Retail News CRM

Tag: asia

  • Cebu Pacific net income doubled in 2019

    Cebu Pacific net income doubled in 2019

    Cebu Pacific on Wednesday reported a 132.6-percent jump in net income for 2019, before the coronavirus pandemic grounded world travel and plunged airlines into financial turmoil.

    The Philippines’ largest airline posted net income of P9.123 billion last year from nearly P4 billion in the previous year, according to a stock exchange filing. Passenger revenue grew 8.7 percent to P4.3 billion while cargo revenue rose 19.3 percent to P887.8 million.

    Gokongwei-led Cebu Pacific, Philippine Airlines and AirAsia Philippines on Tuesday sought credit relief from Manila, saying their survival was at stake. Flight were suspended throughout the 1-month Luzon lockdown, scheduled to end on April 12.

    “While it is difficult to predict when operating conditions will improve, the Group believes that it remains a going concern, given the measures undertaken, its liquidity position, its access to short and long term funding, and the strong relationships it has with major suppliers,” Cebu Pacific said.

    Cebu Pacific earlier said its senior management took pay cuts to avoid layoffs.

  • Gordon Ramsay closing three Hong Kong city restaurants

    Gordon Ramsay closing three Hong Kong city restaurants

    British celebrity chef and restaurateur Gordon Ramsay have quit Hong Kong, following the footsteps of compatriot Jamie Oliver last month.

    Three of his restaurants – Bread Street Kitchen & Bar, London House and Maze Grill – will shut today, April 1. These eateries are currently operated by his Hong Kong partner, Dining Concepts.

    However, an official statement about the closures did not refer to the status of his Hong Kong International Airport branch Gordon Ramsay Plane Food To Go, which opened last year in partnership with SSP Group.

    In the UK, Gordon Ramsay will close 16 of his outlets, but these are described as temporary closures relating to government lockdowns and have caused the suspension of more than 500 jobs.

    Hong Kong has introduced regulations requiring restaurants to place tables 1.5 meters apart and set a limit of four diners per table, with stringent enforcement. This week, Chinese restaurant operator Tao Heung shuttered 48 of its venues as a result of the new health-and-safety measures.

    In other news, American luxury jeweler Tiffany & Co has closed its 4000sqft store at 1881 Heritage in Tsim Sha Tsui permanently. With retail sales affected by last year’s social unrest and the advent of the pandemic this year, the company decided not to release its lease at the premium shopping destination. The retailer still has 11 stores remaining in the city.

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  • Get SiriusXM free for your iOS or Android device through May 15

    Get SiriusXM free for your iOS or Android device through May 15

    While you’re stuck at home trying to entertain yourself or looking for the latest news about the COVID-19 outbreak, satellite content provider SiriusXM is offering iOS and Android users a free subscription through May 15th. More than 300 channels are available featuring music, news, sports talk, comedy and politics (and some times the lines between the last two are blurred). The SiriusXM “steam free” offer doesn’t require a credit card charge or a commitment to become a paid subscriber down the road.
    The announcement was made by “Shock Jock” Howard Stern, who is broadcasting from home these days. SiriusXM CEO Jim Meyer said, “With so many people asked to stay at home, we are making our full streaming lineup of music, entertainment, news, and information easily accessible to everyone. In the days ahead, we hope it’s a valuable source of information or diversion, a generous mix of fresh live content, and a source of companionship that comes from the hosts on our many shows and channels. And there was no better way to launch the Stream Free content than with Howard this morning.”
  • Hong Kong retail sales plunge 44 per cent in February

    Hong Kong retail sales plunge 44 per cent in February

    February saw a catastrophic collapse in Hong Kong retail sales, which slumped a massive 44 percent year on year, the greatest fall since records were first taken. The unprecedented collapse followed a 21.5-per-cent decline in January and a 19.4-per-cent fall in December. For the first two months of this year, Hong Kong retail sales felt by 31.8 percent.

    The collapse in sales followed the effective lockdown of Mainland China for the last week of January and all of February and came as Hong Kong tightened travel into the territory worldwide following the outbreak of the coronavirus pandemic.

    A government spokesman confirmed the fall mainly reflected the heavy blow to tourism- and consumption-related activities dealt by the pandemic, although a distortion from the timing of Lunar New Year also contributed.

    “The business environment of retail trade will remain extremely austere in the near term, as the Covid-19 pandemic has brought inbound tourism to a standstill and severely dented local consumption demand,” the spokesman said.

    Figures released today by the Census and Statistics Department (C&SD) provisionally estimated the value of Hong Kong retail sales in February, at $22.7 billion (US$2.9 billion).

    After netting out the effect of inflation, total retail sales fell by 46.7 percent, following a 23.1-per-cent fall in January. For the first two months of the year, the inflation-adjusted decline was 33.9 percent.

    While sales of jewelry and luxury goods fell by 58.6 percent in January and February combined, it was a surprising 9.3-per-cent slump in the sale of food, alcohol and tobacco which caused the most significant impact on the overall figures, according to the C&SD.

    Sales of miscellaneous consumer goods fell by 21.9 percent; of electrical goods and other consumer durables by 25.1 percent; and of medicines and cosmetics by 42.7 percent.

    Department-store sales slumped 41.4 percent, apparel sales by 49.9 percent; footwear and accessories by 43.1 percent; furniture and fixtures by 19.6 percent; Chinese drugs and herbs by 23.7 percent; books, newspapers, stationery and gifts by 35 percent; and optical shop turnover slumped 28.6 percent.

    The only two categories showing growth were supermarkets, which boosted sales by 11.1 percent, during the first two months of the year, and fuels, up by 6.5 percent.

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  • Dark Sky announces acquisition by Apple and discontinuation of Android support

    Dark Sky announces acquisition by Apple and discontinuation of Android support

    Popular weather app Dark Sky made a huge announcement, and the forecast for Android users doesn’t look good. The company revealed that it has been acquired by Apple, causing some major changes for users in the near future.

    Dark Sky, which describes itself as a hyperlocal weather app, made its name on down-to-the-minute precipitation forecasts based on a number of sources, including crowdsourced data from users who opt-in. Receiving widespread acclaim, the app quickly amassed over 1 million Android users, establishing itself as a formidable force in the weather service market.

    Following the acquisition by the iPhone maker, announced in a company blog post, Dark Sky reportedly won’t go through any major branding changes (no iDark Sky for now), but support for Android will be discontinued on July 1, 2020.

    A complete drop of support for a large portion of users is kind of a big deal, especially for Android users like me, but the company also announced that all active subscribers will be given a refund at the date of discontinuation, which will also affect Wear OS and web clients of the service.

    Given Dark Sky’s reputation as the best weather app around, it’s sad to see it go as far as the Play Store is concerned. But based on the app’s #1 status in the Weather category of the iOS App Store, Dark Sky will likely still enjoy much popularity on the other side of the fence.

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  • Citi Partners With Major Hong Kong E-Shopping Platform

    Citi Partners With Major Hong Kong E-Shopping Platform

    Citi is the latest in Asia to tap into the digital commerce channel amidst the coronavirus pandemic, partnering with major Hong Kong e-shopping platform HKTVmall. Citi Hong Kong’s partnership with the renowned HKTVmall will include a specialized credit card that leverages API technology to enable instant application and approval. The Citi HKTVmall Credit Card also provides other benefits such as discounts and additional points on specific days of the week, according to a Citi statement.

    The partnership is timely as HKTVmall has emerged as a major player for homebound Hong Kongers who use the platform to purchase daily necessities. The firm estimates that it has registered $155 million worth of orders in the first quarrier – double of last year – and is set to witness even more demand as it recently announced a decision to start selling surgical masks on the platform as well.

    Citi Hong Kong has long collaborated with HKTVmall to enhance customers’ spending experience through Open API,» said Lawrence Li, Citibank Hong Kong’s head of cards and unsecured lending, adding that the latest move furthers the development of smart banking.

    Citi is the latest player to leverage digital capabilities to capitalize on the scarce number of potential opportunities available in the struggling economy. Last week, DBS launched a new offering to support F&B businesses by launching a homegrown platform that will enable online ordering and delivery for its SME clients.

    The retail industry in Hong Kong is facing unprecedented challenges at the moment. With the changes in the social environment and technological advancement, Hong Kong consumers are now shifting their consumption habits to online shopping, said Ricky Wong, CEO of HKTV.

    While it is all about total customer experience for online shopping, every single detail in marketing and promotion, payment and delivery that counts.

  • Singapore retailers call for ‘unprecedented rental relief’

    Singapore retailers call for ‘unprecedented rental relief’

    “Unprecedented rental relief measures” are needed from landlords to help retailers overcome the coronavirus crisis, according to the Singapore Retailers Association.  In an open letter to landlords, the association has urged landlords to implement a rental payment structure for six months capped at no more than 15 percent gross turnover or a 50-per-cent base rent reduction, whichever is lower. It also asks landlords to allow retail businesses who cannot sustain their businesses to exit before their lease expiration without losing security deposits or risking punitive legal action.

    “We fully realize and appreciate that both mall operators and tenants have been working very hard over the past two months to minimize the business losses from the drastic drop in footfalls,” read the letter signed by Singapore Retailers Association president R Dhinakaran, on behalf of its 400 members.

    “However with the government advice of safe distancing and stay at home (heading to malls for essentials like food only) … the sales of the majority of retail stores will be equivalent to zero sales, similar to a lockdown situation.”

    The letter asks landlords to exercise the requested measures to avoid massive permanent store closures and loss of jobs within the next three months.

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  • DBS Adds Online Classes to Relief Portfolio

    DBS Adds Online Classes to Relief Portfolio

    The Singaporean lender continues to provide innovative digital support to locals affected by the ongoing pandemic alongside financial relief. To help cope with the crisis, DBS will offer free online supplementary classes for primary and secondary school students. In terms of financial relief, home loan payment relief and free Covid-19 relief insurance coverage will be provided, the latter of which has already attracted 600,000 customers.

    And for SMEs, the bank rolled out a 6-month principal repayment moratorium on property loans and collateral-free digital business loan of up to S$50,000 ($35,000).

    While the Covid-19 situation is an unfolding one, it is apparent that some sectors and individuals are being hit particularly hard,» said Shee Tse Koon, Singapore country head at DBS, adding that more relief measures will be announced next week. As the largest bank in Singapore, DBS is committed to joining the industry to help Singaporeans and SMEs tide through these challenging times.

    More than just providing pure financial support, DBS has stood out for its creative approach to providing potentially effective relief.

    In addition to online classes, the bank recently rolled out a homegrown digital food delivery platform to help its F&B SME client base boost revenues in dire times of need. Interested users will be supported by the bank for end-to-end processes from marketing and e-menus to payment and physical delivery.

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  • Vestiaire Collective launches coronavirus charity sale

    Vestiaire Collective launches coronavirus charity sale

    Vestiaire Collective, the online platform for pre-owned luxury fashion, has launched a charity sale to support the fight against coronavirus.

    Vestiaire Collective has partnered with more than 50 influential celebrities, including Kate Moss, Rachel Weisz, Thandie Newton, Anna Dello Russo and Charlotte Tilbury, to offer luxury pieces from their wardrobes.

    Some items were already sold on the first day of the sale such as leopard print faux fur coat from Kate Moss or a Penny Packham maxi dress from Charlotte Tilbury.

    “We’re doing everything we can to combat the effects of the virus with our community, and to help fight it with charity fundraising,” the company said in a statement.

    According to the company, all proceeds from the sale will be used to support hospitals and scientific researchers working on coronavirus, including the World Health Organization, the Italian Lombardia Region Fundraising, the France/Paris Hospitals Foundation and Madrid’s La Paz Hospital.

    Founded in Paris in 2009, Vestiaire Collective now has more than 7 million members from more than 50 countries across Europe, the US, Asia and Australia, with 25,000 new items submitted every week.

  • Tse Sui Luen ready to take hefty loss

    Tse Sui Luen ready to take hefty loss

    Jeweler Tse Sui Luen is projecting a loss of HKD 80 million (US$10.3 million) for the year to March – a stark reversal from last year’s net profit of HK$54 million ($6.96 million.

    In a profit warning issued to the Hong Kong stock exchange, the company said its estimate was based on a review of the accounts for the first 11 months of the financial year, and other information available.

    Sales in February fell by 88 percent as Hong Kong’s borders all but shut, and without the benefit of Lunar New Year turnover, which last year largely fell in February.

    “Such expected loss is mainly attributable to the sluggish retail sales since July,” the company’s chairman Annie Yau On Yee said.

    “The coronavirus outbreak in January 2020 has taken a heavy toll on the retail industry, dealing a severe blow to the Hong Kong and Mainland China economies already hampered by the prolonged local social unrest in Hong Kong and escalated US-Sino trade tensions.”

    Yau said Tse Sui Luen was mitigating the economic fallout from the social unrest in Hong Kong and the global coronavirus epidemic, with measures such as negotiating rent relief with landlords, which “have helped improve the group’s cost-effectiveness to a large extent”.

    “We have also streamlined our business operation to minimize all costs and expenses, and are restructuring our retail store network including store closures for maintaining profit contribution at a sustainable level,” she said.

    “The board believes that we are well-positioned to weather the current unfavorable environment.”

    Full-year results are scheduled for release in late June.

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  • DBS Plans to Take Lion’s Share of Used-Car Loans

    DBS Plans to Take Lion’s Share of Used-Car Loans

    DBS has doubled its used-car loan market share, space traditionally dominated by lenders like Hong Leong Finance and Maybank. It hopes to grab 80 percent of used-car loans taking place online by 2021.

    The bank’s decision to focus on the used-car segment came about two years ago, partly due to regulatory changes as well as expectations of decreasing certificates of entitlement (COEs) over time.

    «With the COE quota reducing, the argument is that the premium could possibly go up, but we have not seen it yet as it’s too early to tell,» said Nelson Neo, head of new business for DBS’ deposits and secured lending division.

    «So what we see is really the potential, where consumers will continue to buy used cars, so that’s why we decided to intensify our focus around used cars,» added Neo, who plans to plans to rev up growth in used-car loans by 20 percent.

    Prior to 2018, used-car loans made up 10 percent of the bank’s auto loans, with new-car loans accounting for the rest. Now that used-car loans make up 20 percent, DBS is aiming for 80 percent of used-car loans taking place online by 2021.

    The rapid expansion was a combination of competitive pricing by offering one of the lowest rates in town, stronger partnerships with dealers, and enhanced digital capabilities that allow car owners to complete a loan application online, Neo said. Its interest rates for used cars are similar to new cars at about 2.28 percent.

    Two years ago, used-car loan rates were higher than that of new cars, but they have since fallen to either on par or even lower, depending on promotions.

    Aside from its new car pricing strategy, it is the bank’s data and digital capabilities that have been a game-changer.

    Last October, DBS fully digitized its sign-ups, allowing customers to apply online either through the national data repository MyInfo or DBS’ digital banking platform.

  • Grab Hires Chief Financial Officer

    Grab Hires Chief Financial Officer

    Grab has appointed a chief financial officer with extensive experience in scaling rapidly growing technology companies.

    Based in Singapore, Peter Oey reports to group CEO and co-founder Anthony Tan. He will be responsible forfinance operations, treasury, tax, procurement, and real estate and facilities, the firm said in an announcement on Wednesday.

    He will also work closely with Grab president Ming Maa, who will continue to lead strategic business planning for the company, the statement said.

    Oey brings extensive experience scaling rapidly growing technology companies. He spent two decades of corporate finance and strategic planning, and was previously CFO for legal tech firm Legalzoom and personal information broker Mylife. He also spent 12 years in various roles at gaming firm Activision Blizzard, including vice president, corporate controller.

    The past year has seen Grab growing its food delivery, payments and financial services businesses significantly. According to the firm, Grab Food saw its gross merchandise value grow by over 400 percent across Southeast Asia, led by Indonesia, Thailand and the Philippines, while Grab Pay increased total payments volume by 170 percent.

    Apart from launching e-money, lending and insurance distribution on its platform, the firm has partnered Singtel in its application for a digital bank license in Singapore. It also moved into wealth management with the acquisition of Singapore-based robo-advisor Bento.

    In the coming year, Grab said it expects to expand its financial services offerings, grow its daily essentials delivery and concierge services and develop more business-to-business service offerings.

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  • Xiaomi-Backed Virtual Bank Announces Hong Kong Pilot

    Xiaomi-Backed Virtual Bank Announces Hong Kong Pilot

    AirStar Bank has announced the launch of a pilot trial in Hong Kong, which will be conducted within the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox.

    About 2,000 friends and families of the staff of Airstar, Xiaomi Hong Kong and AMTD Group will be onboarded to the virtual bank to gather user feedback and gauge requirements ahead of a full roll-out, according to an announcement by the bank on Tuesday.

    The bank is a joint venture virtual bank between Chinese electronics company Xiaomi and AMTD Group – Asia’s largest independent corporate finance and advisory house.

    According to the announcement, Airstar will offer tiered-pricing savings deposits and time deposits, and is promising up to 1 percent per annum for HKD saving deposits between HKD 500,000 ($64,500) and HKD 1,000,000. It will also offer unsecured lending products at transparent pricing with interest accrual on a daily basis.

    Airstar was among eight firms to receive a virtual bank license from HKMA in 2019. It is the second among the group to launch trials, following ZA Bank, which started operations in March this year.

    Currently Xiami has commenced pilot trial onboarding round 2,000 customers from friends and families of the staff of Airstar, Xiaomi Hong Kong and AMTD Group.

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  • Panic buying underpins Japanese retail sales growth

    Panic buying underpins Japanese retail sales growth

    Japanese retail sales have recorded a distinct uptick as consumers enter a panic-buying mode in response to the coronavirus outbreak, according to Nikkei Asian Review. According to the Ministry of Economy, Trade and Industry, Japanese retail sales rose 1.7 percent year on year in February.

    Pharmacy sales showed the highest rate of growth, surging 18.9 percent due to higher sales of protective masks and toilet paper, among other hygiene-related purchases.

    Supermarket sales increased 6 percent following increased purchases of consumer goods.

    By contrast, sales figures for department stores slipped 11.8 percent resulting directly from a drop in tourism.

    The slowing down of local business has concurrently seen a drop in employment figures, with fewer businesses seeking to fill positions.

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  • Bonjour trims range, relocates stores as losses mount

    Bonjour trims range, relocates stores as losses mount

    Hong Kong cosmetics retailer Bonjour Holdings has delisted slow-moving products and trimmed its store network as it grapples with falling sales and mounting losses.

    The company has just released its results for last year, when sales fell by 18.7 percent, following a 7.3-per-cent decline in 2018. The company’s annual loss attributable to shareholders ballooned from HKD39.6 million (US$5.1 million) in 2018 to HKD129.6 million ($16.7 million) last year.

    Culling non-performing SKUs in stores, Bonjour Holdings shifted its focus to brands and products which are faster moving and/or have higher margins. Store layouts were changed to better display top-selling products and trendy lines to create an enhanced shopping experience.

    Bonjour ended the year with 37 stores in Hong Kong, Macau and Guangzhou, two fewer than a year earlier. But within that figure, stores with weak sales performance were replaced by new ones in community districts as the company joined many local brands by shifting focus to locations frequented by locals rather than inbound visitors.

    The company is also open to short-term leases for street-front shops which would be more flexible during the unsettled economic times and with negotiable rents.

    In a stock-exchange filing, Bonjour Holdings said it was responding to a market disrupted by social unrest last year and now the coronavirus pandemic, by reducing its operating costs. Such measures include reducing store trading hours by reducing from two shifts to one, and requiring all staff to take at least five days of unpaid leave to reduce staff costs.

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