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Tag: asia

  • Chopard Japan opens flagship boutique in Osaka

    Chopard Japan opens flagship boutique in Osaka

    A new Chopard Japan flagship store has opened in Osaka, its design upgraded to reflect the latest styles of the French jewelry brand’s European boutiques.

    Chopard Boutique Hankyu Umeda Honten “embodies the spirit of the Maison” according to a Chopard Japan statement.

    “A boutique that combines the warmth and comfort of an elegant yet homely atmosphere, a place where every visitor can feel at home – a relaxing space that feels like a private residence,” the company said describing the design.

    “We welcome customers with a wide range of products, from the maison’s icon collection, Happy Diamonds, to magnificent high jewelry, to full-fledged mechanical men’s watches that go through integrated production.”

    Reflecting the maison’s commitment to sustainability, since July 2018 Chopard has exclusively used 100-per-cent ethical gold for all watch and jewelry production.

    The Chopard Japan boutique is located on the sixth floor at 8-7 Kakudacho, Kita-ku, Osaka-shi.

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  • Esprit warns of big loss as Europe shuts down

    Esprit warns of big loss as Europe shuts down

    Fast-fashion retailer Esprit says foot traffic into its stores worldwide have evaporated in the wake of the coronavirus pandemic and warned shareholders to expect a “considerable loss”.

    Public health initiatives enacted in many countries across the world aimed at slowing the spread of the pandemic have resulted in the closure of “a significant number of stores,” said Esprit company secretary Ophelia Lo.

    Public life has been locked down in France, Italy, Spain, Poland and Austria with other European countries most likely to follow, she said. All of those are important markets for Esprit which as part of a major restructuring plan is refocusing its business on Europe.

    “Obviously apparel retail sentiment is at its lowest level possible and store traffic in the group’s retail stores and its partners’ points of sale has subsided entirely,” said Lo.

    “In addition, the logistics of the supply chains of merchandise shipments are significantly affected.”

    Esprit expects the pandemic will “significantly adversely impact the sales of the group” in the second half of the current financial year, ending June 30.

    “As a result, management expects the group to incur a considerable loss in the second half,” said Lo.

    Right now, Esprit management cannot quantify the actual impact of the pandemic on the group’s business performance, given the inability to predict the speed and extent to which the pandemic will spread in markets in which the group and its suppliers operate in, and with no reliable estimation on when the pandemic may be over.

    “The company will continue to diligently assess the impact of the pandemic on the group’s business performance and will make appropriate announcements on updates as and when necessary,” she said.

    Meanwhile, the company will take “all practicable measures to cope with the challenges ahead,” including using working capital management and cost-control measures and exploring financial support provided by local governments.

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  • Starbucks China to open Coffee Innovation Park

    Starbucks China to open Coffee Innovation Park

    Starbucks China will invest US$130 million in a new roasting facility in 2022 as part of its upcoming Coffee Innovation Park in Kunshan.
    The park will be Starbucks’ largest manufacturing investment outside of the US and its first in Asia, incorporating a roasting plant, warehouse and distribution centre. The firm has committed to strengthening the specialty coffee industry in China, aiming to operate 6000 stores in China within two years.

    “Starbucks has spent the past 20 years sharing its passion for coffee across China and helping to build a leading industry that makes us all proud,” said Starbucks China chairman and CEO Belinda Wong.

    “The roasting facilities at the Coffee Innovation Park will set a blueprint for the future of coffee roasting and supply chain management, and further elevate China’s coffee industry, while supporting Starbucks’ growth in China.”

    The Coffee Innovation Park will incorporate advancements in sustainable manufacturing, smart supply chain innovation, and technology to help deliver the most energy- and water-efficient roasting operations for Starbucks in the world, while minimizing waste.

    Starbucks opened its Yunnan Farmer Support Centre eight years ago to provide open-source agronomy resources to coffee farmers throughout the region. Its new Coffee Innovation Park will source coffees from China and around the world directly from the origin for processing, roasting, packaging and distribution, for the first time in China.

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  • Laura Ashley may call in administrators

    Laura Ashley may call in administrators

    Malaysian-owned clothing and home furnishings retailer Laura Ashley may go into administration if it fails to secure £15 million (US$18.44 million) in loans from Hilco Capital.

    According to reporting in Retail Gazette, the firm is currently in talks with the Homebase garden center business owner for the emergency loan to avoid collapse by the end of this month. The business has said its operations have not been strongly affected by the coronavirus outbreak but has otherwise experienced a challenging year’s trading.

    The firm suffered a 166-per-cent loss in the December financial half-year, with a sales drop of 10.8 percent amidst poor market conditions and the spectre of Brexit. Last year, the business lost 60 percent of its share value.

    The firm currently operates 150 UK stores and around 2700 staff will be affected if the business fails.

  • Metro Manila malls close, with only supermarkets, pharmacies remaining open

    Metro Manila malls close, with only supermarkets, pharmacies remaining open

    After Philippine President Rodrigo Duterte announced an “enhanced community quarantine” yesterday across Luzon, Metro Manila malls and some stores were temporarily closed to comply with the government’s fight against Covid-19 (coronavirus).

    Shopping malls, especially in Metro Manila, announced their temporary closure until further notice. However, grocers and pharmacies in shopping malls will remain open.

    Customers queuing at cash registers have been told to maintain a 1-metre (3-foot) space apart.

    Ayala Malls, SM Supermalls, Robinsons Malls, Vista malls, Araneta City and Megaworld Lifestyle will be closed during the quarantine period which is set to continue until at least April 14, according to a directive issued by Department of Trade Secretary Ramon Lopez.

    In the government guidelines, only those private establishments providing basic necessities and such activities related to food and medicine production like public markets, supermarkets, groceries, convenience stores, hospitals, medical clinics, pharmacies and drug stores, food preparation and delivery services, water-refilling stations, manufacturing and processing plants of basic food products and medicines, banks, money-transfer services, power, energy, water and telecommunications supplies and facilities, shall remain open.

    Duterte has called on all the Philippines’ big enterprises to consider giving 13th month pay or even half of their salary as showing solidarity for Filipino for this critical time, or even food. He told the management of big companies to understand the plight of the workers who cannot work.

    Meanwhile, Jollibee and McDonald’s have reassured customers that measures were in place to ensure their safety as their stores remain open in Metro Manila during the community quarantine.

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  • WhatsApp might launch self-destructing messages feature for individual accounts

    WhatsApp might launch self-destructing messages feature for individual accounts

    We already know that WhatsApp has been working on a self-destructing message feature. What we don’t know is when it will be made available to everyone and in what form. The self-destructing messages feature is quite common in apps like Snapchat and Telegram, but WhatsApp doesn’t yet include the functionality.

    However, we know that WhatsApp tested the feature since last October, but decided to limit it to groups chat. The good news is the latest version of WhatsApp beta reintroduces self-destruct messages for individual accounts.

    Unfortunately, since it’s still in the beta, WhatsApp might change its mind again and either limit its availability to a certain group of users or not release it at all. Well, the important thing WhatsApp has reconsidered its strategy and plans to bring it to all users, not just to some of them.

    Those of you who have access to WhatsApp beta for Android will find the new feature in the Settings menu of each chat. Make sure to tap Delete messages and choose how long new messages will last before they are deleted. You can select from several options: Off, 1 hour, 1 day, 1 week, 1 month, and 1 year.

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  • Fake luxury goods seized at famous Vietnam markets

    Fake luxury goods seized at famous Vietnam markets

    Ho Chi Minh City authorities seized thousands of fake luxury goods at two famous local markets last week.

    According to Tuoi Tre News, market watchdog officers seized more than 1500 fake items worth US$6282 at Saigon Square and Ben Thanh Market, the latter one of Ho Chi Minh City’s most popular tourist attractions.

    All the products seized are copies of famous luxury brands including Prada, Montblanc, Gucci, and Rolex.

    Representatives of the General Department for Market Management said the unit will keep preventing vendors from selling counterfeit and pirated goods, focusing on hotspots where these items are commonly on show.

    Located in the city’s center, Saigon Square and Ben Thanh Market are renowned for selling fake luxury goods to tourists.

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  • India’s Flipkart applies for food-retailing licence

    India’s Flipkart applies for food-retailing licence

    Indian e-commerce platform Flipkart has filed for approval from regulatory authorities to conduct food retail in the territory.

    According to a Times of India report, The Walmart-owned business has made the application with the Department for Promotion of Industry and Internal Trade with the expectation of a decision within three months.

    The firm registered an online grocery business in October last year under the brand name Flipkart FarmerMart. According to reported figures, the firm will make an investment of ₹2,500 crore (US$338,000) in the venture.

    Initial plans will see the firm delivering customer purchases via local “kirana” stores partnering with the Flipkart business.

    The firm will “focus on deep agri-supply chain investment, especially at the farm gate level and will encourage demand-driven sowing, which will help farmers produce right fruits and vegetables and get paid as per market price”.

    Flipkart competitor Amazon has held a food retail license in India since 2017.

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  • Citi Targets Doubling of Singapore WM Market Share

    Citi Targets Doubling of Singapore WM Market Share

    From its current 5 percent, Citibank Singapore plans to double its wealth management market share alongside the number of clients by 2025.

    The bank’s Singapore chief executive Brendan Carney believed that the retail and wealth management business could further accelerate growth after assets grew 11 percent in 2019, including 19 percent client asset growth from its wealth management segment.

    We think there’s another gear that we can shift into and go from double-digit growth to really strong double-digit growth, Carney said.

    As part of the growth plans, the bank made investments in the tens of millions in a new flagship wealth management center based in one of Singapore’s major shopping and luxury areas, Orchard Road. The 30,000 square foot wealth management center will occupy four storeys including two floors for 400 relationship managers and specialists as well as two floors for client meetings and events.

    Though the bank hopes to add at least one more flagship center, its broader plan in the city-state is to reduce its branch presence. By the end of 2020, it targets three from 14 branches to 11 – one wealth management center, seven branches and three instant banking centers for basic transactional services.

    Still, Carney noted that Citi is not a digital-only bank and has not aspirations to become one. In fact, Citi will look to grow its client-facing staff by 20-25 percent over the next three to five years and also boost training for its existing relationship managers.

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  • Ferrari To Close Plants In Italy For Two Weeks In Coronavirus Response

    Ferrari To Close Plants In Italy For Two Weeks In Coronavirus Response

    Luxury carmaker Ferrari said on Saturday it closed its two plants until March 27 in a response to the coronavirus outbreak in Italy and an emerging shortage of parts.

    Ferrari adds to a string of Italian manufacturers that have closed plants or slowed production rates in response to the virus emergency, threatening to disrupt Europe’s struggling automotive industry.

    Ferrari said in a statement it had so far ensured production continuity, as it already implemented all the health measures decided by the Italian government at the two sites, located in hometown Maranello and in Modena, in the northern Emilia Romagna region.

    France, Spain on lockdown over coronavirus

    France and Spain will close most shops, restaurants, and entertainment facilities and are encouraging people to stay home as the countries combat the coronavirus epidemic in Europe. The sweeping changes come as U.S. President Trump on Saturday extended

    However, it added the company was “now experiencing the first serious supply chain issues, which no longer allow for continued production”.

    Premium brakes maker Brembo, whose clients include Ferrari, said on Friday it would temporarily close its four Italian plants next week.

    All non-manufacturing activity will continue regularly, through smart working, Ferrari said.

    A source close to the matter said the company will adopt further measures during the closures period, including sanitization of the sites’ areas and added that no contagion cases were recorded among Ferrari’s workers to date.

    Italy agreed a series of measures on Saturday to improve health controls in factories, offices and other workplaces that have been allowed to stay open during the country’s coronavirus lockdown.

    Ferrari’s workers will continue to receive their full salary and will not be requested to use their day-off allowance during the closure period, the source said.

    Chief Executive Louis Camilleri said Ferrari took the decision to close its plants out of respect for its workers, “for their peace of mind and those of their families”.

    Earlier this week carmaker Fiat Chrysler and industrial vehicle maker CNH Industrial said they were temporarily halting operations and slowing production rates at some of their Italian plants to comply with the government’s anti-coronavirus requirements.

    Tyremaker Pirelli said it was cutting production at its Settimo Torinese plant, near Turin, after a worker tested positive for the coronavirus.

    Ferrari said its Formula One team Scuderia Ferrari had also suspended its operational activities.

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  • Singapore Banks Buy Back Shares

    Singapore Banks Buy Back Shares

    Singapore banks were among 32 primary-listed stocks conducting share buybacks over the five sessions ended 12 March 12, with a total consideration of S$169.6 million.

    DBS Group Holdings led the consideration tally, with 6.65 million shares bought back at an average price of S$21.272 per share, according to a report by the Singapore Stock Exchange (SGX).

    As of March 12, the lender had bought back 0.5492 percent of its issued shares (excluding treasury shares) as of the approval date of the current buyback mandate.

    For the five trading sessions spanning March 6 to 12, the Straits Times Index (STI) declined 11.3 percent with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 12.5 percent decline.

    In the same period, UOB and OCBC bought back 360,000 and 600,000 shares respectively, amounting to S$7.8 million and S$5.7 million respectively.

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  • MCM Philippines opens first store, at SM Mall of Asia

    MCM Philippines opens first store, at SM Mall of Asia

    The first MCM Philippines store has opened its doors, at the giant Mall of Asia complex in Metro Manila.

    The German luxury leather accessories brand MCM Worldwide store is located inside the Luxe Duty-Free precinct in the mall.

    The MCM Philippines boutique offers leather handbags, luggage and accessories and the store open featuring the Spring/Summer 2020 collection.

    Vicente Pelagio Angala , COO, Duty-Free Philippines Corp (DFPC) said the opening of MCM complements the DFPC’s aim to always be the first Philippine retail brand to bring new luxury labels to the market.

    MCM Worldwide is a leather luxury goods brand founded by Michael Cromer in 1976. The brand’s signature logo-printed material, called Cognac Visetos is being showcased on some of the products. It has a brass plate insignia that can be found on all the heritage collection bags and most of its products.

    In 2005, the company was acquired by Sungjoo Group, a South Korean retail business founded by Kim Sung-joo.

    Kim re-launched the brand in 2006 with a new store in Berlin and currently has 650 stores worldwide including in Hong Kong, New York, Toronto, Paris, London, Singapore, Tokyo, China and the Middle East.

  • Apple waives interest for Apple Card users amid COVID-19 pandemic

    Apple waives interest for Apple Card users amid COVID-19 pandemic

    Other than the very obvious health concerns caused by COVID-19, the ongoing pandemic is also causing much economic trouble. Apple introduced a customer assistance program for Apple Card users to help offset financial concerns.

    Many Apple Card users on Reddit have reportedly received an email about the new customer assistance program. Under this program, cardholders can skip their March payments without any additional interest.

    Apple hasn’t explicitly stated any eligibility requirements, so it looks like all Apple Card holders are eligible. They can enroll in this program in at least two ways: firstly, Apple evidently provides a direct link in their email announcing the program, which can be used to enroll.

    The other method is just as simple, with cardholders able to enroll through text by iMessaging the Apple Card Support line the following text: “I would like to enroll in the Customer Assistance Program”. The support number can be found in Apple’s support page for the credit card.

    Clearly, Apple is taking the COVID-19 outbreak very seriously, closing all Apple Stores outside of China for the time being as well as regulating App Store entries related to the virus. This latest offer is a kind gesture to its customers during a difficult time.

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  • Ford To Shut Spanish Factory For One Week Due To Coronavirus Outbreak

    Ford To Shut Spanish Factory For One Week Due To Coronavirus Outbreak

    Ford said on Sunday it would shut its Spanish plant in the eastern region of Valencia for one week starting on Monday after three employees tested positive for coronavirus.

    “We have had three positive cases of COVID-19 in the Ford Valencia plant in the past 24 hours,” the company said, adding it was following protocol by isolating all employees that had contact with the infected workers.

    The Ford Endeavour recently underwent a substantial update. We get our hands on the updated SUV to find out if it still lives up to the benchmarks of the brand.

    The plant, one of Ford’s largest outside the United States, employs over 7,000 workers and produces over 400,000 vehicles a year including the Mondeo and Galaxy models.

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  • Fintech Helps Boost Hong Kong’s Tech Hub Ranking

    Fintech Helps Boost Hong Kong’s Tech Hub Ranking

    Financial technology, alongside other developments, helped boost Hong Kong’s ranking as a tech innovation hub to tenth place worldwide in the latest KPMG survey.

    Hong Kong’s ranking improved from 12th place last year, according to the KPMG report which surveyed 800 global leaders from the tech industry from 12 countries, including 110 respondents from China. In addition to fintech, the outlook is bright for development in artificial intelligence, biotech, and smart cities especially due to opportunities to leverage synergies from closer integration with the mainland such as the Greater Bay Area strategy.

    The Hong Kong government is supporting and promoting an entrepreneur ecosystem, as well as leveraging the city’s mature international financial system and advanced logistics sector to drive a real difference, said Irene Chu, KPMG China’s partner and head of new economy & life sciences in Hong Kong, in a release.

    Although China is home to four top 20 tech hubs including Shanghai, Beijing, Shenzhen and Hong Kong, the country’s overall rating dropped. The country was ranked second by 13 percent of respondents, down from 17 percent last year and tied with India.

    In contrast, the 28 percent of respondents placed the U.S. in the top rank, up from 23 percent last year. And in order for China to close this gap moving forward, it must now spend more resources on its own domestic innovation ecosystem due to the current American policy stance on technology and intellectual property.

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