Retail News CRM

Author: Mei Ling Tan

  • Grab expands grocery-delivery service into eight SE Asian markets

    Grab expands grocery-delivery service into eight SE Asian markets

    Grab has expanded its grocery-delivery service GrabMart into eight Southeast Asian markets within the last three months.

    Initially launched in two countries as an on-demand daily essentials delivery service during the Covid-19 pandemic, GrabMart is now available in 50 cities across eight Southeast Asian countries, including Myanmar and Cambodia.

    “Covid-19 has accelerated the adoption of on-demand delivery services across Southeast Asia, and we were able to tap on existing technologies, our extensive delivery network, and operational footprint to quickly scale GrabMart across the region,” said Demi Yu, regional head of GrabFood and GrabMart.

    The delivery company has teamed with more than 3000 stores and supermarkets in the region including FairPrice Xpress in Singapore, Lawson in the Philippines and FamilyMart in other countries.

    In Indonesia and Malaysia, GrabMart partnered with traditional market operators, delivering fresh produce from several market stalls in a single order to customers’ doors.

    “In a post-Covid-19 normal, we anticipate demand for grocery-delivery services to remain elevated. We will continue to double down on expanding our GrabMart service to support consumers’ shopping needs,” she said.

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  • Struggling Le Saunda warns of yet another loss

    Struggling Le Saunda warns of yet another loss

    Late last month, embattled Hong Kong-based shoe retailer Le Saunda announced its third consecutive annual loss. Yesterday it flagged yet another, at least for the first half.

    In a stock-exchange filing, Le Saunda’s board advised that during the three months to May 31, the group’s self-owned offline retail business saw same-store sales decline 32.7 percent and total sales down 38.2 percent, due to widespread store closures in the last year. Online sales fell 16.4 percent.

    While nonspecific about the scale of the loss in the current half-year, chairman James Ngai said the results would be impacted in part by a US$5 million redundancy bill related to the closure of its factory in Shunde, Guangdong last month. The company is now contracting out all production to third-party suppliers.

    However the result was largely caused by the coronavirus pandemic, he said. “The expected net loss is primarily attributable to the significant decrease of the group’s total retail sales due to the adverse impact on the retail market that brought by the outbreak of Covid-19 epidemic since late January.”

    As at the end of May, Le Saunda had 414 retail outlets trading in Mainland China, Hong Kong and Macau, 72 fewer than a year earlier. The majority – 368 – were self-owned stores, the balance franchised outlets on the mainland.

    During the first half of last year, Le Saunda was showing signs of improvement, recording a profit of $337,000, however in June ongoing protests inHong Kong saw retail sales decline as shops were often shuttered and inbound mainland tourist numbers declined.

    Le Saunda trades under the brands Le Saunda, Linea Rosa, Pitti Donna and CNE.

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  • Paris Baguette eyes expansion in the US, Singapore

    Paris Baguette eyes expansion in the US, Singapore

    South Korean F&B group SPC is expanding outside of its home territory as its home-based brands reach saturation point.

    Plans to establish an upscale restaurant in New York-based on its Paris Baguette bakery brand, however, have been significantly impacted by the continuing US coronavirus outbreak, according to a report in the Korea Times.

    “We were planning so as part of our global business expansion starting with our locations in Singapore. However, due to the COVID-19 outbreak, everything was put on hold,” said an official spokesperson for SPC. “We were going to start with Maison de PB and make our next move after watching its performance in NYC.”

    The group has already successfully established Paris Baguette locations in the US, although poor brand visibility is still said to be an issue for the franchise. According to one industry source, the Maison de PB venue was intended to elevate the reputation of the brand.

    “There’s a limit for its success with the confectionery business in the US and Europe,” the source told the Korea Herald. “It is very hard to break the stereotype that an Asian bakery can offer better products than French bakeries. Becoming successful with Maison de PB in NYC is also important but we can see it as part of the group’s efforts to build its brand image there.”

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  • Mulberry to cull global workforce

    Mulberry to cull global workforce

    Mulberry is culling about 25 percent of its staff worldwide as it right-sizes in the wake of the Covid-19 pandemic. In a statement, the UK-based fashion brand said that while it has been able to reopen most of its stores in China and South Korea – and some in Europe and Canada – the majority remain closed.

    “We reacted swiftly to manage the impact of Covid-19 and continue to execute a well-developed plan to manage capital, reduce costs and maintain a robust liquidity position,” said CEO Thierry Andretta.

    However, despite the good performance of Mulberry’s sector-leading digital and omnichannel presence, and a global network of concessions, the shutting of physical stores has had – and will continue to have – a marked effect on the business.

    A consultation process on proposals to reduce employee numbers across the global business has begun.

    “This has been an incredibly difficult decision for us to make, but it is necessary for us to respond to these challenging market conditions, protect the maximum number of jobs possible and safeguard the future of the business. We remain confident in the strength of the Mulberry brand and our strategy over the long-term,” said Andretta.

    While digital channels have continued to trade without interruption throughout the pandemic and their sales were good, they could not fully offset the decrease in demand experienced from store closures.

    In the UK, Mulberry will begin to phase the reopening of stores from June 15, but with additional safety standards and procedures put in place to ensure they operate safely.

    The brand has also taken steps to manage its inventory levels in line with anticipated lesser demand.

    “Given the uncertainty as to the impact and duration of Covid-19 on the company and the wider economy and the consequential effect on demand, we expect the recovery in our overall sales levels over the medium term to be gradual. Even once stores reopen, social-distancing measures, reduced tourist and footfall levels will continue to impact our revenue,” the company said.

    Cutting staff levels would help Mulberry to manage its operations and cost base to ensure the company is the correct size and structure to reflect market conditions, said Andretta.

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  • Dickson Concepts’ retail arm loses $US27m as tourist trade evaporates

    Dickson Concepts’ retail arm loses $US27m as tourist trade evaporates

    Hong Kong retailer Dickson Concepts describes the territory’s retail environment as “the most challenging the group has ever faced”.

    The company’s retail division suffered a US$27 million loss last year, largely attributable to the impact of Covid-19 and protest activity reducing the number of inbound mainland visitors.

    However, the company increased its overall profit by 57 percent to $83.3 million, based on a solid performance by its investment division which finished the year with a surplus of  $110 million after one-off gains on property disposals.

    The company said the group achieved significant growth in both sales and profit during the initial months of the financial year.

    “However, the retail climate in Hong Kong deteriorated significantly thereafter and Mainland Chinese tourists all but disappeared. As a result of the Covid-19 pandemic outbreak in January, the group faced the worst local consumer sentiment in its history. Tourist arrivals have literally come to a complete halt, and despite achieving sales at the expense of margins, the group’s turnover in Hong Kong suffered a 24.9-per-cent decrease in the year ended March 31.”

    Dickson Concepts has 61 stores, 29 of them in Mainland China, 24 in Taiwan, and eight in Hong Kong, including the upmarket Harvey Norman department stores at Central and Admiralty. Geographically, Hong Kong accounts for 81.6 percent of sales and Taiwan 15.6 percent. Watches and jewelry represent 49 percent of retail turnover, cosmetics, and beauty products 29.6 percent and fashion 21.1 percent – all categories heavily reliant on tourists, especially mainlanders.

    In a statement, the company said it expects a “slow and long path” to recovery for the territory’s retail sector.

    “Our group expects the retail market in Hong Kong to remain extremely depressed for the foreseeable future as we expect local consumer sentiment to be very poor until the economy recovers. We do not expect tourism to recover in any meaningful way in the foreseeable future since even if quarantine and social distancing measures are fully lifted, it will likely take time for tourists to feel safe to travel again.”

    However, the company said that with net cash reserves of $292 million and a strong balance sheet, it is in a strong position to cope with the risk of a worldwide economic slowdown and the current challenging retail climate.

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  • Siam Piwat & Simon JV opens in Bangkok in Siam Premium Outlets

    Siam Piwat & Simon JV opens in Bangkok in Siam Premium Outlets

    Siam Piwat and partner Simon Property Group will open Siam Premium Outlets in Bangkok next week.

    Located near the Suvarnabhumi International Airport, the first Premium Outlets-branded shopping center in Thailand will open on June 19. The center will feature more than 200 brands, from global luxury labels including Burberry, Balenciaga, Coach, Hugo Boss, and Montblanc, to local brands, including EveandBoy and Jim Thompson.

    The joint venture, Siam Piwat Simon, said 60 brands will feature exclusively at Siam Premium Outlets Bangkok.

    The shopping center will also house a 1300sqm Nike premium store, locally inspired art, and a 1200sqm food hall concept by Food Republic.

    “Siam Premium Outlets Bangkok will be an economic driver for the Thai economy; the center will create more than 1000 career opportunities,” said Michael Tang, MD of Siam Piwat Simon.

    “The experience of the center extends beyond shopping with amenities and design features that make the center an exciting community space and a relaxing shopping destination.”

    According to Tang, the shopping center will team up with other key tourist attractions to “enhance the appeal of the area as a major local and tourist destination”.

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  • Is It the right time to invest in Thai properties?

    Is It the right time to invest in Thai properties?

    Recently, the Bank of Thailand has announced a repo cut of 1% to stabilize the Thai economy. The move has shocked many experts as they consider it as a drastic measure, but most experts also agreed that this move would help stabilize the economy in the long run.

    Currently, most economists believe that Thailand’s economy will recover from the global coronavirus pandemic by summer end, and despites the current situation, real estate investments might be a good opportunity in the Thai market.

    A rising market since years but demand is weakening

    Recent years have been boon for Thailand’s real estate market. Thailand continues to move towards the real estate sector, which focuses on amenities, and lifestyle to fit the global milieu. In 2017, the global real estate consultancy reported that property rates in Thailand rose by 6% to US$ 4440 per square meter. However, during the same year, over 60,000 new condominiums hit the market to weaken the overall demand.

    The trend has continued ever since. Despite strong demand in the global market, the local market in Thailand laden with debt-ridden consumers experiences a sluggish demand.

    On the other hand, the real estate companies in Thailand have moved close to the best infrastructure facilities like transport, and international schools to appeal to global consumers. 

    Is it a good time to Invest in Thailand?

    Thailand has long been known to be an attractive real estate market. The country’s status as a global medical and travel tourism destination makes it an attractive opportunity for all investors.

    In regards to the pandemic situation, the country has witnessed a few cases of infections, unlike many other nations. Moreover, the global clout around coronavirus pandemic has helped open new opportunities in Thailand. For example, many seasonal Chinese lodge owners have left Thailand to head home. This has created a vacuum in key real estate markets like the cities of Phuket to create more opportunities for new investors.

    On the other hand, Thailand has also witnessed a move away from travel-based tourism in recent years. The country has long depended on revenues from the tourism industry to drive the economy.

    However, in recent years, the government has encouraged real estate investments, and construction of lifestyle apartments to encourage old-age retirement facilities, and expatriates to move to the country. This has led to a surge in house pricing and investments accordingly.

    However, despite the burgeoning rate of growth in the real estate market, Thailand has managed to secure high growth with low-rates. According to Investopedia, expatriates can lead a comfortable life in Thailand with a US$ 1000 income per month. This can be a boon for expatriates working for multinationals in the country. Cities like Bangkok are home to major districts, which are now home to global expatriates. And, thanks to the on-going pandemic,

    Thai real estate investment will likely remain a promising opportunity until the summer end and prices remain quite low compared to Singapore or Hong Kong for instance.

    What to Do to Buy a Property in Thailand?

    Thailand, like many developing countries, poses a major promise and a slew of challenges for international investors. As with many legal systems, foreigners are not allowed to own land in Thailand.

    However, there are many legal ways to run a successful business in Thailand, to own a property for your investment goal or just as a second home in the region, and real estate agencies like Samui Exclusive, help you to have all the keys to buy a property in Koh Samui , with an all-inclusive service, from the market research to the property management.

    For example, depending on the titles, and location of lands, some titles can be leased to foreigners on a temporary basis. Additionally, a person of foreign origin can also lease land for a long duration, or up to 30 years. Moreover, owners of Thai limited companies can also acquire lands through the company.

    Due to legal limitations of owning the land, foreigners commonly engaging in leasing the land for long-term or acquiring land through marriage, and family in Thailand.

    Key takeaways

    Many global travelers and employees of multinational companies call Thailand home, thanks to its hospitable culture, and world-class schools, and medical facilities. Thailand continues to drive strong economic growth along with hot properties at reasonable rates. In this aspect, Thailand continues to hold many promising surprises for international investors.

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  • AirAsia to slash workforce by at least 30%

    AirAsia to slash workforce by at least 30%

    Southeast Asia’s biggest low-cost carrier AirAsia Group is set to reduce its workforce by up to 30% as founder Tony Fernandes considers selling a 10% stake in the airline to raise cash. Desperately trying to stave off a cash flow crisis triggered by the coronavirus pandemic which has decimated the region’s travel and tourism industry, AirAsia will also slash remaining staff salaries by up to 75% in an attempt the save the airline, the Nikkei Asian Review has learned.

    The retrenchment will include cutting 60% of AirAsia’s cabin crew and pilots for both AirAsia and its medium-haul affiliate AirAsia X. AirAsia Group operates through Malaysia, Thailand, Indonesia, Japan, India and the Philippines.

    Almost all of the company’s 20,000 employees have been individually re-evaluated since January based on salary scale and performance, with the lay-off expected to continue through to the end of July.

    Multiple sources have told Nikkei that the airline — in which Fernandes continues to hold a majority stake — may also sell 10% of the company’s paid-up shares to raise cash, with South Korea’s SK Corp reportedly leading a trio of multinationals expressing interest.

    The share sale would not require shareholder approval as management has already been mandated to increase the number of new shares by up to 10% at a shareholders meeting last June. Korea’s third-largest conglomerate SK Corp could subscribe to new AirAsia shares of 1 Ringgit each, raising approximately $78.4 million for the airline. SK Corp, which has a major presence in the energy and telecommunications industries via its 95 subsidiaries, registered revenue of $213.6 billion last year and is backed by to $257.9 billion worth of assets.

    “All the proposals are being deliberated by the Board of Directors, with a decision can be expected as soon as next week,” a source said.

    While remaining employees are asked to take pay cuts ranging between 15%-75%, Fernandes has also slashed AirAsia’s capital expenditure and the working capital of all the group’s operating airlines. Fernandes and the airline’s co-founder Kamarudin Meranun have also agreed to draw no salary for the medium term.

    “Budgets for departments have been slashed while the salary cuts are expected to last until the end of next year,” the source said. “AirAsia only expects the situation to improve in 2022.”

    Employee benefits, which include free and discounted flights and complimentary meal coupons, have been curtailed significantly.

    “Bonuses, salary increments, and incentives have been put on hold while only travel allowance and basic salary paid,” the source said. Another source close to Fernandes said that Fernandes was also exploring the sale of unprofitable airline ventures in Japan and India.

    “He (Fernandes) is open to reduce stakes or even exit Japan and India, due to the complexity of the domestic industry and escalating costs if compared to sales,” the source, who declined to be named. Thai AirAsia was exploring a merger with several domestic budget carriers in an attempt to survive the pandemic.

    Malaysia’s government is also looking at channeling over $350 million to the country’s three main cash-strapped carriers AirAsia, Malaysia Airlines, and Malindo Airways as part of a broader economic rescue package.

    The government hopes the funds will help the airlines survive the pandemic crisis and new operating procedures which may include social distancing onboard and contactless check-in.

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  • AT&T starts rolling out a potentially game-changing 5G technology

    AT&T starts rolling out a potentially game-changing 5G technology

    There’s been a lot of talk over the last few months about T-Mobile’s great progress in terms of 5G coverage and speeds, as well as Verizon’s early (and impressive) lead in the latter department. Meanwhile, Sprint’s own early 5G rollout efforts and development resources are now in Magenta’s hands, positioning “New T-Mobile” as an industry trendsetter and possible market leader in the not-so-distant future.

    But where does that leave AT&T in the grand scheme of the nation’s 5G deployment equation? The short answer is… in a pretty awkward place. We’re talking about a carrier that technically offers three different flavors of commercial 5G services, nonetheless ranking behind Verizon and Sprint in average download speeds and behind T-Mobile and Sprint in 5G availability in the latest in-depth Opensignal report.

    That’s because Ma Bell’s 5G Evolution technology is little more than a publicity stunt (and a misleading one at that), the “standard” 5G signal is based on low-band spectrum and therefore not very fast, while the 5G+ network suffers from the same coverage limitations and problems as Verizon’s 5G “Ultra-Wideband” service. On top of everything, AT&T also doesn’t own as much dedicated 5G low-band spectrum as T-Mobile, making it impossible for America’s second-largest carrier for the time being to challenge Magenta’s 5G availability numbers.

    Fortunately, that’s where a groundbreaking technology dubbed Dynamic Spectrum Sharing (DSS) comes in. Unfortunately, this is not ready for nationwide primetime just yet either. The way DSS works is essentially by allowing mobile network operators to, well, dynamically share spectrum. In other words, AT&T can now use the same “channel” for both 4G and 5G users “dynamically”, aka simultaneously.

    Even simpler put, the carrier doesn’t need to permanently switch off its 4G LTE signal and repurpose said spectrum to exclusively serve 5G-enabled smartphones. Instead, DSS is what AT&T calls a “traffic-aware” technology, instantly responding to changes on its network to allocate and split 4G and 5G resources depending on demand.

    In theory, that sounds like an absolute game-changer with the potential to significantly shorten AT&T’s path to nationwide 5G, but in reality, there are still a number of kinks to iron out, as well as many important unanswered questions.

    Although both Verizon and T-Mobile plan to embrace Dynamic Spectrum Sharing… eventually to help with their own 5G support expansion efforts, the “Un-carrier” has been very vocal about its skepticism regarding the technology’s wide-scale implementation in the short run.

    T-Mobile President of Technology Neville Ray anticipated “a tough year on DSS” back in February, further highlighting that the potential industry game-changer was “still bumpy” just last month due to a previously unforeseen delay in the rollout schedule of one unnamed major network equipment vendor.

    While AT&T didn’t care to elaborate what equipment vendors made its recent DSS launch possible, it’s definitely worth pointing out that the software-based technology is currently only live in “parts” of Ma Bell’s network in North Texas.

    Obviously, the carrier hopes to “continue expanding” its 5G coverage “throughout the year, bringing the power of 5G to more customers from coast to coast”, but at least for the time being, there are no other details to share on actual dates or places.

    The list of “5G devices already upgraded in the field” to support Dynamic Spectrum Sharing is also disappointingly short, merely including Samsung’s Galaxy S20, S20+, S20 Ultra, and Galaxy Note 10+ 5G, as well as LG’s V60 ThinQ.

    Last but certainly not least, there’s the question of the actual user benefits DSS is expected to facilitate. The answer is unlikely to make AT&T customers very happy, as the mobile network operator anticipates significant improvements in speed… further down the line. Until the technology is refined, upgraded, and deployed on a larger scale, you’ll have to settle for pretty much the same download numbers you usually get on LTE.

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  • Online marketplace Tiki gets US$130 million funding

    Online marketplace Tiki gets US$130 million funding

    Vietnamese online marketplace Tiki has successfully raised US$130 million in its latest funding round led by Northstar Group.

    According to Deal Street Asia, the total value of the investment may increase by a further $20 million.

    Founded in 2003, Northstar Group is a Singapore-based private equity firm, currently investing US$3 billion in more than 30 companies across Southeast Asia.

    Recently, online marketplace Tiki and rival platform Sendo informed authorities of a proposed merger scheme amid intense competition in Vietnam’s e-commerce market, with two strong rivals Lazada and Shopee. However, neither company has commented further on the plan.

    Although Tiki has received large investment amounts, the company is locally referred to as a “money-burning machine”. It accumulated a loss of $60.9 million last year.

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  • China Auto Sales Growth Seen For Second Straight Month

    China Auto Sales Growth Seen For Second Straight Month

    China’s vehicle sales are estimated to rise 11.7% on year in May, its top auto industry body said on Tuesday, cementing hopes of a recovery in the world’s biggest auto market with the first back to back monthly sales increase in about two years. The China Association of Automobile Manufacturers (CAAM), in a post on its official WeChat account, said vehicle sales were estimated to rise to 2.14 million in May. It said the numbers were based on sales data it had collected from key companies, without giving further details.

    China’s vehicle sales are estimated to rise by 11.7 percent on-year in May,

    CAAM expects January to May auto sales in China to fall 23.1% year on year to 7.9 million units.

    As the global auto industry is hit hard by the coronavirus pandemic, China has become a ray of hope for automakers including Volkswagen and General Motors

    In April, China’s auto sales hit 2.07 million units, up 4.4% from a year earlier, the first monthly sales growth in almost two years, CAAM data showed.

    China is expected to see a drop of 15 percent in auto sales, even if the COVID-19 outbreak is contained effectively

    It cautioned last month that even if China contains the outbreak effectively, its auto sales are expected to drop 15% this year, from over 25 million vehicles in 2019. If the pandemic continues, the annual sales contraction will likely be by up to 25%.

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  • Taiwan’s O’right makes Japanese start

    Taiwan’s O’right makes Japanese start

    Taiwanese beauty brand O’right is to make its debut in Japan this week. O’right’s first store will open in Isetan Shinjuku on June 10, followed by a second store in Yurakucho Marui the next day.

    “It shows the brand’s confidence in Japan’s path to economic recovery and its determination to establish a foothold in the Japanese beauty market,” the company said in a statement.

    The O’right Japan stores will feature a wide range of plant-based products, including the brand’s limited edition Caffeine Botanical Scalp Revitalizer. As the Tokyo 2021 Olympics Games’ key theme is sustainability, the zero-carbon beauty brand sees a timely opportunity to introduce its products in the Japanese market.

    During the openings, customers will be given gifts including high-quality hydrating hand sanitizer and exclusive discounts.

    Founded in 2006 as a hair-care brand, O’right has evolved into a “green-style” beauty brand, aiming to redefine the beauty market by introducing zero-carbon, sustainable products that “deliver on a promise of a greener tomorrow”.

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  • Malaysia’s IPC mall launches trash-to-treasure recycling campaign

    Malaysia’s IPC mall launches trash-to-treasure recycling campaign

    Malaysian mall IPC mall has launched a campaign to promote recycling as part of the “new normal”.

    At a time when national recycling efforts have been put on hold, visitors are invited to drop off recyclables at the mall’s Recycling & Buy-Back Centre (RBBC) to enjoy rewards for selected categories.

    The “Trash to Treasure” campaign highlights IPC as the first retail destination in Malaysia to have a facility like the RBBC, which introduces two new recyclable categories – food and fabric waste. While food waste will be bio-recycled and turned into animal feed and organic fertilizer, any collected fabric will be sorted for donations or recycled into industrial wiping cloths and upcycled into wearables.

    “Over the years, our sustainability efforts have shown that responsibly disposing of waste goes a long way in creating a more sustainable environment,” said IPC Shopping Centre PR and digital marketing manager Mark Tan. “As a community-centric shopping center, we want to empower the community to make recycling part of their everyday lives in this new normal. Hence, making the RBBC accessible and safe for all by following the latest health guidelines, and implementing protective measures.”

    The mall is noted for its attention to environmental and sustainable issues, including its use of energy-saving light bulbs, solar panels and rainwater harvesting.

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  • Online shopping in Singapore soars in Covid-19’s shadow

    Online shopping in Singapore soars in Covid-19’s shadow

    Online shopping in Singapore has surged since the outbreak of the coronavirus pandemic.

    Research from data and analytics firm GlobalData suggests the effect on the country’s e-commerce market will be long-lasting, estimated to reach US$9.5 billion this year. Previously, e-commerce grew at a compound annual growth rate of 15.4 percent between 2015 and 2019 to reach $6.2 billion last year.

    “The pandemic, which triggered fear of contamination, has resulted in a change in consumer buying behavior,” said GlobalData banking and payments senior analyst Sowmya Kulkarni. “Shopping centers are now being avoided and consumers are choosing online platforms for their day-to-day purchases.”

    A separate data-driven analysis of Covid-19’s impact on the digital behavior of Singapore consumers undertaken by multinational professional services firm Accenture predicts Singapore’s new digital economy will amass nearly $500 million.

    “The scale of the changes identified in our findings suggest a clear shift in Singapore’s consumer behavior and consumption, impacted by Covid-19 measures,” said Lee Joon Seong, an Accenture MD. “There is a strong likelihood that the shift will persist into phase one of the post-Circuit Breaker period and beyond, as movement restrictions and consumers cautions remain.

    “In the long run, he says, such shifts represent huge opportunities for online shopping in Singapore. “Companies that accelerate their digital capabilities to stay relevant to digital consumers will be able to seize opportunities and emerge victorious as we move into a post-Covid-19 world.”

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  • Aston Martin To Shed Upto 500 Jobs In Cost Cutting Drive

    Aston Martin To Shed Upto 500 Jobs In Cost Cutting Drive

    British luxury carmaker Aston Martin plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels, it said on Thursday. The job cuts come a week after Aston Martin confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer. The 107-year old firm said the job losses reflected lower than originally planned production volumes and improved productivity across the business. An employee and trade union consultation process will be launched in the coming days.

    An employee and trade union consultation process will be launched in the coming days

    Aston Martin, famed for being fictional secret agent James Bond’s car of choice, has seen its share price plummet since floating in October 2018. Last month it posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak.

    “The measures announced today will right-size the organizational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability,” it said.

    Aston Martin’s DBX SUV will be a key product for boosting volumes

    It said its first sports utility vehicle (SUV), the DBX, which is key to boost volumes and appeal to new buyers including more women, remains on track for deliveries in the summer and has a strong order book.

    Aston Martin is also reducing costs and removing non-critical expenditure in other areas, including contractor numbers, site footprint, marketing and travel. It said the restructuring is expected to deliver total annual savings of about 38 million pounds ($47.6 million). Restructuring costs are expected to be about 12 million pounds. Shares in Aston Martin, down 78% over the last year, closed Wednesday at 68.9 pence, valuing the business at 1.05 billion pounds.

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