Tag: asia

  • Ralph Hamers’ Long Road to Leaving ING Behind

    Ralph Hamers’ Long Road to Leaving ING Behind

    The UBS boss has a long road to shaking off his past: he faces an 18-month journey before knowing if prosecutors will charge him in a Dutch money-laundering investigation.

    A Dutch criminal probe into whether Ralph Hamers and money laundering is ticking on after prosecutors agreed to comply with a surprising court ruling last month. Prosecutors were ordered to revisit a money-laundering scandal at ING that culminated in a 775 million euro ($939 million) settlement.

    We’re currently clarifying the organizational questions in relation to the court’s decision,» the Dutch prosecutor told HandelsblattThe German outlet reported that it may take prosecutors as long as 18 months to decide whether to press charges against Hamers or not, citing a person familiar with the investigation.

    The matter is potentially explosive for the Swiss lender, which hired him in full knowledge of the 2018 settlement – UBS had ordered an outside evaluation of Hamers while recruiting him, and the Dutch banker also passed Swiss fitness and probity checks by regulator Finma.

    What UBS didn’t know is that a Dutch activist, Pieter Lakeman, would successfully force the 2018 settlement to be reopened. This represents a major stumbling block for Hamers, who ran ING from 2013 until mid-2020, then joined UBS in September and took over fully three months ago.

    The Dutch prosecutor’s comments perfectly exemplify the logistics involved in reopening the investigation: Hamers has since moved to Switzerland and is widely expected to later this month unveil an outline of his plans to modernize and update UBS during his tenure.

    But he must also appear in-person in the Netherlands when prosecutors want to question him, seriously cutting into his chockfull calendar running the Swiss lender. The pandemic also complicates his life in a very practical way: Switzerland last week reimposed a mandatory ten-day quarantine on travels from the Netherlands (the Netherlands requires the same of all visitors from abroad).

  • Forgotten Passwords: $140 Billion Bitcoin Write-Off?

    Forgotten Passwords: $140 Billion Bitcoin Write-Off?

    Nearly $140 billion worth of Bitcoins is at risk of being permanently lost, according to online platform Chainalysis, due to forgotten passwords for decryption.

    3.7 million Bitcoins worth almost $140 billion could permanently vanish from the market, as of January 18 this year.

    Based on June 2020 figures, this represents around one-fifth of the total 18.6 million Bitcoins created in the market. Bitcoin’s infrastructure is designed to cap supply at 21 million.

    German-born San Francisco-based programmer Stefan Thomas first shined a light on the issue after he revealed that he failed to gain access to his crypto wallet to access over more than $200 million worth of Bitcoin.

    Thomas had already made eight successful attempts and he has two more remaining to save his sizeable Bitcoin holdings.

    I would just lay in bed and think about it. Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again, he recalls. I got to a point where I said to myself, ‘Let it be in the past, just for your own mental health.

  • The giddy rise of Vietnam’s steel billionaire

    The giddy rise of Vietnam’s steel billionaire

    Tran Dinh Long, dubbed the “king of steel,” had no experience in the steel industry when he decided to enter it anyway in the mid-90s.

    “All I had at the time was passion and a lack of fear,” Long, founder and chairman of Vietnam’s biggest steelmaker, Hoa Phat Group, said in a recent interview.

    The company was, in the beginning, distributing machinery and equipment and furniture, but it was steel that ultimately took it to dizzy heights. Hoa Phat had a 32 percent share of Vietnam’s steel market as of August 2020, making it the biggest player in the industry, according to the Vietnam Steel Association.

    The name Hoa Phat cropped up again and again in the news in the past year when its HPG stock, listed on the Ho Chi Minh Stock Exchange (HoSE), chalked up some of the most impressive gains on the VN-Index, thanks to record profits despite the Covid-19 pandemic and a growing market share.

    On Monday, the share closed at VND44,600 ($1.94), more than three times up from its nadir in last March at the height of the Covid-19 crisis when most Vietnamese stocks hit the bottom, and its all-time high price.

    According to the Bloomberg Billionaires Index, HPG’s performance took the net worth of Long and his wife to $1.9 billion. He believes the stock is still not overvalued through its price-earnings ratio (P/E) is nearly at its highest level in 10 years.

    Long started his business in the early 1990s. In 1992, he and some friends set up the Hoa Phat Equipment and Accessories Co., Ltd. to sell machinery and equipment.

    In 1995 it diversified into furniture, becoming a distribution agent for imported products.

    It was in 1996 that Hoa Phat established its first steel unit, at first called Hoa Phat Steel Pipe Co., Ltd. and four years later becoming Hoa Phat Steel JSC.

    “A newly industrialized country has to build a lot of infrastructures,” Long said in an interview, explaining that was the reason he had bet on steel.

    By the time Hoa Phat was listed on HoSE in 2007, Hoa Phat Steel and Hoa Phat Steel Pipe accounted for more than 60 percent of the company’s revenues and profits.

    In the following years, despite a long slump in the housing market, steel still dominated HPG’s business in an overwhelming fashion.

    In 2017, when HPG had become the market leader, Long continued to bet on steel by building the Dung Quat Steel Production Complex at a cost of $2.6 billion in the south-central Quang Ngai Province.

    With the market growing, owning the entire value chain is helping Hoa Phat improve its profit margins. It also gives Long the wherewithal to engage in price wars when he wants to increase market share in new markets such as southern Vietnam.

    And if it cannot sell finished products to the market, Hoa Phat could instead sell billets to other manufacturers, he said.

    The pay-off from this strategy has been partly reflected in HPG’s performance in 2020. “Since the Dung Quat plant went on stream in the third quarter of 2019, HPG has been gradually gaining shares from other major steelmakers such as Posco SS, Pomina and VNSteel,” securities company FPTS said in a recent note.

    Thus, from 26 percent at the end of 2019, its market share rose to 32 percent by August last year.

    In 2020 it sold over five million tons for the first time, with sales of construction steel rising 22.5 percent to 3.4 million tons. Billets sold in the domestic and export markets accounted for 1.7 million tons.

    In the final quarter of the year, the company benefited from the government’s determination to increase spending on public infrastructure, Vietcapital Securities said.

    Hoa Phat plans to expand even further in the steel supply chain with the second phase of its Dung Quat Complex. Construction is set to begin in January 2022 and take three years. It will increase capacity by five million tons a year, with the main output being hot-rolled coil (HRC).

    “It is estimated that after completion Hoa Phat can supply five million tons of HRC per year, equivalent to about 50 percent of current domestic demand,” FPTS said.

    The focus on HRC is expected to increase the company’s income since it is an input in the manufacturing of steel pipes, a product with higher profit margins than construction steel. The segment itself also has plenty of room for Hoa Phat to grow, FPTS said.

    Long estimated that when the Dung Quat plant is fully operational, Hoa Phat’s revenues and profits could increase by 80 percent.

    “Vietnam ranks low in per capita steel consumption and has only taken the first steps in infrastructure development,” said Pham Mai Trang, associate director of research at fund manager Dragon Capital Group.

    “With the Dung Quat complex, Hoa Phat became the dominant player.” Dragon Capital Group owns a 6 percent stake in Hoa Phat.

    Though Vietnam’s steel industry has made great strides, it still has to import large volumes of finished steel and semi-finished products from China.

    Hoa Phat executives have confessed to being worried China could dump cheap steel on Vietnam if its exports continue to be hampered by U.S.-China trade tensions.

    In the first nine months of 2020 Hoa Phat reported a 40 percent year-on-year increase in revenues to VND65 trillion, and 56 percent increase in post-tax profits to VND8.85 trillion.

  • VPBank profits jump 26 pct

    VPBank profits jump 26 pct

    Lender VPBank reported a 26 percent jump in pre-tax profit last year to VND13 trillion ($564.24 million).

    The second and fourth quarters saw its highest ever quarterly profits of VND3.67 trillion and VND3.62 trillion.

    The lender’s profits exceeded those of state giant BIDV and private lender VIB.

    Its income was up 7.3 percent to VND39 trillion, with interest income accounting for nearly 83 percent.

    Services and securities trading were profitable, but foreign exchange trading caused a loss.

    Credit growth was 13.1 percent, and non-performing loans accounted for 2.9 percent.

    In 2019, VPBank had reported the sixth-largest pre-tax profit behind Vietcombank, Techcombank, Agribank, VietinBank, and BIDV.

  • NVIDIA SHIELD TV’s latest update adds support for the newest controllers

    NVIDIA SHIELD TV’s latest update adds support for the newest controllers

    NVIDIA’s SHIELD Android TV box has gone through a few iterations, but the base model was launched more than five years ago. During that time, the device received numerous updates that further expanded its functionality making it one of the most reliable of its kind.

    If you own one of these digital boxes, you’ll be happy to know that NVIDIA is now rolling out another of those important updates that usually adds major new features and improvements. In this case, it’s support for both DualSense and Xbox Series X/S controllers.

    With update 8.2.2, NVIDIA SHIELD TV users will be able to connect current-gen console (PlayStation 5 or Xbox Series X/S) controllers and start playing Android or GeForce NOW games. The new feature uses Bluetooth connectivity to pair the controllers with the NVIDIA SHIELD TV, so here is how it’s done:

    Besides that, NVIDIA announced that the SHIELD TV now supports Control4 for users with home theaters. And if you’re into gaming, you’ll be happy to know that you can now play new titles on your NVIDIA SHIELD TV via GeForce NOW, including Cyberpunk 2077, Destiny 2: Beyond Light, Assassin’s Creed Valhalla, Among Us, and Watch Dogs: Legion.

  • Thai Airways Is On Track With Its Rescue Plan

    Thai Airways Is On Track With Its Rescue Plan

    Thai Airways acting president Chansin Treenuchagron claims the airline is still on schedule with its debt rehabilitation plan. Thai Airways has until February 2nd to submit its plan to the Central Bankruptcy Court in Thailand after it was granted a one-month extension.

    In an attempt to save Thailand’s national airline from going under, the country’s Central Bankruptcy Court approved its restructuring back in September. Having accumulated $11bn in debt, the carrier was set a deadline of January 2nd to submit its full rehabilitation plan. However, the courts gave Thai Airways an additional month to finalize its rescue plan, with a new deadline of February 2nd.

    The extension suggests Thai Airways has been struggling to reach a satisfactory agreement with all parties involved. In a statement, acting president Chansin Treenuchagron offered reassurance that the airline is still on track with its plan.

    The nature of Thai Airways’ debt is complex, with banks, aircraft lessors, lenders, and suppliers all looking for a satisfactory outcome. The airline is ‘moving closer and closer to an agreement’ with its creditors. Before it can submit its plan to the Central Bankruptcy Court, Thai Airways requires approval from its creditors.

    While Thai Airways initially planned to implement the restructuring plan by the first quarter of 2021, it wasn’t able to finalize and submit the details in time. The airline is also working with consultants and advisors to help it deal with all the complexities of the restructuring process. Mr. Treenuchagron added,

    Thai Airways has been in a difficult position for a few years now, with fierce competition from low-cost carriers contributing towards spiraling debt. The airline was in a precarious position before the COVID pandemic had begun, with the downturn in air travel only adding to its woes. By July 2020, Thai Airways had defaulted on over $3bn worth of debt and suspended most of its operations.

    Domestic air travel has remained steady in Thailand for most of 2020, with the country faring better than most in its domestic market. However, a second COVID wave sweeping across Thailand has led to a 60% drop in air travel since the beginning of the year. Thai Airways has resorted to increasingly novel methods of raising capital during the pandemic. This includes selling surplus consumables like salt shakers, aircraft tires, and wine glasses, as well as auctioning off 32 widebody planes.

  • AS Watson and Grab launch regional health & beauty partnership

    AS Watson and Grab launch regional health & beauty partnership

    Hong Kong-based health and beauty retailer AS Watson has partnered with Grab to launch an online and offline collaboration across Southeast Asia.

    The partnership will allow customers to access more than 62,000 health and beauty products at Watsons stores via Grab services, expanding Watsons’ online reach in Southeast Asia. The service is available in six markets: Singapore, Indonesia, Malaysia, Thailand, Vietnam and the Philippines.

    Through GrabExpress, Grab will serve as Watsons’ last-mile delivery partner in the markets, offering fast deliveries for purchases made through the Watsons website and mobile app. More than 2000 Watsons stores will be listed on GrabMart, making Watsons the largest health and beauty retailer to be on the platform.

    Meanwhile, Watsons will accept GrabPay cashless payment option in its Southeast Asia stores and integrate the digital wallet into its Watsons mobile app.

    “Covid-19 accelerated the growth of e-commerce and our customers expect their purchases to be delivered fast,” said Freda Ng, chief digital officer at Watsons International. “With our network of 2200 stores in Southeast Asia … Grab is the ideal partner to complete the purchase journey.”

    “Grab’s open platform enables companies to scale by easily plugging into our ecosystem and leveraging our unique online and offline capabilities to grow together with us in this region,” added Shawn Heng, MD, regional business development at Grab.

  • Almost three in four people are drinking less alcohol in APAC

    Almost three in four people are drinking less alcohol in APAC

    More people are shying away from alcoholic drinks in Asia-Pacific, according to new research from GlobalData.

    Approximately three out of four people in the region said they were drinking less alcohol in August 2020, GlobalData said, and a third are likely to replace them with products that claimed to have a positive health impact.

    “APAC consumers are turning away from alcohol-driven by concerns around physical and mental health,” GlobalData consumer analyst Carmen Bryan said.

    “While general health concerns take precedence, back by almost half (49 percent) of the region’s population, weight management, fitness, physical appearance, and emotional wellbeing are all considerable factors driving low or no-alcohol innovations.”

    Around 20 percent of people in the region have stopped drinking alcohol altogether. Much of these changes have been driven by the ongoing Covid-19 pandemic, according to Bryan, as pubs and bars were shut down and people were forced to reassess their own priorities and lifestyles while in lockdown.

    “Trends are shaping new home-bound leisure and social occasions where consumers seek the same taste and feel of mature drinks without the negative implications,” Bryan said.

    “It will be crucial for brands to blur these lines further, emphasizing the positive health credentials that will help reassure consumers, both mentally and physically, to tap into multiple consumption occasions and justify a potentially higher price mark up.”

  • Vietravel Airlines to start flying next Monday

    Vietravel Airlines to start flying next Monday

    Vietravel Airlines is scheduled to make its maiden flight on January 25, and began ticket sales on Tuesday, its CEO, Vu Duc Bien, said.

    Vietnam’s newest carrier will operate one or two flights a day each from HCMC and Hanoi to major tourist destinations like Nha Trang, Phu Quoc, Da Nang, and Hue.

    It has a fleet of two Airbus A321CEO aircraft and a third is expected to arrive on January 21 to meet the increased travel demand during the Lunar New Year Tet in mid-February.

    The carrier hopes to break even in its second year of operations.

    Vietravel Airlines has hired some 200 pilots and flight attendants and is looking to expand its fleet to 30 to prepare for international operations, flying to Southeast Asia, especially Thailand, the Middle East, and Northeast Asia, markets that Vietravel, the travel company that owns it, serves.

    It is the sixth carrier in what is a fiercely competitive aviation market after Vietnam Airlines, Vietjet, Jetstar Pacific, Vietnam Air Services Company, and Bamboo Airways.

  • Gordon Ramsay to open first restaurant in Malaysia

    Gordon Ramsay to open first restaurant in Malaysia

    Multi-Michelin starred chef Gordon Ramsay is to open Malaysia’s first Bar & Grill concept in Kuala Lumpur this year.

    Located at Sunway Resort in Selangor, Bar & Grill will feature a varied all-day menu, including Gordon Ramsay’s signature dishes such as Beef Wellington and Sticky Toffee Pudding. The restaurant is scheduled to launch this June.

    Featuring contemporary interiors, the restaurant design will “create an inviting ambiance, with floor-to-ceiling windows framing views of the lagoon, and a private dining room, setting the stage for intimate events,” Sunway Resort KL said on its website.

    The restaurant will also mark the brand’s first outpost outside the original Mayfair outlet.

    Gordon Ramsay, who holds seven Michelin stars, has a collection of acclaimed restaurants in the UK, Europe, and the US. He is also the star of popular shows such as Kitchen Nightmares, Hell’s Kitchen, and MasterChef US.

  • Laura Ashley rolls out new stores in Japan

    Laura Ashley rolls out new stores in Japan

    British lifestyle brand Laura Ashley has revealed an expansion plan in Japan with seven new outlets scheduled to open during the first three months of this year.

    New Laura Ashley Japan stores will include those in Tokyu Department Store Sapporo, Tobu Department Store Ikebukuro, Odakyu Department Store Machida and Keikyu Department Store.

    “We will deliver products that beautifully and richly colour your “home” and “living”, including original textiles that are naturally inspired,” the company said in a statement, translated from Japanese. “We will introduce more various items such as women’s wear and home miscellaneous goods.”

    The British retailer entered Japan after trading house Itochu acquired the master license rights. The brand was then sold to The World Group under a sublicense agreement. Besides Laura Ashley, The World Group is also managing other house goods and interiors brands, such as 212 Kitchen Store, One’s Terrance, and Timeless Comfort.

    Laura Ashley was one of the world’s first high-profile retailers to collapse due to the Covid-19 pandemic last year.

  • Aviation industry could see revival in second half of 2021

    Aviation industry could see revival in second half of 2021

    The aviation industry will recover in the second half of 2021 with the advent of coronavirus vaccines, SSI Securities Corporation has forecast.

    While it would be a difficult year since the coronavirus variant identified in the U.K. is spreading quickly and new outbreaks are emerging in many countries, “the future of the aviation industry could be brighter when large-scale Covid-19 vaccination is carried out,” SSI said. “This could only happen in the second half of 2021.”

    Airlines will mainly focus on the domestic market in 2021 since international travel would not resume until the end of 2021, and the international aviation market could recover in 2022.

    “In 2021, airlines strategies will include increasing the number of inbound commercial flights, providing better flight services and offering a range of fares so that passengers will have more options,” SSI analysts said.

    The baseline scenario is for airlines to suffer losses though they would be halved from 2020.

    The number of domestic passengers will rise to 75 million, the same as in 2019. The number of foreign visitors is expected to reach 12 million, or 34 percent of the pre-pandemic number.

    Besides the challenges posed by Covid-19, airlines also face rising fuel prices, while competition is increasing with Vietravel Airlines, Vietnam’s sixth carrier, set to enter the aviation market this month.

  • Covid-19 shadows as Hanoi real estate market recovers

    Covid-19 shadows as Hanoi real estate market recovers

    Most real estate classes in Hanoi showed recovery signs in Q4 2020, but Covid-19 uncertainties continue to loom over the market this year.

    The retail category saw total supply in the last quarter increasing 1 percent year-on-year to 1.6 million square meters with the launch of the 36,000-square-meter Vincom Mega Mall Ocean Park in the eastern part of the capital, according to a report released Tuesday by real estate consultancy Savills.

    However, average rents fell 3 percent year-on-year, while occupancy dropped 2 percent, showing that Covid-19 impacts remain on the market.

    “Footfall is slowly recovering but yet to return to pre-pandemic levels with impulse and extravagant spending limited to increase savings,” the report said.

    The office category saw supply rising 6 percent year-on-year and average rent up 3 percent with growth in demand from companies in services, information and communications technology and e-commerce.

    By next year, around 208,000 square meters from 15 projects will enter the office market. But as the Covid-19 pandemic has prompted companies to downsize and reduce operating costs, the downward trend in office space demand is set to continue, the report said.

    The apartment category saw sales rising 27 percent from the third quarter to 6,700 units, but the figure was 37 percent lower year-on-year.

    “Local demand remains steady, particularly for affordable units. Developers have started focusing on the suburbs and surrounding provinces,” the report said.

    Savills forecasts that average asking prices, which have increased 4 percent per annum over the last five years, is set to continue rising thanks to infrastructure upgrades, including two metro sections and ring roads.

    This year, around 25,000 units are set to enter the market, most of them Grade B. Fifty-seven percent of the new supply will be in the districts of South Tu Liem and North Tu Liem.

    The hotel category, which suffered the biggest Covid-19 damage as international arrivals plunged, saw occupancy recovering by 12 percentage points quarter-on-quarter to 33 percent, against 75 percent in the last quarter of 2019.

    Do Thu Hang, senior director of advisory services at Savills Hanoi, said many hotels downtown have been successful in attracting more domestic customers as the number of foreign tourists dropped.

    As Hanoi expects to receive 11-15 million domestic tourists this year, compared to 8 million last year, it is likely that hotels will continue to focus on the domestic segment as the resumption of regular international routes is uncertain, she added.

  • Asia’s Grab considering US IPO this year according to sources

    Asia’s Grab considering US IPO this year according to sources

    Southeast Asian ride-hailing and food delivery giant Grab is exploring a listing in the United States this year, encouraged by robust investor appetite for IPOs, three sources familiar with the matter told Reuters.

    The IPO could raise at least $2 billion, one of the sources said, which would likely make it the largest overseas share offering by a Southeast Asian company.

    “The market is good and the business is doing better than before. This should work well for public markets,” he said.

    The plans, including the size of the issue and timing, have not been finalized and are subject to market conditions, said the sources, who declined to be identified as they were not authorized to speak about the matter.

    Singapore-based Grab declined to comment on the potential IPO.

    Grab, whose backers include SoftBank Group Corp and Mitsubishi UFJ Financial Group, has expanded rapidly from its beginnings as a ride-hailing venture in Malaysia in 2012 to become the region’s most valuable startup worth more than $16 billion.

    The company, which also offers financial services and recently gained a digital bank license in Singapore, said this month that group revenue had recovered to be comfortably above pre-pandemic levels. It has also said its ride-hailing business is breaking even in all its operating markets, including Indonesia, the biggest. It expects its food delivery business to break even by the end of the year.

    The IPO plans would come after merger discussions with Indonesian rival Gojek were dropped.

    Gojek and Indonesian e-commerce leader Tokopedia are in advanced talks for a $18 billion merger ahead of a pote

  • Ikea opens stand-alone planning studio in Singapore

    Ikea opens stand-alone planning studio in Singapore

    IKEA has launched the first-of-its-kind planning studio powered by Singapore-based interior design and renovation platform, Livspace. IKEA and Livspace have provided consultation to hundreds of homeowners in Singapore since the partnership started at the end of 2019. The new studio at Jurong Point shopping mall will offer customers a brand-new shopping experience with end-to-end personalized home interior design, planning, and renovation services.

    At around 100 square meters, the Planning studio will feature a specialist showroom modeled after a 3-room HDB flat and virtual inspirations through SmartPhotos by the Livspace Platform. Designed like an IKEA showroom, the studio has been specially optimized and curated to address the challenges of living in a small space. These range from space-saving kitchens to living room smart storage solutions and fitted wardrobes. Décor and furnishings will be refreshed periodically throughout the year so customers can receive new inspirations to start transforming their own homes.

    The Livspace SmartPhotos is a great visualization and planning tool to help homeowners envision and budget for their new home designs. It is also the first time the SmartPhoto experience is being introduced to Singapore. Customers will be able to scan any room in the store using QR codes and virtually change the products and room style to suit their preferences and budget. As the products are being updated in SmartPhotos, the room price will also be updated in real-time. This new tool will be integrated into the planning and renovation journey offered to customers, and they can get to experience it in the coming weeks.

    “We would like to help more Singaporeans realize their dream homes,” said Jaap Doornbos, IKEA Retail Director, Singapore & Philippines. “The new IKEA Planning Studio isn’t just another IKEA store – it’s the future of home planning that caters to every homeowner and wallet size. Together with Livspace, we hope to provide a more accessible and personalized experience with technology, which will allow customers to achieve their dream home. With the current economic situation, this is especially important, and we see this as a big step in improving the traditional interior design planning process in Singapore”.

    “We are delighted to partner with a world-class brand in IKEA and power its first Planning Studio in Singapore with the Livspace platform. As a technology-first company, we are looking to revolutionize the way interior design and renovations are done in Singapore and this launch is a crucial first step. Now, personalized and trusted interior design services across price points will be available at consumers’ fingertips,” said Ravindran Shanmugam, Country Head, Livspace (Singapore). The IKEA Planning Studio will offer move-in ready packages, starting from just $9,900, that provide renovation and construction services as well as IKEA furniture and furnishings. Customers can make a complimentary one-to-one virtual or in-person appointments with expert designers.

    Any furniture purchases made at the Planning Studio as part of the Interior Design and Renovation package will also be delivered to homes for added convenience.

    From 13 to 26 January, customers can also take advantage of opening specials*:

    • First 500 walk-in customers will get a complimentary IKEA Jurong Point Planning Studio goodie bag

    • Spin the sure-win spin-the-wheel for prizes, when they spend above $10,000 on the renovation with Livspace On top of which, IKEA Family members gets 5% off their total bill when renovating their home with Livspace. This offer lasts till 31 December 2021 and can be redeemed at the outlet by presenting a physical or digital IKEA Family card.