Tag: APAC

  • AI Agents Spark a Revolutionary Transformation in Software Development

    AI Agents Spark a Revolutionary Transformation in Software Development

    In the rapidly evolving commercial landscape of the Asia-Pacific (APAC) region, businesses are making significant investments in agentic AI in a bid to maintain their competitive edge. According to IDC, a striking 70 percent of APAC companies anticipate that agentic AI will revolutionize business models within the next 18 months. By 2025, nearly 40 percent of these organizations are expected to integrate AI agents into their operations, with over half planning implementation by 2026.

    Opportunities and Risks in the AI Landscape

    While the adoption of AI agents presents vast opportunities, it comes with an array of risks attributable to their high degree of autonomy. Each data source, static AI model, and agent—whether internal or external—acts as an additional potential point of failure, prompting increased vigilance at the board level. Recent research from Lenovo indicated a lack of confidence among IT leaders; only 48 percent felt equipped to manage the risks associated with AI development and deployment, with more than 60 percent acknowledging the emergence of AI agents as a new form of insider threat that they are ill-prepared to handle.

    Expanding Horizons: The Complex Layer of Risks Beyond Security

    The surge of AI agents has transformed not only the methods of software creation but also how it is governed and managed, introducing a host of new challenges. IDC estimates that one-third of organizations in APAC are apprehensive about vulnerabilities tied to security and data privacy associated with AI agents—yet these concerns extend far beyond those parameters.

    Failing to appropriately score common vulnerabilities and exposures (CVEs) could allow threats to slip through, while overly strict thresholds may inundate developers with false positives, draining time and resources that could be better spent addressing genuine incidents. The entanglements in the software supply chain compound these challenges, as many agentic systems leverage open-source software and pretrained models, making them vulnerable to exploitation. Just one compromised package or even a mere leaked token in a public repository can unleash failures that propagate far beyond their initial source.

    Navigating Governance and Compliance in the Age of AI

    The risks associated with governance and compliance cannot be overlooked. The inherent autonomy of agentic systems raises unique challenges, including opaque decision-making that impairs accountability, potentially unsafe or rogue behaviors that defy human intent, and biases embedded in training data that can lead to unjust outcomes. Adding to this complexity are shadow AI/ML agents operating outside institutional oversight, creating an environment rife with undetectable risks.

    Revolutionizing Software Security and Delivery: The Workload is Massive

    With stakeholders demanding full transparency—right down to the binary level of machine learning models—policymakers are moving swiftly to address these risks through stricter regulations. In India, for instance, lawmakers are advocating for mandatory AI bills of materials. This intensifies the pressure on businesses across APAC to demonstrate compliance and provide clarity on the actions of their AI agents, adding a colossal compliance burden across development teams. The focus is shifting from merely accelerating the rollout of AI agents to ensuring the security, explainability, and compliance of every component in real time.

    Forging Sustainable Strategies Amid an Agentic Software Revolution

    Today’s developers are expected to juggle roles as compliance officers, AI custodians, and security experts. However, simply adding more tools will likely result in greater silos and blind spots. To effectively manage these risks while fostering a culture of trust, enterprises must pivot their approach. Here are some actionable strategies:

    Create a Trusted AI Agent System of Record: Position agents as pivotal assets in the software supply chain by maintaining comprehensive tracking of code, configurations, prompts, and credentials. By ensuring cryptographic audit trails and contextual metadata, enterprises can streamline agentic innovation while satisfying regulatory demands.

    Embrace a Human-Agent Hybrid Development Model: Automatic oversights alone cannot safeguard compliance. Developers should focus on overarching architecture, governance, and intent, while agents take on tasks such as coding and testing. Automating vulnerability remediation is a practical step toward freeing developers to focus on secure innovation.

    Nurture the Next Generation of Agentic Engineers: A new hybrid role is emerging—combining programming skills with machine learning expertise and compliance knowledge. These agentic engineers will design systems that foresee risks, embed governance into workflows, and facilitate real-time monitoring of agent behaviors, thus paving the way for more secure and compliant software delivery.

    The Path Ahead: AI Agents in a Transformative Era

    The seismic shifts in software development are undeniable, compelling organizations to adapt or risk obsolescence. Much like how the rise of open source necessitated a focus on secure software supply chains, the emergence of agentic AI demands an evolved approach to audit and trust infrastructure. APAC organizations that embrace this holistic strategy stand to not only mitigate risks but also equip their teams for swift innovation using AI agents and other transformative technologies on the horizon.

    Questions & Answers

    What is agentic AI, and why is it significant for APAC businesses?
    Agentic AI refers to autonomous AI systems that can independently perform tasks and make decisions. Its significance lies in its potential to disrupt business models and operations, prompting companies in APAC to adopt it to stay competitive.

    What primary concerns do IT leaders have regarding AI agents?
    IT leaders are primarily concerned about managing the risks of AI agents, with many feeling inadequately prepared to handle issues like insider threats and compliance challenges that arise from increased autonomy in these systems.

    How can organizations improve their approach to AI governance?
    Organizations can enhance their governance strategies by creating comprehensive systems to track AI assets, adopting a hybrid development model that incorporates both human oversight and automation, and investing in training for a new breed of engineer skilled in AI, compliance, and risk management.

  • Asia’s Retail Revolution: Navigating Technological Innovation And Sustainability In 2023

    Asia’s Retail Revolution: Navigating Technological Innovation And Sustainability In 2023

    The world of retail in Asia is buzzing with renewed energy as major brands tap into innovative strategies to engage consumers in a rapidly evolving market. Notably, the expansion of digital channels has become a game-changer, with retailers seeking to create immersive shopping experiences that captivate customers both online and in-store.

    A Transformative Retail Landscape

    As we navigate through 2023, the retail sector is witnessing a technological renaissance. E-commerce giants are not just competing; they are setting new standards for customer experiences, integrating artificial intelligence and data analytics to offer personalized shopping journeys. This shift isn’t merely a response to changing consumer habits; it’s an essential strategy for survival in an increasingly competitive arena.

    For instance, the rise of omnichannel retailing has allowed brands to connect with consumers across numerous platforms seamlessly. With consumers frequently juggling between online shopping and physical store visits, retailers that bridge these two channels effectively are striking gold. They are not just selling products; they are crafting experiences that resonate with the cultural and social values of their clientele, making shopping feel like less of a chore and more of an adventure.

    Innovation Leads the Way

    In a world where attention spans are fleeting, retailers are leveraging technology to entice customers in unexpected ways. One standout example is a popular cosmetics brand that recently launched augmented reality (AR) features allowing customers to “try on” products virtually before making a purchase. This tech-savvy approach not only enhances engagement but has also led to a notable increase in conversion rates. It seems the future of retail is less about gazing at photographs and more about experiencing products in real-time, proving that imagination can indeed fuel commerce.

    Moreover, sustainability has emerged as a priority across the retail sector. Brands are adopting eco-friendly practices, from sourcing materials responsibly to implementing transparent supply chains. This commitment not only attracts environmentally conscious consumers but also cultivates deeper brand loyalty amidst consumers increasingly seeking to invest in ethical purchases. In a surprising twist, by prioritizing sustainability, retailers are finding that customers are more than willing to pay a premium, proving that going green can be incredibly lucrative.

    The Rise of Experiential Retail

    As the retail landscape evolves, experiential shopping is taking center stage. Traditional shopping models are being reshaped as brands create unique, engaging environments designed to forge emotional connections. Many retailers are now home to cafés, art installations, and interactive displays, inviting customers to linger longer and explore more. One electronics chain recently unveiled a concept store that offers live demonstrations of the latest gadgets in a stylish, lounge-like atmosphere. This fusion of retail and experience encourages consumers to immerse themselves fully, leading to increased foot traffic and, ultimately, sales.

    Consumers today crave authenticity and connection, and brands that recognize this are reaping the rewards. Social media platforms serve as powerful amplification tools, allowing shoppers to share their experiences with larger audiences. User-generated content is thriving, transforming consumers into brand ambassadors and creating a buzz that traditional advertising can only dream of achieving.

    Conclusion

    As retailers in Asia continue to innovate and adapt, the convergence of technology, sustainability, and experiential shopping is crafting a vibrant market landscape. With consumers seeking more than just products, there is a compelling story unfolding — one where retail is not merely transactional, but a dynamic interaction between brands and their ever-evolving audience.

    Questions & Answers

    What are some key trends shaping retail in Asia in 2023?
    Omnichannel retailing, the integration of innovative technology like augmented reality, and a strong focus on sustainability are leading key trends this year. Brands are transforming how they connect with consumers to enhance engagement through immersive experiences.

    How is technology impacting consumer shopping habits?
    Technology has significantly shifted shopping habits, allowing consumers to enjoy personalized, interactive experiences. Innovations like virtual try-ons and live demonstrations are enhancing customer engagement, leading to higher conversion rates.

    What role does sustainability play in today’s retail market?
    Sustainability is increasingly becoming a priority for retailers, as consumers favor eco-friendly practices and products. This not only attracts conscientious shoppers but also fosters deep brand loyalty, proving that green initiatives can deliver solid financial returns.

  • Bangkok Welcomes Seven Exciting New Hotels in First Half of 2025!

    Bangkok Welcomes Seven Exciting New Hotels in First Half of 2025!

    Bangkok’s hotel market is seeing a shift as it navigates the complexities of 2025. According to a report from Knight Frank, average occupancy rates dipped to 75.1% in the first half of the year, marking a 3.7 percentage point decrease from the same period in 2024. While January and February started strong, both exceeding 81% occupancy, a steady decline followed, culminating in a mere 69.8% in June—the lowest monthly rate in over a year.

    Understanding the Trends Behind Occupancy Rates

    The declining performance reflects a combination of factors, including a rising supply of rooms, shorter average stays, and a greater influx of short-haul travelers whose demand typically yields lower returns. As recently unveiled by Knight Frank, several key indicators paint a fuller picture of the market’s current state.

    Average Daily Rates Provide a Mixed Outlook

    Despite the dip in occupancy, the Average Daily Rate (ADR) registered a notable increase of 3.3% year-to-date, climbing to THB 4,260 in the first half of 2025 from THB 4,121 in the same timeframe last year. January boasted the highest ADR, while May and June recorded the lowest. Some months exhibited stagnant or declining year-on-year comparisons, amplifying the impact of reduced occupancy on Revenue per Available Room (RevPAR), particularly during the second quarter.

    A Growing Supply of Accommodations

    The first half of 2025 also marked a surge in hotel supply, with seven new hotels introducing 1,906 keys. Noteworthy establishments included the Grande Centre Point Lumpini, featuring 512 keys, and Four Points by Sheraton with 333 keys. The hotel’s openings celebrated a diverse array of offerings, spanning luxury brands like Aman Nai Lert and Grande Centre Point to midscale options such as Queensland Hotel and The Quarter. Looking ahead, an additional 12 properties totaling 3,283 keys are set to debut in the latter half of the year, underscoring the accelerating growth of the market and intensifying competition.

    The Changing Landscape of Bangkok’s Hotel Footprint

    Many of the newly launched hotels are positioned within emerging or revitalized urban areas, reflecting a strategic decentralization of Bangkok’s hospitality scene. Brands like The Quarter and Queensland are actively expanding in the upper-midscale segment, while international players such as Radisson and Four Points continue to assert their presence. This dynamic indicates a robust confidence among global operators keen to tap into Bangkok’s evolving marketplace.

    The Future: Navigating Normalization Challenges

    As Bangkok’s hotel landscape transitions into a post-pandemic normalization phase, the environment is characterized by steady competition rather than dramatic recovery spikes. With ADR growth moderating and the supply pipeline expanding, operators may find themselves at a crossroads. The shift toward prioritizing volume over yield will necessitate refined segmentation strategies, enhanced digital distribution channels, and stronger loyalty programs to safeguard profitability as they move forward.

    Questions & Answers

    How has Bangkok’s hotel occupancy changed compared to last year?
    Occupancy rates have declined to 75.1% in the first half of 2025, down 3.7 percentage points from the same period in 2024, with June seeing the lowest performance rate of 69.8% in over a year.

    What notable trends are affecting Bangkok’s hotel market?
    Key trends include a surge in hotel supply, shorter average lengths of stay, and a predominance of short-haul travelers, reflecting a shift towards price sensitivity and increased competition.

    What does the future hold for hotel operators in Bangkok?
    Operators will likely need to focus on refining their segmentation strategies and enhancing loyalty programs to adapt to expanded supply and moderating ADR growth, all while ensuring profitability amidst an increasingly competitive landscape.

  • Karen Tan Assumes Role As Dhl Express’s Cio For Asia-pacific Region: A Stepping Stone For Digital Innovation

    Karen Tan Assumes Role As Dhl Express’s Cio For Asia-pacific Region: A Stepping Stone For Digital Innovation

    DHL Express, the internationally recognized express service provider, recently announced the appointment of Karen Tan as the Chief Information Officer (CIO) for the Asia-Pacific region. Tan, who is based in Singapore, will assume the position currently held by Jimmy Yeoh, who is set to retire from the organization at the close of 2025 after thirty-three years of dedicated employment.

    Karen Tan’s Professional Journey

    Prior to accepting this new position, Tan held the role of CIO for DHL Express Singapore. In this capacity, she led the creation of a comprehensive digitalization framework. She also implemented robust data protection and information security practices, significantly enhancing both employee engagement and leadership scores within her IT team.

    Tan served as the company’s Data Protection Officer (DPO) Champion as well, collaborating with global DPO and legal teams to ensure the implementation of policies and procedures to effectively manage personal data. Furthermore, Tan was the DEIB (Diversity, Equity, Inclusion & Belonging) Champion, leading initiatives such as International Women’s Day, International Men’s Day, and Generations Day, fostering an inclusive and empowered workplace culture.

    New Role Expectations

    In her new role, Tan will manage the region’s IT infrastructure, the digital acceleration plan, and the cybersecurity strategy, supporting a network that extends over 40 countries and territories. Her leadership will be central to promoting cross-functional collaboration and communication among various teams, essential for maintaining smooth cross-border trade and delivering superior service to customers across the region.

    Company Statements

    Ken Lee, the CEO for Asia Pacific at DHL Express, considers digitalization as one of the major trends that will impact the logistics industry. The company’s Strategy 2030 emphasizes the growth of this segment to expedite digital innovation for an enhanced customer experience. Lee praised Tan’s record of driving digital acceleration, data protection, and cross-functional collaboration, and her passion for innovation.

    On her part, Tan recognizes the importance of meeting the challenges of cybersecurity and data protection as digital ecosystems become increasingly complex. She expressed her honor in assuming her new role and her commitment to maintaining the standards and quality of the employee and customer experiences.

    Professional Background

    Tan commenced her career at DHL Express in 1990 in the role of a customer service trainer. She has held a variety of positions across the DHL Group in the ensuing years, including roles in IT, commercial operations, and regular operations. From 2014, she held the position of Vice President of Operations Programs for the Asia Pacific region, before being appointed the CIO at DHL Express Singapore in 2021.

    Questions & Answers

    Who has been appointed as DHL Express’s new CIO for the Asia-Pacific region?
    Karen Tan has been appointed as the new CIO for the Asia-Pacific region.

    What were some of Tan’s responsibilities in her previous role as CIO for DHL Express Singapore?
    In her previous role, Tan led the development of a nationwide digitalization framework and strengthened data protection and information security practices. She also worked to improve employee engagement and leadership scores within the IT team.

    What will be some of Tan’s main responsibilities in her new role?
    As the CIO for the Asia-Pacific region, Tan will oversee the region’s IT infrastructure, manage the digital acceleration roadmap, and strategize cybersecurity measures. Her leadership will be crucial in facilitating cross-functional collaboration and communication across multiple teams.

  • Honda Set to Rev Up Vietnam with the Exciting Launch of ADV 350 Scooter!

    Honda Set to Rev Up Vietnam with the Exciting Launch of ADV 350 Scooter!

    Honda is set to introduce its ADV 350 touring scooter in Vietnam, a model that enthusiasts previously had to source through private importers. Anticipation is building as shipments are scheduled to commence by the end of this quarter, with Honda dealers now accepting deposits for what promises to be a thrilling addition to the Vietnamese market.

    This new arrival boasts a 330cc engine and will be imported from Honda’s factory in Thailand, marking a significant step for the brand, as this adventure-style scooter will not be available in Japan.

    The Honda ADV 350. Photo by courtesy of Honda

    The smaller counterpart, the ADV 160, has already made its debut in Vietnam through private import channels, paving the way for its larger sibling.

    With a sturdy design that measures 2,200 millimeters in length and 1,430 millimeters in height, the Honda ADV 350 offers an impressive 11.7-liter fuel tank. Weighing in at 188 kilograms, it features a smart key system, LED headlights, and a five-inch TFT display. Riders can look forward to enhanced control thanks to its inverted front fork and single disc brakes equipped with anti-lock braking.

    Adding to its innovative features, the ADV 350 incorporates an adjustable front windscreen and a spacious 48-liter storage compartment, complete with a Type-C charging port for those who refuse to unplug from the modern world. Under the hood, this scooter is powered by a liquid-cooled, 330cc SOHC engine capable of delivering 28.8 horsepower and 31.8 Nm of torque. One can’t help but wonder if it’s the perfect companion for urban commutes or weekend escapes through the Vietnamese countryside!

    While the price remains a mystery for now, previous imported units have ranged from VND250-300 million (approximately US$9,500-11,000), hinting at a competitive position against the Yamaha XMax 300, which retails for VND140 million.

    Questions & Answers

    What distinguishes the Honda ADV 350 from the ADV 160?
    The Honda ADV 350 is a larger touring scooter with a 330cc engine, whereas the ADV 160 is a smaller variant that has already been available in Vietnam through private imports.

    How does the ADV 350 enhance rider experience?
    The ADV 350 features an adjustable windscreen, smart key system, LED headlights, and a TFT display, offering a blend of comfort and advanced technology for both urban commuting and adventure riding.

    What is the anticipated impact of the ADV 350 on the Vietnamese scooter market?
    With its robust design and premium features, the ADV 350 is expected to create stiff competition for models like the Yamaha XMax 300, potentially reshaping consumer preferences in the market.

  • Asia-Pacific Aviation Insurance Set to Soar with Projected 8.7% Growth by 2032

    Asia-Pacific Aviation Insurance Set to Soar with Projected 8.7% Growth by 2032

    In the rapidly evolving landscape of the aviation insurance market, the Asia-Pacific region is set to take flight with remarkable momentum. The market is projected to expand at an impressive compound annual growth rate (CAGR) of 8.7% from 2022 to 2032, spurred by robust industrial growth and increasing aviation activities in powerhouse nations such as China and India. Such figures are a clear signal of the sector’s dynamic potential as it approaches a valuation of $7.1 billion globally by 2032, up from $4.1 billion in 2022.

    Passenger Liability Insurance: A Market Leader

    In 2022, passenger liability insurance took the lead, generating over one-third of the total revenue in the aviation insurance landscape. This surge is largely driven by regulatory mandates that necessitate coverage for damages related to passengers. When you think about it, it’s as if aviation laws are playing a critical role in ensuring that safety always comes first — because no one wants to be left high and dry!

    Rising In-flight Insurance Demand

    The in-flight insurance segment is emerging as a significant player, expected to witness the highest CAGR of 8.6% through 2032. This growth is influenced by a rising tide of accident risks linked to factors like unpredictable weather and mechanical failures, compelling airlines to fortify their insurance frameworks.

    Airlines Segment Dominates But Aerospace Is Soaring

    Breaking down the market by product type, the airlines segment held a commanding share in 2022, as demand grows for insurance solutions that are custom-made to address airline-specific risks. However, the aerospace segment is poised for the most rapid advancement, enjoying a projected CAGR of 9.0%. Insurers are increasingly adopting advanced technologies to evaluate and price the more intricate risks associated with aerospace, setting the stage for a transformation in how these complexities are managed.

    Commercial Aviation: Still the Heavyweight Champion

    On the application front, commercial aviation insurance remains the heavyweight champion, accounting for over half of the market in 2022 due to the substantial values and liability limits involved. Yet, the general and business aviation segment is not to be overlooked; it is anticipated to experience the fastest growth at 8.0%, spurred by heightened travel demand and increased activities such as skydiving.

    Questions & Answers

    What factors are driving the growth of the aviation insurance market in the Asia-Pacific region?
    The growth is primarily driven by industrial expansion and an uptick in aviation activities, particularly in China and India.

    Which segment of aviation insurance generated the most revenue in 2022?
    Passenger liability insurance led the market, accounting for over one-third of the total revenue, largely due to regulatory requirements for coverage.

    What technologies are influencing the aerospace insurance segment?
    Insurers are leveraging advanced technologies to better assess and price the complex risks associated with aerospace, leading to accelerated growth in this segment.

  • Anindya Dasgupta Appointed New Asia-pacific President For Kenvue: A Strategic Move For Johnson & Johnson

    Anindya Dasgupta Appointed New Asia-pacific President For Kenvue: A Strategic Move For Johnson & Johnson

    Leadership Transition at Kenvue

    Kenvue, Johnson & Johnson’s consumer healthcare sector, has appointed Anindya (Andy) Dasgupta as the new group president for the Asia-Pacific region. The appointment is effective as of July 14th.

    Mr. Dasgupta will be succeeding Ellie Xie, who will remain for a short period to ensure a smooth transition of leadership.

    A Wealth of Experience

    Dasgupta’s near thirty-year career in global consumer goods equips him with a plethora of knowledge and skills for his new role. His background includes senior positions at prominent companies such as GSK, PepsiCo, Fonterra, and Imperial Brands.

    Kenvue CEO, Thibaut Mongon, praised Dasgupta as a transformational commercial business leader. He commended Dasgupta’s proven skills in commercial strategy, sales, marketing, and business development. Mongon expressed his excitement about Dasgupta’s addition to the leadership team and anticipates his results-driven leadership approach in the Asia Pacific region.

    Directing Kenvue’s Asia-Pacific Operations

    In his newly assumed position, Dasgupta will manage Kenvue’s fully integrated operations in the Asia-Pacific. His responsibilities will include guiding the company’s regional growth strategy. He will also exploit the rapidly evolving innovation in markets, data, technology, and science to leverage company growth.

    Questions & Answers

    What is Anindya Dasgupta’s new role at Kenvue?
    Anindya Dasgupta has been appointed as the new group president for Asia-Pacific at Kenvue, Johnson & Johnson’s consumer healthcare division.

    What are some of the companies Dasgupta has previously worked for?
    Dasgupta has held senior roles at GSK, PepsiCo, Fonterra, and Imperial Brands.

    What will be Dasgupta’s responsibilities in his new role?
    Dasgupta will be responsible for overseeing Kenvue’s fully integrated Asia-Pacific operations, directing the company’s regional growth strategy, and leveraging innovation in markets, data, technology, and science.

  • Asia Pacific Sees Food Delivery Market Surge to 23% Amid Growing Consumer Demand

    Asia Pacific Sees Food Delivery Market Surge to 23% Amid Growing Consumer Demand

    In a remarkable shift, delivery has emerged as the leading channel in Asia Pacific’s foodservice market, skyrocketing from 10% in 2019 to a projected 23% by 2024, according to the latest insights from Euromonitor International. This evolution is part of a larger trend, with the region now accounting for a staggering 40% of global foodservice sales and poised to grow at an impressive 6% compound annual growth rate (CAGR) through 2029.

    Globally, the appetite for delivery services has also doubled, constituting 21% of the market in 2024, up from just 9% in 2019. Even against a backdrop of inflation and economic uncertainty, the global foodservice sector expanded by 5.5% in 2024, reaching a hefty $3.2 trillion. Asia Pacific contributed significantly, hitting $1.3 trillion— a 6% increase from 2023 and surpassing pre-pandemic levels.

    “Inflation and economic uncertainty weigh heavily on consumers,” remarked Rocio Franco, senior consultant at Euromonitor International. “While transaction levels have rebounded to pre-pandemic figures, signaling robust demand within the industry, consumers are increasingly selective, opting for budget-friendly dining choices.”

    Looking ahead, delivery is expected to climb to 26% of Asia Pacific’s foodservice market by 2029, while traditional dine-in options will likely plateau at 64%. The surge is largely fueled by third-party delivery apps that entice customers with aggressive discounts, loyalty incentives, and waived service fees, driving order frequency through the roof. Limited-service restaurants are also thriving, catering to price-sensitive consumers with smaller, more affordable menu items.

    “For restaurant operators, the challenge lies not only in competitive pricing but also in creating memorable experiences, embracing digital strategy, and fostering brand loyalty,” Franco added, shedding light on the new rules for thriving in this dynamic market.

    Among the standout segments, specialist coffee and tea shops experienced an impressive 13% growth in 2024, totaling $39 billion in the Asia Pacific region. Seen as affordable luxuries, these establishments are rapidly proliferating, particularly in cities like Singapore, as they expand their offerings and footprint.

    Questions & Answers

    What is the current market share of delivery services in Asia Pacific’s foodservice sector?
    Delivery services have surged to account for 23% of Asia Pacific’s foodservice market in 2024, a significant increase from just 10% in 2019.

    How has the global foodservice market performed in the face of economic uncertainties?
    Despite inflation and economic challenges, the global foodservice industry grew by 5.5% in 2024, reaching $3.2 trillion, with Asia Pacific seeing a robust growth to $1.3 trillion.

    What strategies should restaurant operators consider to remain competitive?
    Operators are encouraged to focus on providing value beyond just price, enhancing customer experiences, harnessing digital tools, and cultivating brand loyalty to thrive in the current market landscape.

  • Luxury Market Growth Anticipated to Taper Off in 2025 Amid Economic Shifts

    Luxury Market Growth Anticipated to Taper Off in 2025 Amid Economic Shifts

    The luxury goods sector, a dazzling stalwart of economic growth that typically thrives at about 7% annually, is bracing for a slowdown in 2025, according to insights from Morgan Stanley. This promising world of high-end fashion and lavish accessories is finding itself tangled in a web of challenges—rising macroeconomic pressures, constrained pricing power, and plummeting demand from vital markets threaten its golden sheen.

    Challenges from Major Markets

    After a spectacular sales jump of over 80% between 2019 and 2024—boosted by COVID-era savings, U.S. stimulus, and an influx of new consumers—the luxury market is now facing a more uncertain horizon. Key consumer markets such as China, the U.S., and Europe, which cumulatively represent a staggering 75% of the industry’s spending, are showing signs of weakening demand.

    The Post-Pandemic Reality Check

    The industry is grappling with the normalization of growth post-pandemic, compounded by U.S. tariffs, soaring interest rates in Western nations, and widespread expectations of a slower global economy. “We are in a very different environment today,” asserts Edouard Aubin, Morgan Stanley’s Head of European Luxury Brands Research. “Luxury pricing power has eroded following steep price increases after the pandemic, and Chinese demand is likely to remain stagnant at best this year.”

    Shifting Consumer Sentiment

    The once-vibrant spending habits of Chinese consumers, who are typically the biggest patrons of luxury goods, have significantly dialed back. A recent Morgan Stanley AlphaWise survey of over 2,000 Chinese shoppers conducted in April reveals that 60% plan to cut back on spending in the coming six months due to job instability and income worries stemming from new U.S. tariffs.

    Fading Hopes for Recovery

    The outlook for U.S. consumers stepping in to fill the gap appears dim, with hopes for a 2025 rebound rapidly diminishing after a brief surge in April fueled by seasonal buying and pent-up demand. While some companies managed to evade tariff repercussions by shipping their products early, Morgan Stanley warns that the looming risk of recession and declining consumer confidence is a far greater threat to the sector.

    In the short term, demand is projected to remain lackluster, with a flicker of hope that recovery might materialize if U.S. markets continue their climb or if stability returns to China’s beleaguered real estate sector. As the luxury industry faces these turbulent waters, it’s a reminder that even the glitziest of markets must sometimes contend with unpredictable tides.

    Questions & Answers

    What is Morgan Stanley predicting for the luxury goods industry in 2025? They forecast a slowdown in growth, citing rising macroeconomic pressures and weakened demand from key markets.

    Which markets are contributing to the decline in luxury spending? Major consumer markets such as China, the U.S., and Europe are experiencing softer demand, collectively responsible for 75% of the industry’s spending.

    What factors are affecting consumer behavior, especially in China? According to a survey, 60% of Chinese consumers plan to reduce spending due to concerns about job stability and income levels influenced by new U.S. tariffs.

  • Asia Pacific’s Telecom Sector Pursues Green Revolution

    Asia Pacific’s Telecom Sector Pursues Green Revolution

    With the rise of cloud computing, circular economy initiatives, and renewable energy adoption, Asia-Pacific operators are setting new benchmarks for sustainable practices, shaping a green future across the global telecom industry.

    Japan’s KDDI stands at the forefront of sustainable telecommunications, showcasing how innovation and responsibility can coexist. In 2023, KDDI recycled over 99% of its disused network hardware, a testament to its commitment to the circular economy.

    Central to KDDI’s strategy is its adoption of cloud computing and Network Function Virtualization (NFV). By minimizing physical infrastructure needs, these technologies have reduced energy consumption across the company’s operations. This shift not only enhances operational efficiency but also positions KDDI as a model for energy-conscious practices in Asia.

    Key highlights of KDDI’s sustainability strategy include:

    • Carbon Neutrality Goals: KDDI is targeting net-zero carbon emissions by leveraging renewable energy and optimizing its networks.
    • Green Mobile Service: A dedicated service for corporate clients powered entirely by renewable energy.
    • KDDI Green Partners Fund: A venture fund supporting startups addressing environmental challenges, showcasing the operator’s broader commitment to sustainability beyond telecommunications.

    KDDI’s efforts align with Japan’s national strategy, which aims to pioneer sustainable innovation. By focusing on renewable energy and environmental stewardship, KDDI reinforces the Asia Pacific’s reputation as a pioneer in sustainable telecom.

    KDDI’s leadership reflects broader trends across the Asia Pacific region, where operators are increasingly prioritizing sustainability in their business models. Many countries in the region, including South Korea, Australia, and Singapore, are pushing for aggressive decarbonization targets in line with global agreements like the Paris Accord.

    Countries like Japan and Australia are leading the charge in integrating renewable energy into telecom infrastructure. Moreover, operators are investing heavily in solar and wind energy to power networks, reducing dependency on fossil fuels.

    Southeast Asian nations, such as Malaysia and Thailand, are emphasizing sustainable supply chain practices, ensuring that the manufacturing and deployment of telecom equipment aligns with environmental goals.

    The rollout of 5G networks in the Asia Pacific has paved the way for more energy-efficient operations. Virtualization and automation, enabled by cloud technologies, are being widely adopted to lower energy consumption and enhance scalability.

    Cloud computing is a game-changer for sustainability in telecommunications. The Juniper report highlights that virtualizing network functions through cloud platforms can reduce global energy consumption by over 2,000 TWh by 2025. For the Asia Pacific, which is rapidly deploying 5G and exploring 6G, cloud computing holds immense potential as it cuts costs and minimizes environmental impact.

    Cloud computing in the Asia Pacific region is advancing rapidly, driven by innovation and collaboration among leading technology players. Huawei’s CloudFabric 3.0 Hyper-Converged DCN solution is enhancing data center efficiency with lossless Ethernet, while Singtel is pioneering an all-in-one enterprise platform integrating 5G edge and cloud services.

    In Indonesia, GoTo, Tencent, and Alibaba Cloud are collaborating to accelerate digital transformation, supporting economic growth through cloud functionalities. ZTE’s G6 Series Servers are prioritizing green computing infrastructure, promoting sustainability in IT operations, and Rakuten Mobile’s NICT-backed edge cloud initiative underpins the push for global standardization in next-gen connectivity. Together, these initiatives highlight a robust and evolving cloud ecosystem in the region.

    The Asia Pacific region is poised to remain a global leader in sustainable telecommunications over the next decade. Key trends driving this momentum include:

    • Renewable Energy Investments: Governments and operators will continue expanding renewable energy usage across networks.
    • Circular Economy Practices: Recycling and repurposing materials will become standard across the telecom supply chain.
    • Technological Advancements: Innovations in cloud computing, 5G, and AI will enable further reductions in energy consumption.

    As Asia-Pacific operators like KDDI take bold steps toward sustainability, the region is setting an example for global adoption. By combining innovation with environmental responsibility, the Asia Pacific is demonstrating how telecommunications can lead the way to a more sustainable future.

  • National Policies and Projects Driving Fiber Expansion in APAC

    National Policies and Projects Driving Fiber Expansion in APAC

    With optical fiber networks now reaching the majority of households in many markets, the region’s fiber broadband subscriptions surpassed the 500-million mark at the end of 2022. This figure represents an impressive 85.1% share of the entire residential fixed-line broadband subscriber base, showcasing the scale of fiber adoption across the region.

    However, despite this extensive network reach, fiber broadband service take-up rates in most markets remain below 50%, indicating that there is still considerable potential for growth and increased utilization.

    Mainland China leads the way in fiber deployment, and boasted 59.6 million kilometers of installed fiber lines at the end of 2022. This extensive network has positioned China as a global leader in fiber infrastructure, and the country’s commitment to expanding broadband access is set to continue.

    Kagan estimates that by 2027, fiber broadband subscribers will account for at least 90% of all broadband users in China. The push for fiber expansion has been spearheaded by China Mobile Ltd., which alone deployed around 19.4 million kilometers of fiber cables. These efforts form part of the government’s broader strategy to ensure ubiquitous broadband access, which will be critical for supporting China’s digital economy and future technologies like 5G and IoT.

    China’s fiber deployment strategy is supported by multiple national policies and initiatives. The Broadband China Strategy (2013) set the foundation for expanding fiber-optic networks, focusing on increasing broadband coverage in rural and underserved areas. China’s 5G and fiber network integration aims to provide 1,000 Mbps speeds to all counties and township seats by 2025, enhancing connectivity across the country. The East-to-West Computing Resource Transfer Project is strengthening data transmission between regions by expanding fiber networks. The China Optical Fiber and Cable Development Plan, part of the “13th Five-Year Plan,” is enhaning the manufacturing and deployment of fiber-optic cables.

    In India, the Fiber-to-the-Home (FTTH) market is experiencing rapid growth, led by companies such as Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd. Within two years of its launch, Reliance Jio became the market leader, connecting over 7.6 million residences to its FTTH network by the end of 2022. Bharti Airtel, the second-largest player in the market, expanded its FTTH services to over 500 new towns during the same period.

    This surge in fiber expansion aligns with India’s Digital India initiative, which aims to transform the country into a digitally empowered society and knowledge economy. Government support and favorable policies have been instrumental in accelerating the deployment of fiber infrastructure in urban and semi-urban areas, though rural penetration remains a challenge.

    The BharatNet project, spearheaded by Bharat Broadband Network Limited (BBNL), aims to connect 250,000 gram panchayats with high-speed internet through fiber optic cables, supporting governance, e-services, and digital inclusion across rural areas. Furthermore, the National Digital Communications Policy (NDCP) 2018 emphasizes fiberization to boost 5G readiness and the overall telecommunications framework. Make in India supports the domestic manufacturing of fiber optic equipment, while the Smart Cities Mission ensures fiber-based infrastructure is utilized in urban areas for smart city services.

    Japan and South Korea, which were among the first countries to adopt nationwide fiber broadband services in the early 2000s, continue to lead in terms of advanced fiber technologies. The focus in these mature markets has shifted to improving network speeds and power efficiency in long-distance signal transmission.

    Despite the sophistication of its fiber infrastructure, Japan faces challenges in expanding coverage to remote areas due to geographical barriers and natural disasters. To address these issues, companies like NTT and KDDI have partnered with SpaceX to explore wireless space broadband solutions for hard-to-reach regions.

    In Japan, the Infrastructure Development Plan for a Digital Garden City Nation (revised in 2023) aims to reach 99.90% fiber-optic coverage by 2027, focusing on bridging regional disparities in broadband access. The Society 5.0 initiative, a core element of Japan’s vision for future digital society, emphasizes integrating advanced technologies like AI, IoT, and quantum computing with fiber infrastructure, aiming to solve societal problems while fostering economic growth. The Integrated Innovation Strategy 2022 supports the expansion of fiber networks to facilitate the creation of smart cities, enhance communication systems, and further digitalization efforts across industries. The 6th Science, Technology, and Innovation Basic Plan underscores the importance of infrastructure improvements, particularly for a highly digital and data-driven economy.

    South Korea has long been a global leader in fiber deployment, driven by comprehensive policies and initiatives to ensure universal high-speed broadband access. Key policies include the Korean Information Infrastructure (KII), launched in the late 1990s, which laid the groundwork for widespread fiber networks. This was followed by the IT839 Strategy, which focused on broadband convergence, establishing an environment conducive to the development of high-speed networks, fiber expansion, and 5G readiness. More recently, the Giga-KOREA Project aims to deliver gigabit-speed internet that is 40 times faster across the country. South Korea’s Broadband Convergence Network (BcN) policy is another significant initiative, enabling ultra-high-speed broadband connections nationwide and promoting infrastructure sharing between telecom operators, reducing costs and ensuring competitiveness in fiber deployment.

    Southeast Asian countries are also actively pursuing fiber expansion, with national policies playing a crucial role in accelerating deployment.

    In Indonesia, for instance, Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (Telkom Indonesia) upgraded copper-based connections to fiber in 459 cities and districts by the end of 2022. However, broadband penetration remains low in rural and remote areas, where Fixed Wireless Access (FWA) and satellite solutions are often used to extend coverage. The collaboration between Kacific Broadband Satellites Ltd., PT Bis Data Indonesia (BIGNET), and PT Primacom Interbuana (Primacom) to build 2,500 satellite internet sites illustrates efforts to overcome these connectivity challenges.

    Indonesia’s fiber deployment efforts are anchored by several significant policies and initiatives. The Palapa Ring Project is a key government-led initiative that aims to establish a nationwide fiber optic backbone, connecting remote regions and providing reliable broadband services. Another initiative is the National Medium-Term Development Plan (RPJMN) 2020-2025, which promotes broadband expansion, particularly targeting public facilities like schools and healthcare centers to boost e-education, e-health, and e-government.

    The Philippines has made significant strides in fiber expansion, with PLDT Inc. and Converge ICT Solutions Inc. leading the charge. PLDT reached 17.2 million homes by early 2023, while Converge ICT passed 15.1 million.

    In the Philippines, the National Broadband Plan (NBP), spearheaded by the Department of Information and Communications Technology (DICT), aims to establish a nationwide government-owned broadband network. The plan is supported by the National Fiber Backbone (NFB) project, which was launched in 2024. Phase 1 of the NFB spans 1,245 kilometers and connects various provinces, Metro Manila, and eco-zones, enhancing government operations and expanding internet access. The entire NBP, set for completion by 2026, will increase internet penetration from 33% to 65% and lower connectivity costs. To further accelerate deployment, the DPWH Policy on

    In Malaysia, the Jalinan Digital Negara (JENDELA) initiative, launched by the government, aims to enhance digital infrastructure across the country. By the end of 2022, the project had connected 7.7 million premises to fiber, improving the broadband landscape. Moreover, Malaysia’s National Fiberization and Connectivity Plan (NFCP), launched in September 2019, aims to provide robust and affordable digital connectivity nationwide with a budget of MYR 21.6 billion (approximately USD 5.16 billion).

    Similarly, Singapore’s Nationwide Broadband Network, supported by NetLink NBN Trust, has reached over 1.5 million households, offering fiber plans with speeds up to 2.5 Gbps. Singapore’s Digital Connectivity Blueprint (DCB) aims to maintain world-class digital infrastructure and includes objectives like doubling submarine cable landings in the next decade and achieving seamless 10 Gbps domestic connectivity within five years. The Next Generation Nationwide Broadband Network (Next Gen NBN) advocated for high-speed fiber connectivity, and required the network to cover 95% of homes and businesses by 2012, which it achieved ahead of schedule. Furthermore, the SMEs Go Digital Program encourages small and medium enterprises to adopt digital solutions, including fiber-based services.

    Thailand’s Digital Thailand policy has also facilitated significant fiber expansion, with ISPs like True Corp. and Advanced Info Service PCL connecting more than 23 million households in 2022. Thailand’s National Broadband Network (NBN) is a significant initiative aimed at delivering high-speed internet access nationwide, particularly targeting affordability and coverage for all citizens. Additionally, the 8-Step Strategy unveiled by the National Digital Economy and Society Commission (ONDE) in 2023 seeks to accelerate digital transformation by integrating various sectors, including fiber expansion and deployment.

    In Vietnam, the three major ISPs—VNPT, Viettel., and FPT Telecom—collectively reached 18 million fiber subscribers by year-end in 2022. The country’s fiber infrastructure uses advanced technologies such as Synchronous Digital Hierarchy (SDH) and Dense Wavelength Division Multiplexing (DWDM) to handle high data volumes, supporting the growth of digital services.

    Vietnam has implemented several national policies and initiatives aimed at enhancing fiber deployment across the country. The Decision No. 977/QĐ-BTTTT, initiated in June 2024, outlines the Strategy for Developing Vietnam’s International Fiber Optic Cable System with ambitious goals, including the activation of new submarine cable routes by 2027 and a total designed capacity of at least 350 Tbps by 2030. Additionally, Vietnam’s Smart City project in Hanoi aims to leverage fiber technology to enhance urban infrastructure, improve services, and promote digital governance, ultimately fostering a more connected society.

    Challenges and the Road Ahead

    While APAC has made remarkable progress in fiber expansion, challenges remain. Rural and geographically isolated areas continue to pose difficulties for fiber deployment due to high costs and logistical issues. To bridge these gaps, countries are exploring hybrid solutions, including Fixed Wireless Access (FWA), satellite, and even space-based broadband technologies. As governments continue to prioritize broadband infrastructure development, the region is well-positioned to achieve higher fiber adoption rates and drive digital transformation.

    As evident in the above, national policies have been pivotal in shaping the fiber landscape in APAC, and sustained efforts will be crucial in a

  • Uniqlo to open 20 flagship stores in Europe, North America and Asia

    Uniqlo to open 20 flagship stores in Europe, North America and Asia

    Uniqlo is aggressively expanding its reach by opening more than 20 flagship stores in Asia, Europe, and North America from this month, taking its worldwide store count to more than 2500.

    In Asia, the Fast Retailing-owned brand will open its largest store in South Korea at the Lotte World Mall and its first overseas roadside store featuring a new design concept in Bangkok, Thailand.

    The new roadside store is based on the brand’s Maebashi Minami Inter Store with the concept that customers can learn about the company from a corporate point of view, beyond being a store where people buy their clothes.

    Meanwhile, in North America, the brand will open its first store in Houston and Dallas, Texas, and six new stores on the West Coast in California.

    In Europe, Uniqlo will debut in Poland and Rotterdam with its first physical stores in the cities, and it will open a second store in Rome Termini Station, Italy. More new flagships are planned for Coal Drops Yard in London, at Scotland, at Copenhagen in Denmark, and at Amsterdam in the Netherlands.

    Moreover, the company will open stores in India, a regional flagship store in Wuhan, China, and five major stores in Japan.

    “In recent years, the concept of LifeWear as ‘the ultimate everyday wear that enriches the lives of everyone’ has resonated with people, and brand recognition and customer base have been expanding in Europe and North America,” said Uniqlo in a statement.

    “The company will accelerate store openings in these regions, driving further growth of its global business.”

  • Foreign businesses step up investment, recruitment in Vietnam amid global shift

    Foreign businesses step up investment, recruitment in Vietnam amid global shift

    Foreign companies, especially Chinese, are investing and hiring more staff in Vietnam to shift their production to the country or expand.

    In the first half of the year recruitment and payroll services provider Adecco saw a 10% year-on-year jump in demand for personnel in manufacturing.

    The positions included specialists and senior quality assurance and supply chain managers with a common requirement being moderate proficiency in Chinese.

    “As Vietnam is attracting lots of foreign investment, there is increasing demand for workers proficient in English and other languages, particularly Chinese, to strengthen connections with international partners,” Adecco said.

    Headhunter Navigos Search reported that manufacturing companies with Chinese investment are shifting to or expanding their operations in Vietnam.

    They require a diverse workforce, with 68.3% preferring experienced personnel and nearly 22% seeking management skills.

    Navigos Search added that demand has increased in the high-tech, components, electronics, and automobile sectors.

    According to recruitment firms, the recent surge in labor demand in the manufacturing sector indicates that foreign companies are embracing the supply chain shift to Vietnam.

    The world’s second largest economy has been one of the top investors this year, with Hong Kong and mainland China accounting for $2.53 billion or 23.4% of new FDI.

    More Chinese companies are relocating due to the China Plus One strategy, which involves diversifying production.

    FDI disbursement hit a four-year high of $12.55 billion, with most of the money going into industrial zones in the north.

    In the second quarter Bac Ninh Province attracted several new investments such as Taiwanese electronics giant Foxconn’s 14.26-hectare circuit board plant worth $383 million in its Nam Son – Hap Linh Industrial Park.

    This month industrial real estate developer KCN Vietnam began work on the second phase of a project that will add over 80,000 square meters of mixed-use warehousing and high-quality storage space in the DEEP C Industrial Zone in Hai Phong City.

    It is launching more projects in anticipation of higher demand from foreign clients as Hai Phong is one of three localities attracting the most FDI in the country.

    In fact, the demand is so high that foreign firms are even considering industrial zones that have yet to be completed.

    Kinh Bac City, another industrial real estate developer, said it has received inquiries for a 20-hectare battery plant from a South Korean investor and a 60-hectare induction cooktop and oven manufacturing factory from a Chinese enterprise, both in Trang Due 3 Industrial Park in Hai Phong. The zone is set to open once it gets approval from authoritie.

    According to HSBC’s July report, Vietnam is a “top FDI destination, surpassing other Southeast Asian countries” amid the global production shift due to its competitive costs and labor.

    Over the past 20 years the country has emerged as a major manufacturing hub and integrated into the global supply chain. Its exports have grown at over 13% annually since 2007, primarily driven by foreign enterprises.

    Its wages for manufacturing workers are lower than in China while other costs, such as energy prices, are also competitive.

    The country has the second lowest electricity rates for production in Southeast Asia and relatively inexpensive diesel, a fuel widely used in industrial manufacturing.

    Another appealing factor is the active support from the government through the tax system.

    The corporate income tax rate is 20% and the government offers tax waivers, deferrals and cuts to aid businesses.

    “Vietnam’s integration into the global value chain has significantly increased over the years and is now comparable to that of Singapore.”

    To sustain the strong investment flow, Vietnam needs to advance further up the manufacturing chain and increase the use of local inputs in production.

    A shortage of skilled labor could pose a challenge to developing high-tech sectors such as semiconductors, logistics and maritime transport. The country’s infrastructure quality, ability to digitalize, streamline trade processes, and energy supply are also factors.

  • Etihad Cargo expands European freighter network with launch of Madrid

    Etihad Cargo expands European freighter network with launch of Madrid

    Etihad Cargo, the cargo and logistics arm of Etihad Airways, is expanding its freighter network with a new route to Madrid. Starting 15 July 2024, Etihad Cargo will operate two weekly Boeing 777 freighter flights between Abu Dhabi and Madrid, adding over 200 tonnes of cargo capacity for Europe.

    The launch of a twice-weekly freighter service between Abu Dhabi and Madrid will increase the total number of flights to Spain to 25 per week. Etihad Cargo provides belly capacity via 10 passenger flights to Madrid, 10 to Barcelona and three seasonal flights to Malaga launched as part of the airline’s summer schedule. This expansion highlights the strategic importance of these destinations, particularly Madrid as a key European fashion hub, and aims to boost e-commerce connectivity from Asia to Europe via Etihad Cargo’s Abu Dhabi hub.

    This new route complements Etihad Cargo’s existing European freighter network, which includes six weekly flights to Amsterdam and three weekly flights to Frankfurt. With the addition of Madrid to the network, the total number of Etihad Cargo’s freighter flights to Europe will increase to 11 per week. Customers will also benefit from additional belly hold capacity offered as part of the carrier’s summer schedule, which includes the launch of two weekly seasonal flights to Nice. Flights to Athens will increase to 14 per week, with two operating via seasonal destination Mykonos and two via Santorini. A new route to Antalya will operate with three weekly flights, and flights to Istanbul will increase from ten to 14 per week starting 22 July 2024. Additionally, Dublin will see three more flights from 23 July 2024, totalling ten per week.

    Stanislas Brun, Vice President Cargo at Etihad Cargo, stated, “Launching Madrid as Etihad Cargo’s latest European freighter destination supports the growing demand for e-commerce flows between Asia and Europe. Madrid’s role as a key fashion hub makes it an essential destination for the carrier’s freighter network.”

    Etihad Cargo’s hub in Abu Dhabi serves as a crucial link between East and West, providing efficient and reliable cargo services to meet the specific needs of the fashion industry and other sectors dependent on timely e-commerce deliveries.

  • Lego reveals new Apac leadership

    Lego reveals new Apac leadership

    The Lego Group has appointed Claus Kristensen as its new senior VP for Asia Pacific (Apac) to oversee the region and newly reshuffled business units.

    Kristensen will succeed Eric Maugein, who stepped down after nearly 20 years at the company to begin a new chapter in his career.

    An 11-year veteran of Lego, Kristensen previously worked in the region as VP of Marketing and B2B e-commerce.  His earlier roles include VP and GM of Australia & New Zealand and head of executive strategy at the Lego Group’s headquarters.

    He brings commercial and marketing experience to the role, together with his strategic mindset and inclusive leadership style.

    “I am so proud to be part of this company and will be focused on working with the team to deliver a step-up in business performance as we empower more kids and adults around Asia Pacific to unlock the power of creative play,” Kristensen said of his appointment.

    In his new position, he will report to chief commercial officer Colette Burke and be part of the markets & channels leadership team.

    The Lego Group has also implemented a new organisational structure in line with its ambitions in Apac and to serve high-growth markets. The company introduced two new business units: India & Emerging Asia (IEA), and Singapore, Malaysia and Travel Retail (SMTR).

    “This change deepens our commitment to these markets and sets us up to accelerate growth by unlocking new possibilities with dedicated resources, synergies in tackling similar challenges, and continuous innovation to enhance our ongoing relationships with our partners,” Kristensen elaborated.