Retail News CRM

Author: Mei Ling Tan

  • Sygnum and Incore Pave the Way for the New Era of Digital Asset Banking

    Sygnum and Incore Pave the Way for the New Era of Digital Asset Banking

    Swiss digital asset banking group Sygnum and Incore Bank, a prominent B2B transaction bank in Switzerland, are amplifying their partnership to enhance the scalability and future viability of their banking networks. Announced jointly on Thursday, the expanded collaboration marks a significant milestone in their shared journey towards redefining the digital assets landscape.

    Since 2019, Incore has joined forces with Sygnum for regulated custody and brokerage services of traditional securities, as well as for safeguarding its asset management portfolio. Now, with fresh ambitions on the horizon, the two institutions are poised to broaden their collaboration, promising essential growth opportunities in the ever-evolving financial sector.

    Under this extended partnership, Incore Bank will further enrich its digital asset offerings by harnessing Sygnum’s modular B2B platform designed for digital assets and institutional services. This dynamic platform is not just an upgrade—it’s akin to giving a Swiss watchmaker a new toolkit to craft next-gen masterpieces for clients, ensuring precision and innovation.

    Unlocking Access to Emerging Asset Classes

    Members of the Incore network will enjoy early access to groundbreaking products, along with a secure infrastructure tailored to accommodate the next wave of emerging asset classes. “Sygnum’s B2B infrastructure delivers the security, scalability, and flexibility the industry needs, along with innovative products increasingly sought after by end clients,” remarked Fritz Jost, Sygnum’s Chief B2B Officer. This strategy positions both banks at the forefront of an evolving financial revolution.

    Pioneering the Digital Asset Landscape

    Both Sygnum and Incore have made history as some of the first banks in Switzerland to receive approval for digital asset banking from the Swiss Financial Market Supervisory Authority (Finma). By expanding access to digital assets, the two partners are not only enhancing market depth but are also integrating crypto assets into the broader economy, ushering in new financial paradigms.

    Building Excitement in the Digital Sphere

    “We are excited to expand our universe of crypto asset products through our collaboration with Sygnum, further strengthening Incore Bank’s digital asset offering,” said Mark Dambacher, CEO of Incore Bank. As enthusiasm swells within the sector, the partnership points to a vibrant future where digital assets become a vital part of everyday finance.

    Questions & Answers

    How will the partnership between Sygnum and Incore Bank enhance their offerings?
    The collaboration will allow Incore Bank to enrich its digital asset offerings by leveraging Sygnum’s modular platform, enabling more innovative products and services in the growing digital asset landscape.

    What does this partnership mean for clients of Incore Bank?
    Clients will gain early access to a suite of new products and a secure infrastructure designed for emerging asset classes, making digital assets more accessible and integrated into their financial services.

    Why is the approval from Finma significant for both banks?
    Receiving approval from the Swiss Financial Market Supervisory Authority positions Sygnum and Incore among the pioneers in digital asset banking, enhancing their credibility and paving the way for broader acceptance of digital assets in the financial ecosystem.

  • FairPrice Alerts Shoppers: Beware of $3,100 WhatsApp Scam Targeting Singapore’s Supermarket Fans!

    FairPrice Alerts Shoppers: Beware of $3,100 WhatsApp Scam Targeting Singapore’s Supermarket Fans!

    In a warning to its customers, Singapore’s FairPrice supermarket chain has flagged a fraudulent WhatsApp survey that promises a tempting reward of SGD4,000 (approximately US$3,100).

    In a recent Facebook post, FairPrice clarified that this deceptive questionnaire has no association with the company. Shoppers are urged to ignore the message and avoid clicking on the link or sharing any personal information.

    This scam cleverly attempts to entice potential victims with the lure of cash for completing the questionnaire, but FairPrice has made it clear: legitimate promotions can only be found on the FairPrice Group app or through their official website. “We will never send SMS, WhatsApp, or any other messages asking for your username, password, or financial information,” the company reassured its customers.

    A Snapshot of FairPrice’s Legacy

    With over five decades of service, FairPrice stands as Singapore’s largest supermarket chain, boasting more than 100 locations across the island. The company’s extensive history and trusted reputation make these scams all the more troubling for the consumer community.

    The Bigger Picture: WhatsApp Scams in Singapore

    Scams via WhatsApp have gained alarming traction in Singapore, with incidents of government official impersonation scams reaching 1,504 cases last year. Victims collectively lost an astonishing SGD151.3 million, with most targeted individuals aged between 50 and 64. Scammers primarily use phone calls and WhatsApp to connect with their victims, showcasing a disturbing trend that raises concerns about digital security and consumer awareness.

    Questions & Answers

    What is the nature of the scam targeting FairPrice customers?
    The scam involves a fake WhatsApp survey that promises respondents a reward of SGD4,000, aiming to collect personal information through a deceptive questionnaire.

    How has FairPrice responded to the scam?
    FairPrice has issued a warning on its social media channels, advising customers to disregard the scam and emphasizing that legitimate promotions are only communicated through their official app or website.

    What trend has emerged regarding scams in Singapore?
    WhatsApp scams have become increasingly prevalent in Singapore, with significant incidents reported last year, particularly targeting older demographics through impersonation tactics.

  • Gold Prices Hold Steady at Historic Highs Amid Market Fluctuations

    Gold Prices Hold Steady at Historic Highs Amid Market Fluctuations

    Saigon Jewelry Company is holding firm with gold bar prices at VND125 million (approximately US$4,750.59), and gold rings are reflecting a similar stability at VND119.5 million per tael.

    The gold market remained steady as investors looked toward the Federal Reserve’s Jackson Hole symposium later this week, seeking insights on potential interest rate adjustments and monitoring Washington’s diplomatic moves to resolve the ongoing conflict in Ukraine, according to reports from Reuters.

    Globally, spot gold climbed 0.2% to $3,337.62 per ounce, while U.S. gold futures for December delivery saw a slight increase of 0.1% landing at $3,381.50.

    “Gold is currently in a consolidative phase, biding its time for a significant catalyst to push higher. The Jackson Hole event is certainly one to watch for dovish guidance from the Fed,” noted Kyle Rodda, a financial market analyst with Capital.com.

    Historically, gold thrives in low-interest-rate settings and during periods of heightened market uncertainty, making its current performance all the more intriguing.

    Questions & Answers

    What are the current prices for gold bars and rings in Vietnam?
    As of now, gold bars are priced at VND125 million (about US$4,750.59), while gold rings are stable at VND119.5 million per tael.

    What upcoming event is impacting investor sentiment towards gold?
    Investors are closely watching the Federal Reserve’s Jackson Hole symposium, seeking insights that could influence interest rate decisions.

    What role does the current economic environment play in gold prices?
    Gold generally performs well in environments of low interest rates and increased uncertainty, which is contributing to its strong market presence.

  • Raiffeisen Expands Amid Rising Interest Pressures: A Balancing Act for Growth and Stability

    Raiffeisen Expands Amid Rising Interest Pressures: A Balancing Act for Growth and Stability

    The Raiffeisen Group’s Growth Amid Interest Income Challenges

    In the first half of 2025, Raiffeisen Group, Switzerland’s second-largest banking institution, demonstrated resilience by continuing its growth trajectory, despite a notable decline in net interest income. The bank reported profits of 555 million francs in the first six months, a sharp drop of 87 million francs or 13.6 percent compared to the same period last year. While still meeting analyst expectations, the decrease raises eyebrows in an economic landscape marked by shifting interest rates.

    The primary factor behind this downturn lies in the drop in interest income, which fell by 107 million francs or 7.5 percent to 1.3 billion francs. This decline is largely attributed to the Swiss National Bank’s recent interest rate cuts, a decision that has sent ripples through the financial sector.

    Strength in Non-Interest Revenue Streams

    Despite the challenges in interest income, Raiffeisen saw success in its non-interest business segments. Income from commissions and service fees grew by 9.1 percent to reach 366 million francs, while trading income experienced an impressive 8.5 percent increase. The pension and investment sectors particularly thrived, with net new assets flowing into securities accounts totaling 2.1 billion francs, leading to an astonishing 30,000 new accounts. This surge marks a remarkable 50 percent growth year-on-year. Overall, the volume in securities accounts now stands at 55.3 billion francs, buoyed by discretionary mandates, which soared by 17 percent, alongside gains in pension and fund savings plans.

    Raiffeisen also demonstrated solid performance in traditional lending, reporting a rise in customer loans by 6 billion francs to a total of 239 billion francs, of which 40 percent benefitted corporate clients. Their customer deposits also saw a significant uptick, increasing by 5.5 billion francs to reach 220 billion francs. Notably, the risk environment remains stable, with value adjustments constituting just 0.137 percent of receivables.

    Mortgage Market Gains

    The bank’s mortgage receivables expanded by 5.5 billion francs, bringing the total to 226 billion francs, a growth of 2.5 percent. This development allowed Raiffeisen to bolster its market position, increasing its share to 18.3 percent. However, not all news is rosy; personnel and operating costs rose around 4 percent, resulting in a cost-income ratio of 59.2 percent. On a positive note, the bank’s capitalization remains robust, with a TLAC ratio of 27.6 percent and a leverage ratio of 8.6 percent, solidifying its strong financial standing.

    A Pessimistic Look Ahead

    Looking to the remainder of the year, the Group anticipates a modest improvement in net interest income during the second half, alongside augmented commission income compared to last year. Nevertheless, expectations remain tempered, as the final results are expected to fall short of last year’s performance.

    Questions & Answers

    How did net interest income impact Raiffeisen’s overall profit?
    The decline in net interest income by 7.5 percent contributed significantly to the drop in Raiffeisen’s profits, which fell by 13.6 percent compared to last year.

    What areas of Raiffeisen’s business showed growth despite the interest income decline?
    Raiffeisen reported growth in its non-interest business areas, particularly in commissions and services, which rose by 9.1 percent, and trading income, which increased by 8.5 percent.

    What is Raiffeisen’s forecast for the second half of 2025?
    The Group expects a slight recovery in net interest income and higher commission income, although overall results are anticipated to remain below those of the previous year.

  • Vietjet Launches Construction of Landmark Maintenance Hub at Vietnam’s Flagship Long Thanh Airport

    Vietjet Launches Construction of Landmark Maintenance Hub at Vietnam’s Flagship Long Thanh Airport

    Vietjet has officially broken ground on its state-of-the-art Aircraft Maintenance and Engineering Center at Long Thanh International Airport, set to become Vietnam’s largest and most advanced airport upon completion. The project is among 80 landmark initiatives inaugurated in celebration of the 80th anniversary of Vietnam’s National Day (2 September).

    Backed by nearly USD100 million, the development covers Hangars 3 and 4 at the under-construction airport. Equipped with world-class infrastructure, the new center will be able to serve up to 10 aircraft at a time. Beyond meeting the maintenance needs of Vietjet’s expanding fleet, the facility is designed to support both domestic and international airlines—strengthening Vietnam’s aviation capabilities and ensuring smooth future operations at Long Thanh.

    The launch of the Aircraft Maintenance and Engineering Center underscores Vietjet’s long-term strategic vision and commitment to sustainable, future-focused investment while the airline is actively expanding its global flight network with four direct routes linking Singapore to Ho Chi Minh City, Hanoi, Da Nang and Phu Quoc. It also highlights the pioneering role of private enterprises in advancing aviation infrastructure and driving national development in an increasingly globalised landscape.

  • Youtube Sensation Mrbeast Burger Makes Singapore Debut In Partnership With Dignity Kitchen

    MrBeast Burger, a unique restaurant brand that operates solely through delivery services and was born out of a YouTube sensation, has made its debut in Singapore.

    The Debut

    The restaurant’s inaugural virtual spot in Singapore is launched in collaboration with Dignity Kitchen, a well-regarded food court renowned for its commitment to supporting and employing individuals with disabilities. The menu on offer includes their well-loved signature crinkle-cut fries along with various types of smashed burgers, all of which are available for island-wide delivery through platforms like Foodpanda, Grab, and the MrBeast Burger’s own website.

    Speaking about the partnership, Koh Seng Choon, founder and executive director of Dignity Kitchen, expressed pride in being the first to introduce MrBeast Burger in Singapore. Seng Choon also praised the brand’s unique blending of entertainment and social responsibility.

    The Partnership

    The restaurant’s successful entry into the Singaporean market was facilitated by its collaboration with Xolutions, a business that specializes in fostering connections within the food industry by aiding market entry and franchise development.

    Nichol Ng, CEO of Xolutions, spoke highly of the brand, stating that it represents more than just a burger joint. Ng described it as a smart, scalable opportunity for local kitchens to expand their operations while simultaneously delivering delicious, highly-desirable food to a younger demographic of food enthusiasts.

    The Origin

    MrBeast Burger was first introduced in 2020 by renowned American YouTuber Jimmy Donaldson, also known by his online alias MrBeast. His initiative, in conjunction with Virtual Dining Concepts (VDC), has successfully expanded to over 300 locations throughout the United States.

    In light of its successful launch, the brand has plans to establish more virtual restaurants in Singapore, with the aim of achieving this goal by the fourth quarter of this year.

    Questions & Answers

    What is MrBeast Burger?
    MrBeast Burger is a delivery-only restaurant brand that was created by popular YouTuber Jimmy Donaldson, also known as MrBeast.

    Where is MrBeast Burger’s first location in Singapore?
    The first virtual location for MrBeast Burger in Singapore is launched in association with Dignity Kitchen, a food court known for employing and supporting individuals with disabilities.

    What are MrBeast Burger’s future plans in Singapore?
    Following its successful launch, MrBeast Burger plans to continue its expansion in Singapore by opening more virtual restaurants across the country by the end of this year.

  • Coca-cola Unveils Ai-powered Vending Machine For Enhanced, Personalized Consumer Experience

    Coca-cola Unveils Ai-powered Vending Machine For Enhanced, Personalized Consumer Experience

    Coca-Cola has debuted its most recent innovation in the form of a Coke&Go cooler vending machine. This cutting-edge machine is powered by artificial intelligence (AI) and computer vision, creating an upgraded, efficient, and personalized vending experience for consumers.

    Enhanced Consumer Experience

    The Coke&Go cooler vending machine allows consumers to gain access via their smartphones. This can be done by either scanning a QR code or by inputting credit card information, providing a seamless and technologically advanced method of interaction. What sets this vending machine apart is its ability to identify products using a product recognition technology. This means that customers can confirm and complete their purchases through the payment options that they have linked with the system.

    Terry Burbidge, GM of vending at Coca-Cola Europacific Partners New Zealand, underlined that this move aims to align their products more closely with the modern lifestyle of their consumers. He stated, “It’s about making refreshment more intuitive, more accessible, and more aligned with how Kiwis live today.”

    Smart Inventory Tracking

    The latest version of this vending machine also comes equipped with smart inventory tracking. This feature ensures that the cooler vending machines are restocked with the correct beverages at the right time. In doing so, not only does it enhance efficiency, but it also significantly reduces the likelihood of items being out of stock.

    The soft drink behemoth has plans to expand the presence of this innovative vending machine following a successful trial at the Sydney Airport during the previous year. Over the course of the next two years, hundreds of these advanced cooler vending machines will be installed across Australia and New Zealand.

    Questions & Answers

    What is the Coke&Go cooler vending machine?
    The Coke&Go cooler vending machine is a new type of vending machine by Coca-Cola that uses artificial intelligence and computer vision to provide an efficient and personalized experience.

    How do consumers interact with the Coke&Go cooler vending machine?
    Consumers can interact with the machine using their smartphones, either by scanning a QR code or entering their credit card information.

    What are the benefits of the vending machine’s smart inventory tracking feature?
    The smart inventory tracking ensures that the vending machines are consistently stocked with the right beverages, which improves efficiency and reduces the chance of items being out of stock.

  • Skittles Introduces ‘swicy’ Gummies Fuego To The Us Market: A Sweet And Spicy Revolution

    Skittles Introduces ‘swicy’ Gummies Fuego To The Us Market: A Sweet And Spicy Revolution

    Skittles, a popular brand operated by Mars Wrigley, has recently introduced a novel gummy flavor to the US market. The new offering, called Gummies Fuego, presents a unique blend of sweet and spicy flavors that is sure to intrigue the palates of consumers.

    Innovation in Line with Tradition

    The new spicy gummy variant adds to the innovative line of products the brand has been developing, including Skittles Pop’d, Littles, and Gummies. These creations aim to cater to the preferences of fans who appreciate a fusion of sweet and spicy, or ‘swicy’, tastes.

    Ro Cheng, the Vice President of Marketing at Mars Wrigley North America, commented, “With Skittles Gummies Fuego, we’re enhancing a sweet, original fan favourite by introducing a daring flavor experience that we believe our ‘swicy’ fans will appreciate.”

    A Unique Flavor Experience

    The Skittles Gummies Fuego offers a flavorful combination of five fruity tastes: mango, watermelon, strawberry, raspberry, and lemon. Adding an interesting twist, these gummies come coated with a zesty chili layer that delivers a tangy punch.

    Availability and Distribution

    The Fuego gummies are currently available in packs of 5.8 ounces, or 164 grams. At present, these can be procured exclusively from the TikTok shop. However, the company plans to expand its distribution network across the US in the coming year.

    Last year, Skittles ventured to offer consumers a different texture experience with the launch of Squishy Cloudz.

    Questions & Answers

    What is the new flavor introduced by Skittles?
    Skittles has introduced a new flavor called Gummies Fuego, which offers a blend of sweet and spicy tastes.

    What are the fruit flavors incorporated in Gummies Fuego?
    Gummies Fuego incorporates a mix of five fruit flavors: mango, watermelon, strawberry, raspberry, and lemon.

    Where can consumers currently purchase Gummies Fuego?
    At present, Gummies Fuego can be purchased exclusively from the TikTok shop. However, broader distribution across the US is planned for the next year.

  • Black Swan Rides Ranch Trend With New Dip Launch In Australian Market

    Black Swan Rides Ranch Trend With New Dip Launch In Australian Market

    Black Swan, an Australian brand, has recently launched two new ranch-style dips. This move is in response to the increasing popularity of ranch flavours in both domestic and international markets.

    New Range of Dips

    The latest additions to Black Swan’s product lineup are a Creamy Ranch Dip and a Buffalo Ranch Dip. The Creamy Ranch Dip is a delightful blend of yoghurt, garlic, and various herbs. The Buffalo Ranch Dip, on the other hand, is a hot and spicy concoction, which combines hot sauce with a traditional ranch base. This product is a result of a collaboration with Frank’s RedHot.

    Australian Made and Widely Available

    The entire range of Black Swan’s products, including these new dips, are proudly Australian made. They can be purchased across the country at Coles supermarkets and select independent retailers. The dips are priced reasonably at $4.50, making them an accessible option for consumers nationwide.

    Riding the Ranch Wave

    The decision to launch these new products aligns with the increasing consumer interest in ranch-style condiments. This growing trend is driven in large part by social media. The hashtag #ranch, for instance, has been used over 590,000 times on the popular platform, TikTok, indicating the flavour’s surging popularity among younger demographics.

    These dips are versatile and can be used in a variety of ways. They serve as excellent accompaniments for sandwiches, wings, fries, and wraps, providing a burst of flavour to these popular dishes.

    Questions & Answers

    What are the new products introduced by Black Swan?
    Black Swan has introduced two new ranch-style dips: a Creamy Ranch Dip and a Buffalo Ranch Dip.

    Where can these new dips be purchased?
    These new dips are available nationwide at Coles supermarkets and selected independent retailers.

    Why have these new ranch-style dips been launched?
    The launch is in response to the increasing consumer interest in ranch-style condiments, a trend largely driven by social media.

  • Coconut Oil Prices Skyrocket In Asia: Exploring The Causes And Impact On Global Market

    Coconut Oil Prices Skyrocket In Asia: Exploring The Causes And Impact On Global Market

    Coconut oil prices are soaring in Asia, spearheaded by India—the largest consumer of the product—which has witnessed a tripling in prices within two years. This is attributable to a combination of supply shortages and burgeoning demand for the nutrient-filled water found within the coconut, elevating this common kitchen ingredient to a luxury commodity.

    Consumer Adjustments

    The escalating prices have put coconut oil beyond the reach of many budget-conscious consumers. As such, those who were once fond of its unique flavor, deeply entrenched in regional cuisines, are now exploring alternatives. For instance, Leelamma Cherian, a resident of Kerala in southern India, has stated intentions to switch to the more affordable refined sunflower oil for day-to-day cooking, reserving coconut oil for dishes where its flavor is critical.

    Price Surge Contributions

    The price increase, which began in the second half of 2024, was further propelled by production interruptions across many of the main producer nations, from India to Southeast Asia. These interruptions were due to seasons marked by decreased rainfall, extended heat, and increased damage from pests and diseases. Prices in India have nearly tripled in less than two years, reaching a record high of 423,000 rupees (US $4840) per metric ton, while global prices have swelled to an unprecedented $2990 per ton over the same period.

    Predictions by the International Coconut Community

    The International Coconut Community (ICC), a consortium of producer nations, predicts that the increasing demand amid production restrictions will maintain second-half global prices within the US $2500 to $2700 range, far exceeding the 2023 figure of approximately $1000.

    Effects of Price Surge

    This price surge is also impacting green coconuts harvested for their electrolyte-rich water, and other products such as copra, milk, and powder. It is putting pressure on manufacturers of shampoo and skincare items, who value the oil for its high lauric acid content.

    Challenges to Coconut Oil Production

    Worldwide, coconut oil production is declining as trees age, replanting efforts fall short, and plantations struggle with a scarcity of superior seed varieties. Weather conditions veering from hot, dry spells to sudden heavy rainfall are also disrupting coconut production. Additionally, the neglect of plantations and unfavorable weather in recent years are likely to hinder a broader production recovery, especially when supplies of other similar lauric oils are limited.

    Global Demand

    While coconut oil is a favorite among Asian consumers, other coconut products such as copra, coconut cream, and milk, are in high demand in Britain, China, Europe, Malaysia, the United States, and the United Arab Emirates. To seize the opportunity presented by this burgeoning demand, Indonesian farmers are increasingly exporting whole coconuts instead of processing them for their oil.

    Questions & Answers

    What has been the impact of the coconut oil price surge?
    The price surge has affected a range of related products, including green coconuts harvested for water, copra, milk, and powder. It has also put pressure on manufacturers of hair and skincare products, who value the oil for its high lauric acid content.

    Why is coconut oil popular in the market?
    Coconut oil is popular for its unique flavor, deeply embedded in regional cuisines, and its high content of lauric acid, which is prized by the hair and skincare industry.

    What measures are being taken to stabilize the price of coconut oil?
    To stabilize prices, the Association in Indonesia has urged for a suspension of coconut exports for six to 12 months. In India, the Solvent Extractors’ Association has appealed to New Delhi to permit imports of coconut oil and copra.

  • Maison Francis Kurkdjian Expands Hong Kong Presence With New Flagship Store In Harbour City

    Maison Francis Kurkdjian Expands Hong Kong Presence With New Flagship Store In Harbour City

    Luxury perfume brand Maison Francis Kurkdjian, a part of the LVMH group, has recently expanded its retail presence in Hong Kong by inaugurating a new boutique in Harbour City. This store stands as a regional flagship for the brand, supplementing its existing retail outlet located at K11 Musea.

    Boutique Design Inspired by Paris Flagship

    The design of the new Hong Kong outlet echoes the aesthetic of the brand’s principal store at 24, Rue Francois 1er in Paris. A key feature of the Parisian boutique – a private room dedicated to providing premium client experiences – has been incorporated into the design. Furthermore, the Hong Kong store includes unique aspects tailored for the local market, including a hand experience that is exclusive to this location.

    The interior of the store showcases a balanced blend of materials, incorporating Lutetian limestone, marble, patterned concrete, and warm wood tones. In keeping with the brand’s identity, the design includes subtle details like recurring K-shaped motifs and a stone engraving that marks the brand’s establishment in 2009.

    Full Product Range and Customisation

    The Harbour City boutique stocks the complete range of Maison Francis Kurkdjian’s fragrance and body care products. A unique feature of the store is its provision of an engraving service, allowing customers to customise their purchases.

    To celebrate the boutique’s opening, the brand has reintroduced four previously discontinued fragrances under the ‘My Very Intimate Perfumes’ collection. These exclusive scents are available only at the Harbour City store and through the brand’s online platform.

    Increasing Global Presence

    This latest opening, managed directly by the brand, takes the total number of Maison Francis Kurkdjian boutiques around the world to 22. The move is part of a wider strategy to bolster the brand’s international footprint.

    Questions & Answers

    What unique features does the new Maison Francis Kurkdjian store in Hong Kong offer?
    The store offers a unique hand experience and an engraving service for product customisation. These features are specific to the brand’s new Harbour City location.

    What design elements does the Hong Kong store share with the Paris flagship?
    The design of the Hong Kong store is inspired by the brand’s Paris flagship, incorporating a blend of materials such as Lutetian limestone, marble, patterned concrete, and warm wood tones. Recurring K-shaped motifs and a stone engraving marking the brand’s founding in 2009 are also part of the design.

    What products are available in the new store?
    The Harbour City boutique houses the complete range of Maison Francis Kurkdjian’s fragrance and body care products and has reintroduced four previously discontinued fragrances from the ‘My Very Intimate Perfumes’ collection.

  • Over Half Of South Korean Consumers Foret Refunds For Counterfeit Online Purchases, Cites Complex Procedures

    Over Half Of South Korean Consumers Foret Refunds For Counterfeit Online Purchases, Cites Complex Procedures

    Over half of South Korean consumers who inadvertently buy counterfeit products online do not pursue refunds, according to a recent survey by the Korea Consumer Agency. The respondents pointed to complex refund procedures and nominal sums involved as the main reasons for not seeking recompense.

    Consumer Responses and Counterfeit Products

    The survey, which included 1,000 consumers using eight leading online platforms, revealed that 58.6% of those who unintentionally bought counterfeit goods did not request a refund. Reasons given were that the refund process was too intricate or time-consuming (60.4%), or that the purchased items were of low value or indistinguishable from genuine products.

    The most frequently bought counterfeit items were bags, with 38.8% of consumers knowingly purchasing them. Shoes, however, were the most common accidental purchase, with 43.8% of consumers having inadvertently bought counterfeit footwear.

    Interestingly, many of the consumers who intentionally bought counterfeit products showed a lack of awareness about intellectual property rights. Almost half of them stated that they were unaware of, or unconcerned about, any possible issues.

    Responsibility and Complaints

    When asked who should bear the responsibility for counterfeit goods, 45.4% of the respondents blamed the sellers. Online platforms came second at 37.3%, while 17.3% of consumers held themselves accountable.

    The Korea Consumer Agency also examined 1,572 consumer complaints lodged between 2022 and February 2025. Handbags were the most frequently reported counterfeit items (21%), followed by shoes, cosmetics, audio devices, and clothing. The majority of complaints involved luxury brands, along with specific products such as Dyson hair dryers and Apple earphones.

    Price Comparisons and Seller Practices

    An analysis of price comparisons revealed further risks. On platforms like AliExpress and Temu, 72.5% of examined products were listed for less than 20% of their official market prices. Instagram and Naver Band also displayed similar steep discounts for over half of their items, with descriptors such as “mirror-grade leather” or “authentic-level” being used. Many sellers used private or external channels, which complicates monitoring efforts.

    Several platforms, including Naver Band, AliExpress, Coupang, and Temu, were criticised by the agency for their lack of clear instructions on how to report counterfeit items. Instead, they necessitated individual inquiries for each case.

    Call to Action

    The agency recommended that authorities and businesses augment their efforts to curb the sale of counterfeit goods. This includes limiting the use of misleading language on social media and enhancing transparency in reporting procedures.

    Questions & Answers

    What is the most common counterfeit item purchased intentionally in South Korea?
    Bags were the most common counterfeit items purchased on purpose, according to the survey.

    Who do consumers believe is most responsible for the sale of counterfeit goods?
    45.4% of respondents believe that sellers are the most responsible for counterfeit items.

    What measures has the Korea Consumer Agency suggested to combat counterfeit sales?
    The agency has suggested strengthening actions against counterfeit sales, restricting the use of deceptive terms on social media, and enhancing the transparency of reporting procedures.

  • Chapanda Prepares To Launch First U.s. Store In NYC, Aiming To Reach Larger Demographic

    Chapanda Prepares To Launch First U.s. Store In NYC, Aiming To Reach Larger Demographic

    Chinese tea retail chain Cha Bai Dao, widely known as ChaPanda, is preparing to launch its inaugural US-based store in Flushing, a neighborhood in Queens, New York City.

    Main Street Debut

    The new store is slated to open on Main Street, an area identified by the company as the bustling commercial heart of Flushing and a locale with one of America’s largest Chinese populations.

    Wang Huan, the Overseas CEO of ChaPanda, explained that the expansion intends to introduce the brand to a much larger demographic. “ChaPanda is committed to providing an unrivaled selection of products and a superior service experience for American consumers. Through our standardized operating systems and extensive global supply chain network, we ensure that our products and services remain consistent across all our international stores,” Huan elaborated.

    Spreading its Wings

    This development comes in the wake of numerous global inaugurations throughout the current year. In May, ChaPanda opened its premier European store in Paris, and just last month, it made its debut in Singapore with two new outlets.

    Notable market analysts from Galaxy Securities and Huaxin Securities have pointed out the effectiveness of ChaPanda’s unique “one location, one strategy” model in yielding positive outcomes in foreign markets. They anticipate that, with the acceleration of its international expansion, the firm is well-positioned to capitalize on a dual growth strategy encompassing both domestic and international markets.

    Questions & Answers

    What is ChaPanda’s expansion strategy?
    ChaPanda’s expansion strategy involves a unique “one location, one strategy” model, which allows the company to customize its approach for each specific market it enters.

    Where is ChaPanda’s first US store going to be located?
    ChaPanda’s inaugural US store will be located on Main Street in Flushing, Queens, New York City, an area known for being a bustling commercial hub and having one of the largest Chinese populations in America.

    What does Wang Huan, Overseas CEO of ChaPanda, say about the company’s approach to maintaining quality and consistency?
    Wang Huan stated that through standardized operating systems and a comprehensive global supply chain network, ChaPanda ensures the consistency of its products and services across all its global stores.

  • Shein Group Considers China Relocation For Favorable IPO Conditions In Hong Kong

    Shein Group Considers China Relocation For Favorable IPO Conditions In Hong Kong

    Fast-fashion retailer Shein Group is reportedly mulling over the idea of relocating its headquarters to China. This move is supposedly aimed at gaining approval from Beijing authorities for its proposed Initial Public Offering (IPO) in Hong Kong.

    Relocation for IPO Approval

    Shein Group, which currently has its headquarters in Singapore, is said to be in preliminary discussions with legal advisors about the possibility of setting up a parent company in mainland China. This information, however, has not been confirmed, as the discussions are still in the early stages. There is also no certainty as to whether Shein will proceed with this move.

    Previous Attempts at Listing

    Originally founded in China, Shein Group has spent a considerable amount of time trying to list, first in New York, then in London. The company, however, has met with resistance from politicians in both the US and the UK. These difficulties have been compounded by the inability to secure approval from China’s securities regulator for an offshore IPO, amidst rising tensions between China and the US.

    At present, Shein Group is focusing on getting listed on the Hong Kong stock exchange.

    Questions & Answers

    Where is Shein Group’s current headquarters?
    Shein Group’s headquarters is currently located in Singapore.

    Where is Shein Group planning to list its IPO?
    Shein Group is planning to list its IPO in Hong Kong.

    What challenges has Shein Group faced in its previous attempts at listing?
    Shein Group has faced criticism from politicians in the US and UK during its previous attempts at listing in New York and London, respectively. The company has also struggled to get approval from China’s securities regulator for an offshore IPO.

  • China’s Credit and Charge Payments Market Expected to Expand 2.4% by 2025, Says GlobalData

    China’s Credit and Charge Payments Market Expected to Expand 2.4% by 2025, Says GlobalData

    China’s credit and charge card payments market is gearing up for a rebound, with a projected growth of 2.4%, potentially reaching an impressive CNY38.4 trillion (approximately $5.3 trillion) by 2025. This forecast comes from GlobalData, a leading data and analytics firm, and indicates a promising recovery after a challenging couple of years due to various economic pressures.

    Consumer Trends Driving Change

    The anticipated growth is largely attributed to a rise in consumer spending and an accelerating shift towards cashless transactions. As more Chinese consumers embrace the convenience of digital payments, the market is poised for an upward trajectory. Enhanced value-added incentives such as cashback rewards, flexible repayment options, and attractive instalment plans are sweetening the deal for consumers.

    Challenges and Recovery

    While optimism is returning, it’s important to note that the credit and charge card payment market in China faced a setback in 2024, with a 7.7% decline in transaction value. Factors such as high inflation, geopolitical tensions, and the trade dispute with the United States played a significant role in this dip. Yet, the resilience of the market and the growing inclination towards credit cards remain evident.

    Rising Popularity of Credit Cards

    Kartik Challa, Senior Banking and Payments Analyst at GlobalData, noted that despite still lagging behind debit cards in terms of penetration, credit and charge cards are increasingly favored for payments. In 2025, the payment frequency for these cards is expected to reach 55.3 transactions per year—significantly outpacing debit card usage. Challa further predicts this frequency will skyrocket to 79 transactions per card by 2029.

    As China’s middle class expands and incomes rise, awareness of the benefits of credit cards—bolstered by aggressive promotions from banks—is driving adoption and usage. It seems that credit cards may soon rival their debit counterparts, dominating the financial landscape in unforeseen ways.

    Questions & Answers

    What factors are driving the expected growth in China’s credit card market?
    The growth is primarily driven by rising consumer spending and a shift towards cashless transactions, along with attractive incentives such as cashback offers and flexible repayment options.

    How did the credit card market perform in 2024?
    In 2024, the market experienced a decline of 7.7% in transaction value, influenced by high inflation, geopolitical uncertainties, and the ongoing trade dispute with the US.

    What does the future look like for payment frequency on credit cards?
    Payment frequency for credit and charge cards is projected to increase from 55.3 transactions per year in 2025 to 79 by 2029, reflecting a growing preference for credit cards among consumers.