Retail News CRM

Author: Mei Ling Tan

  • Uniqlo Oxford St remodel complete

    Uniqlo Oxford St remodel complete

    Uniqlo Oxford St, the London flagship of the Japanese fast fashion brand, will reopen on March 18, after an extensive refit.

    One of the brand’s global flagships, Uniqlo Oxford St originally opened back in 2007 at No 311, six years after Uniqlo made its UK debut. In its new guise, the store will showcase the group’s LifeWear concept as well as pay tribute to London’s rich culture.

    “We wish to celebrate the special connection we feel with London,” says Global Creative fast-retailing president John Jay. “We believe that our new campaign, ‘This Way to Utopia’, and campaign ambassadors showcase this in the best way possible.”

    The completely renovated sales floors at Uniqlo Oxford St span five layers, covering 2240 sqm altogether. A highlight is the Uniqlo WearHouse London, a special area on the third and fourth floors where customers can immerse themselves in the LifeWear concept, which aims to enhance individual lifestyles by delivering quality clothing that is functional in design and versatile to wear.

    These special floors will feature core seasonal styles along with items – also for sale – that capture London lifestyles.

    Cultural events will be held at the store throughout the year to celebrate London’s art and music scenes.

    Another new attraction at the store is a roof terrace overlooking central London. There will be public events in this space throughout the year that combine Uniqlo with local culture.

    To mark the reopening of the store, Uniqlo is collaborating with local partners. The Liberty London spring/summer collection makes its global debut on March 18. It is a collaboration line with Liberty, a London store known for its floral prints since being founded more than 140 years ago.

    For the first time in the UK, the Uniqlo X Hana Tajima collection of modest wear will have its UK launch at the flagship store. Hana Tajima, a UK-born fashion designer and blogger, mixes her styles with Uniqlo’s LifeWear concept to create a collaboration line that has already launched in Southeast Asia and the US.

    A new partnership with Tate Modern Museum will include regular events at the store curated by the museum. In addition, Uniqlo will be the official sponsor of the Tate Modern’s relaunch weekend in June, as well as a new attraction at the museum, Uniqlo Fridays, a series of late-night events starting in October.

    The talents of six leading Londoners from the art, fashion and music scenes will be featured in the “This Way to Utopia” reopening campaign.

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  • E-Commerce Latecomer Chow Tai Fook to Chase Online Giant Alibaba

    E-Commerce Latecomer Chow Tai Fook to Chase Online Giant Alibaba

    The Chow Tai Fook brand took almost 90 years to become a family empire spanning Hong Kong shopping centers, the world’s largest jewelry chain and casinos to give patriarch Cheng Yu-tung a $10 billion net worth. Alibaba Group Holding Ltd.’s founder Jack Ma needed less than five years to amass an e-commerce fortune almost triple that.

    Now, the Cheng family’s holding company is making a move to chase Alibaba and other Internet retailers by expanding its online presence. It invested 350 million yuan ($54 million) in shopping platform CTFHOKO.com in December and a mall to showcase products sold online. Its website offers genuine imports such as infant formula, diapers and cosmetics at prices at least 10 percent cheaper than shops in mainland China and is aimed at consumers wary of counterfeit goods online.

    The company is banking on its decades-old reputation. While Hong Kong-based Chow Tai Fook has little e-commerce experience compared with JD.com Inc. and Alibaba’s Tmall, it “can offer confidence in product quality while some existing websites may have fake products,” said Chan Sai-cheong, executive director of Chow Tai Fook’s jewelry unit in charge of the venture.

    Cheng family’s flagship Chow Tai Fook Jewellery Group Ltd. joins other retailers in stepping up its online business that has long been dominated by Alibaba and other e-commerce companies. It’s also seen its traditional business suffer its worst year since 2011 as China’s slowing economy and anti-graft campaigns curb demand for luxury goods.

    The prize is a $100 billion-a-year online Chinese market for imports such as cookies and diapers, according to a report by Mintel Group Ltd., as consumers remain concerned about local products after a series of scandals over fake goods. China’s e-commerce industry is dominated by Alibaba and JD.com, with market shares of 52 percent and 20 percent respectively, according to the report.

    “It’s unlikely for newcomers to compete for website visitation” because China’s most popular online platforms such as Alibaba attracts the most traffic, said Ray Zhao, an analyst at Guotai Junan Securities Co. “It has to cooperate with China’s Internet companies to let Chinese consumers know there is a new website.”

    The hurdle for Chow Tai Fook is not just homegrown. Amazon.com Inc., the world’s largest e-commerce company, is also putting together a plan to take on Alibaba as it vies to capture China’s growing cross-border e-commerce market, which by 2020 is expected to swell into a $1 trillion industry serving 900 million shoppers, according to a June report from Accenture and AliResearch, Alibaba’s research arm.

    No Partnership

    While other brick-and-mortar companies have paired up with established platforms to break into China’s online market, such as the partnership between LVMH-owned cosmetics retailer Sephora and JD.com as well as department store chain Intime Retail Group Co.’s venture with Alibaba, Chow Tai Fook is prepared to go at it alone.

    “We don’t need to have any partnership in expanding the business — we are strong enough to do it by ourselves,” Chan said in an interview in his Hong Kong office. “What we care is that the business model has potential to grow.”

    Cosmetics, Cakes

    To complement its online offerings, Chow Tai Fook built a companion shopping mall in the Qianhai free trade zone in the southern city of Shenzhen to exhibit products sold online, while some are also for sale at the stores.

    Since the first phase of the three-story mall opened in December, Chow Tai Fook has invited 21 Hong Kong retail brands such as cosmetics retailer Sa Sa International Holdings Ltd. and Maxim’s Cakes to display their wares there and sell on its website. At least another 50 retailers will open outlets at the mall when its next phase is ready in May, said Chan.

    All products in the CTF HOKO mall and sold on its sister website are shipped from Hong Kong or other countries outside China, and prices for products such as cosmetics, milk powder and diapers are cheaper than at shops. That’s because the government has adopted lower taxes for online retailers that import through specific ports, under a program labeled “cross border e-commerce.”

    Chow Tai Fook isn’t the only traditional retailer to try and benefit from the program. China Resources Holdings Co. started ewj.com last July and opened a companion showroom in Shenzhen, while Wal-Mart Stores Inc. also plans to introduce a cross-border e-commerce service this year.

    Imported products for infants have been the most popular category since Chow Tai Fook opened its platform, as “Chinese parents don’t stint on baby products,” said Chan. “They want to give their children everything that’s good quality, and they don’t trust domestic brands after some scandals.”

    Showroom Expansion

    The company plans to open other showrooms across China to market its online offerings. It could draw more traffic with low-value goods before switching back to the luxury products for which Chow Tai Fook is known, said Bloomberg Intelligence analyst Catherine Lim.

    “New players can only succeed in surviving by focusing on some niche segments that existing players don’t focus on,” she said.

  • Manchester’s LSE Retail Group drives global growth with China office launch

    Manchester’s LSE Retail Group drives global growth with China office launch

    Manchester online lighting distributor, LSE Retail Group , has launched an office in China as it pushes ahead with ambitious growth plans and expands its global supplier network.

    The company behind brands Value Lights, Iconic Lights and MiniSun has opened the office in Shekou, in the Shenzhen province close to Hong Kong, and has recruited three people from the local area, with plans to hire a fourth staff member by the end of 2016.

    It comes as LSE was named the fastest-growing medium-sized business by the 2016 Ward Hadaway Greater Manchester Fastest 50 Companies list and was ranked number one on the Investec Mid-Market 100 league table in 2015.

    David Gutfreund, managing director of LSE, said: “With the vast majority of LSE’s products sourced in China, the role of the new team will be to maintain our high quality standards, oversee logistics and source new suppliers to extend our ever-increasing range of lighting.

    “The business is going from strength to strength and we’re seeing a 50% year-on-year growth rate, with each financial year performing at a record level. We’re constantly recruiting at our head office in Eccles, Greater Manchester, in order to keep up with increasing demand for products across all three of our brands.”

    All staff members at the China office were recruited locally and LSE sourced the candidates directly, using contacts made through its existing supplier chain. The team will also be responsible for product development and will work closely with members of the Manchester team.

    “With the new direct flight routes between Manchester and China and the Airport City industrial park under construction, links between the north west and the Far East, have arguably never been stronger.

    “We’re extremely excited to be part of this powerful relationship at a time when the region’s economy is flourishing and setting a strong example to the rest of the UK and Europe,” David said.

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  • Optus Business enters $9.1m partnership with Cisco

    Optus Business enters $9.1m partnership with Cisco

    Australia’s Optus Business has teamed up with Cisco to develop new technological capabilities aimed at helping local businesses and government become more agile in the innovation economy.

    The companies will invest A$12 million ($9.1 million) over three years to develop local capabilities based on cyber security, the cloud, the IoT and future networks.

    The co-investment is designed to prototype, develop and launch new capabilities in collaboration with customers.

    Optus Business managing director John Paitaridis said the investment is in line with the current Australian government’s focus on transitioning the nation from a resource-based to an innovation-based economy.

    “Many of the services and capabilities our economy will need tomorrow don’t exist today. This alliance with Cisco bolsters our commitment to bridge this innovation gap for business and government, to help them navigate a complex and evolving technology landscape,” he said.

    “Innovation and responding to change are critical challenges for all Australian businesses and enterprises, to ensure they adapt to changing customer needs and market forces.”

    Optus Business is a subsidiary of Australia’s second-largest operator Optus, which is itself a wholly-owned subsidiary of SingTel.

    Optus Business has a history of collaboration with Cisco, including being named the vendor’s 2015 Australian partner of the year.

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  • Cost of living here makes cosy retirement an elusive goal: HSBC

    Cost of living here makes cosy retirement an elusive goal: HSBC

    The cost of living makes Singapore one of the toughest countries to retire in, according to a new report.

    It found that about two in three workers here who are 45 or older would like to retire in the next five years but 48 per cent of them say they would not be able to. The global average is 38 per cent.

    Moreover, 30 per cent of pre-retirees predict that they will never be able to retire fully, compared with the global average of 18 per cent.

    Respondents here said the main impediment is a lack of savings or the burden of having dependants to look after.

    Having a lot of debt was raised by 26 per cent of respondents here, compared with the global average of 22 per cent.

    TOUGH FINANCIAL REALITIES

    The HSBC Future of Retirement survey shows that the financial realities of retirement make it an elusive goal for many Singaporeans.

    MR MATTHEW COLEBROOK, head of retail banking and wealth management, HSBC Singapore.

    HSBC surveyed 1,008 respondents – people aged 25 and above as well as retirees – here as part of a survey spanning 17 countries.

    START SAVING TODAY

    Even small amounts saved by starting today can lay the groundwork for a comfortable retirement tomorrow, placing retirement dreams squarely within reach.

    MR IAN MARTIN, chief executive of HSBC Insurance (Singapore).

    Mr Matthew Colebrook, head of retail banking and wealth management at HSBC Singapore, said: “The HSBC Future of Retirement survey shows that the financial realities of retirement make it an elusive goal for many Singaporeans.

    “This can be rectified with early financial planning and by seeking help from professionals who can provide advice on how to protect and grow your wealth.”

    Pre-retirees surveyed said they were anxious that events such as bad health and the need to care for elderly parents could interfere with saving for retirement.

    In spite of these concerns, retired life still offers much promise for some.

    The poll found that 62 per cent of Singapore respondents aged 45 and above who would like to retire in the next five years want to travel or pursue other interests.

    Also, 42 per cent of them would like to spend more time with family once they retire.

    Pre-retirees also expect relationships with friends, their partner and their children to improve.

    Mr Ian Martin, chief executive of HSBC Insurance (Singapore), said: “People should consider their personal aspirations when planning for retirement and ensure they are making sufficient financial provisions for this new chapter in life.

    “Even small amounts saved by starting today can lay the groundwork for a comfortable retirement tomorrow, placing retirement dreams squarely within reach.”

    HSBC also noted that about 56 per cent of pre-retirees here do not know how to predict how much they will spend on healthcare in retirement, even though 74 per cent believe that poor health will make saving for their golden years more difficult.

    To help individuals assess financial preparedness in realising their retirement aspirations, HSBC has launched the Retirement Profiler, an online tool to help individuals assess financial preparedness in realising their retirement aspirations.

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  • M&M’s take over DFS’ HKIA shop-in-shop area

    M&M’s take over DFS’ HKIA shop-in-shop area

    M&M’S have taken over a new dedicated 35sq m shop-in-shop concept at Hong Kong International Airport, which Mars International Travel Retail have launched jointly with DFS Group in Terminal 1 – close to Gate N28 on the central concourse.

    “Asia is one of the fastest-growing regions for MITR, so we are extremely pleased to be opening this new M&M’S Travel Retail shop-in-shop at DFS, Hong Kong International Airport,” said MITR Regional Sales Director, Christophe Bouye.

    “By offering passengers outstanding retail experiences that first and foremost will make them smile, we are confident it will increase shopper engagement and encourage conversion. Through placing consumers in a smiling frame of mind, we believe that this will not only benefit the confectionery category, but all sectors of the travel retail offer here in Hong Kong.”

    The interior of the store features an ‘interactive’ retail theatre, with the ‘focus on fun’, says MITR, in line with its ’Smiles’ campaign which is a breath of fresh air in many DF&TR locations today.

    MM's ride the Dragon Boat

    Personalised and tailored specifically to reflect a taste of Hong Kong, the shop combines a sample of local tradition with a replica of a dragon boat, which is both guarded and manned by smiling red, yellow, blue and green M&M characters. This is centrally located in the store, against a sea of wall and floor mounted brightly-lit yellow display fixtures – featuring a full range of M&M’s products.

    The store also carries destination merchandise, such as Hong Kong Travel Collection packs of Snickers, Mars and Twix, plus a Hong Kong-themed M&M’S dragon boat box. Core brands of Snickers, Mars, Celebrations and Twix are also offered in individual packs.

    The partners are also promising a strong social media campaign from DFS. This will utilise the WeChat, Facebook and Instagram platforms to alert interest customers to the existence and location of this new outlet before they arrive at HKIA. They also add that as an incentive, a free gift awaits the first 500 visitors, while all customers will be encouraged to take photos in the store and post them to friends on their mobile phones.

    Thierry Canivet, DFS Group’s Senior Vice President, Food and Gifts said the retailer is ‘thrilled’ with the new shop-in-shop concept: “With the shop-in-shop’s localised format, exclusive product offering and innovative approach to engaging customers, we’re confident travellers will love this addition to DFS, Hong Kong International Airport.”

    MITR’s Christophe Bouye added that the company is very grateful to DFS for the opportunity to create such strong branding for M&M’S. He said it is a good opportunity for both existing and new shoppers to discover a new experience, to interact with the M&M’S characters and exercise impulse purchasing.

  • Ericsson wins 4G network deal from XL Axiata

    Ericsson wins 4G network deal from XL Axiata

    Swedish telecom gear maker Ericsson said that it has signed a three-year contract with Indonesian telco XL Axiata for design and implementation of 4G/LTE network and upgrade of existing 2G and 3G networks in Jakarta and Central Java.

    The agreement includes all hardware, software and services to deliver 4G/LTE services for XL Axiata’s subscribers.

    “We are keen to work with Ericsson to bring this next generation technology to Indonesia. We are looking forward to the implementation of the 4G/LTE network and the improved mobile broadband experience this will deliver for our subscribers,” Dian Siswarini, President Director and CEO of XL Axiata, said in a statement.

    This 4G/LTE network deployment will improve network capacity and enhance speeds to allow Indonesian users to enjoy improved smartphone and network performance, as well as faster web browsing and downloads.

    “Ericsson’s LTE solution will enable XL Axiata to deliver unique experiences for people, society and businesses, thus shaping and accelerating the Networked Society in Indonesia,” Thomas Jul, Head of Ericsson Indonesia and Timor Leste, said.

    Ericsson is today present in all high traffic LTE markets including the US, Japan, and South Korea, and is ranked first for handling the most global LTE traffic – 40 percent of the world’s mobile traffic is carried over Ericsson networks.

    Ericsson is number one in LTE market share within the world’s top 100 cities. More than 220 LTE RAN and evolved Packet Core networks have been delivered worldwide, of which 170 are live commercially.

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  • StarHub acquires 9% stake in MM2 Asia for SGD 18 mln

    StarHub acquires 9% stake in MM2 Asia for SGD 18 mln

    Singapore operator StarHub has acquired a 9.05 percent stake in film and TV content producer MM2 Asia for SGD 18.04 million. StarHub will collaborate with MM2 to expand and differentiate its pay TV offerings through original content creation. In addition, StarHub can leverage MM2’s regional presence to market and distribute its own localised content beyond Singapore.

    StarHub has agreed to subscribe for an aggregate of 44,000,000 new ordinary shares in the capital of MM2, by way of a private placement. The aggregate consideration for the placement shares is SGD 18.04 million. The price per placement share is SGD 0.41.

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  • London sandwich chain Pret A Manger opens shop at Dubai airport

    London sandwich chain Pret A Manger opens shop at Dubai airport

    Pret A Manger, the sandwich shop beloved by London office workers for its freshly made rolls and organic coffee, has opened its first UAE store.

    The chain whose magenta star sign, chrome furniture and daily donations to the homeless have become a staple of many a central London street, announced yesterday it has opened its first store in the Emirates at Dubai International Airport through a franchise deal with Emirates Leisure Retail.

    The new store, located in the new Concourse D, will include the concept’s trademark large kitchen and will be open 24 hours a day.

    Emirates Leisure Retail, a unit of Emirates Group, which also operates the UAE shops of Costa Coffee, Giraffe and The Noodle House, is understood to be looking at opening further Pret A Manger stores across the UAE.

    “We’ve had a lot of fun developing our new menu,” said Caroline Cromar, Pret’s group director of food. “We will be bringing plenty of existing Pret favourites over, with some special new products and fantastic locally sourced ingredients, such as falafel and hummus.”

    The opening brings Pret’s sandwich empire to about 400 shops worldwide, including the US, France, Hong Kong and China, although about three- quarters of the shops are still located in the UK capital.

    According to Pret’s new UAE website, the brand’s Dubai team has been training in Pret shops around the world.

    The arrival of the sandwich chain comes as the similarly named Pret to Go is attempting to take a healthy sized bite out of the domestic sandwich market.

    This month, Pret To Go, a sandwich chain founded in late 2014 by the entrepreneur Kunal Lahori, opened its eighth store in the Dubai airport free zone, Dafza. The chain also operates in Emaar Square, DIFC, Media City, Jebel Ali and Abu Dhabi International Airport. Pret A Manger declined to comment on its rival.

    The expansion of both chains in the UAE comes at a time when industry experts are predicting that up to a fifth of the country’s food and beverage operators could close by the end of next year, as more and more firms attempt to break into an already overcrowded market.

     

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  • Hong Kong-born entrepreneur sets up shop in Saskatoon

    Hong Kong-born entrepreneur sets up shop in Saskatoon

    Most restaurant owners work impossible hours, and Patrick Chu is no different. But after three decades of 100-hour weeks in his native Hong Kong, running his traditional Chinese food restaurant in Saskatoon feels like a vacation.

    “I spent too much time on working. I was just very tired,” said Chu, who worked in supply management for a global construction company before emigrating to Canada last summer.

    Chu said he brought his three children to Canada because he wanted them to have the best education possible. After arriving in July, he decided to change careers entirely and start his own business, a traditional Chinese food restaurant.

    “For me, I just think opening a restaurant is a small business — it’s easier to manage. (And) I just want to bring some traditional Chinese flavour in here,” he said with a laugh, noting that while some of his family members ran restaurants in Hong Kong, he was “totally unfamiliar” with the industry.

    A lack of experience didn’t deter him from working to get his restaurant up and running. He renovated the First Avenue North space himself, doing everything from painting to replacing and repairing kitchen equipment. Then he started developing a menu that combined familiar dishes with traditional flavours.

    Taiji Eastern Cuisine, which opened its doors late last year, serves meals that will be familiar to most western customers. Ginger beef, sweet and sour pork and Singapore fried noodles are all staples. But according to Chu, Taiji’s are cooked differently, and are spicier and more flavourful than most western-style Chinese food.

    Chu said that since he opened the restaurant, he has faced numerous difficulties, including those shared by many newcomers to Canada. While the first couple of months were “very frustrating,” he’s managed to iron out most of the problems, and today business is growing and he enjoys every minute of it, he said.

    “Every time when the customer comes here they say the environment is very good, very clean, very bright and the food is very good — and they will come again,” he said. “I feel very happy, very happy.”

    Ganyo and Grant didn’t choose an easy industry. The wedding business is extremely competitive and subject to changing tastes, but Ganyo believes the business she and her daughter built will continue to grow and succeed.

    “I think with any business, you always have to be on top of these things and watch where it’s going,” she said. “But I still believe it’s going to be very hard to knock off that dream that little girls have. They dream of that day, and I just can’t see that all of a sudden diminishing.”

  • Watchmaker Tudor Says Hong Kong Market Could Get Even Worse

    Watchmaker Tudor Says Hong Kong Market Could Get Even Worse

    Tudor, Rolex’s sister brand, said the Hong Kong market may get worse as rich Chinese shop for luxury goods in markets with lower prices.

    Swiss watch exports to Hong Kong slid 25 percent in February, dropping for the 13th consecutive month, the Federation of the Swiss Watch Industry said Tuesday. There’s no swift turnaround in sight, according to Philippe Peverelli, chief executive officer of Tudor.

    “In mainland China we’ve already touched the bottom of the pool,” Peverelli said in an interview at the Baselworld watch fair. Demand has been improving there since the second half of 2015. “As for Hong Kong, I’ve never seen such a deep pool. We haven’t reached the bottom there yet.”

    The island city became the biggest export market for Switzerland’s timepieces almost a decade ago, luring well-off Chinese with lower luxury taxes on the mainland. In the past three years, however, the Chinese government’s crackdown on bribery and extravagance among government officials has weighed on the industry’s sales in the region, and currencies have made watches cheaper in other markets such as Japan.

    Last year Tudor got just under 60 percent of its sales from greater China, down from more than 90 percent in 2010. The company re-entered the U.S. and the U.K. in recent years and started selling its timepieces in duty-free retail shops in South Korea. The next country it plans to enter is Japan, which enjoyed a 22 percent gain in shipments last month.

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  • Korea to legalise customised cosmetics formulation

    Korea to legalise customised cosmetics formulation

    Increasingly, retailers have begun to offer the on-the-spot bespoke mixing of cosmetics from base ingredients (including colours and scents) as a service for consumers eager for personalised beauty.

    In the past few years, Korea has established itself as a global market leader when it comes to cosmetics, particularly within the field of innovation. Until now, however, retailers in Korea have been unable to embrace the growing trend of personalised product formulation, due to the ban imposed as a result of safety concerns.

    The relaxation of the ban will allow Korean beauty players to start pushing the trend within the country, a move that, we reported, “is projected to further diversify and expand the country’s vibrant cosmetics industry.”

    The young demand personalisation

    Younger consumers increasingly expect a level of bespoke personalisation and interactivity in their beauty products and services, with on-the-spot formulation one of the key elements of this.

    In a recent new report, ‘The Impact of Millennials’ Consumer Behaviour on Global Markets ’, market research firm Euromonitor International states that a personalised, immersive shopping experience is key for the demographic, which is swayed by innovations like try-on technology, skin analysis and mirror apps.

    “Personalisation and interactivity is important in beauty care for millennials, with a rash of digital solutions emerging to appeal to their need for individual solutions,” the report explained.

    The legal selection

    Korea is currently trialing the bespoke production of cosmetics at select stores, including duty free, across several specific product categories. These are reportedly: four types of fragrance, 10 types of skin care products, and eight types of colour cosmetics, including lipsticks.

    Following the trial, the government will assess the safety of the service, with a view to potentially implementing general legalisation across the country.

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  • Victoria Beckham Opens Second Fashion Store

    Victoria Beckham Opens Second Fashion Store

    Singer-turned-fashion designer Victoria Beckham unveiled her second fashion store in Hong Kong on Friday (16 Mar 2016).

    The former Spice Girl launched the flagship store for her eponymous label in London in 2014, and she has now expanded her brand by opening a second retail space, which has been designed by the same architect Farshid Moussavi, in the region’s upmarket Central district.

    Victoria flew into Hong Kong last week to put the finishing touches to her store, and she tells the South China Morning Post she has been involved in all aspects of the project.

    “The process wasn’t easy… opening a store is a huge project. Together with my team, I’ve worked really hard to get to this point,” she said. “It’s important to me that I’m part of the decision making in all areas, whether that’s deciding what the changing rooms look like, to what fragrance we use in store, to what the receipts look like. I enjoy all of that, and I’m a perfectionist. I believe it’s all in the details.”

    Victoria decided to open up in Asia because she believes women there appreciate luxury, quality and well-made clothes. She adds, “I’m always struck by how aware Chinese women are when it comes to fashion… Their knowledge of trends and brands is so deep, that being here you feel like you’re really part of a fashion conversation.”

    victoria-beckham-store-6

    Victoria, who wore over-sized sunglasses and a black turtleneck dress, was surrounded by security as she opened the store in front of the large crowd. To celebrate the moment, she posted a picture of herself posing in the store and tweeted, “#VBHongKong is open for business!! I love u fashion bunnies.”

    She also posed with fans and they all made the peace sign with their hands, a nod to her Spice Girls days. In the caption, she wrote, “Loved meeting you all at my store today! #VBHongKong.”

    Victoria, a UNAIDS Goodwill Ambassador, will also attend an amfAR AIDS fundraising gala alongside Uma Thurman on Saturday (19 Mar 16).

  • Thai developers raise Bangkok’s Icon Siam investment to $1.6 bln

    Thai developers raise Bangkok’s Icon Siam investment to $1.6 bln

    Thailand’s Charoen Pokphand Group (CP) and two property firms have raised their investment
    in Bangkok’s Icon Siam development to 54 billion baht ($1.6 billion) to expand its shopping malls, an executive said on last Tuesday during an official press.

    Despite Thailand’s slowing economy and weak consumption, there had been strong demand for luxury condominiums and retail shops, Chadatip Chutrakul, the riverside project’s director,said.

    “We will increase investment by 4 billion baht to expand space,” Chadatip told reporters, adding that the company was targeting demand from domestic travellers and foreign tourists.

    CP, controlled by billionaire Dhanin Chearavanont, formed a joint venture with Siam Piwat Co, operator of luxury shopping mall Siam Paragon, and Magnolia Quality Development Corp to develop the luxury mixed-use project.

    Half of the budget will come from loans and the group has received financial support from Thai banks such as Kasikornbank, Thanachart Bank and Bank of Ayudhya, she said.

    The project, located on the bank of the Chao Phraya River in Bangkok, is expected to open in 2017. It will have two high-end retail complexes, two luxury waterfront condominium blocks and a museum and entertainment centre. Japan’s Takashiyama will open its first store in Thailand in the new centre, she said.

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  • Overseas E-Retailers Represent 25% of China’s 500 Top Web Merchants

    Overseas E-Retailers Represent 25% of China’s 500 Top Web Merchants

    The 500 largest e-retailers in China ranked by annual web sales grew their combined online sales by 59.6% in 2015 to $198.30 billion from $124.22 billion a year prior, according to Internet Retailer’s newly published 2016 China 500. Now in its third edition, the e-commerce research ranks the 500 leading e-retailers in China based on their annual web sales. Of them, 398 are based in China while 102 hail from overseas; this latter group, which includes 52 U.S.-based web merchants, grew web sales by 124.0% to $21.31 billion in 2015. By comparison, U.S. online retail sales grew roughly 15% per year from 2011 to 2014, according to the U.S. Commerce Department.

    The fastest-growing U.S.-based e-retailer in China, according to the data in the 2016 China 500, is no. 11-ranked Apple Inc., which increased its web sales in the country by nearly 150% in 2015 to $2.2 billion, up from $897.6 million a year earlier. Computers/electronics as a merchandise category among the 2016 China 500 e-retailers grew by 49.8% in web sales in China last year.

    More analysis of the fastest-growing e-retailers by merchant type and merchandising category can be found in the 2016 China 500. The database version provides 139 metrics for each retailer, including web sales, web traffic, conversion rates and other key metrics. A 45-page downloadable PDF executive report provides rankings, summary market data and in-depth analysis of competitive trends in China’s e-commerce market.

     

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