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Tag: asia

  • Singapore retail sales see softer decline in July

    Singapore retail sales see softer decline in July

    Singapore retail sales dropped 2.3 percent in July after motor vehicles were excluded from the data, compared with the 3.1 percent decline in June.

    According to the Department of Statistics, the estimated total retail sales value in July was SG$3.4 billion (US$2.6 billion), of which 14 per cent came from online.

    On a seasonally adjusted basis, retail sales increased 0.5 percent month on month.

    The department stores and wearing apparel and footwear industries led the decline, with sales down 11.2 percent and 10.3 percent, respectively. Sales of optical goods and books fell 8.7 percent, mainly due to lower book demand.

    Meanwhile, the petrol service stations, food and alcohol, supermarkets and hypermarkets, and watches and jewelry industries recorded sales growths of between 0.8 percent and 4.7 percent.

    Sales of food and beverage services edged up 0.2 percent in July following a 1.9 percent increase in June.

    The total sales value of F&B services in July was SG$989 million, of which 23.8 per cent were from online.

  • Gold falls after 2 weeks unchanged

    Gold falls after 2 weeks unchanged

    The Vietnam gold bar price dropped 0.62% to VND80.5 million ($3,251.87) per tael Thursday afternoon, while bullion stayed mostly flat globally.

    Price has remained unchanged at VND81 million since Aug. 20.

    Gold ring price went up 0.06% to VND78.55 million per tael.

    Globally old was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month.

    Spot gold steadied at $2,494.73 per ounce. U.S. gold futures lost 0.1% to $2,524.90.

    Non-yielding bullion tends to perform well when interest rates are low. It is also considered a hedge against economic and political uncertainties.

    “The highs for gold in 2024 may not yet have been reached, with the $2,600 level a viable target before year-end, if the Fed delivers the goods with a succession of quick-fire rate cuts before year-end,” said Tim Waterer, chief market analyst, KCM Trade.

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  • Gasoline prices tumble to 20-month low

    Gasoline prices tumble to 20-month low

    Gasoline prices on Thursday hit the lowest since December 2022, having in decline for the last two months.

    The popular fuel RON95 dropped 1.33% to VND20,820 (US$0.84) per liter.

    Diesel declined by 2.06% to VND18,470.

    Regulators said that fuel prices in the last seven days were affected by expectations of increased supply in Libya and OPEC+ countries and weak China’s demand.

    Gasolines have fallen by 1.6-2.2% and oils have decreased by 2-3.1%. RON95 is now at $86.3 per barrel and diesel $87.

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  • Vietnam stocks slip as Asian shares subdued

    Vietnam stocks slip as Asian shares subdued

    Vietnam’s benchmark VN-Index fell 0.59% to 1,268.21 points Thursday as other Asian markets were little changed.

    The index closed 7.59 points lower after dropping 8.07 points in the previous session.

    Trading on the Ho Chi Minh Stock Exchange increased by 6% to VND16.59 trillion (US$671 million).

    GVR of Vietnam Rubber Group plunged 2.3%, followed by PLX of fuel distributor Petrolimex, down 2%.

    FPT of IT giant FPT Corporation and MBB of lender MB both fell 1.8%.

    Three blue chips gained, led by VHM of property giant Vinhomes, up 2.9%, and VIC of private conglomerate Vingroup, up 2.4%.

    Foreign investors were net sellers to the tune of VND684 billion, mainly selling FPT and HPG of steelmaker Hoa Phat Group.

    The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 0.50%, while the UPCoM-Index for the Unlisted Public Companies Market went down 0.30%.

    Asian shares were subdued on Thursday, with Japanese stocks sliding to their lowest in three weeks as investors sought safety, pushing the yen to a one-month high while U.S. economic worries boosted prospects for the Federal Reserve to cut rates.

    Amid the fragile sentiment, Japan’s benchmark Nikkei slid more than 1% to its lowest in three weeks, while stocks in tech-heavy Taiwan and South Korean stood slightly higher on the day, giving up earlier gains.

    The MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.25%, subdued after having tumbled nearly 3% during a three-day losing streak. The index had risen more than 0.6% but gave up those gains.

  • Kopi Kenangan to enter the Philippines and India

    Kopi Kenangan to enter the Philippines and India

    Indonesian coffee chain Kopi Kenangan – also known as Kenangan Coffee – is expanding its global footprint, beginning with the launch of its first stores in India and the Philippines.

    The company will open its first Philippine store in October at SM Mall of Asia, Pasay City.

    In India, Kopi Kenangan will make its debut early next year through a licensing agreement with a local F&B business. However, specific details have yet to be finalised.

    During its initial expansion phase in Southeast Asia, the company said it would focus on establishing at least 10 stores in shopping centres.

    “Our expansion into Malaysia and Singapore is a testament to our commitment to serving quality coffee to more people around the world,” said Edward Tirtanata, founder and CEO of Kopi Kenangan.

    “Moving forward, we hope to continue expanding our reach by opening 500 international Kenangan Coffee outlets across various countries,” he said.

    Founded in 2017, Kopi Kenangan is one of the largest branded coffee chains in Indonesia, with more than  900 outlets across 60 cities.

    The brand made its international debut in Malaysia in 2022, followed by an expansion into Singapore last year, where it currently operates 48 and seven locations, respectively.

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  • JD invests US$141 million in building fashion platform

    JD invests US$141 million in building fashion platform

    Chinese e-commerce giant JD has announced a RMB1 billion (US$141 million) investment in the expansion of its apparel business.

    The investment, a combination of financial capital and market resources, aims to broaden and enhance the range of fashion offerings, providing a significant boost for both domestic and international brands.

    The company plans to introduce a variety of new products via simultaneous launches from thousands of brands on JD’s online platform. These launches will be bolstered by enhanced marketing initiatives, partnerships with celebrities and designers, and cross-industry collaborations.

    As part of this investment, the ‘10-billion-yuan Discount’ program will offer customers a RMB30 discount on purchases of RMB300 or more.

    In addition, the company will collaborate with platforms such as Vogue and Xiaohongshu to unveil upcoming fall and winter fashion trends next month.

    Since the beginning of this year, JD has seen a 60 per cent increase in leading apparel and footwear brands and a 200 per cent increase in third-party apparel merchants. The company has signed partnerships with fashion groups, including Inditex, H&M, and Gap, and offers selections from over 90 per cent of global luxury brands.

  • Thai wellness brand Panpuri opens first international flagship in Hong Kong

    Thai wellness brand Panpuri opens first international flagship in Hong Kong

    Thai wellness brand Panpuri has made its international debut, beginning with its first flagship located in K11 Musea, Hong Kong.

    Designed in partnership with MLKK Studio, the boutique is inspired by the concept of “The Perfumist’s Chamber”, which combines the “elegance” of Thai culture with the “dynamic energy” of Hong Kong.

    The company said a key design element is the fusion of Thai-made, Hong Kong-familiar mosaic tiles locally known as Mak Suk. The terracotta shade – integral to Thai architecture – and Hong Kong’s urban landscape create a visual bridge between the two cultures.

    At the boutique’s core lies a Bespoke Sensorial Bar where customers can design their signature scent with the help of Panpuri Scent specialists. It has six product formats, from essential oils to perfume diffusers, and a collection of 65 fragrances.

    Pramote Dechaboonsiripanich, MD Panpuri, said the Hong Kong launch serves as the brand’s gateway to the Mainland and an ideal location for expansion.

    “Our data also shows that Hong Kong customers rank among our top clients, so this move allows us to serve both local and international customers better,” said Dechaboonsiripanich.

    The company aims to expand to three or four stores in Hong Kong and establish its main office, capitalising on the city’s status as a “strategic gateway” to the region.

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  • Victoria’s Secret swings to net income despite lower sales

    Victoria’s Secret swings to net income despite lower sales

    Victoria’s Secret swung to a net income despite lower sales in the fiscal second quarter, which an analyst attributes to better inventory management discipline and efficient cost control.

    The lingerie and perfume brand’s net income was US$32.1 million, while net sales fell 0.7 percent year over year to $1.42 billion.

    North America store sales decreased 2.1 percent to $800 million, and direct sales slid 0.9 percent to $430.2 million. International sales climbed 6.4 percent to $187 million.

    “Some better discipline around inventory management and strong cost control have both helped to boost the bottom line,” said Neil Saunders, GlobalData MD.

    “The better financial health of the business means that when Hillary Super takes the reins as CEO in early September she will, at least, inherit a company that has been stabilized.”

    The company forecasts net sales to increase low-single digits in the fiscal third quarter from the year-ago period.

    “We are encouraged our North America business trends have continued to improve as we’ve moved through August and the start of the third quarter,” said Timothy Johnson, Victoria’s Secret interim CEO, and chief finance and administrative officer.

    “While we are optimistic about the positive signs we’re seeing in our business, we recognize the consumer environment remains challenging and our customer is pressured economically.”

    For the full fiscal year, the company expects net sales to be down by about 1 per cent.

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  • As it exits other markets, Flash Coffee doubles down on Indonesia

    As it exits other markets, Flash Coffee doubles down on Indonesia

    Flash Coffee is expanding its footprint in Indonesia, with new store openings planned across Jakarta and Bandung and the rollout of new food and beverage offerings.

    The coffee chain said each outlet offers a larger space with a sit-and-stay design to encourage customers to have their coffees in-store. At the same time, it launched a more user-friendly process for digital ordering on its proprietary app.

    After last year’s restructuring, the company said its main focus is now on Indonesia and franchising the brand in other countries, following the closure of Flash Coffee in other Asian markets and the sale of its brand in Thailand as a franchise.

    Flash Coffee founder and CEO David Bruinier thanked its customer base and said the company is “just getting started” on its Indonesian expansion.

    “We are now expanding our footprint in the country, with plans to add many new stores to our portfolio within the next 12 months,” he added.

    The coffee chain now operates 67 stores and reported an increase in revenue per store by over 50 percent from early this year, reaching operational profitability.

    Launched in Singapore in 2020, the “tech-driven” coffee chain is now backed by New York-based venture capital firm White Star Capital as its largest shareholder after raising US$50 million in a Series B funding round last year.

    Jakob Angele, executive chairman of Flash Coffee and venture partner at White Star Capital, said the company is pleased with the brand’s success in Indonesia.

    “Indonesia is one of the most exciting and vibrant coffee markets worldwide. Flash Coffee is uniquely positioned to serve its growing demand for high-quality coffee,” he concluded.

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  • Miniso opens the world’s largest store in Indonesia

    Miniso opens the world’s largest store in Indonesia

    Chinese lifestyle brand Miniso has launched its flagship store in Jakarta, Indonesia, marking the brand’s largest store globally.

    Located inside the Central Park Mall, the 2941sqm store is designed with the concept of a Dream Castle Park. There are eight product categories with three IP zones: Harry Potter, Sanrio, and Disney.

    “With the opening of the Jakarta Central Park flagship store, Miniso takes another solid step towards realizing its vision of becoming the world’s leading IP design retail group,” said Bella Tu, VP and GM of Miniso for overseas directly operated markets.

    “We hope to continue leading the trend of interest-based consumption through our Super Stores, providing consumers worldwide with emotional value and an exceptional shopping experience.”

    In addition, Miniso organised a perfume event with a seven-metre-tall perfume model as the visual highlight. The brand offers a collection of seven perfume series.

    According to Miniso, Indonesia, which currently has more than 300 Miniso stores, is a crucial directly controlled market for the brand and a popular household name.

    “The launch of our largest global store in Indonesia further cements this market’s importance,” added Tu.

    “From core cities like Jakarta, Surabaya, and Bandung to regions such as Bali, Sulawesi, and Papua, Miniso’s presence is felt throughout Indonesia. Through store development, product innovation, and localization strategies, we have continuously enhanced our brand influence, successfully establishing Miniso as one of the most sought-after brands among local consumers.”

    The Jakarta launch coincides with the 200th store opening in the US, demonstrating the brand’s expansion in the market. Miniso has opened stores in strategic locations across the US, including Times Square and Tangram in New York and the American Dream Mall in New Jersey.

     

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  • Wendy’s Philippines sold to new owner as Dennis Uy exits food retail

    Wendy’s Philippines sold to new owner as Dennis Uy exits food retail

    Wendy’s Philippines and Conti’s Bakeshop, run by Filippino businessman Dennis Uy, have been sold to a local entrepreneur.

    Uy has decided to sell his Eight8Ate Holdings company, which operates the two chains, to Crystal Jacinto. The sale comes after the multibillion-peso food retailing business bundle has been on the market for almost two years.

    Jacinto, who runs European Wellness Villa Medica Manila – a health and wellness centre specialising in anti-aging and disease management solutions, will take full control of the company, according to the news agency’s sources. She is also reportedly backed by her husband and Malaysian businessman Jaya Sudhir.

    Wendy’s, which had 70 stores as of June, and Conti’s, which had 74 stores, were acquired by Uy in 2019, shortly before the pandemic.

    Conti’s is considered the more profitable of the two brands, which led to the bundling of Wendy’s in the deal.

    The sale also includes the remaining shares of Conti’s founding sisters – Cecille Conti Maranon, Carole Conti Sumulong, and Angela Conti Martinez – who have agreed to sell their residual stake directly to Jacinto, cites the news agency.

    Neither Uy nor Jacinto has yet to comment on the transaction at the time of writing.

    Apart from Eight8Ate Holdings, Uy is also the founder of Udenna, a conglomerate involved in petroleum, oil and gas, shipping, logistics, real estate, education, and gaming.

  • Uniqlo names Clare Waight Keller as creative director

    Uniqlo names Clare Waight Keller as creative director

    Uniqlo has appointed British designer Clare Waight Keller as its new creative director.

    On top of the new appointment, Keller will continue in her role as designer for the Uniqlo: C womenswear project.

    In her new role, Keller will also lead Uniqlo’s mainline collection, including menswear, beginning this year’s fall/winter.

    “Clare Waight Keller’s work with Uniqlo: C has convinced me that she is one of the few creators in the world able to achieve a high level of balance between creation and merchandising,” said Yukihiro Katsuta, Uniqlo Fast Retailing group senior executive officer and head of research and development.

    “I believe that with her, we will be able to evolve LifeWear, the ultimate everyday wear, into something even richer and create clothes that will make our customers even happier,” added Tadashi Yanai, Uniqlo fast retailing chairman, president and CEO.

  • Gojek to exit Vietnam

    Gojek to exit Vietnam

    Indonesian ride-hailing and delivery company Gojek has announced it will stop operating in Vietnam starting Sept. 16 after 6 years in the market.
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    It said the decision, made by its parent company GoTo after assessing its market presence in Vietnam, aims to strengthen business operations and aligns with the company’s long-term growth strategy.

    “We will provide the necessary support to all affected parties and comply with current regulations and laws throughout this transition.”

    Gojek was founded in 2010 with a focus on delivery and ride-hailing services, and its app was launched in January 2015 in Indonesia.

    Since then it has grown to become that country’s leading on-demand service platform.

    It entered Vietnam in 2018 as GoViet, which merged with the Gojek brand in 2020.

    It offers two-wheel (GoRide) and car (GoCar) rides, food delivery (GoFood) and parcel delivery (GoSend), and operates in HCMC and Hanoi and Binh Duong and Dong Nai provinces.

    According to market research company Mordor Intelligence, Vietnam’s ride-hailing market is expected to be worth US$880 million in 2024 and grow to $2.16 billion by 2029.

    Another market research company, Q&Me, found that 42% of users in Vietnam favor Grab for motorbike rides followed by Be with 32% and Xanh SM with 19%. Only 7% said they frequently use Gojek.

    With the Vietnamese operations accounting for less than 1% of GoTo’s gross transactions in the second quarter of this year, the exit from the market is expected to have little impact on its financial situation.

    Gojek previously pulled out of Thailand in 2021 and is focusing on its home market and Singapore.

    In Indonesia, Gojek’s gross transaction value increased by 18% year-on-year in the second quarter of this year while its number of completed orders rose 24% to reach record levels. It also saw a 3 percentage point increase in market share in Singapore.

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  • Cathay Pacific cancels 90 flights over aircraft engine issue

    Cathay Pacific cancels 90 flights over aircraft engine issue

    Hong Kong-based airline Cathay Pacific Airways has canceled 90 flights this week due to an engine component issue affecting its Airbus A350 fleet.

    The firm initially canceled 48 flights on Tuesday and 20 on Wednesday before axing another 22 from Thursday to Saturday.

    All the flights canceled this week are for regional destinations except for one long-haul flight on Monday, the airline said.

    The canceled flights on Tuesday and Wednesday included routes between Hong Kong and cities such as Sydney, Osaka, Tokyo, Taipei, Bangkok, and Singapore.

    The airline announced on Tuesday that all affected travelers had been notified and provided with alternative travel options.

    To help passengers adjust their travel plans, Cathay Pacific waived ticket change fees, including charges for rebooking and rerouting.

    The flight cancelations followed a component failure on Monday that led Cathay Pacific to ground and inspect its entire Airbus A350 fleet.

    The inspection found that 15 planes required fuel line repairs, six of which have been fixed and cleared to operate as of Wednesday.

    Cathay Pacific said no further flight cancelations were expected, and all affected aircraft are anticipated to resume operations by Saturday.

    The cancelations have caused confusion and frustration among customers, many of whom had to make last-minute travel rearrangements.

    Lim and his family from Singapore were looking forward to their five-day trip to Hong Kong when their Tuesday flight was delayed and then canceled.

    They were later rebooked on a flight departing 12 hours later than originally scheduled.

    “We’re very disappointed in the way Cathay has handled this issue,” Lim said. “Until now, no one has come to let us know the cause of the delays and cancelations. I had to google media reports to find out what happened. They don’t even have a statement on Facebook.”

    Complaints about canceled flights have also surfaced on the Chinese social media platform Xiaohongshu, where users traveling from Hong Kong to Singapore and other cities voiced their frustration over disrupted travel plans.

  • Indonesia encourages people to embrace EVs​

    Indonesia encourages people to embrace EVs​

    Indonesian Transportation Minister Budi Karya Sumadi is encouraging more people to embrace electric vehicles (EVs) in their lives as the country wishes to boost its e-mobility adoption.

    However, the minister admitted that convincing people to use EVs could be hard as they were still pricey at this time. Promoting green transport should also start as soon as possible so people will get used to riding EVs, according to Budi.

    He said this is a grand idea that will certainly benefit all, particularly for the future generations. But it is not an easy task.

    He also said he hopes that there will be a rise in the EV lifestyle, although electric cars and two-wheelers are still expensive.

    Indonesia is aiming to reach net zero emission by 2060 or sooner. The country has set a goal to have 2 million electric cars and 13 million electric two-wheelers on its roads by 2030.

    The government earlier this year reported that Indonesia had recorded 144,547 units of EVs as of May 2024.

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