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Tag: asia

  • Sephora Hong Kong plans Eight More Store Openings

    Sephora Hong Kong plans Eight More Store Openings

    Sephora Hong Kong has confirmed not one, but eight stores in its return to brick-and-mortar retailing in the territory – but shoppers will have to wait until August for the first outlet to open.

    As previously reported, the LVMH-owned chain will open a 4200sqft store in IFC Mall after a 10-year absence from the city.

    In an announcement confirming its plans, Sephora Hong Kong says it will open a second store at Windsor House in Causeway Bay in the fourth quarter of this year and expand its online offer.  Six more stores will follow over a three-year timeframe, their locations as yet not revealed.

    In a statement, Benjamin Vuchot, president of Sephora Asia, said the company currently operates in 12 countries and during the next three years sees its retail presence expanding by almost 50 per cent across Asia.

    “Hong Kong, being strategically located in the Greater Bay Area, allows us to meet the growing demands from Hong Kong consumers, as well as tourists from Mainland China and Southeast Asia,” he said.

    “We believe that Hong Kong will be a key market … giving Sephora the opportunity to amplify global beauty trends locally, elevate the in-store retail experience and to bring in digital touch points within the brick-and-mortar format to create a virtuous customer centric cycle.”

    Sephora said the retail landscape in Hong Kong has changed significantly over the 10 years since Sephora last had a store there.

    “Conventional retail with a physical presence has proven higher chances of winning in a market with strong digital development. Moreover, the re-launch of Sephora brings to Hong Kong’s department store-focused retail landscape a much-needed prestige retail chain for an authentic omni-channel experience,” the statement said.

    Sephora Hong Kong plans to make beauty “more personalised, fun and interactive” upon its return, allowing customers “the freedom to experience products that work for them, learn tips and tricks, as well as to have access to unbiased beauty services from beauty advisors”.

    The company plans more than 40 brands of cosmetics exclusive to Sephora stores in the city, along with its own in-house label Sephora Collection. It has promised to include local Hong Kong brands in its offer as well, over time.

    Digital innovation will play an integral role in Sephora’s traditional retail experience, with vending machines to be located in stores to support the Beauty Pass loyalty program, an app powered by member insights to drive seamless customer service, a digital skincare consultation for immediate and accurate recommendations, and the opportunity to go online to book in-store makeovers.

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  • 5G spending undeterred by economic downturn

    5G spending undeterred by economic downturn

    Fitch Ratings says telecom operators will continue putting money and resources on 5G investments over the intermediate term, even though revenue may materialize gradually.

    The agency attributes this to “fairly resilient top lines and the flexibility to reduce operating costs, or even dividends before capex, if necessary. This should not have negative credit implications due to substantial cash flow and balanced capital allocation for most issuers.”

    Wireless investment, particularly related to the densification of the network, continues to be an area of emphasis for telecom companies due to the strong demand for 4G LTE capacity for rapidly growing data services and to position networks for 5G’s arrival.

    5G is a strategic priority for the sector due to the internet of things growth and the highly competitive and evolving competitor landscape.

    Upgrades to networks are required to support increased speed and connectivity, and to maintain and grow market share.

    Fitch said the company anticipates that the path for 5G adoption will be more evolutionary than revolutionary. Network deployment must be completed and customers will need to assess the added benefit and cost of next generation technology.

    The ratings agency anticipates over 4 billion 5G subscriptions globally by 2028, representing around 45% of the global total.

  • Durasport Singapore opens Doors at Jewel Changi

    Durasport Singapore opens Doors at Jewel Changi

    Ultra-performance brand Durasport has opened a store at Jewel Changi.

    Designed by architecture and interiors firm Ministry of Design (MOD), the store resembles a futuristic research and development lab environment.

    The store is tailored to sports enthusiasts who want to try out sportswear and equipment in simulated environments before buying them.

    Designed to attract ultra-performance athletes and sporting enthusiasts, the store features four hands-on experiential zones. These zones allow cyclists, skiers, climbers and triathletes to sample and test the high performance sportswear and equipment before they purchase them, and is facilitated by five simulators.

    These include a ski simulator, an indoor climbing-wall with a rotating surface, a Magic Mirror that allows customers to virtually try on ski clothing, a swim bench for testing the flexibility of wetsuits, and cycling trainer rollers, which can simulate various slope gradients and cycling experiences.

    A customised flexible display-system made up of shelves, racks or holders that clip in and out of notched display walls and incorporate an integrated LED lighting system, allows the brand to showcase its varied merchandise.

    The facade is made up of a steel frame with a chevron pattern that is designed to point towards the central entrance, conveying a sense of motion, whilst the logo is based on an X.

    “We adopted an X symbol for the logo, to represent the catalyst at the beginning of any experiment, reminiscent of the two arrows coming together like an X at the store entrance,” MOD told.

    The range of products sold in the store was co-curated by Ministry Of Design and the client. It includes the world’s first graphene bicycle by UK company Dassi, the world’s lightest folding bicycle by fellow UK company Hummingbird, and heat-mouldable custom-made cycling shoes by Italian brand DL Killer.

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  • China Unicom brings 9 investors to IoV subsidiary

    China Unicom brings 9 investors to IoV subsidiary

    China Unicom said a group of automobile OEMs have invested in its Internet of Vehicle (IoV) unit China Unicom Smart Connection Technology.

    Nine strategic investors, including major automobile companies FAW, Guangzhou Automobile Group and Dongfeng Motor Group, among others have picked up a combined 31.2% in Smart Connection Technology.

    The financial terms of the transaction were not disclosed.

    Following the introduction of strategic investors, Unicom now directly owns 68.8% of shares in the IoV unit, the Chinese telco said in a company statement.

    The divestment of stakes is part of the 5G business strategy of Unicom, which aims to launch commercial 5G services in 2020.

    Unicom said the new investors have strong strategic synergy with Smart Connection Technology in fields such as automobile manufacturing, industrial internet, technology and resources, and capital investment.

    The tie-up will enable Smart Connection Technology to secure better industry resources and competitive advantages to provide connected vehicle and service operation solutions and tap the business opportunities brought by 5G, the company added.

    Smart Connection Technology, established in 2015, provides services to major automobile OEMs in both domestic and international markets. According to Unicom, Smart Connection Technology has an over 70% share of the IoV market in China.

  • SKT to help broadcasters create 5G livestream system

    SKT to help broadcasters create 5G livestream system

    SK Telecom has signed agreements with South Korea’s top three terrestrial broadcasters to develop new media solutions and business models based on 5G technology.

    The operator has signed memoranda of understanding with Seoul Broadcasting System (SBS), Korean Broadcasting System (KBS) and Munhwa Broadcasting Corporation (MBC) to jointly develop a 5G-based 4K ultra high definition live broadcasting system and test the system at sports games and other events.

    SK Telecom also plans to work with each broadcaster to develop 5G-based content and explore joint opportunities in digital advertising, augmented reality and hologram technology.

    In January, SK Telecom entered an agreement with US broadcaster Sinclair Broadcast Group to establish a joint venture to lead development of next-generation broadcasting solutions in the US.

    The operator has also just revealed plans to merge its broadband subsidiary and South Korea’s largest pay TV provider SK Broadband with the market’s second largest player t-broad to create a media company with around 8 million subscribers.

    Separately, SK Telecom announced it has signed a memorandum of understanding with Yonsei University Health System to introduce the first 5G powered digital hospital.

    The companies have agreed to develop a 5G network and specialized 5G-based solutions for the Yongin Severance Hospital, which is scheduled to open in February next year and so will be built from the ground up to support 5G solutions.

    SK Telecom will provide its AI speaker NUGU to allow patients with physical difficulties to control their beds, lighting and TVs with their voice, or call for assistance in case of emergencies. The hospital will also offer 5G-powered augmented reality indoor navigation and a hologram solution for remote visits to patients in isolation wards.

    Other solutions being planned or considered include quantum cryptography for advanced cybersecurity, as well as facial recognition for contact-free biometric access control for buildings and other rooms.

  • China Telecom formally signs Philippines JV agreement

    China Telecom formally signs Philippines JV agreement

    China Telecom has formally signed the agreement to create Mislatel, the joint venture that will become the Philippines’ third mobile operator, committing to invest $5.4 billion in the venture.

    The agreement with local conglomerate Udenna Corporation was signed last week in Beijing.

    China Telecom teamed up with Udenna Corporation, consisting of businesses owned by local tycoon Dennis Uy, to jointly submit an application in the Philippines’ new major player selection process in 2018.

    A company owned by Uy, also known as Mislatel, was granted a congressional telecommunications franchise in 1998, and the joint venture plans to use this franchise to operate.

    The joint venture’s entry in the market had the support of president Rodrigo Dutertre, but doubts were raised over the validity of this franchise due to Mislatel’s failure to launch services within the required window. But in February, the Philippines’ senate approved the transfer of the franchise to the joint venture.

    But due to delays receiving the required approvals to operate, Mislatel last week revealed plans to postpone its planned launch date from late 2020 to early 2021.

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  • Pazzion footwear launches cafe concept

    Pazzion footwear launches cafe concept

    Footwear retailer Pazzion has unveiled a cafe concept at Jewel Changi.

    Located next to the Pazzion boutique, the 45-seat Pazzion Cafe is designed in monochromatic tones of black and white, peppered with grey and gold, and vintage-style pendant lights.

    A feature wall with an inset shelving unit displays vintage-looking props, including a typewriter, telephone and metal globe, making the cafe an Instagram-worthy spot.

    More seating is arranged outside, overlooking the Rain Vortex.

    “Pazzion cafe provides our customers with a much-needed cosy spot to rest their feet while enjoying our specially curated menu and a cup of coffee,” said Tom Ng, Pazzion’s founder.

    Established in 2002, Pazzion has stores in Brunei, Cambodia, China, Indonesia, Japan, Malaysia, Thailand and Vietnam.

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  • Honestbee running out of Funds

    Honestbee running out of Funds

    Innovative startup runs out of cash; suspends Hong Kong and Thai operations. Honestbee is freezing operations in Hong Kong and Thailand and laying off staff as it urgently seeks investment to stave off collapse.

    According to an in-depth, citing multiple industry sources, the Singapore-headquartered food-delivery business turned innovative food-and-grocery retailer has nearly run out of money and is unlikely to be able to pay staff this month.

    “From talking to several former and current staff, Honestbee is laying off employees, it has a range of suppliers who are owed money, it has “paused” its business in the Philippines, it has closed R&D centers in Vietnam and India, it isn’t going to make payroll in some markets and a range of executives have quit the firm in recent months,”.

    However, the potential for the sale or rescue of the business is high. The company has held talks with Grab and its rival GoJek over the potential acquisition of all or part of the business.

    Honestbee was founded four years ago. Its core business concept is using store pickers to shop for groceries at various food retailers, with orders completed on apps and shipped by delivery staff to consumers. It operates in Hong Kong, Taiwan, Thailand, Indonesia, the Philippines, Malaysia and Japan, as well as its home market. In suburban Singapore it has opened a technology-run physical retail store listed this month as one of the world’s ‘must-see’ stores.

    Honestbee’s dire predicament is the result of high marketing costs faced by most online startups in Asia: building critical mass takes massive investment in digital marketing, discounting and – especially in the case of delivery apps – recruitment.

    We have been shown financials for the company from last December which showed revenue of S$2.5 million (US$1.8 million) and a loss of $6.5 million on transactions totalling $12.5 million.

    About 80 per cent of the company’s revenue comes from Singapore, Taiwan and the Philippines.

    Honestbee issued a statement earlier this month attempting to put a positive spin on its perils, saying the decision to “temporarily” suspend its food verticals in Hong Kong and Thailand followed a strategic review of the company’s business, so it could “simplify what we do and how we do it to better meet what our consumers want”.

    The company said 6 per cent of its global staff would be laid off.

    “The status of Honestbee in the remaining markets remain unchanged as we evaluate and we will continue to operate and contribute to Honestbee Pte Ltd.”

    In addition to the layoffs announced, senior management have already left the company in the Philippines, Japan and Indonesia.

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  • Fast-food chain Jollibee Plans China Rollout

    Fast-food chain Jollibee Plans China Rollout

    Filipino fast food chain Jollibee may open its first location in China within the next five years.

    The firm already has a presence in the territory, where it operates the Dunkin’ Donuts franchise. It also operates eight stores in Hong Kong.

    JFC president and CEO Ernesto Tanmantiong told that the firm is currently looking for a location where there is a high Filipino population, with a view to attracting the local market afterwards.

    “We build the base and slowly cross over to the mainstream market, which is the local market,” said Tanmantiong. “We have done that successfully in Hong Kong and in Singapore.”

    The firm took legal action against a copycat restaurant in China, JoyRulBee, earlier this year.

    Jollibee will open its first store in Rome and Spain shortly while exploring other markets.

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  • Decathlon Vietnam opens it’s Very first Store

    Decathlon Vietnam opens it’s Very first Store

    Decathlon Vietnam has opened its first store, at Vincom Mega Mall Royal City in Hanoi. Located on level B1, the store spans 4300sqm, offering more than 14,000 items covering 70 sports for all levels of player.

    Prices meet the market for local customers, such as a VND63,000 (US$3) backpack, or a US$10 tennis racquet.

    Customers can also test products designed for activities like hiking, jogging or basketball at the store before making a purchase.

    “We want our customers to feel satisfied when choosing Decathlon,” said Manu Pirenne, Decathlon Vietnam’s Hanoi CEO.

    “We are willing to exchange to new products or refund if our customers are not satisfied, within six months. Decathlon also has an at least two-year warranty on all products.”

    The second store which spans 2600sqm will be opened in Ho Chi Minh City on May 25, at Aeon Tan Phu.

    Decathlon Vietnam launched as an online-only store, with several Collect Points located in Ho Chi Minh City and Hanoi.

    To cut the prices, the company has set up its factory in Thai Binh province, and partnered with more than 100 retailers and brands.

    Established in 1976, the France-based sports retailer now has 1513 stores in 53 countries.

    It opened the largest store in Singapore earlier this year.

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  • Sagara launches online Store Concept

    Sagara launches online Store Concept

    Tableware firm Sagara Inc has opened a global website after setting up a retail store in New York to market its environmentally conscious tableware for children.

    The firm’s Reale brand, made from a new bioplastic raw material blended with native Japanese bamboo, is being made available for the first time across North America, including the US and Canada.

    The company is scheduled to launch business-to-business and business-to-customer online sales in the territory next month, starting with sales through major department stores as well as retail outlets, online shops and other venues across North America dealing in baby and kid goods, interior products, gifts and other items.

    Sagara embarked on developing Reale in 2014 and started selling the tableware in Japan in November 2016. As of March this year, the brand is on sale in Taiwan, Mainland China and Australia.

    More than 20,000 Reale sets in total have been shipped up to this month. Its designs are inspired by traditional silverware in Europe and the US.

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  • Cloud Services Growth to Amazon profit

    Cloud Services Growth to Amazon profit

    Amazon profit surged 118 per cent during the first quarter of this year, from US$1.6 billion to $3.56 billion.

    Operating income during the March quarter reached $4.4 billion, compared to $1.9 billion the same time last year. The increases come off the back of a 17-per-cent growth in sales to $59.7.

    While the company grew its North American operating income over the period to $2.28 billion, its international division reduced its loss from $622 million last year to a more modest $90 million this year.

    Research firm eMarketer estimates that Amazon holds about 47 per cent of the US e-commerce market, which is set to grow 20 per cent to $282.5 billion this year.

    EMarketer principal analyst Andrew Lipsman said the quarter was fuelled by the strength of Amazon’s cloud and advertising business, which continues to inflate the company’s margins.

    “While AWS’s momentum continues unabated and is clearly the bigger driver of this profit story at the moment, the advertising flywheel now appears to be in full effect for Amazon and will only be a bigger part of the growth story over the near term,” Lipsman said.

    Amazon’s AWS segment saw net sales grow 40 per cent year-on-year, from $5.4 billion to almost $7.7 billion, contributing $2.2 billion to the company’s quarterly income.

    Looking ahead, Amazon expects second-quarter sales to land between $59.5 and $63.5 billion, representing an annual growth of between 13 and 20 per cent.

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  • India’s Quikr Acquires Zefo marketplace

    India’s Quikr Acquires Zefo marketplace

    Indian online classifieds site Quikr has bought refurbished goods marketplace Zefo, headquartered in Bangalore.

    The acquisition allows an exit strategy for Zefo’s current investors, including Sequoia Capital, and gives Quikr a pathway to expand and strengthen its pre-owned product range.

    Zefo, has a portfolio of more than 10,000 products in four cities, including Bengaluru, Mysore, Delhi NCR and Mumbai.

    “With Quikr and Zefo as a combined entity, we will be able to offer a broader selection of products at even more competitive prices along with as strong a focus on quality,” said Quikr founder and CEO Pranay Chulet.

    “With this transaction, the capabilities we have built and the offerings we have honed can now be offered to Quikr’s large customer base,” said Zefo CEO Rohit Ramasubramanian.

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  • Flight Centre drops guidance

    Flight Centre drops guidance

    Travel specialist retailer Flight Centre has amended its previously stated profit guidance for the remainder of the 2019 financial year after poor conditions in Australia’s leisure market impacted its performance.

    The group now expects to see a profit of between $335 million and $360 million for the 12 months to June 30, 2019, below the $390 million to $420 million range it put forward last October.

    The $347.5 million mid-point in this range represents a 10 per cent decline on the $384.7 million earned during FY18.

    The news pushed shares in the travel retailer down 12 per cent, falling to $38.73 per share.

    “Our FY19 results will highlight the challenges we are addressing in Australia but will also underline two of our great strengths – our emergence as a world leader in corporate travel and our changing earnings profile,” Flight Centre managing director Graham Turner said.

    “While we expect Australian leisure results to improve as short-term operational improvement plans gain traction and as longer-term transformational strategies are implemented, we also expect these trends to continue.”

    Turner noted the business is on track to earn record profits in its US and UK businesses, with the US poised to become the second largest segment after Australia, and more than half of the group’s profit to be generated internationally for the first time.

    He also outlined Flight Centre’s strategy to counter the declining leisure market – namely a three-pronged focus on mass, premium, and youth travel.

    Additionally, an accelerated expansion into newer models outside of its traditional bricks-and-mortar offering will sit at the centre of the brand’s plans globally.

    Investing in corporate travel, such as through its recent acquisition of the Upside Travel Company, has the potential to disrupt traditional players in the large and fragmented SME market.

    “Short-term results will be below our initial expectations and there is further work to be done, but there are also some promising signs for the future,” Turner said.

    “Out strong growth trajectory in both corporate and global travel is evident and we are implementing solid plans to address issues in the Australian leisure business in both the near and longer term.”

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  • Amazon doubles Quarterly Profit

    Amazon doubles Quarterly Profit

    Global online marketplace Amazon has grown its net income 118 per cent during the first quarter of 2019, from US$1.6 billion to US$3.56 billion ($2.28 billion to $5.07 billion).

    The three months to March 31 2019 also delivered operating income of US$4.4 billion ($6.27 billion), compared to US$1.9 billion ($2.7 billion) the year prior. These increases come off the back of a 17 per cent growth in sales to US$59.7 billion ($85.09 billion).

    However, while the company grew its North American operating income over the period to US$2.28 billion ($3.25 billion), its international performance led to a US$90 million loss ($128.2 million) – though this can be positively compared to the same period last year, during which Amazon’s international business lost US$622 million ($886.5 million).

    Research firm eMarketer estimates that Amazon holds almost half of the US e-commerce market, which is set to grow 20 per cent to US$282.5 billion ($402.6 billion).

    EMarketer principal analyst Andrew Lipsman said the quarter was fuelled by the strength of Amazon’s cloud and advertising business, which continues to inflate the company’s margins.

    “While AWS’s momentum continues unabated and is clearly the bigger driver of this profit story at the moment, the advertising flywheel now appears to be in full effect for Amazon and will only be a bigger part of the growth story over the near term,” Lipsman said.

    Amazon’s AWS segment saw net sales grow 40 per cent year-on-year, from $5.4 billion to almost US$7.7 billion ($7.7 billion to $10.97 billion), contributing US$2.2 billion ($3.14 billion) in income to the business’ quarterly results.

    Looking ahead, Amazon notes it expects second quarter sales to land between US$59.5 and US$63.5 billion ($84.8 and $90.5 billion) – an annual growth of between 13 and 20 per cent.

    The business is leaving room for its operating income to decline over the period, however, expecting between US$2.6 and US$3.6 billion ($3.7 and $5.1 billion) – compared to the US$3 billion ($4.28 billion) earned in the second quarter of 2018.

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