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Tag: asia

  • Qualcomm unveils world’s biggest fingerprint sensor for smartphones

    Qualcomm unveils world’s biggest fingerprint sensor for smartphones

    Qualcomm was the first company to introduce an under-display ultrasonic fingerprint scanner, the 3D Sonic Sensor, the same piece of technology that’s now embedded under Samsung Galaxy S10’s stunning display.

    Fast forward one year and the US company announced an upgrade to its last year ultrasonic fingerprint scanner, the 3D Sonic Max, which promises to accurately scan a fingerprint in three dimensions.

    Unlike the first iteration that only allows users to scan one fingerprint, the 3D Sonic Max lets you scan two fingerprints at the same time. 3D Sonic Max, the latest version of Qualcomm’s ultrasonic fingerprint sensor offers a recognition area that is 17x larger than the previous generation, allowing for increased security via simultaneous two-finger authentication, increased speed and ease of use.

    This makes the 3D Sonic Max the world’s largest fingerprint sensor and also the first in the world to enable two-finger authentication. On top of that, 3D Sonic Max promises to deliver 1::1,000,000 rather than 1::50,000, which should prevent fingerprint spoofing and inaccurate results. Qualcomm also claims that its new fingerprint sensor is faster than the previous generation, but doesn’t say by how much.

    We have yet to learn which handset makers will implement Qualcomm’s new fingerprint sensor into their phones, but it looks like Samsung might be one of its clients.

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  • Central bank cuts compulsory reserve interest rates

    Central bank cuts compulsory reserve interest rates

    The State Bank of Vietnam (SBV) announced Monday it has lowered the interest rates on compulsory reserves at banks by 0.4 percentage points.

    The new compulsory reserve interest rate has been reduced to 0.8 percent per annum for dong deposits, down from 1.2 percent prior. This change came into effect on Sunday.

    A compulsory reserve is a minimum amount calculated on the ratio of total deposits that credit institutions must deposit with the SBV to ensure solvency and reduce risks in savings activities. In Vietnam, this ratio is 3 percent.

    The SBV will continue not paying any interest on dong deposits from banks that exceed the minimum 3 percent requirement.

    But all deposits by the Vietnam Development Bank (VDB) and Vietnam Bank for Social Policies (VBSP), both state-owned banks; People’s Credit Funds and microfinance institutions will receive the 0.8 percent interest.

    Conversely, for foreign currency deposits with the SBV, no interest is paid on minimum reserves, but anything in excess is now subject to 0.05 percent interest per annum, which has been slashed from 0.5 percent, according to the central bank statement.

    The reduction of compulsory reserve interest rates to 0.8 per year will not have a significant impact on the profits of banks by the end of the year because the required reserve ratio is currently at a low 3 percent, Dr. Can Van Luc, chief economist at BIDV, Vietnam’s biggest state-owned bank, told the local press.

    Banks also do not maintain reserves at the SBV higher than the minimum requirement, as it would be a waste of resources because investing or lending this money would bring more returns, he added.

    The reduction in compulsory reserve interest rates is most likely a move by the SBV to reduce the burden on the state budget because interest payments are taken from there. “But like the impact on profits of commercial banks, the savings will not amount to much,” Dr. Luc said.

    Last month, the SBV also lowered the interest rate cap on 6-month dong deposits from 5.5 percent to 5 percent, prompting many banks in the sector to cut deposit rates across various terms.

  • Canada Goose sees Asia revenue go up despite Hong Kong protests

    Canada Goose sees Asia revenue go up despite Hong Kong protests

    The Hong Kong market has been a tough topic for a lot of retailers, especially those who have the mains consumer base in China. This was one of the reasons behind the fall in stock prices for Tiffany that got acquired by LVMH. Tiffany while not as prominent in the US anymore, relied heavily on its Asian consumer base but amidst the protests, its consumption fell flat. But this doesn’t seem to be the case with the Canada Goose.

    While the shares still sank, the revenues are more than 25% in its most recent quarter in Asia, despite the complicated situation in Hong Kong. Canada Goose shares lost 4.96% on the Toronto Stock Exchange but the consumers seem to be loving the infamous coats still.

    Canada has been going through a crisis of its own. With 71 thousand people losing their jobs, the worst month for job losses in decades. Some industries are struggling while others are still thriving. IGaming hasn’t really taken a hit by all of this and you can still enjoy the best Canadian online casino or real-life gambling venues. But the overall economy while resilient is still not in a great place. Canadian Goose, a luxury parka retailer that has always been popular in Asia also seems to be resilient. Before the value dropped the company warned about this possibility, saying that the wholesale revenues were expected to decrease in the third quarter because orders were advanced leaving fewer remaining winter orders to come.

    Despite this, the Canada Goose reported $60.6 million second-quarter revenues. While the Asian share of their revenue nearly doubled.

    Asian Market Loyal to the Canadian luxury parkas

    The Asian market still loves this product and the decrease of tourists doesn’t seem to be affecting the company all that much since its customer base in the continent is still there.

    The company was founded back in 1957 and since then has been a renowned manufacturer of winter clothes that were always loved in Asia and this new statistic proves just that.

    But still, the Canadian Goose had way higher expectations with the aiming at 43 % profit per share and $267.3 million in revenue. Canada Goose is one of the businesses that more or less survived the major drop caused by the protests and is still staying afloat, and surprisingly largely thanks to the Asian market. It managed to score $48.9 million this year, compared to the 2018 number that got the company $26.2 million in the second quarter of 2018.

    While the numbers are definitely impressive according to the company representative, this does not paint a full picture. According to them the company’s store in Shanghai and Hong Kong have been impacted significantly by the reduction of tourism but luckily real-life stores are not their only viable source of income.

    The company is watching the local events very closely and tries to evaluate the action to streamline its costs base on the grounds. This includes negotiating accommodations from landlords as well. Canadian Goose seems to be in the Asian market for a long haul since according to the representative they have plans to stick around for years, as they have done in the past and even if they don’t perform all that well during one quarter it doesn’t mean that they will give up on the market that has been so loyal to them.

    This attitude definitely makes them stand out in the Asian Market, which has seen far too many companies distressed over one unsuccessful quarter. This is part of the reason why the customer has stayed so loyal to these luxury parkas and have managed to turn their market into one of the key markets for the Canadian Brand.

    Tough times for Canadian brands

    When it comes to Canada and its economic struggle of the moment the situation is a little unstable. Whether or not it will affect the company is yet unclear but the officials are stating that they can bounce back from the biggest cuts in jobs in decades and get their “resilient” economy back on track. With the home market struggling along with its major consumer group also staying back, Canada Goose is in for an interesting quarter, to say the least.

    But since the locals have remained loyal to the Canada goose products company will now probably put even more effort and attention towards the Asian market. The prediction on whether or not the situation in Hong Kong will last much longer are not very reliable. So the Companies must be ready for the worst-case scenarios.

    It seems like even with that setup Canadian Goose is bound to have a better chance of surviving compared to other similar brands. Their main selling point has always been the quality that has stayed consistent throughout the years so it is expected that the customers will keep relying on the Canadian brand despite the economic hardship both in their hometowns of home countries and from the company’s part as well.

    Some even predict a 40% chance of a recession in Canada among two rate cuts but the government officials are staying more positive, at least in the public eye.

  • Macau’s biggest industry and its various marketing practices

    Macau’s biggest industry and its various marketing practices

    Macau is facing one of the toughest years ever in its presence in China. The enterprise is facing the first time a decline in annual gaming revenues during the last 3 years. Macau first came to  China 20 years ago. Macau has managed to revolutionize the gambling scene and has long been hailed as the world’s biggest gambling hub. But this seems to be changing with the economic slowdown in China, and the migrations of high-rollers towards Vietnam.

    Some of the experts are saying that Macau has now reached its peak and the downfall is inevitable. The gambling hub will have to put in a lot more work than it previously had to promote itself and to secure its existing status in China. The analysts at Bloomberg are saying that Macau’s growth will swing from 14% growth in 2018 to 3% in 2019. According to them, things might turn around in the following year but it’s unlikely that the casino will see the same revenue it saw in the year 2010-2013.

    Macau will probably need to upgrade or better since their various marketing techniques that are quite unique across the industry. When it comes to gambling the marketing has its own perks and little details that you usually don’t have to think about when advertising other services and there are some upsides to this as well.

    Gambling venues often use very modern and less adopted ways of marketing their services and with the growing popularity of online casinos, there’s a whole new realm of advertising technologies that online casinos can use that get very impressive results. Here we’ll break down some of the basic marketing strategies that Macau has used in the past that can help the gambling hub get back to the equilibrium.

    Affiliate marketing

    In this day and age, affiliate marketing is one of the most modern and easy to manage ways to advertise your products. Casinos that usually have a harder time collaborating with traditional advertising agencies or getting their ads on all sorts of content across the web affiliate marketing can be one of the most efficient ways to market.

    You can rely on the best casino affiliate programs to deliver outstanding results. Macau has used this technique as well and it might consider going in more heavily of affiliate marketing since it proves to have a high response rate, it is less over the top and the users are less likely to ignore it and considering some of the past challenges that Macau has faced it is easy to see why this would be a perfect way to go about promoting their service in the time of decline. There is a lot to dissect when we talk about the situation in Macau and why it is now having the worst time it has had as a company in probably decades. As mentioned above some of it has to do with the fact that Macau has been around long enough for it to start feeling a little less exciting and innovative. Introducing affiliate marketing more heavily into the routine could greatly boost the image of the casino and possible even unfold a whole new, yet untapped demographics of users that could help bring the gambling hub back to its prime.

    Promoting the experience rather than a single service

    Macau got used to being the only gambling venue but now the landscape is changing with the regional gaming hub attracting more and more of Macau’s previous clientele. But the inherent advantage that Macau has is that it is more than just a gambling hut.

    It has a rich history of being the top destination for successful Asian people looking to entertain themselves with gambling and they could get the prime experience exclusively in Macau. Macau is no just gambling, it’s nice dinners expensive shops and overall luxurious experience. If Macau only focuses on gambling it’s selling point won’t really strike a chord with the users because they can get gambling in other places too.

    What they cant get is the exclusivity, the high quality of the hotel experience and the luxury of experience Macau fully. If this gambling hub wants to recover from a bad year it is obvious that it needs a different approach so it can still rival the emerging local casinos by offering users something these fresh venues can not, which is the rich history, the idea behind it and the luxurious experience of it all.

    It’s important to consider other factors as well as the Chinese economic slowdown and the reemergence of other, similar experience-based gambling venues for high-rollers. But Macau might be able to recover even easier from this than anticipated because the newness of these other venues will wear off sooner than it did for Macay because the gambling landscape and the customer standards and expectations were completely different then.

     

    Macau needs to ride out this wave of decline through improved marketing techniques and showing resilience to the newcomers with is unique history, glamorous resorts and the luxurious dinners that have seen the gambling hub through a variety of challenges before. The Gambling industry isn’t going anywhere so if Macau manages to get back on its feet it will then fully secure its spot as the leader and innovator in the field.

  • Deliveroo Sustainability & CSR Team developing eco-friendly and socially conscious projects

    Deliveroo Sustainability & CSR Team developing eco-friendly and socially conscious projects

     Committed to not only delivering great food to people fast but also being a caring member of the Hong Kong community, Deliveroo today announces that the business will formalise its initiatives by forming a dedicated Sustainability & CSR team. Comprised of five people from the business, the Deliveroo Sustainability & CSR Team will develop eco-friendly and socially conscious projects that give back to the Hong Kong community and the world at large.

    The Deliveroo Sustainability & CSR Team will be focusing on three key goals, aligned to targets set by the 2030 United Nations Sustainable Development Agenda. They are Responsible Consumption and Production, addressing the need for sustainability and waste management to prevent further degradation of the environment; Zero Hunger, a goal that aims to improve nutrition and achieve food security; and Good Health and Well-being, which looks to improve physical and mental health.

    Since its Hong Kong launch four years ago, Deliveroo has addressed all three of these areas via a number of different initiatives. In 2019 alone, Deliveroo signed on to the WWF’s ‘No Shark Fin’ pledge; offered a free first aid training programme to 150 riders equipping them with confidence and skills to assist in emergencies. The company has also introduced an ‘opt-in’ cutlery function in 2018 globally to reinforce their commitment to reducing plastic waste.

    Brian Lo, General Manager, Deliveroo Hong Kong, said: “Introducing a dedicated Deliveroo Sustainability & CSR Team will enable us to strengthen and expand our ongoing efforts to be a responsible, eco-friendly, caring member of the Hong Kong community. By aligning our efforts to the UN’s Sustainable Development Goals, we can stay on track with our own commitments here in Hong Kong as well as the wider efforts of businesses, NGOs and individuals around the world. Collaboration is key, and we all look forward to investing in new partnerships and initiatives to bring our sustainability and CSR goals to life and drive positive change in the future.”

    The Deliveroo Sustainability & CSR Team already spearheaded an activity on 7 December. The company partnered with St. James Settlement to help promote a special service for the elderly who can’t chew normal foods – Graceful Meal. Often when people age or have a stroke, they have difficulty masticating and swallowing, making pureed food their only option. Graceful Meal offers a more attractive, enjoyable, dignified eating experience with nutritious foods that are easy to swallow, taste delicious, and look like a special delicacy.

    Committed to providing the best possible eating experience to everyone in Hong Kong, the Deliveroo Sustainability & CSR Team organised a one-day programme to promote awareness of Graceful Meal and the importance of care and dignity for elderly people with special eating needs. The event was directed at volunteers who work with the elderly, who were invited to join a learning session with a dietician and a Graceful Meal preparation workshop with a chef. Finally, the group paid a visit to a care home in Hong Kong to deliver Graceful Meals and help the residents at lunchtime.

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  • Glenfiddich Unveils Limited-Edition DesignPack to Celebrate the Lunar New Year

    Glenfiddich Unveils Limited-Edition DesignPack to Celebrate the Lunar New Year

    Glenfiddich, the World’s Most Awarded Single Malt Scotch Whisky[1], announces a limited-edition pack for Glenfiddich’s 18 Year Old single malt created by Shenzhen-based artist Rlon Wang. Created in celebration of the Lunar New Year and gifting season, the distinctive design will be available in selected airports from December 2019 while supplies last.

    Paying homage to the royal stag icon which appears on every bottle of Glenfiddich, the design reimagines an epic journey made over a century ago. Wang’s richly detailed illustration depicts the creature’s 12-pointed antlers, denoting its ‘royal’ classification, while the flowing ribbon and medal around its neck symbolises Glenfiddich’s status as the world’s most-awarded single malt.

    The grandeur of the stag’s appearance recalls a famous oil painting, The Monarch of the Glen, also paying tribute to the epic voyage made by Charles Gordon, son-in-law of Glenfiddich founder William Grant, in 1909. Gordon famously left Speyside with little more than a few cases of whisky and a dream to bring Glenfiddich, ‘the Valley of the Deer’, to the world. He returned a year later, having won the hearts of whisky lovers across Asia with the exquisite whiskies of the William Grant & Sons family.

    On the pack, the river surrounding the royal stag can be traced back to the Glenfiddich distillery, identified by its granite buildings and resplendent copper still. Closer examination reveals an intrepid figure rowing a cargo of whisky casks downstream. The wild Scottish landscape blends with hallmarks of ancient and modern Asia in a mythical evocation of the long-standing connection between two cultures.

    William Grant & Sons Managing Director, Global Travel Retail, Ed Cottrell, commented:  “We are thrilled to collaborate with artist Rlon Wang to offer travellers a limited-edition design during this important festive period. We know that luxury spirits consumers are looking for culturally relevant gifts from brands with heritage and authentic stories, which makes Glenfiddich 18 Year Old the perfect gift this Lunar New Year.”

    As a former student of traditional Chinese painting with a distinctly contemporary style, Wang was the perfect artist to tell this story. His colourful, multi-layered illustration takes inspiration from personal memories of family gatherings at Lunar New Year, as well as the symbolic meaning of deer in Chinese folk tales, where the animal often represents long life and good fortune. The exceptional nature of this pack befits a single malt like no other.

    The Glenfiddich 18 Year Old is an industry-acclaimed, delicately crafted and full-bodied single malt, produced in small batches. Renowned everywhere as a symbol of affection and respect, this is a malt that channels the spirit of the stag to honour generations past, while looking towards a future full of promise.

    The Glenfiddich 18 Year Old limited-edition design pack will be available in selected airports from December 2019, including Singapore, Bangkok, Hong Kong and Taipei.

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  • Kerry Logistics secures accolades at the Asset ESG Awards

    Kerry Logistics secures accolades at the Asset ESG Awards

    Kerry Logistics Network Limited has for the second consecutive year secured the Platinum Award, the highest honour of The Asset ESG Corporate Awards (the ‘Awards’, formerly known as The Asset Corporate Awards), as well as the Best Investor Relations Team Award for the first time.

    Kerry Logistics won the Platinum Award for its laudable efforts in achieving corporate sustainability, with strong management acumen and stringent governance reflected in its financial performance.

    It also received the Best Investor Relations Team Award in recognition of its investor relations team in new initiatives launched, facilitating outreach and enhancing communication with investors and analysts.

    William Ma, Group Managing Director of Kerry Logistics, said: “We are grateful to The Asset for acknowledging Kerry Logistics’ dedication to the environment, to social responsibilities and to upholding the highest standard of corporate governance. To be included among our distinguished peers for the second year running is a testament to our continued efforts.

    “We are also encouraged by the appreciation on the efforts of our investor relations team. In the face of a changing economic and business environment, we will keep maintaining transparency and active communication with our investors while creating value for our stakeholders.”

    Inaugurated in 2000, the Awards are the longest-running and the most prestigious ESG awards program in Asia. Organized by the regional financial magazine The Asset, the Awards are assessed according to financial performance, management, corporate governance, social and environmental responsibility and investor relations.

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  • Vietnam Airlines asked to spell out details of plan to buy 50 jets

    Vietnam Airlines asked to spell out details of plan to buy 50 jets

    The Ministry of Transport has asked Vietnam Airlines for details about its plan to acquire 50 narrow-body aircraft by 2025.

    The national flag wants to buy 50 Airbus A3210/321 or Boeing 737 MAX 8/9/10 aircraft in 2021-2025 at a cost of VND88.13 trillion ($3.83 billion).

    It seeks to replace its 26 existing aircraft and expand the fleet by 24, with four or five airplanes delivered every year.

    But the ministry said the airline needs to furnish information about the routes it plans to use the new aircraft on and detailed plans about hiring more staff to operate them.

    It warned against the purchase of Boeing 737 MAX 8 saying it is still unclear whether the grounding of the model would be reversed.

    The carrier also needs to consider that technical issues have been reported in some Pratt Whitney engines used in Airbus A320/321 NEO by some airlines, the ministry said.

    Vietnam’s surging travel demand has caused airlines to expand their fleets. Bamboo Airways has inked a deal with Airbus to buy 50 aircraft, while Vietjet last month signed a $140 million loan with foreign banks to finance its Airbus order for 20 aircraft.

    Last year the country’s 21 state-run airports handled 103.5 million passengers, according to the Airports Corporation of Vietnam, and the number is set to rise to 112 million this year.

  • The world’s first Coke cafe in a cinema opens in Malaysia

    The world’s first Coke cafe in a cinema opens in Malaysia

    The first Coke cafe in a cinema complex has opened at the new Toppen Shopping Centre in Tebrau, southern Malaysia.

    It forms part of the local TGV Cinemas flagship complex on the rooftop of the centre.

    Inspired by 1950s-style American diners, the Coke cafe, dubbed Coke Zone, has an interior divided into several areas, and uses Coca Cola’s famous red as its primary theme colour.

    After entering the store, accessible from the mall area and the cinema complex, movie-goers will see a bar with “Coca Cola” sign above it where they can order fresh Coke and snacks like popcorn or confectionery. For the opening, in November, a Christmas-themed area has been created adjacent to the bar with an artificial fireplace and a Christmas tree displayed along with Coca Cola’s artwork, creating an Instagrammable spot.

    Large sofas in the central area of Coke Zone provide a space for customers to relax and wait for their movie session. The store also features free high-speed WiFi and charging stations for mobile devices.

  • Aeon teams with UK online grocer Ocado to boost online offer

    Aeon teams with UK online grocer Ocado to boost online offer

    Japanese supermarket operator Aeon is seeking to expand its e-commerce arm by hiring British online grocer Ocado.

    Aeon will use Ocado’s technology to set up a new online platform capable of fulfilling national orders to a level of ¥600 billion (US$5.52 billion) in sales by 2030, and ¥1 trillion ($9.13 billion) within the following five years.

    The move is a defense effort against rivals in the territory such as Amazon and Walmart-backed Seiyu as the online grocery market appears poised to expand in Japan, according to a Reuters report.

    Ocado’s software system is the basis of its £8.1 billion ($10.46 billion) market valuation, despite its meagre 1.4-per-cent share of Britain’s grocery market.

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  • UOB Acquires Vietnam Asset Manager

    UOB Acquires Vietnam Asset Manager

    UOB Asset Management will acquire VAM Vietnam Fund Management Joint Stock Company, pending regulatory approval.

    UOB Asset Management has agreed to initially acquire 1.13 million ordinary shares from VAM Vietnam Fund Management Joint Stock Company from individual Nguyen Xuan Minh. The deal for the firm’s 24.53 percent shareholding is valued at VND113,680 million ($4.9 million), according to a report.After regulators approve the deal, another 3.47 million ordinary shares, or 75.47 percent of issued share capital, will be acquired by UOB Asset Management making VAM Vietnam Fund Management Joint Stock Company its subsidiary
    RegionalizationAccording to a release, the acquisition considered various factors including capital, net asset value and asset under management of VAM. The acquisition is also expected to further strengthen UOB Asset Management’s presence in Asia, in line with its regionalization plans. As of October 31 this year, VAM’s net asset value was around VND26 billion ($1.1 million) and it had assets under management of approximately VND114 billion ($4.9 million).
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  • All SaSa Singapore stores to close as cosmetics retailer exits city

    All SaSa Singapore stores to close as cosmetics retailer exits city

    All 22 SaSa Singapore stores are to be closed down as the Hong Kong-headquartered parent calls an end to six years of ongoing losses in the city.

    The move will see 170 jobs axed and has triggered a series of negotiations with property owners over lease-exit penalties.

    In a statement filed with the stock exchange, chairman and CEO Simon Kwok said the company wants to concentrate its resources on the Hong Kong, Macau, Mainland China and Malaysia markets, as well as its e-commerce business.

    “The local management team in Singapore will commence negotiations with the respective landlords of the Singapore stores promptly with a view to closing the stores as early as possible, but the exact timing for the closing of each individual store is subject to negotiations with individual landlords,” Kwok said.

    The decision follows six consecutive years of losses by the SaSa Singapore business. In the six months to September 30, turnover fell by 4.6 per cent year on year to HK$99.4 million and represented just 2.8 per cent of the group’s total revenue.

    In recent years, SaSa Singapore local management has been restructured, store displays enhanced and product mixes revamped in an attempt to improve sales. “Regrettably, the results were far from satisfactory,” said Kwok.

    While the ongoing protests in Sa Sa International’s home market had no direct effect on the Sa Sa Singapore business, they influenced this week’s decision: Singapore is proving an unnecessary distraction when management needs to focus on maintaining sales and profitability in its core home market.

    “The operating environment … in Hong Kong has become extremely difficult due to a drastic decline in mainland tourist arrivals,” said Kwok. “In view of this unprecedented challenge, the group’s primary goal is to focus resources on its core markets and businesses with growth potential, in order to restore profitability promptly.

    “After careful consideration, the group believes that the closure of its business in Singapore will help improve the performance and profitability of its remaining businesses, and is in the best interests of the group and the shareholders as a whole.”

    Kwok said Malaysia offered Sa Sa International greater sales and profitability opportunities and the team that currently manages both the Singapore and Malaysia markets will now concentrate resources on developing Malaysia.

    “In the meantime, the group will expedite the store expansion in the mainland as well as the development of e-commerce business, so as to capture the lost traffic and sales in Hong Kong.

    “In addition, the group strives to integrate its online and offline businesses for providing better customer experiences and laying a solid foundation for the development of new retail model in the future.”

    He said the termination of SaSa Singapore store leases is not expected to have any significant impact on the operations of the group, as they account for a small percentage of the group’s 265-strong network.

  • Ikea India plans more up to 25 more stores

    Ikea India plans more up to 25 more stores

    Ikea India is preparing to launch 20–25 more locations, it emerged during a delegation of Swedish royals and businesspeople to the territory that began on Sunday.

    The firm currently has a store in Hyderabad, and is one of more than 200 Swedish companies operating in India. The country is Sweden’s third largest trade partner in Asia.

    A PTI News report quoted Swedish Trade Commissioner to India Anders Wickberg noting manufacturing, cleantech, and healthcare among others being mutual economic interests driving trade relations between the countries, bolstering a move to deepen bilateral ties.

    “With this commitment, we work to increase our bilateral impact, and strive to build on joint solutions,” said Wickberg.

    The inaugural Ikea India store opened in August last year and reportedly cost US$145.8 million. The store spans about 400,000sqft and represents one of the largest foreign investments in the Indian home-goods market, to date largely dominated by ‘unorganised’ retail operators.

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  • Indian online lingerie retailer Zivame to launch network of physical stores

    Indian online lingerie retailer Zivame to launch network of physical stores

    Online lingerie retailer Zivame will launch 60 physical stores in major Indian cities within the next 12–18 months.

    The firm has been gradually controlling its losses over the past financial year and is set to achieve break-even by the end of next year.

    “Last one year has been phenomenal as we have strengthened our position across categories and deepened our presence in the markets,” said Zivame’s CEO Amisha Jain to PTI News. “With tech, data and innovation at the heart of everything we do, we are set up for exponential growth over the next few years.

    “We have more than 40 retail stores in tier-1 markets and we are looking at taking that number to 100 over the next 12-18 months. We will deepen our presence in these markets.”

    Zivame hit a US$47.48 million annual run rate for financial year 2020. The app contribution for the brand’s gross sales increased from 50 per cent in the last financial year to 65 per cent this year. Online channel accounts take up about 80 per cent of Zivame’s business.

    Zivame, counts Zodius Capital, Unilazer Ventures and Khazanah Nasional Bhd among its investors, and may seek additional financing of about $50 million this year.

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  • 7-Eleven Malaysia plans to take control of Caring Pharmacy

    7-Eleven Malaysia plans to take control of Caring Pharmacy

    Convenience store operator 7-Eleven Malaysia Holdings is to boost its stake in Caring Pharmacy Group and take control of the chain.

    7-Eleven Malaysia says it plans to buy a further 25.35 percent of the Caring Pharmacy business, taking the total shareholding under control of its related parties and itself to 38.57 percent. That would require a mandatory general takeover offer under Malaysian stock exchange regulations as it takes the combined stake over the 33-per-cent threshold.

    The founder of Berjaya Group, Tan Sri Vincent Tan, is a major shareholder of 7-Eleven Malaysia Holdings and has shares in Caring Pharmacy Group.

    Caring Pharmacy was established in 1994 by five pharmacists, who were course-mates in the School of Pharmacy, Universiti Sains Malaysia. The first outlet opened in Taman Muda, Cheras and the chain has now grown to 121 stores.

    In a stock-exchange filing, 7-Eleven Malaysia said it wants to take its shareholding above 50 per cent, but will maintain Caring Pharmacy’s independent listing.

    Caring is a profitable player in the retail-pharmacy category and has a successful online business. Acquiring a majority stake in the pharmacy retailer would allow 7-Eleven Malaysia to expand its e-commerce operations using Caring’s expertise, as well as generally add to its product offer, networks and customer base.

    The process will be completed in the first half of next year.

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