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Category: Fashion

Retail News Asia is committed to providing both local and global retailers with the latest Fashion news throughout the Asian market. This on a daily base.

  • L’Occitane launches first sustainability #MEGA concept store in Hong Kong

    L’Occitane launches first sustainability #MEGA concept store in Hong Kong

    The new Sustainability Concept Store focuses on reducing plastic waste and supporting local sustainability projects.

    Located at Pacific Place in Hong Kong, the new store aims to engage the public in a fun way by undertaking green tasks and earning points through the new #MEGA Sustainability Reward Program. Tasks as simple as recycling their beauty empties in the on-site recycling bins or making a commitment with the Tree of Wishes will earn customers rewards.

    As part of the brand’s ongoing commitment to sustainability and recycling, the new #MEGA Sustainability Concept Store offers customers low waste products, such as soaps and Aromachologie hair care. Alongside this, the new store will host a number of sustainability-focused workshops to encourage customers and the wider public to engage in recycling.

    Nathaëlle Davoust, General Manager of L’Occitane Hong Kong and Macau, commented: “In L’Occitane, our societal and environmental commitment focuses on the protection of biodiversity and reduction of our environmental carbon and plastic footprint. The #MEGA Sustainability Concept Store is like our invitation to the Hong Kong public to explore how we can reduce plastic pollution together.”

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  • Shiseido plans sale of consumer product lines for over $1.45 billion

    Shiseido plans sale of consumer product lines for over $1.45 billion

    Japanese cosmetics firm Shiseido Co Ltd said on Friday it was in talks to sell its lower-priced skincare and shampoo lines to private equity firm CVC Capital Partners in a deal reported to be valued at over $1.45 billion.

    Shiseido said it was in talks to sell its “personal care” business in the first half of the year to CVC but that no decision had been made.

    The business includes its Tsubaki shampoo and Sea Breeze deodorant brands which are sold at drugstores and convenience stores throughout Asia.

    The talks were first reported by Bloomberg News, which put the value of the deal at between 150 billion to 200 billion yen ($1.45 billion-$1.93 billion).

    Shiseido said it was considering taking a stake in the business and remaining involved in its development.

    The talks come as Shiseido has been eyeing possible asset sales to focus on premium cosmetics, including its namesake line and brands such as Cle de Peau and NARS sold at department store counters.

    Global private equity firms such as CVC and Carlyle Group have recently been looking to expand in Japan, taking advantage of large Japanese companies coming under pressure to sell non-core assets and improve returns to shareholders.

    CVC last year raised $4.5 billion for its fifth Asia Pacific fund.

    Like other companies in the luxury sector, Shiseido was hit hard by the coronavirus as people shopped less and wore less make-up. A halt in tourism has been particularly painful as the company depended heavily on Chinese visitors.

    The company said in November that it expects a net loss of 30 billion yen in 2020, worse than a previous forecast loss of 22 billion yen.

    Shiseido shares rose 4% in morning trade on the Tokyo Stock Exchange. A CVC representative declined to comment.

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  • Harmay launches wet market-inspired store in China

    Harmay launches wet market-inspired store in China

    New-generation retail brand Harmay released its latest fashion collaboration collection with Chinese fashion designer Masha Ma on Tuesday as part of the brand’s continuing expansion despite the COVID-19 pandemic.

    The new fashion collection includes T-shirts, trousers and bags. The retail philosophy is focused on creating a beautiful life through sensuous experiences.

    The brand emerged online in 2008. In recent years, it has started to open more brick-and-mortar stores while maintaining and expanding its online territory with an experiential shopping journey.

    “Harmay was born in the golden age of China’s cosmetics and beauty retail industry, and now we have grown and expanded to become a unique retail brand that pursues beauty and a beautiful life,” said Jason Ju, Harmay HK co-founder and general manager, as well as a Harmay partner. “Bringing consumers a high-quality and innovative shopping experience and becoming a new benchmark for retail are goals we have been aiming for.”

    As a retailer of premium cosmetics and beauty products in China, the company offers a variety of well-known international cosmetics and skincare brands as well as self-developed personal skincare products, providing high-quality, contemporary makeup and cosmetics for consumers. Harmay sells exclusive brands, such as SG79|STHLM, Balmain Hair, Tangent GC, ICONIC London, Graine de Pastel, and many others.

    According to the retailer, Harmay acts as an agent for more than 50 international brands and has more than 200 licensed brands in its portfolio. Besides the top brands, the company explores overseas niche brands that haven’t entered the Chinese market.

    In 2017, it opened its first brick-and-mortar store in Shanghai. Just last year, it opened stores in Hong Kong and Beijing. AIM Architecture, one of China’s leading award-winning architecture companies based in Shanghai, designed the interior of Harmay stores, featuring neat, orderly displays, clean lines, and wide and free spaces inspired by industrial warehouses, assembly lines, kitchens, and lockers. The design makes the stores look more peculiar, fashionable and international.

    Harmay will open two new stores in Chengdu and Shanghai this year.

    Facing the challenges brought by the sudden outbreak of the COVID-19 pandemic this year, Harmay maintained its stable customer flow and sales through its online and offline integrated operation model to resist risks, the company said. This proves that its solid e-commerce foundation and mature physical store development, as well as unique store design, diversified product selections, and customer-centric quality service, have won a large number of loyal followers.

  • Cartier and Asia help Richemont quarterly sales rise 5 per cent

    Cartier and Asia help Richemont quarterly sales rise 5 per cent

    Richemont, maker of brands Cartier and Van Cleef & Arpels, on Wednesday posted a 5% increase in quarterly sales led by strong growth at its jewelry brands in Asia Pacific and the Middle East.

    Luxury watch sales have contracted sharply during the COVID-19 pandemic, but the jewelry category led by Richemont’s Cartier brand has fared better, motivating LVMH’s recent acquisition of U.S. jeweler Tiffany.

    Richemont, the world’s second-biggest luxury group behind LVMH, said sales at constant exchange rates grew 5% in the company’s third-quarter, while sales at current rates rose 1% to 4.19 billion euros ($5.09 billion).

    The Geneva-based group did not give an outlook.

    Shares were indicated to open 3.2% higher, according to pre-market data by bank Julius Baer.

    It said it had seen strong growth in Asia Pacific with China up 80%, while Dubai in the Middle East had benefited from resumed tourist spending. Europe declined 20%, hit by the absence of tourism and store closures, and the Americas stagnated.

    Jewelry brands Cartier and Van Cleef & Arpels posted 14% growth, while watch brands were down 4%.

    “Richemont’s Xmas quarter was clearly ahead of expectations, which was mainly due to strong growth in Jewellery Maisons, which is also the main earnings contributor,” Vontobel analyst Rene Weber said, recommending to buy the stock.

    Kepler Cheuvreux’s Jon Cox said declines in Europe were also less than feared. “There is clearly an appetite for luxury given pent-up demand,” he said.

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  • Prada cuts ties with Chinese actress after surrogacy controversy

    Prada cuts ties with Chinese actress after surrogacy controversy

    Italian luxury label Prada has ended all cooperation with Chinese actress Zheng Shuang, a week after appointing her as a brand ambassador after she was engulfed in a surrogacy controversy that has enthralled the Chinese public.

    Prada made the announcement late on Tuesday, after coming under heavy criticism on Chinese social media for cooperating with 30-year-old Zheng, whose former partner Zhang Heng has accused her of trying to abandon two young children the couple had through a U.S -based surrogate.

    It is the latest global brand to succumb to public pressure in China, where customers have become increasingly vocal about their expectations for the behavior of companies and celebrities, especially foreign ones.

    “The Prada Group has terminated all cooperation with Ms Zheng Shuang,” the company said on its official Weibo account, without providing further details.

    Prada did not respond to Reuters queries on Wednesday. Zheng and Zhang also did not answer Reuters’ requests for comment.

    China has become an increasingly important market for luxury labels during the global pandemic and its shoppers are expected to account for around half of all global spending on high-end brands in 2020, up from 37 percent in 2019, according to McKinsey & Company.

    Prada has said the group’s China sales jumped 60 percent in June and 66 percent in July.

    “The hit to Prada’s image is huge,” said Huang Shengming, professor of the Communication University of China in Beijing. “Their decision to stop working with Zheng is an effort to cut their losses and it’s the right move.”

    Surrogacy Controversy

    The controversy erupted on Monday after Zheng’s former partner Zhang Heng said on social media that the couple had turned to a surrogate to birth two children in the United States and released voice recordings of a woman he said was Zheng lamenting that the children could not be aborted.

    Zhang said he was stranded in the United States because he had to take care of the two children born in 2019 and 2020.

    Zheng quickly became the target of public criticism, with Weibo users calling her “irresponsible” and “vicious”. The controversy has over the past three days been a top trending item on the Twitter-like site, with 600 million views and more than 100,000 comments.

    Thousands of users also left comments on Prada’s Weibo account to question and ridicule the brand for hiring her.

    On Tuesday, the actress said on her Weibo account that she had not violated laws in either China or the United States but did not comment on whether any of the accusations were true.

    “It’s a very sad and private matter for me,” she said.

    Surrogacy is forbidden in China but going abroad to have surrogate children in countries such as the United States has increasingly become an option for some Chinese couples, especially wealthy ones.

    Chinese state media have weighed in on the Zheng controversy. Changan Sword, an online media site backed by the Central Political and Legal Affairs Commission, criticized her for taking advantage of the law and “corrupting human ethics”.

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  • Burberry delivers growth in APAC, most coming from E-commerce

    Burberry delivers growth in APAC, most coming from E-commerce

    Global luxury fashion brand Burberry saw comparable retail sales decline 9 percent during its third-quarter period, as tourist traffic slowed amid the continuing Covid-19 pandemic.

    However, full-price sales jumped due to a decline in markdowns, and the business performed well in Asia-Pacific with comparable sales up 11 percent from strong growth in Mainland China and Korea.

    Japan and the South Asia Pacific, however, continue to be affected by limited tourist traffic and store closures.

    Full-priced sales increased by “double digits” in China, Korea, and the Americas, driven by Christmas and Lunar New Year campaigns, as well as a bigger focus on online pop-ups and activations supporting a 50 percent increase in full-priced sales in Burberry’s digital channel.

    Europe, the Middle East, India, and Africa saw comparable sales fall 37 percent, due to falling tourist numbers, while the Americas fell 8 percent.

    “The brand is pushing full-steam ahead with a full-price strategy to strengthen its gross margins as it continues to focus on driving online demand, particularly from new, younger customers,” said GlobalData’s Gemma Boothroyd.

    “Burberry’s online capabilities will prove vital for its ability to navigate the uncertainty of Covid-19.”

    And, with 15 percent of the business’ stores closed and 36 percent operating with reduced hours or restrictions, the business warned that uncertainty is leading to an uncertain trajectory moving into the fourth quarter.

    “We expect trading will remain susceptible to regional disruptions as we close the financial year,” Burberry said.

    “Notwithstanding any incremental lockdowns, we expect gross margins to benefit from positive full-price, regional and channel mix and lower stock provisions.”

    According to Boothroyd, Burberry’s digital focus has set the standard for other players in the luxury industry, due to the introduction of features such as AR shopping and virtual try-on capabilities.

    “The brand is also harnessing digital platforms to drive engagement through influencer partnerships,” Boothroyd said.

    “Such initiatives will continue to be crucial in Burberry’s attempts to strengthen its appeal amongst a younger demographic.”

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  • Laura Ashley rolls out new stores in Japan

    Laura Ashley rolls out new stores in Japan

    British lifestyle brand Laura Ashley has revealed an expansion plan in Japan with seven new outlets scheduled to open during the first three months of this year.

    New Laura Ashley Japan stores will include those in Tokyu Department Store Sapporo, Tobu Department Store Ikebukuro, Odakyu Department Store Machida and Keikyu Department Store.

    “We will deliver products that beautifully and richly colour your “home” and “living”, including original textiles that are naturally inspired,” the company said in a statement, translated from Japanese. “We will introduce more various items such as women’s wear and home miscellaneous goods.”

    The British retailer entered Japan after trading house Itochu acquired the master license rights. The brand was then sold to The World Group under a sublicense agreement. Besides Laura Ashley, The World Group is also managing other house goods and interiors brands, such as 212 Kitchen Store, One’s Terrance, and Timeless Comfort.

    Laura Ashley was one of the world’s first high-profile retailers to collapse due to the Covid-19 pandemic last year.

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  • Hong Kong’s Fashionally and ITC Store launch new collaboration

    Hong Kong’s Fashionally and ITC Store launch new collaboration

    FASHIONALLY.com, a non-profit local fashion platform pioneered by the Hong Kong Trade Development Council (HKTDC), has launched a debut collaboration with the ITC STORE of The Hong Kong Polytechnic University (PolyU).

    The store showcases seven fashion brands from the Hong Kong Young Fashion Designers’ Contest (YDC), creating a brand-new online-to-offline (O2O) marketing and promotion channel to nurture business opportunities for local fashion designers at the start of the year.From now to 11 April, the ITC STORE X FASHIONALLY online store will feature a series of local fashion brand items including fabric face masks, women’s knitwear, leather clothing and accessories, and much more.

    Participating brands include ARTO. (designs by Arto Wong), Charlotte Ng Studio (Charlotte Ng), FromClothingOf (Shirley Wong), KURT HO (Kurt Ho), Lapeewee (Yannes Wong), Mum’s Design (Bicy Yeung) and PHENOTYPSETTER (Jane Ng). From now through April, ITC STORE’s physical showroom will showcase exclusive fashion items from selected brands on a monthly basis, providing a new O2O shopping experience for fashion lovers.

    The YDC aims to discover and nurture the next generation of young fashion talents in Hong Kong, providing a launch pad for them to showcase their designs. YDC 2021 is now open for entry with an enrolment deadline of 28 April. For details please visit: www.fashionally.com/ydc_application/

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  • Giordano International warns for a profit decrease

    Giordano International warns for a profit decrease

    Giordano International (0709) warned that it expects to record an annual net loss of between HK$110 million and HK$130 million in 2020, as compared with a profit of HK$230 million in 2019.

    As stated in the interim results announcement last year, a net loss of HK$175 million was recorded for the six months ended June 30, 2020. However, the group expects to record a net profit of between HK$45 million and HK$65 million in the second half of the year due to the positive trend in retail sales and improvement in consumer sentiment.

    The forecast net profit has not taken into account further potential asset impairment charges.

    As of end-December, 2020, the group’s merchandise inventory was worth about HK$435 million, below that of 2019 by about HK$113 million.

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  • Li Ning ready to buy Clarks footwear

    Li Ning ready to buy Clarks footwear

    Li Ning, the gymnast-entrepreneur who lit the Olympic flame during China’s 2008 Games, has bought control of one of Britain’s oldest shoe producers, extending the global shopping spree by Chinese companies for famous international brands. Viva China Holdings, the sports talent agency founded by Li, has agreed to pay £51 million (US$69.7 million) for 51 percent of LionRock Capital Partners QiLe Limited, the private equity firm which will own the Clarks brand, according to a filing to the Hong Kong stock exchange. The investment would give Viva China control of Clarks when LionRock completes its £100 million investment to recapitalize Clarks. Li is the non-executive chairman of LionRock.

    Based in the same village in south-western England’s Somerset county for nearly two centuries since its establishment in 1825, Clarks’ business has struggled along with the global retailing industry, as the raging coronavirus pandemic kept staff from workshops and sapped the appetite for consumption. The retailer, operating 320 stores in the UK alone, had to cut 900 jobs last May out of a global workforce of 13,000, after reporting a 2019 loss of £83 million. The company warned of deteriorating performance in 2020.

    “The challenges to our business brought on by Covid-19 have meant that we need more resources and investment to fully deliver [Clarks’] strategy and safeguard the future of our business,” said the shoemaker’s chief executive Giorgio Presca in November. “The new partnership with LionRock will provide this as well as the expertise to grow the Clarks brand in China, which remains a primary opportunity.”

    Li’s purchase of Clarks follows the acquisitions of dozens of global sports brands by Anta Sports, Xtep, and 361 Degrees International, which make up China’s four largest sportswear producers along with Li’s eponymous brand.

    Anta’s brands cover Fila, and Japan’s Descente, as well as an investment in the Finnish company Amer, which owns multiple brands, from Atomic skis to Salomon snowboards, Arc’teryx outdoor gear to Mavic bicycle wheels and Suunto sports watches.

    Xtep’s stable of brands now includes the hiking brand Merrell, leisure brand Hush Puppies, and running specialist Saucony, as well as the leisure brands K-Swiss, Palladium, and Supra.

    “Clarks is one of the world‘s most recognized consumer names,” LionRock’s founder and managing director Daniel Tseung said in November. “Our investment will not only strengthen Clarks’ position as one of the world’s most recognized brands but also allow growth into key emerging markets.

    Li owns a 92.91 percent of Viva China, which was established in 2009, according to its interim report for 2020.

    The price tag for Clarks would be set off against an equivalent amount of £54 million that Viva China lent to LionRock Capital last September, according to the statement on Friday.

    Shares of Viva China fell by 1.5 percent to HK$0.65 in Hong Kong after the announcement.

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  • Canada Goose appoints an APAC president

    Canada Goose appoints an APAC president

    Canada Goose announced the appointment of Scott Cameron as president, Asia-Pacific (APAC), effective April 1 and the appointment of Michael D. Armstrong, executive vice president, ViacomCBS, to its Board of Directors as an independent director, effective immediately.

    Cameron joined Canada Goose in 2016 as chief strategy and business development officer and most recently served as president of the Greater China region. During his tenure, Cameron was responsible for the development and growth of the brand’s direct-to-consumer global channels, successfully established Canada Goose’s presence in Asia and assembled its team in the region. In this new role, he will oversee all marketing and commercial activity within the expanded APAC region, which includes Greater China, Japan, South Korea, Australia, and New Zealand.

    “Scott has been instrumental in ensuring the highest level of operational excellence throughout our stores globally, building our business in Greater China and providing an exceptional level of support to the executive team for the past five years,” said Dani Reiss, president and CEO of Canada Goose. “This appointment is a reflection of his relentless efforts and the success he has helped to drive in the region.”

    Armstrong, a 22-year veteran of ViacomCBS Global Distribution Group, manages relationships with third-party studios and oversees the international sales teams for formats and CBS Newspath service. Previously, he served as general manager of BET Networks, where he oversaw strategy and operations, content acquisitions, multi-platform scheduling, marketing, corporate communications, strategy, finance, research, and audience science. Armstrong is on the board of PRX and a member of the Board of Trustees at his alma mater Hampton University.

    “I look forward to Michael’s contributions as a Canada Goose board member, drawing on his extensive expertise in business development and operations throughout the entertainment industry and the world,” said Reiss. “I am confident that his vast entertainment experience will provide a valuable perspective as we continue to execute on our long-term growth strategy.”

    “I am honored to join the Board of Directors at Canada Goose, which has grown into one of the world’s most coveted lifestyle and performance luxury apparel brands. I look forward to working hand in hand with my fellow Board members and the management team to continue to propel the brand’s growth,” said Armstrong.

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  • Mango waiting with store rollouts in China

    Mango waiting with store rollouts in China

    Never before has one seen bricks-and-mortar stores in such a bad shape as it has been this year – all thanks to the pandemic.

    Amidst all this, Spanish fashion retailer Mango is all set to enhance its bricks-and-mortar presence in the US.

    The clothing retail giant has expressed its plans to roll out 3 stores in the first quarter of next year.

    Notably, the new stores will be opened in 3 major US shopping centres that are run by the renowned Simon Property Group.

    The Spanish retailer strategically picked the 3 locations – Menlo Park Mall, Edison, New Jersey; Dadeland Mall, Kendall, Florida and Roosevelt Field, Garden City, New York – to jumpstart the expansion of its ‘Mediterranean’ label to US consumers.

    The retailer has been continuously putting efforts to improve its brand recognition in the US through digital and wholesale network and now the focus is on enhancing the presence of its physical stores.

    Excited over introducing Mango to American fashion consumers, Zachary Beloff, National Director of Business Development, Simon, said that Mango is a world famous brand and Simon believes the brand has a strong bricks-and-mortar future in the US.

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  • Uniqlo owner Fast Retailing’s operating profit beats pre-pandemic level

    Uniqlo owner Fast Retailing’s operating profit beats pre-pandemic level

    The owner of Japanese clothing chain Uniqlo said on Thursday its quarterly operating profit beat pre-pandemic levels with the help of China’s resurgence and solid demand for comfortable roomwear such as stretchy jogging pants.

    Fast Retailing’s quarterly profit rose to 113.1 billion yen (S$1.44 billion), up 23 percent from a year earlier when the novel coronavirus outbreak had yet to emerge.

    The market’s consensus forecast was for 104.7 billion yen, although its quarterly sales of 619.8 billion yen missed the market’s view of 640 billion yen, according to the average of analysts’ forecasts from Refinitiv.

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  • Coach launches Disney Mickey Mouse x Keith Haring Line

    Coach launches Disney Mickey Mouse x Keith Haring Line

    What happens when two American icons get together? A new collection that paints Disney’s Mickey Mouse in a whole new light. Stuart Vevers isn’t the only one who was inspired by the art of Walt Disney. Artist Keith Haring learned to draw Mickey Mouse from a Disney “how-to-draw” book at his grandmother’s house, and considered following in Disney’s footsteps by becoming a cartoonist. Although that didn’t come to pass, it did pave a path that ultimately led Haring to study fine art. Those initial references never left him and became a part of his now-famous style.

    Now Vevers, creative director of Coach, has created the Disney Mickey Mouse x Keith Haring collection of apparel and accessories. A campaign, created in collaboration with photographer Alessandro Simonetti features Kaia Gerber, Cole Sprouse, Koki, Xiao Wen Ju and Myles O’Neal and was shot in the streets in Vancouver, Los Angeles, Guangzhou and Tokyo, in scenes intended to be reminiscent of New York in the Eighties, where Haring lived and worked.

    The collection of glove-tanned leather bags topped with Mickey Mouse ears, along with shearling jackets, totes and sweatshirts, is printed with Haring’s illustrations of the famous rodent from the Eighties. The special-edition collection celebrates Pop Art and is intended to reflect Haring’s belief that art should be for everyone. The illustrations used on the line include Andy Mouse, Haring’s interpretation of his hero, Andy Warhol, drawn as Mickey Mouse.

    “Sometimes the best design comes from the most unlikely juxtapositions, and I can’t think of a cultural clash that brings me more joy than Mickey Mouse and Keith Haring,” Vevers said. “Ahead of its time when it was first made, this art feels so timely today as we can celebrate and appreciate the diverse work of great creators whoever they may be, without social boundaries. As my collections over the years have shown, I love Disney and I love Keith Haring, so this collaboration makes for my ultimate treat.”

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  • Dr. Martens set for London IPO, valuing shoe brand at US$2.7 billion

    Dr. Martens set for London IPO, valuing shoe brand at US$2.7 billion

    The British footwear brand Dr. Martens is planning a £3bn flotation, more than 60 years after its first pair of boots were stitched together in Northamptonshire.

    Best known for its 1460 boot featuring its trademark yellow stitching and chunky soles, the company expects to float at least 25% of the business on the London stock market.

    It comes nearly seven years after Dr Martens was bought for £300m by the private equity group Permira. Sales under its ownership have surged, rising from £160m in 2013 to £672m in the year to March 2020. Sources close to the plans said the shoe company expects to seek a valuation of about £3bn.

    The brand, which sells 11m pairs of shoes and boots a year across more than 60 countries, managed to grow throughout the pandemic, despite lockdowns that forced its 130 high street stores to close. Dr Martens reported an 18% rise in sales to £318m in the six months to September, while profits grew by a third to £86.3m. The majority of sales come from the wholesale business, which sells to third-party retailers.

    The first pair of Dr. Martens made in the UK was in 1960 at its original factory in Northamptonshire, where one of its two main offices is still based. The boots grew in popularity over the following decades, first adopted by skinheads in the 1960s, and later becoming fashion staples among punks, goths, and schoolgirls.

    However, Russ Mould, the investment director at broker AJ Bell, said there were some “red flags”, including consumer complaints about the quality of Dr. Martens footwear.

    “Could it be that the business has suffered under private equity ownership? Many investors are skeptical about backing companies that are being sold by private equity, for fear they might have suffered from underinvestment and subjected to a ‘quantity over quality’ approach for production,” Mould said.

    However, some critics have said the alleged deterioration came after it shifted the bulk of its production from the UK to Asia nearly 20 years ago, he said.

    Dr. Martens said it rejected allegations of declining standards and said Permira had continued to invest in the business since its takeover.

    The footwear firm also said on Monday it had diversified its supply chain, and reduced the proportion of shoes made in China from 46% to 32% between 2019 and 2020, but did not link the changes to quality concerns.

    Mould said Dr Martens’ IPO was coming at an interesting time for UK markets, hot on the heels of a Brexit deal and the best-ever start to a calendar year for the FTSE 100. “If ever there was a good time to market a well-known British name to investors, it is now,” he said.