Author: Mei Ling Tan

  • Habstore Korea plans New York pop up

    Habstore Korea plans New York pop up

    Habstore Korea is to open a pop up in New York City to help build its reputation as the go-to point for fashion created by young Korean designers.

    Habstore already features more than 100 Korean fashion designers – whose reputation and popularity are expanding rapidly thanks to the Korean Wave which is now spreading beyond Asia into urban US as well.

    CEO Hong Seong-jo says the company’s mission is to introduce products from new designers known for their unique design in South Korea to fashion-sensitive customers. “Some customers rejoice at finding new view on life through brands that they had not known before,” said Hong, 34, who founded the mall three years ago.

    “We are concentrating on finding various designer’s brands in order to make them happy at all times.

    “We are focusing on introducing more South Korean designer’s brands globally as we better our business”, said Hong. “We will open a pop-up store in New York introducing a variety of brand name products to expand our sales channel.”

    Hong first saw the viability of an online mall after successfully introducing a fashion watch brand in Korea. He went on to expand items to clothing and fashion accessories.

    Habstore gives special priority on brands with definite character and competitive strength, yet without attention from the public. For example, when introducing a new brand to the rest of the world, CEO Hong chooses more Eastern style or K-Style designs that Korean Wave stars have used.

    Habstore is also engaged in the production of its own fashion items. Following the launch of the fashion watch brand, ‘Paul Vice’, it also launched the watch strap brand, ‘Straps’.

    The Habstore mall,which was developed by South Korea’s largest eCommerce solution brand, cafe24, features interfaces in both Korean and English.

  • Singles Day set to shatter records

    Singles Day set to shatter records

    Singles Day spending tomorrow will undoubtedly shatter last year’s record spend of US$9.3 billion, predicts KPMG.

    November 11 is known in China as Singles’ Day, an annual one day event which sees online retailers slash prices of products and China’s shoppers treat themselves to a wealth of discounted goods. Popularised by eCommerce giant Alibaba in 2009, Singles’ Day in China has now become the world’s biggest online retail sales day, eclipsing all other promotions days including Black Friday and Cyber Monday.

    Last year’s sales fell just short of $10 billion, but Jessie Qian, partner in charge, consumer markets with KPMG China, says that barrier will surely be broken tomorrow

    “We expect that China Singles’ Day spend this year will be bigger than ever, illustrating the buying power of the Chinese consumer and the increasing prominence of the date in the Chinese retail calendar.”

    KPMG recently survey 10,000 online Chinese luxury consumers – China’s Connected Consumers – also revealed that the maximum amount Chinese consumers felt comfortable paying online for a single item was RMB 4200 – more than double the RMB 1900 found in 2014.

    The study also found that Chinese luxury shoppers are increasingly open to buying luxury products online. For most categories, from jewellery to cosmetics, and wine to leather goods, respondents reported a willingness of 75-95 per cent to buy online.

    “Not only did we see a higher amount spent on average for popular categories such as bags, women’s apparel and cosmetics, but we also noted a significant increase in spending on watches and jewellery,” said Qian.

    “All these illustrate that online luxury shopping is set to grow as Chinese consumers are growing increasingly more comfortable with online purchasing.”

    Qian concluded: “With the speed of change around new channels in China, companies must develop the right strategies to survive and thrive in an increasingly disruptive environment. Formulating an effective online to offline (O2O) strategy will be essential for retailers to remain competitive in the digital age with the increasing smartphone technologies and the need to harness social media platform.

    “Meanwhile, using analytics to turn the transactional data into insights to improve products and user experience, as well as to unlock new opportunities, will be crucial for e-retailers to stand out in the increasingly competitive market.”

  • South Korea retail sales rise

    South Korea retail sales rise

    Preliminary data from leading department and discount stores in October reveals South Korean retail sales are recovering post-Mers.

    Combined sales last month at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae Co jumped 17.4 per cent year on year.

    That’s a huge improvement on the 2.8 per cent department stores achieved in September and the seven per cent rise in discount department stores.

    The preliminary data from the Finance Ministry shows clearly a bounce back following the Middle East Respiratory Syndrome (Mers) scare which caused tourists to travel elsewhere and locals to stay at home in fear of catching the viral epidemic.

    Figures released by Statistics Korea last week show South Korea retail sales rose to their highest level in four months in September, up 4.1 per cent on September 2014.

    Department store and discount store sales started to slide in June when the Mers crisis peaked.

  • Rel Cap arm to launch fund in South Korea

    Rel Cap arm to launch fund in South Korea

    Aiming to bring in more foreign funds into India, Reliance Capital Asset Management (RCAM), the funds management arm of Anil Ambani-controlled Reliance Capital, is launching a fund in South Korea for retail and institutional investors in the South Asian country that will invest in the Indian market.

    This is the seventh fund that RCAM is launching to attract foreign money into India, with a target to top $5 billion worth of assets in the next three years, a company source said.

    RCAM is launching the India focused fund in Korea along with its Korean partner Samsung Asset Management. The fund will directly invest in the stocks of Indian mid and small cap companies with long term potential. The fund will be managed by Samsung Asset Management while RCAM will be the advisor to its Korean partner. Samsung Asset Management is the fund management arm of Korean conglomerate Samsung Group, globally known more for its presence in the mobile and electronics space.

    At present RCAM has three India focused funds in Japan, in which the aggregate assets under management is about $1 billion. It also manages two India focused funds in Singapore and one more in Mauritius. Most of its assets are managed under the three Japanese funds. Nippon Life, one of the largest life insurers in the world, holds 49% stake in RCAM. The Korean fund management firm, however, does not hold any stake in RCAM but has signed a memorandum of understanding (MoU) with the Indian funds management major.

    Currently RCAM manages assets worth more than Rs 2 lakh crore spread across mutual funds, pension funds, managed accounts and offshore funds.

  • Walmart’s Asia CEO predicts great things in Chinese retail

    Walmart’s Asia CEO predicts great things in Chinese retail

    US retail giant Walmart upholds a firm belief in the potential of Chinese economic growth, according to its Asia CEO Scott Price. 

    Speaking at the Asia-Pacific Economic Cooperation (APEC) CEO Summit, Price said that he expects that China will drive more than half of the world’s retail growth over the next decade.

    This is largely due to the emergence of the Chinese middle class, as well as the shift from a primarily manufacturing based economy to one based on services. Events like Singles Day, China’s biggest online shopping date, have shown that there is a huge demand in the country for good retail.

    Retail sales figures in the country were up by 10.9% year on year in September and 11% in October, and on Singles’ Day the ecommerce giant Alibaba earned a record $14.3bn in sales in just 24 hours: an increase of 60% on 2014.

    Walmart itself owns Yihaodian, a Shangai based e-commerce business, which according to Price had “a great Singles’ Day”, though he did not reveal sales figures.

    Price also referred to a “gamut of opportunities” that can be found in supposed O2O, or ‘Online to Offline’ retail, which sees customers paying over the internet and picking items up in a store.

    “We think online-to-offline is critical,” he said, as “customers look for convenience, and convenience is not just one mode.”

    Despite this enthusiasm, O2O is currently unprofitable in China, as retailers are more interested in getting as much of a market share as they can. However, a recent report from HSBC predicted that “profits should emerge as the market matures.”

    According to HSBC, the online portion of O2O revenues increased by 80% on year in the first half of 2015, reaching $47bn. In tangent, China’s retail sector is becoming less fragmented and consumers are purchasing more frequently, indicating that there may well be great promise for O2O in the future.

    Price also referred to the future potential of brick and mortar stores, a required component of O2O. A number of online retailers have invested in a physical presence recently, such as the Amazon book store which opened earlier this month.

  • Coccinelle Asia Pacific travel retail expansion gathers pace

    Coccinelle Asia Pacific travel retail expansion gathers pace

    Published: 17/11/15

    Source: ©The Moodie Report

    By Helen Pawson, Brands Editor

    Italian accessories brand Coccinelle has opened a pop-up store on Jeju Island in partnership with Bluebell Korea.

    Located in Jeju Tourism Organization’s duty free shop, the 20sq m space opened on 23 October and features the brand’s new store concept.

    Open displays and bright steel feature heavily in Coccinelle’s minimalist store

    The store features open displays to showcase bags and accessories as well as wall display modules and bag stands made from bright steel, said to give the interior a “timeless elegance”.

    The pop-up highlights Coccinelle’s Autumn/Winter 2015 collection which includes key piece the Arlettis bag.

    A big board with the Autumn/Winter 2015 campaign, which features American-Italian model Emily DiDonato as the face, dominates the back of the pop-up.

    Coccinelle Head of Travel Retail Emanuele Mazziotta commented: “We are honoured to be on Jeju Island at Jeju Tourism Organization Duty Free Shop with Bluebell and we thank them for their support with this opening. Jeju Island is a well known tourist destination in the Asia Pacific region and represents another key location in our expansion plan. Another important opening will happen soon in the region.”

  • New Yahoo Hong Kong-Taiwan cross-border eCommerce platform

    New Yahoo Hong Kong-Taiwan cross-border eCommerce platform

    Yahoo Hong Kong has launched its Yahoo Hong Kong-Taiwan cross-border eCommerce platform today.

    In the first stage, more than 100 Taiwanese brands accredited with the Made in Taiwan Smile Logo will enter the Hong Kong market – in categories ranging from food to fashion and to beauty and cosmetics.

    Stage two will see Yahoo adding Hong Kong products for sale into Taiwan.

    Yahoo says it wants to create the largest cross-border eCommerce network between the two markets.

    Jacky Wang, VP, eCommerce group, Yahoo Taiwan & Hong Kong said that with the launch of the new platform, geographical boundaries are eliminated.

    “We are delighted to bring Hong Kong consumers the best, original quality products of Taiwan through the 11.11 Online Shopping Festival. This allows e-merchants from both places to reach the huge online buying customer base, which is extremely beneficial to them in increasing sales and for online branding.

    “Yahoo Hong Kong’s B2B2C Flagship store will start operating this month, through which Hong Kong consumers can purchase a wide variety of Made In Taiwan products on the platform,” said Wang.

    “Soon, Taiwan consumers will also be able to purchase Hong Kong’s popular products, such as cookies and palmiers which are popular with Taiwanese.”

    All of the more than 100 Taiwanese e-merchants joining the Yahoo Hong Kong eCommerce platform are selling 100 per cent original, Made In Taiwan Smile logo-accredited quality brands.  These include Dr Morita facial masks, Taiwan’s famous pineapple cake brand SunnyHills and other brands, including meat jerky, tea leaves and noodles.

    The e-merchants crossing the border to Hong Kong with Yahoo will receive all-round cross-border one-stop merchant solutions from Yahoo Taiwan and Yahoo Hong Kong. These range from a special starter package to support for logistics, cash flow and store operations and management, offering detailed guidance to help their brand to take the initial step in cross-border eCommerce, and satisfying the expectations of the online shoppers in Hong Kong and Taiwan.

    SunnyHills has sold more than 10,000 boxes of cakes online into Hong Kong this year already.

    Damian Lee, GM, said Yahoo Hong Kong and Taiwan have the highest reach rates and Yahoo’s online shopping platform is the best one in Taiwan.

    “With the largest volume of traffic flow and the highest popularity, it offers us the best virtual support for our products and backing for our brand. It also provides one-stop logistics and cash flow solutions that lower our cross-border costs and management time, offering the best O2O eCommerce shopping experience to consumers in the most effective way.”

    What Hongkongers and Taiwanese want

    Francis Che, head of insights, strategy and research with Yahoo APAC shared the latest eCommerce promotion and analysis research.

    • Hong Kong has an online buying population of 2.9 million, representing 53 per cent of the total online population.
    • 74 per cent of Hongkongers have used overseas buying services, or overseas cargo or shipping services to buy products from all over the world.
    • Over 30 per cent of the online buying population hopes that online buying apps can proactively notify them of the offers and discounts of nearby stores and recommend some stores for purchases.
    • The older buying population (aged 40 plus) use mobile devices to browse online shopping sites is growing rapidly.
    • The most sought after items purchased online in both markets is the same: Apparel. For the full top 10 list, refer to the chart below:

    Yahoo

    Meanwhile, Yahoo Hong Kong will launch the 11.11 Online Shopping Festival offers on November 11, including the sale of an Oto Adelle One Massage Chair at just $999 (Value: $14,800), with the Oto Lite Footie (Value: $1680) bundled together as a gift.

  • Rip Curl Expands Their Reach Through Indonesia

    Rip Curl Expands Their Reach Through Indonesia

    The brand has just opened their newest store in the heart of the Sanur community

    Rip Curl has just announced the opening of their new Sunrise store in the heart of Sanur, a beach and surfing community in Indonesia. The freshly renovated redesigned 377 square foot store will stock 100 boards, apparel, accessories, watches, and more. Natural light enfaces the store through the 6-meter tall, all glass entrance, reinforcing the strong relationship with the outdoors that the brand holds. The store’s interior walls have been removed,a dan small lounger area near the dressing rooms provides a laid,-back, welcoming feel that Rip Curl hopes will keep customers coming back for more.

    “With this new, fresh and clean store design we were able to get the maximum capacity from the layout giving us the ability to fully showcase the brand and its products” – Dita Gempur, Head of Design and Projects at Rip Curl South East Asia

    ripcurlRip Curl’s goal with the Sanur location is not just to provide a surf supply store, but also a surfing experience, right when you walk in the door. The location is open now.

  • Warehouse Managers Must Get Mobile

    Warehouse Managers Must Get Mobile

    Today’s warehouse managers face many challenges, not the least of which are meeting higher service levels and operational cost constraints. In this environment, it’s more important than ever that managers spend time on the floor, managing associates to drive optimal levels of productivity and monitoring work throughout the warehouse. This represents a difficult balancing act, however, as distribution centre managers and supervisors traditionally lack access to critical real-time data anywhere but the office.

    With this issue in mind, Manhattan Associates recently conducted a survey of supply chain executives and managers to better understand their struggle—and how mobile tools may be able to alleviate the challenges. The findings underscore that legacy, PC-based labour management systems (LMS) are effectively chaining managers to their desks, and preventing them from spending valuable time with associates. For example, 63 percent of respondents said lack of access to a computer keeps them from the warehouse floor, and 58 percent pointed to the need to review reports as another barrier against more associate engagement.

    Numerous studies have documented that employees are more productive when given frequent, real-time feedback on their performance, and how their work aligns with broader company goals. As such, it’s essential that distribution centre managers break out of the back-office for good, or risk poor morale and warehouse throughput.

    According to Manhattan Associates’ survey, increased mobility could address these challenges. Thirty-three percent of respondents said a mobile solution would increase their floor time by 50 percent or more, and an additional 28 percent indicated that mobile would free up at least 25 percent more time for on-site activities. In keeping with these findings, respondents reported that greater engagement is the chief benefit of providing managers with mobile tools. Additional advantages include:

    • Increased oversight (42 percent)
    • Real-time data (33 percent)
    • Supervisor productivity (21 percent)
    • Exception management (19 percent)

    In addition to recognising the benefits of mobility, our survey results indicate that warehouse managers are well on their way to implementing these solutions. Eighty-one percent of respondents said they either currently have mobile capabilities for managers, or have plans to deploy them in the near-term. Among the most desired functions in a mobile app were:

    • Employee productivity (85 percent)
    • Work management (85 percent)
    • Exception management (66 percent)
    • Labour requirements (49 percent)

    It’s evident that mobile solutions enable warehouse managers to spend much-needed time engaging with employees without sacrificing reporting requirements or other equally critical responsibilities.

    To help distribution managers and staff alike break away from their desktops and be more engaged and effective in the warehouse, Manhattan Associates launched its own Mobile Distribution Management solution earlier this year. The Manhattan solution provides everything warehouse managers need to interact and effect change among employees and execute tasks out on the warehouse floor. Combining data and functionality from Manhattan’s Warehouse Management and Labour Management solutions, Mobile Distribution Management allows warehouse and distribution managers to:

    • Systematically record active interactions with employees, including observations and performance measurements
    • Review work in the warehouse by wave, job function and task/activity
    • Put a task on hold, re-prioritise a task, assign a task to an employee or release a set of tasks to be completed
    • Monitor, plan and forecast work in real-time
    • Track the status for a particular customer, including order look-ups and wave progress

    While Labour Management and Warehouse Management Solutions have long been integrated, sharing performance data in person with employees was limited to static reports run at infrequent intervals. Mobile management, however, improves the manager/employee interaction by connecting both parties to performance reports in real time.

    Intelligent decision

    With mobile solutions, managers can also update information while an operational change is being made, and potentially reverse changes quickly to avoid work stoppages. Examples of active capabilities include task reprioritisation, release and reassignment. Outbound tasks in particular have the potential to benefit the most due to their high complexity and rapid pace.

    Supervisors can send real-time metrics (e.g., picking and packing rates by team or individual members; rankings; actual versus goal performance) via display screens and desktop dashboards to employees on the warehouse floor. This enables them to make better decisions in real time. The data also can be pushed to mobile devices, enabling management to monitor activity from any location or through pre-set, threshold alert notifications.

    What is the market’s understanding of mobile supply chain management?

    Engagement and communication techniques in the warehouse were traditionally centred around decidedly low-tech items, like bulletin boards and newsletters. With the increasing adoption of technology in the warehouse, big screen TVs for example, companies are introducing some great new ways to facilitate informational flow with minimal work. Large screens broadcast details like top performers on the floor and the most current KPIs, so that everyone is on the same page. This enables managers to make information available anywhere and anytime while integrating both quantitative and qualitative data.

    With mobile phones and tablets entering the scene also and showing up on the warehouse floor, mobility is having a huge impact on warehouse management. With a continuous drive for greater efficiency, improved productivity and enhanced service levels by companies in the Southeast Asia region, mobile is becoming a major focus for supply chain infrastructure upgrades and we expect this to remain the case for many years to come.

     

  • Asia curbs Richemont sales

    Asia curbs Richemont sales

    Richemont – Swiss parent of luxury brands like Cartier, Dunhill and Montblanc – is blaming a Hong Kong sales slump for a tough half year ahead.

    Reporting its half year figures on Friday, the company said it expected a “challenging second half” which led to an immediate nine per cent fall in its share price.

    Hong Kong accounts for about 16 per cent of Richemont’s global sales and the Mainland a further eight per cent. Asia, excluding Japan, accounted for 34 per cent of the group’s total revenue.

    “The significant sales decline in Hong Kong and Macau during the period was partly offset by positive developments elsewhere. In particular, Mainland China resumed growth with strong retail sales, largely offsetting challenging wholesale sales,” the company said in its trading statement.

    Japan reported strong momentum, both from local and tourist demand, helped by the favourable exchange rate movements.

    Richemont said its global sales through its company-owned stores – which account for just over half its turnover – rose 13 per cent in the first half year at constant currencies. However, wholesale sales fell six per cent. Combined sales increased by 15 per cent at actual exchange rates or by just three per cent at constant exchange rates.

    Shipments of Swiss watches to Hong Kong fell 20.5 per cent in the first nine months of this year, due to falling demand. And Richemont, with such a large part of its global operations in the territory, is very exposed to such a drop.

    The company’s CGO Gary Saage said its margins had fallen in the first half to September – and in October demand had slowed even further. However there was a small upturn in the mainland last month

    “It’s been a long time coming. Mainland China in total grew one per cent and, clearly, within that our own retail grew significantly,” he told analysts in a briefing.

    “Wholesale is still extremely challenging and we don’t know when that will get better, but we take comfort in that our retail networks in both watches and jewellery are performing.

    “Headline numbers in watches will take time to recover,” Saage said.

    Gross profit increased by 13 per cent and accounted for 65 per cent of sales. The 100 basis points margin decrease versus the prior period largely reflected the impact of the Swiss franc’s appreciation and lower capacity utilisation, partly offset by the positive effects of other exchange rates and the growing proportion of retail sales, the company reported.

    Richemont also owns the Baume & Mercier, IWC International Watch, Jaeger-LeCoultre, Piaget, Roger Dubuis and Vacheron Constantin.

  • UNIQLO and Toray Announce Third Stage of Strategic Partnership

    UNIQLO and Toray Announce Third Stage of Strategic Partnership

    Uniqlo and Toray Industries, Inc. (company headquarters registered in Tokyo) today jointly announce the third stage of their strategic partnership for the next five years. First established ten years ago, the newest stage of the partnership between the two companies aims at strengthening collaborative efforts further and creating a new industry centered the future.

    Uniqlo, leading apparel retailer and originator of LifeWear clothing that is made for all, and available in 841 stores in Japan and 798 stores abroad (as of August 31, 2015), and the Toray Group, global top business group of advanced materials, with its 98 subsidiary companies in Japan and 155 companies abroad (as of March 31, 2015), are accelerating globalization and digitalization to achieve the initiatives listed below. From 2016 through 2020 the total number of transactions between the two companies is expected to reach 1 trillion yen.

    Acceleration of globalization and digitalization to create a new industry:

    – Realize an end-to-end business model by utilizing the Internet of Things (IoT)

    – Reduce production lead times further

    – Increase globalization of production sites and locations further

    – Optimize production in each location

    – Expand production sites to support business growth in Greater China (China, Hong Kong and Taiwan)

    Maximize LifeWear that is made for all:

    – Improve comfort and functionality of current products

    – Conduct research and development of products that offer completely new added value

    – Develop new sportswear to enhance people’s daily lives

  • Paris Baguette opens in Las Vegas

    Paris Baguette opens in Las Vegas

    SPC Group has opened a Paris Baguette store in Las Vegas, a first in the Korean confectionery and bakery industry.

    The Las Vegas store is the company’s 44th store in the US, and located in the Grand Canal Shoppes, a large shopping mall located between two of the major hotels in Las Vegas, the Venetian and the Palazzo.

    The Paris Baguette store occupies two stories within the tourist hot spot, famous for its recreation of Venice, Italy.

    SPC Group announced that it has opened a Paris Baguette store in Las Vegas, which is a first in the Korean confectionery and bakery industry. (Image : SPC group)

    The biggest difference with the Las Vegas store is that it will be selling items such as sandwiches, muffins, and croissants that are popular in the area, and considering that the location is a tourist spot, the store will also sell items suitable as souvenirs.

    Gift sets, tumblers and mugs that have images or quotes representing Las Vegas will be available exclusively at the Las Vegas store.

    Paris Baguette first set foot in America in 2005. Since then, the company has opened 43 stores in New York, Boston, San Francisco and Los Angeles.

  • Singapore government backs self-service technology

    Singapore government backs self-service technology

    The Singapore government is backing a push to urge shoppers to use self-service technology more in a campaign titled “We Are InDIYpendent”.

    Several supermarket chains, including the nation’s largest – NTUC FairPrice – have swung behind the initiative which was launched by the National Productivity Council (NPC).

    In a bid to galvanise more Singaporeans into using self-service counters, the supermarkets and other large retailers will be rolling out various promotions and discounts in coming weeks.

    A key driver of the initiative is to help ease the labour crunch by having consumers serve themselves.

    The NPC says the campaign “celebrates the advantages of using self-service facilities” and encourages businesses to adopt self-service models more aggressively.

    At the project’s official launch at an NTUC FairPrice store, Minister for Manpower, Lim Swee Say and Parliamentary Secretary for Trade and Industry, Low Yen Ling teamed up with celebrities Michelle Chong and Suhami Yusof in a self-service challenge which pitted them against each other to get as many shoppers as possible to use the self-checkouts.

    “Self-checkout (SCO) is a game-changing initiative for our local retailers,” explains the NPC.

    “With a tight manpower situation and increasingly competitive business environment, retail companies need to adopt technologies that require less manpower to improve their productivity.”

    The government is providing companies with grants and assistance schemes to help them implement self-service options.

    “Consumers can play their part by embracing such options to create an impetus for more businesses to adopt these models in their operations in a more aggressive manner.”

    The We Are InDIYpendent campaign seeks to encourage consumers to use self-service facilities. The campaign also aims to feature three key benefits of using self-service facilities – ease of use, speed and flexibility.

    Other highlights of the campaign include mystery spotting activities to incentivise consumers to use DIY options in more areas of their daily lives, videos offering interesting insights on DIY culture, as well as print and out-of-home (OOH) ads featuring different forms of self-service.

  • Dufry Asia aims to double business

    Dufry Asia aims to double business

    Dufry Asia sees huge growth opportunities in the Asia region despite the current softness in the Hong Kong, Macau and Singapore markets.

    In an interview with TRBusiness the CEO of Dufry Group, Julian Diaz, said the company plans to double its sales in Asia Pacific within five years. Currently, the region accounts for just nine per cent of its total business.

    “The situation right now in Asia and in other parts of the world is not going to stop Dufry from going ahead with development,” he told TRBusiness.

    “The reality of the passenger growth over the next 10 years in Asia is that it is going to grow more than any other region in the world.”

    Díaz said Asia presented challenges given it comprises different markets, but Dufry has overcome that in other regions, and is confident it can break through in Asia.

    “I think this is a challenge, but this was also a challenge when we started in the Americas, when we started in Europe, when we started in North America.

    “All these businesses presented their own challenges. I know one thing, we are going to pool resources and the team in order to really develop the company in Asia,” he said.

  • Fashion chain M)phosis shutters stores

    Fashion chain M)phosis shutters stores

    Singapore-founded fashion retailer M)phosis is reportedly closing all its Southeast Asian stores due to financial challenges.

    The Straits Times has reported the chain is in the process of closing remaining stores in Vietnam, Malaysia, the Philippines and Indonesia – more than 10 in all. Its last Singapore store, in VivoCity, ceased trading at the end of August. Only its China stores will continue to operate.

    The company has not updated its Facebook page since August, but some disappointed fans of the brand have posted messages on the page, ranging from sadness at the retailer’s apparent demise to anger over being left with vouchers which can no longer be redeemed or cashed in.

    Director Hensley Teh confirmed to the Straits Times the brand remains in the China marketplace.

    “We were having a severe cash flow situation. We were not able to continue, despite wanting to. We did everything we could. We thank our customers, who have supported us all these years.”

    M)phosis made its debut in 1994, targeting women aged 18 to 35. At one stage it operated in Australia, Hong Kong, Dubai and Japan and had a network of 30 stores, but it has since retrenched from those markets.