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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.

  • China retail sales surges in October

    China retail sales surges in October

    Official figures for China retail sales show an 8.6 per cent year-on-year increase in October. That’s a little shy of the 9.2 per cent achieved in September and the same pace of growth for the first 10 months of the year.

    The data was released by the National Bureau of Statistics (NBS), which blamed the slowing growth rate on delayed consumption ahead of the 11.11 Singles Day shopping festival. Many products sold on Singles Day are pre-ordered, but not settled until the 24-hour sale commences, to boost the event’s topline figure.

    The NBS said sales in rural areas rose by 9.7 per cent in October, a faster rate than the 8.4 per cent in urban areas.

    Online spending soared 25.5 per cent to reach RMB 7 trillion during the first 10 months of this year.

  • Hong Kong retail up in September despite massive growth slowdown

    Hong Kong retail up in September despite massive growth slowdown

    Retail sales in Hong Kong rose 1.4% year-on-year in September, signalling a considerable retail sales slowdown in the Asian economy, following a downwardly revised 7.9% increase in August. According to industry figures released on November 1, the September uptick is the smallest annual gain in Hong Kong retail sales since June 2017.

    The Census and Statistics Department (CENSTAD) attributed the slowdown to two factors, with the first being the temporary drag on inbound tourism from typhoon Mangkhut.

    Also, local consumer spending was reportedly hindered by negative sentiment, in light of the US-China trade conflicts and stock market corrections.

    Looking at the results closer by category, September food, alcoholic drinks and tobacco retail sales fell 0.8%, compared to an increase of 2.4% in August.

    Hong Kong fuel sales were down 2.9%, widening in terms of loss, compared to a 0.6% decline in the month prior.

    Hong Kong’s clothing and footwear retail sales figures fell a whopping 6.5%, compared to 3.4% in August, with growth stalling in September at department stores, up 1.1% compared to 11% in August.

    Likewise, jewellery, watches and clocks gained 5.3%, but proved to be a soft growth result, compared to the 22% lift last month.

    But not all categories in September underperformed.

    Retail sales at supermarkets swung to a 0.6% increase, compared to a decrease of 3.4%, while consumer durable goods gained 3.3% compared to 2.1% last month.

    Based on seasonally adjusted data, retail sales decreased by 3% in the third quarter, compared to the second quarter.

    Hong Kong retail sales have been on annual upward trajectory since 2005.

    For the last thirteen years, sales have gained on average 5.67%, with a high of 30.6% in February 2010.

    The lowest recorded result was an 18.5% downswing in February 2016.

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  • Australia retail sales miss in September

    Australia retail sales miss in September

    Australian retail sales rose slightly in September 2018, missing industry expectations that the nation’s retail revenues would register a bigger increase for the first month of spring. Domestic retail turnover saw a 0.2 % gain in September, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures.

    While the growth remains positive, analysts were predicting a stronger result and forecast retail sales to climb 0.3%, on August’s 0.3% gain in the prior month.

    Year-on-year, September witnessed a rise of 3.67%.

    “Although September’s month-on-month figure isn’t as positive as we would have liked, we need to understand the year-on-year retail growth figure represents a better overview of the current state of Australian retail,” Russell Zimmerman, Executive Director of the Australian Retail Association said.

    “The ARA know personal tax cuts play a big role in discretionary spend, and believe a second round of personal tax cuts before the next election would certainly boost consumer confidence, and see an increase in retail sales in the new year.”

    For the month, café, restaurant and takeaway spending registered the highest growth in September, up 0.5%. This was followed by food retailing, up 0.4%, said the ABS.

    But the month of September was weighed down by lower sales across the clothing, footwear and personal accessories category, with three industries falling 1.2%. Household goods and department stores remained relatively flat from previous months.

    By state, sales were strongest in the state of Victoria and Tasmania, leading by 0.7%. New South wales fell 0.4%, while Western Australia and The Australian Capital Territory were relatively unchanged in September 2018.

    Online retail sales made up 5.6 % of total retail turnover in original terms in September 2018, an unchanged result from August, said the ABS.

    The ABS also released quarterly data that showed seasonally-adjusted retail sales rose 0.2%, a massive drop from the 1 per cent increase in the second quarter.

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  • SK Korea keeps building Vietnam ties

    SK Korea keeps building Vietnam ties

    SK Chairman Chey Tae-won met with Vietnam Prime Minister Nguyen Xuan Phuc in Hanoi Thursday to discuss the conglomerate’s plans to invest more in both private and public companies and introduce measures to ease environmental problems there.

    They met for the second time in a year. As a result of the previous meeting, SK purchased a 9.5 percent stake in the holding company of Masan Group, one of Vietnam’s largest private enterprises, for $470 million in September.

    “We are pursuing further cooperation with private companies after our first meeting beginning with investment in Masan Group,” said the chairman of Korea’s third-largest conglomerate. “We expect cooperation in other areas such as privatization of state-owned companies to speed up.”

    Nguyen explained Vietnam’s privatization plans to Chey while asking SK to help develop the country’s growing industries.

    “Chairman Chey is the only foreign company chief that I meet every year, my interest in SK is special,” said Nguyen.

    Chey also said the group will help Vietnam combat environmental problems that stem from industrial development. SK Group currently supports the reforestation of a mangrove forest in Vietnam.

    Mangrove forests used to cover 4,400 square kilometers (1.08 million acres) of Vietnam, but only 30 percent remains. Since last May, SK Innovation has provided support to reforestation efforts in a mangrove forest in Tra Vinh province and reforestation research by Ho Chi Minh City University of Technology.

    SK’s relationship with Vietnam has grown over the years. Energy subsidiary SK Innovation has taken part in oil exploration and crude oil production from the country’s offshore oil fields since 1998. SK’s construction unit, SK E&C, has helped build petroleum complex projects in the country.

    Chey also participated in the Hanoi Forum Friday and Saturday.

    The Korea Foundation for Advanced Studies, an academic non-profit organization, and Vietnam National University in Hanoi jointly launched the forum this year to encourage academic cooperation between the two allies.

    Korea Inc. has been paying increasing attention to Vietnam as an alternative investment destination to China. Vietnam is expediting privatization amid a difficult fiscal situation, putting on sale several government-owned companies.

    In late October, Samsung Electronics Vice Chairman Lee Jae-yong paid a visit to Vietnam and vowed to increase investment during a meeting with the Vietnamese prime minister. Samsung Electronics operates major phone manufacturing lines in Vietnam, which has helped Vietnam become the second-largest exporter of mobile phones after China. As a manufacturing location, Vietnam serves as an important strategic partner for many Korean companies’ global supply chain.

    LG Display and textile giant Hyosung are also Korean companies with manufacturing units in Vietnam.

    During President Moon Jae-in’s visit to the country earlier this year, senior executives from SK and Samsung were in the president’s entourage in an effort to establish stronger business relations.

    In 2017, Korea placed second in terms of direct foreign investment in Vietnam, following Japan. Vietnam is currently Korea’s fourth-largest export partner.

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  • Indonesia Will Not Cut Export Levy on Palm Oil: Minister

    Indonesia Will Not Cut Export Levy on Palm Oil: Minister

    Indonesia has decided not to make any changes to export levies on palm oil, Coordinating Economic Affairs Minister Darmin Nasution said on Thursday. “Even though we have had discussions on the issue, we prefer not to change the policy on this area. There is no change,” Darmin said at a press briefing in Kuala Lumpur.

    “In the long term, I cannot confirm, but in the short term there is no change,” he said.

    Darmin said at an industry conference in Bali last week that Indonesia was considering a move to reduce the levy.

    Indonesia, the world’s top producer and exporter of the edible oil, currently slaps a levy of $50 per metric ton on crude palm oil, and a range of $20-$40 for refined palm products.

    The Indonesian Palm Oil Association (Gapki) said last month that it had proposed cutting the palm oil export levy by $20 per ton until prices of the vegetable oil reach $700 per ton.

    The government’s reference price for crude palm oil has stayed below $750 per ton for over a year.

    Speaking in Kuala Lumpur, Darmin said Indonesia decided against the cut in export levy as such a move would result in lower prices that would benefit consuming countries, not exporters.

    The minister has in the past said Indonesia was considering reducing the levy to boost exports, which would then reduce stockpiles, but he said on Thursday that this would be achieved by boosting the use of biodiesel.

    “Our policy is to increase the utilization of biodiesel, so of course, it takes time but I believe the result will be there in six months,” Darmin said.

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  • Businesses in Vietnam close down at increasing rate

    Businesses in Vietnam close down at increasing rate

    The number of enterprises closing down in the year to date hit 67,000, double the number in the same period last year. Chu Tien Dung, chairman of the HCM City Business Association said that this number is unusually high but can be explained by problems that have existed for years.

    The government’s target of having 1 million enterprises by 2020 is to blame in no small measure since it has led to policies that encourage quantity rather than quality, he said.

    Typically, this has seen sole traders registered as one-man limited companies and a big start-up movement in major cities such as HCM City and Hanoi.

    “The procedures for setting up a limited company have been greatly simplified so that anyone can become a boss. If within a few years or even months the owner finds the business line to be unsuitable or does not like the company name, it is not difficult to dissolve and establish a new business.”

    Statistics from the Department of Business Registration show that of the enterprises closing down each month the rate of those with charter capital of below VND10 billion ($426,350) is overwhelming.

    The reason lies primarily in the fact that small and medium- sized enterprises (SMEs) lack resources and also have difficulty accessing credit.

    The liberalization of the law on investment is being used by some to profit illegally, he said. Many enterprises have announced insolvency due to heavy losses.

    According to the World Bank, starting up in Vietnam now involves only eight steps which can be completed in 17 days while it takes 26 days on average in East Asia and the Pacific to complete formalities and enter the market.

    Tran Thi Hong Minh, director of the Department of Business Registration, said: “Dissolution and bankruptcy is the natural, objective law of the economy. The market will eliminate and purge weak businesses to replace them with those of better quality.

    “Vietnam is considered a dynamic economy with rapidly developing science and technology and so the pressure on businesses is of an equivalent magnitude.”

    Pham Chi Lan, former chairwoman of the Vietnam Chamber of Commerce and Industry (VCCI), said business owners had expressed concern the business climate had not improved much.

    Even in the case of single-door administrative procedures, where all documents are meant to be submitted and received at one office, an applicant has to go through many other doors, she said.

    “While we are talking about creating new tools and policies, old, defunct procedures are still not scrapped. As such, Vietnamese businesses are very worried about their future.”

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  • Kakao profit falls in Q3 as investment costs rise

    Kakao profit falls in Q3 as investment costs rise

    Kakao, the operator of Korea’s top mobile messenger, KakaoTalk, said Thursday its third-quarter operating profit fell 35 percent from last year due to increased costs from new businesses. Operating income reached 30.7 billion won ($27.3 million) in the July-September period from 47.4 billion won a year ago, the company said in a regulatory filing.

    Sales rose 16 percent on-year to a quarterly record high of 599.3 billion won, the company said.

    Kakao said its operating income plunged due to increased investments in new businesses, such as Kakao Mobility, that the company recently launched in an effort to secure new growth engines.

    Kakao said the revenue from its content platform remained steady at 306.7 billion won, with the figure representing a 17 percent year-on-year increase.

    Advertising sales grew 10 percent year on year to 167.1 billion won over the cited period on the back of mobile advertising revenue growth.

    Music content sales increased by 11 percent year on year to 136 billion won in the third quarter due to steady revenues from the Melon streaming service.

    Kakao said it will keep up efforts until the end of this year in order to expand its foothold by wrapping up a merger with its entertainment affiliate, Kakao M. The tieup will allow the company to move forward on various business collaborations.

    Kakao said the decision is aimed at bolstering its entertainment content based on the users of Melon, which is currently operated by Kakao M.

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  • Fung Retailing, Alibaba to collaborate bringing lifestyle brands into China

    Fung Retailing, Alibaba to collaborate bringing lifestyle brands into China

    Fung Retailing and Alibaba have formed a strategic partnership to launch more international lifestyle brands in Mainland China. The partnership will bring closer Alibaba’s 600-million user base and Fung Retailing’s 3000+ network of stores across Greater China, UK, France, South Korea, Singapore, Malaysia, Thailand and the Philippines. Its partly- or majority-owned businesses include Circle K and Zoff (under Convenience Retail Asia), Trinity, Toys R Us, Suhyang Networks, the UCCAL Fashion Group and Branded Lifestyle Holdings.

    The Fung Retailing and Alibaba collaboration aims to meet the increasing demand of Chinese consumers, building on the strengths of both parties in online and offline retailing, the two companies said in a statement. At the same time, it will better serve global brands by leveraging Fung Retailing’s global portfolio of brands, offline retail channels and marketing know-how, as well as Alibaba’s ecosystem, digital retail leadership, technology, and consumer insights.

    “That will help global brands tailor their product development and marketing strategies to meet the ever-changing needs of Chinese consumers,” the statement said. “The brands can also draw on Alibaba’s new retail channels, including Tmall and Intime, as well as Fung Retailing’s offline stores, thereby reducing costs, risks, and the time traditionally associated with entering the China market.”

    Photo: At the Fung Retailing and Alibaba MOU signing ceremony this week, from left: Sabrina Fung, group MD of Fung Retailing, Dr Victor Fung, group chairman of the Fung Group; Daniel Zhang, CEO of Alibaba Group; and Toby Xu, VP of Alibaba Group.

    Under a memorandum of understanding signed this week, both companies will join forces in global brand recruitment and offer brands merchandising, marketing and omnichannel distribution services. This collaboration will focus on the mainland China market as a first step, and potentially expand to other regions riding on Alibaba’s platforms.

    Speaking during the signing ceremony in Shanghai, Alibaba CEO Daniel Zhang said Alibaba wants to help global brands expand their foothold in China by fully integrating its New Retail capabilities, big data and technology with Fung Retailing’s “unparalleled advantages in brand and supply chain resources”.

    “We believe this partnership represents the beginning of a new chapter for New Retail.”

    Fung Retailing’s group MD Sabrina Fung said retail is changing exponentially, so it’s important to stay ahead of the curve, which this agreement allows the company to do.

    “Through this exciting strategic partnership with Alibaba, we will help customers navigate the full Chinese retail economy and reach China’s 1.4 billion consumers more easily. In this evolving retail landscape, and faced with changing consumer behavior and disruptive retail technologies, we are focused on developing new ways to do business,” she said.

     

  • Japan’s retail sales lift for 11th consecutive month

    Japan’s retail sales lift for 11th consecutive month

    Japanese retail sales continued to grow in September with the archipelago nation recording its 11th consecutive month of revenue growth in retail. For the four weeks to September 30, retail sales increased 2.1% on the same period last year, according to data by the Japanese trade ministry.

    However, the growth was slower compared to August’s 2.7% expansion in the prior month, signalling a potential slow down in retail spend ahead of the busy Holiday period.

    Last month’s gains were led by rising gasoline prices and high sales of machine tools, as well as food and beverage purchases and clothing.

    In September, car sales slipped and online retailers suffered a decline, said the report.

    On a month-on-month basis, retail sales fell 0.2% in September from the previous month, following August’s 0.9% increase.

    The dropped was the first in four months, adding to fears that consumer spending fell yet again in the third quarter.

    Meanwhile, Japan’s annual core consumer inflation gained 1% in September, the fastest in seven months. However, the inflation was boosted mostly by higher oil prices.

    The retail growth follows a survey from Criteo that states Japanese consumers lead the world in mobile transactions, with customers shopping more while commuting.

    In the latest survey, mobile devices accounted for 55% of all EC transactions, up 4 points on the year. Transactions through smartphones increased 9%, and tablets 3%, but purchases by PC were down 9%.

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  • V-Mart India appoints new Independent Director

    V-Mart India appoints new Independent Director

    V-Mart, the world’s best performing department store chain, has announced the appointment of Govind Shrikhande as an Independent Director of the company, effective Nov 2, 2018. Shrikhande possesses rich cross-functional experience in the textiles, apparel and retail industry. In his last professional role, he was the Managing Director of Shoppers Stop, where he started his stint in 2001 as the Vice President of Buying & Merchandising function, growing to the role of Chief Operating Officer role before being elevated as the MD.

    Prior to Shoppers Stop, he was associated with Mafatlal and Johnson & Johnson. He has the unique distinction of being part of the team that launched Arvind Denim and Arrow. Shrikhande has also worked with Bombay Dyeing.

    With this appointment, V-Mart’s current Board constitution is as follows: Lalit Agarwal, Chairman & Managing Director; Madan Agarwal, Whole Time Director; Aakash Moondhra, Independent Director; Murli Ramachandran, Independent Director; Sonal Mattoo, Independent Director; and Govind Shrikhande, Independent Director.

    Welcoming Shrikhande to the board, Lalit Agarwal, Chairman and Managing Director said, “We are excited to welcome Govind on the Board of V-Mart. His extensive experience in managing large scale organizational transformation to drive customer centricity, and successful adoption of enabling technology and processes will be a great asset to the value retailing ethos of the company.”

    “V-Mart has a strong brand as a value retailer, impressive connect with its customer base in Tier II and III towns, and is well-positioned to establish leadership in the affordable fashion segment,” commented Govind Shrikhande. “I am honored to join the Board during a time of opportunity driven by dynamic shifts in the Indian retail landscape, with millions of families in Tier II, III and IV towns transitioning to a modern retail and Omnichannel experience.”

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  • Holiday boosts South Korean retail sales

    Holiday boosts South Korean retail sales

    A government report has shown a rise in South Korean retail sales of food during the Chuseok holiday. The holiday, likened to the Korean version of Thanksgiving, is thought to have sparked a 6.9 per cent spike in combined revenue for major online and offline retailers during September, compared with last year’s figures for the same period.

    Total online sales grew 8.6 per cent, with 6 per cent growth in offline sales during the holiday period.

    Ahead of the holiday, discount chain food sales increased by 8.1 per cent; department store food sales rose 4.7 per cent, and convenience stores saw 5.1 per cent increases in demand for imported beers and lunch boxes.

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  • Insufficient measures to boost retail spending : RGM

    Insufficient measures to boost retail spending : RGM

    The latest budget announcement is not expected to stimulate consumer spending in the near term, as there is insufficient economic policies aimed at increasing retail spending, opined retail consulting firm Retail Group Malaysia.

    Managing director Tan Hai Hsin said that Budget 2019 is focusing more on managing government deficit and social programmes for the B40 group.

    “We hope the economic activities will improve significantly in the immediate future. Higher economic activities will lead to higher take-home pays (and higher retail spending subsequently),” Tan said.

    Prior to the Budget announcement, he said Malaysian consumers were told that they should not expect monetary incentives from the government in 2019. Malaysians were also informed that more taxes could be expected next year.

    “Based on the latest announcement, it should improve consumer confidence. At least in the next six months,” said Tan.

    For next year, the government continues to distribute one-off monetary incentives to Malaysians (including civil servants) to reduce their financial burden. About 4.1 million households are expected to benefit from it.

    Increment of minimum wage by RM50.00 will also lessen the financial burden of B40 group.

    “On the other hand, higher minimum wage will lead to higher cost of goods for retailers. It will lead to higher retail prices eventually.”

    He said the soda tax will not have major impact on retail spending, while noting that it is still early to comment on the impact of RON95 until more announcements have been made.

    “Same as previous budgets for many years, there were no direct incentive and new government policies related to retail industry.”

    Sunway Malls & Theme Parks Chan Hoi Choy said the 2019 Budget balances fiscal discipline while emphasising development in the right sectors.

    “Initiatives announced particularly with the emphasis on B40 group is lauded while efforts to grow Industry 4.0 especially knowledge transfer, artificial intelligence development, matching grants will drive higher productivity and cost rationalisation in mall & retail industries.”

    Similarly, it is encouraged by the government’s focus in housing, public transportation and education initiatives to form the bedrock for Malaysia’s economy into the future. The drive for greener adoption and women representation also signifies a greater sustainable and inclusive approach.

    “We take note of the significance of Malaysia’s economy projected GDP growth rate of 4.8% for 2018 and 4.9% for 2019, against IMF’s projected slowdown of global growth of 3.7% in 2019. This underscores the relative resilience of the Malaysian economy in face of global headwinds and protracted trade war. In the light of this and the current country’s fiscal position, the overall Budget 2019 is targeted while exercising prudence,” said Chan.

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  • AirAsia Philippines Passes Massive Safety Audit

    AirAsia Philippines Passes Massive Safety Audit

    Manila-based AirAsia Philippines has passed a major international safety audit, the International Air Transport Association Operation Safety Audit (IOSA), that covers more than 1060 separate parameters. The operational safety audit is compulsory for IATA members and airlines that have completed the audit have a safety record almost four times better than those that have not. AirAsia Philippines CEO Captain Dexter Comendador said, “We are pleased to announce that we have successfully completed IOSA accreditation. This achievement is a recognition of everyone at AirAsia’s dedication to safety and security.”

    Earlier this year, AirAsia Philippines received its ISO Certificate which gives world class specification for products, services, and systems to ensure quality, safety, and efficiency. ISO 9001:2015 helps ensure passengers get consistent, good quality products, and services. This international standard is based on quality management principles including a strong customer focus, the motivation and implication of top management, the process approach and continuous improvement.

    “We are closing this year with two important achievements from IOSA and ISO and it is but fitting to dedicate an aircraft to our hardworking team who we proudly call, Allstars. We are officially launching this month a special Allstars livery bearing faces of more than one thousand Filipino Allstars including AirAsia Group’s management team,” Comendador added

    Now 426 airlines have completed the audit, which is renewed every two years. The awarding of the IOSA accreditation is expected to be a major boost for the airline. The IOSA certification audit is an internationally recognized and accepted evaluation system designed to assess the operational management and control systems of an airline. The audit covers eight functional and operational areas: organization and management system, flight operations, operational control, and flight dispatch, aircraft engineering and maintenance, cabin operations, ground handling operations, cargo operations, and security management.

    IOSA was introduced to stem the increasing number of crashes in the late 1990s and into the beginning of the last decade. The AirAsia Group airlines now fly to 165 destinations in 25 countries. It has just ordered or reconfirmed orders for 100 A330s for its AirAsia X operation. Separately long-haul, low-cost, operator AirAsia X is evaluating Airbus’ long-range version of the  A321neo as it moves to target more destinations within a range of seven hours.

    Powered by CFM International’s LAEP-1A engines, the A321neo LR,  is due to enter service in the fourth quarter of 2018 and is designed to carry up to 240 passengers 4000 nautical miles. The airline confirmed last month it was evaluating “the potential introduction” of the 321neo LR for developing routes.

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  • AirAsia Big Loyalty launches ‘BIG Big Giveaway’ Finale

    AirAsia Big Loyalty launches ‘BIG Big Giveaway’ Finale

    AirAsia Bhd’s loyalty programme, AirAsia BIG Loyalty has launched its “The BIG Big Giveaway” year-end finale with over 90 irresistible offers to BIG members beginning today until December 31. Big Loyalty Sdn Bhd, the owner and operator of the loyalty programme, said the offer would be filled with fantastic discounts, free hotel stays, return flights and 50 per cent bonus BIG points for all of shopping sprees during this regional mega sale.

    BIG members in Malaysia, Thailand, Indonesia, Singapore, the Philippines and beyond can enjoy deals by BIG Loyalty’s entire group of partners ― among them are ZALORA, Agoda, Rebate Mango, Grab, Petron, Maybank and Citibank ― that range from travel, lifestyle, airline to financial services.

    Members who convert their credit card points to BIG points during this period could also enjoy 50 per cent more points on top of the everyday conversion rate, so they can accelerate their way to redeeming free flights, hotel stays and tickets to popular attractions to make their holidays free.

    An additional prize to the 50 per cent bonus BIG points reward for shopping from a variety of travel and lifestyle deals, including some 2,000 rooms at First World Hotel, Genting Highlands, will be given away weekly to lucky members.

    The sale is also doubling up the rewards for members who redeem flights from November 11-18 by sending them on a return trip to Siem Reap, Phuket, Langkawi and more.

    In a statement today, AirAsia BIG Loyalty Acting Chief Executive Officer Sereen Teoh said 2018 was a year of big milestones for BIG Loyalty, which included achieving 20 million BIG members and the launch of the world’s first airline points exchange platform called BIG Xchange.

    BIG members in Malaysia who are Visa cardholders also stand a chance to win a share of over 40 million BIG Points, which is equivalent to nearly 600 return flights to Melbourne, Tokyo, Seoul and many more destinations.

    For every RM50 spend on flight bookings via airasia.com or the AirAsia app members will earn one automatic entry, while those who spend RM50 by using Tap to Pay will earn five entries, and the same amount spent overseas with only physical swipes will double their entries to 10.

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  • AirAsia X names new CEO to take over from Founders

    AirAsia X names new CEO to take over from Founders

    Malaysia’s long-haul budget carrier AirAsia X on Thursday appointed Nadda Buranasiri as its new group chief executive officer to take over from its co-founders. Buranasiri, chief executive of the Thai arm of AirAsia X since 2014, will replace co-CEOs and co-founders Tony Fernandes and Kamarudin Meranun with immediate effect, the company said in a statement. Fernandes and Kamarudin will become non-executive directors.

    In July, Fernandes said AirAsia X was looking to restructure itself into a group holding company along the lines of affiliate AirAsia Group Bhd .

    He had also said AirAsia X would focus on flying to countries where it would dominate routes, such as Japan, Korea, Australia, China and India, and remove what he called peripheral routes where no growth was seen.

    AirAsia X reported a loss for the June quarter, weighed down by higher fuel prices.

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