G, IoT and AI.

    Meanwhile Korea’s ICT ministry has set today as the deadline for applications to participate in South Korea’s first 5G auction.

    The nation’s three mobile operators SK Telecom, KT and LG Uplus are expected to all apply to participate in the auction, which is scheduled to commence next Friday. Spectrum in both the 3.5-GHz and 28-GHz bands will be put on the block.

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  • Castore to open in Hong Kong soon

    Castore to open in Hong Kong soon

    Private investors have contributed £3.2 million to Chester, UK-based sportswear brand Castore to support its expansion into Asia and the US.

    The firm’s co-founders – brothers and former pro athletes Tom and Phil Beahon – plan to use the funds to set up a dedicated Asia website, and are in the early stages of planning their first store in Hong Kong.

    Among the investors are Robert Senior (formerly head of Saatchi & Saatchi), Arnaud Massenet (previously husband of Natalie Massenet, founder of Net-A-Porter), and Tom Singh (founder of New Look).

    Castore’s mission is to build “the lightest, most durable, highest-performing sportswear in the market,” achieved through testing products in competitive environments.

    “All our garments have been tested on elite athletes to ensure they excel at the highest level, worn for 100 consecutive days before being approved for full production,” the company explains on its website.

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  • Palm falls on weak export demand

    Palm falls on weak export demand

    Malaysian palm oil futures fell at the midday break today, as weak export demand and losses in US soyoil weighed.

    The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 0.8% at RM2,266 per tonne, its sharpest intraday loss since June 19.

    Palm gained in the previous session, snapping four consecutive days of losses. It is down nearly 7% so far this month.

    Trading volumes stood at 19,531 lots of 25 tonnes each at noon.

    “The market is lacking demand, this is the primary cause of price declines,” said a Kuala Lumpur based trader.

    “Exports have been bad since the export tax was reinstated, and Indonesian prices are more competitive than ours,” added the trader, referring to Malaysia’s tax on crude palm oil exports.

    Malaysia resumed export taxes on crude palm oil in May, after suspending it for four months at the start of the year to increase demand and boost prices. It announced a 5% rate for the month of July.

    Exports of palm oil and related products from the world’s second largest producer declined 12.5% from June 1-25, reported inspection company AmSpec Agri Malaysia today, versus the corresponding period in May.

    Palm’s decline could also be due to weakness in US soyoil on the Chicago Board Of Trade, another trader said. The Chicago July soybean oil contract was last down 0.2% today.

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  • Go-Jek to launch ride-hailing services in Vietnam

    Go-Jek to launch ride-hailing services in Vietnam

    Indonesian ride-hailing app Go-Jek will officially launch in Vietnam this July under the brand name of Go-Viet.

    The firm will be run by a group of Vietnamese managers.

    Go-Jek will provide Go-Viet with financial and technological backing, as well managerial inputs.

    “We believe that these in-country teams have the knowledge and experience to make the businesses in Vietnam a huge success,” said Nadiem Makarim, Go-Jek CEO and founder.

    He said local teams will have in-depth knowledge and expertise to operate in Vietnamese market.

    The app would first offer ride-hailing and on-demand logistics services to customers in HCMC before expanding to other cities and provinces with food delivery and other services.

    The launch of Go-Viet in Vietnam is part of Go-Jek’s plan to expand to Southeast Asian markets, including Vietnam, Thailand, Singapore and Philippines.

    Founded in 2010, Go-Jek has raised over $1.5 billion from investors like Google and China’s Tencent Holdings.

    Starting out as a phone-based motorbike ride-hailing app, Go-Jek is now a digital platform which offers transportation, logistics and delivery services.

    Go-Jek isn’t the only firm vying for a spot in Vietnam’s transport market. Singapore based blockchain-powered ride-hailing app MVL is also on the verge of entering.

    Ever since Uber left Vietnam in April, Grab has dominated the local market, and authorities are investigating possible breaches of anti-trust laws.

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