Retail News CRM

Author: Mei Ling Tan

  • Sale of China’s Burger King franchise at stake

    Sale of China’s Burger King franchise at stake

    TAB Food Investments is looking to sell its 50-per-cent stake in Burger King’s China operations, which could value the asset at more than $1.2 billion, according to Bloomberg.

    TAB Food is the largest global franchisee of Restaurant Brands International and runs more than 1200 Burger King locations across China. The business had expressed interest in launching an IPO for its China operations some time ago, though now may be investigating exiting the business entirely.

    According to sources, the deliberations are still at an early stage, and TAB could still decide to hold on to the business or revive the IPO plans which were postponed in 2018 with no reason given.

    An ongoing sale process isn’t underway, a TAB spokesperson told Bloomberg. The business is the biggest franchisor of Burger King globally and manages close to 2000 restaurants across China and Turkey.

    TAB also holds the rights to the Popeye’s Chicken brand, which has just opened its first store in Shanghai and is set to launch further 1500 in China over the next 10 years.

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  • New Wealth to Grow Distribution in Indonesia

    New Wealth to Grow Distribution in Indonesia

    The Singapore-based digital wealth engagement solutions provider has its sights on the retail and affluent banking segments in Indonesia.

    New Wealth has inked a strategic partnership with digital engineering firm HAXtech to distribute its solutions to banks, insurance, and fintech firms in Indonesia, the company announced in a press release on Friday.

    The partnership promises improved market access, faster project delivery, and enhanced in-country client support, New Wealth said in the announcement.

    CEO Löic Pitrou said the company is currently expanding its ability to deliver multiple digital finance projects in Indonesia to support the fast-growing digital savings and wealth management sector there.

    Pitrou, a digital finance strategy and Robo-advisory specialist, founded New Wealth company in 2018. Its senior management team includes head of the experience lab Sudhir Nain and chief technology officer Simon Mazas. The company provides sales and advisory tools and applications for both relationship managers and self-directed investors.

    Its clients and partners include Commonwealth Bank, Standard Chartered, Morningstar, Eastspring, and Savio, according to its website.

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  • Hero Electric Ties Up With GoWash To Provide Electric Scooters

    Hero Electric Ties Up With GoWash To Provide Electric Scooters

    Hero Electric has partnered with Nagpur-based doorstep vehicle washing and auto detailing service provider GoWash. As part of the partnership, professionals of GoWash will use customized Hero Electric NYX HS500 ER electric scooters fitted with a dedicated compartment box at the rear while going for doorstep detailing and washing service. GoWash aims to start with 12 washing vehicles and provide service to 1,500 customers in September 2020. Later, they will be deploying 50 washing vehicles and aim at providing service to 6,000 customers by November 2020 in Nagpur city.

    Speaking on the partnership, Sohinder Gill, CEO, Hero Electric said, “Hero Electric is proud to partner with GoWash as this collaboration further strengthens our mission of providing eco-friendly mobility solutions to people. Hero Electric has always been an advocate of adopting sustainable practices by using electric mobility and GoWash has proven to have the best expertise in auto-detailing services while nurturing environmental practices. With this, we aim to expand the horizon for the adoption of electric vehicles and are excited to support GoWash in its vision.”

    Yashwant Budhwani, Founder and CEO of GoWash said, “For us at GoWash, it is not about being the No.1; it’s about being the best. best in service to the customers as well as create the best employment platform. All in all, we want to make this planet a better living place.”

    GoWash plans to expand its operations to Bengaluru in 2021. Customers can book a service on the company’s smartphone application. Along with vehicle washing services, GoWash also provides where customers can avail ceramic and PU coating services at nominal rates.

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  • Top fried chicken restaurant chains post growth

    Top fried chicken restaurant chains post growth

    Vietnam’s three most popular fried chicken restaurant chains earned combined revenues of VND4.3 trillion ($185.5 million) last year, up more than 11 percent year-on-year. South Korean brand Lotteria recorded the highest revenues at VND1.68 trillion ($72.5 million), up nearly 8 percent year-on-year. It has the highest number of outlets in Vietnam at over 210 in more than 30 localities.

    Lotteria’s performance was an improvement with over the 2 percent growth rate recorded in 2018 and 2017, but smaller than the double-digit rate it enjoyed from 2014-2016.

    It was followed by American brand KFC with revenues of nearly VND1.5 trillion ($64.3 million), up 1.3 percent year-on-year. In 2018 and 2017 its growth rate was 7.5 and 18.3 percent respectively.

    KFC, the earliest of the three to enter Vietnam, has over 140 outlets in 32 localities. In third place, with revenues of VND1.1 trillion, was a Filipino brand Jollibee. With over 100 outlets, Jollibee posted the highest growth of the three at over 40 percent year-on-year.

    In the last three years, its annual growth rate has averaged over 37 percent, several times that of KFC and Lotteria. But of the three chains, only KFC posted a pre-tax profit of VND102 billion last year, its fourth consecutive profit-making year.

    Both Lotteria and Jollibee have been reporting losses in the last five years. Last year, the two chains reported losses of VND22 billion and VND10 billion, respectively.

    Market observers have attributed the slower growth of fast-food chains in recent years to changing eating habits among the Vietnamese, who are prioritizing health over convenience.

    Market research firm Nielsen had said earlier in a report that there was an increasing percentage of Vietnamese identifying health as a sign of success instead of richness. The rising number of food contamination cases and environmental issues have also prompted people to care more about health issues, it said.

    In 2018, there were 7,000 fast food outlets in Vietnam, a relatively insignificant number considering there are around 540,000 food and beverage businesses comprised of 430,000 street vendors, 80,000 restaurants, and 22,000 cafes and bars, according to Dcorp R- Keeper, a global company which provides technological solutions to food and beverage businesses.

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  • Central Retail to merge Central with Robinson

    Central Retail to merge Central with Robinson

    Thailand’s Central Retail group plans to merge its two department-store businesses – Central and Robinsons.

    According to CRC, the merger is part of the company’s strategy to be the first omnichannel department store in Thailand. However, the company will continue to operate Central and Robinson as independent banners.

    “The business synergy will give the combined department stores a significant acceleration to become more customer-centric, as well as to strengthen the company’s omnichannel competencies,” said Nicolo Galante, president of Central Retail.

    “Through this new chapter of our business, we want to ensure that we continue to grow and create a winning company for the long term,” Nicolo said.

    Robinson department stores focus on apparel and beauty with 74 stores across the country. Central department stores are generally larger and have a more comprehensive product category-spanning multiple categories.

    It appears from information supplied by the company that the greatest impact of the merger plan will be in the fashion and apparel categories, streamlining offers.

    CRC also said it plans to open between two and five new stores annually.

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  • Apple India opening online store early next week

    Apple India opening online store early next week

    Apple India will open its online store in India on September 23, representing the tech giant’s first formal step into direct retailing in the world’s second-most populous country.

    In a statement, the US company said the online Apple Store would offer a full product range and ship nationwide along with finance and a level of customer support similar to that offered in physical Apple stores elsewhere in the world.

    “We’re proud to be expanding in India and want to do all we can to support our customers and their communities,” said Deirdre O’Brien, Apple’s senior vice president of Retail + People. “We know our users are relying on technology to stay connected, engage in learning, and tap into their creativity, and by bringing the Apple Store online to India, we are offering our customers the very best of Apple at this important time.”

    Besides selling products, the store will offer customers technical support and training in using and setting up Apple products, in either English or Hindi.

    The company said all online orders will be shipped via a contactless delivery process to preserve the health of staff during the Covid-19 pandemic.

    While Apple has been selling products through retail partners and distributors in India for more than 20 years, it has long wanted to launch a direct-to-consumer presence there. Until recently it was hamstrung by foreign investment laws in the state which require a minimum proportion of locally sourced components in products sold in overseas-owned retail networks. The company has steadily increased its manufacturing in India and now claims to support almost 900,000 jobs nationwide.

    The company continues to plan the opening of its first physical store in the country, most likely in Mumbai, with CEO Tim Cook promising in February it would open next year.

    Apple has an App Design and Development Accelerator in Bengaluru which supports thousands of local developers.

  • Juventus F.C. Partners Multi-Family Office to Grow Asia Fanbase

    Juventus F.C. Partners Multi-Family Office to Grow Asia Fanbase

    Hong-Kong-based Raffled Family Office will become the football club’s regional partner in Asia under a three-year deal inked this week.

    Under the partnership, the two sides will collaborate on a range of branding and marketing initiatives, and the Italian club’s first team will return to Asia, following visits to Singapore for friendly games in 2014 and 2019.

    At a media briefing earlier this week, RFO founder and CEO Chi Man Kwan said there will also be opportunities for its ultra-high-net-worth clients, business partners, and employees to catch Champions League games involving the Italian champions and meet its stars.

    Juventus opened its APAC marketing office in 2019, and like Raffles, has expressed a desire to grow its reach in Greater China.

    Both our Club and Raffles Family Office share a solid synergy in our embracing and nurturing family legacy and heritage. We believe this partnership will undoubtedly support both brands’ aims to expand their horizons in Asia, Giorgio Ricci, chief revenue officer of Juventus, said in an announcement.

    Founded in Hong Kong in 2016, Raffles Family Office currently has a 72-strong team across Hong Kong, Singapore, Taipei and Shanghai.

    Juventus begins its defense of the Serie A title on Sunday with a visit from Sampdoria.

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  • Kerry Logistics crowned the winner of the CILT Award 2020 Enterprise Award for Service Excellence

    Kerry Logistics crowned the winner of the CILT Award 2020 Enterprise Award for Service Excellence

    Kerry Logistics Network Limited is delighted to be crowned the winner of the CILT Award (the ‘Award’) 2020 – Enterprise Award for its outstanding service.

    Organised biennially by the Chartered Institute of Logistics and Transport in Hong Kong (‘CILTHK’) to recognise professional excellence and promote the best practice of transport and logistics, the Award is categorised into two streams – the Enterprise Award and the SME Award. A five-member judging panel, consisting of industry practitioners, academics and professionals, presided over the assessment to laud service excellence. The awardees were selected based on seven criteria, namely, customer satisfaction, achieving United Nations Sustainable Development Goals, infrastructure, innovation, operational effectiveness, quality management and risk management & control.

    William Ma, Group Managing Director of Kerry Logistics Network, said, “We are very excited to win this award. CILTHK is a renowned organisation that has been making great contribution to the development of professionals for the logistics and transport industry in Hong Kong. While we celebrate this honour, we also feel a sense of responsibility and pride in our job as a logistics service provider, at a time when the global supply chain is facing unprecedented chaos. Logistics demands are coming from all quarters, and the role that the logistics industry plays in supporting everyday lives is more important than ever. It is a role that Kerry Logistics is equipped and ready to play well.”

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  • Bossini results in freefall as Covid-19 hits the entire fashion industry

    Bossini results in freefall as Covid-19 hits the entire fashion industry

    Covid-19 has increased Hong Kong-listed apparel group Bossini’s loss attributable to shareholders by 174 percent from last year to US$48.85 million.

    Sales for the 12 months to June 30 hit $141 million, down by 27 percent, and gross margin fell to 49 percent, from 52 percent last year.

    “Since 2019 the economic environment of the core markets in which the group operates, comprising Hong Kong and Macau, Mainland China and Singapore, has been adversely affected by the Sino-US trade tensions, the local social incidents in Hong Kong and the global outbreak of Covid-19,” the business said.

    “Social distancing, lockdowns, curfews, and changing quarantines have created immense challenges for our retail operations. Moreover, major banks continue to tighten our credit facilities, and it is difficult to predict whether additional measures will  be implemented by the banking sector in the future.”

    In response, the business is working to reduce its costs by “streamlining business operations”, and reviewing inventory levels and its store portfolio in an effort to exit loss-making sectors. Bossini said its rental expenses are “very unreasonable”, that it will focus on renegotiating leases, and that should landlords be reluctant to drop rent it will close stores.

    Bossini’s new owner, Viva China Holdings, said it expects to continue facing headwinds in the short-term and that there isn’t enough information for it to form an optimistic opinion for the foreseeable future.

  • 7-Eleven and Coca-Cola open crossover experiential store in Singapore

    7-Eleven and Coca-Cola open crossover experiential store in Singapore

    7-Eleven has collaborated with Coca-Cola to launch a crossover experience store in Singapore. Located at the House of Eden, the store spans two stories and is dressed in Coca-Cola’s signature red.

    Behind the floor-to-ceiling glass windows, a giant ‘Coca-Cola Splash Tree’ and beverage cooler signify this store is something different from the typical convenience store. The ground floor houses a 7-Eleven retail area which also sells ready-to-eat meals and fresh baked goods.

    To get to the upper floor, customers walk through a Coca-Cola branded staircase ‘tunnel’ with LED lighting under each panel to guide their steps. The floor houses a customized 7-Eleven x Coca-Cola Pit-Stop wall and a seating area with red and white furniture. Two claw machines are set up near the staircase for entertainment.

    The store also features several Instagrammable backdrops with the brands’ logos for visitors to take photos with.

    “Through this collaboration, we will further strengthen our position as a fun and innovative brand and create talk-of-the-town experiences for our customers,” said Steven Lye, MD of 7-Eleven Singapore.

    “Today, the convenience store culture has also become an intrinsic part of our fast-paced lifestyles,” said Chris Tan, commercial director, Coca-Cola Singapore Beverages. “At the Coca-Cola Pit Stop with 7- Eleven here in Singapore, they can re-energize within a safe environment that truly embodies the Coca-Cola brand.”

    Coca-Cola Pit-Stop Singapore is not the brand’s first collaboration with 7-Eleven. In July, both brands launched a themed store in Hong Kong, where the convenience-store business is owned by the same franchisee, Dairy Farm International. But compared to the Hong Kong store design, this Singapore store is considerably larger and more imaginative.

  • Economy VN-Index gains for fourth consecutive session

    Economy VN-Index gains for fourth consecutive session

    The VN-Index edged up 0.14 percent to 897.47 points Wednesday, with trading volume significantly down compared to the last several sessions. The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session with 183 stocks gaining and 198 losings.

    Total trading volume fell around 20 percent compared to the previous session, to VND5.05 trillion ($217.57 million), after two weeks when daily liquidity consistently surpassed the VND6 trillion mark.

    Although the benchmark VN-Index had been in the red for most of the session, a surge in buy orders within the final 15 minutes of trading, also known as at-the-close orders, brought the index up above its opening.

    The VN30-Index for HoSE’s largest caps also rose 0.14 percent, with 11 tickers gaining and 11 losings.

    Topping gains was PLX of petroleum distributor Petrolimex, up 2.6 percent. Results in the oil and gas sector were mixed, with POW of electricity generator PetroVietnam Power keeping its opening price, while GAS of energy giant PetroVietnam Gas shed 0.4 percent.

    Of the VN30, most oil and gas stocks rose Wednesday. PVC of PetroVietnam Chemical and Services surged 7 percent, PVB of PetroVietnam Coating added 5.4 percent, OIL of PetroVietnam Oil 2.6 percent, and PVD of PetroVietnam Drilling 2.25 percent.

    Gains in this sector seem to be in line with the rise in global oil prices. The threat of a hurricane to America’s coastal refineries is causing oil prices to surge on the threat to fuel supplies. As of 5.13 p.m., U.S. benchmarks WTI Crude and Brent Crude were up 2.27 percent and 2.10 percent respectively, to $39.15 and $41.38 a barrel.

    On the VN30, the next major gainers were MWG of electronics retailer Mobile World, up 1.8 percent, PNJ of jewelry retailer Phu Nhuan Jewelry, up 1.3 percent, FPT of IT services group FPT, 1 percent, and SSI of top brokerage Saigon Securities Inc., 0.6 percent.

    VIC of private conglomerate Vingroup, the HoSE’s largest cap, added 0.5 percent this session. VHM of its real estate arm Vinhomes also gained 0.5 percent, while VRE of retail arm Vincom Retail remained flat.

    Leading losses this session was MSN of food conglomerate Masan Group, down 0.9 percent.

    Most banking tickers were in the red this session. CTG and BID of state-owned banking giants VietinBank and BIDV slipped 0.8 percent and 0.5 percent respectively.

    In the private sector, STB of Sacombank, VPB of VPBank, and HDB of HDBank dropped 0.4 percent, 0.2 percent and 0.2 percent respectively.

    Other major losers were VNM of dairy firm Vinamilk, TCH of truck dealer Hoang Huy Group, and ROS of construction firm FLC Faros, all down 0.5 percent.

    Meanwhile, the HNX-Index for the Hanoi Stock Exchange, home to mid- and small-capped stocks, fell 0.05 percent, and the UPCoM-Index for the Unlisted Public Companies Market rose 0.34 percent.

    Foreign investors were net sellers again, to the tune of VND202 billion on all three bourses. The most net sold stocks were VHM of Vinhomes and VNM of Vinamilk.

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  • Razer releases data on 100,000 customers

    Razer releases data on 100,000 customers

    Global gaming retailer, manufacturer and payments ecosystem Razer has inadvertently exposed personal information about some 100,000 of its customers online due to a misconfigured server.

    The data was stored on an Elasticsearch cluster that was set to allow public access, potentially exposing the customers to targeted phishing attacks by individuals posing as the company. Sensitive personal data such as credit card numbers and passwords were not revealed.

    According to a comment posted by the firm, the server misconfiguration was fixed on September 9 prior to the lapse being made public. The information had been exposed for three weeks as Razer’s non-technical staff processed a report alerting the firm to the problem.

    The breach was uncovered by cybersecurity consultant Volodymyr Diachenko, who has since offered to conduct a live educational session to raise cybersecurity awareness within the firm. It is unclear whether or not Razer has accepted the offer.

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  • Zara parent posts US$229m first-half loss during Covid-19

    Zara parent posts US$229m first-half loss during Covid-19

    Zara-owner Inditex posted a net loss of US$229 million during the six months to 31 July, after a successful second quarter largely helped mitigate a disastrous start to the year.

    The first three months suffered a $481 million loss due to the sudden impact of the Covid-19 pandemic, while the second quarter rebounded to a profit of $253 million.

    Online sales soared 74 percent during the same period, as with many businesses during the pandemic, as customers moved online while up to 87 percent of the business’ stores were closed.

    Inditex executive chairman Pablo Isla said he is pleased with the online result, and that it shows the importance of an integrated omnichannel strategy.

    “This is a cornerstone of our unique business model with three key pillars – flexibility, digital integration, and sustainability,” Isla said.

    “Day to day this combination is proving its solidness.”

    The third quarter has continued to see a return to normalcy, the business said. Online sales have continued growing sharply, while store sales are recovering. Sales from August 1 to September 6 are improving, however down 11 percent year on year.

    And a number of new omnichannel initiatives that launched in the first half will be furthered moving forward, such as a plan to shut down smaller stores and absorb them into larger format locations that lend themselves better to an integrated model.

    During the first half 72 stores were refurbished, 35 of which were store expansions.

    Last week the business launched ‘Store Mode’, which saw 25 of its stores across Spain offer new features to customers using the Zara app: Click & Go, Click & Find, and Click & Try.

    Click & Go allows a click and collect offer that will see a product ready to be picked up within 30 minutes, Click & Find allows customers to find garments in-store using a RFID-enabled store map, while Click & Try allows customers to book time in a fitting room to avoid waiting.

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  • Marina Bay Sands Casino Hires Law Firm for Money Transfer Probe

    Marina Bay Sands Casino Hires Law Firm for Money Transfer Probe

    Marina Bay Sands has hired a law firm to investigate employees transfers of more than $1 billion of gamblers’ money to third parties.

    Dispute resolution and international arbitration specialist Davinder Singh Chambers LLC has been hired for the investigation, according to a «Bloomberg» report citing unnamed sources.

    In addition to numerous high-profile lawsuits in banking, debt structuring and fraud, Davinder Singh in Singapore is most notably known for representing Prime Minister Lee Hsien Loong in a number of defamation cases.

    In 2019, MBS faced a lawsuit from patron Wang Xi who alleged that the casino transferred $6.7 million of his money to other gamblers without his knowledge.

    The lawsuit was subsequently settled out of court in June with non-admission of liability from both sides and full reimbursement of Wang’s money by MBS.

    Marina Bay Sands (MBS) continues to work closely with its regulators to monitor MBS’s compliance with all legal obligations, the casino said.

    Previously, law firm Hogan Lovells reviewed more than 3,000 letters of authorization from 2013-2017 for fund transferals from patrons to third parties totaling about $1 billion.

    It was found that there were multiple instances where employees did not comply with proper standards, filling payment details on pre-signed or photo-copied authorization forms, according to the report, as well as cases where original documents were destroyed.

    Of the total amount transferred, $268 million was based on multiple authorization letters that «bore signatures that appeared to be similar» and another $561 million was transferred by a concentrated group of employees – both of which led to red flags raised.

    Following Wang’s case, MBS faced increased scrutiny from the likes of the Singapore police and the Casino Regulatory Authority which said it would continue to exercise close oversight to ensure that MBS’ measures are effective.

    But local authorities are not the only bodies stepping up scrutiny against Las Vegas Sands’ Singapore unit. The U.S. Department of Justice also launched its own probe, including involvement of the casino’s former compliance chief to provide an interview or documents on money laundering facilitation” and any abuse of internal financial controls.

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  • Nissan ends partnership with current Vietnam distributor

    Nissan ends partnership with current Vietnam distributor

    Japanese carmaker Nissan has announced it will officially cut ties with its current distributor in Vietnam, Tan Chong, at the end of September.

    Both sides said they will part ways on September 30, ending all their partnerships in the production and distribution of Nissan vehicles for the Vietnamese market.

    Before ending ties with Malaysian-owned Tan Chong Motor Holdings, the automaker put Nissan X-Trail and Sunny models on clearance discount to try and sell its remaining inventory of vehicles assembled in Da Nang City.

    Tan Chong, a multinational corporation based in Malaysia, is not only the official distributor of Nissan in Malaysia and Vietnam, but also in Laos, Cambodia, and Myanmar.

    A representative of Tan Chong in Vietnam told local media that sales of Nissan models in Vietnam will still happen as usual until the official termination of the joint venture. Local dealerships will continue to provide warranty and technical support services for customers post-purchase.