Retail News CRM

Author: Mei Ling Tan

  • Ted Baker thrives on expansion

    Ted Baker thrives on expansion

    Quirky UK fashion and lifestyle label Ted Baker has announced a 20.5 per cent rise in group revenue for its third quarter to 14 November.

    Celebrating an 18.1 per cent rise in retail sales at constant rates, these results were helped by the addition of more than 32,516 sqm in average retail space (an increase of seven per cent) during the period. A planned customer event, which fell a week earlier than last year, also boosted sales.

    Despite the continued international challenges that Ted Baker outlined in its half year results last month, the company has proceeded with numerous openings, spanning Amsterdam, Hawaii, Malibu and Toronto, adding further concessions in premium department stores in Germany, Ireland, Spain, North America and Toronto over the last three months. The brand has also made a return to London’s Stansted Airport, following an £80 million transformation of the terminal. The “Departures Store”, which officially opened on November 6, has a summer holiday theme, featuring 3D Polaroid-style wall boxes set against blue swimming pool tiling and light fixtures in the shape of inflatable beach balls. An interactive digital screen across the store front senses movement and invites passersby to move closer.

    Ted Baker’s wholesale arm saw a sales increase of 27 per cent (25.1 per cent in constant currency), helped by strong trading in both the UK and North America. Group wholesale sales are expected to be 28 per cent ahead at the close of the full year.

    Ted Baker’s varied international approach has also seen licensed store openings in Singapore and Taiwan together with licensed concessions in Kuwait and Mexico. These have enabled Ted Baker to progress with expansion in the Far East despite economic volatility in the surrounding region.

    An outtake from the “Wonders Never Cease” Autumn Winter 2015 campaign, shot over five nights at London’s Natural History Museum in collaboration with shoebox film firm Crowns and Owls, currently represents the backdrop for the brand’s website. While the “affordable luxury” label has received a positive reaction to its Autumn/Winter collections so far, the swing of success at the end of the year will be heavily dependent on strong Christmas trading.

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  • 500 TukTuks Is Even More Keen In Thai Startups Than Ever!

    500 TukTuks Is Even More Keen In Thai Startups Than Ever!

    A micro-fund focused on Thai startups reveals what has happened in the past three months of operation.

    500 Startups, one of the most active seed investors/accelerators in the world, made an announcement early this year about a $10 Million micro-fund focused on Thai promising startups — called 500 TukTuks. That announcement was such a thrill, as this definitely would make an impact to the Thailand’s startup ecosystem!

    Led by Krating Poonpol (Founder of Disrupt University) and Moo Natavudh (CEO of Ookbee), 500 TukTuks has been operating for about three months now. Today, they made an exciting announcement once again at Echelon Thailand 2015 about their fundraising and investment up to date.

    Krating stated “After the first batch of investments, 500TukTuks is more keen in Thailand’s startup ecosystem and gaining confidence from investors who believe in the potential of Thai tech startups, leading to more investment into 500 TukTuks. So we decided to increase the fund size to $12 M and will invest in 60-70 Thai startups over the next 3 years. This is a good sign for startup ecosystem and for the country as a whole because it shows that more people are willing to support Thai startup community.”

    Moo Natavudh also added “500 TukTuks is here not only to invest, but to provide Silicon Valley’s education, the access to talented mentors and other 2000+ founders in the 500 Startups network, and to grow #500Family together at the same time.”

    The highlight of the announcement was the 10 startup companies in Thailand that made it through the TukTuks’ first batch of investment.

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  • Thai e-commerce firm expands to Metro Manila

    Thai e-commerce firm expands to Metro Manila

    Ascend Group, Thailand’s leading e-commerce retailer, has launched iTrueMart.ph e-commerce website to serve the Philippine market as it sees a huge potential in the country, with the onset of the Asean Economic Community.

    iTrueMart.ph aims to become the dominant e-commerce player in the Philippines by 2017, says Punnamas Vichitkulwongsa, chief executive of Ascend Group, the company behind iTrueMart.

    Following its success in Thailand, iTrueMart is now looking to expand into the Asean Economic Community with the Philippines as its next destination, he says. iTrueMart.ph hopes to bring an unrivaled shopping experience with access to a variety of products, various payment channels, and competitive pricing that are currently only available for metropolitan shoppers to customers in all provinces in the Philippines.

    “E-commerce will have huge potential when the AEC fully materializes,” says Vichitkulwongsa.

    According to a study by Ystats SE Asia eCommerce, the volume of Asean’s mobile Internet users rose 56 percent in 2015. Up to 56 percent of the Thai and Vietnamese populations are now accessing the Internet via their smartphones, a figure close to the Philippines’ 50 percent rate. “Recognizing the growing number of mobile-Internet users, we are confident that online shopping in the region will also grow. The AEC is an emerging and interesting market for e-commerce through which entrepreneurs can expand their businesses,” says Vichitkulwongsa.

    “At present, iTrueMart has already been tapping into the AEC market with over $150 million Uinvestment planned for 2016. The investment will be used for e-commerce optimized fulfillment centers, logistic hubs, expansion of our own fleet, marketing, and ramping up assortment and inventory. We are debuting our operations in the Philippines and that will be followed by Vietnam, Indonesia, Myanmar, Cambodia, Malaysia and Singapore later in 2016. We are committed for long-term success in the Philippines and everywhere else that we go to,” he says.

    Seubsakol Sakolsatayadorn, general manager of the iTrueMart division at Ascend Commerce, says iTrueMart.ph is not a newcomer to the market as the team is backed by the strong success of iTrueMart in Thailand. “During the past year, the number of visits to iTrueMart.com has increased by as much as 424 percent. Since October 2014, the average number of visits recorded was 4.6 million per month. iTrueMart.com receives 7,000 orders per day on average, with the highest volume of daily orders at 10,000. This marks the highest record in Thailand’s online retail industry,which puts iTrueMart.com at the forefront of Thailand’s e-commerce sector. Moreover, iTrueMart.com’s delivery averages at two days throughout Thailand and it enjoys the lowest e-commerce return rate in the country which confirms the trust and shows the high quality of the products offered on the website,” says Sakolsatayadorn.

    Dean Krstevski, chief operating Officer E-Commerce of Ascend Group, says the decision to launch in the Philippines stemmed from the fact that competition in the e-commerce sector in the Philippines is still considered low. “With the market still in its infancy, there are still plenty of opportunities for new players. Now that the e-commerce market is being developed, brands are increasingly looking for partners to sell their products online, which we see as a great advantage that will help us speed up our market entry. We are confident of our success in the Philippines because we have a strong team with extensive experience in both online and offline retail,” says Krstevski.

    Under the slogan “Great Value, Everyday,” iTrueMart.ph works only with authorized distributors of international brands and act as authorized dealer of local brands so customers can be guaranteed that all products on the website are genuine. The current focus of the site is on smartphones and gadgets and it will expand into consumer electronics, computers and laptops, health and beauty and moms and kids in the future.

    iTrueMart.ph offers free delivery and free returns with cash on delivery payment as an option for customers. To deliver the best possible end-to-end customer experience, iTrueMart.ph is starting off delivery in the Luzon area and will further expand from the beginning of next year. iTrueMart.ph is targeting to have 100 vehicles in its delivery fleet by the year-end, operating out of its own fulfillment center in Pasig.

    With 45 percent of the traffic coming from mobile devices, iTrueMart.ph has a mobile version while a mobile application will be rolled out by the first quarter of 2016.

    “iTrueMart.ph is determined to become the dominant e-commerce player by 2017 and the second largest e-commerce player by the end of this year through partnerships with key local brands and authorized distributors, as well as attractive Christmas campaigns, where customers are offered great value and guaranteed delivery before Christmas Eve. Our goals are to be the top-of-mind e-commerce brand, to have great assortment at best prices, to provide the best end-to-end customer experience and to become the most trusted online shopping platform,” says Krstevski.

  • Jacob Delafon China opens first store

    Jacob Delafon China opens first store

    Jacob Delafon, a leading French fashion bathroom brand, has launched its brand in China and opened its first store there.

    The new Jacob Delafon China showroom opened on Tuesday, November 17 in Shanghai.

    Bruno Chenesseau, kitchen & bath design director of Jacob Delafon Europe, Middle East and Africa, said given the company is based in Paris, “we were naturally inspired by the city”.

    “By its architecture, its atmosphere, its unique diversity and above all, by the elegant and audacious Parisian style. It is a truly creative playground,” he said.

    The heritage of the Jacob Delafon brand helps the design team to “jump out of the box” and present a more elegant lifestyle.

    “Jacob Delafon speaks the same language with French fashion trend, and is inspired from the elegant and independent Paris ladies,” said Chenesseau.

    “Then, from these observations, Jacob Delafon created three brand “universes” of collections. The Presqu’ile collection is inspired by the flea markets, a perfect mix between bric a brac and eclecticism. The Terrace collection takes place in an industrial loft with refined lines. And the Stillness collection is the modern reinterpretation of an Haussmannian apartment. The brand spreads these different universes throughout our design, which makes Jacob Delafon’s products so unique and recognisable among others.”

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  • Perfect Shape plans more China stores

    Perfect Shape plans more China stores

    Listed slimming and beauty services chain Perfect Shape plans more stores as demand soars in Greater China.

    Perfect Shape provides slimming and beauty services and sells slimming and beauty products in Hong Kong, the Mainland and Macau. The company provides medical beauty services under the brand name of Dr Face, including injection treatments such as Botox, Restylane and Sculptra, as well as laser treatments for hair removal, skin rejuvenation and depigmentation. The company operates more than 60 stores or service centers.

    In the six months to September 30, the group recorded revenue of HK$457.1 million, up 41 per cent year on year. Profit attributable to shareholders was $75.1 million, up $4.1 million year on year.

    The company says combined Hong Kong and Macau revenue soared 85.9 per cent, with Macau sales up 134 per cent.

    The company attributes its success to tapping into the high technology beauty segment in Hong Kong soon after listing in 2012, which is now bearing fruit.

    “Moving forward, management remains optimistic about the group’s prospects in the principal markets of Hong Kong and the PRC, despite modest economic growth anticipated on both sides of the border,” the company said in its stock exchange filing.

    “While the group’s development in Hong Kong remains promising, its business prospects in the PRC shows even greater potential. With an increasingly large number of people who are obese, and generally more and more individuals who are overweight, the need for slimming services will continue to rise. And given that there is a growing middle class, particularly women who care about their appearance, the demand for high technology beauty and slimming services will grow further.”

    Perfect Shape plans to replicate its high tech model in the Mainland market, and thereby provide one-stop services to local customers.

    “Part of the group’s development road map will involve further expansion of its store and business network in Greater China in the coming period. In addition, we will invest still more in our workforce, including enhancing the service quality delivered by our frontline staff through ongoing training and information sharing.”

  • Starbucks Korea to launch ‘Startup cafe’

    Starbucks Korea to launch ‘Startup cafe’

    Starbucks Korea is to launch a ‘startup cafe,’ in partnership with the country’s government, to stimulate innovation.

    The South Korean arm of the world-famous coffee chain Starbucks and the country’s ICT ministry said Tuesday the “startup cafe” will be a place where visitors can share experiences and ideas on starting a new company.

    Starbucks and the Ministry of Science, ICT and Future Planning said they will host venture-related programs, including lectures at one of its stores in central Seoul, in their latest effort to beef up local startups.

    The ministry said around 46,000 startups kicked off in the first half of 2015 in South Korea, adding it is vital to establish an ecosystem where new companies can share their know-how and experiences to keep the trend sustainable.

    The accessibility and openness of cafes are suitable places for startups to gather, the ministry added.

    Starbucks will provide the venue, as well as drinks and food, for participants. It also plans to roll out joint programs, such as a tumbler design competition.

    The Starbucks-supported startup cafes will expand to areas outside Seoul starting next year.

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  • JD.com posts huge GMV sales increase

    JD.com posts huge GMV sales increase

    JD.com, China’s second largest eCommerce player, has reported a 76 per cent increase in core GMV sales in the third quarter to RMB111.0 billion (US$17.5 billion).

    Excluding Paipai.com – which the company is closing down by the end of this year – unique customers, annual active customer accounts increased by 62 per cent to 126.9 million year on year.

    Net revenues for the quarter RMB44.1 billion (US$6.9 billion), an increase of 52 per cent from the third quarter of 2014.

    The company fulfilled 329.7 million orders during the quarter, an increase of 85 per cent from the 178.2 million of the same period in 2014.

    But JD.com still fininshed the three months with a loss of RMB530.8 million (US$83.5 million) and a net margin of negative 1.2 per cent.

    “This was another quarter of strong growth, as JD.com increasingly becomes China’s source for fast, worry-free shopping online,” said Richard Liu, founder and CEO.

    “Our partnership with Tencent’s dominant Weixin and Mobile QQ platforms puts JD.com at the fingertips of virtually every Chinese mobile online consumer, and continues to drive rapid user growth. Looking ahead, we will stay focused on enhancing user experience, deepening ties with leading brands and working to further expand JD.com’s leadership in mobile eCommerce.”

    Sidney Huang, JD.com’s CFO, said third quarter results were “very healthy, with encouraging user growth and robust performance across all of our product categories”.

    “As China’s direct B2C eCommerce leader, JD.com is benefitting from the industry-wide shift to direct-sales eCommerce as we continue to invest strategically in our core business and high-growth initiatives,” he said.

    As at September 30, JD.com had approximately 90,000 merchants on its online marketplace and a total of 94,615 full-time employees.

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  • AirAsia swings to Q3 loss, dragged by Indonesia and forex losses

    AirAsia swings to Q3 loss, dragged by Indonesia and forex losses

    Malaysia-based AirAsia, the region’s biggest budget carrier by fleet size, said on Thursday (Nov 26) it suffered a loss in the third quarter, bogged down by foreign exchange losses and its Indonesian operations.

    AirAsia registered a net loss of RM405.72 million (US$95.9 million) in the quarter ending Sep 30. The company had registered a profit of RM5.4 million in the corresponding period of 2014.

    Revenue increased by 15 per cent to RM1.52 billion due to an increase in passenger numbers, fuelled in particular by increased demand from Chinese travellers, AirAsia said. The discount carrier, in a statement, added that foreign exchange losses were RM435.98 million, up from RM152.66 million a year ago.

    AirAsia’s flamboyant boss Tony Fernandes, a former record industry executive, remained optimistic for the rest of the year, insisting that in Malaysia, all signs were “pointing towards rational and sustainable growth in the coming quarters.”

    The company’s Indonesian operations, Indonesia AirAsia, (IAA) took a hit with a drop in passengers and revenue fell by 14 per cent to 1,483.7 billion rupiah.

    “IAA’s turnaround plan was solid but was affected by new regulations,” Fernandes said. “Demand during the quarter was affected due to the negative equity regulation introduced which was widely covered by both local and international media. This created uncertainty and prompted travel agents to divert bookings away from IAA.”

    Meanwhile, the company’s long haul arm AirAsia X posted on Wednesday a third quarter net loss of RM288.19 million. During the same period last year it suffered a net loss of RM210.85 million.

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  • Vipshop sales soar

    Vipshop sales soar

    Vipshop, the Chinese online discount retailer, says it boosted sales by as much as 63 per cent in the last quarter.

    The US-listed company says it expects revenue to be between RMB8.6 billion (US$1.349 billion)  and RMB8.7 billion ($1.365 billion). But that is less than its earlier guidance of RMB9.1 billion to RMB9.3 billion.

    “The weaker-than-expected preliminary third quarter results for total net revenue are partially driven by the warmer-than-expected fall weather in China, which caused customers to delay purchases of relatively higher-priced autumn and winter apparel,” the company said in a stock exchange disclosure.

    The preliminary, unaudited results are based on management’s initial review of operations for the quarter to September 30, and remain subject to change based on management’s ongoing review of the third quarter results.

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  • Poll finds Asian prefer Christmas shopping online

    Poll finds Asian prefer Christmas shopping online

    Nearly half of Asia’s shoppers said they prefer to do their Christmas shopping online this year, according to a new survey conducted by internet services company Rakuten.

    Of 2500 shoppers polled in Singapore, Malaysia, Indonesia, Thailand and Taiwan, 47 per cent said they preferred to complete their Christmas shopping online – due to convenience (83 per cent), the ease of browsing and comparing of products (55 per cent) and cost effectiveness from attractive rebates and loyalty programs (41 per cent).

    The same shoppers reported an average increase of 20 per cent, in terms of the amount spent online on Christmas shopping in 2014, versus the year before.

    The Rakuten Shopping Secrets Survey 2015 found that 75 per cent of shoppers expect to buy more, or at least, the same number of Christmas gifts online this year compared to the previous year.

    “Our survey found that in general, when shopping for a gift, shoppers look at price (33 per cent) as the single biggest factor influencing their decision of what to buy, followed by the likeability of a gift by the recipient (26 per cent) and practicality of the gift (25 per cent),” said Masaya Ueno, director of Rakuten Asia

    Rakuten has launched a five per cent rebate on everything listed on its shopping sites, every day, with no limit on the amount of rebates, through the Rakuten Super Point program, across all its online shopping sites in Asia.

    This means that if shoppers buy anything on Rakuten sites in Singapore, Malaysia, Indonesia, Thailandor Taiwan, they are given Rakuten Super Points that are the equivalent of five per cent of their purchase value. These points can be used like cash, to offset their next purchase.

    Asians spend on average US$30 on a Christmas gift, and Rakuten says its new cashback scheme would reward shoppers with a $15 voucher if they bought gifts for 10 people.

    Meanwhile, the survey found that while three in five people remembered what they received for Christmas last year, a quarter of them received gifts they disliked. Those gifts ended up being re-gifted (38 per cent), kept somewhere and forgotten about (33 per cent), donated to charity (24 per cent), or being sold off (13 per cent).

    That could be one reason why 27 per cent of Asians find Christmas a stressful occasion, with Singapore shoppers the most stressed (40 per cent), well ahead of shoppers from Taiwan (32 per cent), Malaysia (30 per cent), Indonesia (18 per cent) and Thailand (17 per cent).

    “The year-end season is usually the busiest time of the year for online retailers like us, with shoppers wanting to splurge due to great discounts (62 per cent), liking to start a new year with new things (40 per cent), or rewarding themselves after a year of hard work (33 per cent),” said Ueno.

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  • China retail sales surprise

    China retail sales surprise

    October figures for China retail sales show a surprise 11 per cent leap year on year.

    It seems that while the commentators were talking about how China’s economy was nodding off, consumers were out spending.

    Total retail sales of consumer goods during the month reached 2,827.9 billion yuan, or US$442.939 billion.

    From January to October, the total retail sales of consumer goods reached 24,435.9 billion yuan, up by 10.6 percent year-on-year.

    October retail sales in urban areas rose 10.8 per cent and in rural areas by 12.2 per cent.

    From January to October, retail sales in urban areas rose 10.4 per cent and in rural areas by 11.8 per cent.

    Online sales for the first nine months of this year totalled 2,948.4 billion yuan, an increase of 34.6 per cent year-on-year. Sales of  food and clothing rose 41.2 per cent and 24.4 per cent respectively.

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  • New CEO for NTUC Fairprice

    New CEO for NTUC Fairprice

    NTUC FairPrice has announced the resignation of  CEO Tan Kian Chew on December 31 after 23 years with the company.

    Tan will join the Singapore Labour Foundation as CEO.

    His replacement has been named as Seah Kian Peng, who will commence on January 1. Tan joined NTUC FairPrice in 1992 as one of its assistant GMs and quickly rose to become GM (operations and corporate planning) in 1994, COO in 1995, deputy CEO in 1996 and eventually CEO in 1997.

    NTUC FairPrice chairman Bobby Chin said he deeply appreciated Kian Chew’s 23 years of service to FairPrice.

    “In [his] time, he has helped to build and strengthen the social enterprise.  He leaves FairPrice well poised to continue to deliver significant social good and in sound financial health.  He has built strong relationships not only within Fairprice but also across the group of social enterprises and the Labour Movement.  He is not only a colleague, but a friend to all and a mentor to many.  I wish him every success in his next career and I am sure all of us at FairPrice will miss him dearly.”

    During his tenure, Tan focused NTUC FairPrice on its social mission of moderating the cost of living for daily essentials. These include absorbing the initial impact of GST, launching the Everyday Low Price basket of goods and introducing the two per cent discount for seniors (on Tuesdays) and three per cent discount for pioneers (on Mondays), benefitting over 170,000 seniors every week.

    NTUC FairPrice has regularly been voted the most socially responsible company and one of the top brands in Singapore and the region by independent survey companies.

    Apart from delivering on its social mission, under Tan’s leadership NTUC FairPrice also grew quickly to become Singapore’s leading retailer with annual sales growth from $752 million in 1997 to $3.2 billion in 2014, attaining a market share of 59 per cent in 2014. Profit before tax also rose from $49 million in 1997 to $227 million in 2014 and net assets of the cooperative rose from $217 million to $1.5 billion during this period.

    “I am grateful to have spent 23 years with this great organisation, and deeply honored to have had the opportunity to lead it for the last 18 years,” said Tan in a statement.

    “I am very proud of what my colleagues and I have accomplished together during this period; in meeting competition, overcoming challenges and leading FairPrice to becoming a clear market leader in Singapore with a strong social mission.  I am leaving FairPrice with a sense of confidence as I am handing it over to Seah Kian Peng who has proven himself to be a very capable and dynamic leader.”

    Incoming CEO Seah has worked in both the public and private sector and joined the National Trades Union Congress – administration & research unit (NTUC-ARU) in June 1996 and was seconded to NTUC FairPrice in February 2001 as COO. In November 2001, Seah was re-designated as deputy CEO and continued to be overall-in-charge of supermarket operations.  In July 2006, with the announcement of the new group corporate structure, Seah was appointed MD of Singapore and was subsequently promoted to CEO of the Singapore business in April 2010.

    Under Seah’s leadership, FairPrice increased its footprint in Singapore from 99 to 290 stores with the opening of new formats to meet the evolving needs of the people in the city.

    Said Seah today: “I am humbled and excited by this continuing opportunity to serve the people of Singapore. NTUC FairPrice is an important part of the social fabric of Singapore and we will continue to focus on our social mission of moderating the cost of living for daily essentials while meeting the evolving needs and aspirations of the people of Singapore in this area.”

  • Parkson expands into food to stem losses

    Parkson expands into food to stem losses

    Hit with a 15 per cent sales slump since the introduction of GST in Malaysia, embattled department store operator Parkson is set to enter new categories – gourmet food, supermarkets, beauty  – and import new fast fashion brands.

    The company has invested RM100 million (US$22.8 million) into a rebranding and repositioning project.

    It will also introduce variations of its reform into other countries where it operates: Vietnam, Indonesia, China, Myanmar and Cambodia.

    Parkson Retail Asia director Datuk Magic Lee said in a media briefing that the group expected sales to fall as much as 15 per cent after GST came into effect and that the company has also been hit by a heavy devaluation of the ringgit.

    “We will keep doing this. Retail needs to keep changing or it will get boring. We will continue investing in new businesses, bringing in new brands, even in food and beverage. We plan to bring in a bakery in the future.”

    Parkson plans to launch three “affordable” fast fashion brands from Korea into Malaysia soon, targeting about RM60 million in annual sales from the stores in stores. Those brands are Spao, Mixxo and Who.A.U. The first concessions will open on November 27.

    Lee says the company plans to build a portfolio of about 100 brands in its apparel offer and will also continue to open new stores throughout the region.

    “At the moment, we are very aggressive in South-East Asia. In Malaysia, we open three or four new outlets each year, and in Indonesia between three and five outlets,” he said.

    “In Southeast Asia, we are still fairly competitive. Competition here [in Malaysia] is not so severe. Many strong brands have not come to Southeast Asia yet, so we can bring these brands in.”

    Lee says while the company expects the weak consumer sentiment in Malaysia to continue, the company plans to remain proactive “so when the market is ready, we are ready too”.

    He hopes the rebranding campaign will fuel at least a 50 per cent rise in sales year on year.

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  • Padini fears margin squeeze

    Padini fears margin squeeze

    Malaysia-based Padini Holdings expects an even tougher year ahead as it deals with a double whammy of having to cut prices and pay more for its stock.

    Padini owns the brands Vincci, Seed and Miki as well as stores trading under its own brand.

    The company has revealed margins reduced by between three and five per cent across its brands during the year to June 30 – and it fears even more reductions in the current year. It’s margin is now sitting at around 40 per cent.

    The company has had to absorb the additional six per cent GST applied on retail prices on April 1. At the same time, stock costs have risen due to the rapid deterioration of the value of the ringgit.

    “This financial year is going to be more difficult than FY15 as the weakening ringgit is affecting the cost of goods due to higher import costs,” CEO Chan Kwai Heng said in a news conference after the group’s annual meeting.

    But Chan says the market won’t accept price increases given deteriorating consumer sentiment.

    “We are more focused on driving top-line growth, and have no plans to increase our prices in the short term in order to remain competitive,” he said.

    In the year ahead the company will focus on boosting its online sales (which carry lower overheads than stores), and searching for cheaper supply sources.

    Padini plans to open 16 new stores in 2016, including nine outlet stores, mostly in new malls under construction.

    The company had earlier reported an 11.8 per cent reduction in net profit last year, blamed on aggressive promotional and discounting activities.

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  • Bizpluss.in targets $20 billion sales

    Bizpluss.in targets $20 billion sales

    Indian B2B eCommerce startup Bizzplus.in has added 32 suppliers from China to its portfolio, giving 50 brands direct access to its Indian business customers.

    And the company says it aims to become a US$20 billion turnover business within the next three years.

    Its next priority is to add suppliers from the UK, UAE and Europe as it aims to supply 100,000 retailers in the first phase of its growth plan.

    Among the 50 new Chinese suppliers are TCL, Toshiba and G’Five.

    “This new venture will disrupt the long supply chain and will directly connect the retailers and suppliers between India and China for better pricing,” said Yasharth Verma, executive director of Bizpluss.

    “Today with 100 per cent production, the demand is only for 50-60 per cent compared to 120 per cent before. Suppliers from electronics, electrical home appliances and home furnishing are the top categories from China region. Next, we will get children products and garments from European countries,” he said.

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