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Tag: asia

  • Bank of Tokyo Mitsubishi UFJ gets ready for Myanmar’s new RTGS system

    Bank of Tokyo Mitsubishi UFJ gets ready for Myanmar’s new RTGS system

    Bank of Tokyo Mitsubishi UFJ (BTMU) is preparing its systems in Myanmar for the launch of Central Bank’s (CBM) real-time gross settlement (RTGS) system.

    Launch is set for the end of 2015 and the development forms part of Myanmar’s move to modernisation. CBM also has the backing of the Japan International Cooperation Agency and the World Bank.

    CBM is assisting local banks and foreign banks’ branch offices in preparation of the new system, which will allow the immediate settlement of large domestic interbank payments.

    In an interview with The Myanmar Times, Go Watanabe, CEO of Asian and Oceania region, BTMU, says it has seconded staff to the project development team; and it is ‘now able to provide basic financial services including foreign exchange and derivatives trading, and is preparing to launch a more comprehensive suite of trade finance solutions’.

    Watanabe says he expects CBM to ‘review regulations governing foreign exchange, which will lead to greater efficiency for cross-border transactions and international settlement’.

    The Japanese bank was the first of nine foreign banks to open its branch office in the capital Yangon in April this year, becoming the first international lender to begin operations in the country for more than 50 years.

    There will be the inevitable competition, but Watanabe expresses a desire for collaboration.

    ‘Given Myanmar’s banking industry is still in its infancy, it would make sense for the foreign banks to pull our knowledge and expertise together to develop the necessary banking and finance related infrastructure to help move it to the next level,’ he says.

    The Myanmar Times says: ‘BTMU is one of three Japanese banks permitted to offer banking services in Myanmar, and opened its Yangon branch with initial capital of $100 million. BTMU provides services including deposits, loans and foreign exchange to foreign companies and domestic banks.

    ‘Under existing regulations, foreign banks in Myanmar can only deal directly with foreign companies, local-foreign joint ventures, and Myanmar’s domestic banks. They do not yet have access to local retail or corporate clients.’

    Watanabe says, in addition to working with global corporates, BTMU plans to use its majority stake in Thailand’s Bank of Ayudhya PCL – known in Thailand as Krungsri – by ‘tapping its Thai SME segment to further attract investors into Myanmar’.

    In both Thailand and Japan, he says, many companies are looking to diversify their investments, and could potentially begin investing in Myanmar.

    The bank will also use its partnership with Co-operative Bank (CB Bank), based in Myanmar, especially in the area of transaction banking, he says. BTMU signed an agreement with CB Bank back in 2013, to act as a technical adviser.

    Watanabe says the two banks have a joint committee of senior management executives, which aims to encourage knowledge and relationship sharing.

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  • Hong Kong Property Prices Expected to Fall by 2016

    Hong Kong Property Prices Expected to Fall by 2016

    Despite being the city with the 3rd most expensive real estate prices in the world and home prices hitting a record high earlier this year, Hong Kong property prices are expected to begin to drop in 2016, according to experts and analysts in the city’s residential property sector.

    With an average price at $22,814 per square meter, property values in Hong Kong have long been ranked third in the world and have been considered to be extremely pricey. One of the main leading reasons for the high prices and the constant increase in value was the limited space in the financial hub of Asia.

    Home values have been on a constant rise as proven by the 340% increase since 2003. The relentless rise in real estate prices has, in fact, renewed concerns that the government may impose more property tightening measures to puncture the trend. Example of such a measure would be stricter mortgage restrictions or higher taxes on foreign purchases.

    However, this trend seems to be changing. Both JPMorgan Chase and the global lender UBS disclosed recently that home prices in Hong Kong could be on the fall until the end of 2017 as buying demand is hurt by an economic slowdown in China and Hong Kong, rising unemployment rates, and a lower inflation rate.

    The Future of Hong Kong Property Prices?

    According to Cusson Leung, the head of Hong Kong research, conglomerates and property for JPMorgan, there is a high chance that residential prices will start falling by 5% to 10% per year starting in 2016.

    Despite the expected fall in residential housing prices starting next year, real estate prices are still expected to rise for the rest of 2015. With the new homes and existing housing expected to be 5% and 10% more expensive respectively, property values for this year will still be relatively expensive.

    Eva Lee, executive director and head of Hong Kong/China Property Research at UBS, was of the same opinion. In a briefing the earlier week, she mentioned that the upcoming cycle that will lead to the fall of Hong Kong property values will be different from previous ones, This is because it will not be triggered by global economic shocks, but rather the deteriorating local economy.

    Cusson Leung pointed out that the shrinking retail market in Hong Kong, mainly driven by the closure of many luxury brand stores, was one of the main factors in driving down the property sales. The other factors were rising unemployment, shaken investors’ confidence over concerns that China’s growth is slowing, and that the global markets may suffer from a planned in the interest rate hike in the United States.

    According to Leung, “Pressure on the economy is the biggest concern here instead of an interest rate hike.”

    Alfred Lau, a property analyst from Bocom International predicted the potential fall in prices from looking at real estate prices relative to property stocks. Lau said that Hong Kong home prices are now the highest compared to property developer stocks in almost two decades.

    “It is a sign that the property market will drop as much as 20 per cent in the last quarter this year,” he said.

    There were other signs telling the same story.

    In August, Hong Kong’s private-sector economy saw its sharpest contraction ever since 2009. This is a distress signal for the economic health of Asia’s financial capital.

    Weakest home sales in 17 months were also reported after a month-long stock rout that originated in China hurt market sentiment among buyers and investors. Comparing year to year data, the sales this year have been down by a third in terms of units sold.

    In regards to the shrinking retail market, it was found that 42% of the sales came from tourists. This is the highest proportion in the world and Hong Kong real estate values will suffer even more once the tourist arrivals fall and hit the retail market.

     

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  • Sinomax Invests in Dormeo NA

    Sinomax Invests in Dormeo NA

    Sinomax Group Limited (“Sinomax,” together with its subsidiaries, the “Group”) (stock code: 1418), a leading marketer, manufacturer and distributor of quality visco-elastic (“memory foam”) pillows, mattress toppers and mattresses in the United States (the “U.S.”), Hong Kong and the PRC, is pleased to announce that Sinomax USA, a wholly-owned subsidiary of the Group, has invested in Dormeo North America, LLC (“Dormeo NA”), a mattress company in the U.S..

    This strategic move marks significant progress in enriching Sinomax’s brand recognition and broadening the sales network in the North America memory foam market. Upon completion of the investment, Dormeo NA plans to expand the manufacturing facility at Winchester, VA, tripling the production capacity within two months. In view of the growing demand for “made in U.S.A.” products in the U.S. market, the investment in Dormeo NA effectively creates a new production line for Sinomax in the country to better serve customers’ needs and further enhancing the Group’s vertically-integrated business model and cost efficiency.

    As part of the transaction, Mr. Frank Chen, President and Chief Executive Officer of Sinomax USA and Mr. Kelvin Lam, Chief Financial Officer of Sinomax will become members of the Board of Dormeo NA.

    Mr. Jon Stowe, Chief Executive Officer of Dormeo NA, said, “Sinomax’s strong financial commitment to Dormeo NA, in conjunction with their vast global supply chain, infrastructure and resources will provide us with significant advantages in advancing our market penetration, brand awareness and supply chain efficiencies. This transaction marks a very important step in significantly boosting commercial opportunities for Dormeo NA.”

    Mr. Frankie Lam, Chairman of Sinomax, said, “We are pleased to strategically strengthen Sinomax’s leadership position in the U.S. memory foam market. The investment in Dormeo NA would definitely create powerful synergies with Sinomax in terms of customer base and product portfolio, as well as broaden our sales distribution network. It presents a huge opportunity for Sinomax to further increase its market share in the U.S. Going forward, we are continuing to explore possible strategic business opportunities in line with the Group’s business vision to bolster its presence in different geographical markets which in turn would fuel sustainable growth.”

  • Esprit Q1 turnover slips 15 per cent to HK $4.7 billion

    Esprit Q1 turnover slips 15 per cent to HK $4.7 billion

    Clothing retailer Esprit Holdings Ltd reported a 14.9 percent slide in first-quarter turnover on Monday as sales in Europe lagged and it cut its store footprint.

    Turnover in Hong Kong dollar terms fell to HK$4.7 billion in the three months ended Sept. 30, while the company cut its total controlled floor space by 7.6 percent.

    Turnover in Germany, which is the company’s biggest market and accounts for nearly half of its business, fell 15.5 percent. Turnover in the rest Europe – its second biggest market – fell 15.4 percent.

    In local currency terms, turnover fell 0.4 percent.

    The majority of the floor space reduction was in Esprit’s wholesale business. Retail floor space was reduced by just 1.3 percent and comp store sales growth was 10.8 percent.

    Esprit shares closed up 3.54 percent at HK$6.72 on the Hong Kong Stock Exchange earlier in the day.

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  • Pororo Park Singapore to open November

    Pororo Park Singapore to open November

    Pororo Park Singapore will open at Marina Square next month, the first for the animated penguin in Southeast Asia.

    Pororo is South Korea’s most popular cartoon character. The award-winning animation is broadcasted over 130 countries, including Disney Junior Channel and Okto Channel in Singapore. It’s dubbed ‘President of Kids’ with over 6.8 billion views on its YouTube channel.

    The new venue will open in Singapore on November 11, a collaboration between Iconix and DreamUs Edutainment. It is the first Pororo Park in Southeast Asia and the first outside South Korea and China.

    Pororo Express

    Located in Marina Square’s new retail wing, the 1000 sqm indoor edutainment playground will integrate a theme ride, indoor playground attractions, retail store, cafe, educational classes and entertaining shows under one roof.

    Pororo Park Singapore is themed around the animated series that follows the adventurous Pororo and friends, who often encounter challenges and learn practical and moral lessons through their exciting adventures in Porong Porong Forest.

    The venue includes Loopy’s Café and Rody’s Toy Store. The 60-seater Loopy’s Café serves food for both adults and children, with a view of the Marina Bay skyline.

    Pororo Park Singapore seats

    Visitors can get their retail therapy and purchase their favourite original character-themed souvenirs from Rody’s Toy Store. The store will house a variety of items ranging from toys, stationery to kid apparels and other souvenir items.

    Kim Jiwon, CEO of DreamUs Edutainment says Pororo Park Singapore aims to be the premier indoor playground in Singapore with top-quality attractions, well-loved characters and a unique mix of education and entertainment elements.

    “Modern busy parents will now have a one-stop location to entertain and educate their energetic, inquisitive young children.”

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  • Sa Sa profit set to plunge

    Sa Sa profit set to plunge

    Beauty products retailer Sa Sa International has warned its half year profits will plunge by 50 per cent.

    A Sa Sa profit warning filed with the Hong Kong Stock Exchange said preliminary analysis of accounts for the six months to September 30 pointed to a record decline in profit for the group.

    It blamed “the worsening operating environment of the retail sector which has led to significant drops in both sales and gross profit and reduced operational efficiency as a result”.

    In the second quarter, to September 30, Sa Sa has reported a 12.4 per cent fall in retail and wholesale turnover.

    “Turnover in Hong Kong and Macau markets declined by 13.2 per cent, while same store sales decreased by 10.1 per cent. The number of transactions decreased by 5.7 per cent, while the average sales per transaction decreased by 7.9 per cent.

    “The group’s retail and wholesale turnover in other markets (including Mainland China, Singapore, Malaysia, Taiwan and sasa.com) recorded a drop of 8.9 per cent during this period.”

    Sa Sa said overall consumer sentiment and Mainland Chinese arrivals “continued to be adversely affected by a number of factors with no significant signs of improvement”.

    “The strength of the Hong Kong dollar and the weaker yuan adversely affected the attractiveness of shopping in Hong Kong for both local consumers and Mainland Chinese visitors. Furthermore, the impact of “one-trip-per-week” policy has gradually gained momentum, leading to a decline of 13.1 per cent and 10.1 per cent in the group’s retail sales and same store sales in Hong Kong and Macau markets during the second quarter respectively.

    “The number of transactions of Mainland Chinese customers decreased by 4.1 per cent, while their average sales per transaction decreased by 12.5 per cent on a year-on-year basis, dragging down the overall performance.”

    Sa Sa says it will work on optimising product offerings and enhancing its customers’ shopping experiences to strengthen its position.

    The company says it will release final results for the half before November 30.

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  • VeganBurg relocates to US

    VeganBurg relocates to US

    Singapore-born vegetarian burger chain VeganBurg has shifted its head office to San Francisco as it prepares to launch its concept in the US market.

    The five year old company has retained its original store in Singapore – at 44 Jalan Eunos – along with its home delivery and event catering services.

    But now its main focus is on the US where it has established a new office in San Francisco and has its first restaurant under construction at 1466 Haight St.

    “Our goal is to have a successfully running restaurant in San Francisco,” says Cynthia Riddell, VeganBurg’s head of marketing.

    “San Francisco is our new home with our headquarters here, too. Customers and fans across the nation, something like 18 states, and globally, continually request us, which is really exciting news,” Riddell said in an interview with Vegan News.

    The founders and management of VeganBurg consider San Francisco as a “natural market” for its innovative gourmet (and meatless) burgers, or sandwiches’ as they will no doubt be known in the US.

    “Who we are fits so naturally in this city. VeganBurg is an innovative 100 per cent plant-based fast casual restaurant serving tasty vegan burgers with a fresh attitude. We love San Francisco, especially for its value of sustainably sourced produce and historical commitment to love, peace, and equality. There’s no better place to launch the new generation of the plant-based lifestyle.”

    The new US outlet has been opened on November 1.

  • Tupperware finds favour in China

    Tupperware finds favour in China

    Not long ago, Tupperware seemed to be a brand with a limited future.

    Tupperware’s background is selling products at relatively high prices through direct selling, or the party plan concept, rather than retail stores, a system dating back to the 1970s. In recent times it has come under pressure from mass-produced containers, usually manufactured in Asia, and marketed in retail stores at low price points.

    Neil Saunders, CEO of Conlumino, analysing the company’s last quarter financial results, says with another sequential improvement in its sales number, “Tupperware continues to show signs of progress”.

    Away from the established western markets – namely in North America and Europe –  emerging regions continue to be the mainstay of growth with sales up by 11 per cent on a local currency basis.

    “Within this group China (up 18 per cent), Indonesia (up 12 per cent), Middle East and North Africa (up 97 per cent), and South Africa (up 52 per cent) all posted strong performances.

    “Across most of these geographies, Tupperware continues to benefit from the growing number of middle class consumers and increased interest in home products.

    “That said, across most emerging markets sales are dominated by relatively simple food preservation products which are sold via catalogues,” observes Saunders.

    “Tupperware has identified this as an opportunity for growth. One of its ongoing initiatives is to increase the support and training of representatives in these regions so that more sales are made via parties and demonstrations – both of which are proven to result in the sale of higher priced products and in higher average order values. This, in our view, should help these regions to continue delivering even as they become more mature.”

    Tupperware’s total sales actually fell 11 per cent in the latest quarter. However that was purely the effect of exchange rate losses, with sales up seven per cent when measured in local currencies – up from four per cent a quarter earlier.

    Saunders says Tupperware’s development of Experience Centres are a positive move. These centres, which launched in Canada earlier this year and are now being introduced to the US, are physical locations in which the Tupperware sales force can be trained and where consumers can visit for demonstrations of products in a professional environment.

    “The aim behind the centers is both to increase brand exposure and to ensure a strong local presence in key markets in an era when many transactions are becoming remote and disintermediated. Initial results are encouraging.”

    Saunders says it is to Tupperware’s credit that it has recognised, that the way consumers buy and behave is changing.

    “However, rather than shifting its entire business model – which would mean the risk of moving away from relationship based selling – Tupperware is updating existing practices and procedures. This, in our view, is a sensible strategy.”

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  • Uniqlo Malaysia expands footprint

    Uniqlo Malaysia expands footprint

    After making its first foray into East Malaysia by opening two  stores in Kota Kinabalu, Sabah and one in Kuching, Sarawak, Uniqlo Malaysia is opening its first Perak store in the newly opened Aeon Mall Ipoh Klebang.

    This will be Uniqlo’s 31st store in Malaysia as the company increases its reach to make its high quality and affordable apparels more accessible to Malaysians.

    Uniqlo Perak Malaysia 1

    “As we further increase our reach to Malaysians, we want to be a brand that is present in various aspects of our customers’ daily lives. Be it just lounging at home or engaging in sports activities, we want to be the brand that provides clothes which enable them to engage in these daily activities with ease” said Jocelyn Ng, COO.

    Uniqlo Perak Malaysia 2

    Uniqlo Malaysia has lined up two more store openings in Johor and Sarawak, respectively. These will be the second Uniqlo stores for both states, after City Square in Johor Bahru and The Spring in Kuching.

    Uniqlo Perak Malaysia 4

    Uniqlo recently announced its collaboration with Disney to produce items with Disney,  Pixar, Star Wars and Marvel characters, which will be rolled out in its Malaysian network.

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  • “Fashion Hong Kong” x Japan

    “Fashion Hong Kong” x Japan

    Five innovative Hong Kong fashion designers; Chailie Ho, Kathy Lam, KOYO William, Lulu Cheung and Polly Ho, will showcase their 2016 Spring/Summer collections at the Mercedes-Benz Fashion Week TOKYO this month. The group show, “Fashion Hong Kong”, which is organised by the Hong Kong Trade Development Council (HKTDC), will be held at Hall B in Shibuya Hikarie at 8:30pm on 14 October.

    Versatility from five fashion designers

    Tokyo is known for its fashion-forward culture and the Mercedes-Benz Fashion Week TOKYO is one of the top-tier international fashion weeks. In the “Fashion Hong Kong” show, Chailie Ho will present her collection “Mermaid Circus”, which is built around fluid shapes and presented in hand-drawn watercolour prints. The latest collection by Kathy Lam will feature a playful dichotomy between white and blue that was inspired by “Lorelei”, a song by the famous band, Cocteau Twins. KOYO William will apply functional fabrics that are highly resistant to harsh environments to his collection “Welcome on board”. Lulu Cheung will introduce her “Light It Up” collection, which focuses on spreading positivity and love through natural forms that express buoyant femininity. Last but not least, Polly Ho will unveil her collection “The Happy Prince”, which is inspired by the popular children’s story and created with delicate Canton silk.

    Hong Kong’s strong fashion heritage

    “In Hong Kong, we have an ideal and supportive environment for the fashion industry. We have a strong heritage in the fashion business, from fashion design and manufacturing to marketing and sales supporting services, everything is fueled up and ready to go,” said Raymond Yip, Deputy Executive Director of the HKTDC. “We have a pool of talented and creative fashion designers and you can easily recognise their creativity in the collections. Through introducing the Hong Kong designers and brands to the international fashion arena, we hope to promote and showcase their talents.” Mr Yip added that the Hong Kong designers are thrilled to have the opportunity to display their latest collections at the Mercedes-Benz Fashion Week TOKYO and present their finest designs to local buyers, media, bloggers and fashionistas.

    Local Japanese buyers and PR experts have specifically made a trip to Hong Kong to assist the designers with their collection preparations. Prior to the “Fashion Hong Kong” show, designers will be able to meet with representatives from PARCO, a prominent local department store, to discuss the latest information in the fashion and retail industries. The “Fashion Hong Kong” show will be followed by the Fashion Gallery at CUBE1,2,3 on 15 October and the Joint Exhibition at Hillside Terrace from 20 to 22 October. At the Fashion Gallery, visitors will be able to see and feel designers’ runway pieces and other collections. A selection of items that inspired the designers will also be presented. Designers will be available on site to discuss their ideas and creations with visitors.

    Experience Hong Kong in Tokyo

    The HKTDC is collaborating with the brand Chef Nic Cookies, founded by renowned Hong Kong singer and actor-turned-entrepreneur Nicholas Tse, to provide an authentic taste of Hong Kong at the Fashion Gallery. As his first foray into the food business, Chef Nic Cookies is based on four flavors: sweet, sour, bitter and spicy, represented by butter, lemon, dark chocolate and chili cookies. To respect the Japanese culture and its strong emphasis on tradition, we have partnered with Polytrade Paper, a premium and awarding-wining paper supplier from Hong Kong, to provide top quality eco-friendly materials and inspirations for the event.

    By collectively presenting fashion, paper art and food at “Fashion Hong Kong”, the event highlights Hong Kong’s position as a lifestyle trendsetter in Asia.

    “Fashion Hong Kong” is a series of overseas promotional events organised by the HKTDC to promote Hong Kong fashion designers and brands at leading international fashion weeks. In addition to Mercedes-Benz Fashion Week TOKYO, the 2015/16 series also includes Hong Kong designer participation in Copenhagen Fashion Week and the upcoming New York Fashion Week.

    “Fashion Hong Kong” (Fashion Show)
    Date: 14 October 2015 (Wednesday)
    Time: 8:30 pm
    Address: Shibuya Hikarie Hall B, 9/F Shibuya Hikarie, 2-21-1 Shibuya, Shibuya-ku, Tokyo, Japan zip 150-8510
    Website: https://tokyo-mbfashionweek.com/en/brands/detail/fashion-hong-kong/

    “Fashion Gallery” (Showroom)
    Date: 15 October 2015 (Thursday)
    Time: 11:00 am – 8:00 pm
    Address: CUBE 1,2,3, 8/F Shibuya Hikarie, 2-21-1 Shibuya, Shibuya-ku, Tokyo, Japan zip 150-8510
    Website: https://www.hikarie.jp/floormap/8F.html, https://www.hikarie8.com/cube/about.shtml

    Joint Exhibition (Business Matching)
    Date: 20-22 October 2015 (Tuesday – Thursday)
    Time: 20-21 October 2015 10:00 am – 8:00 pm; 22 October 2015 10:00 am – 6:00 pm
    Address: Hillside Banquet (Hillside Terrace C), 29-8 Sarugakucho, Shibuya-ku, Tokyo, Japan zip 150-0033
    Website: https://www.hillsideterrace.com/index2.html

    Mercedes-Benz Fashion Week TOKYO 2016 Spring/Summer
    Date: 12-18 October 2015 (Monday – Sunday)
    Website: https://tokyo-mbfashionweek.com/en/aboutmbfwt/

    Photo download: https://bit.ly/1VAO9rr

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  • M1 rolls out machine-to-machine platform for corporate customers

    M1 rolls out machine-to-machine platform for corporate customers

    Users can manage connected devices from their phones. The member of Singapore’s telco triumvirate boosted convenience and ease of access for its corporate customer-base as it launches its advanced M2M platform, M1 Connect.

    According to a statement by M1, the platform will enable customers to access, track, and manage all their connected devices from any authorised computer or mobile phone.

    Through the platform, M1 also says the users will be able to set and change business rules, perform device troubleshooting and obtain detailed reporting of all M2M activities.

    M1 said they have also partnered with technology providers for this project.

    “M1 has partnered multiple technology providers, including Aerolion Technologies, Napier Healthcare Solutions, Quantum Inventions, and Parametric Technology to introduce customised solutions to meet the needs of Singapore’s transport, retail, healthcare, and security industries,” the statement said.

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  • Sands China reveals retail mall performance

    Sands China reveals retail mall performance

    Sales may be down at Sands China’s shopping malls, but by nowhere near the decline in Macau’s gambling revenues.

    Sands China has revealed that gross revenue from tenants in the company’s retail malls on Cotai (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore was US$139.3 million for the third quarter of 2015, a decrease of 6.8 per cent compared to the third quarter of 2014.

    Operating profit derived from these retail mall assets decreased 5.2 per cent year on year to US$125 million.

    By comparison, total net revenue for Sands China fell 28.8 per cent to US$1.66 billion in the third quarter, down from $2.33 billion in the same period last year.

    As the table below shows, occupancy levels at the end of the three months to September 30 was running at 100 per cent – or close to it – at all the company’s retail properties in Macau. At the Marina Bay Sands, occupancy was at 95.5 per cent, perhaps reflecting an ongoing reshuffle of tenancies in the centre.

    Sands numbers

    The company’s operating profit margin across all the facilities ran at between 87.7 and 94.1 per cent.

    Sheldon Adelson, chairman and CEO of Sands China’s US parent Las Vegas Sands, said while the operating environment in Macao, particularly in the high-end gaming segments, remained challenging during the quarter, the company’s focus on the higher margin mass and non-gaming segments and the geographic diversification of its cash flows allowed the company to again deliver in excess of US$1 billion of adjusted property EBITDA during the quarter and weather this cyclical downturn better than the industry overall.

    “In Macao… we remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by the St. Regis tower at Sands Cotai Central opening in December 2015, and by The Parisian Macao, targeted to open in late 2016, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travellers, and provide an outstanding and diversified platform for growth in the years ahead.”

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  • ANZ grows retail footprint in Asia

    ANZ grows retail footprint in Asia

    The branch has been established to service multinational and joint venture companies with a presence in Myanmar, as well as international companies looking to enter the country from ANZ’s network countries.

    ANZ said the Myanmar branch provides comprehensive solutions covering a full range of banking products including payments and cash management, electronic banking, lending, foreign exchange, and fund-based and non-fund-based trade finance.

    The branch also offers specialist banking services for natural resources, utilities and infrastructure, telecommunication, consumer goods and other global diversified sectors that are expanding in Myanmar.

    Andrew Géczy, ANZ’s chief executive for international and institutional banking, said the licence approval is the final step in the bank’s plans to deepen its presence in the Greater Mekong, following its recent branch opening in Thailand.

    “As one of the only international banks with a presence in all five Greater Mekong countries, ANZ is uniquely placed to play a leading role for customers wanting to enter Myanmar,” he said.

  • Hamleys Hong Kong takeover

    Hamleys Hong Kong takeover

    Hamleys – the world’s oldest toy retailer – has been bought by a Hong Kong investor. As rumoured last week, the business has been sold to interests connected with the Sanpower Group in China’s mainland, which last year acquired UK department store House of Fraser.

    The buyer is C.banner International Holdings Limited, a Hong Kong-listed Chinese private enterprise, which describes itself as a strategic partner of Sanpower.

    The new owners plan to speed up the international rollout of the brand – and to pursue opportunities for concessions in department stores.

    In a statement, the new owners say they hope House of Fraser will “become C.banner’s priority business strategic partner”.

    “By virtue of the acquisition of Hamleys, C.banner will expand its retail businesses, and consider establishing deep relationships with department stores, so as to further promote the win-win development of its products and department stores through their brands and channels,” the company said in a statement.

    “C.banner hopes to implement its global brand strategy through introducing the products of House of Fraser and Hamleys, as well as capitalising on their channels to export its products overseas.

    “In the future C.banner will continue to actively explore business opportunities at home and abroad through mergers, acquisitions, strategic partnerships, as well as the establishment of other business relationships with leading retailer brands, to further implement its global brand strategy.”

    French owner Ludendo, which rescued Hamleys from a collapsed Icelandic bank three years ago for just £60 million, has already grown the business into an international toy brand, opening stores in Russia, Malaysia, Singapore – and last week in Vietnam. The company now has 53 stores owned or franchised. It turned over £62 million last year and posted a profit of £4.5 million.

    Founded in 1760 as Noah’s Ark, Hamleys opened its Regent St flagship store in London’s West End in 1881.

    *Photo: From left to right: Chen Yixi, chairman of the board of C.banner, Yuan Yafei, chairman of Sanpower Group, Gudjon Reynisson, CEO of Hamleys, Jean Micdhel Grunberg, president of Lundendo, Rudolph Hidalgo, chief executive director of Ludendo, at a press conference announcing the sale.

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  • Coccinelle expands global shop network

    Coccinelle expands global shop network

    Coccinelle has further extended its global network of shops with three new openings in China and Morocco and on board the St Peter Line cruise ship, which sails the Baltic Sea.

    The three locations opened in August and September and carry the Autumn/Winter 2015 collection, which channels ‘relaxed femininity, effortless glamour and spontaneity’ according to the Italian accessories brand.

    The collection is an expression of the #FeelGood concept that interprets the true spirit of the brand, “a positive attitude that Coccinelle transforms into a game of colours (chocolate, amber, ivy green and bicoloured fuchsia combined with wine red), of contrasts and details,” says Coccinelle.

    The Arlettis Bag is said to be the ‘key bag’ of the season featuring a stirrup-shape golden latch and a double variation of leather, calfskin and suede across different models.

    The personalised 30sq m shop-in-shop at Chengdu Shuangliu International Airport Terminal 2 opened in partnership with Dufry, and features the new store concept.

    “Bright steel for the wall display module and fumé mirrors give the interior a timeless elegance and make the best use of the available space and open displays that showcase bags and accessories,” adds the brand.

    Emanuele Mazziotta, Head of Travel Retail, says: “We are pleased to be present at Chengdu Shuangliu Airport. Chengdu is a key business city and represents an important milestone for our expansion plan into China domestic and travel retail channels. We want to thank Dufry for all the efforts and support for this opening.”

    Coccinelle has also opened a corner at Casablanca International Airport in partnership with International Duty Free Shops and an additional corner on board of the Baltic Sea’s St Peter Line cruise ship.

    Emanuele Mazziotta, added: “We want to thank International Duty Free Shops; Casablanca Airport is another important opening for Coccinelle in 2015 and the first one in the region.

    “In September we have also opened a corner on board of St Peter Line cruise ship, following the recent openings on Costa Crociere cruise ships with Starboard. This additional location on the Baltic Sea show our interest and trust in the cruise business”.

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