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.

  • 7-Eleven Thailand recruits thousands delivery staff

    7-Eleven Thailand recruits thousands delivery staff

    Convenience-store chain 7-Eleven Thailand is recruiting 20,000 workers to make deliveries in the midst of the coronavirus outbreak.

    With many Thai nationals, visitors and residents confining themselves to home in the interests of social distancing, and malls and most shops and entertainment venues closed, 7-Eleven Thailand parent CP All has announced moves to increase delivery services to support those in isolation.

    New staff would be working deliveries from all 7-Eleven locations throughout the country.

    Those eligible for the employment opportunity must be over 18 and ideally have their own vehicles. The firm is accepting online applications for the positions.

    With more than 800 coronavirus cases and climbing, Bangkok has largely shut down its retail sector as department stores, bars, dine-in restaurants and outlets not trading in essential goods have been forced to shut for several weeks.

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  • Reliance Retail buys Indian department-store chain

    Reliance Retail buys Indian department-store chain

    Reliance Retail Ventures Limited has bought Indian retailer Shri Kannan Departmental Store for US$20 million.

    “The investment will further strengthen the group’s retail operations and presence in the state of Tamil Nadu and will further enable retail and new commerce initiatives,” said a spokesperson for Reliance.

    With this acquisition, Reliance Retail has started a “new commerce” plan which links producers, traders, small merchants and customers through digital innovation.

    Incorporated in 1999, Shri Kannan Departmental Store operates 29 stores across Coimbatore and nearby areas with a retail area of more than 600,000sqft.

    Reliance Retail is India’s largest retail conglomerate, with more than 4000 stores covering multiple categories. It is a subsidiary of Reliance Industries.

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  • Cebu Pacific suspends all flights until April 14 due to COVID-19 lockdown

    Cebu Pacific suspends all flights until April 14 due to COVID-19 lockdown

    Cebu Pacific said Tuesday all flights would be canceled from March 19 to April 14 in compliance with the Luzon-wide lockdown and similar quarantines elsewhere in the country to contain the COVID-19 pandemic.

    The last day of operations will be on March 18 to service flights from Manila, Bangkok, Tokyo, Osaka, Nagoya, Ho Chi Minh, Singapore, Taipei, Bali and Jakarta, the country’s largest carrier said in an advisory.

    “All Cebu Pacific and CebGo flights will be canceled from March 19 until April 14, in support of government regulations on COVID-19,” Cebu Pacific said.

    Philippine Airlines and AirAsia earlier announced flight cancellations due to COVID-19.

    Affected passengers can rebook, refund or store the value of the ticket in a fund, it said.

    Ticket offices will also be closed from March 19 to April 14 for the safety of passengers and personnel, the carrier said. Changes can be done through the “manage booking” portal in its website, Cebu Pacific said.

    Cebu Pacific earlier said the COVID-19 pandemic would “significantly” dent revenues and operating expenses.

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  • Malaysia Airlines and AirAsia limit number of flights till March 31

    Malaysia Airlines and AirAsia limit number of flights till March 31

    Malaysia Airlines will significantly reduce its overall network, following the nationwide movement control order from March 18 to 31.

    International flights to India are suspended until the end of the month and flights to the Philippines are suspended between March 21 and 31, following the respective governments’ ban on travel to and from Malaysia.

    Malaysia Airlines group chief executive officer Captain Izham Ismail said the situation has been “rather fluid” since the airline has had to make last-minute cancellations to abide by the restrictions.

    “We are doing our best to re-route passengers via reallocation onto other carriers. We are also adjusting our low-load flights by canceling and merging them to manage costs while managing our customer expectations, ” he said.

    Prior to the order, Malaysia Airlines has suspended services to Saudi Arabia, South Korea, and parts of China (Beijing and Daxing), as well as the Kota Kinabalu-Shanghai route due to border controls.

    The carrier also reduced capacity to Australia and New Zealand due to the self-isolation policy of the two countries.

    To date, the company has canceled over 4,000 flights.

    “Our Global Contact Centre has been at the brunt of this situation with the number of calls peaking at 25,000 daily and up to 2,000 e-mail daily in the past three weeks, ” Izham said.

    He added that it will take the company longer to process refunds due to the sheer volume of requests.

    “I assure them that we are not here to take advantage of the situation. In fact we are one of few airlines that have offered unlimited flexibility in travel date change and waiver of certain fees, ” Izham said.

    Due to the significant capacity cut, Malaysia Airlines and all sister companies under the Malaysia Aviation Group’s back-office operations have also been reduced alongside flight and airport operations.

    A majority of its workforce globally are working from home in line with various governments’ requirements.

    Passengers with bookings may initiate changes online via the Covid-19 waiver assistance form available on the carrier’s website.

    Meanwhile, AirAsia has also significantly cut down its number of domestic and international flights.

    “AirAsia will be operating a limited number of domestic and international flights from today until 31 March, which are subject to change due to the fluidity of the current situation.

    “Affected guests will be promptly notified via email or SMS. AirAsia strongly encourages guests to update their contact details using the “My Bookings” feature on airasia.com to ensure that they receive timely notifications,” the airline said in a statement.

    For further and latest information regarding options and eligibility related to COVID-19, AirAsia guests can visit the Covid-19 Customer Guide on its website.

    A quick look at their booking page shows that there are only two flights a day from Kuala Lumpur to Kota Kinabalu, Kuching and Penang (and vice versa). Flights to other cities and towns including Johor Baru, Kota Bharu, Alor Setar, Kuala Terengganu, Sibu, Miri and Bintulu have all been suspended until April 1.

    Currently, there is one flight a day to Sandakan, Tawau and Labuan from KL but even these routes may be suspended within the next few days.

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  • AirAsia forecasted to widen loss this year

    AirAsia forecasted to widen loss this year

    Airasia Group Bhd’s losses could sink further to almost RM800 million this year as the coronavirus has spelled doom for the global aviation sector.

    It is forecasted to suffer RM796 million losses in the financial year 2020 (FY20), over threefold from a loss of RM261 million in the previous fiscal year, Nomura Securities Malaysia Sdn Bhd said in a research report.

    Nomura transport analysts Ahmad Maghfur Usman and Divya Thomas said the expected figure is substantially wider than the consensus forecast of an RM2 million loss in FY20.

    Unit seat revenue across the group’s affiliates is expected to drop by 11% to 12% year-on-year (YoY) in FY20, compounded by weaker loads and yields between -3% and -5%.

    “Malaysia’s recent move to restrict tourist arrivals is expected to worsen near-term traffic, in our view, with only a modest recovery seen from this coming July, as the recent number of new coronavirus cases has spiked substantially,” the analysts said in the report published yesterday.

    They said AirAsia’s long-haul sister company AirAsia X Bhd (AAX) will likely be in dire need of a cash injection to stay afloat.

    The analysts said a privatization move for the company may not sit well with minority shareholders as they prefer the long- and short-haul low-cost airline entities to remain separate listed entities.

    Ahmad Maghfur and Thomas said an inter-company loan is the only likely avenue for AirAsia to rescue AAX.

    As it is, AirAsia is expected to weather the crisis with a net cash balance of RM2.2 billion as of FY19, based on actual borrowings without significantly deteriorating its balance sheet.

    On a positive note, the analysts said the current crisis would weaken AirAsia’s key competitors’ positions and allow the company to win market share.

    They added that the company’s high cash position would also present acquisition opportunities that could be utilized to lock in fuel price hedges for the longer term.

    Nomura rated AirAsia downwards from ‘Buy’ to ‘Reduce’ with a revised target price from 70 sen to 63 sen a unit, or 10%.

    MIDF Research analyst Adam Mohamed Rahim said AirAsia’s earnings are forecasted to reduce to RM145 million in FY20 due to lower passenger volume.

    Adam did not rule out the possibility of AirAsia redeploying its aircraft for domestic routes, especially during festive periods following the inbound and outbound travel restrictions.

    He said passengers carried in March 2020 will decline under the 14-day movement restrictions order.

    “Based on our preliminary analysis, the drop in total passenger traffic for Kuala Lumpur International Airport 2 (KLIA2) could reach more than -30% YoY for March 2020.”

    “As a result, we have lowered our total passengers carried forecast for FY20 by around -19%,” he said in a report yesterday.

    KLIA2 registered three million passengers in March last year where 66.2% were international passengers

    MIDF revised AirAsia’s target price from RM1.03 to 63 sen per share, but maintained a ‘Neutral’ call.

    Meanwhile, AirAsia said flights to both domestic and international destinations remain operational and are subject to further review with strict compliance on the travel restriction as announced by Putrajaya.

    The company said guests whose flights have been affected will be contacted with service recovery options and assistance.

    “We continue to monitor the public health situation closely and adhere strictly to all advice by all governments, as well as local and international health organizations. AirAsia has and will continue to quickly make adjustments as needed, in response to government travel directives,” president (airlines) Tharumalingam Kana- galingam said in a statement yesterday.

    Guests affected by travel restrictions with international bookings to or from Malaysia made before March 16, departure on or before April 30 only, will be offered move flight or credit account options.

    AirAsia’s office-based staff nationwide have been asked to work from home, while staff from departments crucial to operations will continue to work on rostered duty from segregated locations in accordance with the company’s business continuity plan.

    AirAsia’s share price closed at 62 sen yesterday, down 10.7% or 7.5 sen with a market capitalization of RM2.09 billion.

  • Cath Kidston seeks white knight buyer as strategic review ordered

    Cath Kidston seeks white knight buyer as strategic review ordered

    Cath Kidston has hired external advisers to complete an urgent review of strategic options for the business as it makes a last-minute appeal for a white knight rescuer.

    Owned by Baring Private Equity Asia, the UK-headquartered clothing and homewares retailer was already struggling financially before the advent of the coronavirus which has forced stores to close in multiple markets and seen consumers suspend discretionary shopping.

    The company has about 100 stores internationally, mostly in Asia, and about 60 in the UK with a global payroll of around 2700.

    During the past two full trading years, its losses have totaled around US$31 million and companies invited to submit bids for the business have reportedly been told the company lost a further $13 million in the nine months to last December.

    According to UK media reports, the new CEO Melinda Paraie had achieved some success in turning the company around prior to the advent of the coronavirus crisis. Underperforming stores had been closed, head office staff ranks culled and resources deployed to increasing online sales.

    According to a Sky News report in the UK, potential bidders have been told to submit bids imminently.

    If Cath Kidston collapses, it will follow fellow Asian-owned retail business Laura Ashley, which called in administrators last week. Both brands operate a similar hybrid fashion-homewares retail offer.

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  • Cebu Pacific announces policy on rebooking

    Cebu Pacific announces policy on rebooking

    Cebu Pacific flights continue to operate as scheduled. However, they have received rebooking and cancellation requests from passengers due to concerns over COVID-19 so they changed their booking policies to provide passengers with flexibility and peace of mind:

    Passengers traveling to Philippine and international destinations from March 10 to April 30, 2020, who would like to rebook or cancel their flights can avail of the following options:

    Free Rebooking – Rebook flights with change fees waived. Fare difference may apply.

    To rebook the flight, use the “Manage Booking” portal in the Cebu Pacific website.

    Travel Fund – Place the full cost of the ticket in a Travel Fund which can then be used as payment for a future booking. The Travel Fund is valid for 180 days and can be used for bookings as far as 12 months out.

    To avail of the Travel Fund option, they may use the “Manage Booking” portal in the Cebu Pacific website to cancel their booking and store the value in the Travel Fund.

    New flights booked from March 10 to April 30 (regardless of travel date and route) can avail of CEB Flexi for FREE. CEB Flexi enables travelers to rebook their flights up to two times, fare difference may apply. Simply select the “CEB Flexi” add-on during booking.

    Cebu Pacific practices precautionary measures against COVID-19. This includes frequent deep-extensive cleaning and disinfection of aircraft, provision of gloves and disinfectants for our cabin crew, and the use of HEPA air filters in our aircraft to block 99.99% of contaminants and viruses.

    Cebu Pacific is monitoring developments regarding COVID-19, coordinating regularly with government and other stakeholders.

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  • Bangkok shopping centres, markets closed for three weeks

    Bangkok shopping centres, markets closed for three weeks

    Bangkok shopping centers and markets were effectively shut down yesterday as the city moved to slow the spread of coronavirus.

    According to a Thaiger report, the closures are in response to a Bangkok government edict to shutter all department stores and markets in the capital for three weeks in a move to slow down the spread of the current coronavirus outbreak.

    “All food stores and restaurants will be allowed to serve only take-home orders while hotel restaurants can serve only hotel guests,” read the official announcement. “The measure will take effect between March 22–April 12.”

    The announcement that Bangkok shopping centers must close was released as the number of confirmed Covid-19 cases in the Thai capital continued to rise. Nationwide there were 599 reported infections as at Monday morning, local time.

    Despite the retail closures, people in the city still have freedom of movement although social distancing is still recommended by the administration.

    Similar measures have been introduced in other international locations – including hard-hit Italy, which remains under national quarantine, Spain and New York City.

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  • South Korean malls remain calm despite panic buying worldwide

    South Korean malls remain calm despite panic buying worldwide

    Panic buying is spreading like wildfire among a number of countries as fear of the coronavirus deepens.

    But large shopping malls in South Korea, however, are as peaceful as in the pre-coronavirus era.

    Experts argue that prior experiences in dealing with various epidemics, such as Severe Acute Respiratory Syndrome (Sars) in 2003 and Middle East Respiratory Syndrome (Mers) in 2015, has allowed retailers to maintain a stable supply of everyday necessities at shopping malls.

    Rapid technological advancement in online delivery and distribution systems thanks to the fierce competition among retailers has also helped maintain supply despite the surge in demand, some argue.

    “Despite the coronavirus outbreak, we are maintaining a delivery speed of half a day or one day at the latest. This is top class even on global standards,” said a source familiar with the e-commerce industry.

  • New Google Maps feature is designed for those who fear that they have been infected

    New Google Maps feature is designed for those who fear that they have been infected

    We often wonder whether Google has a room where it keeps several developers locked inside. Inside is a whiteboard and those locked inside cannot leave until a new feature is developed for Google Maps. The latest addition to the app is related to the current coronavirus pandemic. The Center for Disease Control (CDC) in the U.S. has recommended that anyone who feels that they are exhibiting symptoms of coronavirus call their doctor first before driving to the hospital. This might prevent users who aren’t ill from coming down with the dread disease. And it also could help to take some pressure off an already taxed hospital system.

    An update to Google Maps will now show a reminder when someone is using the app to search for a doctor or hospital. A rectangular box near the bottom of the screen has a heading that is printed in red to catch the attention of a Maps user. It says COVID-19 alert. Then, in black type, the message says “Call your doctor before visiting if you may have COVID-19. Source: CDC.”

    Google is also trying to pass along legitimate information to the public while blocking misinformation, speculation, and outright fraudulent reports from worried and scared people around the world. Go to the Google Search app and type in coronavirus and you’ll see four tabs: Overview, Symptoms, Prevention and Treatments. An overview will show you the latest news about the virus from reputable media organizations. Symptoms provide a rundown of COVID-19 symptoms from the World Health Organization (WHO) and also lists some top stories. Prevention mentions several tips that are supposed to keep users from contracting coronavirus, and Treatments explains that there currently are none for COVID-19.

    WhatsApp also is looking to inform users with information from a reliable source. Text “Hi” to +41 79 893 1892 on the app and you’ll receive some information about the coronavirus via text. Additionally, if you open your mobile browser and go to whatsapp.com/coronavirus, scroll down to the section with the heading “Choose reliable sources of information.” There you will find a link to the World Health Organization (WHO). If you have WhatsApp installed on your phone, clicking on the WHO link will open a chat platform. This might help users get a better grip on what really is happening on the front line. Keep in mind that the chat does not connect the user with an actual MD so the platform cannot be used for diagnostic purposes.

    The Director-General of the WHO, Dr. Tedros Adhanom Ghebreyesus, has nothing but praise for Facebook and its WhatsApp messaging app. The doctor says, “Digital technology gives us an unprecedented opportunity for vital health information to go viral and spread faster than the pandemic, helping us save lives and protect the vulnerable. We are proud to have partners like Facebook and WhatsApp, that are supporting us in reaching billions of people with important health information.”

    Facebook announced yesterday some other initiatives it is taking during this crisis. Number one on the list is to make sure that everyone has accurate information. That seems to be at the heart of everything that the company is doing when it comes to the coronavirus. Facebook is also removing posts with misinformation and harmful content including those that seek to exploit the crisis by touting fake cures or selling items in short supply for jacked-up prices. The social media company is supporting global health experts and relief efforts by making donations and giving reputable organizations free ads. And by promoting ways that people can connect via WhatsApp and making investments to small businesses, Facebook is supporting local governments, communities and businesses.

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  • Updated Siri will screen you for the coronavirus

    Updated Siri will screen you for the coronavirus

    Apple has updated Siri so that she can perform a quick- and dirty screening to see if you need to contact your doctor in the face of the coronavirus pandemic. The update seems to have been disseminated today as iPhone users started to notice this new feature on Saturday. To get started, all you have to do is say, “Hey Siri, do I have coronavirus?” While it is not a pleasant question to ask, it does tell Siri that you want her to screen you

    If you tell Siri that you want to be screened by her, she will then ask whether you have a dry cough, a fever or shortness of breath. You can answer “Yes,” “No,” or “Not Sure.” If you answer “No,” you will be then asked whether you have been in close contact with someone who tested positive for the disease. Once again, the three options are “Yes,” “No,” or “Not Sure.” Depending on your response, you might be told that you’re at lower risk to be infected but need to remain vigilant for symptoms such as a fever, dry cough, or shortness of breath.

    Siri will also remind you to wash your hands for 20 seconds (sing the Happy Birthday song to yourself two times), and avoid close contact with people outside your household. Siri also wants you to know that you might not feel sick but you could still be carrying COVID-19 and spreading it to others. If your answers give Siri a reason to feel alarmed, she will ask whether your symptoms are extreme or life-threatening. If you answer in the positive, Siri will be ready to call emergency services (911) for you. If you answer with a negative response, Siri will tell you to stay home, avoid contact with others, and contact a doctor if the symptoms get more severe. At the end of the screening, Siri offers a link to the website for the Center for Disease Control (CDC.gov).

    Earlier today, we told you about the new Google Maps feature that shows a reminder every time you search for a doctor or hospital using the app. A box appears near the bottom of the screen that reminds you to call your doctor before driving to the hospital if you think you have COVID-19. And if you go to Google Search and tap in coronavirus, special tabs appear that will keep you up to date on the latest news, information, and more from reputable organizations. All major social media companies are trying to prevent fake news from being spread all over their platforms. Phony cures can do plenty of damage, and misinformation can lead to fear and panic. And the last thing we need to do right now is panic.

    The Siri screening is available only in the U.S. and it isn’t known whether Apple has plans to expand it overseas. According to Apple, the answers that Siri gives out for the screening come from the U.S. Public Health Service (a division of the Department of Health and Human Services), as well as the Centers for Disease Control and Prevention (CDC).

    Ironically, the same government that has been investigating Big Tech for possible antitrust violations and for growing too big and unwieldy, is now relying on the same companies to help get the country through this crisis. It seems that while conditions in China are slowly improving, the rest of the world has yet to see a peak in the number of cases. This can be seen easily through Apple’s decision to reopen all 42 Apple Stores in China while closing its brick and mortar stores everywhere else.

  • Bankruptcies, store closures dent Li & Fung turnover

    Bankruptcies, store closures dent Li & Fung turnover

    Record store closures and bankruptcies in the retail industry dented turnover and profit for supply-chain solutions company Li & Fung.

    However the company said the results would have been worse had it not been for market-share gains by some of its key customers.

    The company released its results on Friday, along with notice of a takeover proposal which would see the company delisted.

    Core operating profit fell by 22.9 percent to US$228 million, which the company attributed to a 10.1-per-cent decline in turnover to US$11.4 billion. Besides store closures and bankruptcies, a trend of continued destocking by customers and a decision to exit “a number of higher-risk and non-strategic customers” also impacted sales. Net profit attributable to shareholders was US$17 million, representing a return to profitability.

    “While our financials were affected by strong headwinds in the retail sector and global markets, we achieved important gains in our goal of creating the Supply Chain of the Future in our recently completed three-year plan,” said Spencer Fung, Group CEO.

    “We are successfully transforming from a traditional, analog agent into a unique digital supply-chain service provider. We now have a leadership position in 3D digital product development and are delivering a suite of value-added services to our customers.”

    He said the group is continuing to manage the ongoing impact of the US-China trade war, increased complexity of global supply chains and, more recently, the coronavirus pandemic.

    “We are working around the clock with our customers and suppliers during this period of deep uncertainty. Our teams on the ground across the world are actively supporting customers, just as we did during the US-China trade war to help address the disruptions to their business.”

    Meanwhile, Li & Fung revealed a proposal has been lodged to privatize the company. Subject to shareholder approval, the Fung family, which already has a controlling interest in the group, will partner with Singapore-headquartered logistics warehouse operators and investor Golden Lincoln (GLP) to buy outstanding shares in the business. After the transaction is complete the Fung family will hold 60 percent of the shares and GLP 40 percent, with the company delisted from the Hong Kong stock exchange.

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  • Smiggle parent Premier Investments feeling the impact of Covit-19

    Smiggle parent Premier Investments feeling the impact of Covit-19

    Premier Investments has weathered a string of global crises, including Brexit, Hong Kong protests and Australia’s bushfires to post record sales and earnings in the first half of the financial year – but now it says the coronavirus pandemic is impacting trade across every brand in its portfolio.

    On Friday, the owner of major national and international retail brands, including Smiggle, Peter Alexander, Just Jeans, Portmans, Dotti, Jacqui E, Jay Jays and Breville, reported a 7.6-per-cent increase in first-half sales year on year, to $732.1 million (US$427.7 million), and a 10.7-per-cent increase in earnings before interest and tax, to $126.1 million ($73.7 million).

    But the strong performance may be cold comfort, as the coronavirus outbreak and strict self-isolation measures introduced to contain the spread in certain markets have already severely impacted Premier’s trade in the second half.

    Smiggle sales have been “severely disrupted” in Hong Kong, Singapore, and Malaysia, and “deteriorated significantly” in the UK and Ireland, the company said in a statement to the Australian Stock Exchange.

    Trade-in all brands in Australia and New Zealand have been impacted, and the company warned gross margin could be affected as it moves to clear inventory in each market.

    Premier Investments CEO Mark McInnes declined to provide specifics on changes in sales or foot traffic, saying on a media call that the company was not “in control of what’s happening on a daily basis” and “merely responding” to the crisis at hand.

    He described the current situation as “unprecedented” and unlike anything he has experienced, including the Global Financial Crisis in 2008 and recession in 1991.

    He also warned there could be widespread store closures if landlords do not start supporting their tenants by renegotiating rents.

    “Since the outbreak of COVID-19, we have closed two stores in Hong Kong, and we are prepared to close many more stores globally if landlords do not respond to the current crisis,” McInnes said.

    While he noted that Premier Investments could exit 70 percent of its leases in Australia and New Zealand with just 30 days’ notice, he said it wasn’t about “profiteering”, but rather “sharing the reality”.

    “Historical rents are just…all we’re pointing out to landlords is the reality of the situation,” he said.

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  • Malaysian retail expected to contract

    Malaysian retail expected to contract

    Retail Group Malaysia (RGM) predicts Malaysian retail sales will contract by 3.9 percent year-on-year in the first quarter of this year.

    The estimate is based on footfall having halved during the coronavirus outbreak, contradicting RGM’s expectation earlier this year that Malaysian retail sales could rise by 0.4 percent.

    “In the event the global coronavirus outbreak and domestic political turmoil take more than the next few months to resolve, it will further affect the retail consumption pattern in Malaysia drastically,” said Tan Hai Hsin, MD at RGM.

    He said it was unable to estimate the likely retail industry growth figure for this year while preparing the report because of the unpredictable changes of the coronavirus outbreak and the new ruling government policies.

    Although shopping traffic has dropped significantly in the country, some shopping malls have remained open to the public to provide essential goods and services.

    Aeon Mall’s tenants, including pharmacies, banks and POS Malaysia, will continue to operate, however, food & beverage tenants will only provide takeaway and delivery services. Aeon Retail’s outlets will also provide dedicated check-out lanes for senior citizens, the disabled and pregnant women to ensure that they can shop for their daily needs in “a safe and worry-free environment”, the company said in a statement.

    Meanwhile, 1 Utama Shopping Centre said on its social media that its essential service tenants such as supermarkets, pharmacies or convenience stores will remain open, and reassured consumers that there is no need to start panic shopping.

    In the final quarter of last year, Malaysia’s retail sales increased 3.8 percent year on year with the best growth in the pharmacy and personal care categories. The worst-performing sector was supermarkets and hypermarkets which witnessed a 2.8-per-cent full-year decline.

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  • Muji parent Ryohin Keikaku caught million dollar tax dodge

    Muji parent Ryohin Keikaku caught million dollar tax dodge

    Muji store parent Ryohin Keikaku has been found to have dodged paying ¥7.5 billion (US$68.3 million) in tax by transferring taxable income to its operations in China, where it runs 256 outlets.

    The Japanese retailer has been ordered by the courts to pay the required taxes, which have accrued since 2017, as well as around ¥2.1 billion ($19.1 million) in penalties.

    In a statement, the firm said that although it holds a different view on the policy of double taxation, it has decided to pay the tax as assessed by the tax bureau.

    Ryohin Keikaku has appealed to the tax authority in Japan to deal with its Chinese counterparts to avoid double taxation in future.

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