French luxury brand Eres has opened its first boutique store in Asia – at the Four Seasons Hotel Singapore.
It is the 43rd boutique worldwide for the brand, founded in 1968 and known for its graphic swimsuits in bold colours, and form-enhancing lingerie.
In Orchard Boulevard, the 484 sqft (44.96 sqm) store is featuring the latest spring/summer swim and lingerie collection, with prices ranging from S$125 (US$90.48) to S$700.
Eres has until now focused on markets in Europe and the US.
South Korea’s fourth-largest cosmetic maker, It’s Skin, has made a move to extend its international reach through a partnership with retail giant Dabur India.
It’s Skin has signed a memorandum of understanding with Dabur to sell 120 kinds of cosmetics in itsNew U beauty retail chain, stepping up its overseas bid beyond China, Japan and Southeast Asian markets.
Starting with 10 shops in New Delhi, the company plans to open 20 in the capital and the surrounding area this year.
It’s Skin is best known for its snail cream, Prestige Cream d’escargot, which went on the market in 2009. The company posted won 309.6 billion (US$255 million) in sales last year, up 28 per cent from the previous year. It started listing on the Seoul bourse in December.
Founded in 1884, Dabur India is India’s fourth-largest retailer, logging 78.1 billion rupees (US$1.2 billion) in sales last year. Its beauty chain New U has 70 outlets in 28 cities.
Hitech specializes in domestic logistics, offering an end-to-end logistics service that integrates the land transportation, installation and calibration of sensitive freight such as medical and business machinery. The company has eight locations across Australia and New Zealand, having a share of approximately 70 percent of the medical equipment transportation market.
This acquisition will expand and improve the quality of Yusen Logistics’ services; increasing our presence through the expansion of new bases in New Zealand which complement our Group’s capabilities. Yusen Logistics will grow sales in the high-value added logistics service of sensitive freight and by integrating this service with our ocean and air freight forwarding and contract logistics services, the company aims to further expand its business.
Ian Pemberton, Managing Director of Yusen Logistics Australia, said: “We are very excited about the opportunities Hitech will bring Yusen Logistics and the additional services we will be able to offer to our customers. Hitech’s skills in sensitive freight are highly complementary to Yusen Logistics’ global capabilities. We will be positioned to deliver top quality logistical and transport services with a fully integrated service combining every aspect of the supply chain.”
Tom Devjak, CEO of Hitech, said: “We are delighted to be joining Yusen Logistics. Hitech will benefit from access to Yusen Logistics’ extensive global network including prime airport locations and international freight forwarding capabilities. We will now be able to offer customers seamless global transportation services.”
Hi-tech Express Group Company Profile
Yusen Logistics (Australia) Company Profile
India is to supply 18 metre-gauge 1350 hp diesel electric locomotives to Myanma Railways. The traction will augment the railway’s fleet and enable it to meet increasing demand for passenger and freight transport services in Myanmar. The requisite contract was signed at Naypyitaw (Myanmar) in week 9.
The locomotive order is a vital project that is being funded under an existing Indian government line of credit for Myanmar. The traction, sporting several modern features such as microprocessor controls, fuel-efficient engines and an ergonomic cab design etc, will be manufactured at the diesel locomotive works in Varanasi
Official retail sales data from the mainland shows a continuation of slowing growth this year.
According to the National Bureau of Statistics (NBS) China retail sales of consumer goods rose 10.2 per cent in January and February combined.
That follows growth of 11.7 per cent in December and 10.7 per cent for the entire 2015 calendar year.
According to the NBS, Chinese consumers bought 5.29 trillion yuan (US$815.2 billion) worth of consumer goods in the first two months of 2016.
Urban areas accounted for nearly 86 per cent of China retail sales, rural areas 14 per cent. Sales in rural areas rose by 10.9 per cent – faster than the 10.1 per cent in the cities.
Online sales also continue to rise sharply, soaring 27.2 per cent year-on-year for the first two months of this year, to 636.1 billion yuan. Online now accounts for about 12 per cent of China’s total retail market.
Starbucks baristas from across Asia took part in the first Regional Barista Championships in Hong Kong.
The contest, held before more than 600 spectators, drew 2000 entries from markets including China, Thailand, Hong Kong, Malaysia, Japan and Indonesia before the field was narrowed to the final 14.
Finalists were judged on coffee knowledge, beverage mastery and customer service. Each partner had 20 minutes to demonstrate technical and communications skills, craftsmanship and knowledge of the barista profession.
“Our judges group, made up of eight partners and one guest who is an accredited global coffee-competition judge, was immensely impressed and inspired by the professionalism and passion demonstrated by the final competitors,” said Major Cohen, senior project manager, Starbucks Global Coffee.
The top three partners from round one of the finals were:
Arpornsuwan took top honors, based on her “perfect execution, personal storytelling and knowledge of coffee sourcing,” to become the first Starbucks Barista Champion. She was awarded a first-place trophy, a hand-crafted leather roaster brewers kit complete with coffee and accessories, and a three-week coffee experience in Seattle, which will include a visit to the first Starbucks at Pike Place Market and a tour of Starbucks Reserve Roastery and Tasting Room.
Starbucks will celebrate additional barista champions across the globe in 2016. The company will host the Europe, Middle East and Africa Barista Championships and US Barista Championships later this year.
Luxury French brand Longchamp sees Asia as a major contributor to the brand’s global growth in coming years.
CEO Jean Cassegrain says 25 per cent of the brand’s business now comes from Asia – and 50 per cent of its customer base is Asian.
In an exclusive interview with The Straits Times in Singapore last week, Cassegrain, grandson of the brand’s founder of the same name, described its Southeast Asian customer base as a “mature luxury shopper” and confirmed an expansion of the brand’s activity as it boosts its presence across the region.
Part of the Longchamp Asia expansion plan will include a doubling in the size of the Singapore store at The Shoppes at Marina Bay Sands late next month, to better showcase its ready-to-wear collections.
“Customers [in Singapore] are well educated on luxury, perhaps more so than in China and Taiwan, where luxury consumers are more in discovery mode,” he told The Straits Times.
“It just shows the enormous opportunity Southeast Asia still holds for us to grow our business. We are far from reaching our potential in Asia.”
Longchamp remains family-owned in an era when most high-profile luxury brands have been swallowed up by corporate giants in Europe, or private equity investors.
Since its foundation 68 years ago, Longchamp has grown to a network of some 300 directly-operated retail stores in 24 countries, with franchise partners expanding that reach to 80 markets. Sales topped 566 million euro last year, (US$621 million).
Korea’s Binggrae, famous for its signature banana-flavored milk, will open a banana-flavored milk themed Yellow Cafe.
The new concept store will be located in the Dongdaemun branch of Hyundai Outlet Store.
It marks Binggrae’s first foray into the cafe market. Beverages such as lattes and milkshakes, and desserts such as ice cream, pudding, and tarts made with banana-flavored milk will be sold alongside accessories and souvenirs inspired by the beloved product that started it all, Binggrae’s iconic banana-flavored milk.
The interior design of the store is also inspired by the product, as well as the tableware used to serve food and beverages at the store.
Binggrae’s move to open a flagship store in the Dongdaemun area is perceived by retail analysts as a bid to get ahead in a commercial area that’s on the rise.
Dongdaemun is an area popular among tourists, with its numerous fashion shopping malls, cultural assets and Dongdaemun Design Plaza (DDP). The area holds potential to grow even more with Doosan’s duty free store expected to open soon.
Binggrae hopes to promote its products by introducing them to more domestic and foreign consumers.
“Based on the resources the area holds, Yellow Cafe will provide a space that can provide opportunities to consumers so that they can experience our products,” a company spokesman said.
Since its launch in 1974, banana-flavored milk has stood at the top of the domestic market for processed milk, a reign of more than 40 years. The friendly color of the product and unique bottle shape are loved by consumers of all ages.
Electronic payments boost household spending on goods and services as well as boost GDP, according to a study commissioned by global payments technology company Visa.
Moody’s Analytics investigated the impact of electronic payments on economic growth across 70 countries between 2011 and 2015, finding that the increasing use of credit, debit and prepaid cards added US$296 billion to GDP, while raising household consumption by an average of 0.18 per cent a year. The countries in the study make up almost 95 per cent of global GDP.
Moody’s economists also estimated that another effect was the creation of 2.6 million jobs on average annually over the five-year period as a result of increased use of electronic payments.
“Countries that saw large increases in card usage also saw larger contributions to overall growth in their economies,” says chief economist Mark Zandi.
Purchasing is more convenient and efficient for consumers, and merchants can manage their businesses better and benefit from higher sales.
Electronic payments also benefit governments and contribute to stable and open business environments, says the study, The Impact of Electronic Payments on Economic Growth. Also, electronic payments help minimise the “grey economy” – economic activity that is often cash-based and goes unreported. This means that electronic payments provide a higher potential tax revenue base for governments, while also bringing the added benefits of lower cash-handling costs, guaranteed payment to merchants and greater financial inclusion for consumers.
“This research suggests that the right public policies can create an open, competitive payment environment, and contribute to economic growth and job creation,” says Visa CEO Charlie Scharf.
Two countries stood out for their large gains in employment, stimulated by fast-growing productivity and increased use of cards – China (427,000 jobs added) and India (336,000 jobs).
As with GDP gains, job gains were not uniform across regions. North America had the highest average job gains per year (69,000), followed by Asia (62,000).
Some emerging economies have also experienced notable increases in productivity. For example, increased card penetration raised GDP in Vietnam by 0.14 per cent, and Vietnamese labour productivity rose by 18 per cent, resulting in about 75,000 jobs gained each year.
As consumption growth is, on average, faster in emerging economies, those countries also have more to gain by increasing card usage, says the study.
Moody’s found that every 1 per cent increase in usage of electronic payments could produce, on average, an annual increase of about $104 billion in the consumption of goods and services. But expanding electronic payments alone do not necessarily increase a country’s prosperity – this needs the support of a well-developed financial system and healthy economy. Countries need to promote policies that minimise unneeded regulation and create a robust financial infrastructure.
Because of the somewhat lower penetration, card use added 0.06 per cent to GDP a year in Asia.
Philippine retail sales soared 6.3 per cent in the last quarter of 2015 – more than three times faster than the same period a year earlier.
According to data from the Philippine Statistics Authority, the retail trade growth was more than three times the rate of the same period of 2014, when sales rose 1.9 per cent.
Thus, the retail sector has significantly contributed to the growth of overall trade in the country.
Wholesale trade also accelerated to 9.0 per cent compared with the 8.9 per cent growth a year ago.
The industry group that includes wholesale and retail trade accelerated to 7.0 per cent growth in the fourth quarter of 2015 from the 3.4 per cent posted in 2014.
The South Korean manufacturer launched the Ioniq in its home market two months or so ago, yet Hyundai had to recall the electric drive hatchback after a video was published on YouTube. That particular video can be found at the end of this story. Just skip to the 4-minute, 4-second mark and observe what happens.
Let’s put into words what occurred there. The driver took the Ioniq on an uphill parking exit. He brings the car to a stop while still on the exit ramp. After that, the driver takes his foot off the brake pedal, expecting the hill start assist system to keep things under control. But it doesn’t. He then pumps the throttle pedal repeatedly, only to find out that the Hyundai Ioniq doesn’t do a hill start.
After the car had started rolling backwards, a firm press of the brake put an end to this dangerous incident. The South Korean motoring media took notice of the incident and Hyundai paid attention, prompting an internal investigation. And as expected, the company decided to recall all Ioniq vehicles made until March 14 for a software update. The Ioniq Hybrid, Plug-in, and Electric made after March 14 have been given the updated software, so they’re not included in this campaign.
Slated to debut in the United States of America later this week at the New York Auto Show, the Hyundai Ioniq arrives just in time for the 2017 model year. The Ioniq Hybrid will be the first model to hit dealerships nationwide, followed by the Ioniq Electric and the Ioniq Plug-in variants by the end of the calendar year.
Pricing information for the U.S. market isn’t available at the time of writing, yet don’t expect Hyundai to sell the Ioniq Hybrid for more money than Toyota is selling the fourth-generation Prius. More specifically, the 2017 Hyundai Ioniq Hybrid could hold a suggested retail price of under $25,000 sans destination.
Chinese sportswear maker 361 Degrees Group published its financial report for 2015 in Hong Kong, stating that its turnover reached CNY4.459 billion in 2015, a year-on-year increase of 14.1%; its gross profit was CNY1.823 billion; its gross margin was 40.9%; and its net profit attributable to shareholders was CNY518 million, a year-on-year increase of 30.2%.
Meanwhile, by December 31, 2015, the company had distribution in 7,208 stores.
The company said their children’s wear business showed strong performance. Since its launch in 2009, 361 Degrees’ children’s wear business achieved profit in six consecutive years. In 2015, its performance saw a year-on-year increase of 16% to nearly CNY600 million, accounting for 13.2% of the total operating revenue of the group. The number of children’s wear stores increased to 2,350.
361 Degrees will continue to cooperate with the Finnish top outdoor brand One Way and promote three product series, which are for cycling, skiing, and outdoor adventure. At present, One Way has 47 owned stores in 23 Chinese cities, including Beijing, Shanghai, and Shenzhen.
In the e-commerce sector, 361 Degrees is gradually improving the diversity and uniqueness of its e-commerce products. The e-commerce platform has also become an important channel for the company to launch smart products like smart shoes. So far, 361 Degrees’ online products and traditional store products each account for half of the business.
In addition, 361 Degrees is actively developing new businesses and expanding overseas markets. By December 11, 2015, the company had 116 sales sites in America, 415 sales sites in Brazil, and 30 sales sites in Europe. Ding Wuhao, president of 61 Degrees, revealed that as an official partner of the Rio 2016 Summer Olympic Games, the company will fully expand the overseas markets with this opportunity.
Vietnamese developer Hoang Anh Gia Lai has started building the second phase of its landmark Myanmar Centre, which will include two office towers and five residential towers including serviced apartments and units for sale.
The first phase of the US$440 million project included a shopping centre called Myanmar Plaza, which opened at the end of last year, and a hotel operated by Spanish chain Melia.
The second phase, which is due for completion by 2018, broke ground at a ceremony on March 19. It will include a shopping mall with retail space, a cinema, an entertainment centre and a gaming zone.
It will also include two serviced apartment towers with 360 units and two office towers. The total commercial leasing area across retail and office will be 93,742 square metres, according to a company spokesperson.
Also part of the second phase, three 32-storey residential apartment towers known as The Lake Suites, with a total of 674 units, have already gone on sale.
The units vary in size. One bedroom units are 68 sq m, two bedroom units are 88 sq m and 3 bedroom units are 119 sq m. Apartments are on sale for K300 million to K600 million each, with prices rising for higher floors.
A representative for the Association of Vietnamese Investors in Myanmar (AVIM) said that the past six years have seen strong growth in investment relationships and cooperation between Myanmar and Vietnam.
In 2010, Vietnamese foreign direct investment into Myanmar was worth $23.65 million. By December 2015, there were 73 Vietnamese enterprises invested in Myanmar with 10 projects approved by the Myanmar Investment Commission, worth a total of $691.6 million, he said.
Bilateral trade between the two countries was worth $66 million in fiscal year 2012-13, rising to $281.02 million in FY2013-14 and $321.36 million last financial year.
This year between April and August, trade between the two countries was worth $133.41 million, Ministry of National Planning and Economic Development statistics show.
The Ho Chi Minh City-listed developer signed a $300 million build- operate-transfer (BOT) contract in 2013 with the government, state media reported at the time.
Last year, the project was valued at $550 million during a joint venture bid by Singapore’s Rowsley, though the deal fell through in April. Rowsley said it had been unable to reach an agreement with HAGL over the details of the investment structure.
Thailand’s Berli Jucker shareholders have voted in favor of a $6.2 billion acquisition of hypermarket operator Big C Supercenter Pcl (BIGC.BK) from France’s Casino Group.
Some 99.99 percent of voters approved the plan at Monday’s meeting, two financial sources who attended it said.
Berli, the core retail business of Thai tycoon Charoan Sirivadhanabhakdi’s TCC group, won a hotly contested auction for Casino’s 58.6 percent stake in Big C.
Earlier, Casino said it was on track to reduce debt as promised after Standard & Poor’s cut the French retailer’s credit rating to junk, citing falling profits, weakness in Brazil and competition at home.
The Thai group secured $6.2 billion short-term financing deal with 15 banks to fund the Big C acquisition on Wednesday.
Berli is expected to pay Casino by the end of March and the company will buy the remaining shares from minority shareholders in a tender offer, to be completed by May, one source said.
Apple has stepped up its efforts to tap the Indian market by seeking government approvals for opening Apple Stores and selling and manufacturing refurbished devices in India. Now Apple is already said to be looking for space in key cities such as Mumbai, Delhi-NCR, Bengaluru and Pune for its first Apple Stores in the country.
The report further says Apple is planning to replicate its iconic Fifth Avenue Apple Store in New York City, along with smaller outlets in India. Apple’s Fifth Avenue store is popular for its unique glass cube design partly designed by the late Steve Jobs. The large cube encloses the entrance to the main store via an Apple patented glass staircase. The report points out the cube design will be for the flagship stores in India.
According to the report, Apple is planning to set up 2,000-3,000 sqft stores in India that will also have space for tech support and small workshops — similar to the ones in the US.
Apple stores are one of the critical elements of Apple’s business model. In fact, Apple leads the US’ retail market in terms of sales per unit area. So far it has 481 retail stores in 18 countries including neighboring China. These stores have helped Apple build itself as a luxury brand as well as giving users a premium experience before making a purchasing decision.
With its main markets nearing saturation level, Apple has shifted its focus on emerging markets like China and India. Even as it has yet to begin its efforts in retail segment, Apple has already grown a lot bigger in China in the recent years. Apple’s sales to China market along with Hong Kong and Taiwan, grew 14 percent to $18.37 billion, in the December quarter. It now plans to increase its Apple Stores to 40 in China by the end of the summer this year.
CEO Tim Cook has already revealed India is going to hold key for its success and is one of the most important growth areas for the next decade. It may be recalled that despite the global slowdown, Apple had recorded better figures in India, which has been long considered as a price sensitive market and is currently dominated by budget Android smartphones. According to the recent IDC figures, Apple edged past Xiaomi to grab no. 6 spot in 30 Indian cities.
Apple Stores are likely to lay the foundation for Apple’s bigger foray into the Indian market, which it had largely ignored for several years. A Fifth Avenue-like store clearly show Apple’s intentions of company’s long-term strategy for the Indian market. We can expect Apple’s smaller outlets to be akin to the ones in the US and may initially target the urban consumers. These outlets are likely to offer uniform design and experience to the customers.
But does Apple’s new efforts mean cheaper devices in India? Well, highly unlikely. Tim Cook recently said that the company has no intentions of launching a stripped down version of the iPhone to appease emerging markets. Cook added the company’s research indicates users in these markets are now willing to invest more for improved experience.
But that being said, another interesting thing to watch out from Apple is its plans tosell refurbished iPhones in India. The pre-owned Apple devices are likely to attract price-sensitive consumers. This is likely to help Apple expand its foothold in the mid-range smartphone segment where Android is very huge.