Retail News CRM

Author: Mei Ling Tan

  • Thai Giant Central Retail Waves Goodbye to Vietnam’s Electronics Market, Selling Nguyen Kim Amid Mounting Losses

    Thai Giant Central Retail Waves Goodbye to Vietnam’s Electronics Market, Selling Nguyen Kim Amid Mounting Losses

    Thai conglomerate Central Retail has finalized the sale of its entire share in Nguyen Kim Electronics, signifying its departure from the consumer electronics industry in Vietnam following successive years of financial losses.

    Deal Details

    The transaction, which reached completion in the latter part of last year, resulted in the transfer of full ownership of Nguyen Kim to Pico Holdings, a domestic retailer. The deal’s value is believed to be approximately $36 million, equating to a $190 million loss in comparison to the original purchasing price Central Retail paid for the company, without considering any losses incurred through trading activities.

    Strategic Shift

    Insiders from Vietnam suggest that this sale aligns with Central Retail’s strategic vision to refocus its Vietnamese operations towards sectors with more promising growth trajectories. These sectors include supermarkets, food retail, and shopping center management. Central Retail is the parent company of the Go hypermarket and Tops supermarket brands.

    Historical Context

    Central Retail first penetrated the Vietnamese electronics sector over a decade ago. In 2015, the company acquired a 49% stake in Nguyen Kim, before ultimately gaining full control in 2020 after purchasing the remaining 51% of shares.

    Market Challenges

    Industry analysts have pointed out that the electronics chain has grappled with numerous challenges in recent years. These include intensified market competition and weakened consumer demand, both of which significantly contributed to Central Retail’s resolution to exit the market.

    Questions & Answers

    Why did Central Retail sell its stake in Nguyen Kim Electronics?
    Central Retail sold its stake in Nguyen Kim Electronics due to cumulative financial losses and the company’s decision to reorient its focus towards more profitable sectors in Vietnam such as supermarkets, food retail, and shopping center management.

    What was the financial impact of this deal?
    The deal’s estimated value is around $36 million, indicating a $190 million loss for Central Retail when compared to their initial investment, excluding any trading losses.

    What challenges did Central Retail face in Vietnam’s consumer electronics market?
    Central Retail faced numerous challenges in the Vietnamese electronics sector, including increased competition and a decline in consumer demand.

  • Singapore Retail Boom: Record 5.8% Jump in Sales Marks November’s Highpoint of 2025

    Singapore Retail Boom: Record 5.8% Jump in Sales Marks November’s Highpoint of 2025

    In November, Singapore’s retail sales, excluding motor vehicles, saw an upswing of 5.8%, making it the most substantial rise recorded for the year 2025.

    Singapore’s Retail Landscape

    Data provided by the Department of Statistics indicates that the estimated total retail sales value for the month was approximately SG$3.9 billion (equivalent to US$3 billion). Of this total, online transactions accounted for nearly a fifth, or 19.3%.

    When comparing the sales on a seasonally adjusted basis, it was found that November’s retail sales witnessed a modest increase of 0.8% in comparison to the previous month, October.

    Performance by Sector

    An industry-wise analysis revealed that several sectors reported significant rises in sales. The sales of recreational goods, watches and jewellery, and cosmetics, toiletries and medical goods saw a surge between 11.4% and 13.9% year-on-year.

    Moreover, other sectors, including apparel and footwear, supermarkets and hypermarkets, mini-marts and convenience stores, furniture and household equipment, and computer and telecommunications equipment, also registered growth, with an increase in sales between 6.1% and 9.4%.

    However, not all sectors experienced growth during this period; petrol service stations and food and alcohol retailers reported sales declines of 6.7% and 3.1% respectively.

    Food and Beverage Services Sector

    Meanwhile, the food and beverage services sector reported a rise of 2.5% in sales during November, a slight increase compared to the 2.4% rise seen in October. The total sales value of the F&B services for the month was estimated at SG$1 billion, with a significant 24.8% derived from online sales.

    Questions & Answers

    What was the overall growth in Singapore’s retail sales in November, excluding motor vehicles?
    The overall growth in Singapore’s retail sales, excluding motor vehicles, was 5.8% in November.

    Which sector reported the most significant growth in sales?
    The sectors of recreational goods, watches and jewellery, and cosmetics, toiletries and medical goods reported the most significant growth, with an increase between 11.4% and 13.9%.

    Did all sectors experience growth in November?
    No, not all sectors experienced growth. Both petrol service stations and food and alcohol retailers saw sales declines of 6.7% and 3.1% respectively.

  • Indian Fast Food Titans Merge: KFC and Pizza Hut Unite under $933M Deal

    Indian Fast Food Titans Merge: KFC and Pizza Hut Unite under $933M Deal

    In a significant move within India’s quick-service restaurant (QSR) industry, Devyani International and Sapphire Foods India, two of the nation’s largest franchise operators for KFC and Pizza Hut, have agreed to join forces. The merger, approved by parent company Yum! Brands, is a $933 million deal that consolidates the operations of the two QSR chains under a singular operator in India.

    Details of the Deal

    The merger process is expected to be completed within 12 to 15 months, subject to regulatory and shareholder approval. Stock exchange filings reveal that Devyani will acquire exclusive franchise rights for the entire Indian market as part of the agreement. Moreover, Devyani will assume control of 19 KFC outlets in Hyderabad, currently directly managed by Yum! India.

    In recent times, Yum! Brands’ Indian operations have been divided between Devyani and Sapphire Foods. While Devyani, a part of Ravi Jaipuria’s RJ Corp, runs several outlets, Sapphire Foods, backed by Samara Capital, operates its own distinct territories.

    Objective of the Merger

    The primary aim of this consolidation is to generate efficiencies driven by scale in the face of increasing costs, escalating competition, and fluctuating consumer demand.

    Ravi Jaipuria, non-executive chairman of Devyani International, expressed confidence that the merger would “allow us to realize meaningful economies of scale, leverage a unified technology platform, and strengthen our supply-chain capabilities.” He added that these advantages would “unlock sustained value creation and long-term growth for our shareholders, customers, employees, and partners.”

    About the Companies

    Devyani International, one of India’s largest QSR operators, manages over 2,000 outlets across India and international markets. It operates several other renowned global food and beverage brands, including Costa Coffee, Tea Live, New York Fries, and Sanook Kitchen.

    On the other hand, Sapphire Foods India, which was established in 2015, operates more than 1,000 KFC, Pizza Hut, and Taco Bell restaurants across India and Sri Lanka in dine-in, takeaway, and delivery formats.

    Questions & Answers

    What is the value of the merger deal between Devyani International and Sapphire Foods India?
    The merger deal is valued at $933 million.

    What is the expected timeline for the completion of the merger?
    The merger is expected to be completed within 12 to 15 months, pending regulatory and shareholder approvals.

    What is the primary goal of the merger?
    The merger aims to achieve efficiencies driven by scale amid rising costs, intensifying competition, and uneven consumer demand.

  • Surplus Food App ‘Too Good To Go’ Soars in Popularity Following Aotearoa Launch

    Surplus Food App ‘Too Good To Go’ Soars in Popularity Following Aotearoa Launch

    Too Good To Go, the surplus food marketplace, is already making strides after launching in Aotearoa, New Zealand, in November of the previous year. The company, which has its headquarters in Denmark, offers a unique platform that enables consumers to purchase excess food from local cafes, bakeries, and retailers through its discounted ‘Surprise Bags’.

    Growth and Expansion in Aotearoa

    Since its inception, Too Good To Go’s partner network in Aotearoa has grown, now encompassing 115 local businesses and boasting over 25,000 registered users in Auckland alone.

    Joost Rietveld, Too Good To Go New Zealand’s country director, shared the company’s excitement about the reception in Auckland. He attributed this success to New Zealanders’ deep cultural connection to both food and sustainability.

    Rietveld also shed light on the company’s business model, which is geared towards providing customers with affordable food options while also enabling hospitality and retail partners to profit from their surplus stock. This approach reduces food wastage, creating what Rietveld describes as a ‘win-win-win’ business model.

    Collaboration with Food Businesses and Chains

    The Too Good To Go application is now collaborating with a variety of independent food businesses and national chains. These include Daily Bread, Crave Cafe, Beau Deli, Rollers Bakery, Bakers Delight, Muffin Break, and Roll’d.

    Rietveld expressed that the early influence of the platform is already incalculable. The company’s rapid traction indicates a real need in the market, which benefits consumers, local hospitality businesses, and the environment.

    Moreover, more than 60 businesses have already partnered with the platform. Discussions are ongoing to welcome more partners in Auckland and other regions as the company plans its nationwide expansion within the year.

    Questions & Answers

    What is Too Good To Go’s business model?
    Too Good To Go’s business model is designed to provide customers with access to discounted food while enabling hospitality and retail partners to generate revenue from their surplus stock. This approach minimises food wastage, creating a win-win-win situation for customers, businesses, and the environment.

    Who are some of Too Good To Go’s partners in New Zealand?
    Too Good To Go is currently working with a mix of independent food businesses and national chains in New Zealand, including Daily Bread, Crave Cafe, Beau Deli, Rollers Bakery, Bakers Delight, Muffin Break, and Roll’d.

    What are the future plans for Too Good To Go in New Zealand?
    Following its successful launch in Auckland, Too Good To Go plans to expand its partner network nationwide within the year. Discussions are underway to bring in additional partners in Auckland and other regions across the country.

  • Kingland Debuts Indulgent Dairy-Free Yoghurt in Hong Kong: A Major Move in Asia-Pacific Expansion

    Kingland Debuts Indulgent Dairy-Free Yoghurt in Hong Kong: A Major Move in Asia-Pacific Expansion

    The Kingland Dairy Free Yogurt range has been introduced in Hong Kong by Australian plant-based food manufacturer, King International. This launch signifies a significant milestone in the company’s expansion strategy within the Asia-Pacific region.

    The Kingland Dairy Free Yogurt range, available in two sizes, can now be found in selected upscale and mainstream retail stores, such as Oliver’s The Delicatessen, Market Place, 3hreeSixty and Wellcome.

    The company offers its Greek Style range in 500g tubs with a variety of flavors including Natural, Mango & Peach, and Apple Cinnamon. Additionally, the Fruit Yogurt range comes in 250g single-serve pots featuring Mango & Peach, and Strawberry flavors.

    Eric Hsu, co-founder and managing director of King International, expressed his joy in launching the dairy-free yogurt in Hong Kong. He described Hong Kong as a dynamic city that perfectly blends tradition and modernity. Hsu emphasized that their products are crafted to offer indulgence without sacrificing nutrition, sustainability, or inclusivity for all lifestyles. He expressed confidence that the quality and consideration put into every pot of Kingland yogurt will appeal to consumers in Hong Kong.

    In terms of health claims, King International stated that all products have a minimum 4.5 Health Star Rating, as per the Health Star Rating System of the Australian and New Zealand governments. This rating reinforces the brand’s health-focused positioning and supports consumer trust in the product.

    King International was established in Queensland in 1987 by Eric and Rachel Hsu. Over the years, the company has transitioned from a local tofu producer to a supplier of plant-based foods throughout Australasia and the Asia-Pacific.

    Questions & Answers

    What is the significance of the Kingland Dairy Free Yogurt range launch in Hong Kong?
    The launch is a crucial step in King International’s expansion strategy within the Asia-Pacific region.

    What variety does the Kingland Dairy Free Yogurt range offer?
    The Greek Style range comes in 500g tubs in Natural, Mango & Peach, and Apple Cinnamon flavors, while the Fruit Yogurt range is offered in 250g single-serve pots in Mango & Peach and Strawberry flavors.

    What is King International’s health rating for their products?
    All products by King International carry a minimum 4.5 Health Star Rating as per the Health Star Rating System of the Australian and New Zealand governments, supporting the brand’s health positioning.

  • Unsafe Landfill Cheese Surfaces on NZ Market: Over The Moon Brand Issues Alert

    Unsafe Landfill Cheese Surfaces on NZ Market: Over The Moon Brand Issues Alert

    Cheese that had been previously discarded in a landfill was discovered being unlawfully sold in Waikato.

    New Zealand Food Safety reports that the cheese seems to have been removed from the Putaruru rubbish tip before being located for sale in the town on Sunday. It was stated that the product had not been kept in refrigerated conditions and was therefore unsuitable for consumption. Additionally, there’s a possibility that this cheese is being sold in other regions as well.

    The Impacted Products

    The cheeses in question are all from the Over The Moon brand. The list of items includes Camembert, OMG, Black Truffle Brie, Galactic Gold, Halloumi, Gee’s Spread (Black Truffle & Garlic Chilli flavors), Smoked Chilli Camembert, Goat Camembert, and Double Delight. The batches affected carry the numbers 18.11.25, 25.11.25, and 26.11.25.

    Over the Moon was the first to bring this issue to the attention of New Zealand Food Safety, and is currently working on alerting its customers.

    Despite the absence of any reported illness linked to the consumption of this product, New Zealand Food Safety expressed “serious concerns” about the product’s safety. This is especially due to the fact that the cheese was deemed unfit for sale by the company and consequently disposed of.

    Vincent Arbuckle, the deputy director general of New Zealand Food Safety, warned about the evident food safety risks connected with the consumption of cheese that has spent a certain period of time in a landfill and outside of the food supply chain. He stated that the cheese should be avoided as it hasn’t been subjected to mandatory food safety controls and its storage, transport, and handling methods remain unknown.

    Customers who come across the affected cheese in unregistered businesses can call the toll-free line 0800 00 83 33. They have been advised to instead buy the legitimate Over The Moon products from the company’s authorized stockists.

    Investigations Underway

    Arbuckle emphasized that the sale of discarded cheese is illegal and poses a considerable risk to public health. He noted that an investigation is underway by New Zealand Food Safety.

    Questions & Answers

    What are the specific cheese products that have been found illegally for sale?
    The implicated products are from the Over The Moon brand, including Camembert, OMG, Black Truffle Brie, Galactic Gold, Halloumi, Gee’s Spread (Black Truffle & Garlic Chilli flavors), Smoked Chilli Camembert, Goat Camembert, and Double Delight.

    What is the risk of consuming these cheeses?
    The cheeses, which were not refrigerated and have spent time in a landfill, could be contaminated and pose significant food safety risks.

    What should customers do if they find the affected cheese for sale?
    Customers should report any sightings of the cheese being sold at unregistered businesses to the toll-free line 0800 00 83 33. They should only purchase Over The Moon products from the company’s authorized stockists.

  • Hong Kong Retail Sales Enjoy 7-Month Winning Streak with 6.5% Rise in November

    Hong Kong Retail Sales Enjoy 7-Month Winning Streak with 6.5% Rise in November

    Hong Kong’s retail sector has seen a seventh consecutive month of increased sales, with a 6.5% rise in value during November, according to government reports. The retail sales for the month totalled HK$33.7 billion (US$4.33 billion), demonstrating a steady incline when compared to the 6.9% increase recorded in October of the same year.

    Volume and Value

    Notably, the volume of retail sales in November saw a 4.4% increase compared to the same month in the previous year. This was slightly less than the 5.3% growth experienced in October. However, despite the ongoing monthly gains, the total retail sales for the first 11 months of 2025 only experienced a slight 0.4% increase in value when compared to the previous year. Furthermore, the volume of retail sales actually decreased by 0.9% over this period.

    Sustained Economic Growth

    A government spokesperson has expressed optimism towards the ongoing retail recovery, stating, “The gradual improvement in local consumption sentiment amid sustained economic growth, combined with the vibrant growth in inbound visitors, will continue to benefit retail businesses.”

    The number of visitors to Hong Kong in November was reported as 4.19 million, marking a 17.4% increase from the previous year. Mainland China contributed significantly to these figures, accounting for 3.04 million visitors – an 18.9% increase year-on-year.

    Sales across Different Sectors

    Different sectors within the retail industry have seen varied degrees of growth. Sales of high-value items such as jewellery, watches, clocks, and valuable gifts saw a smaller increase of 3.6% in November, compared to the revised 9.4% growth in October. Similarly, the sales of clothing, footwear and related products increased by 2% year-on-year in November, following a slight 0.9% rise in October.

    Questions & Answers

    What is the overall trend of Hong Kong’s retail sales?
    The overall trend shows a steady increase, with November marking the seventh consecutive month of growth.

    Which sectors experienced the most growth?
    High-value items such as jewellery, watches, clocks, and valuable gifts, as well as clothing, footwear, and related products experienced growth.

    What factors contributed to the growth of Hong Kong’s retail sector?
    The government spokesperson attributed the growth to improved local consumption sentiment, sustained economic growth, and an increase in inbound visitors, particularly from mainland China.

  • Vietnam’s Gold Prices Skyrocket Amid Global Market Uncertainties: A 83% YoY Leap

    Vietnam’s Gold Prices Skyrocket Amid Global Market Uncertainties: A 83% YoY Leap

    The price of gold in Vietnam experienced a significant surge on Tuesday morning, propelled by the precious metal’s global market gains and political uncertainties.

    Surge in Gold Prices

    Saigon Jewelry Company reported a 0.57% increase in the price of its gold bars, reaching VND158 million (US$6,011.49) per tael. A tael, a unit of weight commonly used in East Asia, is equivalent to 37.5 grams or 1.2 ounces.

    In addition to the rise in price of gold bars, the price of gold rings also saw a notable increase, jumping by 0.39% to VND154 million per tael. Over the past year, the price of gold in Vietnam has soared by 83%.

    Global Impact

    On a global scale, gold prices reached a one-week high following the U.S. strikes in Venezuela, which further enhanced the safe-haven appeal of bullion. Spot gold, or gold that is bought and sold for immediate delivery, saw an increase of 0.39% to $4,465.50 per ounce.

    According to Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, the situation in Venezuela has clearly stimulated safe-haven demand. This comes in addition to existing concerns related to geopolitics, energy supply, and monetary policy.

    Gold saw a remarkable 64% gain last year, driven by geopolitical flashpoints and the U.S. Federal Reserve’s cycle of easing interest rates. Expectations of even lower rates, combined with central bank purchases and Exchange-Traded Fund (ETF) flows, provided further support to gold’s rising prices.

    Questions & Answers

    What caused the rise in gold prices in Vietnam?
    The rise in gold prices in Vietnam was primarily driven by the precious metal’s global market gains and ongoing political uncertainties.

    How much did gold prices increase globally?
    Globally, spot gold experienced an increase of 0.39% to $4,465.50 per ounce.

    What factors contributed to the 64% gain in gold prices last year?
    The remarkable 64% gain in gold prices last year was propelled by geopolitical flashpoints, the U.S. Federal Reserve’s cycle of easing interest rates, and the expectation of even lower rates. Central bank purchases and ETF flows also provided additional support.

  • Pattaya Airways Bolsters Southeast Asia Air Freight Access via WebCargo by Freightos Partnership

    Pattaya Airways Bolsters Southeast Asia Air Freight Access via WebCargo by Freightos Partnership

    Freightos, a global frontrunner in online reservation and payment systems for the international freight industry, has recently confirmed the addition of Thai carrier, Pattaya Airways, to the WebCargo by Freightos’ platform. This collaboration enables freight forwarders to digitally reserve and pay for cargo space throughout Pattaya’s robust Southeast Asia network.

    Platform Integration and Expansion Plans

    The integration provides freight forwarders on the platform with digital access to Pattaya Airways’ regional routes. This facilitates connections between several major economic centres of the Association of Southeast Asian Nations (ASEAN). The initial phase of this integration will allow bookings between Bangkok and Ho Chi Minh City. Future plans include expansion to other countries such as Thailand, Myanmar, Cambodia, Vietnam, and Laos.

    Freightos CEO, Zvi Schreiber, expressed great enthusiasm about the integration, stating that welcoming Pattaya Airways to their platform is a significant step towards streamlining global trade and enhancing responsiveness. As Thailand continues to bolster its position in global trade networks, having immediate digital access to regional carriers like Pattaya Airways enables freight forwarders to build more adaptable supply chains for their clients.

    Digital Transition and Enhanced Accessibility

    Nat Boonyavichkanont, CEO of Pattaya Airways Company Ltd., emphasised that the transition to digital is not just about modernisation, but also about staying attuned to the realities of contemporary freight movement. He expressed pride in the company’s collaboration with WebCargo by Freightos, stating that it will significantly improve digital air-cargo accessibility across Southeast Asia.

    Boonyavichkanont also highlighted that this partnership reinforces their commitment to providing quicker booking capabilities, increased transparency, and seamless regional connectivity for their customers. In the current scenario, forwarders want to compare routes, make bookings swiftly, handle cargo payments, and ensure customer satisfaction. The expansion of Pattaya Airways’ services on the WebCargo by Freightos platform allows them to cater to these evolving needs, benefiting everyone involved in the process, from local shippers to large regional players.

    Questions & Answers

    What is the significance of Pattaya Airways joining the WebCargo by Freightos’ platform?
    The integration of Pattaya Airways into the platform allows freight forwarders to digitally reserve and pay for cargo space across Pattaya’s Southeast Asia network. This enhances transparency, efficiency, and connectivity in the region’s freight industry.

    What are the future expansion plans for this integration?
    Initially, bookings will be available between Bangkok and Ho Chi Minh City. There are plans to expand this service to other Southeast Asian countries such as Thailand, Myanmar, Cambodia, Vietnam, and Laos.

    What are the benefits of this digital transition for freight forwarders?
    This digital transition facilitates quicker booking capabilities, increased transparency, and seamless regional connectivity. It allows forwarders to compare routes, make bookings swiftly, and handle cargo payments, thereby ensuring higher customer satisfaction.

  • Dreame Technology Unveils First Flagship Store in Hong Kong: A New Era for Smart Home Appliances

    Dreame Technology Unveils First Flagship Store in Hong Kong: A New Era for Smart Home Appliances

    Dreame Technology, a leading name in smart home appliances, has further solidified its foray into the brick-and-mortar retail sector by opening its inaugural flagship store in Hong Kong.

    Premier Location

    Nestled within Mira Place in the bustling district of Tsim Sha Tsui, the store proudly displays the full array of Dreame’s product portfolio. This includes a wide range of smart home appliances, such as robotic vacuum cleaners, wet-and-dry floor cleaners, cordless vacuum sticks, hair care equipment, and air purifiers.

    Experience-Centric Space

    The flagship store has been thoughtfully curated as an experiential hub, where consumers have the opportunity to physically interact with the products and test them out before making a purchase. While the store prominently features floor-care solutions, it also introduces a variety of personal care and air treatment products to the Hong Kong market for the first time. These include high-speed hair dryers and an innovative all-in-one air purifier.

    Commitment to Premium Retail Experiences

    Before establishing its physical presence, Dreame initially made its way into the Hong Kong market via online platforms and collaborations with third-party retailers. The launch of this flagship store is a clear indication of Dreame’s ongoing commitment to providing premium retail experiences to consumers. It also underscores the company’s dedication to direct consumer engagement and its strategic plans for long-term growth in major urban markets.

    Questions & Answers

    What is the location of Dreame Technology’s new flagship store?
    The new flagship store is located in Mira Place in the Tsim Sha Tsui district of Hong Kong.

    What types of products does the store feature?
    The store showcases a wide range of Dreame’s smart home appliances, including robotic vacuum cleaners, wet-and-dry floor cleaners, cordless vacuum sticks, hair care equipment, and air purifiers. It also introduces several personal care and air treatment products to the Hong Kong market.

    What does the launch of the flagship store signify for Dreame Technology?
    The opening of the flagship store shows Dreame’s commitment to providing premium retail experiences, engaging directly with consumers, and planning for long-term growth in urban markets.

  • Vinpearl CEO Resigns Amid Revenue Decline, Remains on Board: Search for Successor Underway

    Vinpearl CEO Resigns Amid Revenue Decline, Remains on Board: Search for Successor Underway

    Dang Thanh Thuy, who most recently held the position of CEO at Vinpearl, the hospitality division of Vingroup conglomerate, has tendered his resignation. Despite his resignation as CEO, Thuy will continue to serve on the Vinpearl board.

    Immediate Successor Yet to Be Named

    The news of Thuy’s departure from the CEO position was made public on a recent Thursday. However, Vinpearl has not yet announced who will take over the role or the specific reasons for Thuy’s resignation.

    About Dang Thanh Thuy

    Thuy, aged 56, holds a Bachelor’s degree in literature. He has been part of Vinpearl since 2004. Thuy has had a significant career with Vinpearl, having held the position of chairman from January 2023 to March 2024. Moreover, he has also served as Vingroup’s deputy CEO from 2012 to 2016.

    Overview of Vinpearl

    Recognized as one of Vietnam’s leading hospitality brands, Vinpearl boasts a vast portfolio of 48 hotels, resorts, theme parks, and golf courses, spread across 18 cities and provinces in the country.

    Vinpearl’s Financial Performance

    The third quarter of 2025 saw the hospitality giant report revenues of VND3.09 trillion (US$117.5 million), indicating a significant drop by 40.7% compared to the previous year. The company’s post-tax profits for the same period were marked at VND169 billion, showing a decline by 66.6%. Furthermore, the company’s profits for the first nine months fell by 86%.

    Vinpearl is 85% owned by Vingroup, a conglomerate chaired by billionaire Pham Nhat Vuong.

    Questions & Answers

    Who is Dang Thanh Thuy?
    Dang Thanh Thuy is the former CEO of Vinpearl, a division of Vingroup conglomerate. He joined Vinpearl in 2004 and has contributed significantly to the company in various roles.

    Who will replace Dang Thanh Thuy as CEO of Vinpearl?
    The successor to Dang Thanh Thuy as CEO of Vinpearl has not yet been announced following his recent resignation.

    How has Vinpearl’s financial performance been in recent times?
    Vinpearl’s third quarter report of 2025 showed a significant drop in revenues and post-tax profits, with a year-on-year decline of 40.7% and 66.6% respectively. The company’s profits for the first nine months fell by 86%.

  • Hanoi-HCMC Flight Path Soars: Retains Spot as 4th Busiest Global Route in 2025

    Hanoi-HCMC Flight Path Soars: Retains Spot as 4th Busiest Global Route in 2025

    Data from an aviation intelligence firm has revealed that the flight route between Hanoi and Ho Chi Minh City in Vietnam was the fourth busiest worldwide in 2025, with a total of 11.07 million seats. There was a 4% rise in seat numbers from the previous year, continuing a trend which has placed the route within the top ten busiest globally for eight consecutive years.

    Cost and Competition

    The average cost of a one-way journey on this route was US$67 in 2025, representing an 11% decrease from 2024. Six different airlines operated on this route in 2025, indicating high levels of competition. The largest operators were Vietnam Airlines and Vietjet, both offering numerous flights daily along the 1,000-kilometre route.

    New and Existing Operators

    In the final quarter of 2025, new entrant Sun Phu Quoc Airways began operating on this route. Other airlines offering services on this route included Bamboo Airways, Pacific Airlines and Vietravel Airlines.

    Global Rankings

    The top five busiest flight routes of 2025 were largely consistent with the previous year. Holding the top spot was South Korea’s Jeju International-Seoul Gimpo route with 14.38 million seats. This was followed by Japan’s Sapporo New Chitose-Tokyo Haneda route with 12 million seats, and the Fukuoka-Tokyo Haneda route with 11.5 million seats.

    In fifth place was Saudi Arabia’s Jeddah-Riyadh route with 9.8 million seats, displacing Australia’s Melbourne-Sydney route which fell to sixth place. The Jeddah-Riyadh route also saw the fastest growth rate, with a 13% increase in seat capacity, and was the sole non-Asia-Pacific route among the top ten.

    Questions & Answers

    What has been the trend for the Hanoi-Ho Chi Minh City flight route over the last eight years?
    The Hanoi-Ho Chi Minh City route has consistently been within the top ten busiest flight routes globally for eight consecutive years.

    Which airlines operate on the Hanoi-Ho Chi Minh City route?
    Six airlines operated on this route in 2025: Vietnam Airlines, Vietjet, Sun Phu Quoc Airways, Bamboo Airways, Pacific Airlines, and Vietravel Airlines.

    Which flight route was the fastest growing in 2025?
    The Jeddah-Riyadh route in Saudi Arabia was the fastest-growing in 2025, with a 13% increase in seat capacity.

  • Link Reit Launches Leadership Revamp: John Russell Saunders Appointed Executive Director

    Link Reit Launches Leadership Revamp: John Russell Saunders Appointed Executive Director

    John Russell Saunders has recently been appointed as an executive director of the Link Real Estate Investment Trust (Link Reit), effective immediately. For the time being, Saunders will be leading the group in tandem with Ng Kok Siong, the current executive director and CFO. Both Saunders and Ng will be reporting directly to Duncan Gareth Owen, the independent chair, and the Chairs Committee until a new CEO is hired.

    Saunders’ Role in Link Reit

    Saunders, in his current capacity as group chief investment officer, will keep his focus on investments as well as partnerships with third-party capital. He will also support and manage the assets across Link’s existing portfolio, which is currently being handled by Emmanuel Regis Farcis, the managing director for asset management.

    Ng’s Duties in Link Reit

    On the other hand, Ng will be taking charge of all the corporate functions, which include finance, legal, information technology, human resources, and investor relations.

    Saunders expressed his excitement about joining the Link board as an executive director. He anticipates collaborating with Kok Siong, the Chairs Committee, and the broader board and management team on the forthcoming next stage for Link.

    Owen’s Support during the Transition

    To assist with the transition, Owen has agreed to devote more time under a new contract, running from January of this year until the conclusion of May next year. Despite remaining a non-executive chair, Owen will be responsible for guiding the executive directors and overseeing the process of searching for, hiring, and onboarding the new CEO.

    Owen further stated that the board is concentrating on Link’s robustness and proven record in owning and actively managing shopping malls and parking facilities throughout the Asia Pacific. This focus is especially pertinent in Hong Kong, top-tier cities in Mainland China, as well as Singapore and Australia.

    About Link Reit

    Link Reit is a property owner and manager of a portfolio that includes shopping malls, parking facilities, and other retail assets. The group, which is based in Hong Kong, has properties spread across China, Singapore, and Australia.

    Questions & Answers

    What is John Russell Saunders’ new role in Link Real Estate Investment Trust (Link Reit)?
    John Russell Saunders has been appointed as an executive director of Link Reit.

    What will Saunders’ main responsibilities be in his new position?
    As an executive director, Saunders will focus on investments and partnerships with third-party capital, as well as support and manage the assets across Link’s existing portfolio.

    Who will lead Link Reit alongside Saunders during this interim leadership period?
    Ng Kok Siong, the current executive director and CFO of Link Reit, will lead the group alongside Saunders until a new CEO is hired.

  • Scoot Airline Employee Pilfers $31K from In-Flight Sales: A High-Flying Heist Unravelled

    Scoot Airline Employee Pilfers $31K from In-Flight Sales: A High-Flying Heist Unravelled

    A cabin crew member of Scoot, a low-cost airline based in Singapore, has been found guilty of misappropriating nearly SGD40,000 (approximately US$31,000) from the sales of food and beverages on the airline over the course of almost two years, as revealed by court documents.

    Criminal Breach of Trust

    Luqman Hakim Shahfawi, aged 31, had been serving as a complex leader, a high-ranking role within the cabin crew responsible for supervising inflight operations. Shahfawi admitted his guilt to one charge of criminal breach of trust, which pertained to over SGD22,000. The court is set to consider a second charge concerning the remaining sum of nearly SGD18,000 during the sentencing on February 3.

    Beginning of Misdeeds

    The court found that Shahfawi’s fraudulent actions commenced after he unintentionally lost two bags filled with cash from inflight food and beverage sales. Fearful of being found out by his superiors, he decided to retain the money when the initial loss went unnoticed.

    As a complex leader, Shahfawi was tasked with reconciling the items sold with the sales proceeds and logging this information into Scoot’s system at the conclusion of each flight. He was also responsible for delivering the cash bag to Scoot’s office and depositing it in a safe within 48 hours.

    Escalation of Fraud

    When Shahfawi lost two cash bags in 2023, he failed to report the losses to his superiors. He subsequently decided to keep the bags and the cash they contained, after all his flights, out of fear that his superiors would discover he lost the initial two bags.

    From July 2023 to March 2025, Shahfawi committed a total of 366 offenses. Investigation revealed that he utilized the stolen funds to repay debts he owed to unlicensed moneylenders. He confessed his actions to the company and was arrested in March 2025.

    Questions & Answers

    What was the role of the accused?
    Luqman Hakim Shahfawi served as a complex leader with Scoot, a role that involves supervising inflight operations.

    What led to Shahfawi’s fraudulent actions?
    Shahfawi’s fraudulent actions began after he misplaced two bags of cash from inflight sales and kept the money when the loss went unnoticed.

    What happened after his misdeeds were discovered?
    Shahfawi confessed to the company and was subsequently arrested in March 2025.

  • Gentle Monster, Backed by Google and LVMH, Fights Copycat Designs with Legal Firepower: Blue Elephant under Scrutiny

    Gentle Monster, Backed by Google and LVMH, Fights Copycat Designs with Legal Firepower: Blue Elephant under Scrutiny

    Gentle Monster, an eyewear brand under the ownership of Iicombined, has initiated legal proceedings against a fellow Korean eyewear company, Blue Elephant. The controversy revolves around accusations that Blue Elephant has been replicating Gentle Monster’s product designs and conceptual designs used in physical retail spaces.

    Alleged Copying of Product Designs

    Iicombined has confirmed that Gentle Monster, a brand that has garnered financial support from investment firms connected to Google and LVMH, does not maintain any business or production affiliations with other eyewear corporations. During an internal probe, it was discovered that Blue Elephant had a minimum of 30 eyewear items bearing a significant likeness to those of Gentle Monster.

    It has been noted that Blue Elephant’s products, similar in design, are retailed at a fraction of the price of those produced by Gentle Monster.

    Legal Responses and Actions

    In response to the alleged infringements, a design invalidation trial was lodged with the Korean Intellectual Property Trial and Appeal Board in March 2025. The board’s decision on the matter is still awaited.

    Iicombined is taking a two-pronged legal approach in its pursuit of justice. In December 2024, a criminal complaint was registered against Blue Elephant with investigative authorities. This was followed by a lawsuit in October 2025, in which Iicombined sought an injunction and damages under the Unfair Competition Prevention Act.

    Questions & Answers

    What are the allegations against Blue Elephant?
    Blue Elephant is accused of replicating Gentle Monster’s product designs and physical retail space concepts.

    What legal actions has Iicombined undertaken?
    Iicombined has initiated both civil and criminal legal proceedings against Blue Elephant, including filing a design invalidation trial and a criminal complaint. In addition, they have sought an injunction and damages under the Unfair Competition Prevention Act.

    What was the outcome of the internal investigation conducted by Iicombined?
    The internal investigation by Iicombined revealed that Blue Elephant had at least 30 eyewear items that bore a significant resemblance to Gentle Monster’s designs.