Retail News CRM

Tag: asia

  • Deliveroo to offer support for Hong Kong restaurant partners

    Deliveroo to offer support for Hong Kong restaurant partners

    Deliveroo has offered support for its Hong Kong restaurant partners as many of them are suffering from falling dine-in sales due to the coronavirus crisis.

    The company will reduce its commission rate for restaurant partners by 5 percent for a month, starting February 16, equivalent to a 15-20 percent discount in fees.

    In addition, the company will also offer a four-week payment delay strategy for its exclusive restaurant partners to ease their cash flow, the company said in a statement.

    “In our most recent survey and conversations with leaders of the F&B industry, we estimate in-store F&B retail sales to be down 30-50 percent year on year, with signs of further deterioration,” said Brian Lo, GM at Deliveroo Hong Kong.

    The company has urged its rivals in the food-delivery sector to provide support where they can.

    With approximately 6000 restaurant partners, Deliveroo has witnessed a significant escalation in the number of restaurants aiming to suspend trading or shut down. Its research suggests as many as one in 20 restaurants is considering closure.

    “As a stakeholder in the F&B industry and the leading food-delivery platform in the market, we want to play a part, however small, in supporting our restaurant partners and lend a helping hand to the industry in this time of need,” said Lo.

  • Private equity tipped to privatise Victoria’s Secret

    Private equity tipped to privatise Victoria’s Secret

    L Brands is reportedly about to announce the sale of its troubled Victoria’s Secret lingerie business to private-equity company Sycamore Partners.

    The move would leave L Brands with just one retail business – the fast-growing Bath & Body Works, which in some US malls is reporting sales growth at 1000 basis points ahead of the shopping centers they are located in.

    Victoria’s Secret sales are down 8 percent year on year in the current fiscal year, while Bath & Body Works sales were up 9 percent in November and December.

    Whispers of a potential sale emerged in early January when it was widely reported that founder Les Wexner was planning to step down and cash up. Now, CNBC has reported that Sycamore Partners is the likely bidder with a deal to be announced as early as this week.

    The lingerie chain is losing market share to American Eagle Outfitters’ Aerie brand, along with Direct-to-consumer brands and one analyst, the Motley Fool described it as “losing relevance”. Last year the company discontinued its high-profile televised fashion show and the company is believed to be reviewing the future of its giant flagships as sales soften. The company’s heavy reliance on promoting sexy attire is missing its mark in a market where consumers are expecting more inclusive and diverse underwear styles.

    The future of L Brands is less certain, despite the success of Bath & Body Works, given that the Victoria’s Secret business currently accounts for the vast majority of its US$13 billion annual turnovers. Bath & Body Works may be sold to a different buyer or remain a standalone business under L Brands.

    In January last year, L Brands sold the La Senza lingerie chain to Californian private-equity company Regent.

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  • Skoda’s First Electric SUV To Be Called Enyaq

    Skoda’s First Electric SUV To Be Called Enyaq

    Skoda Auto today revealed that its first electric SUV will be presented soon. It, in fact, let out what it will be called. Skoda will call it the Enyaq and yes even we want to know where that name comes from. According to the company, the name Enyaq is based in the Irish language and expresses the vehicle’s dynamism and efficiency. The Enyaq then opens a new chapter in the 125-year history of the Skoda brand. It will be Skoda’s first electric car which will be built on the MEB platform, and will also launch a new family of model names. Of course, Skoda already has an electric car to its name, the Citigo iV and so it’s not new to the EV space, however, the all-electric SUV will definitely ind it a wider appeal

    Skoda SUVs have traditionally had names ending in the letter Q, and the new Enyaq follows this tradition just like the Kamiq, Kodiaq and the Karoq. But the new model’s first letter shows that this tradition is merging with the eMobility era, referenced by the letter E at the beginning of the name. The name, Enyaq, is derived from the Irish name Enya, which means ‘source of life’,

    We’ll know more about the electric SUV very soon, but it’s clear why the company wants to start its journey in the electric mobility space with an SUV. Well, the clear trendsetters now are the SUVs globally and so this decision does not come as a surprise. As to which markets the Enyaq will be introduced? Well, there’s no clarity on that yet and we’ll know more very soon.

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  • Vietnam scraps plans to limit foreign ownership in e-payment firms

    Vietnam scraps plans to limit foreign ownership in e-payment firms

    Vietnam’s central bank has decided not to cap foreign ownership of e-payment companies at 49 percent after consulting with experts.

    Foreign investment plays an important role in payment intermediaries’ functioning since they rely on technology, and limiting foreign ownership would hamper foreign investment in this segment and the fintech sector in general, the State Bank of Vietnam (SBV) said in a statement on Monday.

    In some digital payment firms, foreign ownership already exceeds 49 percent, and so a change in regulations could affect their activities, it said.

    The SBV had released a draft of its foreign ownership cap proposal in November for consultation, saying it wanted to balance the ease of attracting foreign capital with ensuring an active role for local firms in the fintech sector.

    According to the central bank, by the end of the first quarter this year, there were 27 e-wallets in the market though five parent companies owned 90 percent of them. The five, which the SBV did not name, have foreign ownership of 30-90 percent, it said.

    Economists have said that the potential for cashless payment in Vietnam is huge due to a growing middle class and rapidly improving telecom infrastructure. The government wants to make 90 percent of all transactions cashless by the end of this year.

    But the reliance on cash remains overwhelming, with 80 percent of Vietnamese preferring to use cash for daily transactions, according to the Ministry of Industry and Trade.

  • Vodafone is the latest partner to bail from Facebook’s Libra project

    Vodafone is the latest partner to bail from Facebook’s Libra project

    Facebook’s digital currency initiative Libra continues to fall apart as British telco Vodafone becomes the latest partner to bail from the project.

    In a statement, Vodafone said: “Vodafone Group has decided to withdraw from the Libra Association. We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion.

    “We remain fully committed to that goal and feel that we can make the most contribution by focusing our efforts on M-Pesa. We will continue to monitor the development of the Libra Association and do not rule out the possibility of future cooperation.”

    Digital currencies are beginning to gain traction following the success of Bitcoin. The king of cryptocurrencies is quickly becoming a modern store of value but it’s looking unlikely to be adopted by many average consumers for daily purchases.

    Part of the reason for the lack of day-to-day use of Bitcoin is its slow transaction times and poor scalability. Advancements, particularly off-chain “layer two” solutions like Lightning Network, are helping to fix these problems but at the cost of decentralization and security.

    Behind most digital currencies is a blockchain. The so-called “trilemma” with blockchains is that, in order to achieve scalability, you must sacrifice decentralization or security. Bitcoin is seen as a reliable store of value because it’s secure and its decentralization properties also make it appealing in a world of global uncertainties, censorship, and currency manipulation.

    Your average consumer only cares that a transaction is fast and cheap while also adequately secure, especially when dealing with predominantly smaller transactions like buying a coffee. Currencies like Ripple are criticized by cryptocurrency enthusiasts as being “centralized” but they fulfill the needs of your typical person.

    Facebook’s Libra intends to be a centralized currency along the lines of Ripple. Taking advantage of Facebook’s massive global userbase, Libra could potentially scale very quickly.

    Many partners initially jumped on the Libra project including Visa, PayPal, Mastercard, and eBay. Not long after Facebook released its whitepaper for Libra did it come under intense regulatory scrutiny. All the aforementioned partners decided to leave the project.

    Several central banks are looking to issue their own digital currencies for their advantages like fast international payments and lower fees. And, of course, they’ll persuade most people to adopt centralized alternatives to cryptocurrencies.

    China looks set to be the first major country to issue its own digital currency. The country already uses mobile payments extensively, with the ability to pay for pretty much everything through apps such as WeChat and Alipay. If China goes ahead with a digital yuan, you can bet the US won’t be far behind with a digital dollar.

    On Tuesday, the Bank of England announced it too is exploring central digital currencies alongside the Bank of Canada, Bank of Japan, the European Central Bank, the Sveriges Riksbank, and the Swiss National Bank.

    While digital currencies are pretty much inevitable, Libra is looking more uncertain by the day.

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  • Japan Airlines accelerates its retail transformationthrough NDC with Amadeus

    Japan Airlines accelerates its retail transformationthrough NDC with Amadeus

    Japan Airlines (JAL) is powering its ongoing retail transformation following the recent move by the airline to deepen its strategic distribution partnership, with Amadeus becoming the airline’s recommended distribution partner for travel agents in Japan.

    The implementation of Amadeus Altéa NDC  will be helping JAL enhance the retailing and servicing of its offers across channels, ensuring consistent brand delivery at scale.

    JAL will be integrating its NDC contents into the Amadeus Travel Platform for distribution using Amadeus NDC Connect, which is a solution specifically designed for Altéa airlines to make their NDC content seamlessly available for travel sellers worldwide.

    For Amadeus travel sellers this means that JAL’s NDC content will soon be available through the Amadeus Travel Platform through an NDC connectivity, ensuring operational continuity and access to a wide range of JAL’s content.

    “New technology such as NDC will enrich our customers’ experience and support the long-term digital transformation strategy of JAL. We are aiming to differentiate our travel offers based on value rather than just price,” says Yoriyuki Kashiwagi, Executive Officer, Managing Division Passenger Sales, Japan Airlines Co. Ltd.

    Cyril Tetaz, Executive Vice President, Airlines, Asia Pacific, Amadeus says: “We believe that it is key for airlines to open up innovative and exciting cross-channel retailing opportunities. Airlines are on a digital transformation journey and NDC is one of the ways they can improve their retailing capabilities. By implementing Amadeus NDC connect, Japan Airlines will be able to work in an agile and simple manner to support its long-term digital innovation strategy to effectively distribute NDC.”

    JAL is to be one of the airline partners in Amadeus’ NDC [X] program – a program to bring all the NDC activities across Amadeus under one roof. Currently, 25+ travel sellers and 16 airlines are a part of the program.  Amadeus is committed to make NDC work at scale across all channels, direct and intermediated; to ensure airlines can distribute their content easily through the channels of their choosing, and that travel sellers can compare, book and service that all content side by side regardless of source.

    As part of Amadeus’ commitment to making NDC a reality, Amadeus has continually been progressing in achieving the IATA certifications on its NDC capabilities and has obtained dual Level 4 certification as both a distributor and an IT provider.

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  • Google to bring Play Music’s most useful feature to YouTube Music

    Google to bring Play Music’s most useful feature to YouTube Music

    Google is reportedly testing Play Music’s best feature for YouTube Music, the ability to upload your music library. It’s one of the features that prevent many Play Music users from moving to YouTube Music despite the fact that Google plans to deprecate the former at some point.

    Google is internally testing music library upload for YouTube Music, which suggests the Mountain View company is very close to transitioning Play Music users to YouTube Music, something that should have happened last year.

    The change doesn’t come as a surprise since YouTube Music’s head confirmed that Google plans to allow Play Music users to preserve and migrate their collection, playlists, and preferences to YouTube Music.

    What’s surprising is the fact that Google missed its own imposed deadline and didn’t manage to add this feature to YouTube Music last year. And we don’t even know if the music library upload will even land this year, although the fact that the feature is already being tested internally suggests that we’re not very far from a public release.

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  • HTC experienced a terrible start to the year

    HTC experienced a terrible start to the year

    Declining interest in the brand combined with a lack of new smartphones resulted in 2019 being HTC’s worst year on record. But if new revenue figures are anything to go by, 2020 could be even tougher for the Taiwan-based company.

    HTC’s shrinking smartphone business and newer VR headset division generated just $16 million between them in the month of January. The start of 2020 was, therefore, the company’s second-worst month on record behind only July 2019.

    The results equate to a 21.4% decline from December, which was large to be expected now that the holiday season is over, but more worryingly represents a 52.4% decline from January 2019 when it generated a more impressive $33 million.

    The company has been shrinking virtually non-stop since 2020 and, as you can see, shows no sign of slowing down anytime soon. Despite this, HTC is still feeling pretty positive about its future.

    Back in October the company gained a new CEO who teased an increased focus on VR and a return to the premium smartphone segment in the near future with a 5G-ready device. Whether this can actually turn things around, however, remains to be seen as the company has made similar promises in the past.

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  • Coronavirus Hits Singapore CBD

    Coronavirus Hits Singapore CBD

    Staff of major firms are being told to work from home and temperature screening and sanitation are being stepped up at many towers in the central business district as two cases emerge.

    The novel coronavirus outbreak in Singapore has spread to its financial district, with two employees at buildings in the area found to have been infected, «The Business Times» reported, citing circulars seen by the publication.

    The first, who contracted the virus on February 8, works at Marina Bay Financial Centre (MBFC) Tower 1, where Standard Chartered is a key tenant. DBS has offices in Tower 3. The building’s management said that affected office space, lifts and ground floor common area have been deep cleaned and disinfected in accordance with Ministry of Health guidelines, according to the report.

    The other, an employee of United Industrial Corporation (UIC), works at Clifford Centre. No other UIC employee has displayed any signs of the virus as of February 7, a circular said, noting the building has since been disinfected.

    The Monetary Authority of Singapore (MAS) issued an advisory urging financial institutions to adopt additional measures and precautions on Friday, the same day the city-state raised its response level to Orange, the same level as during the Sars epidemic in 2003.

    They include maintaining effective internal controls across operations should split team arrangements be implemented, anticipating and preparing for an increase in demand for services such as cash withdrawal or online financial services, informing customers of the availability of services and operating hours, and supporting staff morale.

    It also warned of the heightened risk of cyber threats as actors take advantage of the situation to conduct email scams, phishing and ransomware attacks.

    As a precaution against the novel coronavirus, UOB has closed two banking outlets in Shanghai and Beijing, the bank said in a media statement on Monday.

    UOB’s Commercial Banking Centre in Kwun Tong, Hong Kong remains closed until 14 February. Corporate customers are encouraged to use the Tsim Sha Tsui and Causeway Bay branches during this time.

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  • 6ixty8ight joins Shopee and SSG platforms

    6ixty8ight joins Shopee and SSG platforms

    International fashion lingerie and apparel label 6ixty8ight has made its debut on Shopee and SGG.com.

    The move follows the brand’s expansion into e-commerce following the launch of its own online sales platform in November last year and the establishment of a flagship on Lazada last month. 6ixty8ight’s online outreach now serves regional buyers from Singapore, Malaysia, Indonesia and South Korea.

    The firm operates more than 200 physical outlets across the region, located in Greater China, South Korea, Singapore and Malaysia.

    Meanwhile, 6ixty8ight launched its first outlet in Mongolia last month, located in Hohhot.

    6ixty8ight was founded in 2002 by Erik Ryd, a Swedish entrepreneur with an established lingerie-manufacturing business in Asia, who saw a gap in the market for a “youthful and energetic lingerie brand”.

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  • Alibaba rolls out help for merchants amid coronavirus outbreak

    Alibaba rolls out help for merchants amid coronavirus outbreak

    Chinese e-commerce giant Alibaba has announced 20 measures to assist merchants during the coronavirus outbreak, including substantial fee waivers.

    In an emotional letter to its merchant partners, the firm paints a grim picture of the challenge posed by the virus to Chinese nation while emphasizing the need of “millions and millions of consumers” for their services, describing the urgency to maintain economic development as a “second battle” alongside the struggle against the coronavirus itself.

    Among the measures listed are moves to reduce operational costs on the firm’s platforms, including a waiver on all platform service fees for the first half of 2020 for all Tmall merchants and a free subscription to “Wangpu”, an online tool kit to revamp merchants’ online storefronts, to all sellers on Taobao and Tmall.

    The firm is also offering financial support by waiving or lowering interest rates on loans issued by its online bank brand under Ant Financial, Mybank. The bank will provide 12-month loans totalling RMB10 billion (US$1.43 billion) to online merchants registered on

    Taobao and Tmall from Hubei – the province at the center of the outbreak. The loans will be interest-free for the first three months, and rates will be lowered by 20 percent from the current level for the remaining nine months. Mybank is also providing 12-month loans to Taobao and Tmall merchants from outside Hubei with interest rates also lowered by 20 percent. Payments to all qualified merchants on Tmall and Taobao will also receive payments from Mybank as soon as their orders have been fulfilled as a free service until March.

    Other measures include a support fund for select chain restaurant operators; subsidies to delivery personnel and an assurance of higher logistics efficiency; the launch of employee-sharing schemes to provide flexible job opportunities to ensure income for staff; and the release of tools for enterprises to accelerate their digitization as well as allow remote working management for enterprises.

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  • Tealive appoints advisors for IPO

    Tealive appoints advisors for IPO

    Malaysian bubble-tea chain Tealive parent, Loob Holding, has appointed advisors as it prepares for an IPO this year.

    Last year, the company said that it aimed to raise MYR300 million (US$72 million) for Malaysian IPO.

    According to The Malaysian Reserve, however, Tealive’s owner and the operator could raise MYR1 billion based on prior valuation, depending on the market and investors’ view.

    “There will never be the right timing in business, including when to list,” said Bryan Loo, founder and CEO at Loob Holding. “Our ultimate long-term mission is to build Malaysia’s very own global lifestyle tea brand.”

    Managing several F&B brands such as Ko Ko Kai and Define Food, Loob operates more than 500 Tealive outlets. It also has stores in China, Vietnam, Philippines, Brunei, Myanmar, Australia and the UK.

  • Vivo India opens Mumbai flagship

    Vivo India opens Mumbai flagship

    Chinese smartphone brand Vivo has opened an experiential flagship store in Thane, Maharashtra as Vivo India eyes 250 new stores this year.

    The 1800sqft outlet is the second of 20 stores planned for the territory, according to the India News Service. Vivo India currently operates an experiential retail store in Bengaluru as well.

    “The offline channel has been an essential part of our go-to-market strategy and we would continue to invest in this channel,” said Vivo India director of brand strategy Nipun Marya.

    “We intend to launch more than 250 exclusive stores in 2020, taking the total number to 600.”

    Showcasing Vivo’s entire range of devices and accessories, the store will also feature an interactive touch-enabled LED screen allowing customers to explore products in more detail, as well as gaming, VR and customer interaction zones.

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  • Global brands continue to shutter stores across China as coronavirus spreads

    Global brands continue to shutter stores across China as coronavirus spreads

    Widespread temporary store closures continue across China as the coronavirus continues to spread throughout the country.

    Officially, China’s New Year holiday – extended by the government for a week to help reduce the spread of the virus – ended yesterday, but office staff was encouraged to work from home.

    Tech giant Apple said on Friday it hoped to reopen corporate offices and contact centers later this week, but the closure of its physical stores would continue indefinitely.

    As at 10am ICT on Tuesday, February 11, 43,108 cases of coronavirus had been confirmed, and 1018 fatalities, almost all of those in Mainland China. However, in an encouraging sign, 4048 people had been confirmed as recovered. The mortality rate has edged up slightly to 2.3 percent with most deaths due to underlying respiratory conditions or pneumonia.

    Brands across fashion, technology and almost every other non-essential retail category continued to shutter stores on the mainland.

    VF Corporation, which owns Timberland, Vans, The North Face and Dickies, says 60 percent of its outlets in Mainland China are closed and those still open have seen “significant declines in retail traffic.”

    Muji and Uniqlo have shut about half of their store networks.

    Japanese makeup company Shiseido estimates its China sales were down 55 percent over Lunar New Year, traditionally a peak selling period. Sales to foreign tourists through Japanese retail outlets were down by 40 percent. The company has launched the Relay of Love Project, “in the hope that everyone affected may return to health and safety as soon as possible”.

    In addition to 1 million CNY (US$143,000) already donated to the Charity Federation of Wuhan, Shiseido will donate a further 10 million CNY ($1.43 million) to the Shanghai Charity Foundation and 1 percent of sales from Asian markets will be reserved for other assistance.

    UK luxury-fashion label Burberry has closed 24 of its 64 stores in China and says those still trading – under reduced hours – have experienced “significant footfall declines”.

    The parent of Kate Spade, Coach and Stuart Weitzman, Tapestry, says it has closed the majority of its stores in China.

    Capri Holdings says that about 150 of its 250 stores trading under the Michael Kors, Versace and Jimmy Choo banners are closed.

  • Sa Sa shuts stores after Lunar New Year sales plunge

    Sa Sa shuts stores after Lunar New Year sales plunge

    Sa Sa International has reported a massive 76.9-per-cent slump in Hong Kong and Macau sales during Lunar New Year as the coronavirus kept mainland Chinese tourists at home.

    As a result, the company has shut 21 stores and will “substantially strengthen control measures” in order to reduce losses.

    Besides the store closures, its executive directors have taken a 75-per-cent salary reduction for three months as the first in a series of cost-cutting initiatives. Inventory levels will be cut and the company is looking to reduce staff costs.

    With Hong Kong Immigration Department figures showing an 85.5-per-cent year-on-year decrease in mainland tourist arrivals, the impact on retailers across categories generally frequented by visitors, such as luxury goods and cosmetics, is expected to be severe for many retailers in the territory.

    Sa Sa International chairman Simon Kwok said that in Hong Kong, the company’s retail sales plummeted by 77.9 percent year on year.

    “Such decline was mainly attributable to the novel coronavirus outbreak, resulting in a further decline of mainland tourist arrivals and poor local consumer sentiment.”

    Falling store footfall saw a drop of 54.4 percent in the total transaction volume, with spending by mainland tourists down by 92.1 percent and that of local customers by 8 percent. The average sale per transaction among local customers fell by 25.6 percent.

    Kwok said Sa Sa International’s retail sales in Macau plunged by 73.4 percent, with an almost 70 percent drop in total transaction volume. Mainland tourist spending fell by 76.5 percent and spending by locals by 29.4 percent.

    Kwok said that with efforts to contain the coronavirus seriously affecting the mobility of mainlanders,

    Sa Sa International will “closely review the market condition and adjust its product strategies”. “Facing the severe shortage of masks and disinfection products, the group strives to support Hong Kong and Macau SARs citizens to combat the coronavirus outbreak by going all outsourcing such products globally and selling them at reasonable prices to cater for their needs.”