Retail News CRM

Author: Mei Ling Tan

  • L’Oreal turns to Google as coronavirus spurs virtual make-up shift

    L’Oreal turns to Google as coronavirus spurs virtual make-up shift

    Shoppers searching Google for cosmetics will be able to try them on virtually through a deal with L’Oreal, as the French group looks to make up for lost store sales caused by coronavirus lockdowns by expanding online.

    Maybelline maker L’Oreal, which returned to comparable sales growth in the third quarter when coronavirus restrictions eased, has sped up some of its web initiatives as a result of the pandemic, its digital chief Lubomira Rochet said.

    “There’s been an acceleration in all our partnerships due to COVID-19,” Rochet said in an online presentation on Thursday.

    The Google GOOGL.O partnership relies on technology designed by ModiFace, a Canadian augmented reality specialist acquired by L’Oreal in 2018, and will also extend to the U.S. group’s YouTube video sharing platform, Rochet said.

    People seeking lipsticks or eye shadows by L’Oreal brands, which include Lancome and Urban Decay, who come across their adverts on Google or YouTube can then try them online.

    YouTube is one of the go-to sites for cosmetics users who often seek out make-up tutorials online, or want to learn from others how to curl their hair.

    L’Oreal, which already had a ModiFace partnership with social media site Facebook FB.O, has seen the usage of virtual make-up tools rise fivefold during COVID-19 lockdowns this year, and the conversion rate from an advert to purchase was three times higher with the try-ons, Rochet said.

    Consumers used it to mimic hair dye colors in particular during coronavirus shutdowns, Rochet added.

    Many countries in Europe including France and Belgium have now re-entered lockdown, forcing beauty chains and hair salons to close, and hitting travel retail sales. Online sales of beauty products, especially in China, have made-up for part of the losses and Rochet expects half L’Oreal’s sales are likely to come from the web within the next three to seven years, up from around a quarter now.

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  • Tesco Thailand takeover gets regulatory nod

    Tesco Thailand takeover gets regulatory nod

    Thailand’s competition regulator has given the nod for British retail giant Tesco to sell its supermarket businesses to the Charoen Pokphand Group, despite monopoly concerns.

    The $10.6 billion sale to Thailand’s biggest conglomerate was first flagged in March and also covers Tesco’s operations in Malaysia.
    “The majority of commissioners agreed that the merger of those businesses (could create) market dominance… but it’s not a monopoly,” Thailand’s Office of Trade Competition Commission said in a statement on Friday.

    The regulator said CP Group is not allowed to pursue other retail merger deals during the next three years.

    Thai Retailers and Wholesalers Association president Somchai Pornrattanacharoen, who was on the regulator’s vetting committee, last month publicly expressed concerns that the deal would grant CP Group a monopoly, according to local media.

    It is a boomerang sale of sorts — Tesco has nearly 2,000 grocery stores across Thailand which it bought from CP Group during the Asian financial crisis in 1997-1998.

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  • Pagerie releases what it bills as world-first luxury accessories for dogs

    Pagerie releases what it bills as world-first luxury accessories for dogs

    The brand, which bills itself as the world’s first “luxury fashion house for pets”, makes each piece by hand using sandy-hued, full-grain French leather and marine-grade stainless steel normally reserved for making yachts.

    “I just always found it odd when I’d see people dressed immaculately but then their dog is sporting a bright red plastic leash from a chain pet store,” founder Mandy Madden Kelley told Dezeen.

    “Our pets are a reflection and extension of ourselves and I realized there was such a gap in the market for products that live up to that connection.”

    The Sahara collection shuns an overly cutesy or utilitarian look in favor of a minimalist design and form-fitting silhouette reminiscent of equestrian equipment.

    “Everything about Pagerie’s styles, shapes cuts, and patterns is meant to conform to the shapes and contours of our dogs,” said Kelley.

    “Other pet accessories tend to be too sporty, masculine or they tend to cover the pet’s entire body. What I was looking for was something more sensual. I wanted to create designs that highlight the gracefulness and elegance that pets have.”

    At $380, the Dórro collar is the cheapest item in the collection and comes with a buckle that can be adjusted to its wearer on first use.

    From then on, the collar can be fastened and unfastened in a process “as seamless as opening and closing your Birkin”, Kelley explained, simply by closing the steel turnlock and securing it by flipping down the hook at the center.

    The matching Tascher leash can be set to three different lengths and used for two dogs simultaneously. It also comes with a cylindrical pouch for doggie bags or treats, rendered in the same sand-colored leather as the other pieces.

    As the most expensive piece, the $720 Babbi harness is modeled after a horse’s saddle and even comes with a removable, quilted lining similar to the saddle pads worn by horses.

    Kelley, a former lawyer and current beauty influencer, argues the collection’s price tag is justified because it will encourage slower, more considered consumption.

    “I would be shocked walking into someone’s homes if they had several different leashes and collars simply because they weren’t able to come across something high quality that they love,” she said.

    “Quality costs more but it can last a lifetime. When my team and I developed the designs for Pagerie, we made them to be timeless, high-quality pieces that would never go out of style or need to be disposed of or replaced.”

    The Sahara collection is the first release by pet wear label Pagerie

    Choupette, the famed cat of late fashion designer Karl Lagerfeld, also made its first foray into pet accessories this year, releasing a woollen, hammock-style cat bed in collaboration with German brand LucyBalu.

    Elsewhere, Asif Khan’s contribution to the Architecture for Dogs exhibition at London’s Japan House saw the British architect add a circular crater to the top of a felt-covered table to allow dogs to snuggle up in it.

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  • Non-performing loans surge due to pandemic

    Non-performing loans surge due to pandemic

    Most banks have seen non-performing loans rise by at least 30 percent in the first nine months as the Covid-19 pandemic hit businesses and individuals. Of 15 commercial banks that have published their third-quarter results, 14 reported a surge in non-performing loans by 30 percent or more.

    State-owned VietinBank posted the highest rise of 66 percent to VND17.95 trillion ($779.36 million), followed by TPBank at 60 percent and MB Bank, 39 percent.

    BIDV, the largest bank in Vietnam by an asset, saw non-performing loans rising 16 percent to VND22.5 trillion, the highest among all lenders.

    Bank leaders say that the rising number of low-quality debt is unavoidable amid the Covid-19 pandemic when many businesses went into financial difficulties due to social distancing measures and dwindling demand for goods and services.

    Nguyen Dinh Tung, CEO of Orient Commercial Bank (OCB), said although the value of non-performing loans has surged, the ratio of it over total debt is still under control.

    But economists say that these figures will continue to worsen next year.

    Economist Nguyen Tri Hieu said that a circular issued by the State Bank of Vietnam in March has allowed banks to lower or cut interest rates on loans to support borrowers amid the pandemic and allow them to delay their payback time.

    Although this circular has given businesses more time to recover from Covid-19 impacts, the loans they had acquired will eventually have to be paid and those unpayable will be turned into bad debts for banks, he said.

    “Banks cannot escape from losing some of their loans in the future.”

    As the global situation of Covid-19 is still intense globally, Vietnamese businesses will still have financial difficulties in this and next year, and therefore the central bank should prolong its low-interest credit program to support local companies, Hieu said.

    Banks, meanwhile, should increase their provisions for doubtful and bad debt to protect themselves from unavoidable risks in the future, he added.

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  • Volvo Recalls 54,000 U.S. Vehicles For Airbag Defect After One Death

    Volvo Recalls 54,000 U.S. Vehicles For Airbag Defect After One Death

    Volvo Cars is recalling 54,000 U.S. vehicles for an airbag defect after one crash death tied to the issue, according to a filing with U.S. regulators. The unit of Geely Automotive is recalling 2001-2003 model S80 and S60 vehicles sold or registered in high humidity U.S. states because the driver side frontal air bag inflator may rupture, sending metal fragments flying, when the airbag is deployed.

    According to the Volvo filing with the government, Volvo will replace the inflators with a modern propellant and inflator. Parts are expected to be available by March.

    The National Highway Traffic Safety Administration (NHTSA) said Saturday it confirmed one person in the United States was killed when a ZF/TRW FG2 twin driver airbag inflator containing the propellant 5AT-148N exploded.

    The issue has been the subject of NHTSA and Volvo meetings since August 2019. The agency said the fatal incident was the only known rupture incident for this type of inflator around the world. NHTSA and Volvo are gathering and reviewing data about other vehicles with this inflator to determine if additional actions are needed, the U.S. agency said.

    Volvo did not immediately comment on Saturday. ZF Group said Saturday it was first notified by Volvo in August 2019 of the incident and it “promptly informed NHTSA and, together with Volvo, began investigating the incident.”

    ZF added it “will continue to work closely with NHTSA and Volvo on this issue.”

    NHTSA has investigated for years other airbag inflator ruptures. The largest automotive recall in history involves about 100 million inflators produced by another parts maker Takata that have been recalled by 19 major automakers worldwide and linked to 26 deaths.

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  • Deloitte Ex-Partner Wants Appeal Heard

    Deloitte Ex-Partner Wants Appeal Heard

    A former star consultant of Deloitte in Switzerland is seeking to revive an appeal of his dismissal. He was let go last year amid accusations of bullying and expense irregularities.

    David Joseph, a Dutch-born forensics expert who was let go by Deloitte last year, wants a court to revive his challenge to his forced retirement, according to legal blog Law 360. A spokesman for Joseph couldn’t immediately be reached for comment.

    The case is noteworthy because it revealed the inner workings of a highly secretive, lucrative industry which has become indispensable to Swiss banks. Joseph reportedly earned Deloitte more than $200 million in fees as the point person for Credit Suisse’s efforts to cleanse itself of U.S. tax cheats from 2012 until relatively recently last year.

    Joseph was reportedly first cautioned back in 2015 for taking a belligerent attitude towards colleagues and acted entitled to expense reimbursements for top performers of his team. The consultant denied all of the accusations, arguing Deloitte had treated him unfairly and unjustly.

    He is now haggling in a British court over whether he asked Deloitte for a review of his dismissal too late. Joseph previously argued he couldn’t be physically present at the time due to illness, but had lodged a written memorandum listing his objections.

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  • UnionPay Makes Waste Reduction Fashionable with Jay The Rabbit Collaboration

    UnionPay Makes Waste Reduction Fashionable with Jay The Rabbit Collaboration

    UnionPay, a global payment brand, collaborates with Jay The Rabbit, one of Thailand’s favorite cartoon characters with over 1 Million followers across social media platforms to produce re-usable bags aim at reducing one-time plastic bags usage.

    UnionPay Cardholders with a minimum spend of 1,500 Baht* can redeem a UnionPay x Jay The Rabbit canvas bag worth 899 Baht from now till 6 December 2020 at 10 participating department stores in Bangkok which include Central Chidlom, Central @ Central World, Central Ladprao, Central Bangna, Central Pinklao, Siam Paragon Department Store, The Emporium and EmQuartier, The Mall Bangkapi, and The Mall Bang Khae. There are over 4,000 bags to be redeemed. UnionPay X Jay The Rabbit on-ground activities will also take place at Central World on 14 & 15 November 2020.

    Huiming Cai, General Manager of UnionPay International Southeast Asia said, “We hope that these specially designed limited-edition re-usable bags enhance the shopping experience of consumers while raising awareness on reducing the usage of single-use plastic bags.”

    In Thailand, UnionPay partners Bangkok Bank, Bank of China, ICBC Bank, Kasikorn Bank, Kiatnakin Bank, Krungthai Bank, LH Bank and Krungthai Card Company to provide a wide array of payment products and services.

     

  • AEON Thailand Foundation supports the Cardiac Children Foundation of Thailand in Congenital Heart Disease project

    AEON Thailand Foundation supports the Cardiac Children Foundation of Thailand in Congenital Heart Disease project

    Ms. Suporn Wattanavekin (right), Chairman of AEON Thailand Foundation donated 500,000 Baht to the Cardiac Children Foundation of Thailand under the Royal Patronage of H.R.H. Princess Galyani Vadhana Krom Luang Naradhiwas Rajanagarindra in support of the “Children with Congenital Heart Disease Surgery Project”. The donation, received by Dr. Thanarat Layangool (left), President of The Cardiac Children Foundation of Thailand, will go towards surgeries and cardiac catheterizations outside office hours for up to 14 pediatric patients.

     

  • LINE Pay and LINE Financial Recognized at Good Design Award 2020

    LINE Pay and LINE Financial Recognized at Good Design Award 2020

    LINE Corporation announced today that it received two awards at the Good Design Award 2020. LINE Pay’s rebranding project was selected in the “Best 100” category while LINE Financial received a “Good Design Award” in the application category.

    Operated by Japan Institute of Design Promotion, the Good Design Award is considered a globally renowned design accolade, receiving more than 4,700 entries from around the world this year alone. Winners are allowed to use the “G Mark” logo on their products in recognition of their excellence.

    Both designs were produced by the BX Design Team at LINE Plus. The LINE Pay rebranding project was chosen for its sleek and scalable design, offering familiarity for users while increasing business potential. The LINE Financial services logos were recognized for their intuitive and easy-to-understand icons that are suitable for users of all ages. More information about both awards can be found on the Good Design Award website.

    LINE Pay Corporation, the operator of LINE’s digital wallet service, carried out a rebranding to refocus the company’s messaging, emphasizing how is evolving with society and becoming “The Next Payment Platform.” The rebrand also added visibility and simplicity to the LINE Pay logo, with the rebranded logos having a positive impact on both merchants and users, leading to an increase in the installation of the LINE Pay point of sales materials (POSM) in stores.

    LINE Financial has been introducing a range of financial services, including insurance, investment services, loans, and a credit scoring service, with the aim of bringing people and finance closer by creating new financial experiences. The brand design of these financial services captured a simpler user experience while also presenting a unified identity.

    With these awards, LINE Plus BX Design Team has been now recognized for its excellence in design by three of the most renowned international design awards: by the iF Design Award 2019, Red Dot Award 2020, and Good Design Award 2020.

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  • Suzuki Expects Annual Profit To Shrink By A Quarter As India Sales Slump

    Suzuki Expects Annual Profit To Shrink By A Quarter As India Sales Slump

    Suzuki Motor Corp on Thursday forecast operating profit to fall by a quarter to 160 billion yen ($1.5 billion) in the year to March as sales, including in its key Indian market, shrink amid the coronavirus pandemic. That prediction was more than an average estimate for a 124.3 billion yen compiled from 14 analysts polled by Refinitiv.

    Suzuki’s Indian car sales in the first half of the year fell 36% to 432,000 vehicles, and dipped in other markets, including Japan, Indonesia and Europe as people stay away from dealerships.

    “We don’t know what will happen with the coronavirus in India or what measures the government will implement, so that makes the market difficult to predict,” Suzuki’s president, Toshihiro Suzuki said in a conference call.

    India accounts for just over half of Suzuki’s global car sales. Through its majority stake in Maruti Suzuki India Ltd, the company accounts for roughly one in every two cars sold in the country.

    Last business year, Maruti Suzuki paid Suzuki 38.2 billion rupees in royalties, or about 5% of its revenue, according to its annual report

    For the full business year, the Japanese automaker expects to sell 2.38 million cars worldwide, 16.6% fewer than the previous twelve months.

    The forecast came as Suzuki posted a 73.6 billion yen operating profit in the three months ended Sept. 30 compared with a profit of 55.9 billion yen a year earlier, according to Reuters’ calculations.

    Japan’s fourth-largest automaker had declined to give a full-year forecast when it reported it first-quarter results.

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  • HKMA Lauds Ant’s Role Despite IPO Pullout

    HKMA Lauds Ant’s Role Despite IPO Pullout

    Despite a halted dual listing, Ant Group will continue to play an important financial role in Hong Kong, according to officials from the city’s central bank.

    The Hong Kong Monetary Authority (HKMA) expressed continued confidence in the city’s fintech industry and specifically named Ant as a firm that would remain important in the market.

    According to Nelson Chow, HKMA’s chief fintech officer, the was no reason to question Ant’s presence in Hong Kong despite the sudden pullout from an IPO.

    This is one player, but many players are in town as well, so they are competing against each other to offer better services, said Chow, according to a report.

    On the eight newly launched virtual banks which includes one operated by Ant, Chow described progress as «good», highlighting strong business models for funding small and medium-sized businesses through the use of alternative data.

    The HKMA will need some time to observe the existing players, Chow said when asked about the possibility of issuing more virtual bank licenses.

    On Hong Kong’s capital markets, Chow stressed that he believed that Ant’s IPO pullout would have no material effect on investor appetite.

    The tone is very upbeat, he said. Investors see Asia and particularly Hong Kong as one of the major places where we’ll see a lot of fintech development.

    And on mainland China’s digital yuan, Chow said that the HKMA would welcome any decision from Beijing, adding that it would «stand ready to cooperate.

  • Samsung launches improved version of Galaxy S20 FE 5G

    Samsung launches improved version of Galaxy S20 FE 5G

    Samsung fans who haven’t yet caved and bought a Galaxy S20 FE are given another alternative if they’re still in the market for one. The South Korean giant has just revealed an improved version of the Galaxy S20 FE that will go on sale this week.

    The new Galaxy S20 FE announced today packs 256GB storage, as opposed to the original model that offers just 128GB of internal memory. Apart from the fact that it comes with double the memory, the new Galaxy S20 FE retains all the features of its twin brother.

    The Galaxy S20 FE 5G with 256GB of storage will be available for purchase starting November 6 for $770. It will go on sale in Cloud Navy at select carriers, but Samsung will also offer the smartphone unlocked through its online store.

    Customers who choose to buy the unlocked version from Samsung can get it for $320 or $13.34 a month with eligible trade-in value up to $450. According to Samsung, this is a limited time offer, so those of you looking to grab one might want to hurry.

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  • Apple brings 100 new emoji and more to the iPhone with release of iOS 14.2

    Apple brings 100 new emoji and more to the iPhone with release of iOS 14.2

    Emoji fans using an iPhone should be happy to see that iOS 14.2 has been released. Why? Because the latest build of Apple’s mobile operating system features a large number of new emoji including a transgender pride flag, a dodo, a pinched finger emoji, an anatomical heart, lungs, a man feeding a baby, and more. You can see the entire list of new emoji that comes with iOS 14.2 by visiting the Emojipedia website.

    One of the fun new features for iOS 14.2 brings music discovery app Shazam to the Control Center. We first told you about this back in September when Apple dropped a public beta for iOS 14.2. Shazam is able to listen to a song playing in the background and fairly quickly, it will post the name of the tune, the artist who sings it, the lyrics, and more. The app was one of the first to be featured by Apple in a series of iconic ads for the brand new App Store that told us that whatever we are doing, “there’s an app for that.” Three years ago, Apple decided to purchase Shazam for $400 million.

    The update includes eight new wallpapers in both light and dark mode. Those with an iPhone 12 series handset can use the magnifier app to detect people nearby and measure their distance away by using the LiDAR depth sensor. The Time-of-Flight sensor computes how long it takes for a beam of infrared light to bounce off of a subject and return to the phone. With this data, more accurate depth measurements are computed allowing the iPhone 12 Pro and Pro Max to deliver enhanced AR capabilities and improved bokeh blurs on portraits. Speaking of the iPhone 12 series, iOS 14.2 adds support for the Leather Sleeve MagSafe accessory. Leather cases with MagSafe will be available to be pre-ordered starting today. The sleeves and the MagSafe Duo Charger. Both the leather sleeves and the MagSafe Duo Charger will be released at a later date, possibly not until 2021.

    The update to iOS 14.2 also helps provide optimized battery charging for the AirPods slowing the rate at which the wireless Bluetooth earbuds batteries age. Users will receive a notification whenever the audio levels on their headphones are too loud and could cause problems to users’ hearing. New AirPlay controls can stream entertainment throughout your home. And there are many more items on the changelist.

    The update also fixes a number of issues including one that keeps the iPhone screen black while viewing Netflix content, and one that makes the camera viewfinder appear black when the camera app is open. Some of the resolved issues revolve around widgets such as the weather widget that displays the temperature in Celsius even when it is set to Fahrenheit. One bug forces the Apple Watch app to unexpectedly close when opened and in some cases, Apple Pay won’t send or accept cash via Siri. One bug prevents devices from charging wirelessly.

    To update your iPhone go to Settings > General > Software Update. If the update is on your device, tap on Download and Install. As we said, iPadOS 14.2 is also available to be installed on a compatible iPad tablet, and to do so, use the same directions we told you for the iPhone. The new update to watchOS 7.1 contains “new features, improvements, and bug fixes.” To update your Apple timepiece, first, make sure that your iPhone is running the latest version of iOS. Make sure that your Apple Watch is updated to at least 50% and connect your iPhone to Wi-Fi. Keep your iPhone nearby your Apple Watch and the update will take place over several minutes to an hour. Thus, you might want to wait to update overnight.

    You can also try to update your Apple Watch using the iPhone:

    • Keep your Apple Watch on its charger until the update completes.
    • On your iPhone, open the Watch app, then tap the My Watch tab.
    • Tap General > Software Update.
    • Download the update. If asked for your iPhone passcode or Apple Watch passcode, enter it.
    • Wait for the progress wheel to appear on your Apple Watch. It could take from several minutes to an hour for the update to complete.

    If your Apple Watch is running watchOS 6 or higher, you can update your Apple Watch without using the iPhone. Follow these directions:

    • Make sure that your watch is connected to Wi-Fi.
    • On your watch, open the Settings app.
    • Tap General > Software Update.
    • Tap Install if a software update is available, then follow the onscreen instructions.

    Leave your Apple Watch on its charger while the update completes. Don’t restart your Apple Watch, and don’t quit the Watch app. When the update completes, your Apple Watch restarts on its own.

    Apple also released a special update that adds security updates to older iPhone, iPad, and iPod touch units. The update installs iOS 12.4.9 to iPhone 5s, iPhone 6, iPhone 6 Plus, iPad Air, iPad mini 2, iPad mini 3, and iPod touch (6th generation).

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  • Singapore and Indonesia Central Banks Extend Swap Arrangement

    Singapore and Indonesia Central Banks Extend Swap Arrangement

    The extension will support monetary and financial stability in both countries amid the COVID-19 pandemic, MAS said.

    Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have agreed to extend a $10 billion bilateral financial arrangement for another year, MAS announced on Thursday.

    This is the second extension of the arrangement, which was launched in 2018 for one year. It enables the two central banks to access foreign currency liquidity from each other, if needed, to preserve monetary and financial stability.

    It comprises a local currency bilateral swap agreement that allows for the exchange of local currencies between the two central banks of up to S$9.5 billion or IDR 100 trillion ($7 billion equivalent), and an enhanced bilateral repo agreement of $3 billion that allows for repurchase transactions between the two central banks to obtain USD cash using G3 government bonds as collateral.

  • Alibaba E-commerce sales sky high

    Alibaba E-commerce sales sky high

    Alibaba Group beat third-quarter revenue estimates, driven by e-commerce growth after China emerged from coronavirus lockdowns, and said it was assessing the suspension of its affiliate Ant Group’s listing.

    China’s surprise suspension of Ant Group’s planned $37 billion Shanghai initial public offering (IPO) was seen by some analysts and investors as an attempt by Beijing to cut founder Jack Ma and his financial services empire down to size.

    Alibaba CEO Daniel Zhang said during an earnings call that added that Alibaba is “actively evaluating” the impact of the Ant Group IPO’s suspension on its business and will “take appropriate measures accordingly”.

    Ant Group said separately it would decide whether to restart its IPO after fully reviewing and evaluating relevant measures.

    Alibaba’s results also coincided with markets awaiting the outcome of the US presidential election results, with Democrat Joe Biden edging closer to victory.

    Under Donald Trump, the world’s top two economies have clashed over trade, forcing some Chinese companies to put off US IPOs and list on exchanges close to home.

    Revenue at Alibaba’s cloud computing business, a focus area for the company, jumped 60 percent to 14.9 billion yuan (US$2.25 billion), while sales from its core e-commerce business rose 29 percent to 130.92 billion yuan in the reported quarter.

    Net income fell 63 percent to 26.52 billion yuan, as Alibaba had booked a one-off gain last year from its 33-per-cent stake in Ant Group.

    Revenue rose 30 percent to 155.06 billion yuan in the quarter ended September 30, compared to estimates of 154.74 billion yuan, according to IBES data from Refinitiv.

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