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Tag: asia

  • Mulberry Group first store to launch in Hong Kong

    Mulberry Group first store to launch in Hong Kong

    UK-headquartered luxury fashion retailer Mulberry Group plans to launch in Hong Kong.

    Announcing its first half-year results, the brand revealed plans – but no details – to expand in both Hong Kong and Mainland China through an omnichannel strategy. Other, unidentified global markets are on its radar as well.

    The news follows the success of its recent expansion into Japan which helped strengthen the international performance in the six months to September 30.

    In Japan, Mulberry Group signed a 50-50 joint venture agreement in July with licensing partner Onward Global Fashion (OGF). An initial presence of four stores in key locations, including Ginza, has already been expanded with a fifth store opening.

    Total first-half revenue for the company was virtually flat at £74.6 million (US$99.8 million) compared to £74.5 million a year ago. Sales through its retail channel were up 2 per cent to £56.6 million, but comparable sales eased 1 per cent. Gross margin increased 248 points (up £1.9 million).

    While UK sales were flat, international sales grew 8 per cent to £11.3 million. Global digital sales rose 3 per cent to £10.7 million, accounting for 14 per cent of group revenue.

    “We are delivering on our strategy to grow Mulberry as a global luxury brand,” says CEO Thierry Andretta.

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  • Boots buys US$400m stake from Sinopharm

    Boots buys US$400m stake from Sinopharm

    Pharmacy and healthcare company Walgreens Boots Alliance has paid RMB2.76 billion (US$417 million) for a 40 per cent stake in a drugstore chain owned by Sinopharm Group.

    Sinopharm is China’s largest retailer of pharmaceutical and healthcare products and Walgreen will take a stake in its Sinopharm Holding Guoda Drugstores subsidiary. The transaction is subject to review and approval from regulatory authorities in China.

    “We have had a presence in China for around 10 years, initially through Alliance Boots, and are excited with the opportunity to further invest in the country’s fast-growing retail pharmacy sector,” says Walgreens chief executive Stefano Pessina.

    Sinopharm says Walgreens Boots Alliance’s pharmacy expertise and international retail experience will help Guoda improve efficiencies and transform its business model to differentiate from domestic competitors. The partners will also explore opportunities in the broader Asian and global markets, in keeping with Beijing’s Belt and Road Initiative.

    China, the world’s second-largest pharmaceutical market, has made moves to speed up approvals of medicines and medical devices.

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  • Japan’s Q3 growth twice as fast as first estimated, outlook brightens

    Japan’s Q3 growth twice as fast as first estimated, outlook brightens

    Japan’s economy grew twice as fast as originally estimated in the third quarter thanks to big gains in capital expenditure, revised data showed on Friday, with expansion seen to continue thanks to buoyant exports.

    The capital expenditure component of gross domestic product was revised to a rise of 1.1 percent from the previous quarter, well over the forecast 0.4 percent growth, and soaring above the preliminary 0.2 percent reading.

    The economy grew an annualized 2.5 percent in July-September, more than the median estimate for 1.5 percent annualised growth and more than the preliminary reading of a 1.4 percent annualised expansion.

    Real wages rose in October for the first time in almost a year, offering some hope that consumer spending will pick up, separate data showed.

    The revised figures showed that Japan is in its longest uninterrupted period of growth since comparable data became available in 1994.

    This is a boon to the government as it is expected to agree later on Friday a spending package to subsidise education and encourage more corporate investment.

    “The economy is doing well, but annualised growth above 2 percent seems a little too quick,” said Norio Miyagawa, senior economist at Mizuho Securities.

    “I expect that exports and capital expenditure will lead growth next year, but the pace will moderate to around 1 percent.”

    The figure translates into quarter-on-quarter growth of 0.6 percent, versus a preliminary reading of 0.3 percent growth and the median estimate for 0.4 percent growth.

    Steady economic expansion also offers hope to the Bank of Japan that inflationary pressure will build up next year and nudge consumer prices closer to its 2 percent inflation target.

    Capital expenditure was revised up because wholesale companies and retailers are increasing investment to deal with increased inbound tourism, a Cabinet Office official told reporters.

    Inventories contributed 0.4 percentage point in the third quarter, which was revised up from a preliminary 0.2 percentage point contribution, due to a build up of chemicals and plastics used in manufacturing, the official said.

    Net exports contributed 0.5 percentage point in the third quarter, unchanged from the preliminary reading.

    Private consumption fell 0.5 percent in July-September, also unchanged from the preliminary reading.

    Real wages rose 0.2 percent in October marking their first rise since December 2016 in a sign a tight job market may finally be leading to higher salaries.

    Japan’s economy has expanded for seven consecutive quarters, and many economists expect growth to continue as consumer spending gains strength and export growth is seen on track to continue.

  • Bitcoin surges above $16,000 as concerns mount

    Bitcoin surges above $16,000 as concerns mount

    Bitcoin flirted with $17,000 on Thursday, triggering a warning the cryptocurrency was like a “train with no brakes” and prompting fresh concern about its looming launch on mainstream markets.

    Still under $14,000 in Asian trading hours, it smashed through $15,000 in European trading and got as high as $16,777 before pulling back, according to Bloomberg data. Near 2145 GMT, bitcoin stood at $16,070.

    The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to a pint of beer, hit the $12,000 mark for the first time. The eye-popping rise has seen the currency’s value soar more than 50 percent in just one week, and from just $752 in mid-January.

    Bitcoin — which came into being in 2009 as a bit of encrypted software — has no central bank backing it and no legal exchange rate.

    It has surged dramatically in the past month, driven by growing acceptance among traditional investors of an innovation once considered the preserve of computer nerds and financial experts, and sometimes more shady users.

    But some, including the U.S. Federal Reserve, have warned against dabbling in bitcoin as it could threaten financial stability, and fears of a bubble have increased as the price has soared.

    “Bitcoin now seems like a charging train with no brakes,” said Shane Chanel, from Sydney-based ASR Wealth Advisers. “There is an unfathomable amount of new participants piling into the cryptocurrency market.”

    But he warned: “Once the hype slows down, we will most certainly see some sort of correction.”

    Financial industry concerns 

    There also are mounting concerns about its introduction into the mainstream financial system after a U.S. regulator last week cleared the way for bitcoin futures to trade on major exchanges, a decision which analysts say has helped spur the recent rally.

    The Commodity Futures Trading Commission decision allows bitcoin derivatives to be offered on the Cboe Futures Exchange starting this weekend and on the world’s biggest futures venue, the Chicago Mercantile Exchange (CME), from December 18.

    But the Futures Industry Association, which groups some of the world’s biggest derivatives brokerages, criticized the CFTC’s move in a letter to the regulator, saying contracts are being rushed through without properly weighing the risks.

    “A more thorough and considered process would have allowed for a robust public discussion among clearing member firms, exchanges and clearing houses,” the association said.

    Bitcoin transactions happen when heavily encrypted codes are passed across a computer network.

    Goldman Sachs, an FIA member, plans to clear bitcoin futures contracts for some clients, meaning it will serve as intermediary to enable transactions, a spokeswoman said.

    “Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process,” she said.

    The NiceHash marketplace was meanwhile on Thursday investigating a security breach resulting in the theft of bitcoin.

    “Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days,” NiceHash said in a statement.

    “In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency.”

    Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers.

    In 2014 major Tokyo-based bitcoin exchange MtGox collapsed after admitting that 850,000 coins — worth around $480 million at the time — had disappeared from its vaults.

    Bitcoin’s use on the underground Silk Road website, where users could use it to buy drugs and guns, also raised suspicions about the virtual money.

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  • Lululemon sales skyrocket sales

    Lululemon sales skyrocket sales

    Canadian activewear retailer and manufacturer Lululemon has posted a 14 per cent uplift in total sales in the third quarter; same-store sales rose 8 per cent.

    Kevin Wathey, a consultant with GlobalData Retail, says that while other players in the sports and athleisure market struggle, Lululemon sales continue to go from strength to strength.

    While income dropped by 14 per cent, the increase in sales by either measure underlines that Lululemon is still attracting new customers – and getting existing shoppers to spend more both online and offline, he said. The drop in profit was the result of asset impairments and restructuring costs associated with the Ivivva closedown, rather than symptomatic of any fundamental issues with the business. Excluding the exceptional $21 million of fees, net income rose by a healthy 17 per cent year on year.

    “Exceptional items notwithstanding, the strength of Lululemon’s bottom line is mostly thanks to its ability to resist the temptation of excessive discounting – even in a market that has become steadily more promotional. In our view, this is made possible by the fact that Lululemon, unlike so many of its rivals, has a line-up of products that people want and for which they are prepared to pay full price. Constant innovation and a laser-like focus on functionality and quality are central to this,” said Wathey.

    International growth – including in Asia – and product innovation should continue to fuel sales.

    “The former is particularly helpful in driving revenue, and we remain excited about Lululemon’s prospects in both Asia and Europe. The latter gives the numbers a softer boost but also plays a critical role in keeping existing shoppers coming back for more. On the product side, we feel that Lululemon has some potentially significant wins ahead, especially in categories like footwear where it has just launched its first range of sneakers in collaboration with California-based Athletic Propulsion Labs.”

    Wathey said he remained optimistic about Lululemon.

    “It is true that the company has had a good run of growth and it is also the case that overall market conditions will continue to be challenging. However, Lululemon’s careful control of its brand, along with its efforts to position itself as a company that helps people achieve their lifestyle ambitions, will help it to speed through prevailing negative headwinds.”

  • HCMC plans to stop tax dodgers by enforcing card payments in restaurants

    HCMC plans to stop tax dodgers by enforcing card payments in restaurants

    Ho Chi Minh City’s Tax Department has suggested that customers should pay for restaurants and other high-end services using bank cards rather than cash to make it easier to collect tax revenue.

    Tran Ngoc Tam, the department director, said the proposal could help manage tax payments for high-end services.

    His unit is working with other agencies before submitting the plan to the city’s government for approval.

    Tam said that cash payments are no longer popular. Vietnam does not allow cash paymentss worth VND20 million ($880) or more, and that threshold is likely to go down to VND5 million soon “when we have the infrastructure to boost electronic payments,” he said.

    The role of cash in all payments across Vietnam fell from 14 percent in 2010 to 11.5 percent in August 2017, according to figures from the central bank.

    HCMC’s tax office raised the card payment proposal amid reports that the department is likely to miss its target this year.

    The department was set to bring in nearly VND239 trillion ($10.5 billion) in taxes, but has so far only reached 87 percent of the target.

    Legislators in the city, the biggest contributor to the state budget, earlier this week also suggested that celebrities who advertise products on Facebook should be taxed.

    Facebook is the most popular social network in Vietnam with more than 52 million active accounts to advertisers, and is also used as a e-commerce platform that tax authorities have struggled to keep track of.

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  • Shanghai’s newest Family Hub Neobio

    Shanghai’s newest Family Hub Neobio

    Family dining and fun activities feature in Shanghai’s new Neobio Family Park, designed by architecture firm X+Living.

    It’s a concept ideally suited to shopping centres trying to attract families and fill distressed space at the same time.

    Within two buildings in the Minhang district, the 3000sqm indoor amusement park includes a reading area with a forest theme, giant “balloons”, a bubble pool, sand pit and toy area. Perspex walkways link each area so dining adults can keep an eye on their children while still being able to entertain themselves. Slides, ladders and tunnels cover the restaurant, which has a pastel-themed décor.

    Neobio architect/designer Li Xiang says the venue is divided into Reading Area, Dining Area, Sims City, Climbing Area and Party Room, as reported. “Entering the main entrance, we are surrounded by wavy forests and rolling hills, which are the bookshelves of the reading area and are the best place for kids to play hide-and-seek.” There is also a reading area for parents by the window near the forest.

     

    Sims City features an urban environment with roads, pedestrian crossings, street lamps and parking lots. A three-storey house in the centre includes a mini post office, gas station, supermarket and hospital, plus areas where children can play at kitchen activities, dressing up, doing make-up and changing baby diapers.

    There is even a Princess Cosplay area where girls can dress up and take photos while their mothers have a manicure.

    “Along Time Tunnel, we arrive at the Big Child Area where various slides and climbing racks fill the whole floor,” says Xiang. “It looks like a huge maze.”

    An eye-catching S-shaped slide takes children directly to the first-floor dining area which features balloon-like suspended game boxes all connected by transparent crawl ways. There are two VIP dining rooms for families who want privacy.

    In the basement is the Party Room with such themes as Indian, desert and Mediterranean.

  • First mobile tax refund system by Tourego

    First mobile tax refund system by Tourego

    Singapore has introduced the world’s first mobile tourist tax refund system, Tourego.

    Approved by the Inland Revenue Authority of Singapore (IRAS), Tourego migrates the paper-based tax refund process on to an app, allowing users to receive and store their refund tickets in an e-wallet.

    As well as that, Tourego provides shopping, food and travel tips about Singapore, plus users can compile a shopping list recommending retail partners. Already the network covers 100 businesses, with more expected to be announced soon.

    Tourego aims to solve the worldwide problem of tourists spending too much time at airports trying to obtain their tax refunds, says founder/CEO Tan Tie Wee.

    As well as enhancing the shopping experience for tourists, the app helps retail partners improve their efficiency as well as gain big-data insights into consumer behaviour,” he says.

    “We are grateful to the Singapore Tourism Board (STB), IMDA, Spring Singapore and IE Singapore for their support as Tourego contributes to Singapore’s vision to be a smart nation.”

    With Singapore as its first market, the Tourego app is free to download but is currently available only to non-Singaporeans to register for an account.

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  • New Leica boutique opens in Hanoi

    New Leica boutique opens in Hanoi

    Leica Vietnam has introduced its high-end cameras and sports optics in its first boutique, in Hanoi.

    As well as offering the German brand’s entire range, including its signature Leica Akademie and Leica Galerie, the Leica Boutique also aims to become a community for local photographers where they can share their passion and learn techniques from experts, says Leica Asia Pacific CEO Sunil Kaul.

    Over its first days the store hosted an exhibition, The Beauty of Light, and introduced the latest Leica camera.

    A Ho Chi Minh store will be opened next year.

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  • True Shopping to set partnership with 11street

    True Shopping to set partnership with 11street

    Thai home-shopping retailer True Shopping has launched an online store on marketplace 11street.

    To mark its sixth anniversary, True Shopping and 11street are running a promotion this month with discounts and bonus coupons.

    “One of our key strategies for next year is to win new customer groups,” says CEO Ongard Prapakamol of True Shopping owner True GS. “That’s why we think 11street is a strong partner to allow us to gain a strong foothold in e-commerce.”

    Selling on 11street on a trial basis since October, True Shopping has had great feedback, says Prapakamol. “We found that our buyers from 11street are totally different from our home-shopping buyers: they are younger, have a taste for trendier products and are price sensitive.”

    “We are delighted True Shopping trusts us to be another channel for its products,” says 11street Thailand CEO Hong Cheol Jeon. “True Shopping’s wealth of low-priced products and services, more than 400 SKUs, will help increase our product portfolio to meet the demands of our more than 700,000 shoppers.”

    The anniversary promotion runs until December 24.

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  • The Up and Down for American Eagle result

    The Up and Down for American Eagle result

    Third quarter American Eagle results may be mixed, but they point to a company that is holding its own in a challenging market.

    There are, however, some negative numbers, such as the erosion on the bottom line, that signal the company has much more work to do before it can claim to be back to full health.

    American Eagle’s gross margin fell 1.2 percentage points to 39 per cent during the quarter, largely due to higher warehousing and shipping costs on online orders and increased promotional activity. Sales rose 2 per cent to US$960.4 million, but net income fell 16 percent to $63.7 million, partly due to a $14 million one-off charge.

    American Eagle stores posted a comparable sales increase of 1 percent, reversing the declines of the last two quarters which represents a step up on preceding periods when growth was present but anemic. As positive as this is, it is not a cause for unbridled celebration. The uplift was delivered against the backdrop of a stronger period for apparel overall. This raises a question as to how much is down to underlying natural demand, and how much is attributable to the improvements American Eagle has made over the past year.

    In fairness, a mix of both delivered the number. Categories like denim are performing well for American Eagle, with new washes and styles helping to drive sales. GlobalData Retail’s customer data suggests shoppers who visit to buy jeans are now buying more in other categories too – particularly in menswear.

    An increase in cross-category shopping is comforting and partly alleviates concerns that American Eagle was becoming overly reliant on denim. As much as this is currently helping results, it makes the company’s sales growth dependent upon denim remaining in fashion – something that it is unable to control or guarantee. By using denim as a springboard to promote other parts of its offer, American Eagle is on the right track.

    Along with a skew in category performance, American Eagle is also showing a disparity in channel results. The growth in stores is poor while growth online is much stronger. Given the interplay between shops and the website, it is arguably the overall numbers that matter. However, the higher costs associated with online fulfillment contributed to a margin decline this quarter. This was further exacerbated by heavy promotional activity, which was necessary to keep pace with the rest of the market.

    Aerie proves positive

    Away from American Eagle, Aerie continues to be a reliable source of growth. Its robust comparable sales uplift of 19 per cent this quarter was market-beating and underlines that it is still taking the share of other players. Usually, after such a long run of very high sales increases,one would be concerned about a softening as lapping comparatives become tougher. But that’s not the case with Aerie.

    The brand has excellent growth potential from two sources. First, the customer base continues to grow as more shoppers discover and migrate over to the brand. Aerie’s positioning and stance remain aligned with consumer attitudes, and this is helping to enlarge its share of shoppers.

    Second, the category extensions into products like soft knit tops and leggings are helping to increase average transaction values and are giving Aerie access to a more significant share of its shoppers’ overall spending.

    Overall, American Eagle is in a reasonable position and the performance over the holiday quarter should be solid, marking a good end to a respectable year.

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  • Isobar Launches ‘Augmented Humanity: Isobar Trends Report 2018’

    Isobar Launches ‘Augmented Humanity: Isobar Trends Report 2018’

    Isobar, a leading global digital agency, predicts that 2018 will be the year of Augmented Humanity, a year where technology enhances and scales our most human attributes. In 2018, technological interfaces will become more natural and instinctive, technology will automate repetitive tasks to free up time for creativity and compassion, and artificial intelligence will meet emotional intelligence. This is further detailed in ‘Augmented Humanity, Isobar Trends Report 2018’.

    Isobar’s innovation and strategy experts from around the world have defined five key trends that explore this evolving relationship between humanity and technology and predict a harmonious future. Augmented Humanity explores the ways in which technology enhances and fuels our most human attributes – the ability to recognise and trust each other, to adapt to changing circumstances and the power to deliver true creativity.

    Jean Lin, Isobar’s Global CEO, comments: “Artificial intelligence is great, but humans score on emotional intelligence. The power of being human is in empathy. This cannot be automated or outsourced. Augmented Humanity will use technology to scale everything that is best and most powerful about human interaction.”

    The report argues that we may one day view the era of anonymous, one size fits all transactions as a temporary blip in our evolution, and that as technology advances it will become more human, not less. It will return us to a time where voice will be the primary way we interact with the world, where we will be recognised and rewarded in stores, and where we will buy more directly from trusted suppliers.

    Isobar’s five key trends for 2018 explore this intersection of technology and humanity, magic and the machine, code and conscience:

    1. Body Talk explores the body as an interface, as our eyes and ears replace touching and tapping.
    2. Powered by People tackles the shift from customers to communities as technology turbocharges the sharing economy.
    3. The Economy of Me looks at the power of AI to deliver ever more personalised products, prices and places.
    4. The Ethical Algorithm tackles technology as a force for good; in a world of fake news and algorithm bias is there such a thing as moral code?
    5. The Makers and the Machines explores the extraordinary union of art and technology to create outputs we could never before imagine.

     

    Within each theme, Isobar unpicks key sub trends and explores how they come to life today, in the future, and what they mean for businesses and brands right now. The report celebrates the importance of emotion at every touchpoint; in this new landscape it will no longer be enough for technologists to ask “how does it work?” – they need to consider human emotion and drivers and ask “how does it feel?”.

  • AEON Scholarship Ceremony 2017

    AEON Scholarship Ceremony 2017

    Mr. Kiyoyasu Asanuma, Chairman of AEON Thailand Foundation, and Ms. Suporn Wattanavekin, Vice Chairman of AEON Thailand Foundation together with Mr. Yohsei Honda, Secretary General of AEON 1% Club Foundation and Mr. Manabu Boike, Managing Director of AEON (Thailand) Co., Ltd. arranged AEON Scholarship Ceremony 2017 to grant 32 scholarships in amount of THB 2,240,000 to student of Chulalongkorn University and student of Thammasat University at Chulalongkorn University.

     

  • Top world models draw thousands of visitors at Hong Kong International Boat Show 2017

    Top world models draw thousands of visitors at Hong Kong International Boat Show 2017

    The ‘Hong Kong International Boat Show 2017’, the only boat show in Hong Kong this year, came to a close on December 3 amid the applause of both visitors and exhibitors. Organized by Club Marina Cove, the event featured a prize collection of designer exhibits, which included several award-winning boat models, with some of them being presented for their first time in Hong Kong, and even in Asia. The three-day Show attracted thousands of visitors and reported several immediate sales.

    China Pacific Marine reported an opening day sale of a Jeanneau 54 and a Merry Fisher 795 from France, while Hong Kong Boating also sold a Quicksilver from the U.S., followed by requests for sea trials from potential buyers.

    In addition, positive response was recorded at the hardstand booths, which featured a wide array of watersports equipment and accessories.

    This year’s exhibitors included:–

    • Asia Yachting, with its display ofthe Monte Carlo Yacht 105 from Italy, priced over HK$100 million;
    • Marine Italia exhibit –Azimut Grande 27 Metri fromItaly, winner of the “Most Achieved Trophy” in the 80’-125’ category at the World Yacht Trophies 2017;
    • Ferretti Group Asia Pacific– Ferretti Yacht 850;
    • Asia Marine Yacht Services –Galeon 500 Fly from Poland, which was named the European Powerboat of 2016;
    • Absolute Marine – Absolute 58 Fly fromItaly;
    • NextWave, the distributor for the English brand Sealine;
    • Simpson Marine –Beneteau Swift Trawler 44, inaugurallaunch in Asia;
    • Princess Yachts Greater China –Princess 75 Motor Yacht, which won an Asia Boating Award (Best Production Motor Yacht (15m to 24m) in 2016 and Motor Boat & Yachting Award in 2017;
    • Sunseeker Asia; Steering Marine; Wah Hing (China) Marine; Pak Marine; Promax Marine; etc.

    With a rising number of boating and watersports enthusiasts in Hong Kong, the market has become increasingly active with a preference for larger yachts, according to exhibitors.

    Now in its 23rd year, the ‘Hong Kong International Boat Show’, organized by Club Marina Cove, is the most established platform in Southeast Asia for the international boating industry. As the organizer, Club Marina Cove is dedicated to promoting the long-term development of the Hong Kong boating industry by providing a trading platform for the Hong Kong and Asian boating industry.

  • Vietjet inaugurates Nha Trang – Seoul route

    Vietjet inaugurates Nha Trang – Seoul route

    Vietjet yesterday celebrated the inauguration of its Nha Trang – Seoul route launch at the Cam Ranh International Airport (Khanh Hoa Province). This new route will serve the traveling demands of both the local people and tourists, connect the two famous travel destinations and contribute to the promotion of trade and integration in the region.

    The Nha Trang – Seoul route is operated with a daily return flight at around 5 hours per leg. The flight will depart Nha Trang at 16:15 and arrive in Seoul at 22:45 (local time). The return flight takes off in Seoul at 01:50 (local time) and lands in Nha Trang at 05:25.

    South Korea is always a popular tourist travel destination because of its beautiful natural sceneries, exciting entertainment industry, traditional cultural features and many shopping centers etc. With the inauguration of this new route, Vietjet now operates a total of six international routes connecting Vietnam and South Korea with the offer of more travel saving opportunities for travelers.

    With high-quality services, diverse ticket classes, special low-fare tickets, Vietjet offers its passengers flying experiences on new aircrafts, comfy seats, delicious hot meals, beautiful and friendly flight attendants and other interesting added-on services.

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