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Tag: asia

  • Apple adds a new useful parking feature to the Maps app

    Apple adds a new useful parking feature to the Maps app

    Apple Maps has come a long way since the app was first released in September 2012. At first, Maps was an unmitigated disaster with some roadways and even countries unlabeled or missing their names. A few places were incorrectly identified and Apple uncharacteristically released an apology with Tim Cook telling iPhone users to use Google Maps or other mapping and navigation apps until Apple Maps was fixed. A company-wide shakeup ensued resulting in the dismissal of longtime software chief Scott Forstall.
    Apple went back to the drawing board and started collecting its own data so that it could build a new mapping and navigation platform from the ground up. And today, Apple Maps is a solid mapping and navigation platform that Apple continues to work on. Apple has teamed up with digital parking marketplace SpotHero to deliver information to Apple Maps users on 8,000 parking locations across the U.S. and Canada.
    For example, let’s say that you’ve got tickets to see the New York Knicks or the Rangers play at Madison Square Garden and you want to reserve a parking spot; go to Apple Maps and look up Madison Square Garden in New York City. On the listing, tap the three-dot “More” button on the right side. A pop-up menu will appear with Parking as the first option at the top of the list. Tap it and you’ll be taken to the appropriate SpotHero page without ever having to leave Apple Maps.

    Besides appearing on the iOS Apple Maps app, the partnership with SpotHero will also allow Mac users to reserve parking spots. This added feature is another step in the right direction for Apple Maps which still has to battle Google Maps on the iPhone for iOS for navigation app supremacy.

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  • Elon Musk announces upcoming UI overhaul and new Twitter features

    Elon Musk announces upcoming UI overhaul and new Twitter features

    Elon Musk has announced via Twitter that the social network will get a new look and features. Some of the features he teased include swiping to move between timelines, a bookmark button on Tweet details, and long-form tweets.

    Since Elon Musk took over Twitter as owner and CEO, it has become the standard to look to his direct feed for feature announcements and changes in the platform’s terms of use. Such was the case with his controversial move last year to block links that directed users to competing social media platforms, which was later reversed but prompted calls for Musk to step down as CEO of Twitter.

    While his latest announcement is far from being controversial, it is worth noting as it announces key changes to the platform that its users should be aware of. According to Musk, a new feature will be rolling out later this week which will enable users to move between recommended vs followed tweets in their timelines.

    Although unclear as to what this will look like, since there was no preview provided for it, one can guess it will work similarly to how pinned timelines currently work on mobile devices. It is also unclear whether this new feature will be exclusive to the Twitter mobile apps or if the web client will see something similar as well.

    Musk also confirmed that there is a larger UI overhaul on the way and that this new feature is just the start. Another change coming to the UI is the addition of a Bookmark button in the Tweet details view, which, as per Musk, will serve as the defacto “silent like” on tweets and will be rolling out a week later. Bookmarking tweets has been available for some time, but it requires a couple of extra clicks.

    Finally, the long-promised feature to be able to compose long-form tweets is truly on its way. Musk also confirmed that this will be added in early February, though no additional details were shared on what the feature will entail.

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  • Priceline says its loyalty program has hit 8 million members

    Priceline says its loyalty program has hit 8 million members

    Priceline Pharmacy will receive commissions from the sale of insurance products to the 3.9 million members of its customer loyalty program.

    The loyalty program, Sister Club, is one of Australia’s largest, providing rewards for money spent in Priceline’s health, beauty and pharmacy stores. Its intended clientele are women and it is promoted by Priceline owner Australian Pharmaceutical Industries as a ”key marketing differentiator”.

    Under a five-year deal with global insurer ACE, travel, accident-protection and health insurance products will be promoted to Sister Club members via electronic and direct mail.

    Priceline would receive commissions on sales, said Robin Moore, ACE corporate communications manager for Australia and New Zealand. ACE will manage telesales, customer service and claims.

    A similar deal struck in 2011 with life insurer AIA ended this year. API declined to say how much revenue that agreement had delivered.

    A spokesman said API was confident that the insurance offering, Priceline Protects, ”enhances … our members’ experience”.

    Under the deal, ACE has no authority to sell or use Sister Club data for any other purpose than insurance products.

    ”It is important to note that members can opt out of receiving offers regarding Priceline Protects at any time,” the spokesman said.

    Australian Privacy Commissioner Timothy Pilgrim said that when people signed up to a customer loyalty program they should read the privacy policy to find out how the business would use their information, who else would see it and how it would be stored.

    ”Businesses that are covered by the Privacy Act are required to comply with several principles when handling personal information, including information collected for a loyalty card scheme,” he said. ”For example, companies are required to have a publicly available statement or privacy policy that tells people how they handle personal information.

    ”There are also rules about when businesses can share your personal information with others.”

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  • Netflix executive explains why it can charge premium ad rates for its ad-supported tier

    Netflix executive explains why it can charge premium ad rates for its ad-supported tier

    After a news report back in November said that the new Netflix “Basic with Ads” service tier was off to a slow start, the company denied that the ad-supported service was failing to meet expectations. The streamer’s co-CEO Ted Sarandos said at a conference last month, “Advertising for us is ‘crawl, walk, run.’ We just turned it on, and it works.” But data from Antenna showed that in the first four weeks of availability, the ad-supported tier was responsible for only 9% of U.S. subscriptions.
    Not only was the “Basic with Ads” the least popular service tier for November but only 0.1% of existing Netflix subscribers switched from another plan to the streamer’s ad-supported service. The latest update on how this tier of service is doing came during CES in Las Vegas when Netflix President of Worldwide Advertising, Jeremi Gorman, was being interviewed at Variety’s Entertainment Summit.
    The executive was talking about the quality and the diversity of advertisers when she said, “It’s really across the board. We’re seeing CPG companies, luxury companies, automotive companies…[and] retail. We’re seeing a broad swath. There’s a wide variety of advertising types, and I think we’ll continue to see that.” The breadth of the industries represented in the ads is considered good for subscribers to the “Basic with Ads” service since they won’t see have to sit through several boring car ads in a row.
    Gorman says that the initial ads in Netflix’s mix for “Basic with Ads” includes automotive spots, ads for consumer packaged goods, and commercials for retail and luxury marketers. Because Netflix originally launched without an ad-supported tier of service, many of the deals it made for content to stream didn’t include AVOD rights (advertising video on demand). This gives Netflix limited ad inventory limiting revenue opportunities although the company is working on the licensing situation.
    Some of the complaints about the ads come from advertisers who aren’t happy about what they call “Super Bowl CPMs.” CPMs, or cost per thousand, is the price charged for 1,000 impressions of an ad on a website or app. Calling them Super Bowl CPMs is a way of complaining that Netflix is charging advertisers too much money. Gorman isn’t denying that Netflix charges what she calls “premium” rates. She says that they are justified.
    “From a supply-demand perspective, the premium CPMs are reflective of two things: one is that we just couldn’t take that many advertisers. We certainly didn’t want to disappoint anybody.” She continues, “Then secondarily, the premium content environment in which the ads run I think warrants a high CPM.” She also states, “I think we’re certainly humble enough to very much understand we’re top of market, and in addition to that, the market will more or less dictate to us what are reasonable CPMs.”
    Right now Netflix is running traditional 15-second and 30-second ads but is considering offering other types of sponsorships in the future. For example, eventually a particular show could have a single sponsor. Netflix could also allow advertisers to target the placement of certain ads depending on the content or based on demographics such as age and gender.
    The “Basic with Ads” service is $6.99 per month and video streams in HD (720p) resolution over a single device. The company describes it by writing, “Basic with ads is a great way to enjoy movies and TV shows at a lower price. You can stream your favorites on any device with limited ad breaks. This plan does not allow downloads and a limited number of movies and TV shows are not available due to licensing restrictions. Some location and device restrictions also apply.”
    The ad-supported tier is available in the U.S., the U.K., France, Germany, Spain, Italy, Australia, Japan, Korea, Brazil, Canada, and Mexico.  At the moment, there are no plans to expand the reach of the service. While Gorman’s comments don’t mention how well the tier is doing in terms of subscribers, from the standpoint of attracting different advertisers in various industries, it sounds like a success for the company.
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  • MobiFone profits down in 2022

    MobiFone profits down in 2022

    Telecom giant MobiFone reported a decline in profits and revenues in 2022, and said they fell short of targets.

    At a review meeting on January 5 the company said revenues fell to VND28.329 trillion (US$1.18 billion), and profits to VND2.71trillion.

    They had been VND31 trillion and VND4.96 trillion in 2021.

    The bright spot in the business last year was that data revenues increased by 27%.

    In April it had launched MobiFone Pay e-wallet and Mobile Money e-money.

    With the telecom market saturated and revenues on a downtrend, the company this year eyes new businesses such as digital finance, digital health and digital education, chairman Nguyen Hong Hien said.

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  • Alibaba plans $1 billion investment in Turkey

    Alibaba plans $1 billion investment in Turkey

    Chinese e-commerce giant Alibaba Group Holding Ltd is planning a logistics hub at Istanbul Airport and a data centre near the Turkish capital Ankara with an investment of more than $1 billion, its president, Michael Evans, was cited as saying.

    Turkey’s Sabah newspaper reported Evans as saying in an interview that the company was looking to invest in Europe and the Middle East and that he sees Turkey as a very strong production base.

    “We have a serious investment plan at Istanbul Airport. We can evaluate e-export plans from here to Europe, the Middle East and the Far East. We plan an investment of more than $1 billion,” Evans was quoted as saying.

    Trendyol, one of Turkey’s best known e-commerce platforms, is backed by Alibaba.

    “The reason we chose Trendyol was that its technology was advanced and its potential was great. We are positioning this place as a base for Europe and the Middle East,” he said.

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  • The Biggest Sports Brands in the Asian Market

    The Biggest Sports Brands in the Asian Market

    Sports are popular globally. People from all over the world are fans of one sport or the other. However, some sports are more popular in one continent but don’t receive much attention in others. For instance, American Football is more prevalent in North America, while Cricket is very popular in Asia. If you wager on sports events on bet365投注, you will have noticed this trend. Nonetheless, football or soccer seems to be the most popular sport globally, making football brands more popular. 

    This article looks at the biggest sports brands in the Asian market. Let’s dig in!

    Manchester United

    First, it is critical to note that football is the most popular sport in Asia. Therefore, football brands are bigger than other sports brands. That said, Manchester United is the most popular football brand in Asia. 

    The Red Devils are undoubtedly the biggest football brand in Asia. The club enjoys a massive following, especially in East Asia countries like China, South Korea, Malaysia, Indonesia, and Singapore. 

    Their popularity can be attributed to Asian players like Shinji Kagawa and Ji-Sung Park. Moreover, club superstars like Wayne Rooney, David Beckham, and Cristiano Ronaldo have also helped to make the club popular in the Asian market. 

    Barcelona

    Barcelona also enjoys a massive following in the Asian market. The Catalan club is loved thanks to its attractive style of play and star-studded squads globally. Star players like Lionel Messi, Ronaldinho, and Samuel Etoo regularly feature in Pro Evolution Soccer covers. 

    Additionally, Barcelona partners with Konami, the Japan-based developer of PES. The Spanish giants also had a shirt sponsorship deal with Qatar Airways and are now sponsored by Rakuten, a Japanese company. All these factors have helped make Barcelona a big brand in Barcelona. 

    Chelsea

    The Blues enjoy a massive global following, including in Asia. Their rise to the top recently has contributed to the club’s fame in Asia. For instance, the Jose Mourinho era saw the club establish itself as a formidable title contender in England and Europe at large. 

    Besides, their popularity in the Asian region is also because of their shirt sponsorship deal with Samsung, a tech giant from South Korea. Other Asian sponsors Chelsea has worked with include Yokohama Tyres of Japan and Three of Hong Kong. 

    Real Madrid 

    Real Madrid is also a massive brand in Asia. The club enjoys tremendous followership in Japan, China, and the Middle East. Moreover, Madrid also has a long partnership deal with Fly Emirates.

    Even though Madrid has not had many Asian players, it remains one of the most popular in the region. You can attribute the popularity to their unmatched success in the field.   

     

     

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  • Bangalore Rising as an Investment Destination for Non-Residents

    Bangalore Rising as an Investment Destination for Non-Residents

    Bangalore continues to be the most prominent non-resident Indian (NRI), investor as Indian real estate continues to grow.

    Bangalore is a preferred destination for NRI real property investment due to its lucrative prospects, abundance of property managers, consultants, and NRI’s emotional attachment home. You won’t find it in any other Indian location.

    Many property types have high appreciation rates. NRIs have many options when it comes to purchasing a home due to the high appreciation rates of Whitefield and Sarjapur. You can include residential flats, villas, and studio apartments as well as commercial buildings and many other types of assets. You can keep track of all your assets, including real estate, using the Prillionaires personal finance software. They can choose the type of project they want to invest in, depending on their schedule and money.

    NRI Investment in Bangalore Properties

    1. Cosmopolitan Lifestyle

    This city attracts NRIs because of its vibrant lifestyle. They also invest in real property in Bangalore. People of all races, religions, and ethnicities settle in different areas. Communication seems to be easier because of the city’s setting. NRIs choose a city that offers a diverse lifestyle.

    It helps them to relax. All services are included in a resident’s busy schedule.

    Communicating with NRIs who speak little English can prove difficult for those with limited English proficiency.

    2. Prevalence of Luxury Housing Segment

    There are not many cities in India that cater to the luxury housing market. Bangalore has a higher per-capita income than most Indian cities. This shows that Bangalore’s residents have a higher purchasing power than those in other parts.

    Developers and builders can easily set up luxury homes in this city. Buyers are encouraged to explore the options before buying a house.

    3. Attractive prices

    As the rupee continues to fall in value against the US dollar, property in Bangalore is readily available at affordable rates. This encourages NRIs to invest in real estate. The Foreign Exchange Management Act (or FEMA), which was simplified by the RBI to attract foreign investment has also stifled a booming sector. The Act allows Indians who are residing abroad to purchase residential and commercial property, except for agricultural land.

     

    4. Tax Benefits

    NRI investments in real estate have extraordinary tax benefits. NRIs can own an unlimited number of properties. Therefore, they are able to rent, sell, lease, and invest in real property. You can invest in multiple properties and get positive returns through long- and short-term capital gains, rental income, and leasing income.

    Property Laws Of Bangalore Real Estate

    Regulations govern the sale and purchase of real estate properties. These are usually land parcels or buildings. Because of their fixed nature, immovable properties can’t be moved or replaced.

    The Transfer of Property Act of 1882 regulates the sale and purchase of real property in India. The 1882 statute does not cover the idea of an apartment and its undivided land or communal spaces.

    KAOA has taken a critical step to make a comparison between the acquisition of an apartment, and its proportional undivided portion, with the acquisition of movable properties under the Transfer of Property Act.

    The buyer can be the sole owner of the unit if they have a valid title and a proportionate undivided interest.

    Bangalore, Asia’s fastest-growing city, has experienced a significant increase in NRI investment, driven both by passion and financial reasons. It is also a popular place to live, and it is the country’s IT powerhouse. Similar to the housing markets in Pune, Hyderabad, and Chennai, Bangalore has seen rapid expansion.

    The Real Estate (Regulation and Development) Act (RERA), looser investment regulations, the rupee’s depreciation relative to the dollar, attractive developer incentives, and a greater online and offline presence of developers have all contributed to the growth of the trend. These initiatives have made it easier for homebuyers to access information and allowed NRIs to invest in their home country.

     

  • Bamboo Airways establishes cargo carrier

    Bamboo Airways establishes cargo carrier

    Bamboo Airways has announced the founding of Bamboo Airways Cargo in an effort to develop a larger network of affiliates in Vietnam’s sparse aviation ecosystem.

    Hanoi-based Bamboo Airways Joint Stock Company (BAC) is launching with a charter capital of VND20 billion ($833,000), 75% of which has been contributed by Bamboo Airways, the carrier said Wednesday.

    The remainder belongs to three other individual shareholders.

    Bamboo Airways named its vice chairman Doan Huu Doan as chairman of the new BAC, while Bamboo Airways deputy general director Nguyen Khac Hai will be BAC’s new CEO.

    Bamboo Airways is present at 21 out of 22 airports in Vietnam, and at other major airports in the Asia-Pacific region and Europe.

    In September 2022, Vietravel Airlines said it would cooperate with HCMC-based Asean Cargo Gateway Joint Stock Company to launch an air cargo service, contributing 51% and 49% of the capital, respectively.

    Vietravel Airlines CEO Vu Duc Bien has noted that the region’s air cargo market lacks carriers and therefore carries immense untapped potential.

  • Samsung’s quarterly profit sinks to 8-year low on demand slump

    Samsung’s quarterly profit sinks to 8-year low on demand slump

    Samsung Electronics Co Ltd flagged on Friday its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

    The dismal profit estimate by the world’s largest memory chip, smartphone and TV maker – a bellwether for global consumer demand – sets a weak tone for other technology firms’ quarterly results.

    Samsung’s profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier.

    It was Samsung’s smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.

    “All of Samsung’s businesses had a hard time, but chips and mobile especially,” said Lee Min-hee, analyst at BNK Investment & Securities.

    Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Asia’s fourth-biggest listed company by market value will release detailed earnings on Jan. 31.

    Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals such as Apple Inc.

    “For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances…,” Samsung said in the statement.

    Its mobile business’ profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added.

    “Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn’t sell as well,” said BNK Investment’s Lee, adding its display business was hurt due to client Apple’s production delays at the world’s biggest iPhone factory in China during the quarter.

    Three analysts said they expected Samsung’s profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices.

    Samsung shares rose 1% in Friday morning trade, versus a 0.9% rise of the wider market. Shares of rival memory chip maker SK Hynix rose 1.6%.

    “The reason shares are rising despite the poor earnings result is.. investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall,” said Eo Kyu-jin, an analyst at DB Financial Investment.

    Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing memory chip production cuts, but could organically adjust investment by delaying bringing in equipment or through other ways.

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  • Electricity supply set for nearly 6% increase in 2023

    Electricity supply set for nearly 6% increase in 2023

    Electricity supply, made up of both domestic production and imports, is set to increase by 5.96% from last year to 284.5 billion kilowatt-hours in 2023.

    The Ministry of Industry and Trade ordered the country’s main coal producers, Vinacomin and Dong Bac Corp, to ensure adequate supply for power production this year.

    Last year Vinacomin supplied 97% of the volume it had promised and Dong Bac, 82%.

    Monopoly state utility Vietnam Electricity reported a loss of over VND31 trillion last year, and attributed it to surging expenses.

    The government allows EVN to raise electricity prices by up to 5% annually but has to seek Ministry of Industry and Trade approval if it wants to increase them 5-10%. Cabinet approval is needed for anything higher.

    The country’s installed capacity is nearly 77,800 megawatts now, up 1.83% from 2021, with renewables accounting for 26.4%.

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  • Google unveils new Android Auto features

    Google unveils new Android Auto features

    Google’s booth at CES officially opened today and highlighted some of the progress that has been made to make the Android ecosystem more helpful across multiple devices. Some of the apps and features that have driven this include the media player, seamless switching between Android and ChromeOS and a brand new Android Auto.

    At CES, Google is showing how its technology already helps devices work better together and how we as users can enjoy entertainment in new ways, like by expanding its work with Spotify so we can listen without interruptions.

    With Android 13, Google added a new media player to your Android phone’s lock screen and notification area, letting you quickly choose which Bluetooth or Chromecast-enabled devices to play your content on. This year, Google is working closely with Spotify to make it easy for users to switch between any Spotify Connect device and the media player on Android.

    Google is also making it possible for you to take your audio content with you as you go about your day. This will be accomplished via notifications on your devices, allowing you to tap to start listening to a podcast in the car, continue on your phone and headphones, and finish on your TV at home. As you move around, your phone or other devices will send you media notifications asking if you want to move the audio to a nearby device.

    Google is working with Spotify to use these notifications to help users enjoy the content they’re streaming on their best device. This notification experience will also be available on YouTube Music.

    Designed to be adaptable, open, and compatible with one another, Android and Chrome OS were made to function hand in hand. This trend continues with Android’s three-layer technology stack that understands your proximity to another device and context in how you use it, bringing you a new level of convenience and ease-of-use.

    To bridge these devices together, Google has integrated tools like Fast Pair, Nearby Share, Phone Hub, and Chromecast to make switching between devices faster and less cumbersome. Google has also expanded on Android’s rich heritage of customization and AI to bring a range of individualized features, such as seamless audio switching to cross-device copy and paste.

    These and other features be found on the latest Chromebooks, such as the ASUS Chromebook Vibe CX34 Flip and the HP Dragonfly Pro Chromebook, both of which were revealed at CES.
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  • WhatsApp’s newest feature helps users avoid internet shutdowns

    WhatsApp’s newest feature helps users avoid internet shutdowns

    WhatsApp starts the new year with a minor update introducing proxy support, a feature that should help some users avoid internet shutdowns. The new feature is available for WhatsApp users worldwide, regardless of their phone (iOS or Android).

    According to WhatsApp, all the proxies that will be available to choose from will connect through servers set up by volunteers and organizations. The messaging app has also published a guide to help those who want to volunteer for such a task, which is pretty easy to follow if you’re tech-savvy.

    If you want to benefit from the feature, here is how you can connect to a proxy if you have an Android or an iOS device.

    Connect to a proxy on Android

    • Make sure you are using the most current version of WhatsApp.
    • In the Chats tab, tap More options / Settings.
    • Tap Storage and Data > Proxy.
    • Tap Use Proxy.
    • Tap Set Proxy and enter the proxy address.
    • Tap Save.
    • A check mark will show if the connection is successful.

    Connect to a proxy on iPhone

    • Make sure you are using the most current version of WhatsApp.
    • Go to WhatsApp Settings.
    • Tap Storage and Data / Proxy.
    • Tap Use Proxy.
    • Enter the proxy address and tap Save to connect.
    • A check mark will show if the connection is successful.

    As per WhatsApp’s official statement, the level of privacy and security that the app provides should remain just as high when connecting via proxy, so we shouldn’t be worried about privy eyes. End-to-end encryption will remain active even when connecting the app through other servers via proxies, so messages should not be visible to anyone in between (i.e. proxy servers, WhatsApp, or Meta).

    To take advantage of proxy support, check out the new feature in the settings menu, but first make sure you have the latest version of the app installed.

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  • Bed Bath & Beyond in crisis as turnaround plan fails

    Bed Bath & Beyond in crisis as turnaround plan fails

    US home goods retailer Bed Bath & Beyond is likely to file for bankruptcy protection as there is “substantial doubt about the company’s ability to continue” after sales floundered over Christmas-New Year.

    In a business update, the company said a turnaround plan initiated at the start of the third quarter with a refocus on merchandising and inventory control while strengthening its financial position had failed to deliver anticipated results.

    However, based on preliminary results for the quarter ending November 26, sales fell 33 per cent to US$1.259 billion reflecting lower customer traffic and reduced levels of inventory availability. A net loss of approximately $385.8 million was also registered.

    Sue Gove, president & CEO at Bed Bath & Beyond, said: “Despite more productive merchandise plans and improved execution, our financial performance was negatively impacted by inventory constraints as we partnered with our suppliers to navigate both micro- and macro-economic challenges.”

    She added the company subsequently leveraged the liquidity gained from the holiday season to immediately pursue higher-in-stock levels to support key vendors.

    “We continue to manage our financial position amidst a changing landscape and work with expert advisors as we consider all paths and strategic alternatives to accomplish our short- and long-term goals,” said Gove.

    Neil Saunders, MD at GlobalData, said the business has “burnt through” most of its liquidity and will need to raise further funds to continue operating.

    “Despite a desperate attempt to shore up finances and improve the customer experience, sales continue to slump and losses continue to mount. Put bluntly, the business is moving at rapid speed in the wrong direction with bankruptcy the most likely destination.”

    The company informed investors that it continues to consider all “strategic alternatives” including restructuring or refinancing its debt, selling assets, seeking additional equity capital and obtaining relief under the US Bankruptcy Code, though the measures may not be successful.

    According to Reuters, the company has interest payments on roughly $1.5 billion of bonds which are due February 1. It will likely be skipped to conserve cash triggering a 30-day grace period before the entity defaults.

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  • Dr Martens shuts all stores in the Philippines

    Dr Martens shuts all stores in the Philippines

    German-founded British footwear and apparel brand, Dr Martens, has closed all of its physical stores in the Philippines.

    The brand announced on social media that it closed all of its remaining four stores in Glorietta 4, SM Mall of Asia, SM Megamall, and Manila Bay by the end of last month. However, Dr Martens did not disclose the reason behind its physical withdrawal from the market.

    Local sources said Dr Martens started shutting its stores in the country last February, including its flagship store in Two Parkade BGC.

    UK-based footwear retail reported a 13 percent year-on-year increase in revenue, reaching US$507 million in turnover for the first half of the fiscal year 2023. The brand opened 21 new stores and closed five stores during the period.

    “Although there are economic challenges ahead, we are well positioned for future growth,” said Kenny Wilson, CEO of Dr Martens.

    Dr Martens’ store closure in the Philippines occurred despite the market having seen growth in sportswear spending. Last month, US sneaker chain Foot Locker expanded into the country with the first store opened inside Manila’s Glorietta shopping mall under the partnership with Indonesian retailer MAP Aktif Adiperkasa.

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