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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.

  • BWX takes controlling stake in Go-To Skincare, as profit soars

    BWX takes controlling stake in Go-To Skincare, as profit soars

    ASX-listed company BWX has snapped up a controlling stake in beauty entrepreneur and young rich lister Zoë Foster Blake’s business Go-To Skincare in an $89 million deal.

    BWX scooped up 50.1 percent of Go-To with the deal valuing the business, which sells its range of moisturizers, face masks and bubble bath online and through Mecca stores, at $177 million.

    Ms Foster Blake started Go-To in 2014 and the business has boomed during the coronavirus pandemic, recording revenue of $38 million last year as consumers treated themselves with skincare products. She owns a stake in the business.

    She started her career writing a beauty column at Cosmopolitan. Ms Foster Blake is the author of several books including The Wrong Girl and No One Likes A Fart and headed up Australia’s most recent tourism campaign with her husband, comedian Hamish Blake.

    Ms Foster Blake drew on her beauty expertise to found Go-To and garnered a loyal customer base through savvy use of her extensive social media following.

    The peach packaged brand has expanded to include Gro-To, plant-based skincare for babies and Bro-To, which is marketed to boys and men and has expanded internationally into the United States.

    Go-To will remain a standalone brand with Ms Foster Blake as strategic shareholder, chief creative officer and board director of Go-To and the company’s other co-founders will also remain in the partnership.

    Ms Foster Blake said two Australian beauty companies coming together to cement Australia’s reputation in the sector was “very exciting” and would accelerate Go-To’s growth internationally.

    “When we embarked on this process we wanted a compatible-like minded partner who as culturally aligned, shared our values on sustainability, inclusivity and quality, really ‘got’ our brands, and who could assist in unlocking Go-To’s international potential,” she said. “BWX immediately made sense. They live and breathe skincare and have a proven track record globally.”

    BWX already owns the Sukin, Andalou Naturals, Mineral Fusion, and Nourished Life brands and in its full-year results on Friday reported a 61 percent lift in net profit to $23.7 million for the year and a 3 percent increase in revenue to $194.1 million.

    BWX chief executive Dave Fenlon said Go-To was an authentic brand with a loyal customer following and an exciting growth outlook.

    “Zoë is a proven brand-builder and innovator,” he said.

    “This partnership will provide BWX with an opportunity to accelerate our international growth strategy, increase our sales via the direct-to-consumer channel, while also providing access to a potential new growth customer demographic and exposure to a premium brand which complements our existing portfolio.”

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  • Coach Singapore introduces first concept store

    Coach Singapore introduces first concept store

    Coach is launching their first-ever concept store in Singapore, Tomorrow’s Vintage, a pop-up that celebrates Coach’s timeless style and its commitment to a better-made future.

    Inspired by Coach’s commitment to restoring, repurposing, and reimagining, the Tomorrow’s Vintage concept store will be hosted in a conservation shophouse located at 1 Teck Lim Road from today to 12 September 2021.

    In celebration of the brand’s 80th anniversary, the store space will pay homage to Coach stores from the past, with vintage television showcasing films featuring Coach’s renowned leather restoration specialist Debi the Restorer. Bags from Coach’s archival collection will be on display, including iconic designs from Bonnie Cashin’s era such as the Ergo and the Cashin, and a selection of re-released Coach Originals bags.

    Tomorrow’s Vintage will feature a limited-edition pop-up of the famous Coach craftsmanship bar and a dedicated craftsman trained by Mauricio, Coach’s master craftsman in New York City will offer leather cleaning, monogramming services, and customization options.

    From 3 to 5 September, customers can also have their bags customized by local artist Tiffany Lovage. Between 27 to 29 August and 10 to 12 September, professional embroiderer Zoey Wong will be on-site to personalize leather goods.

    Coach has also partnered with Big Crown Records, a Brooklyn-based independent record label that reissues rare vinyl and produces new releases on vintage equipment to curate a playlist for the Tomorrow’s Vintage pop-up store and a selection of vinyl records for display.

    Coach’s Tomorrow’s Vintage also adds a local touch, with a Tikam Tikam game available to play in the concept store. Each visitor can pick a random number from the Tikam board for the chance to win a complimentary Coach Create pin or patch. To drive visitors to the pop-up, Coach will also launch a ‘Digital Tikam’ game (mobile only):https://tomorrowsvintage.coachexperiencesg.com.

    Coach’s Tomorrow’s Vintage concept store will adhere to the government’s advisory and safe distancing regulations. All visitors have to adhere to regulations including Safe Entry check-in, temperature checks and wearing of masks at all times.

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  • Tiffany unveils new campaign “About Love” starring Jay Z, Beyonce

    Tiffany unveils new campaign “About Love” starring Jay Z, Beyonce

    Tiffany & Co. announced today that powerhouse couple Beyoncé and JAY-Z will star in its latest campaign celebrating modern love. Synonymous with the world’s greatest love stories since 1837, Tiffany’s debut of “ABOUT LOVE” marks the latest evolution of the luxury jeweler’s new creative direction. The campaign is the result of a close collaboration and a shared vision between both the Carters and Tiffany & Co.

    As the first time the couple has appeared in a campaign together, “ABOUT LOVE” is an exploration of connection and vulnerability. The Carters’ love story is illuminated by the iconic Tiffany Diamond and set against the backdrop of Jean-Michel Basquiat’s Equals Pi (1982). As part of a private collection from its creation until now, this campaign marks the work of art’s first public appearance, propelling Tiffany’s long-standing tradition of working with New York creatives forward. Ushering in a new brand identity, this campaign embodies the beauty of love through time and all its diverse facets, forging a new vision of love today.

    Worn in a campaign for the first time in history, the Tiffany Diamond weighs 128.54 carats and boasts an unprecedented 82 facets. Seen on Beyoncé throughout “ABOUT LOVE,” it is considered among the most important gemstone discoveries of the 19th century. Unearthed in 1877 in the Kimberley Mines of South Africa, founder Charles Lewis Tiffany purchased the rough diamond in 1878, solidifying the brand’s reputation as a diamond authority. House icons including designs from Jean Schlumberger and the Tiffany T collection are also featured throughout. Most notably, JAY-Z wears Jean Schlumberger’s legendary Bird on a Rock brooch, reconstructed as a pair of one-of-a-kind cuff links. Jean Schlumberger was best known for dressing high society’s elite in the 1960s and ’70s, so it is appropriate that his unmistakable designs live out his legacy on one of today’s greatest creative forces.

    A film by acclaimed director Emmanuel Adjei has also been created and features a musical performance of the classic song “Moon Rivers.” Made famous in the 1961 film Breakfast at Tiffany’s the iconic tune is reimagined with vocals by Beyoncé, captured by JAY-Z on a Super 8 camera. The couple selected the Orum House in Los Angeles to serve as the setting for the film, in which nostalgic flashbacks are interwoven with cinematic, dreamlike visuals. Basquiat’s Equals Pi appears once again as a common Tiffany Blue thread throughout the narrative. The accompanying “ABOUT LOVE” print campaign was shot by Mason Poole and styled by June Ambrose and Marni Senofonte.

    “ABOUT LOVE” reflects Tiffany’s continued support of underrepresented communities. As a part of the house’s partnership with the Carters, Tiffany & Co. is proud to pledge a USD $2 million commitment towards scholarship and internship programs for Historically Black Colleges and Universities (HBCUs). Additional details on this initiative are forthcoming.

    “ABOUT LOVE” launches globally in print on September 2. The accompanying film will launch on Tiffany.com September 15 and will be amplified through global media activations. The campaign will further unfold later this year with additional films created by acclaimed director Dikayl Rimmasch and second unit director, Derek Milton.

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  • Pandora jewellery sales top pre-pandemic levels as US shoppers splash out

    Pandora jewellery sales top pre-pandemic levels as US shoppers splash out

    Danish jewelry maker Pandora said on Tuesday that a strong performance in the United States spurred rapid sales growth in the second quarter but sales in China fell. Pandora, which aims to strengthen its brand in the world’s two biggest economies, said its total comparable sales in April-June jumped 7 percent compared to the same quarter of 2019 before the pandemic.

    In the United States quarterly sales more than doubled from a year earlier and were up 63 percent compared to 2019 as massive government stimulus and vaccinations against Covid-19 fuelled spending on goods and services.

    Pandora said it saw indications that it was gaining more market share in the United States, its biggest market, but cautioned that the high growth would come down in the second half of the year.

    “We have dampened the expectations on the US growth versus the first half and then we have raised expectations in Europe when the stores reopen and we are seeing that play out,” Chief Executive Alexander Lacik told Reuters in an interview.

    Pandora’s shares, which have gained around 25 percent this year, fell around 1 percent in early trade.

    “The questions arise for how long growth in the US operation can offset continued weakness elsewhere, and can Pandora stabilize its European operations to coincide with slower US growth?” Handelsbanken said in a research note.

    Sales in China, the world’s largest jewelry market, fell 13 percent in the second quarter compared to 2019.

    “It will take time so this is not a quick fix. The first attempt to try to turn this around is going to happen later this year,” Lacik said, adding that Pandora would announce further details on its brand repositioning in China at its capital markets day in September.

    Pandora earlier this month raised its full-year sales and profit margin forecasts as fewer stores would have to close due to Covid-19 than initially assumed.

    On Tuesday, Pandora also announced a new share buyback programme, the latest European company to repurchase stock in the wake of a strong earnings season.

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  • Victoria’s Secret joins JD with store

    Victoria’s Secret joins JD with store

    Victoria’s Secret is expanding its online presence in China with the launch of a flagship store on JD, the e-commerce platform.

    A representative from JD’s underwear business said the collaboration of the two companies not only expands JD’s cooperation with international fashion brands, but also provides additional choices for JD’s customers pursuing high-quality products.

    The JD flagship store offers Chinese customers Victoria’s Secret’s full range of classic bras, panties, lingerie and T-shirts. The launch came in time for the Chinese Valentine’s Day when sales are expected to boost as local consumers buy gifts for their loved ones.

    The online flagship follows the opening of the brand’s first China duty store in Hainan Tourism Duty-Free Shopping Complex earlier this month.

    The US lingerie brand closed its high-profile Victoria’s Secret flagship store in Hong Kong last year after two years of operation.

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  • Adidas sells Reebok to Authentic Brands

    Adidas sells Reebok to Authentic Brands

    Authentic Brands has cemented its position as a major player in American retail after what one analyst described as a “massive acquisition” – the successful $2.456 billion bid for Reebok.

    Adidas confirmed the sale overnight after six months of negotiations with prospective bidders.

    Neil Saunders, MD of GlobalData, said Authentic Brands has proven its ability to turn around struggling brands like Aéropostale and so it will be confident that it can achieve a similar result with Reebok.

    But he warned the new owner needs to take a different approach to ensure Reebok’s future success.

    “If, under Authentic Brands, Reebok focuses less on competing with Nike and more on developing a credible brand that can be offered via its various stores and other third-party retailers it should be able to build sales. However, the market remains extremely competitive so coming up with a differentiated offer that has clear customer focus and a strong distribution strategy will be key to future success.”

    Reports emerged in May that Authentic had lodged a bid for Reebok. At the time the New York Post said the $1 billion fell far short of the $3.8 billion Adidas paid for Reebok five years ago and the $2.4 billion Adidas was thought to be seeking.

    Adidas CEO Kasper Rorsted said he believed the change in ownership would position the brand well for long-term success.

    “As for Adidas, we will continue to focus our efforts on executing our ‘Own the Game’ strategy that will enable us to grow in an attractive industry, gain market share, and create sustainable value for all of our stakeholders,” he said.

    Adidas acquired Reebok back in 2006. Saunders said the German company originally saw it as a vehicle with which to take on the might of Nike, especially in the US.

    “While Adidas did manage to restore Reebok to profitability it was far less successful in building a brand that was able to steal share and capture the hearts and minds of consumers. Part of the issue was a lack of clarity around what Adidas wanted Reebok to be. As a result, it was neither seen as the go-to brand for sporting professionals nor for those looking for athleisure fashion and style,” said Saunders.

    Adidas’ sale of Reebok for less than it paid for it – and after years of difficulty and disappointment – underlines the degree to which the brand’s equity has been eroded, he said.

    “The decision to sell should not solely be chalked up to the pandemic. Indeed, the footwear and sports apparel market has performed extremely well over the past 18 or so months.

    “However, the market is becoming much more competitive, with Nike and others doubling down on direct-to-consumer sales, brands like Lululemon eating up large slices of growth, and retailers launching a multitude of sporting own labels,” said Saunders.

    Jamie Salter, founder, chairman and CEO of Authentic Brands Group described it as “an honour” to be carrying Reebok’s legacy forward.

    “This is an important milestone for ABG, and we are committed to preserving Reebok’s integrity, innovation, and values – including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the brand’s success.”

    The closing of the transaction is subject to customary closing conditions and is expected to occur in the first quarter of next year. Adidas intends to share the majority of the cash proceeds from the sale with its shareholders.

    When Adidas bought Reebok in 2006, the brand came along with the Rockport, CCM Hockey and Greg Norman brands, which were subsequently divested for €400 million (US$470 million at today’s exchange rate).

    In 2016 Reebok initiated a turnaround plan called ‘Muscle Up’ which saw the label significantly improve its growth and profitability prospects, according to Adidas.

    In March of this year, Adidas unveiled its 2025 ‘Own the Game’ strategy designed to significantly increase sales and profitability and build market share. As part of the process of developing that strategy, the company assessed options for Reebok, which in February led the company to opt to divest Reebok, rather than dilute its focus across two brands.

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  • Esprit issues shock profit warning

    Esprit issues shock profit warning

    Apparel retailer Esprit says it is on track to record its first profitable half year since the second part of 2017.

    In a positive profit alert filed with the Hong Kong stock exchange the embattled retailer – which lost US$463 million in the six months to June last year, mainly through writedowns – says it expects a profit of “not less than HKD 110 million” (US$14 million) for the six months to June this year. However, HKD 85 million ($10.9 million) of is due to currency-exchange gains.

    Sales for the half-year were down 6 per cent to HKD 3.8 billion (US$488 million).

    During the past three years, the company has slashed its store network, quit all Asian markets, culled staff and restructured its European operations under a form of bankruptcy protection to try to stem years of losses.

    Esprit’s acting executive chairman Christin Chiu said the reduction in sales was due to Covid-related lockdowns in key markets, and the closure of its Asia-Pacific retail operations.

    She said the group overcame the adverse effects of a significant decrease in consumer traffic and continued to implement its cost-control policy and development strategies, resulting in positive improvement in the overall operating conditions.

    “This performance reflects accelerated growth in the e-commerce channel in the first half of 2021, with a 17-per-cent year-on-year increase in the segment revenue.”

    She said the turnaround from loss to profit was due to the significant reduction in writedowns, cost control measures, higher sales and gross profit through its e-commerce channel, and the exchange gain.

    Esprit plans to release its interim results on August 24.

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  • Giordano sales rebound, delivering first-half profit despite fewer stores

    Giordano sales rebound, delivering first-half profit despite fewer stores

    Hong Kong-listed apparel retailer Giordano is back in the black after first-half sales rose 19 percent against the prior year – including 44 percent in the second quarter.

    Giordano, which now has 2094 stores across Southeast Asia, Greater China, and the Middle East, reported a post-tax profit of HKD60 million (US$7.71 million) for the half, in which its gross margin grew by 2.4 percentage points to 57 percent. The profit was a stark contrast to the Covid-impacted comparable period’s loss of HKD175 million ($22.5 million).

    And despite ongoing disruption to sales in various markets, the company pared back its inventory turn from 138 days to 124.

    The retailer closed a net 93 stores during the period, but its online sales soared 21.6 percent and now represent 10.1 percent of total group sales. Wholesale sales to franchises rose by 21.1 percent.

    While the company incurred a loss in Hong Kong and Macau – where mainland tourists were effectively barred for the entire period – increased sales to local consumers, the closure of unprofitable stores and rent reductions helped lessen the impact.

    “The average rental is still high despite gloomy consumer sentiment and the absence of incoming tourists,” said chairman and CEO Peter Lau in a results filing. “Management is continuing to negotiate with landlords for more affordable rental arrangements.”

    However, sales in Mainland China delivered a double-digit increase despite fewer stores.

    “Online sales and the franchising business continue to be our focus of development,” said Lau. “The online gross margin improved with increases in selling prices and fewer discounts.”

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  • Nike launching sustainable concept store in Seoul

    Nike launching sustainable concept store in Seoul

    After launching the Rise concept store last year to Guangzhou, China, sportswear giant Nike has unveiled a new version of the concept which will launch in Seoul, South Korea.

    The store will feature a new digital platform, Sports Pulse, which will seek to bridge the gap between physical and online retail and create an “immersive retail experience”, as well as an interactive RFID-enabled footwear table, Inside Track, where shoppers can compare product details by simply placing products on the table.

    Three new ‘experience zones’ will also be debuted in the Seoul store: The Sports Hub, which will help shoppers connect with sporting opportunities in the city; The City Replay, a space to showcase hyperlocal products; and The Huddle, a place for a group or one-on-one expert sessions tailored to their fitness goals.

    And, according to Nike, it does so while also boosting the business’ sustainability and circularity.

    “In addition to being among the first Nike stores to secure a LEED Gold certification, Nike Seoul is also the first in Asia to launch … Nike’s fully integrated service for recycling and donating gently worn footwear and apparel,” the business said in a statement.

    “Shoppers can drop off gently-worn shoes – and now, for the first time, apparel – to the Seoul store, where the products will either be recycled or donated to partnering organizations that help communities facing disasters and other challenging circumstances.”

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  • Adidas hit by China boycott, Vietnam factory closures

    Adidas hit by China boycott, Vietnam factory closures

    Adidas felt the impact of a Chinese boycott of Western brands on its second-quarter results and is also suffering from the closure of factories in Vietnam due to Covid-19 infections.

    The German sportswear company still raised its outlook for full-year sales and profitability as it said it has seen demand recover in China since calls for a boycott in late March, and said it hopes to restore production in Vietnam soon.

    But Adidas shares were down 4.1 percent by 9:50 GMT as analysts noted that its growth was lagging rivals Nike and Puma, which both reported that sales nearly doubled in recent earnings releases.

    Second-quarter sales at Adidas rose 52 percent to 5.077 billion euros ($6 billion), while operating profit came in at 543 million euros, ahead of analysts’ average forecasts.

    Adidas raised its 2021 outlook to predict sales will grow up to 20 percent, and net income from continuing operations will reach 1.4-1.5 billion euros. That compared to Puma’s forecast for sales to rise at least 20 percent for 2021.

    Adidas already saw online sales return to growth in China in June, Chief Executive Kasper Rorsted told journalists, adding he expects the country to record strong growth for the full year and he welcomed a government drive to promote youth sport.

    The company hopes to be able to restart production in Vietnam after the scheduled end of a coronavirus lockdown on Aug. 15 and is working on reallocating production to other centres in the meantime.

    Vietnam usually accounts for 28 percent of Adidas sourcing and its factories mostly make shoes for the company, with a lag of three to four months before products hit the shelves.

    The combined impact of supply chain problems, new Covid-19 lockdowns in Asia and tensions with China could amount to more than 500 million euros in lost sales in the second half, said finance chief Harm Ohlmeyer.

    Ohlmeyer added he expects Adidas to seal a deal to divest the underperforming Reebok brand by the end of the summer.

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  • Garment firms fear order plunge

    Garment firms fear order plunge

    Vietnam, the world’s second-biggest garment exporter, is facing the risk of losing orders to competitors amid the complicated Covid-19 situation in August.

    Gia Dinh Group JSC in the southern province of Binh Duong has secured orders till the end of December, but face higher material prices plus late shipments, along with higher logistics costs. The company’s management board said if the pandemic prolongs, it would fail to fulfill its orders.

    Over 80 percent of garment and textile enterprises in the southern region have had to either lower labor productivity or suspend operations to combat the disease.

    Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS), said production in August is “extremely difficult”, especially for firms in southern localities imposing social distancing. Up to 90 percent of production chains in the south have been broken.

    Meanwhile, only 70-80 percent of garment and textile companies in the northern region are still operating.

    Delivery pressure amid outbreaks is a big challenge for garment and textile enterprises now, he said, stating that if they fail to meet delivery deadlines, their customers would cancel orders, which will affect production both this year and the next.

    “If the Vietnamese market is not stable, partners will shift orders (to other countries). Garments are seasonal. Nobody wants to buy outdated clothes though they are on sale,” the VITAS chairman said.

    The Ministry of Industry and Trade also stated garment and textile enterprises in Vietnam are facing the risk of international clients postponing or canceling orders, and shifting their focus to other countries. “When the pandemic is controlled, it will be very difficult to resume business relations, and that will take time,” the ministry said.

    The VITAS chairman also mentioned the risk of labor shortages. Many workers have left Ho Chi Mih City for their hometowns to avoid being infected with the coronavirus, and only 60-65 percent may return to the city when the Covid-19 outbreak is pushed back, according to Giang. “There will be rather severe labor shortages in the coming time,” he predicted.

    Vietnam exported $18.6 billion worth of textile and garment products in the first seven months of this year, a year-on-year increase of 14.1 percent, according to the General Statistics Office.

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  • Foot Locker is breaking into Japan’s sneakerhead culture

    Foot Locker is breaking into Japan’s sneakerhead culture

    Hidefumi Hommyo got an unusual start in the sneaker business. A native of Japan who became acquainted with the US while studying at Temple University in Philadelphia, Hommyo realized sneakers that were rare in Japan could be found easily, and cheaply, in the US. He made trips up and down the east coast in the mid-1990s, scouring basements and garages for shoes such as the original Nike Air Jordan 1 from 1985 or the Nike Air Force 1 from 1982. He would buy them for just $15 or $20 a pair, he recalled on a podcast last year, and sell them for $400 at his stores in Japan, where streetwear and sneaker fandom were starting to take off.

    Hommyo caught Nike’s notice, and when he opened his next shop, atmos, as a traditional retailer in the backstreets of Tokyo’s Harajuku neighborhood in 2000, Nike was his first vendor. Since, atmos has built a global profile among sneaker fans, largely with its sought-after collaborations with sneaker makers. It now has 49 stores, including 10 outside Japan in cities such as New York, and a substantial digital business.

    Its success has attracted another big name in sneakers: Foot Locker today announced it is acquiring atmos for $360 million.

    The purchase gives Foot Locker a “strategic foothold in Japan,” the company said, a market it estimates to be worth $6 billion. Atmos, focused on a niche of young, discerning shoppers, owns just a slice of that. Its sales last year were approximately $175 million, according to the announcement. But the deal still helps Foot Locker expand in the fast-growing Asian market, and further into the premium end of sneakers and streetwear.

    While Foot Locker has a global footprint, it’s still primarily a US business. As of Jan. 30, 2021, it had nearly 2,000 stores in the US and its territories across its various store brands, which include Foot Locker as well as offshoots such as Kids Foot Locker and chains such as Champs and Footaction. Foot Locker specifically had 848 US stores. Foot Locker Asia, on the other hand, had just 20 stores.

    Atmos immediately increases Foot Locker’s presence in the world’s third-largest economy. Foot Locker will also benefit from atmos’s digital channels, which generated more than 60% of its sales last year.

    At the same time, Foot Locker pointed to atmos’s distinct brand and “potential for Foot Locker, Inc. collaborations” as strategic benefits in a presentation about the deal prepared for analysts. Atmos is known in the world of sneakers and streetwear for its taste and for co-producing some of the most sought-after collaborations on the market. Foot Locker is more a mass retailer, though one that’s made itself a destination for sneakerheads through its releases of sneakers such as Jordans and Yeezys. By acquiring atmos, Foot Locker gets its cultural credibility in sneakers and streetwear, while Foot Locker also apparently sees potential to use atmos’s expertise to launch its own collaborations.

    Foot Locker announced another purchase, too. It’s buying WSS, a regional retailer with 93 off-mall stores around the southwestern US, where Foot Locker says it has room to grow. Those stores are generally not in malls, too, which could help at a moment when malls, where Foot Locker has many of its US stores, are seeing traffic declines. Importantly, WSS also has a strong following among Latino shoppers, a demographic group with growing spending power.

    Foot Locker paid $750 million for the company, which generated $425 million in sales in its 2020 fiscal year.

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  • Indian beauty startup Nykaa to raise US$500 million through IPO

    Indian beauty startup Nykaa to raise US$500 million through IPO

    Indian e-commerce beauty company Nykaa plans to raise US$500 million through its initial public offering (IPO), a source with direct knowledge of the matter told Reuters, becoming the latest homegrown startup to pursue a listing on the domestic bourses.

    Private equity firm TPG-backed Nykaa, based in Mumbai, sells cosmetics, grooming products, and clothes. Nykaa said its IPO will consist of a fresh issue of shares of up to 5.25 billion rupees (S$95.49 million) and an offer for sale of up to 43.1 million shares, according to a copy of its draft red herring prospectus dated Monday.

    The source said the 5.25 billion rupees will come from fresh shares issued to investors, while the rest will come from existing shareholders.

    Nykaa’s filing comes after food-delivery firm Zomato’s stellar debut last month. Launched in 2012, Nykaa grew popular by selling cosmetics and grooming products on its website and apps, before expanding into fashion, pet care, and household supplies.

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  • H&M to open first store in Cambodia next year

    H&M to open first store in Cambodia next year

    Swedish multinational clothing retail company Hennes & Mauritz AB (H&M) has announced the opening of its first store in Cambodia next year, according to a press release issued in early July.

    The firm, however, did not disclose the specific date and location of this first store.

    H&M already has a large presence in the region with 11 stores in Vietnam and 43 in Thailand.

    The decision to expand its stores to Cambodia was made after the company assessed the potential of Cambodia given the gradual increase of local purchasing power.

    The firm has been manufacturing its products in Cambodia since the 1990s.

  • US apparel companies seek speedy vaccination of Vietnamese workers

    US apparel companies seek speedy vaccination of Vietnamese workers

    The American Apparel & Footwear Association (AAFA) has requested the U.S. and Vietnam governments to speed up the distribution of vaccines to major suppliers of Adidas, Gap and other brands.

    “We urge you to dramatically ramp up distribution of vaccines, including America’s stockpile of AstraZeneca vaccines, to countries like Vietnam now,” Steve Lamar, president and CEO of the association, said in a letter to U.S. President Joe Biden.

    Immediate and dramatic action by the U.S. will not only save millions of lives worldwide but could also promote America’s economic recovery, he added.

    Vietnam is the second-largest supplier of apparel, footwear and travel goods to the U.S., accounting for 20 percent of all U.S. imports, he said.

    “This is why the success of the U.S. apparel and footwear industry, and our three million American workers, is directly dependent on our suppliers around the world, including those in Vietnam, having healthy workforces,” he wrote.

    In a separate letter to Prime Minister Pham Minh Chinh, Lamar urged that the Vietnamese government takes “several key emergency actions to help control the spread of Covid-19, particularly in the south, to thwart a growing humanitarian crisis.”

    The U.S. has already provided five million doses, but the association is advocating that the government supplies more on an urgent basis, he said.

    Vietnam, particularly southern localities, is experiencing a severe Covid-19 wave that has recorded over 116,900 infections since the end of April, in which Ho Chi Minh City accounts for 66 percent.

    Major suppliers for global brands like Adidas and Nike in the country have shut down operations or operating at limited capacity under strict social distancing orders.

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