Retail News CRM

Author: Mei Ling Tan

  • Dairy Farm sells Wellcome Taiwan to Carrefour

    Dairy Farm sells Wellcome Taiwan to Carrefour

    Hong Kong-headquartered Dairy Farm is to sell its Wellcome Taiwan grocery retail business to Carrefour, with settlement later this year after regulatory approvals have been granted.  The deal – worth about €97 million – includes about 224 stores and warehouses, along with some property assets. Wellcome Taiwan’s turnover last year was approximately €390 million.

    The business currently has 199 Wellcome stores with an average sales area of 420sqm – and 25 Jasons, with an average sales area of 820 sqm. The Dairy Farm stores trading under the Wellcome banner will be converted to its Market format, and those trading under Jason’s brand will be converted to the Carrefour format.

    “Dairy Farm believes this change of ownership will set the business up for future growth and prosperity, building on Wellcome’s strong sales momentum over the past 12 months following the successful implementation of its price reinvestment campaign and increasing customer loyalty,” the Hong Kong company said in a statement.

    “This strengthened network represents greater opportunities for our team members as well as better service and value to our customers.”

    A spokesperson for Dairy Farm told Inside Retail Asia that the company was committed to its remaining major investment in Taiwan, Ikea.

    “Ikea Taiwan remains very much part of Dairy Farm’s portfolio. Through the Ikea brand, Dairy Farm is committed to delivering a unique home furnishing and Swedish food experience to our customers in Taiwan.”

    Meanwhile, the MD of Wellcome Taiwan, Laurent Piazza, says the sale is a testament to the hard work and determination of the Dairy Farm team to offer the best to its customers.

    “By bringing these businesses together, team members and customers will benefit from being served by a larger group that can use their combined strength and scale to improve quality, service, and price competition.

    “We have complete confidence in the future success of the business and believe, by bringing these businesses together, we have created a strong future for the team and a better shopping experience for our customers.”

    Carrefour currently operates 137 stores in Taiwan, including 69 under its Market banner. The group posted net sales of €1.968 billion last year and posted pre-tax earnings of €209 million.

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  • SGX Launches Singapore Single Stock Futures

    SGX Launches Singapore Single Stock Futures

    In response to growing client demand for a broader suite of Singapore-linked equities products, Singapore Exchange (SGX) will launch 10 Singapore Single Stock Futures (SSFs) on 15 June 2020.

    The list of underlying securities for the SSFs are Comfortdelgro, DBS, Genting, Keppel, OCBC, Singtel, Thai Beverage, UOB, Wilmar and Yangzijiang Shipbuilding, the bourse announced on Tuesday. Most of these securities are also SGX MSCI Singapore Free Index (SiMSCI) stocks.

    SSFs represent a next natural step in the growth of the ecosystem and offer market participants a new shelf of risk management instruments, SGX said, noting that it has observed greater synchronization and correlation between the price of futures and the underlying stocks across various intraday timeframes, indicating growing institutional participation across both markets.

    SGX also signed a license agreement for four products on MSCI Singapore indices, including SiMSCI futures and options and net total return contracts, which will continue to be listed on yhe exchange after February 2021.

    Our Singapore franchise is at the heart of SGX’s pan-Asian access offering and with these latest developments, we are well on track to broaden the continuum of our equities shelf, Michael Syn, SHX head of equities said in the announcement.

    Just last week, SGX said it would discontinue its license agreements with index provider MSCI for equity futures indices and futures contracts when they expire in February 2021. At the same time, MSCI signed an agreement with Hong Kong Exchanges and Clearing (HKEX) to license a suite of its indexes in Asia and emerging markets for the introduction of futures and options contracts in Hong Kong.

  • Volkswagen To Install Porsche’s CEO As Volkswagen Brand Chief

    Volkswagen To Install Porsche’s CEO As Volkswagen Brand Chief

    Volkswagen Chief Executive (CEO) Herbert Diess will promote Porsche CEO Oliver Blume to become head of the Volkswagen brand as part of a broader management reshuffle, Auto Motor and Sport said on Tuesday citing company sources.

    Blume will be moved to the VW brand to help the company get a grip on production issues with the VW ID3 electric car and the Golf 8, the auto industry publication said on Tuesday. Launch And The Volkswagen T-Roc compact SUV has been finally launched and is the brand’s most affordable SUV in India at present. The T-Roc comes to India as a CBU and despite that gets a highly competitive price tag for its fully-loaded variant.

    Bernhard Maier, currently head of VW’s Skoda brand, will become head of Porsche, Auto Motor and Sport said.

    Herbert Diess is currently head of multi-brand Volkswagen Group as well as head of the VW brand.

    Volkswagen declined to comment.

  • HSBC Adds Offshore Investment Options

    HSBC Adds Offshore Investment Options

    The bank has become the first international bank in China to roll out Qualified Domestic Limited Partnership (QDLP) investments.

    HSBC is expanding overseas investment options for its Chinese high-net-worth (HNW) clients under a partnership with China International Fund Management – 51 percent-owned by J.P. Morgan Asset Management – to distribute asset management plans investing in QDLP, the bank announced on Tuesday.

    The QDLP scheme facilitates investments in offshore traditional and alternative investments by allowing qualified foreign asset managers to raise money in Chinese currency from a qualified individual and institutional investors in mainland China to invest in alternative assets abroad.

    This new scheme will help clients diversify their investments and leverage overseas opportunities to mitigate risks in their overall portfolio and further grow their wealth, especially amid uncertainty in the global markets, Richard Li, executive vice president and head of wealth and personal banking, HSBC China, said.

    Unlike the Qualified Foreign Institutional Investors (QDII) program, QDLP can direct Chinese domestic investors’ funds to overseas markets and allow investments in alternative assets, including hedge funds, private equity funds, and real estate investment trusts (REITs).

    A QDLP pilot was launched by China’s State Administration of Foreign Exchange in 2013. Since its launch, China has granted a total of $5 billion in quotas.

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  • Giant Nike Thailand opens flagship store in Bangkok

    Giant Nike Thailand opens flagship store in Bangkok

    A giant Nike Thailand flagship store has opened in Bangkok’s Siam Center, with a footprint spanning more than 9000sqft.

    Designed to showcase Nike’s product innovation across multiple categories, the store also offers the brand’s first “Nike By You” in-store customization service in Thailand.

    Operated by Southeast Asian luxury and lifestyle retail specialist Valiram, the new Nike Thailand store offers a blend of physical and digital retail experiences for shoppers

    “Nike Bangkok at Siam Center exists to offer everyone the ability to make sport a daily habit, ensuring they are inspired and committed to staying active,” said director of Nike stores Southeast Asia & India Tarundeep Singh.

    “The top Nike offerings have been carefully curated for this community, and the store has been conceptualized with multiple touchpoints for a fully immersive and seamless Nike experience that is truly personalized and unique.”

    Services such as head-to-toe apparel fitting and footwear trialing are offered at the store to provide consumers with opportunities to deepen their connection with the brand and select products suited to their needs. Shoppers can also book one-on-one sessions with running experts and styling specialists.

    Valiram executive director Ashvin Valiram describes the new Nike Thailand store as a “truly unique and immersive experience that pushes the boundaries of retail, empowering our consumers to engage with Nike products in new ways”.

    “Creating a world-class retail environment is a Valiram hallmark and the opening of Nike Bangkok at Siam Center in partnership with Nike reaffirms that”.

  • Grocery shopping online in China booms due to virus outbreak

    Grocery shopping online in China booms due to virus outbreak

    Grocery shopping online is poised for explosive growth in China, with more than half consumers saying they are buying more online even after stores reopen.

    According to research by GlobalData, consumers in the region got used to purchasing online during the Covid-19 lockdown and the habit has stuck.

    The data shows 56 percent of Chinese consumers are now grocery shopping online more frequently than before the pandemic hit.

    “The impact of Covid-19 will leave a permanent mark on how we shop for groceries,” said Globaldata retail analyst Thomas Brereton, “with demand for home fulfillment soaring around the world as consumers follow the ‘stay at home’ message from many governments.

    “With a population of 1.4 billion, the potential value growth in the Chinese online grocery market is phenomenal.”

    Chinese food delivery service Meituan – founded in 2010 – is an example of the trend, recently hitting a US$100 billion valuation.

  • Cebu Pacific resumes some domestic flights yesterday

    Cebu Pacific resumes some domestic flights yesterday

    Budget airline Cebu Pacific on Saturday said it would resume some domestic flights by June 2, but international flights would remain suspended from June 1 to 30.

    “We will continue to work with the Inter-Agency Task Force (IATF), as well as other national and local government authorities, on the rules and requirements to resume commercial passenger flights between areas under General Community Quarantine (GCQ),” Cebu Pacific said in a statement.

    “In Manila, all flights will depart and arrive from the Ninoy Aquino International Airport Terminal 3. All International flights remain suspended from June 1 to 30, 2020,” it added.

    The airline management reiterated that leisure travel was still prohibited by the government.

    It added that guests should check guidelines from the ”IATF and with the local governments of their origin and destination for the required documents.“

    Cebu Pacific also said they will provide updates on flight schedules from June 5 onwards as they “build-up domestic flight network, depending on market demand, quarantine restrictions and government regulations.”

  • Citi Appoints APAC Tech Vice Chair

    Citi Appoints APAC Tech Vice Chair

    Will McLane was named Asia Pacific vice chairman of technology at Citi, according to an internal memo, in addition to his existing role as vice chairman of the global financial institution’s group (FIG).

    We have asked McLane to assist the APAC technology team in covering clients for unique stations to help scale BCMA’s (banking, capital market advisory) innovative pitching efforts globally, the memo said, adding that he would continue to support FIG clients in Asia.

    According to the bank, McLane alongside other seniors in Asia, has applied innovative techniques for pitching such as videos, multimedia, props, and more in the last 18 months.

    This role is a natural extension for [McLane], as he has been instrumental in providing critical thought leadership and creativity in pitching, resulting in several landmark transactions, the memo continued.

    Scaling these innovative approaches and aligning them with our global relationships will help differentiate Citi, particularly in the current COVID-challenged operating environment.

  • Ted Baker plots new heading after hefty loss

    Ted Baker plots new heading after hefty loss

    British lifestyle brand Ted Baker is seeking to raise £95 million to strengthen its balance sheet in the wake of the Covid-19 pandemic and fund a strategy for expansion dubbed ‘Ted’s Formula for Growth’.

    The plan was revealed along with its results for the year to January 25 during which global sales slipped 1.4 percent to £630.5 million, which the company attributed to discounting to remain competitive against its rivals.

    Wholesale revenue rose by 9.6 percent on the back of expansion into footwear, without which it would have slipped 3.7 percent on a like-for-like basis. Store sales were down by 5.3 percent and licensing revenue down 14.1 percent.

    Recently appointed CEO Rachel Osborne says the new strategy and recapitalization plan will strengthen the company as it rides out the Covid-19 crisis which has had significantly more impact on global retailing since Ted Baker’s financial year closed. Revenue was down 36 percent during the 14 weeks from January 26 to May 2 as stores were shut down in many parts of the world.

    “The Ted Baker brand is much loved, it has a unique personality and character built up over many decades, and that provides us with a remarkably strong foundation from which to continue our international growth,” said Osborne.

    “Over the past six months, our new executive team has pulled together and undertaken a thorough review of the business, identified key opportunities, and acted decisively in a number of areas. I am confident that our transformation plan will enable us to capitalize on our opportunities and deliver value for all of our shareholders.”

    Ted Baker reported a loss of £79.9 million for the year, a significant turnaround from a £30.7 million profit for the year prior. The company said the deficit was due to £84.6 million of non-underlying expenses, mainly an inventory write-down, store asset impairments, and a £7.6 million loss related to the sale of the Asian business.

    The strategy Osborne will now lead, Ted’s Formula for Growth, will focus on making the most of the company’s strong brand, its diversified channel footprint, (retail, wholesale and license channels; multiple product categories and geographic spread), combined with substantial investments during the past five years in IT, CRM, logistics, and infrastructure.

    The company will focus first on stabilizing the foundations of the current business, which has been disrupted in recent months by multiple executive changes, driving growth, and achieving operational excellence.

    The company wants to re-energize the brand, increase engagement, and encourage more people to consider purchasing the brand. It seeks to attract more customers and “gain a higher share of wallet and lifetime value through deeper and broader relationships with new and existing customers” using technology to increase customer acquisition and retention, and increase conversion online.

    The company wants to expand its product range and relevance to make clothing more relevant to all-day occasions, and drive accessories, footwear, and large license partner categories.

    In an outlook note, the company said it plans to cut the number of its suppliers from more than 150 to 100, reduce its stock cycle from three years to two, and reduce staff costs at both head office and in stores.

    By 2023, Ted Baker expects to achieve sales growth of around 5 percent and a pretax earnings margin of between 7 and 10 percent.

    Emily Salter, retail analyst at GlobalData, said that although Ted Baker’s sales are likely to start improving in the next few weeks as stores across Europe start to re-open, recovery will be slow for it as many consumers will be unwilling to return to shopping locations and economic uncertainty will be high, reducing the propensity to spend on premium brands.

    “Prior to the onset of Covid-19, Ted Baker’s sales were suffering as the appeal of the brand was waning as it struggled to resonate with shoppers, with the store and online revenue falling by 5.3 percent and 2.4 percent respectively for the year to February. Although the retailer blamed discounting for this decline, the fact that it was unable to drive growth online points to problems with the relevance of the brand.

    “It now has a permanent CEO and CFO to help address these issues but turning the business around will not be an easy feat as consumer shopping habits are likely to change in the long term due to Covid-19, with shoppers purchasing less frequently and increased spend shifting online,” she said.

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  • BeChef plans 50-strong shared kitchen network across Japan

    BeChef plans 50-strong shared kitchen network across Japan

    BeChef has launched a shared kitchen in Kyoto, with plans to host 300 eateries across Japan within the next three years.

    The first BeChef + Kyoto-branded shared kitchen occupies a 50sqm area which features three separate kitchens. There is available space for up to six stores, which can work with different delivery services, including UberEats and Rakuten.

    The Kyoto shared kitchen also houses a dine-in space for customers.

    “For those involved in the restaurant business, I think opening a business independently is a big dream,” said Masafumi Tobe, representative director. “However, about 70 percent of restaurants close after three years of operation, and it is said that only about 10 percent of the stores are still open after 10 years.”

    According to BeChef, brands opening at the BeChef + Kyoto shared kitchen will not be charged fees to move in or out and restaurants affected by Covid-19 will be exempted from administrative fees.

    BeChef is to open more facilities in Fukuoka, Tokyo, and Osaka later this year. The company said that it aims to host 300 eateries in 50 facilities nationwide within three year

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  • Teafolia closing down, Singapore’s latest victim of the virus outbreak

    Teafolia closing down, Singapore’s latest victim of the virus outbreak

    Singaporean bubble tea brand Teafolia has permanently ceased operations in the territory.

    A Facebook post announcing the closure cited the “current economic situation” as the reason for shuttering its outlets. The brand had traded in Singapore for the past three years.

    Teafolia temporarily closed two of its three outlets during Singapore’s circuit breaker period, a lockdown imposed to counter the spread of the coronavirus pandemic on the island. It permanently closed its Bedok Mall outlet for reasons of “economic circumstances” a fortnight ago.

    Teafolia was popular amongst locals for fruit teas, milk-based drinks, and slushies as well as bubble tea. Its website lists one store in Los Angeles, USA, although it remains unclear whether or not the brand’s sole international location remains in business.

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  • CIMB Appoints Group CEO

    CIMB Appoints Group CEO

    He succeeds Zafrul Tengku Abdul Aziz, who resigned as group CEO of CIMB Group Holdings and CEO of CIMB Bank in March to join the Malaysian cabinet as finance minister.

    CIMB Group, Malaysia’s second-largest financial services provider by assets, has appointed Abdul Rahman Ahmad as group chief executive officer/executive director for CIMB and CEO/executive director of CIMB Bank, effective June 10, the bank announced in a statement.

    Abdul Rahman brings more than two decades of experience in leadership roles across several industries, including as CEO of Malaysian Resources Corporation, CEO of Media Prima, CEO of government-linked private equity firm Ekuiti Nasional, and president and most recently as group CEO of asset management firm Permodalan Nasional.

    As the industry undergoes fundamental changes, he will bring a fresh perspective to lead CIMB’s continued transformation and build upon its successful ASEAN franchise, CIMB chairman Mohd Nasir Ahmad said in the statement.

    CIMB offers consumer banking, commercial banking, investment banking, Islamic banking, and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 Southeast Asian nations, with 697 branches as of March 31, 2020.

    Beyond Southeast Asia, the Group has market presence in China, Hong Kong, India, Korea, the U.S., and U.K. CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank, and CIMB Islamic. CIMB Group is also the 92.5 percent shareholder of Bank CIMB Niaga in Indonesia, and 94.8 percent shareholder of CIMB Thai in Thailand.

  • Amazon is making Alexa even more powerful with a slew of new features

    Amazon is making Alexa even more powerful with a slew of new features

    When it comes to smart speakers, Amazon dominates the US market with its Alexa-powered Echo devices. According to a report published early this year by eMarketer, nearly 70% of US smart speaker users will own an Echo in 2020, down from 73% last year.

    The more reason for Amazon to continue to improve Alexa, its personal digital assistant powering many home devices in the United States. Amazon announced recently a host of new features that are now available in Alexa or will be in the coming weeks. Here are some of the most important new Alexa features recently introduced by Amazon:

    • Drop In for all of your devices – customers can now use group Drop In to instantly connect all of their Echo devices into a group conversation. Simply say, “Alexa, drop in on all devices” to start an audio intercom call to have conversations like “what should we have for dinner?” or “does anyone want anything from grocery store?”
    • Reminders on all devices – customers in the U.S. can now set reminders to play across all their Alexa devices, a frequently requested feature. In the Alexa app, customers can choose “All devices” when creating an individual reminder or enable the feature for all reminders by going to Settings > Reminders and opting into “Announce on all devices.”
    • Photo sharing and reactions – you can easily share photos with your Alexa contacts from your Echo Show and the Alexa app. Now, when someone shares a photo with you, you can send a reaction back by choosing one of three animated emoji options, including “laugh,” “love,” and “wow.”
    • Daily Music Pick – Amazon Music revealed Daily Music Pick, a new Alexa feature in which artists provide customers with daily music recommendations. Just say “Alexa, play the Daily Music Pick” and each day a new artist will select a song, album, or playlist that they’ve been enjoying at home.

    Besides these new features, Amazon announced that Echo Auto is making its way to Australia and that Alexa is now available for Volkswagen Golf 8 owners in the UK, Germany, France, Italy, and Spain. Also, Lenovo Smart Tab M10 FHD Plus (2nd Gen) and Sonos Arc, a new premium smart soundbar launching on June 10, will be getting Alexa built-in.

  • JK Tyre Announces Entry Into The US Market

    JK Tyre Announces Entry Into The US Market

    JK Tyre & Industries Ltd. today announced the commencement of operations in the United States. JK Tyre has set up a new entity – Western Tires INC – based at Houston, Texas, thereby, embarking upon an aggressive plan to take the Global business to the next level. The company, headquartered in India, has been exporting to the United States for over two decades through a network of local partners and with the acquisition of JK Tornel and enhancement of capacity at JK Tyre India, there has been a steady growth in the global markets including the US. With the formation of the Western Tires INC, the company now has its own marketing arm for the United States that will focus on sales, service and network expansion. To ensure an efficient delivery model, the after-sales service will be backed by a team of technical experts from India and Mexico.

    Dr. Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries Ltd. said, “The United States has been an important export market for us. The fact that we are now setting-up our operations here goes to show the significance of this country in our larger global expansion plans.”

    JK Tyre’s product performance has helped the company gain acceptance in the US market across multiple segments, such as Truck and Bus Radial tires, passenger car tires and light truck tires. The company is focused on further driving sales in these segments through the introduction of new products and enhancement of sales channels.

  • Google releases new features for some of its Android apps

    Google releases new features for some of its Android apps

    If you own an Android smartphone, you’ll be getting a handful of nifty features in the coming months. However, if you own a Pixel phone, you’ll be getting most of these new features starting this week.

    Along with the new features coming to Pixel phones today, Google announced a few of its Android apps will be updated with meaningful improvements. For example, the Digital Wellbeing app is now getting a Bedtime mode, which replaces Wind Down. When it’s enabled, Bedtime mode uses DND (Do Not Disturb) to silence notifications, calls, and texts during sleep. Also, enabling Bedtime mode will make your phone fade the colors to black and white.

    The new update will make it easier for users to customize how and when to turn on Bedtime mode. It’s now possible to choose to have it turn on automatically or after you plug in your phone to charge.

    Google also added a new option that will allow users to pause Bedtime mode without having to adjust their schedule. If your Android smartphone has Digital Wellbeing and parental control settings, then you should be able to use Bedtime mode as well.

    The Clock app will also receive a new Bedtime tab, which lets you set daily sleep and wake times to better organize your sleep schedule. You’ll receive reminders before bedtime and an option to play calming sounds from various music streaming services like Calm, Spotify, and YouTube Music.

    Moreover, those with smartphones that feature Digital Wellbeing will be able to pair with Bedtime mode to further prevent interruptions while sleep. Last but not least, the Clock app is getting a so-called Sunrise Alarm to wake you up more gently.

    Also, the YouTube app now offers a new option that allows users to set a bedtime reminder. You’ll be able to choose to see the reminder at bedtime or after the video completes.

    Finally, the Family Link app got updated with the option to set restrictions for children, such as managing screen time activity, app downloads, in-app purchases, and bedtime for their device. The app lets you establish daily bedtime schedules and modify them as needed.

    The new bedtime features will be rolled out to Pixel devices starting today.

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