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  • S. Korea opens mini-sized derivatives market

    S. Korea opens mini-sized derivatives market

    South Korea opened a mini-sized futures and options market on Monday to offer investors wider choices for hedging and trading, hoping to revitalize the once-vibrant derivatives market with robust liquidity.

    The Korea Exchange currently operates futures and options trading based on the KOSPI 200 index, a flagship index composed of the top 200 stocks by market capitalization. The new system offers contracts for as little as 25 million won ($21,900) and 5 million won for KOSPI 200 futures and KOSPI 200 options, respectively, one-fifth of the minimum price for the current contracts. On the first day of trading, 3,132 contracts of mini KOSPI 200 futures were traded. Retail investors and institutions each held 43.2 percent and 38.9 percent, while foreigners held 17.9 percent, the KRX said.

    Mini KOSPI 200 options registered 6,814 contracts, with half of them traded by foreigners. Institutions and retail investors accounted for 26.8 percent and 22.7 percent of the turnover, respectively. The bourse operator expected the low-cost entry will attract more investors to the derivatives market to boost liquidity and improve the pricing mechanism.

    The latest measure comes as the nation’s derivatives market has suffered a sharp downfall in its trading volume since stricter regulations were adopted in 2011 to limit small speculators in response to calls to cool the highly speculative market.  South Korea was the world’s leading derivatives market in 2011, but it fell to 12th place last year as tight access rules have driven investors to other markets, including the United States and Japan, according to the KRX.

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  • China Bank set to open 50 more branches

    China Bank set to open 50 more branches

    CHINA Banking Corp., (China Bank) is planning to open 50 branches this year, on the back of the strong economic fundamentals of the country.

    Of the target branch expansion, three to four banks are set to open in Cebu to strengthen the bank’s foothold in the province.

    Cebu is home to China Bank’s first provincial branch—Cebu Magallanes, which opened in 1948.

    According to China Bank president and chief executive officer Ricardo Chua, Cebu is an important market, contributing 30 percent growth. He said the bank’s planned expansion in Cebu signifies their continued optimism to the strong growth story of Cebu, citing the province’s flourishing industries.

    “We are actually making a big bet in Cebu forward,” said Chua, citing the numerous developments around Cebu such as malls, infrastructure development and tourism, among others.

    Last week, the group opened its BPO tower—China Bank Corporate Center in Cebu Business Park.

    At present, China Bank has about 24 branches in Cebu.

    Alexander Escuchua, senior vice president and head of investor and corporate relations at China Bank, said they foresee growth in all of the bank’s products in retail, corporate and SME.

    Earnings

    “China Bank’s subsidiaries China Bank Savings (CBS) and Plantersbank have various programs, all meant to improve the banks’s performance this year at the same time meet all the customer needs,” Escuchua told Sun.Star Cebu.

    China Bank posted a consolidated net income of P1.21 billion for the first three months of the year, four percent higher than the earnings for the same period in 2014, on the back of strong growth of its core businesses.

    Its net interest income grew 23 percent to P3.71 billion, driven by a robust 31 percent jump in interest revenues from loans. Non-interest income increased six percent to P1.07 billion, boosted by higher trading gains and branch-based fees.

    In the first quarter, one China Bank and seven CBS branches were opened, all part of the planned 50 new branches for the year.

    Network

    Founded in 1920, China Bank is the country’s first privately-owned local commercial bank and now the fifth largest privately-owned universal bank in terms of assets. It serves the banking needs of the corporate, commercial, and retail markets.

    With the acquisition of Plantersbank in 2014 and its eventual merger with CBS, China Bank plans on building a stronger platform for SME finance. The China Bank Group now has 482 branches to date with 318 China Bank, 86 CBS, and 78 Plantersbank branches.

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  • Italian label Antonia to launch in China

    Italian label Antonia to launch in China

    Luxury fashion label Antonia is to open the first of 10 stores planned for greater China in Macau.

    Antonia, headquartered in the Italian fashion capital, Milan, has signed a partnership with Guangzhou Canudilo Fashion and Accessories, which has about 300 stores in China selling its own brands in the mid to high-end fashion space, along with 100 luxury monobrand stores in partnership with Armani, Givenchy, Roberto Cavalli and others.

    Antonia is the first brand to be publicly announced for the new Parisian retail development, another integrated resort with gaming, accommodation, entertainment and shopping.

    The US$5 billion project will feature a half size replica of the Eiffel Tower and 320,000 sqft of retail, housing 150 boutiques grouped in replicas of five famous shopping precincts of Paris, including the Champs Elysees and Rue du Faubourg Saint Honore, as well as 3000 hotel rooms.

    Antonia will take a 33,000 sqft space in the complex, according to Canudilo group president Yongfei Lin, who revealed the details during a Milan media event last week marking his company’s purchase of the Dirk Bikkembergs brand.

    Just five stores will be opened in China between now and 2020, with a further following.

    Antonia was founded in 1999 by Antonia Giacinti, who remains responsible for merchandise selection and store design.

    Luciano Donatelli, strategic consultant for the Canudilo group, said the Macau store will be “the twin” of the Milan flagship.

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  • Ben Sherman rescued by PE

    Ben Sherman rescued by PE

    Loss-making menswear retailer Ben Sherman has been bought by a private equity investor.

    US-based Marquee Brands has paid a mere £40.8 million for the business which it considers still has potential, despite its troubled state.

    “Ben Sherman remains a uniquely classic British brand with a loyal following across five continents and a smartness that’s ageless. Its heritage, style and authenticity fits perfectly within Marquee’s growing portfolio,” said Cory M. Baker, COO of Marquee Brands.

    “We are particularly excited about this transaction as Ben Sherman is consistent with our mission to acquire high quality brands with substantial global growth potential,” added Michael DeVirgilio, president of Marquee Brands in a statement.

    “The current management team under Oxford’s leadership has done a great job building on the core essence of the brand. We’ve received supportive messages from retailers across the globe that share our view of the growth opportunity ahead.”

    Ben Sherman, established back in 1963, is Marquee Brands’ second acquisition this year, after Italian luxury brand Bruno Magli.

    Marquee considers its recent acquisitions as building “a glowing portfolio of relevant, storied brands with rich history and a global footprint”.

    “Our plans to market and promote the brand across various lifestyle categories are well underway with new products and expanded retail coming to market as early as first quarter, 2016,” Marquee said in its statement.

    The brand has had a chequered history over the last 30 years. The last time it changed hands, after two successive management buyouts, was in 2004 when Atlanta-based Oxford Industries paid 3i and Irish PE investor Enterprise Equity about £80 million for the business.

    The brand made a failed foray into womens fashion and childrenswear in the 2000s, axed by Oxford in 2010.

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  • Five trends in Vietnam retailing

    Five trends in Vietnam retailing

    Vietnam’s retail market is set to grow by 8.4 per cent annually until 2020, making it one of the fastest-growing markets in south-east Asia.

    Against a backdrop of increased disposable income, rapid urbanisation and an appetite for change among younger shoppers, we take a look at five trends defining the marketplace for pan-Asian retailers right now.

    Confident investment

    January 2015 marked the first time non-domestic retailers could take full ownership of commercial property in Vietnam, following commitments made to the World Trade Organisation. Now, new trade agreements with Japan, Korea and the countries that make up the Association of South-East Asian Nations (ASEAN) look set to support further growth for international retailers in Vietnam:

    Tailoring the best of international retail

    Domestic retailers may have the advantage when it comes to local shopper knowledge but
    international retailers are drawing on their own strengths to help them compete.

    Dairy Farm, FamilyMart and Aeon have brought their expertise in loyalty schemes, private label and innovative marketing to their stores in the region.

    Other points of difference include appealing to busy office workers with a fast food to go counter (seen at Family Mart and B Mart) and bringing an international flavour to the in-store hot food offer (Aeon Mall).

    Alternative store concepts

    Many retailers have established themselves in Vietnam with a hypermarket presence in one of the major retail hotspots like Hanoi or Ho Chi Minh City.

    Lotte and hypermarket chain Aeon are appealing to families and experimental shoppers with department store formats that act as wider shopping and entertainment destinations. Aeon is also making its mark with a loyalty scheme that includes tailored offers for mums – such as birthday treats or discounts on baby care.

    In the convenience channel, Guardian is the first combined-format health, beauty and drugstore in Vietnam. The store is making waves with its clean layout, colourful signage, bold promotional activity and sales assistants offering a superior level of service.

    Product innovation for a changing market

    A new concept in Vietnam, private label is appealing to young, experimental shoppers thanks to its lower prices and alternative products.

    Aeon has introduced its TopValu private label range, which taps into the popularity of Japanese culture by offering authentic Japanese ingredients and home cooking kits. The retailer is now working with local suppliers to explore domestic production.

    An increasingly affluent middle class is also supporting demand for exclusive and imported novelties. Dairy Farm is well-known for attracting these shoppers with its packaged food, household, health and beauty ranges.

    Expanding to national coverage

    A priority for most retailers is to create a nationwide presence. Lotte has built a network of ten hypermarkets spanning six big cities across Vietnam, making them the first pan-Asian retailer to achieve such a spread of coverage. Meanwhile, Ministop (Aeon), Guardian (Dairy Farm) and Shop&Go are pushing their convenience format in retail hotspots.

    Major retailers are seeing good growth from their franchise models, making partnerships, mergers and acquisitions hot topics.

    Aeon has partnered with local retailers Citimart in the south of the country and Fivimart in the north. The domestic chains are helping Aeon speed up its expansion plans by using their existing store networks. In return, their own customers are benefitting from the retail giant’s private label ranges and investment in infrastructure.

  • JD.com launches US Mall

    JD.com launches US Mall

    JD.com has launched a ‘US Mall’, its fifth in a growing lineup of country-focused retail malls.

    The new shopfront is dedicated to offering authentic imported US products for sale to its customers across China.

    Already American brands including Converse, Samsonite and Ocean Spray have signed up to sell their products on the site along with Global Brands Group’s Nautica Kids and Jeep apparel labels.

    In addition, JD.com says it will feature authentic products from Taylor Swift, including a line of clothes that the artist is designing exclusively for JD.com customers.

    JD.com also announced a partnership with DHL Global Forwarding to help American brands ensure that their products reach Chinese consumers more quickly and easily. Through this partnership, DHL is the preferred logistics service provider for moving American products ordered on JD.com’s US Mall to and across China.

    A launch event, hosted by JD.com founder and CEO Richard Liu, include several hundred representatives from major US brands.

    “As American companies increasingly understand our core advantages of zero tolerance towards counterfeits and unparalleled same-day delivery capabilities, we are gaining excellent momentum attracting US brands to our site,” said Liu.

    “Chinese consumers appreciate that the US is a global leader in the areas of product reputation, quality, reliability and variety of goods, and American companies are clearly benefiting from this unprecedented market opportunity.

    “With JD.com’s U.S. Mall up and running, and great partners like Global Brands on board, Chinese consumers have an ever-growing range of new choices of American products, including Nautica Kids, Converse and Taylor Swift’s branded fashion line,” he said.

    The US Mall follows others created for Australia, France, Japan and Korea this year.

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  • PayPal completes eBay split

    PayPal completes eBay split

    Having finalised its split from eBay, PayPal is now an independent public company trading on the Nasdaq  as PYPL.

    Dan Schulman, president and CEO of PayPal, said the business would be focussing on enabling digital payments on a “technology agnostic platform that creates value for our consumers and merchants online, in apps, and increasingly in stores.”

    “As the world’s open, digital payments platform and most trusted and popular digital wallet, we are excited to celebrate our listing day and embark on our next chapter,” said Schulman.

    “Mobile technology is transforming payments, making it easier, safer and more affordable for people to move and manage their money than ever before. As an independent company, we see a tremendous opportunity for PayPal to expand our role as a champion for consumers and partner to merchants, and to help shape the industry as money becomes digital at an increasingly rapid pace.”

    PayPal previously was listed on the Nasdaq under the same ticker symbol, PYPL, before it was acquired by eBay in 2002 for $1.5 billion. “We’d like to thank our friends at eBay for their tremendous support and partnership over the past 12-plus years,” said Schulman.

    In 2014, PayPal processed $235 billion in total payment volume and generated more than $8 billion in revenues. Also last year, PayPal processed $46 billion in mobile payment volume. The company serves more than 169 million active customer accounts in 203 markets around the world.

  • Hermes weathers storm

    Hermes weathers storm

    Luxury goods retailer Hermes says a slowdown in sales in Hong Kong has been more than offset by solid Japanese trade.

    Hermes International has reported a 22 per cent increase in second-quarter sales as growth in Japan took off, consumers finally opening their wallets on luxury goods after a long season of economic malaise.

    The Parisian company said sales rose to 1.17 billion euros (US$1.27 billion). When currency exchange effects are removed from the result, sales climbed 10 per cent, two percentage points faster than in the preceding first quarter.

    The company says wealthy Chinese are preferring to shop in Japan or Europe, rather than in Hong Kong as goods there are perceived to be cheaper, largely due to favourable currency exchange rates.

    Hermes has seven stores in Hong Kong.

  • Mitsui Outlet mall set for opening

    Mitsui Outlet mall set for opening

    Mitsui Outlet mall, located in Sepang, will finally officially open on July 29.

    The mall commenced trading in May with about 50 per cent of its stores completed. New stores have progressively opened and the first stage of the project is nearly complete.

    Located close to the original Kuala Lumpur International Airport terminal, and alongside a highway, the developers expect it will attract shoppers on stopover and from the nearby cities.

    Mitsui Outlet Park KLIA Sepang is the result of a joint venture (JV) between Mitsui Fudosan Co and Malaysia Airports Holdings. The outlet mall will be managed by the JV company, MFMA Development.

    About 130 stores are expected to be trading by the end of the month, but retailers have been struggling to find staff to work in the mall which is 60km from Kuala Lumpur city and 6km from the airport.

    With Japanese investment, the mall is promoting itself as Japanese-inspired and includes a ‘Japan Avenue’ with traditional arts and crafts, tea and food.

    The developers plan to expand the facility in 2018, as well as 2021, to become the largest outlet mall in Southeast Asia with about 250 stores and floor space of about 44,000 sqm.

    Stores offer luxury and branded products, fashion apparel and accessories, perfumes, cosmetics, confectionery, kids and sports wear, household items and luggage.

    A 24,000sqm foodcourt is included in the first stage of the project.

  • APRCE Manila to attract 2500 delegates

    APRCE Manila to attract 2500 delegates

    Retailers and businessmen looking to expand to Asia Pacific markets will find up to date developments in the world’s fastest-growing region at the Asia Pacific Retailers Convention and Exhibition (APRCE) in October.

    The biennial event will this time around be held in Manila at the SMX Convention Center in the Mall of Asia in Pasay City from October 28-30.

    The APRCE is the largest and longest running retail industry event in APAC and is expected to attract some 2500 foreign and local, retailers and executives.

    APRCE-2015-Lorenzo-Formoso-236x300The president of the Philippine Retailers Association, Lorenzo C Formoso, who is the COO of Duty Free Philippines, said the 17 member economies of the Federation of Asia Pacific Retailers Association (FAPRA) will present their respective country reports during the APRCE breakout sessions. These include reports from Australia, China, Japan, Korea, Chinese Taipei, Singapore, Thailand, Malaysia, Indonesia, Vietnam, Hong Kong, New Zealand, India, Mongolia, Fiji, Turkey and the Philippines.

    The Philippines last hosted this biennial event – the biggest conference and expo of retailers in the region 20 years ago.

    “The member-associations will present and discuss the retail environment and situation in their respective countries, retail and investment opportunities as well as the laws governing foreign investments in their respective retail industries,” Formoso emphasised.

    APRCE-2015-Frederick-Go-191x300Frederick D Go, Manila APRCE 2015 chairman and president of Robinsons Recreation, said through the country reports, FAPRA member-associations will get the chance to present the strengths and opportunities their markets offer that attract international retailers to consider them in their expansion plans.

    “If you are looking to expand and need a good market intelligence about Asia Pacific and the 17 member- economies, the APRCE is a must-attend event for you this year. This is like a one-stop shop for all the market intelligence that you’ll need for your expansion in Asia-Pacific markets,” Go stressed.

    On Day two of APRCE, the retail associations of Australia, Vietnam, China, India, Fiji, Chinese Taipei, Hong Kong, Indonesia and South Korea will present their country reports during breakout sessions, to be followed on Day three by Malaysia, Mongolia, New Zealand, the Philippines, Japan, Singapore, Thailand and Turkey.

    Aside from the country reports, over 30 experts will speak and share their insights on the trends and updates on the global retail and marketing industries during the event.

    Formoso said the three-day event aims to explore and discover new approaches to issues facing the region’s retailers and highlight innovative solutions that can help them differentiate themselves from competitors, and to deliver greater value to consumers.

    Organised by the Federation of Asia Pacific Retailers Association (FAPRA), the Manila APRCE 2015 is co-presented by the Tourism Promotions Board, The SM Store, Wyeth Nutrition. With Bench, Flight 001, and Penshoppe as platinum sponsors, Robinsons Malls and Ayala Malls,

    PLDT Alpha, Megaworld, Unilab, Mercury Drug as gold sponsors; Duty Free Philippines, HP, Wilcon Depot, Kojie-san,Celine, MET Tathione as silver sponsors and Araneta Center as bronze sponsor.

     

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  • Stelux China sales soar

    Stelux China sales soar

    Listed Hong Kong eyewear and watch retailer Stelux Holdings has reported a 7.1 per cent decline in sales in the first three months of the 2015 financial year, compared to the same period last year.

    However Stelux China proved a standout in the trading results for the three months to June 30.

    The company says despite a decrease in turnover due to a decline in tourist spending in Hong Kong and Macau, the company achieved an 85.8 per cent increase in sales of its fashion eyewear chain eGG in the China Mainland, a 23.4 per cent increase in City Chain sales there, and a more modest 0.2 per cent gain in its Optical 88 chain.

    The company says its total sales reached HK$860.7 million in the period, compared with $926.4 million in the same quarter of 2014.

    Turnover in Southeast Asia – where it has stores in Singapore, Thailand and Malaysia – decreased by 16.9 per cent.

    “Excluding currency effects, the turnover would have decreased by nine per cent due to weak retail sentiment in Thailand and Malaysia,” the company said in a stock exchange filing on Monday.

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  • Mini ‘ocean worlds’ for China malls

    Mini ‘ocean worlds’ for China malls

    Hong Kong listed theme park operator Haichang Holdings has revealed a plan to open ‘mini ocean worlds’ in China malls.

    In an interview with the South China Morning Post, CEO Wang Xuguang said the company has decided to embark on a new growth strategy rather than copying rival developers pursuing the “bigger is better” course.

    “We had heated discussions when mulling over development, but we decided to follow a light-asset strategy rather than building more large parks like others are doing,” he told the newspaper.

    With more and more theme parks opening outside major Chinese cities – the new Disney World under construction in Shanghai the most publicised example, Haichang is wary of over supplying the market. So rather than build massive parks to attract customers, it wants instead to take the parks to the people.

    “We believe there’ll be projects running into trouble over the coming few years. We will keep a close eye on any acquisition opportunities in the market.”

    Wang said his company also plans to offer its operational experience and know-how to other park operators or shopping centres who want to set up small aquariums.

    “Today in China developers are building their parks bigger and bigger using renowned foreign design companies and purchasing quality equipment from around the world, but a successful amusement park is not just a matter of money,” he said.

    Haichang Holdings currently runs seven marine-themed parks in eastern and southern Mainland China cities, along with another Disney-style attraction. It has two under construction: Dream World in Sanya, on Hainan Island, and Polar Ocean Park at Shanghai, some 30 minutes from the new Disney attraction.

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  • Ayala snaps up drug store stake

    Ayala snaps up drug store stake

    The Philippines retail and property conglomerate Ayala Group has bought a 50 per cent interest in local franchised healthcare chain Generika Drugstore.

    Ayala’s subsidiary Ayala Healthcare Holdings completed the deal, acquiring the stake from the family of Julien Bello.

    The chain has more than 500 stores across the Philippines. Co-founder Teodoro Ferrer, and the Bello family, will retain the other 50 per cent and Ferrer retains his role as president and CEO.

    Ferrer left Ayala’s employ in 2003 after more than 30 years for create Generika, which specialises in generic medicines for Filipinos unable to afford branded drugs.

    In a statement, Ayala president and COO Fernando Zobel de Ayala said the company was looking forward to furthering Generika’s goal of closing the gaps in affordable retail healthcare in the Philippines.

    “We believe this is an excellent platform for Ayala to reinvent the space and it will serve as foundation for our emerging healthcare portfolio,” he said. “

    With the combined strengths and management capabilities of Ayala and Generika, we believe we can raise the level of efficiency and accessibility of this platform to better serve Filipino families by providing a wide range of quality medicines at affordable prices.”

    Ayala will add the new business venture to a growing portfolio of companies in the healthcare arena. Last year it bought QualiMed, the Ayala Land subsidiary’s chain of hospitals and medical clinics, in partnership with the Mercado medical group.

  • Lotte China closes stores

    Lotte China closes stores

    South Korea’s Lotte is finding the Chinese retail market tough to crack.

    Lotte Mart, the supermarket arm of South Korea’s Lotte Group, is to close four underperforming supermarkets in East China’s Shandong Province, according to the China Business Journal newspaper.

    Lotte is said to be losing market share in Mainland China unable to differentiate itself in the middle ground between local retail chains and the growing power of online retailers such as Alibaba and JD.com.

    Two of the stores to close are located in Qingdao, a second tier city located on the coast. A third is located in Weihai and the fourth in Weifang, an industrial city in central Shandong.

    Another source observed Lotte Mart did not provide a compelling food offer with its supermarkets.

    “For young people, Lotte Mart is not a good choice if they want to eat out as well as shop. There are not many fancy restaurants in Lotte Mart compared with other markets,” the customer told The Global Times on Sunday.

    Lotte Mart has 120 stores in China, 116 in Korea, 39 in Indonesia and 10 in Vietnam.

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  • Unilever to stem China losses with sweeping Alibaba partnership

    Unilever to stem China losses with sweeping Alibaba partnership

    Unilever has formed an exclusive strategic partnership with Alibaba Group on a range of ecommerce initiatives to boost the consumer-goods maker’s sales in China.

    The partnership, announced today, is seen as a significant expansion of cooperation between the two companies. Unilever first opened a virtual store on Alibaba’s Tmall.com online shopping website in 2011 and added a Tmall Global flagship store in 2014. The agreement also appears to be a response to retailers reducing their stocks of the FMCG giant’s products in response to a slowing economy in 2014.

    Unilever’s North Asia president, Marijn Van Tiggelen, said in a press statement that Unilever chose Alibaba over other internet firms in China, as it is the “leading internet company” with “not only an online store, but also a solution platform for online payment, e-finance, and ecommerce logistics”.

    Daniel Zhang, chief executive officer of Alibaba Group, stressed that the Unilever collaboration will go beyond product sales. The companies “will jointly innovate in big data analytics application, cross-border ecommerce, consumer protection and supply-chain management,” said Zhang in a statement.

    More specifically, the duo said they would work together to:

    • Expand Unilever’s distribution channels with an emphasis on giving rural consumers in the country’s less-developed regions more convenient access to Unilever products through Alibaba’s 1,000 county-level and 100,000 village-level Taobao Rural Service Centers and Alibaba’s logistics affiliate, Cainiao.
    • Develop cross-border ecommerce cooperation on Tmall Global that allows Unilever merchandising through government-backed free trade zones and bonded warehouses in China.
    • Optimise Unilever’s digital advertising strategy through Alimama (Alibaba’s marketing technology platform) and reach more consumers through online-offline retail integration.
    • Combat counterfeiting of Unilever’s brands by stepping up the company’s participation in Alibaba’s Blue Stars program, in which each product is tagged with a unique QR code that allows the consumer to verify its authenticity and origin.

    To mark the beginning of the new partnership, Tmall will host a promotion from 22 through 24 July featuring flash sales with 50 per cent discounts on popular Unilever products.

    Alibaba’s vision to build the “future infrastructure of commerce” meets Unilever’s development needs in China, added Van Tiggelen.

    Ecommerce accounted for 10.7 per cent of total retail sales in China in 2014, according to China’s National Bureau of Statistics, with ecommerce set to grow faster than the overall retail market.

    However, despite Unilever’s online storefront presence on Tmall, as well as on Alibaba rival JD.com, it still felt the pain of the slowdown in China last year when sales for two consecutive quarters were down by 20 per cent. This led to bricks-and-mortar retailers and distributors destocking Unilever products. James Allison, Unilever’s head of corporate strategy, described product visibility at the time as “not that great”. Unilever will issue its second-quarter and half-year results Thursday.

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