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  • End of an Era: Iconic Japanese Retailer Isetan Shuts its Doors at Singapore’s NEX Mall After 15 Years

    End of an Era: Iconic Japanese Retailer Isetan Shuts its Doors at Singapore’s NEX Mall After 15 Years

    Isetan, a Japanese department store chain offering a variety of products ranging from home goods to fashion and beauty items, has recently shuttered its outlet located in NEX shopping mall, Singapore. This closure comes to fruition after a successful 15-year long business operation.

    End of an Era

    The termination of this business venture was formally announced on April 26 following the expiration of its lease. This announcement, made via a Facebook post, expressed the company’s profound gratitude to its customers and stakeholders for their steadfast support throughout these fruitful years.

    Footage that circulated online showed the store’s staff bidding their final farewells to their loyal customers on the day of the store’s closure. A notable gathering of people was observed at the store’s entrance during which the store manager expressed heartfelt gratitude towards the customers for their continuous support and goodwill over the years.

    As the manager announced the end of their business operations, he extended well wishes of good health and happiness to all.

    Pioneer of Japanese Retail in Singapore

    Isetan has held a strong presence in the Singaporean market since its inception in 1972. The opening of its Havelock outlet marked the first instance of a Japanese retail store in the city-state. At the height of its success in 2013, the company operated a total of six outlets across Singapore.

    However, the recent years have seen a gradual decrease in the number of operational stores. The retail giant closed its Tampines Mall outlet in November after 30 years of operation. This decision was taken after careful assessment of local conditions and future profitability prospects.

    Earlier store closures include the Isetan Katong outlet at Parkway Parade shopping center in March 2022 and the Isetan Jurong outlet at Westgate Mall in March 2020.

    Questions & Answers

    When did the Isetan outlet at NEX shopping mall in Singapore close?
    It closed on April 26, following the expiration of its lease.

    When did Isetan first establish its presence in Singapore?
    Isetan first established its presence in Singapore in 1972 with the opening of its Havelock outlet.

    How many Isetan outlets were operational in Singapore at the company’s peak?
    At its peak in 2013, Isetan operated a total of six outlets in Singapore.

  • U.S. Dollar Flexes Strength Against Vietnamese Dong Amid Global Tensions and Anticipation Over Federal Reserve Decision

    U.S. Dollar Flexes Strength Against Vietnamese Dong Amid Global Tensions and Anticipation Over Federal Reserve Decision

    On Wednesday, the U.S. dollar experienced an increase against the Vietnamese dong while maintaining its strength against major global currencies. The Vietnamese commercial bank, Vietcombank, ended up selling the U.S. dollar at VND26,368, marking a 0.008% increase from the previous day. Simultaneously, the dollar posted a 0.27% gain in the black market, where it traded around VND26,737.

    The State Bank of Vietnam’s Role

    In response to these fluctuations, the State Bank of Vietnam raised its reference rate by 0.008% to VND25,113.

    Global Dollar Performance

    Internationally, the dollar strengthened on Wednesday. This shift was in anticipation of an important rate decision by the Federal Reserve. It’s worth noting that this decision was expected to be the last major action under the leadership of Chair Jerome Powell. This decision coincided with ongoing conflict in the Middle East and diminishing optimism for a swift resolution.

    The Impact of Geo-Political Situations

    Efforts to cease the conflict in Iran hit a stalemate, evoking dissatisfaction from U.S. President Donald Trump. His contention is primarily with Tehran’s recent proposal which, in his view, should have addressed nuclear issues from the beginning. This situation made market sentiments volatile, leading to the dollar being positioned as a safe haven.

    Asian currency markets exhibited modest variations due to the public holiday in Japan and impending decisions from several key central banks.

    Performance against Other Currencies

    The U.S. dollar saw a modest overnight gain against a basket of currencies, steadying at 98.57. The Canadian dollar showed a slight uptick to C$1.3676, while the Japanese currency didn’t show significant changes, resting at 159.55.

    Regarding the euro and sterling, both marginally retreated from their highs earlier this month, with the former trading at $1.1716 and the latter at $1.3523. On the other hand, the Australian dollar remained close to a four-year peak, trading at $0.7187. The New Zealand dollar also experienced a slight appreciation of 0.05% to $0.5888.

    Questions & Answers

    How did the U.S. dollar perform against the Vietnamese dong?
    The U.S. dollar increased against the Vietnamese dong, with Vietcombank selling it at VND26,368, marking a 0.008% rise from the previous day.

    What external factors influenced the strength of the U.S. dollar?
    Global factors such as the Federal Reserve’s rate decision and geopolitical tensions in the Middle East, particularly the unresolved conflict in Iran, contributed to the dollar’s strength.

    How did major global currencies fare against the U.S. dollar?
    The Canadian dollar and the New Zealand dollar showed slight appreciation, while the euro, sterling, and the Japanese currency remained largely unchanged. The Australian dollar stayed near its four-year high.

  • Global Gold Prices Hold Steady Amid Vietnam’s Market Dip: Awaiting Federal Impact

    Global Gold Prices Hold Steady Amid Vietnam’s Market Dip: Awaiting Federal Impact

    On Wednesday, gold prices in Vietnam experienced a slight downturn, while globally, gold rates maintained relative stability. Saigon Jewelry Company observed a 0.9% decrement in its gold bar prices, settling at VND166 million, or approximately US$6,298.97, per tael. Similarly, the cost per tael for gold rings decreased, dropping to VND165.5 million. To contextualize this, a tael of gold weighs either 37.5 grams or 1.2 ounces.

    Global Gold Market Movement

    Internationally, the gold market displayed a largely static trend during fluctuating trade on Wednesday. Investors keenly awaited comments from Jerome Powell, Chair of the U.S. Federal Reserve, to understand the potential economic impact of the ongoing conflict in Iran, especially given the current stalemate in peace negotiations.

    Spot gold experienced a minor increase of 0.1%, reaching $4,597.07 per ounce, despite hitting its lowest point since April 2 in the preceding trading session. Meanwhile, U.S. gold futures set for June delivery held steady at $4,610.20.

    Fuel Market Influences

    In the fuel market, Brent crude oil maintained a price point above $110 a barrel, following reports predicting the U.S. would continue its blockade of Iranian ports. This elevation in crude prices may contribute to inflationary pressures, thereby potentially leading to increased interest rates.

    Traditionally, gold is viewed as a safeguard against inflation. However, high interest rates can decrease its attractiveness as a non-yielding asset.

    Market Speculations

    Ilya Spivak, leader of global macro at Tastylive, stated that the gold market is currently stable as traders anticipate the upcoming Federal Open Market Committee (FOMC) meeting. He explained that the market’s resilience since the tariff-induced panic in April has relied largely on the belief that the Federal Reserve is prepared to intervene should conditions worsen. If the Fed indicates a high threshold for such action, gold prices could potentially drop further.

    Questions & Answers

    What caused the drop in gold prices in Vietnam?
    The article does not specify a reason, however, gold prices can fluctuate due to a variety of factors, including changes in supply and demand, market speculation, or shifts in currency values.

    How do crude oil prices affect gold rates?
    Higher crude prices can lead to inflationary pressures, making gold an attractive investment as a traditional hedge against inflation. However, if crude prices cause interest rates to rise, gold may lose its appeal as a non-yielding asset.

    What are the potential implications of the U.S. Federal Reserve’s actions on the gold market?
    If the Federal Reserve signals its readiness to intervene in worsening market conditions, this could bolster gold’s position. However, if the Fed indicates hesitancy to act, gold prices may see a downward trend.

  • Yum China’s Monumental Growth: Q1 Results Skyrocket with Record 636 New Stores

    Yum China’s Monumental Growth: Q1 Results Skyrocket with Record 636 New Stores

    Yum China, a leading retail company, has announced the launch of an ambitious expansion plan, following a highly successful first quarter for FY26. The company reported 636 net new store openings, setting a record-high figure.

    Impressive Financial Performance

    The retail behemoth recorded an impressive 10% increase in total revenue, reaching a staggering US$3.3 billion. Operating profit also followed this upward trajectory, registering a 12% growth to a record-breaking $447 million. Consumer behavior in China is undergoing significant changes, with delivery services now accounting for an impressive 55% of total sales. This is a substantial increase from the 43% reported in the same quarter of the previous year.

    CEO of Yum China, Joey Wat, applauded the company’s growth efforts, saying, “In Q1, our accelerated store openings reached a record level, capitalizing on considerable market opportunities.”

    She continued, elaborating on the company’s consistent growth, “Concurrently, we have maintained our system sales growth, operating profit growth, and operating profit margin expansion for the eighth quarter in a row, a testament to the hard work and dedication of our teams.”

    Adaption of ‘Side-by-side’ Store Strategy

    Yum China’s ‘side-by-side’ store strategy is gaining momentum, especially for the KPRO brand. With 280 outlets now in operation, this health-conscious concept is quickly scaling up, with ambitious goals to reach 600 locations by the end of the year.

    In a parallel development, Pizza Hut is also undergoing a strategic change. The ‘Pizza Hut Wow’ format concentrates on simplified menus and affordable prices and is currently being introduced in 100 additional cities. This strategic move is designed to attract value-conscious consumers in Tier 2 and Tier 3 markets.

    Future Expansion Plans

    Looking forward, Yum China is aiming to build a total store network exceeding 20,000, facilitated by more than 1900 net new store openings this year. Additionally, the company is considering a 40-50% franchise mix for net new stores across both the KFC and Pizza Hut portfolios.

    CEO Joey Wat expressed confidence in the company’s future, stating, “Considering our robust foundation, dual focus on innovation and operational efficiency, and a more judicious delivery platform competition, we are optimistic about meeting our full-year targets and generating sustainable long-term value for our shareholders.”

    These promising results follow a strong fourth quarter for the company in the previous year.

    Questions & Answers

    What is Yum China’s expansion strategy?
    Yum China’s expansion strategy includes accelerated store openings and the introduction of the ‘side-by-side’ store strategy, especially for the KPRO brand.

    How is Pizza Hut adapting to market changes?
    Pizza Hut is implementing the ‘Pizza Hut Wow’ format, focusing on streamlined menus and affordable prices to attract value-conscious consumers in Tier 2 and 3 markets.

    What are Yum China’s future plans?
    Yum China plans to build a total store network exceeding 20,000, facilitated by more than 1,900 net new store openings this year. The company is also considering a 40-50% franchise mix for net new stores across both the KFC and Pizza Hut portfolios.

  • Vivaia Amplifies US Expansion with Offline Stores, Catering Sustainable Luxury Footwear to New Markets

    Vivaia Amplifies US Expansion with Offline Stores, Catering Sustainable Luxury Footwear to New Markets

    Vivaia, a footwear brand originating from China, is extending its footprint in the United States with the launch of two new retail locations, highlighting the company’s ongoing commitment to increasing its physical availability globally.

    The first location was recently inaugurated at the Roosevelt Field Mall in Long Island, while the second store is scheduled to commence operations in late May at the Garden State Plaza in New Jersey.

    The Long Island outlet, encompassing 650 square feet, is architecturally fashioned after the ‘wabi-sabi’ principles. An inherent Japanese philosophy, wabi-sabi underscores minimalistic and pared-down aesthetics. The store boasts an ambiance marked by light wood finishes and soothing illumination, aimed at facilitating a serene shopping experience for the customers.

    Each store will showcase a handpicked assortment of Vivaia’s footwear offerings. The product line-up includes the Margot Mary Jane, Healing Garden Slingback Heels, and the Satin Sneakerina.

    Jeff Chan, Vivaia’s Co-founder, shared his insights on the brand’s US expansion strategy. He said, “Given that the United States constitutes our principal market and fuels our online growth, branching out beyond New York was a logical progression for us.” He added, “By synergising our robust digital presence with tangible retail outlets, we can better cater to our customers and make our comfort-centric, environmentally-friendly merchandise more accessible to them.”

    Established in 2020, Vivaia has garnered recognition for its footwear that seamlessly melds comfort and sustainability. The brand employs recycled materials in its manufacturing process, such as yarns derived from PET bottles, and leverages 3D knitting technology to minimise waste.

    Questions & Answers

    What is Vivaia’s expansion plan in the US?
    Vivaia plans to increase its US presence by opening two new retail outlets. The first store has already opened in Long Island’s Roosevelt Field Mall, and the second one is set to launch in late May at the Garden State Plaza in New Jersey.

    What are the principles behind the design of Vivaia’s Long Island store?
    The Long Island store is designed following ‘wabi-sabi’ principles, a Japanese philosophy that embraces minimalism and simplicity. The store is characterized by light wood finishes and soft lighting to provide a tranquil shopping experience.

    What is unique about Vivaia’s product offerings?
    Vivaia is known for its comfort-based and sustainably produced footwear. The brand uses recycled materials, including yarns made from PET bottles, along with 3D knitting technology to decrease waste.

  • Domestic Airfares Skyrocket Amid Fuel Price Hike and Supply Chain Disruptions

    Domestic Airfares Skyrocket Amid Fuel Price Hike and Supply Chain Disruptions

    The escalating tensions in the Middle East have disrupted fuel supply chains, leading to a rise in average domestic airfares by 15-20%. This has resulted in airlines discontinuing their low-cost options.

    Demand and Supply Imbalance

    The disruption has severely affected the airlines as domestically, Jet A1 fuel only caters to around 20% of the demand. This has forced them to depend on imports from countries that are currently imposing export restrictions such as China, South Korea, and Thailand, as stated in a fresh report by the Airports Corporation of Vietnam.

    To combat this situation, airlines have started consolidating flights and suspending overnight operations. This strategic move is aimed at increasing the number of passengers per flight and optimizing load factors.

    Impact on Aviation Operations

    As a consequence of these adjustments, there has been a significant reduction in the number of takeoffs and landings at airports managed by the Airports Corporation of Vietnam (ACV). The unavailability of affordable tickets has led to a decline in passenger demand, especially in the leisure travel segment, as per the report.

    The International Air Transport Association has reported that jet fuel prices in the Asia-Pacific region surpassed $207 per barrel in mid-April, which is 2.4 times the average price in 2025. The airlines are confronted with further challenges due to fluctuating exchange and interest rates that are negatively impacting their operational efficiency.

    Passenger Statistics

    Despite these challenges, in the previous year, ACV airports welcomed 120.3 million passengers, marking a 9.4% increase. Among these, international passengers accounted for a 14% rise, reaching 47.1 million.

    Questions & Answers

    What has caused the rise in average domestic airfares?
    The escalating tensions in the Middle East have disrupted fuel supply chains, leading to a hike in average domestic airfares.

    How are airlines dealing with the disruption in fuel supply chains?
    Airlines are consolidating flights and suspending overnight operations to increase the number of passengers per flight and optimize load factors.

    What is the impact on passenger demand due to the rise in airfares?
    The unavailability of affordable tickets has led to a decline in passenger demand, especially in the leisure travel segment.

  • Patchi Dives into the Lifestyle Market with a Refreshing Global Rebrand in Malaysia

    Patchi Dives into the Lifestyle Market with a Refreshing Global Rebrand in Malaysia

    Patchi, a well-known chocolatier, is unveiling a new global branding strategy in Malaysia. This significant transformation comes as the company celebrates its 50th anniversary and aims to evolve its brand imagery and retail experience.

    The Rebranding Initiative

    Patchi has long been recognized for its distinctive gold-wrapped sweets and black-and-gold color scheme. However, the company is now shifting to a lighter, more visually pleasing aesthetic. The updated design incorporates softer hues such as mint green, cream, and orange, coupled with fluid design elements that draw inspiration from its original logo.

    The rebranding process, which originated in Beirut, has been gradually introduced in Malaysia over the past year. This initiative included the renovation of boutiques located at Bangsar Shopping Centre, 1 Utama, and Suria KLCC.

    Aligning Global and Local Interests

    Farhan Hafetz, director of Syedex Marketing and franchisee of Patchi in Malaysia, explained that this phased implementation allows the brand to align its global strategy while adhering to local tastes and preferences.

    Hafetz said that the new approach ensures that Patchi maintains its heritage as a luxury chocolate boutique and gift store, while also emphasizing an increased focus on lifestyle offerings.

    Focus on Refinement

    Rather than introducing an entirely new store concept, Patchi’s redesign emphasizes refinement. The updated interiors feature softer colors and an open layout that foster a welcoming and accessible environment, while still preserving the brand’s high-end status.

    “The goal was to design boutiques that are inviting to a broader audience and ensure that customers can comfortably navigate the space and fully interact with the variety and presentation of our products,” Hafetz added.

    Questions & Answers

    What is the main focus of Patchi’s rebranding initiative?
    The primary focus is to evolve the brand’s visual identity and retail experience while maintaining its heritage as a luxury chocolate boutique.

    What changes can customers expect to see in the boutiques?
    Customers will see an updated color scheme featuring softer hues, fluid design elements, and an open layout for a more accessible and inviting store environment.

    How does the rebranding strategy align with global and local interests?
    The phased rollout of the rebranding allows Patchi to align with its global direction while adapting to local preferences, ensuring a balance between maintaining its luxury status and embracing a more lifestyle-oriented approach.

  • GoTo Celebrates First-Ever Quarterly Profit, Signaling Turnaround After Gojek-Tokopedia Merger

    GoTo Celebrates First-Ever Quarterly Profit, Signaling Turnaround After Gojek-Tokopedia Merger

    GoTo, a prominent Indonesian ride-hailing firm, recently announced its first-ever quarterly net profit. This is a significant milestone for the company, which has seen strong revenue growth and increased cost control measures begin to pay dividends.

    The Turnaround

    GoTo was established in 2021 as a result of the merger between Gojek and Tokopedia. Despite its combined strengths, the company has faced difficulties in generating profits due to intense market competition and high operating expenses.

    However, the tides have turned for GoTo, with the company recording a net profit of 171 billion rupiah (US$9.94 million) for the quarter ending March 31. This is a stark contrast to the loss of 367 billion rupiah it incurred during the same period the previous year.

    GoTo’s diverse service offering, which includes ride-hailing, food delivery, logistics, and financial services, has contributed to its improved financial performance. The company announced a 26% year-on-year increase in net revenue for the first quarter, bringing it to 5.3 trillion rupiah.

    Outpacing Costs

    GoTo’s Chief Financial Officer, Simon Ho, explains that the company’s revenue growth has significantly overshadowed its rising costs across both fintech and on-demand services. There has also been a decrease in the cost to serve, as the company’s tech and AI strategies begin to take effect.

    Additionally, GoTo reported an attributable profit of 257.94 billion rupiah for the quarter, a considerable improvement from last year’s loss of 283.33 billion rupiah.

    Looking Forward

    Despite the current global macroeconomic uncertainty, GoTo has maintained its full-year adjusted EBITDA forecast of between 3.2 trillion rupiah and 3.4 trillion rupiah. The company, which enjoys support from Japan’s SoftBank Group and Singapore’s sovereign wealth fund GIC, has previously been the subject of merger rumors with Singapore-based competitor Grab, though no agreement has been formalized.

    Questions & Answers

    What was GoTo’s net profit for the quarter ending March 31?

    GoTo’s net profit for the quarter ending on March 31 was 171 billion rupiah (US$9.94 million).

    What services does GoTo offer?

    GoTo offers a variety of services including ride-hailing, food delivery, logistics, and financial services.

    What is GoTo’s full-year adjusted EBITDA forecast?

    Despite the current global macroeconomic uncertainty, GoTo has maintained its full-year adjusted EBITDA forecast of between 3.2 trillion rupiah and 3.4 trillion rupiah.

  • End of an Era: Iconic Isetan Department Store Shuts Down 15-Year-Old Singapore Outlet

    End of an Era: Iconic Isetan Department Store Shuts Down 15-Year-Old Singapore Outlet

    The renowned Japanese department store, Isetan, recently ceased operations at its NEX shopping mall location in Singapore. The store, which had been in operation for 15 years, sold a wide range of items, including home goods, fashion, and beauty products. The closure came on April 26, following the expiration of the store’s lease.

    A Fond Farewell

    Isetan made the announcement of the closure via a Facebook post, expressing heartfelt gratitude to all its loyal customers and stakeholders who had supported the store for the past 15 years. A touching video shared online showed employees bidding their final goodbyes to customers on the store’s last operational day.

    A large crowd of shoppers gathered at the store’s entrance, where the store manager gave a farewell speech. In it, he showed appreciation for the customers’ unwavering support and kindness throughout the years. “Today is our last day of business,” he declared, adding warm wishes of health and happiness to the store’s patrons.

    Isetan’s Journey in Singapore

    Since its initial footprint in Singapore in 1972, Isetan has become a household name in the city-state. The opening of its Havelock outlet marked the arrival of the first Japanese department store in Singapore.

    At its height in 2013, Isetan operated six outlets across the country. However, the firm has had to close several stores in recent years. The most recent closures, prior to the NEX location, were the Tampines Mall store in November, after 30 years of operation, the Isetan Katong at the Parkway Parade shopping center in March 2022, and the Isetan Jurong at the Westgate Mall in March 2020.

    Looking Ahead

    The reasons behind the closures include a careful evaluation of local conditions and the consideration of future profitability. As Isetan continues to adapt to changing market conditions, its future strategies, operations, and presence in Singapore will undoubtedly be keenly watched.

    Questions & Answers

    Why did Isetan close its NEX outlet?
    The Japanese department store Isetan closed its NEX outlet due to the expiration of its lease on April 26.

    How long has Isetan been operating in Singapore?
    Isetan has been present in Singapore since 1972, when its Havelock outlet launched as the first Japanese department store in the city-state.

    How many stores did Isetan operate at its peak?
    Isetan operated six outlets across Singapore at its peak in 2013.

  • Revolutionizing Intimacy: Skyn Unleashes ‘Supreme Feel,’ Claimed as World’s Thinnest Non-Latex Condom

    Revolutionizing Intimacy: Skyn Unleashes ‘Supreme Feel,’ Claimed as World’s Thinnest Non-Latex Condom

    LifeStyles Healthcare Australia has recently introduced its latest product, Skyn Supreme Feel, a non-latex, polyisoprene condom. According to the company, it’s the most ultra-thin condom of its variety currently available on the market.

    The Innovation Behind the Supreme Feel Condom

    The Supreme Feel condom is produced using a unique, patented material. This innovative polyisoprene material is completely latex-free, which makes it an ideal choice for those with latex allergies or sensitivity.

    Lifestyle Healthcare asserts that this non-latex synthetic material is not only soft and smooth but also boasts superior stretchability. This combination provides a more natural and comfortable experience, without compromising safety or effectiveness.

    The company has conducted comprehensive clinical testing to measure the performance of the Supreme Feel against other leading ultra-thin latex condoms. The results suggest that the Supreme Feel delivers a comparable, if not superior, performance.

    Availability and Price

    The Skyn Supreme Feel is now available for purchase at retailers across the country. The pricing remains competitive, despite the industry-wide uptick in condom prices speculated to be influenced by global events, such as the ongoing conflict in Iran.

    Questions & Answers

    What is the Skyn Supreme Feel condom made of?
    The Skyn Supreme Feel condom is made from a patented polyisoprene material. This non-latex synthetic offers a soft, smooth, and stretchy alternative to traditional latex.

    How does the Skyn Supreme Feel condom compare to other ultra-thin condoms?
    According to LifeStyles Healthcare, the product has undergone rigorous clinical testing against leading ultra-thin latex condoms. The results indicate that the Supreme Feel provides an equivalent or superior performance.

    Where can consumers purchase the Skyn Supreme Feel condom?
    The product is available at various retailers nationwide. Despite industry-wide price increases due to global events, LifeStyles Healthcare ensures that the Skyn Supreme Feel remains competitively priced.

  • Prada Embraces Indian Craftsmanship: Launches Authentic Kolhapuri Sandals to Mend Cultural Appropriation Rift

    Prada Embraces Indian Craftsmanship: Launches Authentic Kolhapuri Sandals to Mend Cultural Appropriation Rift

    Prada, the renowned Italian luxury brand, is set to debut a limited-edition collection of sandals crafted in India, bearing a keen resemblance to the traditional Indian Kolhapuri footwear. This initiative comes just months after the brand had to face a wave of criticism for showcasing similar designs without giving due credit to their Indian origins.

    Price Point & Controversy

    These exclusive pairs, each having a price tag of approximately 750 euros (US$881), are set to make a grand entrance into the luxury fashion platform. This initiative has its roots in a controversy that stirred up in June 2025. Prada was under fire for presenting sandals at a Milan fashion show which greatly resembled the traditional Indian Kolhapuri chappals. This led to an uproar among Indian artisans and political figures, who claimed this to be a case of cultural appropriation.

    In response, Prada acknowledged the inspiration drawn from the timeless Indian styles and disclosed that it had initiated discussions with artisan groups for potential collaboration.

    Production & Distribution

    In December, Prada revealed its plans to manufacture a total of 2000 pairs of these Indian-inspired sandals. This production will take place in the Indian states of Maharashtra and Karnataka, as part of agreements with two state-endorsed organizations. This collaboration aims to blend localized craftsmanship with innovative Italian technology.

    The brand announced that these sandals will be available for purchase in 40 carefully chosen Prada outlets around the globe, as well as online.

    Artisan Training Programme

    Moreover, Prada has initiated a three-year training programme specifically designed for artisans hailing from the eight districts in India traditionally associated with the crafting of Kolhapuri sandals. This programme, divided into six-month structured modules, will be delivered by two esteemed Indian design institutes. The objective is to enhance the skills of 180 artisans, with the first batch starting next month.

    In a statement, Tanu Kashyap, the director general at the National Institute of Fashion Technology, expressed her enthusiasm for the initiative, stating, “It is time that Indian traditional crafts take their rightful place on the world stage”.

    Additionally, these artisans will be given a chance to visit the Prada Group Academy in Italy to enhance their technical prowess further.

    Questions & Answers

    What was the controversy Prada faced in June 2025?
    Prada faced backlash for showcasing sandals at a Milan fashion show that resembled traditional Indian Kolhapuri chappals, without acknowledging their cultural origin.

    How is Prada merging traditional Indian craftsmanship with Italian technology?
    Prada plans to manufacture 2000 pairs of sandals in Maharashtra and Karnataka in India, in collaboration with local artisans and under agreements with two state-backed organizations.

    What is the three-year training programme initiated by Prada?
    Prada has kicked off a three-year training programme for artisans from eight districts in India traditionally associated with Kolhapuri sandal-making. Delivered by two leading Indian design institutes, the programme aims to enhance the skills of 180 artisans.

  • Kimberly-Clark Braces for $170M Blow from Rising Oil Prices Amid Robust Personal Care Product Demand

    Kimberly-Clark Braces for $170M Blow from Rising Oil Prices Amid Robust Personal Care Product Demand

    Kimberly-Clark, the multinational personal care corporation, announced on Tuesday that sustained high oil prices could tally an additional US$170 million in expenses for the second half of the year. Despite the warning, the company maintained its annual forecast, citing steady demand for personal care products.

    Higher Oil Prices to Impact Input Costs

    Concerns about escalating oil prices have been reverberating throughout the consumer goods industry, particularly among Kimberly-Clark’s competitors such as Procter & Gamble. The ongoing conflict in the Middle East continues to push up the price of oil. The company’s CFO, Nelson Urdaneta, asserted that if oil prices remain at $100-per-barrel for the remainder of the year, the company could witness a surge in gross input cost inflation of between $150 million and $170 million. Urdaneta clarified that the forecasted potential impact is not yet included in the company’s current outlook. However, management is reportedly exploring ways to mitigate these potential losses.

    Additional Risks and Challenges

    The manufacturer of Huggies diapers also anticipates a $50 million loss in the second quarter due to a recent fire at one of their distribution centers in California. This is in addition to the already mounting costs related to the Middle East conflict.

    Despite facing a slowdown in demand and stringent competition, Kimberly-Clark has managed to stay on course to complete its $40 billion acquisition of Kenvue, the maker of Tylenol, in the latter half of 2026. Rising product sales and a wider array of affordable options have helped the company weather these challenges.

    Company Outlook

    Chief Marketing Strategist at Zacks Investment ​Management, Brian Mulberry, noted that Kimberly-Clark’s transformation, with its focus on value across its product tiers, places the company in a better position compared to its counterparts.

    The company anticipates its organic sales growth for fiscal 2026 to be in line with or slightly ahead of the average growth in the categories and markets it competes. In the past 12 months, these markets have grown at a rate of approximately 2.5 per cent. The company’s annual adjusted profit forecast remains unchanged.

    Following the announcement that Kimberly-Clark surpassed first-quarter sales estimates, its shares rose about 1 per cent. The corporation reported sales of $4.16 billion, exceeding the average analyst estimate of $4.09 billion. However, the quarterly adjusted profit declined to $1.60 per share from $1.62 a year ago, affected by price reductions and investments in product innovation.

    Questions & Answers

    What is the projected impact of sustained high oil prices on Kimberly-Clark’s expenses?
    The company estimates an additional $150 million to $170 million in costs for the second half of the year if oil prices remain at $100 per barrel.

    What other challenges is the company facing aside from high oil prices?
    Kimberly-Clark is dealing with a slowdown in demand, intense competition, and a $50 million loss due to a fire at a distribution center in California.

    What is the state of Kimberly-Clark’s sales growth and forecast?
    Kimberly-Clark expects its 2026 organic sales growth to align with or surpass the average growth in its competitive markets. The company’s annual adjusted profit forecast remains consistent.

  • Electric Cars Take the Lead: Singapore Embraces EV Revolution, Toppling Traditional Players

    Electric Cars Take the Lead: Singapore Embraces EV Revolution, Toppling Traditional Players

    In a historic shift, electric vehicles (EVs) constituted 57.6% of new vehicle registrations in the first quarter of this year in Singapore. This marks the first time EVs have outpaced both combustion engine and hybrid models in new registrations. The proportion of EVs has seen a significant increase, rising from 45% the previous year. Specifically, about 7,700 new electric vehicles were registered out of a total of 13,300 units.

    Chinese Brands Leading the Charge

    BYD, the automotive giant from China, led the pack with 3,239 registrations, accounting for 24% of the total new vehicles. The company expanded its market share from 21% at the end of 2025. Furthermore, three other Chinese brands—Chery, GAC, and MG—made their debut in the top ten best-selling car brands in Singapore. These new entrants replaced Hyundai, Kia, and Mazda, which held the seventh, eighth, and ninth spots, respectively, in 2025.

    Toyota and Tesla Maintain Strong Presence

    Despite a relatively modest EV lineup, Toyota managed to secure second place with 1,932 registrations, holding a 14.5% market share in the first quarter of 2026, a slight increase from the previous year. Tesla, the US-based EV manufacturer, secured 11.4% of the market with 1,515 registrations. This performance propelled Tesla to the third spot among best-selling brands in Singapore, up from sixth place in 2025.

    Incentives and Challenges in EV Adoption

    Current incentives in Singapore, designed to reduce the cost of owning an EV, offer buyers rebates of up to $30,000 on upfront vehicle taxes. In contrast, non-electric vehicles may face penalties of up to $35,000, depending on their emissions.

    However, Walter Theseira, a transport economist at the Singapore University of Social Sciences, pointed out that while EV adoption is gaining momentum, it is still a challenge for all new car registrations to be fully electric—particularly for high-mileage drivers, for whom hybrid models may be more suitable.

    Change in the Automotive Landscape

    Automotive consultant Say Kwee Neng observed a fundamental shift in the dynamics of the car industry, which began with the rise in EV adoption in 2024 and 2025. According to Hal Serudin, a partner at automotive consultancy Lumina 3 Sixty, the increase in sales of Chinese and EV brands is in line with trends observed in other regional markets such as Malaysia and Thailand; these brands have disrupted both mass-market and luxury segments.

    Questions & Answers

    What proportion of new car registrations in Singapore were electric vehicles in the first quarter of this year?
    Approximately 57.6% of new car registrations were electric vehicles.

    Which Chinese automotive brands are among the top ten best-selling car brands in Singapore?
    BYD, Chery, GAC, and MG are among the top ten best-selling car brands in Singapore.

    What incentives are currently offered in Singapore to promote EV adoption?
    Currently, Singapore offers rebates of up to $30,000 on upfront vehicle taxes for electric vehicle buyers.

  • Citi Bolsters Regional Standing with New Lead for Infrastructure Investment Banking in Asia South

    Citi Bolsters Regional Standing with New Lead for Infrastructure Investment Banking in Asia South

    In a bid to solidify its foothold in the rapidly burgeoning regional infrastructure market, global banking conglomerate Citi has announced the appointment of Bhavin Shukla as its new Managing Director. Shukla is set to steer the firm’s Infrastructure Investment Banking operations in Japan, Asia North and Australia (JANA), and Asia South.

    Role and Responsibilities

    As the new Managing Director, Shukla will be the linchpin for Citi’s infrastructure-linked endeavors, with responsibilities spanning across advisory, financing, and deal origination fronts. His role will entail close collaborations with teams across a spectrum of sectors, comprising financial sponsors, natural resources, and real estate. He will also liaise with global counterparts within the bank.

    Prior Experience

    Before his tenure at Citi, Shukla was associated with J.P. Morgan, where he held the dual responsibilities of Managing Director, serving as Head of Asia Infrastructure Investors Coverage (excluding Australia), and Head of India Infrastructure Investment Banking. During his stint there, Shukla successfully established a regional franchise, offering advisory, financing, and risk management solutions for infrastructure funds, sovereign wealth funds, and corporate clients.

    Strategic Implications

    Shukla’s appointment comes at a time when the Asia-Pacific region is witnessing what industry pundits term as an “infrastructure supercycle.” This trend, driven by investments in energy transition, digital infrastructure, urban development, and increasing private capital inflow, signifies booming opportunities for firms like Citi. The introduction of a dedicated senior leadership role is indicative of Citi’s strategic, long-term plans of establishing a leading infrastructure advisory and financing franchise across the region and worldwide.

    Citi executives opine that Shukla’s extensive experience in complex infrastructure deals, coupled with his valuable relationships with key investors, will be a significant asset in augmenting the bank’s capabilities in the sector.

    This new hire highlights the escalating competition among global banks, all vying to capitalize on the rising deal flow related to infrastructure investments. The focus comes as public and private investors amplify spending on renewable energy, transportation networks, and digital connectivity across the Asia-Pacific region.

    Questions & Answers

    What does Bhavin Shukla’s appointment as Managing Director at Citi signify?
    Shukla’s appointment underscores Citi’s strategic intent to bolster its position in the burgeoning regional infrastructure market.

    What will be Shukla’s primary responsibilities at Citi?
    He will serve as the regional anchor for Citi’s infrastructure-related ventures, overseeing advisory, financing, and deal origination, and will collaborate with teams across multiple sectors.

    How does Shukla’s appointment reflect the current trends in the Asia-Pacific region?
    His appointment comes amidst an “infrastructure supercycle” in the Asia-Pacific region, demonstrating the increasing importance of infrastructure investments in this area.

  • A2 Milk Triumphs in Trademark Tussle: Historic Australian Court Victory Over Care A2 Plus

    A2 Milk Triumphs in Trademark Tussle: Historic Australian Court Victory Over Care A2 Plus

    The Federal Court of Australia has ruled in favor of The A2 Milk Company in a trademark lawsuit against its competitor, Care A2 Plus. The A2 Milk Company, a dairy company based in New Zealand, has several registered trademarks in Australia, including ‘A2 Milk’ and ‘A2’, that encompass a variety of products such as milk and infant formula.

    Care A2 Plus’s Alleged Infringement

    Care A2 Plus, another infant and toddler formula producer, markets its products in Australia under the branding ‘Care A2+’. The lawsuit was initially filed by A2 Milk against Care A2 Plus in 2023. The plaintiff accused Care A2 Plus of violating its trademark rights in contravention of the Australian Consumer Law.

    The A2 Milk Company asserted that Care A2 Plus consciously used the similar ‘A2/A2+’ branding even after requests to cease. The plaintiff also claimed that Care A2 Plus indulged in litigation strategies that escalated costs, and subsequently sought either damages or an account of profits.

    Court’s Stance on the Dispute

    At a hearing that took place this past Thursday, the court backed The A2 Milk Company. However, the court mandated both parties to present further submissions before it pronounces the final verdict concerning relief, including damages and costs.

    Despite Care A2 Plus’s claims that its packing was entirely distinctive, the court maintained that the conspicuous ‘A2/A2+’ branding could potentially indicate a connection to The A2 Milk Company.

    The court justified its ruling by stating that an average consumer encountering Care A2 Plus’s products for the first time would likely presume a connection with The A2 Milk Company. The consumer might even think that these products are part of The A2 Milk Company’s range or endorsed by the company.

    Questions & Answers

    What was the dispute between The A2 Milk Company and Care A2 Plus about?
    The dispute was about Care A2 Plus allegedly infringing on The A2 Milk Company’s registered trademarks by using a similar ‘A2/A2+’ branding.

    What did The A2 Milk Company seek from the lawsuit?
    The A2 Milk Company sought either damages or an account of profits from Care A2 Plus for using a similar branding and escalating litigation costs.

    What was the court’s ruling in the trademark dispute?
    The court ruled in favor of The A2 Milk Company, stating that Care A2 Plus’s ‘A2/A2+’ branding might lead consumers to believe that there is a connection between the two companies.