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Tag: asia

  • Starbucks opens its largest store in South Korea

    Starbucks opens its largest store in South Korea

    Starbucks South Korea has opened its largest store yet, celebrating the brand’s 21st anniversary in the country.

    Located in Yangpyeong, Gyeonggido near the Namhan River, the store spans three floors and occupies a 1203sqm area and has a design unlike any other in the market.

    “The new store is a reflection of Starbucks commitment to offering more ways for customers in Korea to enjoy the Starbucks Experience,” the company said in a statement.

    The Yangpyeong store is also the first Starbucks in the country to feature a Reserve coffee bar, Teavana bar and drive-thru format together.

    The company said the store is “a new experience” for local customers, incorporating an interactive space and the convenience of the drive-thru. Starbucks is to invite local talent to perform on the store’s rooftop to celebrate the launch.

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  • Hong Kong beauty chain Bonjour warns of another loss

    Hong Kong beauty chain Bonjour warns of another loss

    Bonjour Holdings has warned of a loss as high as US$12 million for the half-year to June as it weighs the impact of protest activity and the Covid-19-driven lockdown of the border with Mainland China.

    In a profit warning, the health & beauty retail group said a preliminary, unaudited review of its results suggests a loss “not less than 300 percent” of that of the same period last year when it finished the period $3.8 million in the red.

    Besides the decline in inbound tourists to the territory, local consumer sentiment weakened during the six months.

    The company has also booked impairment provisions related to assets and property, and inventories resulting from losses at its retail stores, but such provisions are by nature noncash and have no impact on the group’s cash flow or liquidity.

    Confirmed results will be released at the end of this month.

    In April, Bonjour said it was delisting slow-moving products and had trimmed its store network to compensate for falling sales after reporting a full-year loss of $16.7 million.

    In May, the husband-and-wife founders of the company stepped back from their senior leadership roles, with Dr Wilson Ip Chun Heng resigning as chairman and CEO, and his wife, Chung Pui Wan, stepping down as vice-chairman. Both remained on the board.

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  • I.T Limited sales, margins eroded due to Covid-19 lockdowns

    I.T Limited sales, margins eroded due to Covid-19 lockdowns

    Hong Kong-headquartered fashion retailer I.T Limited says its sales have fallen in all of its markets, with the US and Japan the worst affected. Same-store sales of its Hong Kong and Macau stores fell by 49.1 percent in the three months to May 31, while US and Japan store sales plunged 66.1 percent. In Mainland China, the sales decline was a less dramatic 11.8 percent.

    I.T Group operates its own brands, including Chocolate and 5cm, concept stores Izzue and Double-Park; international brands it has local licenses for including Kurt Geiger and Camper; and A Bathing Ape, which the company rescued from Japanese owners in 2011.

    Chairman Sham Kar Wai has warned that the company will post a loss for the first quarter compared to a profit for the same period last year.

    “It remains difficult for the group to precisely predict and quantify the negative impact that will result from the Covid-19 pandemic and social unrest around the world, but we expect our business will continue to face strong headwinds for the remainder of the year,” he said in a stock-exchange filing.

    Stores were closed or forced to trade for reduced hours, in most markets due to the Covid-19 crisis.

    “Although our initial strategy was to focus on full-price sales and reduce discount related activities in order to secure gross margin, we eventually had to increase mark-downs to boost sales volume amidst an incredibly difficult trading environment,” he said.

    Gross profit margin fell by 8.8 percent globally, with a 9.5-per-cent decline in Hong Kong and Macau resulting in a final margin of 49.9 percent. Despite the size of the sales decline in Japan and the US, gross margin remained higher than in any other market at 64.5 percent, down 7.8 percent in the quarter. In Mainland China it fell 8.7 percent to 55.3 percent.
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  • Trump gives Microsoft the green light to bid for TikTok

    Trump gives Microsoft the green light to bid for TikTok

    No, we don’t think that the TikTok story is the only game in town. However, it isn’t every day when an app with over two billion installations becomes the subject of a takeover battle involving a huge U.S. company and the President of the United States. This afternoon, Microsoft’s official blog reported that following a conversation between Microsoft CEO Satya Nadella and President Donald Trump, Microsoft has decided to continue talks with TikTok’s corporate parent ByteDance in an attempt to purchase the short-form video app. Microsoft says that it would like to complete discussions with ByteDance by September 15, 2020.

    There are several possible reasons why the Trump administration has been seeking to ban TikTok in the U.S. In the states, several Chinese companies are considered national security threats with fears that they will collect personal data and send it to Beijing. Earlier this month Secretary of State Mike Pompeo compared the attempt to ban TikTok with other bans placed against Chinese manufacturers Huawei and ZTE. “Whether it was the problems of having Huawei technology in your infrastructure we’ve gone all over the world and we’re making real progress getting that out. We declared ZTE a danger to American national security. With respect to Chinese apps on peoples’ cellphones, the United States will get this one right too.”

    Microsoft said on Sunday that it “fully appreciates the importance of addressing the President’s concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury.” Some of those economic benefits include the addition of 10,000 new jobs that TikTok intends to bring into the U.S. over the next three years, according to a TikTok video posted on the app this morning by U.S. General Manager Vanessa Pappas.

    TikTok allows users to create 15-second or 60-second videos with comedic content, singing, dancing, and protesting. It is used by teens, pre-teens, and yes, even older folk. With many people stuck inside during the pandemic, TikTok became a popular app for those seeking a way to pass the time of day. If the deal is allowed, Microsoft will own and operate TikTok in the United States, Canada, Australia, and New Zealand. The software giant could also ask some other firms to be minority investors. Microsoft also said, “This new structure would build on the experience TikTok users currently love while adding world-class security, privacy, and digital safety protections. The operating model for the service would be built to ensure transparency to users as well as appropriate security oversight by governments in these countries.”

    Microsoft said that it would make sure that any American TikTok user’s personal data would remain in the U.S. Any data backed up or stored on servers outside of the states would be deleted by Microsoft. The software giant also made sure to let the president know how much it appreciated his efforts in allowing the company to make a bid for TikTok. The company wrote, “Microsoft appreciates the U.S. Government’s and President Trump’s personal involvement as it continues to develop strong security protections for the country.”

    There is no guarantee that a deal will be completed. Microsoft says that it does not plan to comment further on a possible deal with ByteDance for TikTok until a definitive agreement has been made. While it is in negotiations with TikTok parent ByteDance, Microsoft says that “during this process, Microsoft looks forward to continuing dialogue with the United States Government, including with the President.”

    TikTok is estimated to be valued at $50 billion-$100 billion. Microsoft’s market capitalization is approximately $1.55 trillion.<

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  • Rolls-Royce New Game Is Inspired By The Wraith Kryptos Collection

    Rolls-Royce New Game Is Inspired By The Wraith Kryptos Collection

    The Rolls-Royce Wraith Kryptos Collection was unveiled recently and we told you that the folks that buy this limited edition model will be in for a surprise because they get to decode the message that’s in there. But now, Rolls-Royce wants to include others too and that has been made possible thanks to an interactive online game. This will be available on the company’s website for members of the public and enthusiasts around the world to enjoy.

    They can take part in a cryptic challenge, consisting of four levels, each getting progressively harder. The first ten individuals to complete the game will receive their very own personalized Rolls-Royce treadplate.

    An online game has been devised to entertain and amuse Rolls-Royce enthusiasts who will not be lucky enough to attempt to solve and decipher the code of Wraith Kryptos Collection for themselves.

    Consisting of four different levels, players are initially invited to guide an orb through a maze by tilting their mobile device in the direction they wish to travel, in a time-pressured challenge. Next, a series of questions will reveal just how keen the cryptographer player really is.

    The third level will test the observation skills of the participant – only the most cunning will succeed! The final phase consists of cryptographic ciphers, designed to boggle and bewilder. This level is the reserve of the most agile and determined minds alone.

  • HSBC’s First-Half Profit Dive Misses Analyst Forecasts

    HSBC’s First-Half Profit Dive Misses Analyst Forecasts

    HSBC’s pre-tax profits plummeted in the first half by 65 percent year-on-year as the Asia-focused lender further boosted loan loss provisions to ready for more headwinds. HSBC registered $4.32 billion in pre-tax profits compared to $12.41 billion in the same period last year and analyst forecasts of $5.67 billion, according to compilations made by the bank.

    Given the current high degree of uncertainty, we are continuing to monitor closely the implications on our business plan and medium-term financial targets, while also undertaking a review of our future dividend policy, HSBC’s chief executive Noel Quinn said in a statement.

    The bank also expected total credit impairment provisions for the year to reach between $8 billion and $13 billion, higher than previous forecasts. Provisions reached $6.9 billion in the first half after the bank said aside $3 billion in the first quarter, compared to just $1 billion in the first half of 2019.

    The bank also warned of expected damage to its core capital ratio as worsening credit ratings impact its risk-weighted asset ratio.

    Financial and economic headwinds aside, HSBC also highlighted the risk of rising U.S.-China tensions heightened by the national security law and the Hong Kong Autonomy Act.

    Like our clients, HSBC has to operate in a difficult geopolitical environment. Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint, Quin added.

    However, the need for a bank capable of bridging the economies of east and west is acute, and we are well placed to fulfill this role. We will face any political challenges that arise with a focus on the long-term needs of our customers and the best interests of our investors.

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  • UOB Launches Finance Academy

    UOB Launches Finance Academy

    United Overseas Bank launched the UOB Finance Academy, a training and development program in Singapore focused on equipping all employees in the bank’s finance function with the soft and technical skills required to become future leaders in their field.

    The UOB Finance Academy, which was designed in-house, builds on Better U, the bank’s group-wide learning and development program accredited by the Institute of Banking and Finance Singapore (IBF), according to a media release sent on Monday.

    Better U helps UOB employees build five core competencies which the bank has identified as essential for its people to remain relevant in the digital future. These competencies are having a growth mindset and complex problem-solving skills, as well as skills in the areas of digital innovation, human-centered design and data storytelling.

    Once members of the bank’s finance team have completed Better U, they are then able to progress through the UOB Finance Academy’s structured three-month learning program which is designed to equip them with the skillsets and tools to help them advance in their careers.

    As with so many jobs, the role of a finance professional is changing as digital innovation impacts more areas of work. The UOB Finance Academy charts clear and achievable milestones for our people in UOB’s finance function to develop the necessary knowledge, mindset and skillsets to progress towards leadership roles in the finance industry, Lee Wai Fai, Group Chief Financial Officer, UOB, said.

    Participants will also sharpen their financial acumen through modules that encourage an analytical approach to evaluate strategies and risks, as well as accounting and bank financial analysis. Through the UOB Finance Academy, participants can also choose to develop specialized skills in areas such as asset and liability management and project management

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  • Li & Fung, JD to invest $100 million in developing a future digital supply chain strategy

    Li & Fung, JD to invest $100 million in developing a future digital supply chain strategy

    Chinese e-commerce giant JD has invested US$100 million in Li & Fung via newly issued capital as a move to further develop its digital supply chain.

    The move is expected to assist Li & Fung expands its own business within the Chinese mainland via private-label initiatives, using the JD relationship and its partnership with Singapore-based logistics solutions provider GLP to further develop its end-to-end digital supply chain. JD’s own proprietary supply-chain technologies have already contributed to fully integrated digital retail and supply-chain platforms designed to serve its omnichannel strategies.

    “Amidst the continuing digital disruption to retail and the ongoing global trade tensions, compounded by the dramatic impact of Covid-19, the global retail supply chain has become more and more complex,” read a statement by the firm. “With the breadth and depth of its global sourcing and production ecosystem, pan-Asia logistics network, and industry-leading digital product development capabilities, Li & Fung is helping global retailers and brands navigate a highly uncertain and ever-changing macro environment.”

    “Our goal to create the supply chain of the future and to improve the lives of 1 billion people in our global supply chain remains more relevant than ever in this turbulent world,” said Li & Fung CEO Spencer Fung. “The partnership with GLP and the addition of JD will be instrumental in further strengthening Li & Fung.”

    The firm will remain under the control of the Fung family who are retaining 60 percent of voting shares.

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  • Jason Wu opens first store in Shanghai

    Jason Wu opens first store in Shanghai

    Taiwanese-Canadian designer Jason Wu has opened his first global flagship boutique in Shanghai, China.

    Located at IFC Mall, the flagship store features a sophisticated design created by architect Andre Mellone. The studio previously designed a Jason Wu shop-in-shop at Saks Fifth Avenue in New York and the Jason Wu fragrance bottle.

    The store facade features a floor-to-ceiling glass wall and a digital screen illustrating the brand’s name. Gold color and marble patterns are used liberally in the Jason Wu boutique’s design such as gold metal racks and frames, gold rose marble walls, and marble display tables.

    A black wooden table and a large carpet are placed at the store’s center.

    The Jason Wu Shanghai boutique houses a wide range of fashion items and fragrances.

    Jason Wu is known for designing dresses worn by former First Lady Michelle Obama on several occasions, including those worn during the first and second inauguration of her husband, President Barack Obama.

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  • StanChart First-Half Profits Plunge

    StanChart First-Half Profits Plunge

    Standard Chartered’s profits plunge 33 percent in the first half as the pandemic forces the British lender to significantly up credit impairments by six-fold.

    Pre-tax profits fell to $1.63 billion in the first half compared to $2.41 billion in the first half of last year, according to a statement, exceeding the $1.53 billion analyst estimates compiled by the bank.

    The bank will also scrap dividends for time being, as per the request from the U.K.’s Prudential Regulation Authority, adding that it hoped to resume payments «as soon as prudently possible».

    Although the bank said it was confident in April that its main markets – Asia, Africa and the Middle East – would lead the recovery as early as later this year, the latest result announcement was accompanied by a reversal with expectations for even lower income in the second half.

    Credit impairments also shot up six-fold to $1.58 billion in the first half from $254 million a year ago, the statement added.

    Just today, the bank was reportedly looking to shave costs by axing hundreds of jobs it described as redundant roles and not related to any coronavirus-linked impact.

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  • Brewer Sabeco sees profits plummet

    Brewer Sabeco sees profits plummet

    Vietnam’s largest brewer Sabeco saw its H1 post-tax profit fall 31 percent year-on-year to VND1.93 trillion ($83 million) over Covid-19 pandemic impacts. Revenues fell 35 percent to VND12 trillion ($518 million), 89 percent of it from beer, and the rest from wine and other beverages.

    The company, owned by Thai beverage giant ThaiBev, said that the profit plunge came as Vietnam imposed social distancing measures and closed “non-essential” businesses to contain the novel coronavirus. Authorities ordered most businesses, including restaurants and bars, to close in March and April.

    Vietnam’s new regulations on drunk driving have also impacted on its business, Sabeco said. The country’s new regime of fines – up to VND8 million ($345) for DUI motorbike drivers and VND40 million ($1,730) for car drivers have kept drinkers away from restaurants and bars. Sabeco forecasts a post-tax profit fall of 37 percent this year to VND3.25 trillion.

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  • Taobao looks to boost young entrepreneurs showing originality talent

    Taobao looks to boost young entrepreneurs showing originality talent

    Chinese social commerce platform Taobao has inaugurated a new rating system to reward deserving young creators and small enterprises with broader market exposure on the fifth anniversary of the firm’s Taobao Maker Festival.

    The exposure is designed to bring more attention to outstanding creativity and better promote products to the platform’s 840 million users.

    Taobao’s new system is the latest example of the firm’s content-driven commerce strategy that has been part of its promotional apparatus since 2016, transitioning the platform from being primarily transactionally driven to a broader social-commerce playbook.

    “The new rating system promotes and celebrates originality and creativity,” said Alibaba Group CMO Chris Tung. “It will enable merchants to leverage their participation in the Taobao Maker Festival into a source of year-round benefit for growing their business and customers.”

    “We continue to leverage our unique content-driven strength to help young entrepreneurs and small businesses win market traction and bringing a better experience to consumers,” said the head of Taobao operations Kaifu Zhang.

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  • Champion lifting off with sustainable streetwear collection

    Champion lifting off with sustainable streetwear collection

    Athletic apparel brand Champion is to launch a sustainable streetwear collection Re:Bound next month.

    Champion’s Re:Bound Collection will feature a streetwear line made from recycled Reverse Weave fabric, normally discarded during production. According to the company, 45 percent of pre-consumer recycled cotton has been turned into high-quality apparel products for the range.

    The manufacturing process involves three stages: Rescue Waste, Recycle and Rope Dye.

    As part of the launch, Champion invited two Australian influencers and up-cyclers, Philip O’Donahoo and Jaida The Creator, to star in a promotion campaign.

    “Pioneering products is our legacy. Protecting the planet is our long game,” the company said in a statement. “Re:Bound is our first step, and we’re just getting started.”

    The Re:Bound collection is scheduled to launch on August 4.

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  • Man vs. Machine: The Next Generation of the Retail Supply Chain

    Man vs. Machine: The Next Generation of the Retail Supply Chain

    Demand for retail goods continues to grow exponentially in today’s omnichannel world. In addition to this, COVID-19, which has seen a huge increase in activity within the e-commerce space, has put retail businesses and supply chains under even more pressure to keep up with increasing demand and sharper consumer expectations.

    Alongside the current high pressure retail climate, demand for labour in warehouses has never been higher, and this is leading to many retail businesses adopting advanced warehouse and automation technologies to stay ahead of the game and maintain their strength within the market.

    Turning to automation

    The switch from man to machine has quickly become a critical factor for many retail distribution centres (DCs) to maximise throughput, particularly when demand is high. As more orders flow through more warehouses, operations become tighter – with smaller delivery windows and less employees than ever to complete the work.

    When faced with these challenges, many businesses have had no choice but to adopt automated technologies to become less dependent on human labour. In fact, 99% of supply chain companies globally say that they are already using automation in the warehouse to assist with retail fulfilment operations.

    Online orders, which are rolling in at soaring volumes, are expected to be packed and delivered quicker than ever before as consumer expectations rapidly grow. Without the integration of automation in DCs, retailers simply can’t keep up with demand, which is why many of them are looking to invest in automation, not only as a solution to the current problem, but as a way to prosper in the future.

    Gaining operational control 

    Advanced Warehouse Management Systems (WMSs), are the leading innovation for businesses looking to take full control of their operations. They allow businesses to gain visibility and real-time insights into things like productivity rates, inventory and fulfilment, and the coordination of their workforce, as well as complete control of all deployed automated technologies

    WMSs work to provide a centralised point of control for all operations within a retail warehouse, including tasks outside of fulfilment, such as receiving and inspecting products and other value-added services. The integration of a WMS within retail warehouses has become an increasingly business-critical method for capitalising on any innovations as they emerge, offering a close-up view of one or all aspects of operations and coordinating the workflows of humans’ to collectively work together with robotics.

    The right WMS also uses machine learning to improve processes. Using artificial intelligence, the system creates a baseline by predicting how long tasks should take. As work is executed, it analyses the results, then armed with real data, the WMS couples advanced orchestration logic with real-time awareness of capacity to optimise operations. The resulting improvements lead to reduced dwell time, shorter order cycle times and more accurate allocation of work. This means retail warehouse managers can act on more orders, increase service levels and maximise asset utilisation.

    Technology fit to unify operations

    The future of the retail supply chain will be an integration of people, robotics, and technology innovations, and while they all have a major role to play, the key to better productivity lies in helping them to work better together. An advanced WMS takes a holistic view of operations to bring both labour and automation together, and then incorporates machine learning to maximise efficiency.

    This technology, built for purpose now and into the future, allows retail businesses to utilise all of their assets, synthesising any type of new automation they wish to add, to continually optimise operations. The right WMS gives retail businesses the best of man and machines, so they can take on any challenges that arise, as well as continue to get the most out of their operations and meet rising consumer demnds. 

    About Manhattan Associates

    Manhattan Associates is a technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers. Manhattan Associates designs, builds and delivers leading edge cloud and on-premises solutions so that across the store, through your network or from your fulfillment center, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com.au. 

    Written by: Richard Wright, Managing Director Southeast Asia, Manhattan Associates

     

     

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  • How To Improve Your Company’s Finances

    How To Improve Your Company’s Finances

    Every business is bound to face some rock bottom numbers at some point — sales are not always going to be well above average and there are indeed going to be certain dry spells at times. In times like these, it is important to step back and take up new strategies to help make your numbers go back up, and hard balling with the same tactics stubbornly is not going to help the situation better. As such, there are many ways to improve your company’s finances, and all it takes is to look at the bigger picture and re-evaluate the steps that you need to take to prevent your company from plummeting further. It might even be helpful to use tools to make managing your finances a quicker process; in fact, here is a paystub generator tool to get you started. So without further ado, here are some steps you can take to hopefully help your company take a turn for the better.

    Organize Regular Team Meetings

    When the going gets tough, it may be increasingly tempting to skip out on meetings especially when everyone is mindlessly scrambling about to keep the boat afloat. However, this will cause more instances of miscommunication to arise, leading to ineffective execution of tasks and misalignment of goals. As such, organizing regular team meetings help to ensure that the team is on the same page with the same end goal in mind. This aids everyone in staying focused and being sure of what they need to do and when to get them done. Regular meetings also give your team opportunities to pitch and brainstorm possible business strategies to adopt, as well as the chance to regularly update one another on the progress of the entire company as a whole.

    Moreover, frequent team meetings will help boost the morale of your employees, which may help your business spring back to normal faster than you know it.

    Reduce Tax Burden

    Especially during times when your business is going downhill, it is useful to find ways to legally reduce the tax burden for your company. Depending on the state you are living in, it is incredibly useful to talk with your local tax accountants to find out your options in your area to reduce taxes. For example, some companies may find it useful to open up a SEP IRA on top of their Roth IRA since contributions made to the SEP account can be used to deduct from their taxes. This gives you the option of having more cash to keep, which you can use to clear the mountain of debts and payments to be made.

    Track Your Finances

    Though this is not only essential when your company hits the rut, it is always good practice to regularly check on your company’s finances to discern whether your money is put into good use. Start evaluating the budgets set aside for the different departments and see if there are areas that you can cut some costs. For example, cutting costs in the innovation tech department and pumping in more money in aggressive advertising on the relevant social media platforms might help draw customers to your brand.

    Apart from that, it is also wise to start tracking your investment decisions. Is your wealth growing? Are these investment decisions wise? More often than not, deciding whether your investment choices are worth it or not will take several months, but you should still keep your eye on them. Also, if there are several investment areas that have been reaping rewards, maybe closing the account will help your company secure cash to tide over your financial instability.

    Furthermore, some companies may get lost in the endless list of stalled projects and missed invoices that they may also miss out on client payments. Getting your finances back on track would obviously help if you, well, make sure you get paid. Catching up on these missed payments may give you access to a huge sum more than you can imagine, which will greatly help you level the negative account balance.

    Tackle Problems When They Arise

    It may seem second-nature to push back financial problems as each one comes, especially when you are already drowning in a heap of those. However, delaying solving these problems will not make it go away, and instead may cause you to incur additional fees and payments when they are past the deadline. Hence, a rule of thumb is to face any financial issues as soon as they arise. Even if you do not have the financial capabilities to do so, you should try to eradicate these problems by switching around your finances, or seeking a professional for financial advice to tide you through. These also help to minimize the impact of these pressing debts first, helping you to simultaneously assess how you can improve your cash flow management.

    Re-evaluate Your Mindset

    In the midst of a negative account balance, it is important to set your mind to it and develop a healthy mindset to tackle your problems. Just like maintaining your physical fitness, it is important to keep your emotional wellness in check as it forms the foundation of whether you can succeed or not. Instead of coming to work every day feeling dejected and helpless, channel your energy into cultivating a positive mindset, and believing that your business will eventually improve if you have the correct mindset. Making sure your employees feel the same will help your team more effectively and exacerbate the process to recovery.

    Conclusion

    While these are some of the most common ways you can improve your company’s finances, this list is definitely not a set of hard and fast rules that guarantee success. It ultimately depends on the type of strategies you adopt, according to how well you understand your business and the market. It requires a lot of perseverance and a ton of effort to keep your business afloat, and possessing such qualities will make the process of coming out of a financial rut a whole lot easier. If things get too rough, it will be helpful to speak to a professional to give you appropriate financial advice tailored to your situation and company.

     

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