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Tag: asia

  • Asos gives up on the Chinese market

    Asos gives up on the Chinese market

    Asos has made the decision to remove its Chinese operations as the retailer found expansion of the business too costly.

    Instead of holding stock in China, Asos will serve it Chinese customers through its global platform and ship clothes from Europe. Asos will also be discontinuing its Mandarin website. Chief Executive Nick Beighton noted that the closure of the Chinese website would “remove the drag on earnings and a £60m to £70m operating loss”.

    Due to complex restrictions on clothing commerce in China, the fashion etailer has found it is easier to ship to China from the UK. Certain difficulties Asos has encountered within China are regulations on clothing labels and cultural issues such as selling one seasonal range in a country with diverse climates throughout.

    As well as these, Asos struggled to attract Chinese consumers away from etail behemoth Alibaba which dominates 75% of the ecommerce market.

    The CEO stated that the company’s decision to pull the plug on Asos.cn was part of its strategy to concentrate on less regions.

    “Getting eyeballs on our product has proven more difficult than we thought. There are always challenges as a start-up in a country, but there are additional challenges to being a start-up in China,” Beighton said.

    “We are simply serving our growing customer base there in a more efficient, less costly manner”.

  • Samsonite profits up in 2015 but outlook ‘uncertain’

    Samsonite profits up in 2015 but outlook ‘uncertain’

    Luggage giant Samsonite on Thursday warned its outlook for this year was “uncertain” owing to the growth slowdown in key market China and a stronger US dollar.

    The firm said in a filing with the Hong Kong Stock Exchange that despite a tough trading year, it saw net profit rise 6.1 percent to $197.6 million last year thanks to record revenues of $2.43 billion.

    “Our business has emerged stronger from 2015… despite various headwinds around the globe,” chairman Timothy Charles Parker said in the statement.

    However, chief executive Ramesh Dungarmal Tainwala said the outlook for 2016 “remains uncertain, with challenging trading conditions expected in a number of our key markets including China, and the negative currency translation impacts from the strong US dollar expected to continue affecting our business”.

    The world’s second-largest economy expanded 6.9 percent in 2015, the worst performance in a quarter century and a far cry from the years of double-digit increases. The country’s luxury market also took a hit from a years-long corruption crackdown.

    “It is undoubtedly the case that the days of 20-30 percent growth in China are over,” Parker said.

    Shares in the company ended the morning session 1.54 percent up at HK$26.30 Thursday.

    The warning comes after Samsonite earlier this month said it would buy US luxury bag maker Tumi in a deal worth $1.8 billion, which analysts said would provide a foothold in the still-lucrative high-end market in China.

    The move follows the purchase last year of airport retailer Rolling Luggage and Italian accessories seller Chic Accent.

    Parker said the Tumi deal is expected to close in the second half of the year subject to shareholder and regulatory approval.

    “Tumi is a perfect complement for our business… We believe we are buying a strong, profitable and well-run business, with considerable flair and success behind it in the American market,” he said.

    Samsonite raised $1.25 billion in an initial public offering in Hong Kong in June 2011, one of several Western brands — including Prada and Esprit — seeking to use the city to boost their presence in fast-growing Asian markets, particularly China.

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  • Philippines office rates among cheapest in Asia

    Philippines office rates among cheapest in Asia

    The average office rental rate in the Philippines is much cheaper than anywhere else in Asia-Pacific but this segment is very lucrative because brisk demand from business process outsourcing (BPO) is driving growth at a “healthy” pace, experts from global property consulting firm Jones Lang LaSalle said on Wednesday.

    Apart from office property, JLL sees bright investment prospects for upper mid-end residential assets or those worth between P15 and P18 million particularly in Bonifacio Global City and Makati, JLL country head David Leechiu said in a briefing.

    JLL is also upbeat on investment prospects in budget hotels—referring to two- and three-star accommodations—across the country outside of Makati, Bonifacio Global City and the Manila Bay area as it expects tourism to be the next big thing in terms of Philippine real estate growth.

    In the office segment, local rental rates have risen but they are still 33 percent below the peak levels seen in 2007 or before the US-induced global financial crisis erupted. As of the second quarter, average rental rates for Grade A office in Manila amounted to $209 a square meter a year compared to $1,758 in Hong Kong, $683 in Beijing, $504 in New Delhi and $441 in Sydney, based on estimates by JLL.

    “Manila is much cheaper than anywhere else,” said Alastair Hughes, Jones Lang LaSalle chief executive officer for Asia Pacific. But such low rental prices should also allow the Philippines to be more competitive in attracting more BPO firms, Hughes said.

    This year, Hughes said rental rates in Manila could rise an average 10 percent, which he described as “a good level of sustainable rental growth.”

    Average office rental rates in Makati are estimated at between P600 and P900 a square meter a month; in Bonifacio Global City, P600-P800/sq.m.; in Pasig City, P500-P700/sq.m., Quezon City, P400-P600/sq.m., and in Manila Bay area, P500-P550/sq.m.

    Leechiu said the most lucrative areas for office investments were still in Bonifacio Global City, Makati and Quezon City. JLL estimated that average annual demand for office property would reach at least 300,000 sq.m. in gross leasable area a year up to 2015. Based on the number of buildings under construction, it projected an office supply deficit of about 200,000 sq.m. by 2015 if demand would go up to 360,000 sq.m.

    But outside Metro Manila, he said the opportunities were limited because demand for office space was mostly driven by BPOs that mostly thrive in Metro Manila, which produces the biggest bulk of skilled manpower required by this industry.

    Within the metropolis, he said there was very little office space left for rent. “BPOs have wiped them out,” he said. For the first time in three years, he noted there were BPO companies now signing lease contracts ahead of building completion.

    “The Philippines has become a part of the anti-crisis solutions of many companies. They’re thinking of cost and to address that cost, [offshoring to the Philippines] is part of the answer,” Leechiu said.

    On residential property, Leechiu said upper mid-end residential assets in Bonifacio Global City and Makati would be most promising. On the other hand, he said it was “very dangerous” now to invest in residential mid-market property, noting that there were 15 big property developers out there competing for this market.

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  • Carl Cruz assumes duties as Chairman of Unilever Sri Lanka

    Carl Cruz assumes duties as Chairman of Unilever Sri Lanka

    With effect from March 1, 2016, Carl Cruz assumed duties as Chairman of Unilever Sri Lanka, taking the helm from his predecessor, Shazia Syed who has returned to Pakistan to assume her duties as the Chief Executive Officer of Unilever Pakistan.

    Carl arrived in Sri Lanka from the Philippines, where he last served as the Vice President of Customer Development for Unilever Philippines. Under his leadership, the function was transformed into an execution and talent powerhouse for the business, while simultaneously achieving sustainable double digit growth.

    Joining Unilever immediately after graduating from university in 1992, Carl began his career in General Trade before eventually becoming the company’s first General Trade Development Manager. In 1999 as the Sales Development and Trade Marketing Manager, he setup Unilever’s Category Management and Retail Solutions capability which was critical in attaining thought leadership in the Philippines Retail Trade Industry. In his 24 years with the organization Carl has gained an extensive breadth and depth of experience in Customer Development and Marketing in the Philippines, Thailand and India.

    Speaking about the business he has inherited, Cruz said, “Sri Lanka is an important market for us and these are exciting times for the country. Over the last two years, the Unilever Sri Lanka teamhas worked diligently to ensure the growth of the business and delivered exceptional results. We have the right mindset and ambition to capitalize on the current situation. I look forward to energizing our team, building on the gains we have made and bringing to life our vision of improving the lives of Sri Lankan consumers.”

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  • Smiggle’s global expansion accelerates

    Smiggle’s global expansion accelerates

    Billionaire businessman Solomon Lew has unveiled a new target of 100 new Smiggle UK stores by Christmas.

    A further 40 to 60 of the popular stationery stores are planned to open in the UK each calendar year from 2017 to 2019.

    Smiggle is the highlight of Mr Lew’s retail investment arm Premier Investments which owns seven brands, including its other core brand, designer sleepwear Peter Alexander.

    Mr Lew, the chairman of Premier Investments, said he was confident Smiggle would conquer the world.

    “This brand will be successful in every country in the world where there are children,” he said.

    “This market is going to grow and grow and become a world brand.”

    Smiggle’s global sales rose 46.5 per cent in the six months to January 30 with strong like-for-like sales in all four countries it trades in, including Australia, New Zealand and Singapore.

    Mr Lew said the standout was Smiggle UK which continued to trade ahead of expectations.

    The UK business had 42 stores by the end of the half and is on track to achieve 200 stores and $200 million in sales within five years.

    Smiggle’s rollout in Asia is also on track with its first Malaysian store to open in April and its first Hong Kong store set to open in May.

    Malaysia and Hong Kong is expected to have a total of 50 stores in five years.

    All of Premier Investments’ brands, including Just Jeans, Dotti, Portmans, Jacqui-E and Jay-Jays, recorded like-for-like sales growth in the first half.

    Peter Alexander’s sales grew 22.5 per cent, with eight new store openings in Australia and New Zealand during the half.

    Total group sales rose 15.1 per cent to $565 million and net profit climbed 26 per cent to $71.5 million in the half.

    Mr Lew said the company’s balance sheet was strong and the group remained open to potential future acquisitions.

    Premier’s shares closed 60 cents, or 4.1 per cent, higher at $15.31.

    PREMIER’S PROFIT JUMPS ON STRONG SALES:

    * Net profit up 26pct to $71.5m

    * Revenue up 15.1pct to $565m

    * Fully franked interim dividend up two cents to 23 cents

    SMIGGLE STORE COUNT IN FIRST HALF:

    * 126 in Australia

    * 23 in NZ

    * 18 in Singapore

    * 42 in the UK

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  • Central Market signs up to 11street Malaysia

    Central Market signs up to 11street Malaysia

    One of Kuala Lumpur’s oldest and most famous markets for cultural items and handcrafts is about to have an online sales outlet, through 11street Malaysia.

    Central Market has signed a memorandum of understanding with the online marketplace to make its retailers’ offerings available. This will enable customers anywhere to browse and buy products from Central Market’s diverse mix of retailers, including home and living, fashion, sports and leisure, electronics and even groceries.

    11street - Central Market 2

    “This strategic collaboration will enable a business that started in the 19th century to make its products available across the country through a 21st-century medium,” says 11street CEO Hoseok Kim. Dating back to 1888, the market has 300 tenants and has become a landmark for souvenir shopping.

    “Collaborating with 11street has been a fantastic development for us,” says Central Market complex manager Cheong Wai Mun. “One of the secrets of Central Market’s unbroken track record of success has been its location within the heart of Kuala Lumpur. Being close to a public transportation hub has also helped make it a major attraction for both tourists and Malaysians. Now, with the brand new presence on 11street, Central Market has broken its reliance on geography.”

    Market tenants have welcomed the move.

    “All of Central Market’s tenants will benefit from the solid marketing support 11street offers its clients,” says Kim. “That includes education and training programs that cover effective product listing, digital content strategy, integrated online marketing, and photography.”

    To mark the launch, a series of promotional offers and discounts of nearly 40 per cent will be offered by Central Market tenants on 11street until next February.

    New ambassadors

    Meanwhile, 11street has announced that actor/entertainer Zizan Razak and YouTube singer Elizabeth Tan will be its brand ambassadors this year.

     

    11street ad

    They will make their first appearance at 11street’s first anniversary celebrations, at Nu Sentral Shopping Centre in Kuala Lumpur on April 11. Also attending will be celebrity influencers Intan Ladyana and Atikah Suhaime. will present to the jubilant birthday celebration.

    During the event, 11street will be announcing its collaboration with Xpax, a prepaid brand for youth under Celcom Axiata.

    Leading up to the event, 11street is running on-site promotions from April 1, with discount coupons for customers. There is also a contest with a helicopter ride followed by a dinner with Razak and Tan as a prize.

    Established in Korea in 2008, 11street has 400,000 sellers serving more than 30 million consumers worldwide.

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  • Funding boost for FashionValet

    Funding boost for FashionValet

    Malaysia-based eCommerce fashion company FashionValet has received a “multi-million-dollar” funding from Start Today, which runs Japanese online fashion mall ZozoTown.

    FashionValet co-founder/CEO Fadzarudin Anuar says the move is “clearly more than a financial investment”, and that Start Today’s experience in building ZozoTown will prove invaluable as FashionValet charts its next stage of growth around the region.

    “FashionValet has done an amazing job of developing high-demand brands and products from local designers,” says Start Today CDO Koji Yanagisawa. “We feel there is a lot we can share with them with respect to back-end operations.”

    Founded in 2010 by Fadzarudin and his blogger wife Vivy Yusof, FashionValet sells fashion apparel, shoes and accessories, and in 2014 alone had total revenue of more than $1.2 billion. Over the past 12 months it claims to have doubled its revenue, and set up a presence in Indonesia and Singapore. The company has more than 500 Southeast Asian brands, with half from Malaysia and 180 from Indonesia, and 40 per cent of its online sales come from international customers.

    It first physical store was in Kuala Lumpur, with a second scheduled to open along Singapore’s Orchard Rd this year.

    Start Today’s investment in FashionValet comes exactly a year after the startup’s Series A round, led by Silicon Valley-based Elixir Capital. Internet company MYEG also invested in the company in 2012.

    Founded in 1998, Start Today is based in Chiba, Japan.

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  • China ripe for AmorePacific

    China ripe for AmorePacific

    AmorePacific, South Korea’s largest cosmetic company, has reaffirmed its commitment to China, seeing further room for growth in the rising middle-class consumers there, the firm said Thursday.

    AmorePacific has shown stellar performance in China with a range of luxury and low-end brands, thanks to the rising popularity of Korean drama and pop. It logged 5.66 trillion won (US$4.93 billion) in sales last year, up 20.1 per cent year-on-year.

    The Korean multinational owns the cosmetics and retail brands Etude House, Laneige, innisfree, and sulwhasoo, among others.

    “By 2020, the middle class population is expected to reach 500 million, and its size and influence will greatly expand in the next decade,” AmorePacific CEO Suh Kyung-bae said during a monthly meeting with senior officials earlier this month.

    While Beijing has applied non-tariff barriers, such as those on ingredients and the approval of foreign brands, Suh expects the focus of regulations will move to distribution to curb counterfeit items and the grey market.

    “However, the tightened retail regulations will have a limited impact on companies that have already established distribution channels in the Chinese market,” Suh said.

    While fledgling cosmetics producers have bloomed over the past years, Suh expects it will take time for them to match the level of its technology and brand power.

    “We will have to keep an eye on the growth of emerging local companies, but brand power is not something they can get in a short period of time,” he said.

  • Seoul insect restaurant opens

    Seoul insect restaurant opens

    Papillon’s Kitchen, a new Seoul insect restaurant has been packed since its opening – and is fully booked for the next few months.

    Although insects are known to be a great source of protein, and often mentioned as the ‘food of the future’, many consumers avoid them due to their appearance. However, the number of individuals who enjoy edible insects as a meal is continuously increasing as awareness builds of their health value.

    ‘Papillon’s Kitchen’, the first insect restaurant in Korea, serves food made from insects such as grasshoppers and crickets.

    During a recent mealtime watched by Korea Bizwire staff, guests sat around a large table and enjoyed pasta, soup, and croquettes made from insects. They seemed to be enjoying their meal, as everyone appeared to be content.

    “There’s no problem with food cooked with insects when I can’t see them,” said one female customer, raising her thumb in approval.

    With food scarcity becoming an increasing concern due to the rapid growth of the global population, insects could be a great substitute for traditional sources of protein. The academic world and food industry predict that in the not-so-distant future, insects will rise as one of the main sources of nourishment for humans.

    Insect resturant 1

    While 100 grams of beef contains 21 grams of protein, the same mass of dried grasshoppers contains 70 grams of protein. Insects are also less fattening, as they contain half the calories of rice and beans.

    Insects are also considered to be an eco-friendly food source. According to the Food and Agriculture Organization (FAO), the food resources used to breed cows for beef could contribute to the production of 12 times as many crickets. Even more significant, the amount of greenhouse gas produced when raising crickets is one hundredth the amount produced when raising cows.

    Insect resturant

    Due to new perspectives on insects as food, the Korean government and related industries are taking fast action. Currently, the government has certified mealworms and crickets as ‘general food ingredients’. Food industry giant CJ also started research on edible insects in collaboration with the Korean Edible Insect Laboratory Knowledge Coop (KEIL).

    Experts comment that people hold prejudice on insects simply because of their unattractive appearance. They expect  edible insects will soon be commercialised due to their many benefits.

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  • US buyer for Korea’s Kim’s Club

    US buyer for Korea’s Kim’s Club

    A US private equity giant is the successful bidder for South Korean hypermarket chain Kim’s Club, part of the fashion and retail conglomerate E-Land Group.

    Named the preferred bidder for Kim’s Club, Kohlberg Kravis Roberts (KKR) will now discuss with E-Land the acquisition of the right to run the 37 hypermarkets as well as the group’s logistics centres, according to Business Korea.

    KKR focuses on online-to-offline (O2O) retail business investment, and with its bid for Kim’s Club seeks to create synergy with its previous investment in the retail industry, both online and offline, says an E-Land spokesman.

    As Kim’s Club is located in E-Land Retail’s department stores and outlets as a food market, the two companies are expected to maintain the partnership. Moreover, KKR is continuing talks for a possible sale of the Gangnam branch of the New Core Department Store.

    E-Land and KKR plan to conduct due diligence and set the selling price before signing a final contract in early May. The sell-off of Kim’s Club is expected to be complete within the first half of the year.

    E-Land is seeking between 700 billion to one trillion won (US$598-$854 million) for the rights to the hypermarket chain, according to wire service Yonhap.

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  • Vodafone said to start preparations for Indian IPO

    Vodafone said to start preparations for Indian IPO

    The company has asked interested investment banks to sign NDAs so it can provide more detailed information about the unit, citing people familiar with the matter.

    Vodafone may be ready to pick advisers by next month, the sources said. Around 10% of the Indian unit could be sold as part of the IPO. Vodafone India has a potential valuation of around $20 billion, which would make the IPO the largest in India to date.

    Vodafone has been planning to conduct an IPO for Vodafone India for some time, but macroeconomic, regulatory and market conditions have stood in the way.

    On the record, Vodafone spokesperson Matt Morgan commented that “[w]e have previously stated that we have started preparations for a potential IPO, which includes private conversations with banks, but this is a lengthy process and no decision will be made until we are at the end of it.”

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  • Robinsons Philippines income jumps 21.9 per cent

    Robinsons Philippines income jumps 21.9 per cent

    Robinsons Philippines has reported a 21.9 per cent increase in net income in 2015 to P4.3 billion ($90 million) on the back of same-store sales growth and sales from newly opened stores.

    Same-store sales growth for Robinsons Retail Holdings grew 4.1 per cent in 2015, exceeding the 2-3 per cent consolidated same-stores sales target for the year.

    The company’s consolidated net sales reached P90.9 billion last year, up 13 per cent from P80.4 billion in 2014.

    The retail holding firm of the Gokongwei group reported opening 2015 with 179 new stores and ended the year with a total of 1506 stores.

    “I am heartened by the strong same-store sales growth performance of all our retail formats in 2015, despite the intensifying competition,” Robinsons Retail President and CEO Robina Gokongwei-Pe said.

    “We have also gotten into a good start this 2016 with solid same-store sales growth for the first two months of the year as we benefited from increased consumer spending from a still robust domestic economy. We will continue with our footprint expansion, with focus on areas outside Metro Manila,” Gokongwei-Pe said.

    The opening of new stores expanded the company’s gross floor area by 9.7 per cent year-on-year, the company said.

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  • Tencent Holdings rakes in $15 billion

    Tencent Holdings rakes in $15 billion

    Chinese eCommerce giant Tencent Holdings increased its revenues last year by 30 per to RMB101.9 billion ($US15.7 billion).

    Excluding its eCommerce business, the revenue increase was 38 per cent, to RMB102.2 billion.

    Tencent’s subsidiaries provide media, entertainment, internet and mobile-phone value-added services, and provide online advertising services in China.

    Chairman and founder Ma Huateng says its online game business had healthy revenue growth, mainly driven by smartphones, key PC titles and new client games launched during the year. The company’s social network revenues also grew, from increased digital content subscription services, QQ membership subscription services and virtual item sales.

    Revenues from online advertising shot up 110 per cent to RMB17.5 billion.

    Hong Kong- and Singapore-listed Tencent continued its traffic leadership in multiple online media categories such as video, sports, music, news and literature through partnering with premium content providers including the NBA, HBO, Paramount, Sony Music and Warner Music, and investing in original content.

    “During the year, we further executed our ‘connection’ strategy, bringing our own and our partners’ products and services to our consumers through cultivating an ecosystem around our core communication and social platforms,” says Ma in his chairman’s statement.

    Key initiatives for the group’s “internet-plus” ecosystem included:

    * Enriching products and services available within its platforms, such as introducing personal micro-loan products and municipal services like visa applications

    * Promoting online payment services

    * Growing mobile utility services, including security, a browser, an application store and strengthened infrastructural supports

    * Investing in equity stakes in leading companies in related internet verticals, such as Internet Plus Holdings.

    Industry trends

    Ma also noted a range of industry trends…

    “Messaging and social networking continued to rank as the highest time spent and widest penetration activities on smartphones, and evolved into increasingly relevant content-discovery media. Search queries moved primarily to mobile, and search remained an important content-discovery tool, along with application stores.

    “Online shopping became increasingly widespread, especially in lower-tier cities, and eCommerce transaction volumes sustained healthy growth rates.

    “Online advertising activity shifted decisively from PC to mobile, with particular growth in areas such as performance advertising on social networks, pre-roll advertising in video services, and in-feed advertising in news services.

    “Users proved increasingly willing to pay for digital content such as movies, TV series and music.

    “Mid/hard-core smartphone games, including PC game franchises moving to smartphones, boosted game-industry revenue.”

    Ma says China’s internet companies in sectors such as ride-hailing, classified listings, group buying, and online travel services competed with heightened intensity last year, leading to rapid user growth but reduced or negative profitability. “Consequently, several leading companies in these sectors consolidated with competitors, creating a wave of merger and acquisition activities.”

    There were more offline-to-online transactions last year which, together with the emergence of person-to-person payment transactions, contributed to substantial growth in online payments.

    Key platforms

    On Tencent’s key platforms, the QQ Wallet payment service gained popularity, with about 6 billion red envelopes exchanged within six days during the Lunar New Year holidays early this year.

    Qzone user activity benefited from enhanced features in areas such as sticker sharing and photo-album editing.

    There was year-on-year growth of 39 per cent for Weixin and WeChat together, with official accounts becoming a leading platform to connect users to content creators, merchants and advertisers.

    Weixin Pay also increased in popularity, with more than 32 billion red envelopes being exchanged within the six-day Lunar New Year holidays – growing by nine times year-on-year.

    Ma says the group’s social networks experienced 30 per cent revenue growth last year as digital content subscription services, QQ membership subscription services and virtual item sales were improved.

    “Our cloud service achieved more than 100 per cent year-on-year revenue growth as we promoted our services to key enterprise customers from a range of verticals such as eCommerce, O2O services, online games, online video and internet finance.”

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  • The 23rd Hong Kong Fashion Week for Spring/Summer Curtains Up in July with Debut Women’s Wear and Knitwear Zones

    The 23rd Hong Kong Fashion Week for Spring/Summer Curtains Up in July with Debut Women’s Wear and Knitwear Zones

    The 23rd HKTDC Hong Kong Fashion Week for Spring/Summer (FWSS) will be staged from 4-7 July 2016 at the Hong Kong Convention and Exhibition Centre with Women’s wear and Knitwear as debut zones to optimize buyers’ sourcing selection. The premium fair in the region is expecting around 1,200 worldwide exhibitors. Previous edition attracted 16,000 buyers from 65 countries and regions.

    Popular thematic zones return

    Private or house labels have become increasingly effective marketing tools among fashion industry players to differentiate and upgrade the image of products. Emporium de Mode in FWSS is a dedicated premium section dedicated to promote elegant fashion brands. Fashion Gallery is an ideal platform to display brand labels and high fashion while the International Fashion Designers’ Showcase showcases unique designer brands for potential clients. Under the four major categories of Apparel, Upstream Supplies, Fashion Accessories and Technology and Business Matching, zoning will be fine-tuned to Footwear, Leggings & Socks, Eyewear, Hair Accessories & Headwear, Belts and Ties and Embroidery & Sewing Supplies to offer one stop platform to best catering buyers’ demand. Other popular zones will return with splendour, including Activewear & Sportswear, Intimate & Swim Wear, Children’s Wear, Men in Style, Denim Arcade and Fabrics & Yarn. Qualified exhibitors are awarded a “Green Solution Suppliers” insignia on their booth fascia to address the growing demand on eco-friendly apparel.

    China market remains resilient

    Chinese mainland market continues to be a driving force for Hong Kong Fashion industry. As of 29 Feb 2016, Hong Kong’s total exports of clothing & clothing accessories to mainland and Macau rose 2.2% and 8.8% respectively to $1.42 billion and $504 million. According to HKTDC’s research, mainland consumers generally find Hong Kong clothing brands trendsetting, fashionable and tasteful. They are willing to pay an average premium of 36% to purchase Hong Kong branded garments. Hong Kong Fashion Week for Spring/Summer serves an effective springboard for traders to expand their business in mainland and Asian market.

    “This fair is the right place for us to gain exposure to meet buyers. Buyers from the mainland and Australia are especially keen to source from us,” said Martens Yiu, Managing Director of Deut St. Limited which is expanding Chinese market. Stationed in Hong Kong, the company has been an exhibitor of Hong Kong Fashion Week for Spring/Summer for consecutive 3 years, reflecting its confidence on HKTDC’s marketing platform for business promotion.

    Neon Garden as fair theme

    With the theme of Neon Garden, a series of fashion house shows and runway parades will go alongside the Fashion Week to reinforce Hong Kong’s position as Asian fashion trendsetter. HKTDC offers business matching services, networking receptions, seminars and buyer forums during fair to provide a perfect platform for industry players to exchange market intelligence and explore new business opportunities. WGSN and Fashion Snoops are invited to talk about market trend. The Small-Order Zone is available for buyers sourcing from 5 to 1,000 pieces.

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  • Lotte Duty Free Ginza store opens

    Lotte Duty Free Ginza store opens

    Tokyo’s new Lotte Duty Free Ginza is the largest duty-free store in the Japanese capital.

    Covering 4400 sqm, it occupies the entire eighth and ninth floors of the new Tokyu Plaza Ginza, at Sukiyabashi intersection, connecting the historic and cultural Hibiya district to Ginza, Japan’s most famous shopping street.

    With about 150 international brands, the store has luxury boutiques on the eighth floor, and international cosmetics on the other floor. Cosmetics include Estee Lauder, Lancome and Shiseido, fashion brands include Alexander McQueen, Coach, Gucci, Hugo Boss, Ralph Lauren, Zegna and South Korea’s MCM, while there will be watches from such brands as Blancpain and Omega.

    There is also a Japanese souvenirs section.

    Tokyu Plaza Ginza is an 11-storey retail, commercial and entertainment complex developed by theTokyu Land Corporation.

    Meanwhile, a two-level Lotte Duty Free store is also planned for Osaka, to open early next year.