Tag: asia

  • Armani’s pop-up opens in Thailand

    Armani’s pop-up opens in Thailand

    Giorgio Armani beauty announces the opening of its itinerant pop-up store ARMANI BOX in Bangkok Suvarnabhumi Airport in Thailand. The opening of ARMANI BOX BANGKOK was celebrated on February 11th with a ribbon-cutting ceremony and an exclusive event in the presence of influencers from Thailand and China. During the event, the design of ARMANI BOX BANGKOK was revealed: with its hot red walls and black lighting fixtures, it is full of surprises. A giant gorilla, Uri, welcomes visitors as they enter the store: created by Italian artist Marcantonio Raimondi Malerba, the full-sized golden gorilla is a replica of the black one that resides in Giorgio Armani’s home in Milan. “This resin gorilla is a gift that came from a movie set. He’s called Uri”.

    It is hard to think about Giorgio Armani without bringing cinematic images to mind. The new ARMANI BOX experience allows the visitor to become a movie star with a series of details to explore: from the Walk of Fame digital handprint, to the backstage makeup stations, as well as a red carpet indicating the way. Visitors can also film their very own screen test, entering a director’s booth and playing with their emotions; portrait photos and videos will be available to keep, share and post online.

    The ARMANI BOX is a sensorial and playful immersion in Giorgio Armani beauty’s universe. Visitors can discover product exclusives included a limited edition version of its new lip product Rouge d’Armani Matte #400, and personalize their products with engraving.

  • Heineken Malaysia 2018 net profit up 4.6%

    Heineken Malaysia 2018 net profit up 4.6%

    Heineken Malaysia Bhd, which posted a 4.6% jump in its net profit for the financial year ended Dec 31, 2018 (FY18), remains cautious about its outlook given the challenging environment due to intense competition, implementation of the sales & service tax (SST), and the continued presence of contraband beer in the market. In line with rising global commodity prices, the group also expects an increase in cost of operations including raw materials and packaging.

    Finance director Szilard Voros said how the group will perform in FY19 also depend on the market, adding that it will benefit if consumers remain optimistic and if efforts to curb illicit trade are stepped up.

    “But we remain cautious because SST was just introduced in September so that also comes with a lag… we also need to see how things settle down after Chinese New Year and see what is the normalised performance and if there’s a growth continuation,” he told reporters at a media and analyst briefing today after announcing the group’s financial results.

    Managing director Roland Bala (pix) said the external environment remains challenging. Amidst slowing global growth rates, currency volatility and uncertainty in the commodity markets, he said the group will need to adopt a cautious approach in cost management.

    “Moving forward, we will continue to invest in our core brands and leverage on our portfolio. As consumer taste profile changes, we will make bets on brands that we believe will have scale,” he added.

    Heineken’s net profit for the fourth quarter ended Dec 31, 2018 grew 6.8% to RM100 million compared with RM93.64 million in the same quarter last year due to higher revenue as well as efficient and effective management of commercial spend and overheads.

    Group revenue grew 12.3% to RM662.28 million as compared to RM589.96 million in the same quarter in 2017 mainly due to increase in sales volume driven by the flagship Tiger brand.

    For the full year period, net profit grew 4.6% to RM282.2 million from RM270.06 million a year ago, while revenue rose 8.3% to RM2.03 billion from RM1.87 billion.

    It has proposed a final dividend of 54 sen per share for the quarter under review, bringing the full-year dividend payout to 94 sen.

  • CU convenience stores parent records sales leap

    CU convenience stores parent records sales leap

    The operator of South Korea’s CU convenience stores, BGF Retail, has achieved KRW189.5 billion (US$168.9 million) in operating profit last year, a leap of more than 600 per cent over last year. The company said on Tuesday its sales had risen by 515.3 per cent to KRW5.77 trillion ($5.14 billion). The results confirmed market predictions of a major upswing for the firm following demerging into separate holding and operating entities in November 2017.

    However, despite the improved trading figures, net profit dropped 98.1 per cent to KRW47.2 billion ($42.06 million). A statement by the firm explained that profits from some business activities made after the demerger had been attributed to the previous year’s statements.

  • US opens doors to Vietnamese mango after years of attempt

    US opens doors to Vietnamese mango after years of attempt

    The US’s Animal and Plant Health Inspection Service has given the green light for the import of mangoes from Vietnam. The license comes exactly 10 years after Vietnam applied for it. To export fresh mangoes to the U.S., farmers and business will need to meet stringent standards. APHIS will inspect each shipment thoroughly before granting phytosanitary certificates.

    Mango is Vietnam’s sixth fresh fruit licensed to be imported into the U.S. after dragon fruit, rambutan, longan, lychee, and star apple fruit.

    Some 96 percent of Vietnam’s mango production is consumed domestically, with the rest exported currently to 40 countries either as fresh fruit or in processed form.

    The main market is China. The other important ones are Europe, South Korea, Japan, Australia, and New Zealand.

  • Air France-KLM more than doubles profits in 2018 despite strikes

    Air France-KLM more than doubles profits in 2018 despite strikes

    Air France-KLM, which was badly hit last year by strikes and management upheaval, reported on Wednesday that its annual net profits rose by 150% to 409 million euros (US$463 million). “The strong performance of our front-line teams and continued cost control helped partly offset the impact of strikes at Air France in the first half of the year, as well as significant fuel headwinds,“ Benjamin Smith, the company’s new chief executive, said in a statement.

    The Canadian businessman took over in September following Jean-Marc Janaillac’s sudden exit in a bitter dispute over salaries in the group’s French wing.

    Fifteen days of strike cost the company 335 million euros, Air France said.

    On Tuesday, Air France pilots voted by 85% in favour of a new pay deal, concluding a series of long employee-management negotiations.

    Revenue growth last year was up in all business segments, with operating earnings coming in at of 1.3 billion euros, the Franco-Dutch airline group reported.

    The group said it had carried more than 100 million passengers last year, making it the leading European airline for long-haul traffic.

    Transavia, a low-coast subsidiary, carried 15.8 million passengers last year, an increase of 7.1% on 2017.

    Full year 2018 capacity increased by 2.1%, mainly driven by the South American, North Atlantic and Asian networks, with respective growth of 8.6%, 3.0% and 2.1%, Air France-KLM said.

    In 2019, the group will concentrate on “operational efficiency”, financial director Frederic Gagey said.

    “We can make a lot more money compared to last year,“ he said, adding that Air France-KLM would also be looking to renewing its fleet to replace some of its more fuel-guzzling planes.

  • Wing Zone reveals its Manila expansion plan

    Wing Zone reveals its Manila expansion plan

    US-based restaurant chain Wing Zone plans to open five more outlets in Manila by the end of this year ahead of pursuing more Southeast Asian opportunities. As Wing Zone opens new restaurants internationally, the company is exploring more local flavours and also plans to incorporate new menu options available in the US such as Zesty Breaded Wings and Chicken Ribs.

    “We have built a solid international presence and reputation with dedicated franchisees who share our values and understand the commitment to customer service. As we continue to find those qualified franchisees to help in our growth in the US we will be exploring even more partnerships to bring Wing Zone to more cities and countries internationally as well,” said Matt Friedman, co-founder and CEO of Wing Zone.

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    In the US, Wing Zone will open eight new domestic locations in 2019 in North Carolina, South Carolina and Alabama. In Asia, after the Philippines, the chain will also explore other Southeast Asia markets.

    Wing Zone has nearly 100 locations across the US, and overseas including in Panama, Guatemala, Malaysia, Singapore and the Philippines.

  • Life after Karl Lagerfeld

    Life after Karl Lagerfeld

    Chanel has named Virginie Viard, Karl Lagerfeld’s closest collaborator for more than 30 years, as its new creative director, the French fashion house said in a statement following the death of the legendary designer. The move muffled speculation over whether Chanel might seek out another big name to replace Lagerfeld, who was 85 years old. Potential successors often cited by industry observers over the years included Hedi Slimane, now ensconced at Celine, as well as Phoebe Philo, the designer he replaced there, and Alber Elbaz, formerly of Lanvin.

    Those designers would likely have sought to bring their own vision to one of the world’s biggest luxury brands, with $9.6 billion in sales in 2017. Instead, Chanel’s owners, the billionaire Wertheimer family, emphasised continuity in appointing Viard, who the brand said in a statement had been “entrusted by chief executive Alain Wertheimer with the creative work for the collections, so that the legacy of Gabrielle Chanel and Karl Lagerfeld can live on.” The decision is in character for the Wertheimers, who waited 12 years after Gabrielle Chanel died in 1971 before appointing Lagerfeld in 1983.

    Viard, who has been called “Karl’s secret weapon,” joined Chanel as an intern in haute-couture embroidery in 1987, four years after Lagerfeld became creative director of the brand. (She was recommended for the job by a chamberlain of Prince Rainier of Monaco.) After working together at Chanel, Viard joined Lagerfeld at Chloé in 1992 — where he was also the head designer — and worked there for five years before returning to Chanel and working her way up to become director of the company’s fashion design studio.

    “Virginie is the most important person, not only for me but also for the atelier, for everything,” Lagerfeld said in a Netflix documentary released in 2018. “She is my right arm and even if I don’t see her, we are on the phone all the time.”

    Still, Viard remained largely in the shadow of her larger-than-life boss. “I hate being in the spotlight,” she said last year.

    In recent seasons, she began taking a bow with Lagerfeld at the end of each Chanel show, including the Chanel Métiers d’Art show in New York in December 2018, which marked the designer’s final runway appearance. At the end of Chanel’s haute couture show in January 2019, Viard stepped out solo to take a bow, raising concerns about Lagerfeld’s health and prompting the brand to issue a press release.

    Other fashion houses have tapped studio heads who have demonstrated their ability to channel a departed designer’s vision after their deaths, most notably Sarah Burton, the late Alexander McQueen’s right-hand, who was named creative director of the London-based fashion house after McQueen’s suicide in 2010.

    LVMH-owned Italian house Fendi, where Lagerfeld was the artistic director of women’s ready-to-wear and couture collections, has yet to announce a succession plan, saying it intends to take its time to pay the designer the homage he deserves. Fendi is to present Lagerfeld’s last collection on Thursday in Milan.

  • Malaysia ranks second in SEA for Chinese tourist transactions during CNY

    Malaysia ranks second in SEA for Chinese tourist transactions during CNY

    Malaysia is the second largest market in Southeast Asia for Chinese tourists spending over the Chinese New Year holiday season, as recorded by Alipay, the digital payment and lifestyle platform offered by Ant Financial, an affiliate company of Alibaba Group. The transactions were recorded between Feb 4 and 10 this year. Malaysia saw a 16% increase in average per-capita spend by Chinese tourists this year, with a growth in transaction volume by 71% compared to 2018.

    What’s more, Chinese millennials can no longer claim to be the dominant user group spearheading spending while travelling, as 68% of Chinese tourists born between 1960 and 1979 were found to be the main driving force in outbound tourism and overseas consumption.

    Alipay head of business operation for cross-border business Janice Chen said this year’s findings highlight how mobile payment is taking root in China’s outbound tourism market, and it is excited to see the robust growth in the use of Alipay by overseas tourists from third-and-fourth tier cities and middle-aged vacationers.

    “While providing a better experience for Chinese travellers, Alipay is, at the same time, a huge drawcard for overseas merchants as a platform to help grow their business,” Chen said in a statement.

    This is in accordance to a recent report published by Nielsen and Alipay, called the 2018 Trends for Mobile Payment in Chinese Outbound Tourism.

    Chinese tourists are bringing their cashless lifestyles outside of China, paying for 32% of their overall travel transactions using mobile payment, overtaking their use of cash for the first time ever.

    The survey found that merchants offering Alipay as a payment option has experienced growth in both foot traffic (58%) and revenue (56%).

    Heinemann, a travel-retailer with a store in Kuala Lumpur International Airport 2 (KLIA2) has also reported an increase in sales. Its general manager for retail operations Alexander Maas said since implementing Alipay, it is now able to provide added convenience to its customers from China, and provide them with a familiar shopping experience, ultimately seeing over 20% of all its transactions completed on the Alipay app with Chinese tourists.

    With the increased popularity of Alipay among both young and old Chinese tourists, brick-and-mortar retailers across the region can continue to adopt Alipay as a payment option to further boost profitability moving forward.

  • Cashless-payments will be launched soon in Japan

    Cashless-payments will be launched soon in Japan

    More than 50 Japanese banks are joining Tokyo bank J-Coin to set up a cashless payment system developed by Mizuho Financial Group, to be launched late next month. The new service will initially be rolled out to existing account holders at regional banks. Mizuho Bank will initiate the service on March 1, with regional banks to follow after a period of around three weeks.
    Around half of Japan’s regional banks are participating in the scheme at a time when the Japanese government is advocating cashless payments in advance of the 2020 Tokyo Olympics and Paralympics.

    J-Coin payments will be processed via an app using a QR barcode, a phone number or a Line messenger personal ID number. Unlike the prepaid smart cards commonly used in Japan, J-Coin allows transactions between individuals without the need for dedicated scanning devices at point of sale.

    A number of major retailers, including East Japan Railway Co and FamilyMart, have already indicated interest in adopting the system.

    Observers have noted that partnerships with international cashless payment providers such as Alipay could see J-Coin become a preferred method of payment among visitors to Japan.

    The Japanese government, aiming to double digital payments to 40 per cent of all transactions by 2025, will offer rebates of 2 per cent of convenience-store cashless purchases and 5 per cent of cashless purchases at other small- or medium-sized stores for nine months after its consumption tax is raised from 8 per cent to 10 per cent in October this year.

  • PortsPURE opens first store in Thailand

    PortsPURE opens first store in Thailand

    PortsPURE is a contemporary womenswear label by Canadian-based brand PORTS 1961. It has just launched in Thailand at the Central Department Store. PortsPURE embraces timeless classics through a contemporary twist with a luxe aesthetic. The collection distills the style cues from the PORTS 1961 into a new, standalone wardrobe for today’s woman. Classic pieces with clever twists that add flair to utilitarian and urban silhouettes.

    For the Spring/Summer 2019 collection, PortsPURE is peppered with details inspired by the iconic Amalfi Coast in Italy. And this summer, the brand prepares to take you where the breeze is warm, the cocktails are cold, and the sun is bright in your eyes.

    PortsPURE is now available at Central Chidlom, 2nd floor, and Central Phuket, 1st floor.

  • CIMB Niaga posts 16.9% net profit growth in 2018

    CIMB Niaga posts 16.9% net profit growth in 2018

    CIMB Group Holdings Bhd’s 92.5%-owned T Bank CIMB Niaga Tbk reported an audited consolidated net profit of 3.5 trillion rupiah (RM1 billion) for the financial year ended Dec 1, 2018 a 16.9% growth compared with a year ago. The bank said the improved net profit came on the back of a 13.8% increase in on-interest income to 3.8 trillion rupiah and a 63 basis-point improvement in credit charges from 2.26% to 1.63% as provisions declined 25.7%.

    CIMB Niaga’s loan loss coverage remains comfortable at 105.86%.

    “We aim to maintain a targeted growth trajectory while keeping asset quality as a priority,” said CIMB Niaga president director Tigor M. Siahan.

    Total loans grew by 1.8% to 188.5 trillion rupiah mainly from growth in mortgages of 11.2% to 30 trillion rupiah, small- and medium enterprise loans of 8.5% to 29.6 trillion rupiah and credit card of 5.5% to 8.6 trillion rupiah.

    With total assets of 266.8 trillion rupiah as at Dec 31, 2018, CIMB Niaga maintained its position as Indonesia’s second largest private owned bank by assets.

    Its capital adequacy ratio stood at 19.66% as at end-December 2018, representing a 106 basis-point increase from the previous year.

    “Going forward, we will continue to focus on expanding our consumer and SME businesses, building our CASA (current account savings account) franchise and strengthening our Sharia business proposition and Sharia-compliant product offerings,” Tigor added.

  • Metro Department Store is opening at Ayala Malls Feliz

    Metro Department Store is opening at Ayala Malls Feliz

    The 53rd Metro Department Store has opened its doors at the Ayala Malls Feliz in Pasig City. Covering a floor area of 21,200sqm, the store includes a 6600sqm supermarket. “Customers can look forward to an enjoyable and convenient shopping experience as we consistently strive to deliver world-class customer service as well as a wide assortment of premium quality merchandise at affordable prices,” said Frank S Gaisano, Metro Stores Retail Group chairman and CEO.

    The firm aims to open five more stores this year. An investment of P10 billion (US$191.9 million) has been allocated to store expansion over five years.

    Metro Stores Retail Group has shops in Metro Manila, Central Luzon and South Luzon, as well as in Central, Western, and Eastern Visayas through department store, supermarket, and hypermarket formats.

    For the first nine months of 2018, the group’s net income fell by 17 per cent to P454.93 million (US$8.7 million).

  • L’Oréal, KÉRASTASE open their flagship store in Hong Kong

    L’Oréal, KÉRASTASE open their flagship store in Hong Kong

    Hong Kong’s stylish hotspot Fashion Walk proudly announces the arrival of SkinCeuticals and KÉRASTASE – two of L’Oréal Hong Kong’s leading beauty brands, introducing a unique all-in-one beauty ritual that tends to your retail, cosmetic and haircare needs. With SkinCeuticals’ global first one-stop skincare flagship store and KÉRASTASE’s haircare concept store, Fashion Walk launches the beauty hub – a cosmetics mecca that is set to transform fashionistas’ beauty experience.

    Ms. Bella Chhoa, Director of Leasing & Management of Hang Lung Properties, describes the addition of SkinCeuticals and KÉRASTASE as the birth of a “Beauty Revolution”.

    “It is a real pleasure to have SkinCeuticals and KÉRASTASE – the two top beauty brands of L’Oréal Hong Kong – join us in Fashion Walk. Causeway Bay is a magnet for trendsetters, yet we all know how scarce retail spaces are right here. At its prime location in the area, Fashion Walk is obviously the hub of international fashion labels. Last year, we extended our partnerships with a number of cosmetics brands. This year, we’ll keep up with the strategic effort. Our brand new beauty hub promises to bring an unprecedented beauty experience to all stylish minds in town.”

    Ms. Eva Yu, President & Managing Director of L’Oréal Hong Kong, also envisions a new chapter in the cosmetics industry prompted by SkinCeuticals’ one-stop skincare flagship store and KÉRASTASE’s haircare concept store at beauty hub.

    “L’Oréal Hong Kong endlessly looks for retail spaces of development potential. The two stores in Fashion Walk feature an exclusive studio for customers to try out every stroke, swipe and dab, which guarantees a one-of-a-kind experience. We’ll put down a remodeling budget of almost ten million dollars to ensure that our customers will revel in the brand new stores.”

    Located in the heart of Causeway Bay, Fashion Walk boasts an occupancy rate of over 95%, housing the flagship stores and concept stores of an impressive array of international chic labels, including the two beauty trailblazers.

    Founded in the USA, SkinCeuticals is guided by its unparalleled Integrated Skincare philosophy that aims to promote and improve skin health. Its first-ever flagship store in Fashion Walk also pledges to provide customers with a range of skin health restoration plans that combine the most trusted dermatological innovations and cosmetological aids.

    French hair and scalp care expert KÉRASTASE has earned its recognition in the field thanks to its commitment to hair care since its founding in 1964. Its concept store in Fashion Walk not only offers a wide selection of cutting-edge products, but also an original mode of retail with hair treatment services in a soothing environment. The professional guidance of KÉRASTASE haircare consultants and bespoke treatments will surely satisfy customers’ desire for exceptional hair.

  • Malaysia’s economy likely to slow in April to June 2019

    Malaysia’s economy likely to slow in April to June 2019

    Malaysia’s economy is likely to grow at a slow rate in April to June 2019 in view of the decline in the Leading Index (LI) in December 2018, according to the Statistics Department. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the monthly change of LI decreased 1.4% to 117.3 points in December 2018 from 119.0 points in the previous month.

    “The declined in six out of seven components have weighed down the performance of the LI with the significant decreased by two components namely real imports of other basic precious & other non-ferrous metals and number of housing units approved, which posted negative 0.5% respectively,” he said in a statement.

    The annual change of LI also registered a negative growth of 1.7% in December 2018.

    The LI is designed to monitor the economic performance for an average of four to six months ahead.

    Meanwhile, the Coincident Index (CI), a measure of current economic activity, was unchanged in December 2018.

    The increased in real salaries & wages in manufacturing sector (0.2%) and real contributions to EPF (0.1%) were offset by the decreased in capacity utilisation in manufacturing sector (-0.2%) and Industrial Production Index (-0.1%).

    The annual change of CI grew at 3.6% as in the previous month.

  • China’s Fosun makes bid for Tom Tailor

    China’s Fosun makes bid for Tom Tailor

    Hong Kong-listed Chinese trading group Fosun has launched a Tom Tailor takeover bid. Fosun has long held a cornerstone stake in the German-listed fashion retailer, which has several thousand stores, franchises and shops-in-shops around the world, trading under its own name selling men’s and women’s fashion and under the womenswear label Bonita. Its core markets are Germany, Austria, Switzerland, Southeastern Europe and Russia.

    Fosun said in a stock exchange filing that the Tom Tailor takeover bid follows an increase in its shareholding which will take its stake above the 35 per cent level which triggers a mandatory takeover offer under German law.

    In a statement, Fosun said it would benefit from the target company’s long-term growth potential.

    “The company considers the transaction to be an attractive investment in its sector as it sees economic potential in Tom Tailor.”

    Founded in Hamburg in 1962, Tom Tailor has encountered challenges in recent years. Its share price has plunged 80 per cent since January last year.

    The company focuses on mid-priced casual wear for men, women and children, accessories, and home textiles.

    Fosun has been expanding its interests in Europe in recent times, acquiring Lanvin last year, along with Austrian luxury lingerie brand Wolford. It also has a stake in menswear label Caruso.