Retail News CRM

Category: General

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

  • Tokyu department store leaves Thailand

    Tokyu department store leaves Thailand

    Japanese department-store chain Tokyu is to exit Thailand, the third Japanese retailer to withdraw from the country this year.

    Tokyu aims to close its last store at Bangkok’s MBK shopping center next January, ending 35 years of trading in the city. The retailer closed its second, newer store at Paradise Park last year.

    The department store has been struggling in the shopping center competition due to the launch of a series of new developments in Bangkok. However, the tourism depression resulting from Covid-19 proved a fatal blow to the company, forcing it to retreat home.

    The closure came suddenly, with the management of MBK saying just two weeks ago that the store would undergo a renovation after the lease agreement was extended for another nine years.

    Tokyu’s withdrawal follows the departure of Japan’s upmarket department store Isetan in September. That company pulled out of Thailand after 28 years of trading there, saying it was unable to continue to compete with other retailers.

    With Tokyu leaving Thailand, Takashimaya will become the only Japanese department-store chain left in the country.

    Another Japanese retailer, FamilyMart effectively withdrew this year after selling its stake to local partner Central Retail, effectively becoming a franchisor.

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  • Apple Music update brings some iOS 14 features to Android devices

    Apple Music update brings some iOS 14 features to Android devices

    Apple briefly tested some iOS 14 features for its Music app for Android devices last month, but they were only available for those able to access the beta version of the app. Starting this week, just about all the important changes that were spotted last month are now making it to the stable version of the Apple Music app.

    If you’re using Apple’s music streaming service on an Android phone, here is what you’ll get in the latest update. First off, the update adds Listen Now, a new section that replaces the For You tab, a brand-new search experience, which involves relocating the search icon to the bottom bar, and, finally, an enhanced playback experience.

    Under the “enhanced playback experience” tag, you can include important new features like Autoplay, Crossfade, as well as the possibility to share on Instagram, Facebook, and Snapchat Stories. All of these new features are now available to all Apple Music users on Android devices.

    Besides the most obvious stuff, Apple mentions that the update also improved the app’s performance, which means a lot of under-the-hood changes were made too. To get the most out of your Apple Music app, you can download the latest update right now via the Google Play Store.

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  • Cebu Pacific and SIAEC dismantle maintenance joint ventures

    Cebu Pacific and SIAEC dismantle maintenance joint ventures

    Cebu Pacific Air (CEB) and SIA Engineering are unwinding their partnership in both their joint venture MRO companies based in the Philippines.

    These are Aviation Partnership (Philippines) Corporation (APPC), 51% owned by SIAEC and 49% by CEB, and SIA Engineering Philippines Corporation (SIAEP), 65% owned by SIAEC and 35% by CEB, established in 2005 and 2008, respectively. SIA Engineering Philippines is based in Clark.

    APPC is based in Manila and provides line maintenance, light aircraft checks, technical ramp handling, and other MRO services, at Manila, Cebu, Davao, and Clark, as well as other secondary airports in the Philippines.

    Clark-based SIAEP provides airframe maintenance, repair, de-lease checks, cabin retrofits, and overhaul services for Boeing 737, Airbus A320, and A330 aircraft, as well as line maintenance at Clark.

    CEB is acquiring SIAEC’s entire 51% stake in APPC for a cash consideration of nearly $5.61 million.

    SIAEC is acquiring CEB’s 35% stake in SIAEP for $7.74 million cash and states that this will be accounted for as an equity transaction.

    CEB and SIAEC signed on 26 October a share sale and purchase agreement for each entity. When completed, each joint venture company will become a wholly-owned subsidiary of the acquiring partner while the divesting partner will cease to hold any equity interest.

    The valuation for each transaction was arrived at after arm’s length negotiations on a willing-buyer, willing-seller basis, taking into account the net asset value and financial performance of each joint venture, among other factors.

    SIAEC states in a disclosure to the Singapore Exchange that based on each entity’s unaudited financial statements for the financial year ended 31 March, 51% of APPC’s net asset value was equivalent to $4.76 million and 35% of SIAEP’s net asset value was $9.32 million.

    According to CEB’s disclosures to the Philippine Stock Exchange, its financial statements for the quarter ended 30 June put its net carrying value of a 35% stake in SIAEP at $7.5 million while 51% of APPC’s net asset value works out to $4.5 million.

    CEB says that acquiring APPC is in line with its overall strategy to align line maintenance operations with its network and service requirements more closely, “for significant operational efficiencies and optimization of resources for an even stronger competitive advantage.”

    SIAEC says that the SIAEP acquisition fits its strategy to strengthen core competencies and enhance the entity’s status as the group’s center of excellence for narrowbody aircraft MRO offerings.

    It states: “The SIAEC Group is now in a stronger position to seize new opportunities, and provide customers with cost-competitive and integrated MRO solutions, from airframe to engines and components, for modern aircraft fleets of various sizes and composition.”

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  • Korloff opens new store in Shanghai

    Korloff opens new store in Shanghai

    French jewelry house Korloff has opened its first flagship store in Shanghai.

    Located at Shanghai Avenue Mall, the store offers Korloff’s full range, including fine jewelry, bridal collection, watches, small accessories, and fragrances.

    The store’s facade features glass doors and windows highlighted with back frames. The interior uses beige and brown as its theme colors.

    The launch is part of the brand’s international expansion plan and its strategy to strengthen its presence across Asia. According to Korloff, the company aims to expand in more international markets in the coming months.

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  • Mainland China proves key growth driver for fashion retailer SMCP

    Mainland China proves key growth driver for fashion retailer SMCP

    French-headquartered, Chinese-owned affordable luxury fashion retailer SMCP has reported a healthy boost in Asia-Pacific sales, largely on the back of Mainland China during the third quarter.

    Mainland sales surged 29.6 percent, a combination of having more stores in the territory than last year and double-digit like-for-like store sales growth.

    That drove Asia-Pacific regional sales up 13.8 percent, although that was not enough to prevent a global year-on-year decline of 10.6 percent on an organic basis.

    SMCP sells under the brands Sandro, Maje and Claudie Pierlot.

    Sales were particularly buoyant in South Korea and Taiwan, however, there was only a small improvement due to “challenging” market conditions in Hong Kong, Macau and Singapore.

    The company said sales were strong on Tmall and generally online across the region.

    “Our third-quarter performance is very encouraging,” said SMCP CEO Daniel Lalonde.

    “I am particularly satisfied with our figures in Mainland China, which is undoubtedly a key driver of our future growth. However, as visibility remains limited due to the intensification of the Covid-19 pandemic worldwide, we remain cautious about the coming quarters.”

    Consolidated worldwide group sales for the quarter were €248.4 million (US$293.7 million). E-commerce sales surged 27.6 percent globally.

    During the last year it has expanded its network by a net 38 stores, 20 of those in Asia Pacific, 17 in Europe, Middle East and Africa, (where it closed 10 in France in an ongoing store rationalization program) and 11 in the Americas.

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  • Online boom sees South Korean retail sales surge in September

    Online boom sees South Korean retail sales surge in September

    South Korean retail sales rose by 8.5 percent year on year in September as online stores enjoyed brisk sales amid the new coronavirus pandemic, government data shows.

    The combined sales of 26 major offline and online retailers reached US$10 billion last month, up from $9.87 billion won in September last year, according to the data compiled by the Ministry of Trade, Industry, and Energy.

    Online platforms led the overall growth, with their revenue advancing 20 percent over the period, the data showed, apparently as people purchased more goods through such stores amid the country’s social distancing scheme.

    Sales of foodstuffs from online stores jumped 60.2 percent, while those of electronic goods and daily products advanced 26 percent and 14.7 percent, respectively.

    Due to the Covid-19 pandemic, however, sales of tour packages and concert tickets dipped 12.3 percent, while those of fashion items also moved down 1.6 percent.

    Sales from offline stores edged up 1 percent as people purchased more gifts to celebrate the Chuseok holiday, which ran from late September to early this month.

    Convenience stores saw their sales improve 2.3 percent, due to higher sales of tobacco products and alcohol.

    Sales from supermarkets also climbed 5.3 percent on the back of gift sales.

    Department stores, on the other hand, saw their sales drop 6.2 percent due to sluggish demand for fashion goods.

    In the first six months of the year, the combined retail sales reached $59.1 billion, up 3.7 percent from the previous year. Shipments by online stores advanced 17.5 percent, while those of offline stores dipped 6 percent.

    Last year, South Korean retail sales rose by 4.8 percent year-on-year, with online shopping up 14.2 percent, and offline down 0.9 percent.

  • Help small businesses instead of AirAsia

    Help small businesses instead of AirAsia

    A political economist has questioned the decision of the government-owned Sabah bank to lend AirAsia RM300 million and said the money should instead be spent to help small and medium enterprises in the state.

    Firdausi Suffian of Sabah UiTM said he was surprised to read reports that the budget airline has secured an RM300 million loan from Sabah Development Bank, a wholly-owned subsidiary of the state government.

    Firdausi said while there was nothing wrong with a bank to issue loans to a company, a state-owned bank’s priority should be to assist companies in Sabah, particularly SMEs, which have been badly affected by Covid-19.

    “Against the backdrop of Covid-19, one would think that the focus would be on SMEs rather than a company which has been making huge profits for the past few years.”

    Last week, SAPP president Yong Teck Lee had urged the state government to stop the loan, as the bank was mandated to provide financing for projects in Sabah and not on “risky ventures”.

    However, in a stock exchange filing on Friday, the airline said the loan had been secured and disbursed and would be used to enhance logistics in Sabah, helping to create over 100,000 new jobs.

    Firdausi said SMEs were the backbone of the economy, and that Sabah had 55,000 SMEs employing over 150,000 people.

    “SMEs are only getting the assistance of around RM90 million in the two Sabah government stimulus packages,” he said, pointing out that the sector contributes close to 57% of Sabah’s gross domestic product.

    Another economist, Barjoyai Bardai of Universiti Tun Abdul Razak, said he could not see the Sabah government’s rationale in wanting to loan AirAsia so much money that could be used to support struggling businesses in the state.

    “It is a different story if they are investing in the company. I think the state government will have to explain the rationale behind this decision because it will come under scrutiny.”

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  • More domestic firms enter list of best workplaces

    More domestic firms enter list of best workplaces

    Though foreign firms continue to dominate the best workplace list, things are changing with more and more Vietnamese companies making the cut.

    The latter accounted for half of this year’s top 20 in the 100 Best Places to Work survey released on Thursday by career network service Anphabe and market researcher Intage Vietnam.

    Vietnamese dairy giant Vinamilk remained the best company for the third year in a row, followed by lender Vietcombank, Swiss-based food giant Nestle, telecom giant Viettel, and American multinational medical devices and health care company Abbott Laboratories.

    Last year there had been only eight Vietnamese firms in the top 20.

    The survey polled 71,450 employees at 559 international and domestic companies and ranked the latter based on employees’ salaries and bonuses, welfare, and work-life balance.

    Many Vietnamese firms made leaps up the list, including private conglomerate Vingroup (23rd to 11th), food giant Masan Group (32nd to 17th), dairy producer Nutifood (31st to 25th), and technology company FPT (35th to 15th).

    Real estate firms Hung Thinh Group and Nam Long Group and telecom operator Vietnam Posts and Telecommunications Group made the list for the first time.

    Overall, there were 35 local firms in the top 100. Once again multinational Unilever failed to make it.

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  • German firm hopes to build $1.5 bln offshore wind farm in Vietnam

    German firm hopes to build $1.5 bln offshore wind farm in Vietnam

    Binh Dinh Province has given approval to a German company to study the possibility of building the country’s second offshore wind power plant. PNG AG will carry out a year-long study for a $1.5-billion wind power plant in the districts of Phu Cat and Phu My.

    The company, which has over 20 years of experience in renewable energy, had earlier proposed building a 500-700-MW power plant in the province, its first project in the country.

    The first offshore wind power plant, the 99MW Bac Lieu Wind Power Project in the southern province of the same name, went on stream in 2016.

    It is expected that in 2021-30, for which period the national plan is being drafted, the country will need 30 GW of wind and solar power.

    There are 11 wind farms in the country with a total capacity of 429 MW, according to Vietnam Electricity (EVN).

  • AirAsia X ‘out of money’

    AirAsia X ‘out of money’

    The long-haul budget carrier AirAsia X Bhd has run out of money and needs to raise up to 500 million ringgit (US$120 million) to restart the airline, according to deputy chairman Lim Kian Onn. The Malaysia-based affiliate of AirAsia Group said this month it wanted to restructure 63.5 billion ringgit ($15.3 billion) worth of debt and slash its share capital by 90% to continue as a going concern.

    “We have run out of money,” Lim said in an interview. “Obviously, banks will not finance the company without shareholders, both old and new, putting in fresh equity. So, a prerequisite is a fresh equity.”

    He said the airline had actual liabilities of 2 billion ringgit, with the larger figure of 63.5 billion ringgit including all lease payments for the next eight to 10 years and its large order for Airbus planes and contracted engine maintenance with Rolls-Royce.

    “If we find 300 million ringgit in new equity, then the shareholder funds are 300 million at the restart of business and if we are able to borrow 200 million ringgit, we feel that we will have a good platform to start all over again,” Lim said.

    He said AirAsia X also needed to convince its lessors of its business plan, adding that an unnamed lessor recently took back one of the airline’s planes to convert it to a freighter.

    The airline plans to liquidate its small Indonesia-based carrier and has completely written down its stake in Thai AirAsia X, with the Thai carrier not part of the restructuring scheme, Lim said.

    Rival Malaysia Airlines is also in financial trouble, but Lim said there would be “no good outcome” from seeking to merge two airlines in dire straits.

    Initial negotiations with creditors have been tough as they are understandably upset, Lim said in the interview. They had asked for better terms, including free equity for the forgiven debt — something that would be impossible for the airline to fulfill, he added.

    Still, Lim said all of them genuinely wanted to find a common ground to take the airline forward. “No one has anything to gain from our demise,” he said.

    The airline is planning to resume flights in the first quarter of 2021, though the process remains “dynamic”, said Lim. Should the rescue plan get approval, the company will have to renegotiate every single contract and will do its best to look after all stakeholders’ interests, he said.

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  • Face unlock support coming soon to WhatsApp on Android

    Face unlock support coming soon to WhatsApp on Android

    WhatsApp already offers users security features that allows the lock of the app using various methods. The easiest form of protection involves the fingerprint sensor, but there’s another one that’s just as easy to use, yet unavailable for WhatsApp users: face unlock.

    It looks like WhatsApp is recognizing that there are phones that don’t feature a fingerprint sensor, so owners have to rely on other methods of protecting their WhatsApp conversations. If your phone does feature support for face unlock, you’ll be happy to know that you’ll soon be able to use it with WhatsApp.

    A new WhatsApp update has been submitted through the Google Play beta program, which adds two important features. The first one is the ability to join a group call even after you missed the initial invitation.

    The second major feature we expect WhatsApp to release soon is face unlock support. A new “Biometric lock” menu has been added in the new beta version of WhatsApp, which will replace the current “Fingerprint lock” menu.

    The new panel confirms that WhatsApp will let users authenticate with fingerprint, face, or other unique identifiers to open the app. As the title says, the new security features have been spotted in the Android version of WhatsApp, although there’s no telling when they will be available for everyone.

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  • 3 Stocks Set To Capitalize On The Booming Sports-Betting Industry

    3 Stocks Set To Capitalize On The Booming Sports-Betting Industry

    After a difficult start to the year, the world economy is finally trying to open up. A good example is the online casino bets and gambling stock, which have taken Wall Street by storm in the recent past as the sports economy reopens and the return of live sports. In this article, you’ll discover three stocks that are positioned to take advantage of the booming sports-betting trend. 

    DraftKings

    DraftKings benefited greatly from the stay-at-home measures that lead to an increase in online sports betting and gambling on online platforms like Betway. When it announced recently that they have a partnership deal with ESPN and Michael Jordan had joined its board as a special advisor, their shares bounced. 

    According to reports, activities on the platform have surged by over 400% since going public on April 24. The DraftKings reported mixed earnings for the second quarter on August 14 as most of the major leagues remained on the break due to the global pandemic. They reported revenue of 75 million USD, surpassing the consensus estimates of 66.4 million USD.  

    Penn National Gaming

    Penn National was in the limelight at the beginning of the year when they expanded into sports media and online betting. They acquired a 36% stake in Barstool Sports, a renowned sports media company that operates up to 41 casinos and racetracks in 19 states across the US. As a result, Penn National’s stock jumped 166% since the beginning of the year.

    Reports indicate that Penn is projected to beat earnings and revenue expectations in the second quarter despite a staggering opening of some of its properties and a lack of live sports. In a statement during the release of the company’s earnings on August 6, The President and CEO, Jay Snoden, reiterated that even though visitation had not returned to pre-COVID levels yet, spend per visit had been strong, leading to better revenues than expected. 

    Apart from EPS and revenue, investors will be eager to hear reports on the Barstool Sportsbook app’s success that was launched in mid-September in Pennsylvania. 

    Boyd Gaming 

    Boyd Gaming is a company based in Nevada that operates sportsbooks in most of its casinos. It runs 29 casinos in 10 states and owns 5% in the Fan Duel, which is an online sports betting platform similar to Betway. 

    Reports reveal that the regional casino operator’s shares have recovered impressively after hitting unprecedented lows during the pandemic’s peak in March. While reporting their second-quarter earnings, Boyd CEO Keith Smith revealed that the company is off to a great start since the reopening. He also said that they managed to do better than had been projected. 

    Bottom Line

    With the return of live sports action, the stock markets are expected to respond positively. Even though many people took to online sports betting sites like Betway during the pandemic, live sports’ return gives them more options. Therefore, in the next few months, you should expect to see the boom in the sports betting market to continue.   

     

  • The Five Best Online Casinos in Asia

    The Five Best Online Casinos in Asia

    Where can you find the best online casinos in Asia?

    Asia is one of the most beautiful and exotic places on earth. It has long been a mysterious land to Westerners but has some of the most incredible culture and natural wonders you will find. After all, some of the earliest civilizations were founded in this ancient land and have helped to spur legends and stories that still exist today.

    It truly is a spectacular land to say the least, but Asia is no longer a mysterious, forbidden land. It has now become as technologically advanced as any other place on earth, offering residents and visitors the opportunity to enjoy entertainment and adult activities that are as enjoyable as they would be any other place on earth.

    Incredible Local and Online Casinos

    Asia has much to offer to tourists and other visitors. Whether you are coming to the continent on business or for pleasure, you can be sure that there is an abundance of activities that will keep you entertained for your entire visit. This is especially true for those who enjoy playing casino style games. 

    Areas like Hong Kong, Macau, the Philippines, Singapore, Malaysia, and Vietnam all offer great resort-casinos where players can enjoy slot machines, roulette, baccarat, poker, blackjack, and much more. These casinos are fantastic and provide beginners and experienced players a multitude of great games to pass the night away.

    However, you may not be looking for an extended amount of time spent at the casino. In fact, you may not even be near where one is located, but you would still love play. This is where online casinos are the perfect option. 

    These websites offer players the opportunity to play their favorite casino style game, no matter what it is, and to do so legally. They have followed a procedure to gain a licensure to operate within the country, giving players a means to play these games.

    In Malaysia, for example, you can see that there is already a plethora of choices regarding online casinos that are legal for people within the country or in the surrounding areas to enjoy. This is true of a lot of the countries in Asia, including the Philippines, Vietnam, and Macau.

    Choosing an Online Casino

    There is a lot to like about Asia. As governments are getting a handle on Covid-19, retail shops are up and running, hotels are beginning to spring to life once again, and it may not be long before tourists are flocking to these countries. 

    Casinos are opening too, but you may not want to spend your vacation time inside one of these facilities at the moment. You want to enjoy these mysterious lands so an online casino could be a much better option for you. If this is what you are looking for, here are some options for you to consider when visiting Asia.

    Casino Site Number of Games Welcome Bonus Site Rating
    1xBet 2,200+ 100% up to €1,500 welcome bonus + 150 free spins 4.95/5
    Bit Starz 2,700+ 100% up to €100 + 180 Free Spins 4.95/5
    888Casino 1,100+ 100% up to €200 Welcome Bonus 4.9/5
    Royal Panda 3,200+ 100% up to €100 Welcome Bonus 4.9/5
    Casino of the Gods 1,000+ Up to $1,500 Welcome Bonus + 300 spins 4.85/5

     

    1xBet

    1xBet has one of the largest collections of games available, over 2200. They offer many of the most common and popular table games, including blackjack, craps, roulette, and poker, but also offer slots and video poker. They are available in Hong Kong, the Philippines, Singapore, and in India. The online casino offers limits and many other more popular games, including €0.50 – €1,750 for poker.

    The welcome bonus is a solid one, offering you a large initial deposit bonus as well is 150 free spins. 1xBet has a great reputation across the globe, and that is seen in the operations of their website. The site is available via their mobile app, which you can download to any mobile device. 

    The banking options are exceptional. This includes bank wire transfer, and you can also have money withdrawn and transferred to your bank. Exceptional customer support that is available 24 hours a day. They clearly set themselves apart from their competitors.

    Bit Starz

    Bit Starz offers one of the largest selections of online casino games you are going to find, over 2700 with 2200 slots available. They offer traditional table games, such as craps, blackjack, and poker, and add the additional feature of the live dealer. This makes it so you can watch the action live and jump in. Live dealer games include roulette, blackjack, and baccarat.

    The site is available across Asia, including in India and Japan. They offer a decent welcome bonus, and the 180 free spins was a nice touch. One thing that really set them apart from the others was the acceptance of bitcoin payments and how quick withdrawals are processed. There is just a 10-minute withdrawal processing time before you receive your funds back on your card or in your bank account.

    Bit Starz also offers exceptional customer support. It is available 24 hours a day.

    888 Casino

    For players who have been using online casinos for some time, 888 Casino is a name that is well-recognized. They have over 20 years of experience in the online casino business, which is probably one of the reasons why their welcome bonus is not particularly big. They know that their reputation is one of providing exceptional games and a great user-friendly experience, so they do not feel as compelled to entice customers to the site. They know the reputation does that for them.

    888 Casino offers over 1100 games and they do keep customers by offering a number of promotions and great programs that keep people returning. For example, players can earn a 100% bonus to be used on roulette and poker tables when they use slot machines. They are available in Malaysia and a couple of other locations in Asia, plus they are available in several locations across the globe as well.

    There are over 30 different methods a player can use to deposit funds into their account. One major detractor was that it takes three days to process withdrawal requests.

    Royal Panda

    Royal Panda is available in Japan and India as well as some other parts of Asia. They are looking to expand operations and have some features that make them a very good choice. For high-stakes players, there are very high max limits to their popular games and they also offer live dealers. Live dealer options are available in eight different types of games, including roulette, blackjack, and game shows.

    The site has the largest array of games available, over 3200 with over 3000 of those being slot machines. For those who are mobile users, you still have more than 2500 games available, but there is not a mobile app available for Royal Panda. You have to access their online casino through your browser. One thing that was good about this site was that they offered very high maximum withdrawal limits, far higher than competitors.

    Casino of the Gods

    This site offers a great welcome bonus that includes 300 free spins. This gives you plenty of opportunity to learn how to use the casino and you cannot argue with that amount of matching initial deposit they offer. There are over a thousand games available, with some of the best table game options you are going to find. This includes baccarat, blackjack, and Texas Hold’em, but they also have a number of great theme-based slot machines as well.

    One thing that players will like is that they allow you to do your banking in the currency of your country. This ensures that you do not have to try to figure out what the currency conversion rate is. They also accept a large range of different currencies, including two of the more popular currencies in Asia, the Chinese yuan and the Indian rupee. 

    Common Games Available

    For players, there are thousands of different options available to play. As seen, some sites have literally thousands of slot machines for players, but there are also many of the more popular casino style games that players enjoy. Three types of games that players enjoy include:

    Roulette
    The game which everyone enjoys and understands. Roulette has been the most popular casino game since its creation because of its simplicity, dynamic and luck-based gameplay. There are very few games which are so eye-catching like the roulette table. 

    Poker

    For those who love poker, there are not only options available at every one of these online casinos, but they offer different versions of the popular card game. This includes Texas Hold’em, which is growing even more popular with each passing year.

    Slot Machines

    One thing we really liked was the availability of slot machines. They have become very popular and many casino patrons enjoy them. Fairly simple, effortless, and luck-based games. There are variations of the game available online as well.

    Conclusion

    While these are considered by us to be the top five online casinos in Asia, understand that there are dozens of options available. Malaysia, the Philippines, and Macau, for example, have more than a dozen great options to choose from. Plus, they are great areas where you will love the culture and the sites. Asia is great no matter where you go, but these three are definitely the spot to go if you are traveling in the continent and want to enjoy some amazing casinos.

     

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  • Fast Retailing bullish about recovery as Asian expansion pays off

    Fast Retailing bullish about recovery as Asian expansion pays off

    Uniqlo father or mother Fast Retailing might have reported a 12-per-cent drop in gross sales in its full-year outcomes, however, that decline was far lower than predicted as not too long ago as July as a result of the Greater China and Japanese markets recovered at a sooner rate than anticipated.

    The firm reported full-year revenue of US$1.426 billion, down 42 percent, on gross sales of $19.185 billion worldwide.

    Same-store annual gross sales throughout Uniqlo shops declined by 6.8 percent in Japan, whereas fourth-quarter gross sales in Greater China have been up 20 percent yr on yr.

    In South Korea, the place the corporate has been impacted by a broad boycott of Japanese manufacturers by native customers for the final yr or so, gross sales fell sharply and Fast Retailing recorded a loss, regardless of closing its poorest-performing shops.

    Elsewhere, gross sales and revenue have been down throughout most of Southeast Asia and in Australia and India, however, Singapore, Malaysia, Thailand, and Australia recovered favorably within the fourth quarter. Losses have been reported in each North America and Europe.

    Sales by the GU model rose 3 percent for the yr, however working revenue was down by 22.5 percent.

    Looking ahead

    Given the quick recovery to this point for the reason that peak of the Covid-19 pandemic in Asia-Pacific, Fast Retailing is now projecting a 9.5-per-cent enhance in total income for the 2021 fiscal yr and revenue attributable to shareholders of $1.58 billion, which might characterize a rise of 82.6 percent on the yr simply ended.

    Revenue is predicted to say no within the first half as a result of persevering with the effect of Covid-19, “but we forecast large revenue and profit gains in the second half assuming the virus is brought under control,” the corporate stated in its outcomes announcement. “All business segments are forecast to generate full-year revenue and profit gains.”

    Quick revenue

    During the final monetary yr, Fast Retailing has continued its expansion into new markets, opening the primary Uniqlo in Milan in September final yr, the primary in New Delhi a month later, and making its Vietnam debut in Ho Chi Minh City in December.

    “While all those markets were impacted by Covid-19, Uniqlo Italy managed to post a full-year profit, and the Vietnam operation, which was only launched in December, turned a profit in the second half.”

  • Android 11 bug blocks users from seeing important parts of the screen

    Android 11 bug blocks users from seeing important parts of the screen

    Android 11 is over a month old having been released on September 8th and already there are several complaints from users about apps that are supposed to go full screen but are not able to. And even when these apps are in full-screen mode, the status bar and the navigation bar aren’t disappearing like they are supposed to. For example, games and certain apps like YouTube are supposed to fill up the whole screen with content when full-screen mode is enabled. But ever since Android 11 launched, some Android users have discovered that these apps no longer fill up their phones’ displays entirely.

    As a result, game players, many of whom hold their devices in Landscape mode, are discovering that some elements of a game are being cut off by the status bar or the navigation bar making gameplay impossible. While Android users shared this problem with Google and others on the Google issue tracker site during the time when the Android 11 betas were being released, Google did nothing with the information because it allegedly was unable to replicate the problem. But considering that the issue is beginning to garner attention once again, we’d be surprised if Google didn’t take another look at this bug. Especially since last month, Google admitted that the problem is a product feature issue, not a developer feature.

    Some Android users who have been experiencing the issue say that by closing the apps and restarting them, they are able to fix the problem. If you are having this issue, you might want to give this solution a whirl. We can save you some time and aggravation by letting you know that wiping your Android device will not solve the problem. Hopefully, Google will disseminate an update shortly that will exterminate this bug.

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