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Tag: asia

  • Victoria’s Secret’s canceled annual fashion show

    Victoria’s Secret’s canceled annual fashion show

    Victoria’s Secret’s annual fashion show, where supermodels once walked down the runway wearing giant “angel” wings and elaborate lingerie sets, will not occur this holiday season.

    Stuart Burgdoerfer, CFO of the brand’s parent company L Brands, said on a call with investors on Thursday that Victoria’s Secret would be communicating with customers through social media and other platforms, but that it wouldn’t be “similar in magnitude to the fashion show”, which had been broadcast on network television in the US since 2001.

    “We think it’s important to evolve the marketing of Victoria’s Secret,” Burgdoerfer said.

    The news ends several months of speculation about the future of the fashion show after Victoria’s Secret said in May that show would not be part of network television this year, leaving open the possibility that it would be live-streamed online instead.

    But the show has been drawing a smaller audience for some time, as the brand’s “sexy” image has fallen out of favor with younger consumers and fashion trends have shifted towards bralettes and other less-padded styles.

    The fashion show was watched by 3.3 million Americans in 2018, compared with 12 million in 2001 when it was the first broadcast.

    The company also suffered a backlash last year when then-CMO Ed Razek told Vogue that the show wouldn’t have transgender models.

    L Brands posted a US$151.2 million operating loss in Q3 2019 on Thursday, which includes a US$284.7 million non-cash impairment charge related to Victoria’s Secret store and other assets, and a US$37.2 million charge to increase reserves related to ongoing guarantees for the La Senza business, which it sold in Q4 2018.

    Excluding these charges, its adjusted Q3 operating income was US$96.3 million and its adjusted net income was US$5.7 million.

    The retailer reported net sales of US$2.7 billion for the 13 weeks ended November 2, 2019, compared to US$2.8 billion for the prior corresponding period. Comparable sales were down 2 per cent in Q3 2019.

    The company is expecting a strong Q4, according to Reuters, and said its full-year adjusted earnings per share would be US$2.40, in line with its full-year guidance of between US$2.30 and US$2.60.

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  • Metcash shares hit by lost 7-Eleven deal

    Metcash shares hit by lost 7-Eleven deal

    Metcash shares have dropped more than 10 percent to a four-month low after 7-Eleven chose not to renew its contract with the wholesale food and beverage supplier when it expires in August.

    Metcash on Friday said its annual sales to 7-Eleven total about $800 million a year, mostly in lower-margin tobacco products.

    “Metcash was unable to reach an agreement with 7-Eleven on its supply requirements for the east coast, including delivery routes and scheduling,” the ASX-listed firm said.

    However, Metcash said it was still in talks to continue to supply 7-Eleven stores in WA.

    The blow is just the latest for Metcash, which in 2018 posted an impairment-driven loss of $149.5 million when Drakes Supermarkets declined to extend its SA contract after Metcash had announced plans to open a new purpose-built distribution center.

    At 1306 AEDT, Metcash shares were down 10.5 percent to $2.72.

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  • Toby Black chases Hello Kitty in China

    Toby Black chases Hello Kitty in China

    Hong Kong fashion brand Azona (Asia)’s cartoon character Toby Black is proving popular in Mainland China.

    Dubbed Hong Kong’s answer to Hello Kitty since 2006, the character has appeared on many of the firm’s products, and was licensed under Toby World Limited since late last year. The firm developed a partnership with multiple European brands at the Hong Kong International Licensing Show last January.

    Toby Black has more than 1.2 million fans on Tmall, sells on all major online e-commerce platforms, and has a presence at school and university events throughout the territory.

    “We have an extensive online and offline sales network and experience in product development and have sold hundreds of millions of products,” said Toby World Limited GM Florence Law in an interview with Hong Kong Means Business.

    “Licensing has taken off in the mainland market, with remarkable growth recently, and – hoping to reach out to other businesses – we established a subsidiary in December last year. We hope to use this to develop other products and roles through licensing.”

    One of the firm’s products, a phone charger shaped as a cat’s paw, reached viral popularity since being used by leading Chinese actress Yang Mi.

    “We try to cater to international tastes that respect the true spirit of design,” said Law. “Instead of simply copying the image and applying it to different products, we invest in model-making for unique products.

    “Licensing helps to extend our business blueprint; next we hope to participate in areas like franchising, wholesale, theme parks and premium gifts.”

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  • AS Watson opens its 3800th Watsons store in China

    AS Watson opens its 3800th Watsons store in China

    AS Watson Group is opening its 3800th Watsons store in China.

    The new outlet is located in Kunming, the largest city in Yunnan Province, and is designed to provide one-on-one beauty services to customers supported by the fully integrated digital experience.

    “Our extensive physical store network provides unique touchpoints in over 470 cities in China, connecting us to customers through the in-store experience and digital engagement,” said AS Watson (Asia & Europe) CEO Malina Ngai. “All stores provide 30-minute ‘click-and-collect’ service and 60-minute ‘click-and-delivery’ service which are widely used and appreciated by customers. Including China, this year AS Watson Group is on plan to open 1300 new stores globally. That is, on average one new store every seven hours.”

    The new Watsons store in China, located in Living Mall of Yunnan, uses the latest retail technologies to combine online and offline (O+O) platforms. The new more than 2000sqft store is committed to providing customers with an engaging shopping experience through a wide range of Watsons offerings.

    “Building customer connectivity with our 65 million loyal members in Mainland China plays a vital role in our growth in this vibrant market,” said Watsons China CEO Kulvinder Birring. “On top of that, we have launched our Elite Card VIP program to ensure our highest-spending members enjoy the most privileged service … Going forward, Watsons China will continue to enh

  • Uniqlo Korea sparks controversy

    Uniqlo Korea sparks controversy

    Uniqlo Korea has sparked yet another round of controversy, this time by distributing free Heattech shirts as part of a new marketing offensive.

    The Japanese apparel company, as part of its 15th Anniversary promotional event, is giving away 100,000 heat-tech shirts on a first-come, first-served basis to all customers purchasing a product, regardless of the price, at Uniqlo Korea offline stores.

    Since the promotion can end early if daily quotas are reached, it wasn’t difficult to find people lining up at stores early in the morning, causing an uproar on South Korean social media.

    Despite the negative reaction, Uniqlo distributed a press release to promote the giveaway, demonstrating its intention to address the public head-on by turning it into ‘noise marketing’.

    South Koreans are increasingly divided over the issue as social figures are joining the debate.

    “The number of customers at Uniqlo soared ever since the giveaway, despite the fact they can’t choose the size or color of the shirt,” said Prof Seo Kyung-duk from Sungshin Women’s University, a Korean PR activist.

    “Why do we have to go there, out of all places, to get free clothes?”

    In contrast, others implicitly argue that, while they respect one’s own belief, the boycott movement should not be forced on anyone.

    The fact that Uniqlo products are being sold online, while offline stores are empty, shows there is a large population of so-called ‘shy Uniqlo’, ‘shy Japan’ consumers in the country.

    Uniqlo Korea sales have plunged in recent months due to an ongoing boycott of Japanese brands and retail networks relating to a lack of apology over the occupation of Korea during the Second World War.

  • Ediya Coffee opens 3000th store in Korea

    Ediya Coffee opens 3000th store in Korea

    South Korean coffee chain Ediya Coffee has opened its 3000th store.

    The new Daejeon outlet is a significant milestone for the local franchise, matched only by competing for cafe and bakery Paris Baguette. Ediya has opened 300 locations each year for the past six, and has been steadily expanding since launching in Seoul in 2001.

    The firm recently appointed two vice presidents to manage the rapid expansion: Kim Nam-yeob, previously at Hyundai, and Shin Yoo-ho, who was working for Paris Baguette owner SPC Group.

    The coffee brand is named after an Ethiopean empire where the original coffee plant was discovered.

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  • Fore to ramps up network in Indonesia

    Fore to ramps up network in Indonesia

    Indonesian coffee chain Fore Coffee is plotting an aggressive expansion plan that will make it the largest coffee operator in the country.

    Fore Coffee says it has partnered with hotel operator Airy to open 1000 new locations at the latter’s hotels across Indonesia.

    The new outlets will add to its current network of more than 100, making it the largest player in Indonesia’s coffee chain market, currently dominated by Starbucks, which has around 450 outlets.

    The expansion comes after Fore Coffee secured fresh funding from venture capital firm East Ventures earlier this year.

    Launched in August 2018, Fore Coffee offers a seamless customer experience with its mobile app allowing customers to order coffee via the app and have it delivered to them or pick it up in-store. It says it is inspired by Chinese coffee chain Luckin, which embraced digital commerce by offering in-app purchases.

    Indonesian coffee chain Fore’s app has added 70,000 registered users since its launch in December last year. It has collaborated with digital wallet companies Ovo and Go-Pay, and plans to team up with many more to expand its mobile payment options.

    Fore is not the only coffee chain vying for the biggest slice of Indonesia ́s coffee chain market. Rival Kopi Kenangan plans to grow its network from around 80 outlets currently to 1000 by 2021, having raised US$20 million from Sequoia India.

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  • Standard Chartered Wants to Attract 7,000 Millennials in Singapore

    Standard Chartered Wants to Attract 7,000 Millennials in Singapore

    Standard Chartered attracted 7,000 millennials to open new accounts with its «JumpStart» offering which targets the youth segment with a focus on low fees and thresholds.

    The JumpStart savings account offering was soft-launched just two months ago and specifically targeted young customers between 18 and 26 years old. With no minimum deposit, no fall-below fee and no lock-in period, customers were able to secure an interest rate of 2 percent for their first S$20,000 ($14,681).

    In addition, JumpStart customers were offered a debit card with 1 percent cash back on spending, capped at $44 per month, and 100 percent rebates for the fees linked to the first $14,681 in investments through online trading and unit trusts.

    According to research commissioned by Standard Chartered, millennials were «mostly incognizant with banking products and services due to the lack of knowledge and funds. But over the next five years, key priorities included securing a stable job and planning for homeownership and marriage, both of which require intensive saving rates for the average Singaporean.

    Savings form the foundation of financial well-being, and we wanted to give young millennials a good reason and provide a great platform to start building healthy financial habits, said Dwaipayan Sadhu, Standard Chartered’s Singapore head of retail banking Singapore, adding that initial response to JumpStart has been overwhelming.

    This is an exciting start and we have plans to further broaden Jumpstart to cover other areas that are meaningful to this segment, such as financial seminars and giving back to society.

  • Shanghai-Frankfurt Stock Link in the Works

    Shanghai-Frankfurt Stock Link in the Works

    In another move to internationalize Chinese markets, plans are underway for a Shanghai-Frankfurt stock link driven in part for Europe’s «unabated eagerness» for collaboration with the second-largest economy.

    The China Europe International Exchange (CEINEX) is currently preparing for a stock connect program, according to state media, which reflects European countries’ «unabated eagerness» for Chinese collaboration in areas such as finance.

    CEINEX did not disclose the exact data of the Shanghai-Frankfurt stock link launch but state media highlighted that it could be rolled out in the next one or two years.

    The program is expected to allow Germany-based blue chips to issue Chinese depositary receipts on the Shanghai Stock Exchange and for mainland-based firms, especially manufacturers, to issue global depository receipts on exchanges in Frankfurt.

    Listings aside, onlookers believe there are synergies to be realized by Germany due to its significant base of industrial powerhouses such as Mercedes Benz or BMW which could benefit from cooperation with China which has withstood the downward economic cycle in sectors such as an automobile.

    In addition to opening up markets, stock link is expected to be the first in a series of moves to boost financial cooperation between China and Europe.

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  • Tech Talent Buoys Financial Sector Job Creation

    Tech Talent Buoys Financial Sector Job Creation

    Despite a slowdown in hiring for trading and equity-related jobs, talent related to the burgeoning field financial technology has kept the financial sector an active recruiter in the Greater China region.

    Talent demand is high for both executive and operation roles, according to a Robert Walters Salary Survey 2020, with firms increasingly open to importing foreigners with matching skill sets. Tech talent across all industries are expecting bonuses of 11-20 percent of their 2020 salary and 40 percent expected a 7-15 percent increase in this salary.

    Recruitment remains active for financial sub-sectors such as virtual banking insurtech, private banking, wealth management, distressed debt and special situations funds.

    Whilst the outlook for tech in finance or not remained bright, the broader job market showed signs of being hit by the ongoing economic slowdown. Hong Kong’s expected salary increase for 2020 fell to the 10-15 percent range compared to 10-20 percent in 2019. Greater prudence is being applied to various aspects of hiring, the survey found.

    Companies are more cautious when hiring, and hesitate to look into a long-term hiring plan. Hiring processes are foreseen to be lengthened and additional interview stages will be added as employers are more insistent on candidates with specific skill sets, said Ricky Mui, managing director of Robert Walters Hong Kong. We also expect contracting engagements to continue to grow further.

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  • Fiat Chrysler Says Peugeot Talks Progressing Despite GM Lawsuit

    Fiat Chrysler Says Peugeot Talks Progressing Despite GM Lawsuit

    Fiat Chrysler (FCA) said on Thursday talks with Peugeot owner PSA Group to create a $50 billion carmaking group were going well, despite FCA being sued for “substantial damages” by General Motors late on Wednesday. General Motors (GM) filed the lawsuit in the United States, alleging FCA had bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars.

    “Talks are progressing smoothly,” an FCA spokesman said on Thursday about discussions with PSA to create the world’s fourth-biggest automaker. Shares in FCA were down 3.4 percent, while PSA shares were 1.4 per cent lower. Asked whether the lawsuit might lead to a review of the two companies’ valuations in the proposed merger deal, a source close to FCA replied: “No.”

    In a letter to employees, FCA Chief Executive Mike Manley said: “We are astonished by this filing, both it is content and its timing. We can only assume it was intended to disrupt our proposed merger with PSA.”

    FCA will vigorously defend itself against this “meritless” lawsuit, the letter, which was seen by Reuters, said. “We will not be slowed down by this act,” Manley said, adding: “Let’s keep the performance up as it has clearly got some of our competitors worried.”

    PSA declined to comment on the GM lawsuit and its potential impact on the merger talks.

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  • Jaguar Land Rover Chief Wants Alliances, Not A Merger

    Jaguar Land Rover Chief Wants Alliances, Not A Merger

    Luxury automaker Jaguar Land Rover’s chief executive told Reuters he is open to more alliances to lower the costs of developing technology but is not looking for a full-blown corporate merger. “We feel the pressure” from demands to slash carbon emissions and develop electric vehicles, Jaguar Land Rover chief Ralf Speth said in an interview on the sidelines of the Los Angeles auto show.

    But to the question of whether the company and its parent, Tata Motors Ltd. are seeking a merger for Jaguar Land Rover, Speth said: “The answer is no. We can really survive on our own.”

    The British luxury sedan and SUV maker is “always open” to discussions of technology alliances and component sharing with other companies, Speth said. Earlier this year, the maker of Jaguar sedans and Land Rover SUVs agreed with German luxury automaker BMW AG to develop electric car parts jointly.

    Jaguar Land Rover currently sells an electric Jaguar I-Pace sport utility vehicle and has said the next generation of its top-of-the-line XJ sedan will be all-electric. The company has not said when it will launch the new XJ.

    “There’s no question in our mind that electric is the drive train of the future,” Eberhardt said. “But from a customer adoption point of view it takes longer than anticipated.”

    Jaguar Land Rover has a product lineup, including hybrid, plug-in hybrid and battery electric vehicles, which could meet tighter European CO2 emissions limits which begin taking effect next year, but compliance will depend on the mix of vehicles customers buy, Speth said.

    “In Europe, the mix (of vehicles) is encouraging, but not at the moment at the level we can say we are compliant right at the beginning,” he said. “But there is time to go. We are cautiously optimistic.”

    A lack of public electric vehicle recharging infrastructure remains a challenge in selling electric vehicles in the U.S. and Europe, Eberhardt and Speth said.

    Jaguar Land Rover was unprofitable through the first half of its fiscal year ended Sept. 30, hit by Brexit-related production shutdowns and weaker demand in China. But Speth said the second half of the year should be better than the first.

    Demand in the Chinese market is volatile, though Jaguar Land Rover sales have seen “double-digit growth” in recent months, Speth said. But that growth has been from a low volume. Speth said he receives data on the Chinese market daily.

    Speth and JLR North America chief Joe Eberhardt were at the Los Angeles Auto Show for the North American launch of the Land Rover Defender, a modern reincarnation of sport utility vehicles identified with African safari adventures and British country estates.

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  • Google adds dynamic email support to Gmail on Android and iOS

    Google adds dynamic email support to Gmail on Android and iOS

    Google Docs is not the only app the Mountain View company is improving this week. As the title says, Gmail, Google’s email app is getting important upgrades on both Android and iOS platforms.

    The highlight of the latest update is dynamic email, new functionality that is now rolling out to Gmail on Android and iOS. Dynamic email lets Gmail users take action directly within a message. For example, you can respond to a comment, RSVP to an event, or manage subscription preferences directly within the email.

    Another advantage of having support for dynamic email is that the functionality can be kept up to date so that when you open an email you’ll see the most up-to-date information about the subject.

    Now, according to Google, the rollout is starting today, but it may take more than two weeks for everyone to see the functionality on their Android and iOS devices. It’s also worth mentioning that dynamic email support will be turned on by default when the functionality arrives on a compatible device.

  • Indonesia’s Alfamart plans aggressive Philippine expansion

    Indonesia’s Alfamart plans aggressive Philippine expansion

    Indonesian convenience-store chain Alfamart plans to open 100 new stores in the Philippines by year end.

    Since opening its first Philippine store in 2014, Alfamart has grown its store network to around 600 stores, which are operated by its local partner SM Retail.

    Alfamart corporate affairs director Solihin says they have set up a subsidiary named DC Properties Management Corporation, in addition to the three distribution centers, to support its expansion drive.

    In Indonesia, Alfamart currently has more than 10,000 stores, having opened its first store in 1999.

    The convenience store market in the Philippines, dominated by 7-Eleven, is forecast to continue to grow as urbanization continues at a rapid pace and consumer confidence climbs. According to SM Supermalls COO Steven Tan, “retail in the Philippines remains vigorous and upbeat”.

    “Optimism to spend among Filipinos is more than just a sentiment. We see it translating into actual consumer behavior, especially retail,” he said.