Retail News CRM

Tag: asia

  • TransferWise Partners Alipay in China

    TransferWise Partners Alipay in China

    The London-headquartered online money transfer service is teaming up with Chinese payments and lifestyle services platform Alipay to expand remittance options for its users.

    TransferWise is making more inroads into Asia with a tie-up with mobile payments giant Alipay, which will enable instant transfers to China for 17 currencies, the firm announced in a statement on Tuesday.

    With Alipay serving more than 1.2 billion people worldwide together with its local e-wallet partners, TransferWise, which has 7 million customers worldwide, called the partnership a «major expansion.»

    Co-founder and CEO Kristo Käärmann said money transfers to China has been one of the most requested features among TransferWise users since its expansion in Asia.

    China is projected to be one of the top remittance recipient countries in the world, with £54 billion ($65.4 billion) expected to be sent back home by Chinese expats and migrants living abroad, TransferWise said in the announcement, citing a 2019 report.

    In 2019, TransferWise rolled out a debit Mastercard in Singapore, which also included a TransferWise Borderless multicurrency account. It also began processing international payments into digital wallets in Indonesia and the Philippines last year.

    Founded in 2011, TransferWise is valued at $3.5 billion, following its last funding round of $292 million in May 2019. It has raised a total of $772.7 million in funding in 10 rounds to date. According to the firm, it processes $6 billion in transfers monthly.

     

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Apple fined €1.2 billion for price fixing in Europe

    Apple fined €1.2 billion for price fixing in Europe

    US tech firm Apple has been found guilty of anti-competitive behavior by a French antitrust body and fined €1.1 billion (US$1.32 billion).

    The firm was found to have fixed costs for its French wholesalers to force them to set retail prices aligned with Apple’s own, both in-store and online.

    The fine is the largest ever imposed by the French antitrust body and addresses Apple’s actions to prevent the wholesalers from freely setting their own business policies. The two wholesalers were also hit with large fines.

    “Apple and its two wholesalers agreed not to compete with each other and to prevent distributors from competing with each other,” read a statement from the French regulator, “thereby sterilizing the wholesale market for Apple products”.

    Apple will appeal the ruling, claiming the ruling “relates to practices from over a decade ago and discards 30 years of legal precedent that all companies in France rely on with an order that will cause chaos for companies across all industries”.

    Lees ook:

  • Versace launches on Lotte Premium Mall

    Versace launches on Lotte Premium Mall

    Italian luxury fashion brand Versace opened a store on e-commerce site Lotte Premium Mall in South Korea on Monday.

    Lotte Department Store says the store is a collaboration with the official importer Versace Korea and the online mall.

    Forty lines of Versace products, including ready-to-wear and accessories including wallets, belts, clutches and jewelry is showcased on the fashion mall site.

    Local media reports suggest online customers will be able to exchange purchases in Versace’s brick-and-mortar boutiques, including at Avenuel Main, Avenuel World Tower and Suwon.

    Myeong-gu Kim, head of the online division of Lotte Department Store said that in the future, Lotte Premium Mall plans to strengthen collaboration with international luxury brands to make their online entry into South Korea.

    Versace is a luxury brand created in 1978 by Gianni Versace and his sister Donatella Versace.

  • Laura Ashley’s UK business collapses

    Laura Ashley’s UK business collapses

    Laura Ashley’s UK business has been placed into administration after realizing that even if it could secure funds from a third-party investor it would be too late to save the business.

    the Malaysian-controlled retailer of clothing and homewares was in negotiations with Hillco Capital in a bid to secure a £15 million emergency loan.

    In a statement reported by Retail Gazette, Laura Ashley said its “revised cash flow forecasts and increased uncertainty” mean it would not be able to secure those funds in sufficient time. The coronavirus, it said, “had an immediate and significant impact on trading, and ongoing developments indicate that this will be a sustained national situation”.

    Laura Ashley’s UK business employs 2700 staff across the UK where it operates 150 stores. The immediate consequences for Asian stores is not yet clear.

    Amy Higginbotham, a retail analyst at GlobalData, said while the company was blaming poor recent trading in part on the coronavirus outbreak, the retailer has been struggling for a while.

    “The brand has long been tired and has struggled to regain relevance in both its fashion and home divisions. Financially weak retailers, of which there are many, are likely to follow Laura Ashley into administration given the current crisis. Those retailing non-essential purchases that can easily be deferred will be particularly badly hit,” she said.

    All that aside, Laura Ashley’s UK business has reported a 24-per-cent increase in sales in the seven weeks to March 13.

    Lees ook:

    Lees ook:

  • South Korea’s Crispy Chicken n’ Tomato expands in Japan

    South Korea’s Crispy Chicken n’ Tomato expands in Japan

    South Korean chicken chain Crispy Chicken n’ Tomato has expanded its retail network into Tokyo, opening 10 stores in the city this month.

    Besides selling at stores, Crispy Chicken n’ Tomato has also partnered with UberEats to offer “sharing brand service” which allows one store on UberEats to bear two brands at the same time.

    The company introduces this type of business as unlike franchises, owners do not need to change interiors, uniforms, equipment or their existing menu.

    Crispy Chicken n’ Tomato’s operator, E-mate Co, said food-delivery sales are increasing significantly in a local restaurant market that has traditionally suffered slow sales growth for various reasons.

    “We are looking for restaurant partners and agencies that want to secure new profits”, said a spokesperson.

    Lees ook:

    Lees ook:

  • Hong Kong malls join Deliveroo programme to rescue plunging F&B sales

    Hong Kong malls join Deliveroo programme to rescue plunging F&B sales

    Twenty Hong Kong shopping malls have joined a program launched by Deliveroo to help food & beverage tenants survive the coronavirus by expanding their delivery business.

    Deliveroo expects the mall partnership program to generate at least HK$20 million (US$2.6 million) in incremental online sales for the restaurants, “a critical avenue of additional income” for retail food & beverage tenants hit by decimated footfalls as consumers avoid crowded places such as malls.

    Deliveroo estimates about 300 restaurants will benefit from the program which has benefited from a $1.5 million investment by the company and partner malls.

    The program will include a fast-tracked onboarding for mall tenants and cross-marketing opportunities for malls to work with Deliveroo.

    The 20 shopping malls which have already signed on to partner with Deliveroo, include K11 Musea and K11 Art Mall from New World Development; Lee Gardens, Lee Theatre and Hysan Place From Hysan Development; East Point City, New Town Plaza, Popwalk, APM, World Trade Centre, Tai Po Mega Mall, Yuen Long Plaza and New Jade Shopping Plaza from Sun Hung Kai Properties; Tseung Kwan O Plaza and Nan Fung Place from Nan Fung Group; MegaBox from Kerry Properties; and Amoy Plaza, Kornhill Plaza, Fashion Walk and Grand Plaza from Hang Lung Properties.

    Discussions are ongoing with other malls across Hong Kong to join the program.

    Deliveroo says research of its 6500 restaurant partners has shown that online delivery channels which used to comprise 15 to 25 percent of turnover before the advent of the coronavirus crisis, now accounts for 50 percent total sales and for some, even more.

    Besides the fast-track onboarding, Deliveroo has developed a voucher program enabling malls and tenants to create coupon offers at a reduced rate, encouraging higher spend from existing customers and drawing in new customers to place food-delivery orders with restaurants located inside partner malls.

    Deliveroo and participating malls will develop locally relevant offers to drive demand and turnover for restaurant tenants’ delivery and pick-up services. User codes are being created for tenants of offices or apartments located above the malls and district-specific push notifications will be sent via social media and digital channels.

    Deliveroo says it has already signed on about 150 new restaurant partners due to the incentives provided by the mall partners, representing more than 25 per cent of all new sign-ons since the onset of the coronavirus crisis.

    In the case of one New Territories partner mall, restaurant tenants have seen sales increase by 1500 over the last fortnight.

    “The 30 restaurant outlets in the property are projected to earn at least HK$15,000 to $20,000 more in sales than they achieved in February delivery sales,” Deliveroo said in a statement.

    Brian Lo, GM of Deliveroo Hong Kong, said he is encouraged to see the positive momentum in engagement in the programme from leading developers and mall operators in Hong Kong.

    Lees ook:

  • Dire retail sales in Mainland China a harbinger for rest of the world

    Dire retail sales in Mainland China a harbinger for rest of the world

    Retail sales in Mainland China slumped by 20.5 percent in the first two months of this year according to government figures – providing a glimpse of what lies ahead for retailers in other countries where the coronavirus is now having an impact on community behavior.

    For most of January and February hundreds of millions of Chinese were subject to lockdown in their homes, and retail stores and shopping malls were closed. Most consumers moved online to purchase goods with e-commerce giants like JD and Alibaba developing safe delivery protocols to ensure distancing between delivery riders and customers.

    Combining the first two months of retail sales figures provide an accurate comparison with previous years as it eliminates any impact from the changing timing of Lunar New Year, traditionally a busy season for retailers.

    By comparison, retail sales in Mainland China grew by 8 percent in December.

    Analysts had expected sales to fall by 5 percent in January and February, a dramatic understatement of the eventual figures.

    On a more positive note, many major retail chains have reopened stores across Mainland China this month as the spread of the virus has abated. March data will be eagerly awaited to see if there is any indication of consumers spending on luxury goods and other unnecessary purchases as they celebrate the gradual return to normal life and indulge to reward themselves for enduring the lockdowns.

    Lees ook:

  • First standalone M&S Food store in Singapore opens

    First standalone M&S Food store in Singapore opens

    Marks & Spencer has opened the first standalone M&S Food store in Singapore.

    Located in One Raffles Place, the store features take-away hot food, ice cream and coffee, besides M&S-branded groceries. The store also features self-checkout machines, digital ticketing and digital menus.

    There are more than 20 quick breakfast and lunch options for customers in a hurry such as bacon or sausage buns, traditional British sausage rolls or prepared meals such as Macaroni Cheese and Chicken Tikka Masala.

    “Our customers are passionate about M&S Food, and have often shared that they are eager to see more of M&S’s famous food lines here in Singapore,” said Christine Choi, CEO of M&S Asia. “We have taken this feedback on board and are very excited to unveil the very first standalone M&S Food store in Singapore.”

    Besides coffee made from M&S-roasted single-origin beans, the store also features an in-store bakery providing fresh bread daily and an ice cream machine serving “ice cream made from luxurious Jersey cream from British herds”.

    Choi added: “We know our customers are finding themselves busier than ever, which is why our One Raffles Place location will stock a wide range of top-quality, convenient options for people on the go. Alongside this, we will offer many of our classic food ranges for customers to shop, too.”

    M&S has also partnered with DBS Bank and Botty to introduce a chatbot solution that allows M&S customers to pre-order their coffee through M&S’s Facebook Messenger and pick it up at the store. Customers then pay via DBS PayLah! to complete their order.

    Operated by Marks & Spencer’s franchise partner Al-Futtaim Group in Singapore and Hong Kong, standalone M&S Food stores already trade in Hong Kong in a variety of different footprint sizes.

    Lees ook:

    Lees ook:

    Lees ook:

  • Vans releases range of footwear for those with autism

    Vans releases range of footwear for those with autism

    Lifestyle fashion brand Vans has released a collection of shoes and apparel celebrating autism awareness.

    The range is designed for consumers with Autism Spectrum Disorder and comes in calming colors with features that focus on the senses.

    The collection includes slip-on shoes with squishy uppers and rubber toe caps, and an assortment of long- and short-sleeved tees. The firm collaborated with the International Board of Credentialing and Continuing Education Standards in crafting the designs.

    Part of the collection’s sales proceeds – a minimum of $100,000 – will be donated to the A.skate Foundation, which aims to help children with autism learn skateboarding. The charity provides grants to children with autism for skateboarding gear, teaching them how to participate in the sport and its inclusive culture.

    The autism footwear and apparel collection is available online and in Vans retail locations.

    Lees ook:

    Lees ook:

  • UBP Hires Singapore COO

    UBP Hires Singapore COO

    UBP hires a new chief operating officer for Singapore from a rival private bank in the city-state.

    Jérôme Thuillier joins UBP as its new Singapore COO, effective as of yesterday. Thuillier most recently with Bank of Singapore where he was a program director responsible for building an integrated wealth management tech platform. Pervasively, he had also held leadership roles with Barclay Wealth including COO of its global investment solutions arm.

    Thuillier’s predecessor, Michael Moncarz, was named the Singapore COO in February 2017.

    According to the release, Thuillier joins not only with most of his financial career in Asia but also some local language skills including «a good understanding of Mandarin and basic Japanese,» according to a release.

    Lees ook:

  • Kikki.K needs to be saved

    Kikki.K needs to be saved

    Twenty-four hours after it announced that it was going into voluntary administration, nine potential partners approached lifestyle and stationery brand Kikki.K last week, according to emails viewed.

    “We remain truly optimistic and excited re: one key partnership deal, in particular, we’ve been working on for over 12 months  – they’re beavering away full steam ahead,” wrote co-founder Paul Lacy in the email.

    According to a statement Kikki.K sent out early in the week, the brand got caught “in a perfect storm” of circumstances, from suffering the impact of Brexit during its UK store rollout to the Hong Kong protests, a subdued Christmas, the disastrous Australian bushfires and now, coronavirus.

    “There is still an amazing business opportunity with 3.7 million loyal customers on our database, over 20 million people a year visiting our physical and online stores and strong opportunities for growth into new product categories,” said founder Kristina Karlsson. “But obviously it requires a big re-set and a buyer who understands the opportunity.”

    Shortly after the announcement was made, Kikki.K’s head of retail Alana Hose said store sales went up 94 percent and according to the brand, a few days later, the week ended 50 percent above target Australia-wide. Online revenue rose by 470 percent at one stage.

    Kikki.K has 450 full-time equivalent employees and $70 million annual revenue with 65 stores in Australia, the UK, New Zealand, Singapore and Hong Kong.

    Lees ook:

  • Comonwealth Bank of Australia Admits Claims

    Comonwealth Bank of Australia Admits Claims

    Comonwealth Bank of Australia – one of the country’s «big four» lenders – will not contest two lawsuits from local regulatory alleging misconduct against clients.

    The Australian Securities and Investments Commission (ASIC) is seeking A$5 million ($3 million) in penalties from CBA for failing to provide certain benefits to buyers of the financial product AgriAdvantage Plus. According to ASIC, 8,659 customers were affected by misconduct on 131,542 occasions which resulted in gains by CBA totaling $5 million from incorrectly charged fees, loam interests and unpaid savings interests. The bank has since reportedly refunded approximately $4.9 million including interest.

    CBA intends to admit the allegations made in ASIC’s Concise Statements for both matters and does not intend to defend the proceedings, according to a report citing a bank.

    The second uncontested case involves a habitual gambler, David Harris, who was able to obtain multiple credit limit increases which reached $21,400 despite the bank’s knowledge of his self-admitted problem. I would max it out, pay off chunks, I would try and work overtime to help pay off chunks and I would wait until I had a big win or saved up a lump of money to pay it off and do it again, he said, according to a report.

    The bank did not do the right thing by this customer and we apologize,» said CBA chief executive Matt Comyn. In recent years we have implemented a number of changes to support our customers’ needs.

    Lees ook:

    Lees ook:

    Lees ook:

  • Ikea and Pizza Hut design table based on pizza box widget

    Ikea and Pizza Hut design table based on pizza box widget

    Swedish furniture chain Ikea and Pizza Hut Hong Kong have teamed up to create a full-sized pizza table shaped exactly like the tiny plastic table (the “sava”) included in pizza boxes.

    The product is part of a collaboration that has also resulted in a new pizza recipe using Ikea’s meatballs – and comes packed in a genuine pizza box for good measure.

    The collaboration has been advertised throughout Hong Kong in a campaign designed by Ogilvy.

    “We’ve been absolutely thrilled to see the launch of the new Ikea and Pizza Hut pizza with a fun, cheeky campaign that has proven to be quite popular with the fans already on the first day,” said Ogilvy Hong Kong executive creative director John Koay. “This is a great pizza, and this campaign really shows how collaborations can really benefit the fans – not just the brands.”

    “This campaign shows the playful side of Pizza Hut,” said Pizza Hut Hong Kong marketing director Wendy Leung, “and that our credentials can move beyond the kitchen into new and interesting collaborations with other brands.”

    The Ikea and Pizza Hut collaboration has already proven popular with 67 percent of units already sold.

  • Tag Heuer pop up opens in Shibuya, Tokyo

    Tag Heuer pop up opens in Shibuya, Tokyo

    Swiss luxury timepiece maker Tag Heuer has launched a pop-up at Shibuya Parco, Japan.

    The “Tag Heuer Connected” store delivers a futuristic ambiance in luxurious and stylistic tones featuring the colors of the brand against black. The store showcases Tag Heuer’s key technologies and celebrates the firm’s 160th anniversary.

    To mark the opening, the pop-up is conducting a promotional campaign called the Digital Tag Heuer Touch Rally, whereby visitors who scan a QR code from a Tag Heuer poster in the store and register as an official Line friend will receive an original branded Tag Heuer gift, while stocks last.

    Additionally, the story is holding a lottery for those who purchase the new Tag Heuer Connected watch.

    The pop-up will run through to April 12.

    Lees ook:

  • Bank Stocks Slide

    Bank Stocks Slide

    The share prices of UBS and Credit Suisse tumbled in line with their European counterparts. Investors fear the coronavirus will spark a wider recession – and banks will bear the brunt.

    Credit Suisse shed more than 13 percent in early trading on Monday, losing more than the wider European banking index, which slid 12 percent. Meanwhile, UBS’ stock fell more than 11 percent.

    The slides illustrate that investors don’t believe a massive, coordinated plan by central banks overnight will be adequate to stave off recession sparked by the coronavirus pandemic. European banks, which have long procrastinated shaping up following the 2008/09 crisis, are especially vulnerable to this.

    Overnight, the U.S. central bank released its big guns with its second cut in two weeks and other policy easing measures. Major U.S. banks including J.P. Morgan said they would suspend share buybacks – a method preferred by banks to return capital to shareholders because it typically boosts stock prices.

    Credit Suisse has previously expected to buy back as much as 1 billion Swiss francs ($1.1 billion) in its own stock by year-end, but this is subject to economic conditions that have now changed dramatically. UBS is in the middle of a 2 billion franc, three-year buyback.

    Lees ook: