Retail News CRM

Author: Mei Ling Tan

  • IDA, SPRING Singapore & CapitaLand partner to boost last-mile delivery for retailers in $20m project

    IDA, SPRING Singapore & CapitaLand partner to boost last-mile delivery for retailers in $20m project

    The Infocomm Development Authority of Singapore (IDA), SPRING Singapore and CapitaLand Mall Trust (CMT) Management Limited have teamed up to enhance last-mile delivery for retailers.

    The three parties have signed a Memorandum of Intent (MOI) to launch an In-Mall Distribution (IMD) trial expected to benefit 300 retailers.

    If successful, the model may be rolled out to other shopping malls owned or managed by the CapitaLand Group in Singapore.

    With two CapitaLand malls – Tampines Mall and Bedok Mall – part of the pilot project, the trial will provide useful insights into how to calibrate the logistics solution for wider implementation.

    The initiative falls under the Nationwide Urban Logistics Programme spearheaded by IDA and SPRING Singapore.

    The idea was first mooted in the Infocomm Media 2015 followed by a funding announcement of $20 million from IDA and SPRING Singapore to implement urban logistics in the retail sector.

    According to the IDA, if deployed nationwide, it could lead to an estimated reduction of trucks on the road by 25 per cent and a cut in waiting and queuing time for deliveries by 65 per cent. The aims is to enable trucks with less-than-full loads to consolidate and sort their goods in an offsite centre before delivering to malls.

    Subsequently, these goods can then be re-loaded and then delivered to their intended destinations on a single truck within the same day, reducing the number of trucks going to the same destination and improving truck load utilisation.

    Teresa Teow, head of retail management in Singapore for CapitaLand Mall Asia Limited, the manager of CMT malls, explained: “As the owner and manager of Singapore’s largest shopping mall network, we are constantly looking at ways to innovate and further improve our operations and shopping experience by leveraging technology and strategic partners.”

     

    Steve Leonard, executive deputy chairman of the IDA said, “Achieving the Smart Nation vision of Singapore will only be possible if government and industry work closely together, adopting new ideas and embracing new technologies.”

    Leonard added, “We know that the complexities and logistics of moving large amounts of goods in densely-populated areas is a big challenge. Together with our partners, we want to explore how analytics and robotics can be part of new ways to solve these challenges. It is imperative that the government and the industry not only work together, but keep looking forward to adopt new ideas and new tech in business.”

     

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  • Biggest M&M store in travel retail opens at Hong Kong International Airport

    Biggest M&M store in travel retail opens at Hong Kong International Airport

    International Travel Retail in partnership with DFS Group today opened the largest M&M’S outlet in travel retail at Hong Kong International Airport.

    The 35sqm store is located in Terminal 1 and, according to DFS, is designed to offer “chocolate lovers a unique, entertaining and fun travel experience, driving travellers into the store”.

    Biggest M&M's store in travel retail opens at Hong Kong International Airport
    With interactive retail theatre and a focus on fun, it reveals that the M&M’S shop-in-shop is personalised and unique to Hong Kong.

    It states: “The atmosphere of this vibrant city is brought to life inside the store with a replica of one of Hong Kong’s iconic dragon boats on display, along with localized artwork incorporating the brand’s world famous Red and Yellow characters.”
    Dragon boat
    Additionally, the offer will include items that meet the consumer demand for destination merchandise with “Hong Kong Travel Collection” packs of Snickers, Mars and Twix along with a Hong Kong themed M&M’Sbox featuring the iconic dragon boat.

    While the key focus of the store is on M&M’S,  products from core brands Snickers, Mars, Celebrations and Twix are also offered based on the company’s ‘Laws of Growth’ belief in ensuring that consumers are offered best-selling SKUs at all times.

    Commenting on the opening, Mars International Travel Retail’s regional sales director, Christophe Bouye, says: “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 new outlet is located close to Gate N28 on the central concourse.

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  • Victoria Beckham launches Hong Kong store, her first outside Britain

    Victoria Beckham launches Hong Kong store, her first outside Britain

    Today, fashion designer Victoria Beckham launched her first shop outside Britain in Hong Kong as she seeks to tap the Asia market despite a downturn in luxury spending.

    Beckham’s store in Hong Kong’s Landmark building lies at the heart of Central.

    The British designer did a final check of the store this morning as crowds of fans waited outside, before sweeping out in a fitted black turtleneck dress and oversized sunglasses, surrounded by security.

    Beckham’s designs are already available in the region, which is the brand’s fastest-growing market.

    Hong Kong is Beckham’s first bricks-and-mortar store outside the UK, designed by London-based architect Farshid Moussavi.

    “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 told the South China Morning Post.

    “I know Asian women really understand luxury, good quality and appreciate when garments are made well – and my clothes are,” Beckham added.

    A photo posted on Beckham’s Instagram feed ahead of the launch showed her posing on a plinth next to a mannequin.

    Beckham will also attend Saturday’s amfAR AIDS research fundraiser in Hong Kong, where stars including Uma Thurman will take to the red carpet.

    The new store has been developed in collaboration with Asian fashion retail brand Joyce, which already carries her collections.

    The brand aims at wearable luxury, from jeans and tailored shirts to dresses and accessories. Shirts sell online for around $400 with dresses selling upwards from a few hundred US dollars.

    “I think she’s going to be very popular here,” said hedge fund manager Sally Zhang, 30, after browsing in the store Friday.

    “Compared to other shops, which are too fancy, not fit for the office, this one is quite different,” said Echo Xu, also a hedge fund manager.

    Beckham, 41, opened her first shop in London’s Mayfair in September 2014.

    But despite Hong Kong shoppers’ warm welcome, Beckham faces challenges after the city posted its worst retail sales decline in 13 years in 2015.

    The slump was fuelled by a drop in tourists from mainland China, which has particularly hit sales of luxury goods.

    The Hong Kong dollar has strengthened against the yuan, making it more expensive for mainland visitors to shop. Growing anti-China sentiment in the semi-autonomous city is also keeping some away.

    Hong Kong billionaire tycoon Li Ka-shing said yesterday that the business environment in the city was at its worst for 20 years, with property and retail “doing worse than during SARS,” referring to the 2003 disease outbreak.

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  • Can CapitaLand Mall Trust survive 2016’s volatile equity market?

    Can CapitaLand Mall Trust survive 2016’s volatile equity market?

    CapitaLand Mall Trust (CMT) is poised to dominate the retail REIT scene in 2016, with positive rental reversions and increased tourist arrivals playing to its favour.

    According to a report by RHB, CMT is likely to enjoy mid single-digit (about 5%) positive rental reversion in 2016 as encouraging trends are expected in CMT’s tenant sales (psf/month) and traffic flow at its malls.

    “In the recent reported quarter, the retail REIT reported an upward trend in tenant sales, a 5.3% YoY increase for FY15. With this, we think that the retail landlord is in a better position to command higher rental rates this year,” asserts RHB.

    Moreover, an anticipated pick-up in tourist arrivals is seen to spur consumer spending in malls. This bodes well for CMT, as its malls are located near tourist attractions such as Plaza Singapura, Bugis Junction and Clark Quay.

    RHB also thinks that the expected recovery of Singapore tourism could be boosted by positive catalysts like lower airfares, a busier year for events, and an anticipated climb in Chinese tourists visiting Singapore.

    Further, there’s still room for CMT to exercise a capital recycling strategy given that it currently owns non-core assets such as JCube and Sembawang Shopping Centre.

    RHB further notes that on top of this, CMT handles its portfolio favourably. For instance, CMT recently parted ways with its non-core asset Rivervale Mall, which was estimated to be divested at a attractive cap rate of about 3.4%. Compared to the average cap rates for retail assets, independent real estate company CBRE estimated 4Q15 average cap rates to range from 4.75% to 5.25%.

    “In addition, we advise investors to take up CMT as it is highly liquid, which may be especially advantageous in the current volatile equity market,” states RHB.

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  • Faster way to shop online with Visa

    Faster way to shop online with Visa

    According to Visa Consumer Payment Attitudes Study 2015, 67% of Malaysians shop online at least once a month, an increase from 53% in 2014.

    However, 81% of online shoppers in the country have abandoned a purchase because it took too much time to complete the payment process, revealed a study conducted by eCommerce Monitor in 2015.

    Now, online and mobile shoppers can purchase their desired items without much fuss because there is a better way to do so.

    Visa has just officially launched its Visa Checkout in Malaysia, a fast, easy and secure payment service that allows Malaysian consumers to pay for goods online, on any device, in just a few clicks.

    All users need to do is enter their username and password rather than a 16-digit credit card number, and select their required Visa credit, debit or prepaid card to complete the transaction.

    Visa country manager for Malaysia Ng Kong Boon noted the increasing significance of technology becoming part of Malaysians’ everyday lifestyle, including shopping online and on mobile devices.

    “Visa Checkout is designed to improve the digital shopping experience by making the payment process fast and secure, reducing the number of steps required to complete an online purchase.

    “We have partnered with several key merchants in the country to be part of our launch and we are confident consumers will embrace Visa Checkout across all their devices,” said Ng, adding that at least 100 merchants are expected to engage in Visa Checkout by year end.

    Visa Checkout is now accepted at a wide variety of online merchants in Malaysia including Golden Screen Cinemas (GSC), Superbuy.com, SweetSpot Digital, Little Whiz, Twenty3, Avenue 86, CUTI, Malindo Air and Lelong.my.

    There are also 13 banks in Malaysia on board for this service, with Maybank being the first bank to enrol Visa cardholders for the service and offer Visa Checkout acceptance to merchants across the country.

    With the roll-out of Visa Checkout, Visa aims to concentrate on its existing cardholders for this service.

    “Today, we have more than 20 million debit and credit cards issued in the market, and all these cards will be targeted for the Visa Checkout enrolment. Of course, new customers are welcome to enrol too,” shared Ng.

    In conjunction with the Visa Checkout launch, both GSC and Malindo Air are giving special offers to Visa Checkout users.

    Customers can enjoy normal movie tickets at a flat fee of RM8 until June 3, with a maximum of six tickets per Visa card per transaction.

    Those purchasing Malindo Air flight tickets or holiday packages with minimum transaction of RM250 will get a RM50 discount code for subsequent purchases from the airline.

    Both offers are subjected to terms and conditions.

  • Le Lumiere joins WDM Authorised Diamond Dealer programme

    Le Lumiere joins WDM Authorised Diamond Dealer programme

    Joining the list of retail jewellers who are part of the WDM Authorised Diamond Dealer programme is Le Lumiere owned by Tomei, a leading Malaysian retail jewellery chain. Le Lumiere has become the first Malaysian retail jewellery to be part of the program.

    An agreement to this effect was signed between Datuk Ng Yih Pyng, Managing Director at Le Lumiere’s parent company and WDM Chairman Alex Popov.

    Datuk Ng added appreciated Le Lumiere achieving the status of the pioneer retail jeweller in order to acquire the title of WDM Authorised Diamond Dealer in Malaysia. This furthers the company’s efforts to ‘sustain the retailer’s image, contribute to the improvement of consumer confidence in diamonds and diamond jewellery, and thereby increase sales of diamonds and diamond jewellery.’

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  • Samsung Galaxy S7 edge officially launched in Malaysia for RM3,099

    Samsung Galaxy S7 edge officially launched in Malaysia for RM3,099

    Korean famous variety show Running Man star, Lee Kwang Soo made a special appearance at the Galaxy S7 edge launch event yesterday to inform fellow Malaysian that he had found his lost phone and he came here to show his appreciation to the local fans. His appearance set the crowd off with double the thrill and excitement.

    The launch event held at KLCC was packed with hundreds of gadget enthusiasts and Galaxy fans as Samsung Malaysia Electronics officially launched its latest and highly anticipated device of the year, the Samsung Galaxy S7 edge.

    The Galaxy S7 edge introduces the first Dual Pixel camera on a smartphone, delivering brighter and sharper images. With a wider aperture F1.7 and bigger pixel, the camera has a faster shutter speed and a more accurate autofocus even in low-light conditions.

    Motion Panorama, a new camera mode, brings movement to traditional panoramic photos, giving the user a completely immersive visual experience.

    The 5.5-inch Quad HD Super AMOLED on Galaxy S7 edge is constructed with 3D glass and metal – all in a sleekdesign with durability and ergonomic curves for a comfortable grip.

    The enhanced edge screen allow users to access the Edge panel that brings favourite content and services with just a swipe of the thumb.

    The device’s new Always-On Display, gives users a simplified, zero touch experience where they do not need to worry about missing a call or important notification.

    Edge UX, the advanced edge experience available on Galaxy S7 edge, provides convenience and increased efficiency by creating easy shortcuts to users’ most loved functions such as email, selfie mode, panorama mode or third party applications.

    Galaxy S7 edge is equipped with IP68 capless dust and water resistance for up to 1.5m of water and up to 30 minutes.

    The Galaxy S7 edge has a bigger battery capacity (3,600mAh), an enhanced processor and the latest Android OS (Marshmallow) to ensure that the batteries are used to their full potential. Its big battery allow for a full day of high mobile usage, without users having to worry about re-charging.

    The Galaxy S7 edge is capable of slotting in a microSD card slot that can host up to 200GB of expandable storage.

    The improved microSD card slot also works as a hybrid SIM card tray. The days of annoying re-start of the phone just to swap between SIM cards are over thanks to this cleverly-designed hybrid tray.

    The new Game Launcher arranges all your games in one place automatically and the Game Tools allows users to manage battery consumption and minimize notifications. Paired with the Galaxy S7 edge, Vulkan API gives users the ability to play high-performance graphic games smoother, less lag and with lower battery consumption.

    Samsung also introduced its first ever Galaxy Butler Service – a personalized ownership service exclusive to the Galaxy S7 edge. Underlining the brand’s all-encompassing Galaxy experience, this unique service offers a 24/7 hotline, free pick-up and delivery service, priority express counters and 1-hour repairs service, remote management, smart switch and 7-points check-up – assuring a peace of mind to owners on their consumer journey. Users can now look forward to Samsung’s promise of a seamless and enjoyable ownership experience.

    The Galaxy S7 edge will be available in Malaysia starting March 18. Offered at the recommended retail price of RM3,099 (inclusive of 6% GST), the Galaxy s7 edge is available in three colour options – Black Onyx, Silver Titanium and Gold Platinum.

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  • DFI agrees 10% equity stake disposal to Heinemann ASPAC

    DFI agrees 10% equity stake disposal to Heinemann ASPAC

    Malaysian duty free retailing group Duty Free International (DFI) is primed to sell a minority stake of its business to Heinemann Asia Pacific.

    The sale and purchase agreement includes the disposal of a 10% equity interest plus one share – comprising an aggregate 20,996,384 shares – in wholly-owned subsidiary DFZ Capital Berhad (DFZ) to Heinemann Asia Pacific for a consideration of €19,700,000.

    Under the terms, Heinemann Asia Pacific are also entitled to purchase a second tranche of shares in DFZ Capital Berhad (DFZ) via a call option (€1 per share) in an 18-month period beginning on the date that the first tranche of sales are completed.

    A further option to purchase a third tranche of shares in a 12-month period will begin on the date of expiry of the second tranche call option period – taking the total share eligibility of Heinemann Asia Pacific to 25% in a potential overall transaction of €52.21 million.

    The completion of the sale and purchase of the first tranche of shares is expected to take place on 1 June.

    A DFI statement read: ‘The company views HAP as a strategic investor, and the proposed disposal is expected to enable the company to benefit from the resources and expertise of Gebr. Heinemann and HAP in the areas of product assortment and costing, retail store management, distribution and logistics management of DFZ products.’

    ‘HAP’s investment in DFZ will allow Malaysians and visitors to Malaysia an enhanced travel retail experience, one on par with the best available in the world. The proposed disposal is also expected to further strengthen the group’s financial strength, enabling the group to consider future business opportunities.’

    Heinemann Asia Pacific CEO Max Heinemann is confident the joint venture with DFZ will realise synergies and new growth opportunities in Malaysia.

    Gebr. Heinemann says the joint venture agreement will not only strengthen the presence of the company in Malaysia but will ‘realise gross margin and operational synergies for DFZ Capital Berhad’, with Heinemann Asia Pacific involved in day-to-day operations and overall decision making.

    Max Heinemann, CEO of Heinemann Asia Pacific said: “Looking at the similar business models and corporate cultures of both companies, Gebr. Heinemann and DFI believe this joint venture to be a great strategic fit for growth together in Malaysia.”

    Malaysia’s fast-growing retailing group has more than 30 years’ experience operating at airports, seaport, downtown, border towns and popular tourist destinations at entry and exit points on the peninsular.

    DFZ operates duty free retail, duty free wholesale and duty paid outlets throughout the region in areas such as Pedang, Besar, Langkawi, Bukit Kayu Hitam, Kuala Lumpur International Airport and Johor Bahru.

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  • Freelancer.com eyes Indonesia

    Freelancer.com eyes Indonesia

    Online jobs listing platform Freelancer.com is set to expand its presence in Indonesia, with company CEO Matt Barrie praising the country’s efforts to drive innovation and investment in technology.

    Mr Barrie’s comments came as he and his team, including senior vice president of growth, Indonesian-born Willix Halim, played host to a delegation of Indonesian officials in Freelancer’s Sydney offices.

    The delegation, headed by the Indonesian minister of trade Thomas Lembong, discussed a number of topics with Freelancer’s management, with a particular focus on touting the efforts of the Indonesian government to create a more welcoming environment for local and foreign start-ups in the country.

    Mr Lembong said he was committed to making investment leaner, faster and friendlier in Indonesia. Under initiatives signed off by Indonesian president Joko Widodo, the country is looking to potentially reduce start-up capital costs and time for foreign companies to establish themselves in Indonesia.

    The country recently unveiled its e-commerce platform that’s designed to reduce the bureaucratic burden for entrepreneurs

    Mr Lembong also hinted at the prospect of Australian universities given the chance to establish campuses in Indonesia. Both Singapore and Malaysia have had similar policies regarding foreign universities for almost two decades and while the trend of Australian universities branching out geographically is on the wane the move signals the Indonesian government’s desire to boost its local innovation ecosystem.

    Indonesia is an important market for Freelancer, with 1 million of its 18 million users globally hailing from the country.

    Mr Barrie said that he was impressed by the level of activity in Indonesia.

    “I am very impressed with how many people in Indonesia’s cabinet are from the private sector with domain experience directly in the sector of their portfolio,” he said.

    “Why can’t we do this in Australia? It would take how Australia is governed into the 21st century and away from petty politics that is the mainstay of career politicians.”

    “I thoroughly enjoyed discussing the challenges and rapid progress that Indonesia has made and will make through technology-enabled reform and “breaking taboos to get things done” with the minister,” he added.

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  • Indonesia waives visa requirements for 79 more countries

    Indonesia waives visa requirements for 79 more countries

    Indonesia has waived visa requirements for 79 more countries, expanding the list to 169 visa-free nations as it continues its efforts to boost foreign visitor numbers.President Joko Widodo on March 2 signed a decree granting visa-free entry to tourists who wish to travel in the country for 30 days, said a statement published on the Cabinet Secretary website on Friday.

    “The presidential decree comes into effect once it is ratified, ” the statement said, noting that the Legal and Human Rights Ministry authorised it on March 10.

    According to the statement, Australia is included in the list of countries after the country was mooted three times last year but later the reciprocal issues were dropped over, Xinhua news agency reported.Throughout last year, the Indonesian government expanded the list to 90 from 15 visa-free countries.

    The government has set a target to attract 20 million foreign tourists annually by 2019 as an effort to boost growth in Southeast Asia’s largest economy.Last year alone, 9.73 million tourists visited the Indonesia.

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  • OTT Content Providers Must Establish Office, Ministry Says

    OTT Content Providers Must Establish Office, Ministry Says

    The Communication and Informatics Ministry (Ministry) plans to issue a regulation that mandates over the top (OTT) content provider companies to establish a permanent business entity in Indonesia starting on April 2016.

    “The Ministry obliges OTT content provider companies to establish a business entity,” said Ismail Cawidu, Head of Information and Public Relation of the Ministry on Friday, March 18, 2016.

    The obligation will also apply to foreign OTT content provider companies in Indonesia, including Facebook, Twitter, and Whatsapp. Ismail said that these companies can still operate in Indonesia if they could establish a permanent representative office in the country. Ismail added that foreign OTT content provider companies must also cooperate to protect consumers’ confidential information.

    Ismail said that if foreign OTT content provider companies cannot establish a permanent business entity, they are allowed to cooperate with similar companies in Indonesia.

    Ismail stated that the Communication and Informatics Minister Rudiantara had promised that the regulation will be completed on April 2016. “The regulation will be announced in the beginning of April 2016, but we don’t know whether it will be immediately enter into force or there will be a transition period,” Ismail said.

    Failing to comply with the regulation, Ismail said, OTT content provider companies will be subjected to sanctions. “The app could be blocked, or the company’s bandwidth may be reduced so the company cannot operate its website freely,” Ismail said.

  • New Skycrapers from Megaworld

    New Skycrapers from Megaworld

    Philippine property developer Megaworld Corp and its subsidiaries have earmarked P55 billion (US$1.172 billion) for capital spending in 2016 to boost commercial assets.

    Real estate tycoon Andrew Tan’s flagship property arm and subsidiaries Global-Estate Resorts (GERI), Empire East Holdings and Suntrust Properties have announced plans to aggressively expand a group-wide rental portfolio.

    The company said 75 per cent of the budget will be used for development projects, particularly for the construction of new malls, commercial centers, office buildings and residential projects in townships. The remaining 25 per cent will be used for land acquisition and investment properties.

    “This year, we would start developing our new townships in Pasig City, Bacolod and Pampanga while ramping up our office and mall developments across our existing townships. We are bullish on the office and retail sectors because we see a remarkable growth in these businesses,” Megaworld senior VP Jericho Go said in a press statement.

    The spending budget this year matches the same level earmarked for 2015.

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  • Bali to Host Web in Travel Conference

    Bali to Host Web in Travel Conference

    Web in Travel (WIT) Indonesia Conference will be held in Bali on April 28, 2016. The conference on online tourism industry will invite speakers from world’s leading brands.

    Grace Kurnadi, CEO of Revata – the organizer of Web in Travel in Indonesia – said that she believed that the conference will attract prominent and influential players in online tourism industry, include in distribution and marketing. “It’s a good momentum for Indonesia to develop tourism, particulary through the channel of online media,” Grace said in her press conference on Thursday, March 17, 2016.

    WIT is adapted from WIT Conference in Singapore, Asia-Pacific’s biggest online tourism event. The conference to be held by WIT and Revata Cipta Kreasi will be the fourth ever.

    The event will feature a number of speakers to discuss the latest trends and issues in online tourism industry, Grace said. In addition, they will discuss market opportunities in Indonesia.

    Grace said that Indonesia has the potentials to attract tourists through its natural beauty. However, emphasis must be given on adaptation in technology for promoting and selling tourism package in line with the global technological advancement. “Tourism sector is expected to become the leading sector to enhance foreign exchange earnings,” Grace said.

    The government is hoping to achieve 20 million foreign tourist visit in Indonesia by 2019. The President had asked all relevant ministries and agencies to support tourism sector in Indonesia. “To support the target, we have to expedite the use of technology as one of the means of promotion as well as to market a wide range of tourism packages in Indonesia,” Grace said. Moreover, Grace considered that various industries are currently dominated by millenials who are familiar with technology, including in tourism industry.

    Listed below are speakers who have confirmed their presence in next month’s conference:

    1. Rusdi Kirana, Founder of Lion Air

    2. Oliver Hua, Managing Director of Asia Pacific Booking.com

    3. Mieke De Schepper, Vice President of Asia Pacific Expedia

    4. Robin Harries, Head of APAC Trivago

    5. Rama Mamuaya, Founder of Dailysocial.id

    6. Eric Tjetjep, Founder of Ezytravel, former CFO of PT Dwidaya

    7. Gaery Undarsa, Managing Director & Co-founder of Tiket.com

    8. Dennis Adishwara, CEO of Layaria

    9. Alamanda Shantika Santoso, Go-Jek’s Vice President of Product

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  • Fitch Asia appointed new chief

    Fitch Asia appointed new chief

    Fitch Asia, the retail and brand consultancy, has appointed a new regional CEO to cover north and southeast Asia.

    UK-born and Australian-raised Andrew Crombie will lead the company’s growth across the region from its Singapore hub, reporting to worldwide CEO Simon Bolton. Crombie will work closely with China GM Nikki Lin to expand opportunities in that market. He takes over from Ian Bellhouse, who is moving on to a new venture.

    Crombie has spent 25 years working in Singapore, Taiwan, Hong Kong and Malaysia in regional and global roles for agencies including Batey Ads, FCB, Havas and Ogilvy. He began his career in Australia working for such brands as American Express, Banyan Tree Resorts, BMW, Carlsberg, Dell, Dunhill, Guinness, Hennessy, IBM, Mercedes Benz, Porsche, Qantas, TagHeuer and Visa Gold.

    Most recently, he has been MD and partner at healthcare agency H&T Asia.

    “Andrew’s brief is to make Fitch famous in this region, and he’s the person to do that,” says Bolton. “No-one thinks about the customer journey more, and he will bring this expertise to Fitch along with his extensive understanding of the diversity and rich potential for retail and experience design within the region.”

    “It’s great to be joining Fitch at this time of profound change in how consumers are engaging with brands,” says Crombie, who takes up his new position on May 3.

    “Asia is poised to be at the forefront of innovation in retail and brand experience.”

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  • South Korea Market May Remain Stuck In Neutral

    South Korea Market May Remain Stuck In Neutral

    The South Korea stock market gave up just a pair of points on Tuesday – but that was enough to snap the four-day winning streak in which it had advanced more than 25 points or 1.2 percent. The KOSPI settled just shy of the 1,970-point plateau, and the market is looking at another narrow trading range on Wednesday.

    The global forecast for the Asian markets remains roughly flat with a touch of weakness ahead of the Federal Reserve interest rate decision later today. The European markets were down and the U.S. bourses were mixed but little changed – and the Asian markets figure to split the difference.

    The KOSPI finished slightly lower on Tuesday as losses from the technology stocks were mitigated by support from the industrials.

    For the day, the index slipped 2.30 points or 0.12 percent to finish at 1,969.96 after trading between 1,966.44 and 1,979.46 on volume of 3.8 trillion won.

    Among the actives, Hyundai Development spiked 4.77 percent, while POSCO added 0.48 percent, Samsung Electronics shed 0.16 percent, Hyundai Motor fell 1.01 percent and AmorePacific spiked 2.45 percent.

    The lead from Wall Street is slightly negative as stocks were mostly lower Tuesday as falling crude oil prices remained a key driver of the markets – skidding 2.3 percent.

    The Dow added 22.40 points or 0.13 percent to 17,251.53, while the NASDAQ slipped 21.61 points or 0.45 percent to 4,728.67 and the S&P 500 eased 3.71 points or 0.18 percent to 2,015.93.

    The listless trading came as traders looked ahead to today’s monetary policy decision from the Federal Reserve. The Fed is widely expected to leave interest rates unchanged, but traders will pay close attention to the wording of the accompanying statement.

    Traders reacted to several key economic reports, including a Commerce Department report showing a modest drop in retail sales in February. A separate report from the Labor Department showed a modest decline in producer prices in February.