Author: Mei Ling Tan

  • Tim Hortons China Welcomes New CEO Kwok Wah Cheung to Harness Growth and Innovation

    Tim Hortons China Welcomes New CEO Kwok Wah Cheung to Harness Growth and Innovation

    TH International, the parent company of Tims China, master franchisee of Tim Hortons coffee shops, has announced the appointment of Kwok Wah Cheung as its new CEO, effective June 15.

    Experience and Expertise

    Cheung brings his wealth of experience to this new role, having held leadership positions at various major consumer businesses in China for over two decades. His past roles include CEO of Supor, an appliance and cookware manufacturer; executive director of dairy company China Feihe; chairman and CEO of Nestlé’s Greater China Region; and global president of Wyeth Nutrition.

    In his new capacity, Cheung will oversee the company’s overall operations and the execution of the board’s strategic directives. His focus areas include intensifying localization efforts, fostering continuous innovation, expanding the loyalty club, and enhancing customer convenience through optimized store layouts and the integration of digital and delivery services.

    Leadership Transition

    As part of this management transition, the incumbent CEO, Yongchen Lu, will relinquish his position and take on the role of company chairman. Simultaneously, the current chairman, Peter Yu, will step down from his position and remain as a director.

    In his new role as chairman, Lu will work closely with Cheung to facilitate a seamless transition and continue delivering value to all stakeholders.

    Tims China launched its inaugural store in 2019 and has since expanded rapidly, boasting 1,026 system-wide stores in 93 cities across mainland China by the end of March this year. The company’s loyalty club community currently exceeds 35 million members.

    Questions & Answers

    Who is the new CEO of TH International?
    Kwok Wah Cheung has been appointed as the new CEO of TH International.

    What will be the primary focus of the new CEO?
    Cheung will focus on localisation, innovation, loyalty club expansion, and enhancing convenience via optimized store formats and digital integration.

    What role will former CEO Yongchen Lu assume?
    Yongchen Lu will step down as CEO and assume the role of company chairman.

  • Surging Ahead: Luckin Coffee Topples 35,000-Store Milestone with Rapid Global Expansion

    Surging Ahead: Luckin Coffee Topples 35,000-Store Milestone with Rapid Global Expansion

    Luckin Coffee, a leading coffee chain in China, recently celebrated a significant expansion mark. The brand’s international presence now spans over 35,000 locations across the globe. This development underscores Luckin’s rapid growth both in its home country and abroad, further solidifying its reputation as one of the most extensive coffee and beverage retail chains in terms of store count.

    Impressive Expansion Strategy

    Luckin’s monumental growth is primarily attributed to its aggressive expansion strategy. This strategy is rooted in establishing a dense urban presence, standardizing store layouts, and leveraging technology to facilitate rapid deployment and high-volume service.

    The chain’s growth trajectory has been consistent, with the opening of its 30,000th store earlier this year. This milestone was marked by the debut of a new ‘Origin Flagship’ store in Shenzhen, a significant departure from the brand’s usual small-scale, pickup-focused outlets. The two-story establishment covers an area of approximately 420 square meters.

    Sustained Revenue Growth and Product Demand

    Luckin Coffee has also enjoyed consistent double-digit revenue growth as the brand continues to expand its footprints. As of May 31, the company reported that its non-coffee beverages’ cumulative sales had exceeded RMB 20 billion (equivalent to US$ 2.9 million). The sales report also noted that 22 of its products had sold over 100 million cups each. This shows the strong consumer demand for its extensive beverage offerings beyond coffee.

    Over the years, the company has constructed an integrated supply chain and operational infrastructure designed for large-scale operations. This includes expanded global sourcing from key regions such as Brazil, Ethiopia, and Indonesia, and domestic agricultural areas like Yunnan and Guangxi.

    Questions & Answers

    How many locations does Luckin Coffee have worldwide?
    Luckin Coffee’s global presence now spans over 35,000 locations worldwide.

    What is the foundation of Luckin Coffee’s expansion strategy?
    Luckin Coffee’s expansion strategy is rooted in establishing a dense urban presence, standardizing store layouts, and leveraging technology to facilitate rapid deployment and high-volume service.

    How has Luckin Coffee’s non-coffee beverages performed in terms of sales?
    As of May 31, Luckin Coffee reported its non-coffee beverages’ cumulative sales had surpassed RMB 20 billion (equivalent to US$ 2.9 million). Furthermore, 22 of its products had each sold over 100 million cups.

  • Starbucks Considers Billion-Dollar Stake Sale in Japan: Potential Bidders Emerge

    Starbucks Considers Billion-Dollar Stake Sale in Japan: Potential Bidders Emerge

    Starbucks, the prominent Seattle-based coffee chain, is contemplating various strategies concerning its Japanese operations, which could potentially involve selling its stake in the region. This business decision could garner attention from other industry contenders and private equity companies.

    Valuation estimates for the potential stake sale hover around ¥400 billion (A$3.5 billion) to A$4.4 billion. However, Starbucks has yet to respond to inquiries regarding these speculations, leaving industry analysts and investors awaiting official correspondence.

    A brief look back reveals that the coffee company took full control of Starbucks Coffee Japan Ltd in 2014. This entity was previously a joint venture between Starbucks and its partner, Sazaby League, a partnership that began in 1995.

    In relation to Starbucks’ other international dealings, the company concluded an agreement with Boyu Capital in April to sell the majority of its Chinese operations. This decision placed a value of approximately A$5.6 billion on the business.

    Despite posting its most robust quarterly sales growth in over two years this past April, Starbucks faces increasing costs. This is largely due to CEO Brian Niccol’s turnaround strategy. As a result, uncertainties linger regarding the pace at which profit margins can rebound.

    Questions & Answers

    What is Starbucks currently considering for its Japanese operations?
    Starbucks is considering various options, including potentially selling its stake in its Japanese business.

    What is the estimated value of the potential stake sale?
    The potential stake sale is anticipated to be valued between ¥400 billion (A$3.5 billion) and A$4.4 billion.

    What challenges is Starbucks currently facing?
    Despite recording strong sales growth, Starbucks is experiencing increased costs due to CEO Brian Niccol’s turnaround strategy. This has led to concerns about how quickly the company’s profit margins can recover.

  • Onitsuka Tiger to Roar Solo: Asics Announces Spin-off for Enhanced Global Competitiveness

    Onitsuka Tiger to Roar Solo: Asics Announces Spin-off for Enhanced Global Competitiveness

    In a strategic move to bolster its global standing, Asics Corporation has announced plans to bifurcate its Onitsuka Tiger business into an independent, wholly owned subsidiary, effective from January 1. This segment will transition to a newly conceived entity, OT Group Corp, through a company division. While Onitsuka Tiger will be afforded greater independence, it will simultaneously remain an integral part of the Asics Group.

    Onitsuka Tiger: A Legacy of Growth and Innovation

    This decision stems from the consistent, robust growth exhibited by Onitsuka Tiger, underpinned by its upscale positioning, international proliferation, and product development exploration. As a core element of Asics’ internal organizational structure, the brand has prioritized broadening its lattice of directly operated stores while reinforcing its status as a luxury lifestyle brand.

    Asics asserts that this restructured arrangement is set to facilitate expeditious decision-making and an adaptive response to fluctuating market conditions and consumer predilections. Concurrently, it will augment the brand’s worth and competitive edge in the international fashion and lifestyle sphere.

    Onitsuka Tiger, originally established as a sports shoe brand by Kihachiro Onitsuka in 1949, was rejuvenated as a fashion label in 2002. Since its revival, it has metamorphosed into a globally recognized lifestyle brand, seamlessly marrying Japanese tradition with contemporary design elements.

    Questions & Answers

    **What is the primary reason for Asics splitting the Onitsuka Tiger business?**
    Asics is aiming to boost the brand’s global competitiveness by enabling faster decision-making, improving its response to changing market conditions and consumer trends, and enhancing its value and competitiveness.

    **How does Asics plan on maintaining its relationship with Onitsuka Tiger post-split?**
    The Onitsuka Tiger brand will operate as an independent, wholly owned subsidiary under the newly formed OT Group Corp but will continue to be a part of the Asics Group.

    **What has been the trajectory of the Onitsuka Tiger brand since its inception?**
    Onitsuka Tiger was initially a sports shoe brand founded in 1949. In 2002, it was resurrected as a fashion label and has since evolved into a global lifestyle brand that artfully blends Japanese heritage with modern design.

  • Marks & Spencer Reaffirms Philippine Presence with New Franchise Deal with MAP

    Marks & Spencer Reaffirms Philippine Presence with New Franchise Deal with MAP

    Marks & Spencer (M&S), the iconic British retailer, has recently announced a continuation of its operations in the Philippines. This is possible due to a fresh franchise agreement with PT Mitra Adiperkasa Tbk (MAP), an Indonesian retail giant. MAP has had a successful history managing Marks & Spencer’s brand in both Indonesia and Vietnam.

    M&S Returns to the Philippine Market

    As part of the new agreement, various M&S product lines, including fashion, home, beauty, and food, are set to reappear on the Philippine market. The first of these stores plans to open its doors in Glorietta by the end of the year.

    Marks & Spencer has been a fixture in the Philippines since 1984, previously via its franchise partner, Rustan’s. However, a string of recent store closures had led consumers to speculate about the retailer’s potential departure from the local market.

    Mark Lemming, the Managing Director of Marks & Spencer International, reaffirmed the company’s commitment to expanding its footprint in the Philippines. He expressed optimism about MAP as the ideal collaborator to drive the company’s next growth phase in the region.

    Lemming highlighted the vital role MAP has played in propelling M&S’s growth in Indonesia, expressing confidence in the firm’s deep local knowledge as they gear up for increased expansion in Southeast Asia. He also acknowledged the strong demand for the M&S brand in the Philippines and voiced his excitement about re-launching their stores and online platforms later this year.

    MAP’s Role in M&S’s Expansion

    MAP’s relationship with Marks & Spencer isn’t new; the Indonesian retailer has been managing M&S’s franchise businesses in its homeland for over a quarter-century.

    Sameer Prasad, CEO of MAP Fashion, welcomed the expanded collaboration as a significant milestone in the firm’s regional growth plan. Prasad acknowledged the Philippines as a vibrant, rapidly expanding market, and deemed Manila as the ideal location to start this new chapter for M&S. He ended by expressing his eagerness to enhance M&S’s brand visibility in the local market and offer Filipino customers a superior retail experience.

    Questions & Answers

    What is the significance of the new franchise agreement between M&S and MAP?
    This agreement allows M&S to continue its operations in the Philippines using MAP’s local market expertise.

    What product lines will M&S reintroduce to the Philippine market?
    M&S plans to bring back its offerings in fashion, home, beauty, and food segments.

    What is the role of MAP in M&S’s operations?
    MAP will manage M&S’s brand, thanks to its deep regional knowledge and a successful history of managing M&S operations in Indonesia and Vietnam.

  • Musinsa: Powering Korean Fashion Invasion in China with Dual Tmall Presence

    Musinsa: Powering Korean Fashion Invasion in China with Dual Tmall Presence

    South Korean fashion marketplace, Musinsa, is advancing its business strategy in China by launching on Tmall Global, the cross-border e-commerce platform owned by Alibaba Group. This step builds upon Musinsa’s initial foray into the Chinese market last year through the domestic Tmall marketplace. This dual-platform presence gives Musinsa the advantage of permeating both the local Chinese e-commerce ecosystem and the cross-border shopping channel.

    Musinsa’s aim is to assist small and mid-sized Korean fashion brands who have traditionally encountered high barriers to China’s market entry, such as regulatory complexity, logistical hurdles, and the high costs associated with establishing local operations. By leveraging the platform model, these brands can sell their products directly to Chinese consumers without the need to establish a local entity. Musinsa is also in a position to extend comprehensive services to participating brands. These services include platform integration, logistics coordination, marketing, and customer service.

    Content-Led Curation Strategy and Promotional Initiatives

    Musinsa is adopting a content-led curation strategy to introduce Korean fashion trends to Chinese consumers. Alongside this, the company is outlining various marketing initiatives. These include co-branded campaigns with Tmall Global, promotional events, and livestream shopping activations.

    Musinsa had already made headway into the Chinese market through a joint venture with Anta Sports, establishing Musinsa China to expand through both online and offline channels. The company launched its flagship store on Tmall last year, introducing its modern basic casual wear brand, Musinsa Standard, as well as Musinsa Store.

    A representative from Musinsa China stated that the opening of the online flagship store was the first step towards introducing competitive emerging Korean brands to China’s younger generation. The representative also indicated that Musinsa would utilize its vast experience in the fashion industry and localization strategies to quicken the global expansion of K-fashion.

    Questions & Answers

    What is Musinsa’s plan for the Chinese market?
    Musinsa plans to aid small and medium-sized Korean fashion brands in accessing the Chinese market by providing a platform for them to sell directly to Chinese customers.

    What services is Musinsa offering to participating brands?
    Musinsa is providing comprehensive services including platform integration, logistics coordination, marketing, and customer service.

    What is Musinsa’s strategy to promote Korean fashion trends in China?
    Musinsa is adopting a content-led curation strategy to introduce Korean fashion trends to Chinese consumers and is planning various marketing initiatives such as co-branded campaigns with Tmall Global, promotional events, and livestream shopping activations.

  • Vietnam’s Pepper Exports Heat Up with 21.7% Rise in Five Months, US Leading the Demand

    Vietnam’s Pepper Exports Heat Up with 21.7% Rise in Five Months, US Leading the Demand

    In the first five months of 2026, Vietnam saw a significant increase in its pepper exports, with 122,600 tonnes exported, marking a rise of 21.7% from the previous year. The collective value of these shipments was US$789.2 million, representing a 13.9% surge year-on-year, as reported by the Vietnam Pepper and Spice Association.

    Primary Markets and Export Performance

    The United States emerged as the leading market, accounting for nearly 24.5% of the total exports, or 30,000 tonnes, marking a growth of 30.2% from the previous year. China followed closely with a staggering 145.4% rise, importing 14,636 tonnes.

    In terms of regional consumption, Asia led as the largest consumer, importing 56,570 tonnes, or 46% of the total product, marking a 24% rise year-on-year. Europe also saw a rise in imports by 5.1%, totalling 25,176 tonnes. Remarkably, the Netherlands boosted their imports by 51.6%, but Germany saw a 30.7% drop.

    The increase in exports can be attributed to a strong performance in the first and early second quarters, coupled with increased demand from major markets amid a tightening global supply. However, in May, pepper export volume experienced a decline of 18.9% from April and 4.8% year-on-year, totalling 25,180 tonnes worth $166.2 million.

    Import Trends and Other Exports

    On the import side, Vietnam purchased 38,086 tonnes of pepper valued at $217.8 million, marking a 69% rise year-on-year in volume and 60% in value. Cambodia emerged as the primary supplier, accounting for 54.6% of imports, followed by Brazil with a 29.1% share.

    In addition to pepper, Vietnam’s cinnamon exports also witnessed growth. The country exported 48,686 tonnes of the spice, totalling $124.3 million in the first five months, marking a 2% increase in volume and a 1% increase in value from the previous year. Asia accounted for 67.8% of these exports, while the Americas constituted 22.4%.

    Questions & Answers

    What was the total volume and value of pepper exported from Vietnam in the first five months of 2026?
    122,600 tonnes of pepper were exported, with a value of US$789.2 million.

    Which countries were the main buyers of Vietnamese pepper?
    The United States and China were the main buyers, importing 30,000 tonnes and 14,636 tonnes respectively.

    What trends were observed in Vietnam’s cinnamon exports?
    Vietnam’s cinnamon exports also saw a rise, with 48,686 tonnes exported, valued at $124.3 million. Asia and the Americas were the main markets for Vietnamese cinnamon.

  • VinFast Powers Green SMs Global Expansion with One Million Electric Cars by 2030

    VinFast Powers Green SMs Global Expansion with One Million Electric Cars by 2030

    VinFast, a prominent electric car manufacturer, has unveiled a bold strategy to supply one million electric vehicles (EVs) to Green SM, a rising ride-hailing service, by 2030. In addition to this, the deal stipulates the addition of four million electric motorcycles to Green SM’s fleet. The announcement was made in VinFast’s first quarter financial report.

    Strategic Collaboration for Global Impact

    The venture is viewed as a strategic collaboration between the two companies, with anticipated benefits for both parties. For VinFast, this partnership signifies a promising opportunity to broaden its international distribution network and augment its brand recognition. Concurrently, it bolsters Green SM’s ambitions to expand its global reach.

    Green SM has recently initiated taxi services in India, marking its fourth international market entry, following Laos, Indonesia, and the Philippines. Pham Nhat Vuong, recognised as Southeast Asia’s wealthiest individual, controls both companies. Green SM was launched in 2023 with a starting capital of $113.9 million, which has since grown exponentially to $1.94 billion.

    Initially, Green SM focused on taxi services and technology-based ride-hailing services, exclusively using VinFast vehicles. However, the company has expanded its offerings to include services such as food and parcel delivery, as well as car and motorcycle rentals.

    Positive Outlook for VinFast

    VinFast experienced substantial financial success in the first quarter, reporting a revenue increase of 42% to $1.04 billion. This surge was primarily attributable to a marked increase in electric vehicle sales both within Vietnam and in international markets, including Indonesia and the Philippines.

    Within the first quarter, VinFast sold 58,600 electric cars, reflecting a year-on-year increase of 61%. Moreover, the company sold 143,000 electric motorcycles and bicycles in the same period. Despite this success, VinFast reported a loss exceeding $1.26 billion, an increase from the previous figure of $798 million.

    In 2023, Vuong anticipated that the company would experience losses for several years. However, there is now a more optimistic outlook, as the company expects to break even next year following the decision to spin off its manufacturing operations to a separate company owned by a consortium of private investors.

    Questions & Answers

    What is VinFast’s strategy for its collaboration with Green SM?
    VinFast plans to supply one million electric vehicles and four million electric motorcycles to Green SM by 2030, expanding its international distribution network and enhancing brand recognition.

    What services does Green SM offer?
    Green SM provides taxi services and technology-based ride-hailing services. The company has also expanded to offer food and parcel delivery, as well as car and motorcycle rentals.

    What is the financial outlook for VinFast?
    Despite experiencing losses, the company anticipates breaking even next year. This follows a decision to spin off manufacturing operations to a separate company owned by private investors.

  • Vietnam’s Gold Prices Tumble to 8-Month Low Amid Rising Dollar and US-Iran Tensions

    Vietnam’s Gold Prices Tumble to 8-Month Low Amid Rising Dollar and US-Iran Tensions

    Gold prices in Vietnam continued on a downward trend on Wednesday morning, reaching the lowest point since October 5. The Saigon Jewelry Company reported that gold bars fell by 2.64%, now valued at VND140 million (US$5,318.74) per tael. In Vietnam, a tael is equivalent to 37.5 grams or 1.2 ounces.

    The price of gold rings also experienced the same decline, priced at VND140 million per tael. So far this year, gold prices in Vietnam have decreased by 8%.

    Global Gold Market Trends

    On a global scale, gold fell by over 1% on Wednesday, plunging to an 11-week low. This drop in value could be attributed to the rising dollar and oil prices, amid renewed tensions between the United States and Iran. These factors fueled concerns about potential inflation and possible interest rate hikes.

    Spot gold suffered a 1.8% loss, falling to $4,187.59 per ounce, the lowest it has been since March 23. Meanwhile, U.S. gold futures for August delivery were down 1.7% at $4,213.40.

    The rise of the dollar has made bullion priced in the greenback more costly for holders of other currencies. Additionally, the 1% increase in oil prices stoked inflation worries, solidifying the expectation that interest rates would remain high for an extended period.

    Ilya Spivak, head of global macro at Tastylive, noted that the shift in Federal Reserve policy expectations, the rise in yields, and the increase in the dollar have all contributed to the decline in gold prices.

    Questions & Answers

    Why have gold prices in Vietnam decreased?
    The decline in gold prices in Vietnam is part of a global trend, influenced by factors such as the rising dollar and oil prices, as well as geopolitical tensions.

    What factors are influencing global gold prices?
    Global gold prices are being affected by policy expectations from the Federal Reserve, rising yields, and the strengthening of the dollar. Inflation worries and anticipated interest rate hikes also play a significant role.

    How is the rise in oil prices related to gold prices?
    The increase in oil prices can stoke inflation concerns. When inflation is expected to rise, interest rates typically follow suit. Higher interest rates can negatively impact gold prices because they increase the opportunity cost of holding non-yielding bullion.

  • Dollar Scales Two-Month High Against Dong amid Federal Reserve Rate Hike Speculations

    Dollar Scales Two-Month High Against Dong amid Federal Reserve Rate Hike Speculations

    On Tuesday morning, the U.S. dollar witnessed a slight increase in value against the Vietnamese dong, maintaining a position close to its two-month peak in comparison to other major currencies. The commercial bank Vietcombank recorded a 0.004% rise in the U.S. currency, selling it at VND26,408. Conversely, the black market saw a 0.04% decrease, with the dollar going for VND26,360.

    Global Performance of the U.S. Dollar

    In the international currency market, the U.S. dollar remained strong and close to a two-month high on Tuesday. The stability of the dollar can be attributed to the uncertainty in the Middle East which has led to a reduced risk appetite among traders. Furthermore, speculations about a potential rate hike by the Federal Reserve later in the year have also played a role.

    Among other major currencies, the euro was valued at $1.1528 while the sterling was valued at $1.3335. Both currencies had experienced a decline of approximately 0.05% in the Asian market after reaching their lowest value in two months during the previous trading session.

    The risk-sensitive currencies such as the Australian dollar and the New Zealand dollar were not spared. The Australian dollar depreciated by 0.1% to $0.7039, while the New Zealand dollar was traded at $0.5804.

    The Japanese yen was also affected, weakening to as much as 160.295. It continued to hover around the 160 level, a mark recognized as the threshold for possible official intervention.

    Performance of the Dollar Index

    The dollar index, reflecting the performance of the U.S. dollar against a basket of currencies such as the yen and the euro, remained nearly unchanged. The index was recorded at 100.03, extremely close to its two-month high of 100.21 from the previous day.

    Questions & Answers

    What was the value of the U.S. dollar against the Vietnamese dong on Tuesday morning?
    The U.S. dollar was valued slightly higher against the Vietnamese dong, selling at VND26,408 in Vietcombank.

    Why has the U.S. dollar held near a two-month high globally?
    The strength of the U.S. dollar can be attributed to the prevailing uncertainty in the Middle East, reducing risk appetite among traders. Additionally, speculations of a Federal Reserve rate hike later in the year have contributed to the dollar’s high standing.

    How did other major currencies perform against the U.S. dollar?
    The euro and sterling both experienced a decline of around 0.05%. The Australian dollar depreciated by 0.1% while the New Zealand dollar traded at $0.5804. The Japanese yen also weakened, hovering around the 160 level.

  • The Ocean Is the New Address: NAORA Launches Its Private Global Sailing Expedition Membership

    The Ocean Is the New Address: NAORA Launches Its Private Global Sailing Expedition Membership

    In a world where the most ambitious people work from everywhere and live everywhere, one question has remained unanswered: where is home? NAORA was built to answer it.

    For a generation of people who live globally, work flexibly, and move on their own terms, the idea of a fixed address has always felt like a compromise. A base of operations, yes. A place to receive post and park a car. But home — in the deeper sense, the sense of a place that knows you, that holds your history, that gathers your people — that has been harder to find for the globally mobile than for almost any other class of human being in history.

    NAORA was built to solve that problem. Not with a building. With a boat.

    Today, NAORA officially launches its private global expedition membership, a new model of living that places an 80-foot luxury catamaran at the centre of a member’s world, continuously moving across 183+ destinations over five years, always ready for them to return. It is not a travel product. It is not a hospitality offering. It is an address, one that moves.

    The Geography of Freedom

    The most mobile, most successful, most intellectually restless people in the world today share a common characteristic: they have outgrown conventional notions of home. They maintain residences in multiple cities, move fluidly between continents, and have long since stopped organising their lives around a single address. For them, the question is not where to live. It is how to live with intention, with depth, and with a community that matches the scale of their ambition.

    NAORA answers that question with a new kind of geography. A NAORA member’s home coordinates are whatever the Lagoon Eighty2 is anchored at this week, whether that is a bay in the Azores, a marina in Singapore, a reef system in the Maldives, or an anchorage off the coast of Patagonia that does not appear on any tourist map. The address changes. The sense of home does not. Because home, for a NAORA member, is not a place. It is the vessel, the crew, and the community.

    “NAORA is not a new idea. It is the culmination of a life built at sea. — Sven, Founder & Captain”

    Home Is Wherever the Boat Is

    The practicalities of the NAORA model are designed around one central commitment: that when a member returns to the vessel, regardless of how much time has passed or how many oceans the boat has crossed in the interval, they arrive somewhere that knows them.

    The captain knows their preferred morning routine. The chef knows their dietary preferences and their favourite dishes. Their cabin is set up as they left it. The crew is briefed. The next leg of the route has been planned with their interests in mind. There is no setup, no introduction, no adjustment period. There is only the feeling, rare and precious in an age of interchangeable luxury, that a place has been waiting for you.

    Members board in the Mediterranean and leave for a board meeting in Dubai. They rejoin six weeks later in the Red Sea. Three months after that, they are back in time for the Indian Ocean passage. Between visits, the vessel continues its route. The crew evolves the onboard experience. The community continues. When they return, nothing needs to be explained. The conversation picks up where it left off.

    A New Asset Class: Time at Sea

    The shift from ownership to access has been one of the defining economic movements of the past two decades. NetJets showed that the right to use a private jet, at any time, was worth more to many high-net-worth individuals than owning one. Soho House showed that community membership could be a more powerful identity signal than a penthouse address. The Porsche Passport showed that even the most emotionally loaded ownership category — the personal automobile — could be successfully reimagined as access.

    NAORA is the next move in this sequence. It takes the logic of the access economy and applies it to the most underserved luxury category in the world: life at sea. Not a charter, which is transactional and episodic. Not yacht ownership, which is expensive, operationally burdensome, and paradoxically limiting in its flexibility. A membership, which provides recurring, flexible, community-embedded access to an extraordinary vessel moving continuously through the world’s most remarkable waters.

    The financial profile is more compelling than it first appears. A Navigator-tier NAORA membership provides approximately 90 days per year of fully crewed, fully catered life aboard one of the world’s finest sailing vessels, at a fraction of the cost of owning and operating an equivalent yacht. The operational burden is zero. The logistical friction is zero. The only thing a NAORA member needs to bring is themselves.

    Built From Decades, Not Months

    NAORA was not designed from a boardroom. It grew out of years of real expeditions — across the Mediterranean, the North Sea, and the Caribbean, aboard vessels named Sueño and Discovery. Those journeys shaped everything: the philosophy, the routes, the standards, and the deep understanding of what it truly means to live at sea.

    The founding team of four Belgians brings a combined depth of experience that is, quite simply, irreplaceable. Sven, founder and captain, holds a Master Mariner licence up to 500 tonnes, GMDSS certification, STCW ’95 credentials, and a CMAS dive instructor qualification with 2,800+ dives. He has made bluewater passages across three oceans, navigated waters most sailors only read about, and built the local networks — across Southeast Asia, the Caribbean, and the Mediterranean — that give NAORA members access that no booking platform can replicate.

    His three co-founders bring the commercial, relational, and structural capabilities that turn extraordinary sailing knowledge into an extraordinary business. Together, they have spent 11 years across Southeast Asia, built relationships in nearly every country in the region, and sat at tables in communities that most travellers — regardless of budget — will never find.

    The Route: Five Years of the World at Its Best

    h covers 45,000+ nautical miles across 183+ destinations over five years. It follows trade winds and peak seasons, placing members in each region at precisely the moment when it is most extraordinary. The Mediterranean at the height of summer. The Caribbean during the perfect sailing season. The Indian Ocean during the northeast monsoon window. Southeast Asia as the rains lift. The South Pacific during the austral spring. Patagonia in the brief, luminous window when the weather relents.

    This is not a route designed for tourism. It is designed for people who want to experience the world as it actually is — not the curated surface presented to hotel guests, but the deep, complex, occasionally demanding reality that only those who travel slowly and attentively ever find. NAORA members travel at the pace of the wind. They wake up in places that do not exist on Instagram. They have the time, and the vessel, and the community, to go further than a holiday has ever taken them.

    The Founding Cohort Is Forming Now

    NAORA is now accepting founding members across its three tiers: Coastal (approx. 1 week/year, annual fee from €9,000), Offshore (approx. 40 days/year, annual fee up to €35,000), and Navigator (approx. 90 days/year, annual fee up to €59,000). A one-time entry fee of €3,000–5,000 applies to all tiers.

    Every membership begins with a private conversation. There is no “Book Now” button. There is no checkout flow. NAORA does not sell memberships. It extends invitations, to the right people, at the right moment, for the right reasons. If you are reading this and you recognise yourself in what NAORA is offering, the first step is simple.

    Visit www.naora.world. Introduce yourself. The ocean is waiting.

  • Iran Conflict Stalls China’s E-commerce Wave: Surging Fuel Costs and Dwindling Demand Spell Trouble for Online Giants

    Iran Conflict Stalls China’s E-commerce Wave: Surging Fuel Costs and Dwindling Demand Spell Trouble for Online Giants

    China’s e-commerce export sector is facing difficulties due to increasing jet fuel costs and a decrease in demand from lower-income consumers in the West. These challenges have arisen as a result of the ongoing conflict in Iran, which is affecting profits for major online platforms such as Temu, Shein, and AliExpress.

    The Evolving Business Model

    These companies, many of whom have business models that rely on the transportation of inexpensive goods from Chinese factories to global consumers, have been under stress since the introduction of tariffs by former U.S. President Donald Trump. The additional tariffs and the removal of customs waivers on low-value packages have put further pressure on these companies.

    Added to this, escalating logistics costs as a result of the Middle East conflict are making things more complicated. Shippers like DHL Express are now imposing significant fuel surcharges. As a result, China’s low-cost e-commerce exports experienced a decrease of 10.9% in April, which marks the fifth consecutive month of declines year on year.

    For example, Diana Qiao, a seller of women’s clothing on Temu, found it necessary to raise her selling prices due to an increase in shipping costs per garment. Qiao shared that the added cost is ultimately passed on to the consumer, a measure that was taken to protect her profit margins.

    Changing Strategies

    The decrease in export values is not only indicative of the cost squeeze but also suggests that the era of rapid growth for these large, low-cost shopping platforms may be coming to an end. These companies are likely shifting towards storing more products in warehouses for local dispatch, instead of having everything shipped directly from China.

    Shein, for example, has been increasing its warehouse capacity in Europe. The company recently opened its third warehouse in Cannock, near Birmingham in the UK. AliExpress, owned by Alibaba, confirmed its commitment to maintaining competitive pricing for its consumers and providing a stable environment for sellers and consumers, despite the fluctuating global transportation costs.

    Although exports are still higher than they were two years ago, future growth may be more challenging for companies like Shein and Temu. Both companies have already established significant market shares, and the rise in petrol prices is impacting household budgets in the US and Europe.

    Questions & Answers

    What factors are impacting China’s e-commerce export sector?
    The sector is being affected by increasing jet fuel costs and decreased demand from lower-income consumers in the West, stemming from the ongoing conflict in Iran.

    How are e-commerce companies adjusting to these challenges?
    Companies are likely shifting towards storing more products in warehouses for local dispatch, instead of having everything shipped directly from China.

    What are the future prospects for growth in this sector?
    Although exports are still higher than they were two years ago, future growth may be more challenging due to factors such as rising petrol prices and established market shares by big companies.

  • Shinsegae Chairman Elevates to CEO Role, Spearheading Growth for E-Mart & Property Division

    Shinsegae Chairman Elevates to CEO Role, Spearheading Growth for E-Mart & Property Division

    Shinsegae Group’s chairman, Chung Yong-jin, is set to expand his role within the organization, assuming CEO positions at both E-mart and Shinsegae Property. This move by the South Korean retail heavyweight signals an aggressive push for growth in its primary sectors.

    Shifting Responsibility and Strategy

    Chung’s dual appointment marks a significant shift within the group, with the chairman now directly overseeing the operations of the nation’s largest retailer and its property development subsidiary. This decision comes at a crucial time when the company, faced with a challenging retail environment, is actively seeking new avenues for expansion. The decision underscores Chung’s resolve to shoulder a larger part of the company’s overall direction and performance.

    Chung appreciates the market’s expectations for clear accountability in the company’s management. As the newly appointed CEO, he is prepared to submit to the evaluation of the board of directors and shareholders.

    In his capacity at E-Mart, Chung will directly oversee the retailer’s operations and future growth strategies. The company believes this change mirrors his dedication to tackling current business hurdles and boosting shareholder value.

    Leadership Changes and Future Plans

    In his role at Shinsegae Property, Chung will supervise the group’s major development projects and support plans to secure locations for a proposed AI data centre that was announced earlier this year.

    This management shakeup follows a recent controversy at Starbucks Korea, where E-Mart is the majority shareholder. Since this incident, the retailer has committed to organizational reforms to bolster governance and operational supervision.

    Shinsegae Property executive Lee Hyung-cheon has been named as co-CEO and will continue to oversee the company’s regular operations and development activities. Shin Dong-woo has been nominated as the new CEO for Starbucks Korea. Shinsegae has stated that he will focus on reinforcing internal controls, enhancing operational systems, and restoring trust among clients and partners.

    Questions & Answers

    What new roles is Chung Yong-jin assuming at Shinsegae Group?
    Chung Yong-jin is taking on the dual roles of CEO at both E-mart and Shinsegae Property.

    What implications does this dual appointment have for the company?
    This move signals a significant shift in Shinsegae Group’s strategy, with Chung Yong-jin assuming more responsibility for the company’s overall performance and direction. It also demonstrates a commitment to tackling current business challenges and enhancing shareholder value.

    How will the roles be distributed among the leadership after these changes?
    Chung Yong-jin will oversee operations and future growth strategies at E-Mart and major development projects at Shinsegae Property. Lee Hyung-cheon will continue to oversee day-to-day operations and development activities at Shinsegae Property as co-CEO. Shin Dong-woo will focus on internal controls, operational systems and regaining trust as the CEO of Starbucks Korea.

  • OCBC Leverages Rising Gold Demand, Launches Physical Gold Trading in Singapore

    OCBC Leverages Rising Gold Demand, Launches Physical Gold Trading in Singapore

    The Oversea-Chinese Banking Corporation (OCBC) in Singapore is broadening its precious metals sector by introducing physical gold trading and storage services for institutional investors and private banking clients. OCBC perceives an increasing demand for safe-haven assets as geopolitical and economic uncertainty heightens.

    Initiating from June 10, OCBC’s institutional clients and affluent clients of its private banking division, the Bank of Singapore, will be granted the opportunity to purchase, trade, and store physical gold via OCBC, with the entire trading and custodial process based in Singapore.

    Enhancing the Gold Franchise

    This decision signifies a considerable amplification of the bank’s gold franchise beyond its current paper gold offerings. The move comes as investors’ hunger for physical bullion continues to grow. According to OCBC’s reference to data from the World Gold Council, the global demand for gold bars in the first quarter of 2026 experienced a 50% surge compared to the previous year. The Bank of Singapore disclosed that client holdings of physical gold have witnessed an increase of more than 40% since the conclusion of 2025.

    OCBC has stated that the new service will initially provide two forms of bullion: large bars weighing roughly 400 troy ounces (12.4 kilograms) and one-kilogram bars, both allocated to clients and individually identifiable through serial numbers.

    The bank has indicated that client demand has progressively gravitated towards local custody arrangements. Previously, Bank of Singapore clients conducted transactions in physical gold via a U.S.-based entity. With the new arrangement, clients can carry out transactions and store bullion entirely within Singapore.

    Expansion of Wealth Management Strategy

    This introduction mirrors wider efforts by Singapore’s financial industry to fortify its stance as a regional precious-metals hub. OCBC expressed intentions to explore the extension of physical gold products and related hedging solutions to additional client segments over time.

    The move also forms part of OCBC’s more extensive wealth management strategy. Over the past few years, the group has continuously expanded its gold-related offerings across its banking, asset management, and insurance industries.

    Kenneth Lai, Head of Global Markets at OCBC, expressed that the bank perceives physical gold as a natural extension of its existing precious-metal capabilities and is planning to widen access to the offering over time.

    Questions & Answers

    What new services is OCBC introducing?
    OCBC is introducing physical gold trading and storage services for institutional investors and private banking clients.

    What does this expansion mean for OCBC’s existing services?
    This expansion signifies a considerable amplification of OCBC’s gold franchise beyond its current paper gold offerings.

    What is the impact of this move on Singapore’s financial industry?
    This introduction mirrors wider efforts by Singapore’s financial industry to fortify its stance as a regional precious-metals hub.

  • UOB Strengthens Asia Operations with New CEOs for China, Hong Kong

    UOB Strengthens Asia Operations with New CEOs for China, Hong Kong

    United Overseas Bank (UOB) recently unveiled a series of significant leadership shifts within its operations in China and Hong Kong. This announcement is a testament to the bank’s dedication to fortifying its cross-border business operations between China and Southeast Asia.

    Adaline Zheng, currently presiding as the Chief Executive Officer of UOB’s Hong Kong Branch, is poised to step into the role of CEO for UOB China as of July 1. She will be taking over from Peter Foo, who draws his 15-year tenure with the bank to a close with his impending retirement. Concurrently, George Tung, currently UOB’s Country Manager for South Korea, is slated to assume the position of CEO for the Hong Kong Branch.

    UOB is making these strategic moves as part of its effort to amplify its role in fostering trade, investment, and financial connectivity between China and the ASEAN markets.

    Leadership at the Helm of UOB’s Expansion

    Deputy Chairman and Chief Executive Officer of UOB, Wee Ee Cheong, stated that China plays a pivotal role in trade, investment, and cross-border dealings with ASEAN. As the most interconnected bank in ASEAN, the deep-rooted local knowledge and leading cross-border capabilities of UOB put the bank in a strong position to usher in the next stage of business growth and momentum.

    Wee confirmed that the bank plans to continue improving its capabilities to cater to the escalating cross-border needs of its customers. This comes as economic ties strengthen between China and ASEAN. In Hong Kong, UOB aims to enhance its role as a conduit between mainland China and Southeast Asia, while augmenting its private banking and wealth management services.

    Meet the New Leaders

    Zheng brings to the table over twenty years of banking experience, with a heavy focus on mainland China and Hong Kong. She first joined UOB China in 2018 as Head of Wholesale Banking before her appointment as CEO of the Hong Kong Branch in March 2024. In her new capacity, she will be in charge of UOB’s mainland China endeavors and will spearhead efforts to broaden the bank’s cross-border abilities and aid clients in seeking regional growth opportunities.

    In the meantime, Tung will be returning to Hong Kong after a stint as Country Manager of UOB South Korea since 2021. During his tenure in South Korea, he concentrated on establishing strategic alliances and boosting business connections between Korean institutions and ASEAN markets. With a history at UOB dating back to 2010, Tung had spent a decade helming the Hong Kong Branch’s Wholesale Banking business.

    As the incoming CEO of UOB Hong Kong Branch, Tung will focus on advancing business growth, fortifying client relationships, and broadening the bank’s wholesale and private banking ventures. He will also spearhead engagement with regulators and bolster Hong Kong’s role as a strategic hub connecting mainland China and ASEAN.

    Questions & Answers

    Who will succeed Peter Foo as CEO of UOB China?
    Adaline Zheng, currently the Chief Executive Officer of UOB’s Hong Kong Branch, will succeed Peter Foo as the CEO of UOB China effective July 1.

    Who will take over as CEO of the Hong Kong Branch?
    George Tung, currently UOB’s Country Manager for South Korea, will take over as CEO of the Hong Kong Branch on the same date.

    What will be the primary responsibilities of the new CEOs?
    Adaline Zheng will oversee UOB’s mainland China business and lead efforts to expand the bank’s cross-border capabilities. George Tung will focus on driving business growth, strengthening client relationships, and expanding the bank’s wholesale and private banking businesses in Hong Kong.