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Tag: asia

  • Unilever hires consultants to sell ‘non-core’ beauty portfolio

    Unilever hires consultants to sell ‘non-core’ beauty portfolio

    Unilever has hired Morgan Stanley and Evercore to sell a portfolio of non-core beauty and personal care brands as the company struggles with the impact of inflation.

    The portfolio includes Q-Tips, Impulse, Caress, TIGI, Timotei, Monsavon, St Ives, Zwitsal, Ponds, Brut, Moussel, Alberto Balsam and Matey.

    Two years ago, Unilever hired Credit Suisse to divest Elida Beauty portfolio but later scrapped its plan as other companies cherry-picked brands from the portfolio and did not satisfy the multinational FMCG company’s expectations.

    Now the plan has been revived under the leadership of new CEO Hein Schumacher, who focuses on streamlining the business due to inflation, Reuters said in an exclusive report.

    The report noted that Elida Beauty booked revenue of about $760 million in FY22, according to sources of the newswire.

    Morgan Stanley and Evercore have already reached out to potential buyers to measure interest for the portfolio, which could be a multibillion-dollar deal, the sources said.

  • Tuna exports rise to year’s highest levels

    Tuna exports rise to year’s highest levels

    Tuna exports rose to US$87 million in August, the highest for the year though 5% down year-on-year, according to the Vietnam Association of Seafood Exporters and Producers.

    VASEP said there were some changes in the export patterns in August.

    After declining steadily, exports to the U.S. increased by 2% bolstered by a 24% jump in shipments of canned tuna.

    But exports for the year-to-date were 45% down from 2022 at US$208 million.

    Exports to the EU saw a 37% surge, including a 45-fold rise in shipments to Italy. Smaller markets like Thailand and the Philippines also bought more tuna.

    Shipments to members of the CPTPP trade deal like Japan, Canada and Mexico fell by 53%, 49% and 14%.

    Exports for the year have been worth $545 million, down 25% from the same period last year.

  • Bobby launches low-calorie prebiotic soft drinks

    Bobby launches low-calorie prebiotic soft drinks

    Beverage company Bobby has launched low-calorie and low-sugar soft drinks in different flavors, added with prebiotics.

    The company claims each can contain 32 to 40 calories and that the beverage may aid digestion and boost good gut bacteria with the added prebiotics.

    “Our mission is to redefine what soft drink is to everyday Australians by offering a truly exceptional and enjoyable beverage that doesn’t compromise on health or taste,” said Kristian Johannsen, founder and MD at Bobby.

    Johannsen added that Bobby supports environmentally friendly practices, such as using recycled aluminum cans and cardboard slabs.

    “We’re here to make a difference in taste and sustainability. With each sip of Bobby, our customers can indulge guilt-free, knowing they are contributing to a company that genuinely cares about the impact it makes.”

    Bobby drinks are sold in Doctor Bobby, Vanilla Cola, and Lemon Lime flavors. Lemon Lime is exclusive to 7-Eleven, while Vanilla Cola and Doctor Bobby are available nationwide at 7-Eleven, independent retailers, and online.

  • Fruit, vegetable exports historical high

    Fruit, vegetable exports historical high

    Fruit and vegetable exports in the first three quarters are worth an estimated US$4.1 billion, 24% more than in full-year 2022, Vinafruit said, citing customs data.

    Vinafruit, or the Vietnam Fruits and Vegetable Association, said durian, banana and dragon fruit were the main contributors to the increase, with durian in the lead after climbing into the billion-dollar export club.

    China has been by far the biggest importer, buying $2.3 billion worth of fruits and vegetables from Vietnam in the first eight months of the year, a 134% increase year-on-year and accounting for a 64% share.

    The next three biggest importers have been the U.S. ($168 million, 6% down in the same period), South Korea ($148 million, up 18%), and Japan ($123 million, up 6%).

    Durian exports increased 20-fold this year. Unlike the Thai and Philippine varieties, Vietnamese durian can be harvested even in the so-called off-season, and their exports fetch higher prices as a result.

    China also bought bananas and jackfruit from Vietnam at higher prices and is considering buying fresh coconuts through official quotas.

    The U.S. recently allowed imports husked coconut from Vietnam.

    According to the Ministry of Agriculture and Rural Development, Vietnam plans to both export more items and to more markets, including passion fruit to the U.S. and Australia; grapefruit to Japan, Korea, Australia, and India; durian to India; and citrus fruits, coconut and durian to China.

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  • Bundaberg expands range with new Campfire rum

    Bundaberg expands range with new Campfire rum

    Australian distillery Bundaberg Rum is expanding its liquor range with the launch of Bundaberg Campfire.

    Bundaberg Campfire has an ABV of 37 per cent and is made from aged reserves, combined with rum, and aged in bourbon barrels. It boasts a mellow profile and a blend of toasted caramel and vanilla notes, complemented by burnt sugar and toffee aromas.

    Sarah Watson, blending and innovation manager, Bundaberg Rum, said the brand understands customers who seek fresh innovations within the dark spirits category, and the new drink addresses this demand.

    “This is a subtle blend for us, made smooth and mellow thanks to the influence of lightly charred Bourbon barrels,” she added.

    “We’re excited to introduce a product that introduces Bundy fans and Bourbon enthusiasts to a fresh and intriguing flavor profile.”

    Bundaberg Campfire is sold at an RRP of $55 for a 700ml bottle in major retail outlets and will join the brand’s permanent range of products.

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  • Gasoline prices soar to new heights in 2023

    Gasoline prices soar to new heights in 2023

    Gasoline prices on Thursday rose to another new peak this year while diesel prices continued to climb.

    The popular gasoline RON95 went up 3.5% to VND25,740 ($1.06) per liter. This was its seventh increase in the last two months.

    RON95 has risen by around 10% since the beginning of the year.

    Biofuel RON92 rose 3.07% to VND24,190.

    Diesel went up 2.34% VND23,590.

    Authorities said that global prices have been rising in the last 10 days due to increasing demand as OPEC+ countries limited their supply.

    RON92 went up 4.7% to $107.95 per barrel, while RON95 rose 4.6% to $114.02. Oils increased by 1.8%-3.4% per barrel.

  • Capital A increases its presence in Cambodia

    Capital A increases its presence in Cambodia

    Capital A, the entity behind the AirAsia Aviation Group of airlines, remains committed to a November 2023 launch of AirAsia Cambodia (Phnom Penh). It comes as Capital A steps up its involvement in the Cambodian market and takes a 60% stake in a local ground services company called ADE Cambodia.

    In late 2022, ch-aviation reported that Capital A had set up a joint venture company, AirAsia (Cambodia) Co., Ltd, to facilitate its entry into Cambodia with the AirAsia brand. The start-up is a 51/49 joint venture with the hospitality group Sivilai Asia.

    This week, Capital A announced another joint venture agreement with Sivilai Asia. A September 20 Bursa Malaysia filing said the principal activities of ADE Cambodia will be engineering maintenance services, component and warehouse services, engineering support services, and digital and innovation services to aircraft, including repair and maintenance of aircraft and/or engines, consultancy, and training. Capital A says ADE Cambodia will support its local low-cost carrier.

    “This will create an opportunity for ADE to establish its operation in Cambodia,” the filing reads, noting that ADE will also hunt for business from other airlines flying into the country. “The objective is to optimize utilization of ADE’s assets at maximum capacity to reach utmost productivity […] enabling Capital A to capitalize on cost-saving opportunities and potentially capture surpluses from new revenue streams generated.”

    Capital A is making the USD1.2 million investment via its subsidiary, Asia Digital Engineering Sdn Bhd, a Malaysia-based business principally engaged in aircraft maintenance, repair, and overhaul. Sivilai Asia is a Cambodia-based incorporated in early 2022. Its core business is providing consulting services to the hospitality industry.

    The Capital A investment, which is funded from internal cash reserves and not subject to approval from Capital A shareholders, is expected to be finalized by the end of 2023.

  • Supercuts plans foray into India, eyes 100 stores initially

    Supercuts plans foray into India, eyes 100 stores initially

    Regis Corporation is set to bring its hair salon chain Supercuts to the Indian market via a master franchise agreement with Ravissant Style Private Limited, a subsidiary of Ravishing Style.

    Ravishing Style, an existing franchisee of Supercuts locations in the US, plans to open at least 100 salons in India within the first five years. The company also eyes further expansion through exclusive sub-franchising rights across Northern and Western India.

    Neeru Jain Wadhwa, CEO, and Alok Wadhwa, president of Ravishing Style said Supercuts will offer a “differentiated customer experience”, with a comprehensive salon experience including expert haircuts, masterful colouring, highlights, hair spa treatments, rejuvenating facials, nail services, professional makeup application, and exclusive Indian bridal services.

    Matthew Doctor, president and CEO of Regis Corporation, described the agreement as an important milestone in the company’s growth strategy.

    “India, a market full of long-term growth potential, is primed to experience the first large-scale, US-based salon brand in the country,” Doctor added.

    Regis Corporation is a leader in the haircare industry, franchising or owning 4863 locations as of June 30. Aside from Supercuts, which currently has more than 2000 stores across the US, the company’s brands include SmartStyle, Cost Cutters, Roosters and First Choice Haircutters.

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  • Delivery Hero could sell part of Asian business for $1 billion

    Delivery Hero is in advanced talks on a partial sale of its Asia business, the Wirtschaftswoche business magazine reported, saying Singapore’s Grab could pay a little more than US$1.07 billion.

    The Berlin-based company could sell its activities under the Foodpanda brand in Singapore, Cambodia, Malaysia, Myanmar, the Philippines and Thailand, according to Wirtschaftswoche, which cited sources familiar with the matter.

    Investors in the online takeaway food company welcomed the report, lifting its shares as much as 13.5 per cent.

    Delivery Hero and Grab did not immediately reply to emailed requests for comment.

    Delivery Hero has been focusing on reaching profitability while maintaining growth as investor confidence in the company started to wane after a pandemic-driven boost.

    The group has said that it reached an adjusted profit before interest, tax, depreciation and amortisation (EBITDA) in the first six months of the year, although it did not quantify it, after a loss of US$343.6 million in the same period a year earlier.

    Last month, CEO Niklas Oestberg said that Asia was the segment where the company saw the most opportunity to invest.

    Singapore internet firm Grab posted $567 million in revenue in the quarter that ended June 30 and expects to break even on an adjusted core earnings basis in the current quarter. Grab makes most of its sales from its food delivery business and has recently seen strong growth in its ride-share business.

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  • Fertilizer imports reach two-year high in August

    Fertilizer imports reach two-year high in August

    According to the General Department of Customs, Vietnam’s fertilizer import volume reached the highest in more than two years in August, while prices fell over the previous year.

    In August, Vietnam imported more than 472,283 tonnes of fertilizer worth $159 million, up 54% over July in volume and 85% in value. This was the highest import volume since July 2021.

    The fertilizer prices reached $338 a tonne last month, up 19% on-month, but down 26% year-on-year.

    Ending August, fertilizer imports rose 13% to 2.5 million tonnes, but the import value fell 19% year-on-year to $833 million.

    The average price of imported fertilizer was estimated at $347 per tonne, a 25% decrease from last year.

    China is the country’s biggest fertilizer provider so far this year, accounting for roughly half of all imported fertilizer with more than 1.2 million tonnes, valued at $375 million, up 15% on-year in volume and 14% in value.

    It was followed by Japan, with more than 225,000 tonnes of imported fertilizer and worth $21 million.

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  • WhatsApp announces better online shopping experience

    WhatsApp announces better online shopping experience

    WhatsApp is trying to create new experiences in addition to the basic chat experience that everyone knows and loves. Businesses and business-oriented features have been the focus of WhatsApp’s development strategy for quite some time, but few projects have materialized in actual features that users can take advantage of.

    Early this week, WhatsApp announced Flows, a new purchase service that allows users to buy products and services directly within the app. Either is a train ticket, a meal or an appointment booking, Flows is supposed to make the purchasing experience in WhatsApp as simple and snappy as possible.

    WhatsApp promised to make Flows available to businesses around the world, at least those that use the WhatsApp Business Platform, in the coming weeks. Flows will allow businesses to provide WhatsApp users with menus and customizable forms that support their needs.

    In addition, WhatsApp announced that it’s making it easier to complete a purchase directly in the chat. First, users in India will be able to add items to their car and send a payment using one of the various supported methods like UPI apps, debit and credit cards, and more. To make the purchase experience safe and simple, WhatsApp is working with partners like Razorpay and PayUu.

    Finally, WhatsApp is introducing a verification process, which will provide Meta Verified statuses to businesses that successfully demonstrate their authenticity. Those businesses will receive a verified badge, enhanced account support and impersonation protection, WhatsApp says.

    Furthermore, Meta Verified will offer some additional premium features for interested businesses, including the ability to create a custom WhatsApp page discoverable via a web search and multi-device support.

    WhatsApp will start testing the Meta Verified feature with small businesses using the WhatsApp Business app very soon, so this won’t be available to businesses on the WhatsApp Business Platform yet.

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  • Cake digital bank cooperates with VinFast to support e-bike buyers

    Cake digital bank cooperates with VinFast to support e-bike buyers

    Cake by VPBank and VinFast are working together to provide e-bike purchase loans at 0% interest, benefiting both customers and promoting environmental protection in line with green consumption trends.

    With this loan package, the customer experience will be simplified. They can sign up for loans without visiting a bank branch and receive approval results on the Cake app within a few minutes.

    The first priority group of customers to experience the development is Be Group’s tech drivers, who are familiar with consumer loan services on Cake.

    According to statistics from the Ministry of Industry and Trade, e-bike sales in Vietnam have increased by about 30–35% recently, making the country the largest market for e-bikes in ASEAN, and the runner-up in the world, just behind China.

    There is ample potential for electric vehicles, including e-bikes and electric cars, given that the world in general and Vietnam in particular are promoting green transformation trends in transportation and other fields.

    Ho Thanh Huong, CEO of VinFast Vietnam, said that the partnership agreement gives customers the opportunity to own and use smart, modern, and environmentally friendly e-bikes at optimal costs through simple and convenient procedures.

    This partnership offers customers access to a safe and civilized transportation alternative, contributing directly to the government’s net-zero carbon emission target by 2050.

    In the current context, the collaboration between the large-scale EV manufacturer and the digital bank Cake by VPBank is expected to bring benefits to the mass of customers on both sides.

    While Cake will expand its digital financial product line to include vehicle installment payment services, VinFast offers customers a “Buy Now, Pay Later” payment experience quickly, conveniently, and securely.

    Furthermore, this is also an opportunity to promote digital financial inclusion. Specifically, Cake by VPBank boasts a large and diverse digital ecosystem, while VinFast owns a nationwide distribution network with a diverse lineup of two-wheeler and four-wheeler models.

    According to Nguyen Huu Quang, CEO of Cake, in the coming time, Cake by VPBank will keep working with VinFast to research different financing packages tailored for customers looking to acquire electric vehicles across several channels.

    “We are in discussion to develop more diverse products to bring practical benefits to customers, thereby contributing to promoting comprehensive digital finance and green energy in Vietnam,” he said.

    The handshake between VinFast and Cake by VPBank digital bank will promote comprehensive digital services, popularize EVs, and foster environmental protection.

    Cake by VPBank is a testament to the trend of innovation in consumer finance products. Before venturing into the electric vehicle market, the digital banking app has already enabled its tech drivers to borrow cash online within a few minutes.

    Cake has rolled out niche lending products such as “Ung tien nhanh” with instant approval.

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  • Coffee prices on the boil in Vietnam

    Coffee prices on the boil in Vietnam

    Robusta coffee prices have risen to a record VND68,000 ($2.79) per kilogram, up 76% since the beginning of this year.

    Prices have also been rising globally. On Monday rose by $10-39 per ton to $2,551-2,566 in London.

    The prices of Arabica, another coffee variety, rose in New York by 0.45-0.95 cents per pound to $158-162. A kilogram equals 2.2 pounds.

    Vu Duc Con, deputy director of the Dak Lak Department of Agriculture and Rural Development, said one of the reasons for the rising prices is that the harvest season has yet to arrive while stocks from the previous season have mostly been sold.

    He added that prices would be more reasonable in the next two months when the coffee crop ripens.

    Hung, owner of a coffee factory in the Central Highlands province of Dak Lak, said farmers sold out their coffee stocks around a month ago.

    He is not buying now since the high prices would hit his profit margin.

    The Vietnam Coffee Cocoa Association has forecast coffee yields to drop by 10-15% in the 2022-2023 season to 1.47 million tons due to high heat.

    In Dak Lak, authorities expect outputs to decline since farmers have been switching to growing other crops such as durian and avocado.

    In the first eight months Vietnam’s average coffee export price reached a new peak of $3,054 per ton, up nearly 30% year-on-year.

    The coffee was shipped to 38 markets, with the E.U. and U.S. being the largest buyers.

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  • Miniso to open its first UK ‘Blind Box’ store

    Miniso to open its first UK ‘Blind Box’ store

    Chinese lifestyle brand Miniso will open its first UK “Blind Box” store on Shaftesbury Avenue, London on September 29.

    The new store will offer customers more than 50 blind boxes, capitalizing on the blooming blind box craze. According to Miniso, the new store “represents an exciting new shopping experience”, bringing Miniso’s characteristic sense of choice to the heart of downtown London.

    The new 40sqm store will house Miniso’s co-branded blind box collections with some of the IP owners. Shoppers will find Sanrio, Disney Pixar, Tokidoki, We Bare Bears, Minions, and Winnie the Pooh blind boxes. Miniso’s original products, including plush toys and accessories, will also be available at the store.

    “Our first blind box store marks a major milestone for Miniso,” said Saad Usman, COO of Miniso UK.

    “The unknown element of blind boxes adds mystery and excitement to the shopping experience, and we’re delighted to bring this special store to London. Blind boxes are now a major part of our global strategy, and this new store marks the latest development as we move forward with our global expansion.”

    Launching Miniso’s first “Blind Box” store is the latest step in the brand’s ongoing global expansion plan as it strives to become a global lifestyle super-brand. The company has around 5800 outlets worldwide, with more than 20 of them located in the UK, including London, Manchester, Nottingham, Belfast, and others.

  • Singapore sneaker platform Novelship secures US$9.5 million in Series B

    Singapore sneaker platform Novelship secures US$9.5 million in Series B

    Singapore-based sneaker marketplace Novelship has bagged US$9.5 million in its Series B funding round led by East Ventures, iGlobe Partners, and GSR Ventures.

    The company said the new funds will be used to accelerate its expansion plans in Southeast Asia, including enhancing its logistics capabilities, refining authentication processes, expanding its slew of in-house collections, and optimizing its environmentally-conscious delivery process.

    “As collectors’ priorities shift towards accessibility, efficiency, and integrity, Novelship stands firm in our dedication to enhance these aspects on our platform,” said Richard Xia, co-founder and CEO of Novelship.

    The company was founded in 2018 as a platform for buyers and sellers to trade authentic sneakers, limited-edition apparel, and exclusive physical and digital collectibles.

    The funding round came after Novelship’s recent collaboration with Snoop Dogg. The marketplace also introduced new in-house products, including Novelty-branded T-shirts, socks, shoelaces, and Shoe Sole Protectors.

    “Our recent expansion of collections and the introduction of new in-house products reflect our commitment to providing broader accessibility for all collectors,” Xia said.

    Novelship reported a compound annual growth rate (CAGR) of 37 percent in revenue and 55 percent in transactions.

    “Novelship has been proven as a one-stop marketplace to fulfill the desires of collectors,” said Willson Cuaca, co-founder and MD at East Ventures. “We also take great pride in witnessing how Novelship incorporates sustainable practices into its operations.”

    Further reading, Asics says its new sneaker offers the lowest CO2 emissions of any brand.

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