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Tag: asia

  • Luk Fook sales drop 10 per cent as trade war bites

    Luk Fook sales drop 10 per cent as trade war bites

    The trade war between the US and China has been partially blamed for a 10 per cent fall in Luk Fook sales.

    In a quarterly sales update, the Hong Kong-listed jewellery retailer said a relatively higher base in the comparable period also contributed to the decline.

    First-quarter same-store Luk Fook sales were down 10 per cent with the overall same-store sales of gold products down 19 per cent. Gem-set jewellery sales rose 4 per cent.

    In Hong Kong and Macau, sales of gold products fell by 20 per cent while gem-set jewellery sales rose 6 per cent.

    “The favourable sales performance of lower-value items resulted in a double-digit drop in the average selling price of gem-set jewellery products,” said chairman and CEO Wai Sheung Wong. “However, due to the remarkable increase in sales volume, the same-store sales of gem-set jewellery products still recorded positive growth given a high base.”

    Sales on the mainland fell 7 per cent, with gold products down by 4 per cent and gem-set jewellery down by 7 per cent. However, mainland licensed shops recorded a low single-digit same store sales growth.

    Luk Fook added a net 35 new Lukfook stores in the mainland during the quarter. As at June 30, the company operated 1861 worldwide, 1790 of those on the mainland.

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  • India’s Ferns N Petals launches in Singapore

    India’s Ferns N Petals launches in Singapore

    Indian flower-and-gift retailer Ferns N Petals has launched in Singapore, planning to offer gift deliveries for special occasions.

    The company hopes Singapore will provide it with an opportunity to grow awareness and increase its customer base across Southeast Asia.

    Customers can place orders from the website already, with a mobile app to be launched soon.

    “Expansion is the ultimate aim of a business and for us at Ferns N Petals. The vision is to expand across Southeast Asia and the Middle East,” said Pawan Gadia, CEO, retail & online at Ferns N Petals.

    “After making our venture profitable in the UAE, we are now eyeing the Southeast-Asian market, starting with Singapore.”

    With 25 years of experience, Ferns N Petal has more than 330 retail outlets across India and the UAE.

  • KFC Hong Kong tests new concept store format

    KFC Hong Kong tests new concept store format

    Fast-food chain KFC Hong Kong has opened a new concept store format in Causeway Bay.

    The new three-storey store, which seats 150, aims to enhance the traditional fast-food dining experience with a chic style. It features a street-level kiosk offering desserts and ice creams, while the first floor has self-ordering kiosks with modern bar stools.

    The second floor is a dining area where the walls are decorated with murals. Three-dimensional art installations have been installed at each stairway, allowing customers to take instagrammable photos.

    “KFC is evolving,” said KFC Hong Kong and Macau CEO Janet Yuen. “We uplift the traditional fast-food experience and maintain brand authenticity with a more relaxed and chic cafe style.

    “The concept store is to create a trendy socialising hub, enabling our customers to enjoy valuable moments with friends.”

    The outlet has also introduced freshly cooked-to-order food items as the restaurant chain aims to uplift its fast-food dining experience in a more comfortable, trendy setting.

    Local franchisee Jardine Restaurant Group operates more than 810 outlets for KFC owner Yum! Brands, with operations under Pizza Hut in Taiwan, Hong Kong, Macau, Vietnam and Myanmar together with KFC in Hong Kong, Macau, Taiwan and Vietnam.

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  • Visa takes stake in startup Go-Jek

    Visa takes stake in startup Go-Jek

    Digital-payments company Visa has invested an undisclosed amount into Southeast Asian ride-sharing and services startup Go-Jek giving it a foothold in the company’s payments platform.

    The two companies say they will work together to provide greater options for cashless payments and more seamless experiences for consumers across Indonesia and Southeast Asia.

    Indonesian-based Go-Jek, which has since launched in Vietnam and Thailand, has created Go-Pay which is one of the leading digital-payment providers in Indonesia and established itself as a regional rival to GrabPay

    “The partnership will see Go-Jek and Visa collaborating on innovative payment solutions for digital-first consumers and Southeast Asia’s unbanked and underserved population,” the two companies said in a statement.

    “Financial inclusion in Southeast Asia continues to be an urgent and important issue. The vast majority of Indonesia’s transactions are still cash-based and the adoption of digital payment services is as low as one-in-four users in markets like Vietnam. Addressing this opportunity could increase Gross Domestic Product levels by between 9 per cent and 14 per cent, even in relatively large Southeast Asian economies,” the statement said.

    Visa regional president Asia Pacific, Chris Clark said Visa and Go-Jek share common objectives. “We both want to make everyday life more convenient, whether it’s how people move around town in Southeast Asia’s fast-growing urban areas, or making it easier for people to pay and be paid all over the world. We also have a shared goal to bring formal financial services to the unbanked and underserved, including micro, small and medium businesses. Through this partnership, we will explore ways to leverage the power of Go-Jek and Visa’s networks to expand financial access in Southeast Asia.”

    Go-Jek president Andre Soelistyo said Visa’s investment in the company is an endorsement of its business model.

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  • Our Toy Stories carnival opens at Harbour City

    Our Toy Stories carnival opens at Harbour City

    Hong Kong’s largest shopping mall Harbour City is joining forces with Disney to celebrate the release of Disney and Pixar’s Toy Story 4.

    Until August 4, Harbour City will present a Toy Story-themed carnival with different games and challenges at Ocean Terminal Forecourt next to Star Ferry Pier and Ocean Terminal Deck.

    Fans can experience fun and immersive activities throughout the mall, including exhibits, kids’ workshops, a Toy Story 4 merchandise and dessert pop-up stores and a Summer Splash Photo Fun hotspot presented by Hong Kong Disneyland.

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  • Same-store sales fall for Chow Tai Fook

    Same-store sales fall for Chow Tai Fook

    Jeweller Chow Tai Fook says same-store sales in its Hong Kong home market and Macau fell by 11 per cent in the June quarter.

    But sales in Mainland China rose by the same percentage.

    Sales volume fell by 14 per cent in Hong Kong and Macau and by 3 per cent on the mainland, while the value of retail sales rose 24 per cent on the mainland and fell 6 per cent on local markets.

    “The Hong Kong and Macau market was affected by a tough base of comparison and cautious consumer sentiment amid an uncertain macro environment,” the company said in a stock-exchange filing.

    Sales of gem-set jewellery fell by 16 per cent in Hong Kong and Macau during the quarter as consumers held back on spending.

    The difference in volume growth verses sales growth reflects consumers opting for less expensive purchases in a period when the gold price was relatively flat.

    The company opened 119 points of sale in Mainland China during the quarter: 113 bearing the Chow Thai Fook Jewellery banner, three Monologue stores, and three SoInLove stores. It closed three CTF Watch stores and one Hearts on Fire store. In other markets, it opened three Chow Tai Fook Jewellery stores – in Singapore, South Korea and the Philippines, and closed four Hearts on Fire stores in Taiwan. At the end of June the store network totalled 3248, up by 114 over the previous quarter.

  • LVMH takes stake in Stella McCartney House

    LVMH takes stake in Stella McCartney House

    LVMH has bought a cornerstone share in Stella McCartney House.

    Full details of the deal will be released in September, however LVMH has confirmed Stella McCartney will continue as creative director and ambassador of her brand, while holding majority ownership.

    LVMH’s archrival house Kering previously held a stake in Stella McCartney House until the celebrity bought it out in March last year. The two new partners said their arrangement will aim to accelerate Stella McCartney House’s worldwide development in terms of business and strategy, yet remain faithful to its commitment to sustainable and ethical luxury fashion.

    Stella McCartney will hold a specific position and role on sustainability within LVMH as special advisor to the chairman and CEO, Bernard Arnault, and the executive committee members.

    “Since the announcement of my decision to take full ownership of the Stella McCartney brand, there have been many approaches from various parties expressing their wish to partner and invest in the Stella McCartney House,” said McCartney.

    “While these approaches were interesting, none could match the conversation I had with Bernard Arnault and his son Antoine. The passion and commitment they expressed towards the Stella McCartney brand alongside their belief in the ambitions and our values as the global leader in sustainable luxury fashion was truly impressive.

    “The chance to realise and accelerate the full potential of the brand alongside Mr Arnault and as part of the LVMH family, while still holding the majority ownership in the business, was an opportunity that hugely excited me,” said McCartney.

    Arnault described the announcement as “the beginning of a beautiful story together”.

    “We are convinced of the great long-term potential of her house. A decisive factor was that she was the first to put sustainability and ethical issues on the front stage, very early on, and [she] built her house around these issues. It emphasises LVMH Groups’ commitment to sustainability.”

    Arnault said LVMH was the first large company in France to create a sustainability department, more than 25 years ago, and “Stella will help us further increase awareness on these important topics”.

    McCartney described partnering with the Arnaults and LVMH as a big step for her, her family, and the Stella McCartney team.

    “The brand has achieved so much since its launch, and this new partnership with LVMH is recognition of that work, but this I feel is just the start, and I look forward to a brilliant future together”.

    The deal announced overnight is subject to normal conditions, including the approval of competition authorities.

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  • Reliance to launch Tory Burch, Tiffany in India

    Reliance to launch Tory Burch, Tiffany in India

    Reliance Brands is launching two of its US brands – lifestyle label Tory Burch and jeweller Tiffany & Co in India.

    The brands will set up shop at Jio World Centre mall in Mumbai in April next year.

    The move is Tiffany & Co’s third attempt to establish a presence in India, following a growing network of international locations already set up in China, Australia, Canada, France, UK, Hong Kong, Japan, and the UAE. Tory Burch is primarily sold at specialty stores worldwide, including Saks Fifth Avenue, Harrods, Bergdorf Goodman, Bloomingdale’s and Nordstrom.

    Reliance Brands already retails several luxury labels in the territory, including Ermenegildo Zegna, Brooks Brothers and Bally.

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  • H&M collaborates with Chinese designer Angel Chen

    H&M collaborates with Chinese designer Angel Chen

    H&M has teamed with Angel Chen in a capsule collection – the fast-fashion label’s first partnership with a Chinese designer.

    The Angel Chen x H&M collection will be available in selected stores and online in Mainland China, Hong Kong, Taiwan, Singapore, Malaysia and Canada this September, as well as online in Macau and the Philippines. It will also be sold on H&M’s Tmall flagship store.

    “With lines for both women and men, this collaboration perfectly encapsulates the essence of Angel’s signature styles,” says Pernilla Wohlfahrt, H&M assortment manager for collaborations and special collections.

    Heavily influenced by Angel’s design ethos of East meets West, this capsule collection features an urban wardrobe of versatile pieces with strong Chinese elements in colours like Oriental red, bubble-gum pink and bright yellow.

    Embroidered details, from dragons to cranes and pine trees, are used across the entire collection. Traditional dragon and floral embroidery are also weaved into Angel Chen’s logo that is featured on sweatshirts, hoodie dress and jackets.

    Chinese characters such as “Yuan Qi” (energy) and “Kung Fu” written in brush calligraphy is also featured on a denim boiler suit and satin shirt.

    Statement pieces include a knitted mesh suit in a vivid all-over dragon and crane print, a sequin maxi dress with crane motif and a bubble-gum pink faux-fur coat. Other items include accessories such as the phone case sling, faux fur bag, and unisex boots.

    “With the development of global market, more Chinese designers are stepping on the international stage,” says Angel Chen. “And I hope that through this collaboration, more people will pay attention to Chinese designers, and also the Chinese culture and spirit behind their designs.”

    Chen moved from her native Shenzhen to study in London aged 17 and graduated from Central Saint Martins. Chen launched her own label in 2015.

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  • Saha Group set to open the first unmanned stores in Thailand

    Saha Group set to open the first unmanned stores in Thailand

    Consumer goods retailer Saha will launch its first unmanned stores in Thailand within three months.

    The move is an attempt to reorient the firm’s business strategy towards a more contemporary model, relying on recent technologies to win a younger target demographic.

    “It’s a must,” said group chairman Boonsithi Chokwatana. “We still need to invest more in order to respond to the new demand of new generations.”

    Saha’s first 100sqm unmanned store “His & Her”, operated by the firm’s retail arm ICC International, will offer close to 300 items from instant noodles to branded clothes. It draws on facial recognition, QR code reading and radio frequency identification technologies invested in by the firm to the tune of some THB10 million baht (US$330,000). The store will also feature multiple payment systems.

    The firm is expected to invest a further THB50 million ($1.62 million) on new servers, applications and big data systems in order to profit from a closer analysis of customer habits.

    “We plan to debut the unmanned store by October,” said VP of ICC’s information & technology division Surat Wong, adding that the company intends to expand further by next year following an evaluation of initial sales results.

    Earnings of around THB760,000 ($24,600) per month are expected from the store, just 5 per cent lower than the average monthly sales of its existing manned stores.

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  • Craveable Brands bought by Hong Kong private equity company

    Craveable Brands bought by Hong Kong private equity company

    A Hong Kong-based private equity company has bought out restaurant operator Craveable Brands as the Australian company steps up its foray into Asia.

    PAG Asia has paid an undisclosed amount to acquire the business from Archer Capital and other minority shareholders.

    Craveable Brands owns the Red Rooster chain of fried chicken fast-food restaurants and Oporto, a Portuguese chicken quick-service restaurant which will open its first outlet in Vietnam this week. Oporto stores are already operating in Singapore and Sri Lanka.

    Craveable Brands has more than 580 stores, including a third, smaller chain Chicken Treat.

    “Craveable Brands is a terrific asset in the Australian QSR market, owning three iconic brands with significant scale,” said PAG chairman and CEO Weijian Shan in a statement announcing the purchase. “We see great opportunities for Craveable and look forward to working with management on the next stage of portfolio innovation.”

    Archer Capital managing partner Peter Gold said his team had built the Craveable Brands business into a US$560 million company since acquiring it in 2011.

    “We have had a great experience partnering with the management team led by Brett Holding and countless hardworking franchisees who have transformed the brands and customer experience.”

    The current Craveable Brands management team will be retained.

  • Tenants leaving Thomson Plaza due to renovation works

    Tenants leaving Thomson Plaza due to renovation works

    Tenants are upset over Thomson Plaza renovation works, with at least 20 retailers leaving.

    The renovation started this month and will last until the second quarter of next year. Parts of the first and third storeys are being renovated by one of its landlords, Mercatus Co-operative.

    “The renovation will provide shoppers with a holistic and comfortable shopping experience, in preparation for the improved connectivity from the upcoming MRT station at Upper Thomson,”

    Retailers say business has fallen since the renovation began.

    “They didn’t give us enough time, and we just renovated. Business has been so bad since the renovation started, we earned only $200 on some days,” said Siva Crakash, branch manager of Home-Fix, which has been there for 15 years.

    Twenty tenants out of 180, will not be returning, including Royal Sporting House and Wine Connection.

    Shoe shop NTS Marketing on the third floor has moved to the second and its owner is also unhappy with the revamp.

    “Regulars don’t know where we moved to and we have a smaller unit now, so we have to serve fewer people at one time,” the owner said.

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  • Prada to phase out virgin nylon

    Prada to phase out virgin nylon

    Luxury Italian fashion brand Prada has launched six bags made from regenerated nylon, as the first stage in a plan to phase out virgin nylon during the next two years.

    In a project dubbed ReNylon, Prada will replace virgin nylon in its collections by using regenerated nylon yarn called Econyl.

    The first products made with Econyl are a belt bag, shoulder bag, tote bag, a duffle and two backpacks.

    The company will replace all the virgin nylon it currently uses with Econyl recycled nylon in the next two years.

    “Our ultimate goal will be to convert all Prada virgin nylon into ReNylon by the end of 2021,” said head of communications at Prada, Lorenzo Bertelli.

    Prada has collaborated with Italian textile yarn producer Aquafil on the project, a manufacturer with more than 50 years experience in producing synthetic textiles.

    The resulting material, Econyl, is produced through a process of depolymerisation. It can be recycled an indefinite number of times with no loss of material quality.

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  • Volvo S60 And V40 Discontinued In India

    Volvo S60 And V40 Discontinued In India

    Volvo Auto India has finally pulled the plug two of its oldest models in the domestic line-up. The Volvo S60 sedan and the V40 hatchback have been discontinued in India, along with their cross country versions. The cars have also been de-listed from the company’s website. The Swedish automaker has confirmed the development. With both the cars already discontinued globally, it was only time that they would go off sale in India too. Volvo imported these cars as Completely Built Units (CBUs), which means they adhere to the global lifecycle. While the cars have been discontinued, certain dealers do have an example or two of the older generation S60 in their inventory.

    So, when do we see the new Volvos then? Well, not for a while actually. The Volvo V40 will be discontinued globally by the end of this year and will not have a direct replacement. Instead, a new SUV coupe likely to be positioned below the XC40 and will replace the hatchback instead. Power is expected to come from petrol, hybrid and electric options on the new offering. The V40 replacement will be based on the automaker’s Compact Modular Architecture (CMA) platform that also underpins the XC40 SUV.

    On the other hand, the next generation Volvo S60 has already been revealed globally and is based on the automaker’s new Scalable Product Architecture (SPA) platform that underpins the new and larger cars from the automaker. The new generation S60 was expected to go on sale this year in India but the launch has been postponed to 2020, according to the company. The new S60 is likely to be locally assembled when it arrives in India, like the other models based on the SPA platform including the S90 sedan, XC60 and the XC90 SUVs.

    The outgoing Volvo S60 arrived in India in 2011 and helped the brand grow amidst the German offerings. The Volvo V40 arrived in India in 2013 in the Cross Country guise, and was the brand’s most affordable offering till the standard version was launched later. Currently, it is the Volvo XC40 that is the brand’s most affordable offering in India. The company’s newer models have also been able to help the brand grow immensely in recent times. Volvo India registered a 11 per cent increase in volumes for the first half of 2019, quite contrary to the lull period that the Indian auto industry is going through.

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  • 50th Anniversary Edition BMW R Nine T/5 Unveiled

    50th Anniversary Edition BMW R Nine T/5 Unveiled

    BMW has completed the 50th anniversary of the /5 Series motorcycle models, as well as 50 years of BMW Motorrad production in the Berlin Spandau factory. To celebrate both anniversaries, BMW Motorrad has introduced an exclusive BMW R Nine T/5 anniversary model. The R Nine T/5 uses the BMW R Nine T model as a base and incorporates several historical aesthetic touches, in addition to modern bits. The BMW R Nine T/5 anniversary model uses the classic silver and black finishes throughout the bike, as well as classic chrome on the mirrors, exhaust manifold, and rear silencer. The double seat with chrome decorative elements and white piping evoke the historic predecessor.

    The retro touch of the BMW R Nine T/5 is further accentuated by fork gaiters, spoked wheels and aluminium finished wheel hubs for the classic old-school look, as well as standard fork gaiters. Modern gizmos include standard ABS, ASC (automatic stability control) with heated seats and handlebar grips. There’s also the elaborate use of high-end details such as fork bridges and footrests in forged, clear anodised aluminium. The R Nine T/5 continues to be powered by the same 1,170 cc, twin-cylinder engine which puts out 110 bhp at 7,750 rpm and peak torque of 116 Nm at 6,000 rpm. Prices and availability are yet to be announced for the special edition motorcycle.

    The original BMW R50/5, R60/5 and R75/5 marked the beginning of a new production era at BMW’s new motorcycle operations in Berlin in the 1960s. The first /5 models went on to become popular choices for the customer well into the 1970s, with more than 12,000 motorcycles leaving the factory by 1970. When the /5 series was discontinued in 1973, BMW had built a total of 68,956 motorcycles in Berlin, and in that same year, the company celebrated “50 years of BMW Motorrad” with the manufacture of the 500,000th BMW motorcycle.

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