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Tag: asia

  • Furla opens largest Malaysian store

    Furla opens largest Malaysian store

    Italian luxury label Furla has launched its largest store in Malaysia. The new 1290sqft boutique in Kuala Lumpur’s Suria KLCC has been lavishly decked out in rosewood and Italian travertine marble alongside opalescent glass and champagne gold finishing on product displays. Several local celebrities were spotted in attendance at the store’s launch.

    The brand’s new range is now featured in store, including the Furla Cometa quilted camera bag and the Cometa tote. Furla is also offering its Cruise 2019 fur-free collection.

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  • Wagyumafia launches in Hong Kong

    Wagyumafia launches in Hong Kong

    Japanese restaurant chain Wagyumafia is set to open in Hong Kong’s Wan Chai. It will be the franchise’s first international location since launching two years ago. Wagyumafia is known for its premium beef and members-only business model. The brand has gone through an extended promotion under co-founder Hisato Hamada, who has hosted pop-up events for the franchise in top international locations – including Paris, London, Singapore and New York.

    The new Hong Kong location will be open for 18 members at a time, serving an omakase menu focused on choice Wagyu and Kobe beef yakiniku and shabu-shabu dishes.

    Hamada said “Wagyumafia seeks to buy only the top 1 per cent of Kobe beef. To ensure our premium quality standards are met, we source our products from the top 20 best farmers in Japan.”

    Reservations will be opened to non-members sometime after the first month of trading.

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  • Singles’ Day boosts Korean brands

    Singles’ Day boosts Korean brands

    China’s massive Singles’ Day shopping spree provided a huge boost to Korean retailers, with some companies posting their highest sales figures ever. Since 2009, Chinese retail giant Alibaba Group has transformed Singles’ Day, which falls on Nov. 11, into an online shopping festival with large discounts offered for 24 hours.

    Other ecommerce giants like JD.com soon followed suit, making Singles’ Day into a Chinese version of Black Friday, although much bigger.

    At Alibaba, the number of transactions on Nov. 11 has steadily increased since the event began in 2009.

    Despite concerns that the ongoing trade war between the United States and China may have put a break on the income growth of middle-class Chinese consumers this year, Singles’ Day once again broke records.

    Chinese shoppers purchased a total of 213.5 billion yuan ($30.6 billion), worth of goods on Sunday, a 27 percent surge from last year’s record. The year-on-year growth rate was slower than last year’s 39.3 percent.

    Over 40 percent of shoppers made purchases from international brands, said Alibaba.

    Among the countries that sold products to Chinese customers on Sunday, Korea ranked third after Japan and the United States.

    Korea placed at No. 3 on the list in 2016, but fell two ranks last year after the deployment of the U.S.-led terminal high altitude area defense (Thaad) antimissile system. The incident soured relations between the two countries and provoked a boycott movement against domestic brands in China.

    The exact volume of Korean goods purchased on Sunday was not disclosed, but it was evident that the shopping spree had an impact on local companies, as some of them reported record-breaking figures on Monday.

    Food company Nongshim, famous for Shin Ramyun instant noodles, set a new record for Singles’ Day revenue since it launched online sales in China in 2013.

    The company sold 5 million yuan worth of instant noodles at ecommerce website Taobao on Sunday. This was a 25-percent increase compared to last year’s Singles’ Day and 10 times the average sales made at the Chinese ecommerce website per day.

    The No. 1 best seller for Nongshim was a multipack of its eight most famous noodle brands, including Shin Ramyun, Neoguri and Kimchi Ramyun.

    “We organized huge promotional events ahead of Singles’ Day, as well as collaborating with [social media influencers in China] to air live videos of cooking Shin Ramyun,” the company said.

    Eland Group’s Chinese office sold 444 million yuan worth of fashion goods through ecommerce website Tmall.

    Based on sales records, the fashion group focused on presenting a wide array of outerwear like coats and jackets. A padded jacket from its kid’s brand, Paw in Paw, sold over 20,000 units during Singles’ Day.

    Beauty companies also did well. At LG Household & Health Care, cosmetics sales increased 50 percent compared to last year’s Singles’ Day. Daily necessities jumped even higher by 73 percent year on year. Its brand, The History of Whoo, LG’s biggest success in China, sold 23 billion won ($20.2 million) worth of products, a 72 percent increase year on year.

    Although LG did not disclose the entire sales volume, the company spokesman said that “this year has set a record for Singles’ Day.”

    Rival Amorepacific unexpectedly set positive records as well. The company has been struggling after it lost Chinese consumers in the Thaad row. On Sunday, it generated 37 percent more sales compared to Nov. 11 last year. Several products from brands like Sulwhasoo and Laneige that were prepared for the Singles’ Day promotion sold out.

  • China’s LightInTheBox to acquire Singapore ecommerce Ezbuy

    China’s LightInTheBox to acquire Singapore ecommerce Ezbuy

    Chinese online retailer LightInTheBox will acquire Singaporean e-commerce platform Ezbuy for approximately US$86 million, subject to some closing conditions. Ezbuy, which has more than 3 million customers in Southeast Asia and Pakistan, has grown from a middleman service linking international consumers and Chinese e-retailers to become a more traditional online retailer in its own right. It secured US$17.6 million earlier this year, predominantly from Chinese investors.

    LightInTheBox CEO Zhiping Qi said: “This transaction is part of our larger plan to build our business-to-consumer cross-border ecommerce out to scale globally,” citing Ezbuy’s supply chain management as potentially supporting the firm’s emerging markets strategy.

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  • SK Korea keeps building Vietnam ties

    SK Korea keeps building Vietnam ties

    SK Chairman Chey Tae-won met with Vietnam Prime Minister Nguyen Xuan Phuc in Hanoi Thursday to discuss the conglomerate’s plans to invest more in both private and public companies and introduce measures to ease environmental problems there.

    They met for the second time in a year. As a result of the previous meeting, SK purchased a 9.5 percent stake in the holding company of Masan Group, one of Vietnam’s largest private enterprises, for $470 million in September.

    “We are pursuing further cooperation with private companies after our first meeting beginning with investment in Masan Group,” said the chairman of Korea’s third-largest conglomerate. “We expect cooperation in other areas such as privatization of state-owned companies to speed up.”

    Nguyen explained Vietnam’s privatization plans to Chey while asking SK to help develop the country’s growing industries.

    “Chairman Chey is the only foreign company chief that I meet every year, my interest in SK is special,” said Nguyen.

    Chey also said the group will help Vietnam combat environmental problems that stem from industrial development. SK Group currently supports the reforestation of a mangrove forest in Vietnam.

    Mangrove forests used to cover 4,400 square kilometers (1.08 million acres) of Vietnam, but only 30 percent remains. Since last May, SK Innovation has provided support to reforestation efforts in a mangrove forest in Tra Vinh province and reforestation research by Ho Chi Minh City University of Technology.

    SK’s relationship with Vietnam has grown over the years. Energy subsidiary SK Innovation has taken part in oil exploration and crude oil production from the country’s offshore oil fields since 1998. SK’s construction unit, SK E&C, has helped build petroleum complex projects in the country.

    Chey also participated in the Hanoi Forum Friday and Saturday.

    The Korea Foundation for Advanced Studies, an academic non-profit organization, and Vietnam National University in Hanoi jointly launched the forum this year to encourage academic cooperation between the two allies.

    Korea Inc. has been paying increasing attention to Vietnam as an alternative investment destination to China. Vietnam is expediting privatization amid a difficult fiscal situation, putting on sale several government-owned companies.

    In late October, Samsung Electronics Vice Chairman Lee Jae-yong paid a visit to Vietnam and vowed to increase investment during a meeting with the Vietnamese prime minister. Samsung Electronics operates major phone manufacturing lines in Vietnam, which has helped Vietnam become the second-largest exporter of mobile phones after China. As a manufacturing location, Vietnam serves as an important strategic partner for many Korean companies’ global supply chain.

    LG Display and textile giant Hyosung are also Korean companies with manufacturing units in Vietnam.

    During President Moon Jae-in’s visit to the country earlier this year, senior executives from SK and Samsung were in the president’s entourage in an effort to establish stronger business relations.

    In 2017, Korea placed second in terms of direct foreign investment in Vietnam, following Japan. Vietnam is currently Korea’s fourth-largest export partner.

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  • Lee Hwa Jewellery experiential concept store has opened

    Lee Hwa Jewellery experiential concept store has opened

    Lee Hwa Jewellery has introduced a new experiential store inviting customers to “get intimate” with jewellery. In a bid to meet millennial “experience economy” market demand for immersive retail experiences, Lee Hwa’s Jewelspace – a bespoke design concept launched at its newly re-opened boutique at Suntec City – has broken away from the traditional look and feel of jewellery boutiques, resulting in a more contemporary instore experience for customers.

    Built around a gallery-like atmosphere, the brightly-lit new boutique does away with traditional glass counters, instead featuring modern elements such as themed display walls and vertical glass displays, a maker space and interactive countertops that let customers get closer to its range of fine jewellery.

    The store’s layout and concept is inspired by the experiences of visiting an art gallery, spending a romantic day out, and creating bespoke pieces at a workshop.

    Lee Hwa Jewellery’s business director Mavis Toh said today’s retail scene is vibrant, sophisticated and innovative, and the same can be said for today’s consumers, especially the millennials, who are driven by a desire for deeper and differentiated brand experiences.

    “Customers will continue to visit brick-and-mortar stores as long as there are new and interesting reasons to go. As retailers, we aim to provide these reasons with a brand-new bespoke boutique concept that will not only excite them, it will allow them to experience jewellery shopping in an entirely new way.”

    A statement from the brand highlighted retail expert predictions that the personalisation of customer experiences will continue to be a key retail trend as consumers seek out highly personalised shopping experiences that cannot be replicated online. It posed that the trend of personal service is also expected to reshape the retail landscape as brick-and-mortar retailers compete with online retailers for the consumer dollar.

  • Vietnam ratifies Asia-Pacific trade pact

    Vietnam ratifies Asia-Pacific trade pact

    Vietnam became the seventh country to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Monday afternoon. With its ratification, the National Assembly (NA) has assigned the task of reviewing related bills and legal enactments to the Government, the Supreme People’s Court, the Supreme People’s Procuracy and other relevant bodies.

    Once reviewed, the government agencies shall request that competent authorities amend, supplement or enact new laws in a timely manner to ensure uniformity and adherence to the roadmap for implementing commitments contained in the CPTPP.

    The Prime Minister will be responsible for approving and directing the relevant central or local agencies in implementing the CPTPP pact.

    The CPTPP is a major trade pact between Vietnam and 10 other countries that seeks to boost trade by reducing tariffs.

    Speaking at a recent NA session, Deputy Prime Minister Pham Binh Minh said that the CPTPP “will benefit Vietnam overall.”

    Because the trade pact will cover 13.5 percent of global GDP, Vietnam’s GDP will be able to grow by 1.32 percent, and its exports 4.04 percent by 2035, he added, citing a report by the Ministry of Planning and Investment.

    However, the Deputy PM also enumerated challenges that Vietnam would face when joining the CPTPP.

    Domestic products such as pork and chicken might face strong competition from imported products. Other products that can have trouble competing include paper, steel and cars, Minh said.

    The other six countries to ratify the pact are Australia, New Zealand, Canada, Japan, Mexico and Singapore.

    The four countries still to ratify it are Brunei, Chile, Malaysia and Peru.

    Originally a 12-member agreement known as the Trans-Pacific Partnership (TPP), the pact was thrown into limbo when U.S. President Donald Trump withdrew his country from the deal in January 2017.

    Following the U.S. withdrawal, the remaining 11 countries renegotiated parts of the TPP, removing some of Washington’s demands. In March, they signed the revised CPTPP, also known as TPP-11.

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  • Hyundai to unveil new large SUV Palisade

    Hyundai to unveil new large SUV Palisade

    Hyundai Motor’s new large SUV, set to be unveiled at the Los Angeles Auto Show later this month, will be called the Palisade. According to the carmaker Friday, its new model for the 2020 model year will be revealed on Nov. 28 during a press event at the L.A. motor show.

    The company will start taking preorders for the SUV in the Korean market starting at the end of this month, earlier than other countries. Hyundai Motor America said Thursday the car will be available in the U.S. market in the summer of 2019. Hyundai said the SUV was named after Pacific Palisades in southern California, an affluent neighborhood that boasts a series of coastal cliffs. The carmaker is hoping that the Palisade will live up to its premium-sounding name.

    The three-row SUV will offer seven or eight passenger seats, according to a spokesperson from Hyundai Motor. The major focus in designing the car is enabling everybody inside the car, even those in the third row, can enjoy their own space. In some vehicles with third rows, space is tight.

    The carmaker said its new Palisade will offer the most seating space among competing vehicles in the same segment. It also promised diverse seat adjustment options and an easy-to-use interface for adjusting car settings for passenger convenience.

    “For large SUVs, carmakers need to offer more value than just the basic driving performance,” a Hyundai spokesman said. “The spacious interior and intuitive interface for safety and convenience services offered in the car are its competitive edge.”

    The carmaker is expecting a lot from this vehicle, as it in hopes to make the Palisade its flagship SUV model when families are increasingly lean towards bigger SUVs over sedans. The Palisade will replace the Max Cruze (Santa Fe XL overseas) as Hyundai’s largest SUV.

    Specifications and pricing for the Palisade were not released on Friday.

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  • Baby Milo Launched Pets Collection Pop-Up Store

    Baby Milo Launched Pets Collection Pop-Up Store

    Japanese apparel brand A Bathing Ape has opened a Baby Milo petwear pop-up in Hong Kong. The pop-up features a ball pool out front for canine friends to play in while attendant humans shop, as well as a quieter pet space out back. Also highlighted in-store is a Baby Milo dog tag engraving station and a flipbook photobooth.

    The pop-up is offering soft goods and toys for pets, including beds, chew toys, leashes, carry bags, and towels, among others.

    The pop-up will run until November 18 at 19 Old Bailey Street, Soho, from noon to 7pm.

    A Bathing Ape is owned by Hong Kong’s I.T Group.

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  • CapitaLand launches new retail concept store at Plaza Singapura

    CapitaLand launches new retail concept store at Plaza Singapura

    CapitaLand has unveiled Singapore’s first “phygital” multi-label concept store NomadX at Plaza Singapura. NomadX (pronounced as “Nomads”) is styling itself as a “phygital” store for offering a new blend of physical and digital experiences, including a gamified onboarding process, automated store assistance such as smart mirrors, interactive product walls and a cashless payment experience.

    The 11,000sqft space is spread across two floors in Plaza Singapura, with frontage facing Orchard Road. The multi-label retail destination marked its official opening with a curated selection of 18 tenants offering a wide range of fashion, beauty, consumer electronics, gadgets and food and beverage offerings.

    President (Asia & retail) of CapitaLand Group Jason Leow said NomadX represents CapitaLand’s commitment to embrace omnichannel retailing. “It allows us to implement and redefine our ideas for a new generation of retail offerings. As a flexible space incorporating tech-enabled retail infrastructure, NomadX will make it easier and more cost efficient for our retailers to explore and nurture new innovative concepts before wider roll-out at CapitaLand’s shopping malls.

    “NomadX not only augments CapitaLand’s suite of services to meet the demands of retailers at various stages of their digitalisation journey, it will help to enhance the tenant mix at our malls over the longer term. With NomadX, CapitaLand is looking forward to working with a stellar line-up of partnerships to create new expressions of phygital retail experiences at our malls.”

    To ensure maximum flexibility for tenants to push the boundaries, NomadX incorporates short-term leases and “plug & play” retail units that are integrated with smart retail infrastructure. Tenants set up temporary homes like nomads – thus the inspiration for the store’s name – that are demarcated by modular panels and equipped with interactive technologies to encourage product discovery and play.

    The store’s fluid layout and data analytics capabilities make NomadX a suitable testbed for retailers to trial new concepts and products and respond swiftly to consumer reception and feedback.

    CapitaLand Retail CEO Wilson Tan said the company is curating a new shopping experience at NomadX, one which goes beyond the act of simply buying.

    “NomadX promises to be a personalised social space of sensation and discovery. By combining the technology of ecommerce, mobile shopping applications as well as location data analytics, we are able to work with our retailers to customise entirely unique physical shopping experiences that are based on our shoppers’ preferences.”

  • Incheon Airport tests an unmanned shuttle service

    Incheon Airport tests an unmanned shuttle service

    Incheon International Airport said Sunday that it has successfully tested a self-driving shuttle bus becoming the first Korean airport to do so. The test took place inside its long-term parking lot on Friday, where a driverless bus ran 2.2 kilometers at a speed of 30 kph.

    “The test route has lots of curved lanes and is frequently interrupted by other cars … We have seen that autonomous driving is possible,” the airport said.

    The shuttle bus used in the test has been developed by Korean companies, including KT and Unmanned Solution. It is the country’s first driverless vehicle to obtain a temporary driving license. Last month, the airport signed a memorandum of understanding with KT to cooperate in autonomous driving. It plans to introduce a detailed plan for various self-driving car services.

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  • Indonesia to Sell $4b in Bonds to Fund Freeport Purchase

    Indonesia to Sell $4b in Bonds to Fund Freeport Purchase

    State-owned mining holding company Indonesia Asahan Aluminium, better known as Inalum, sold bonds worth $4 billion in its first-ever US dollar bond deal on Thursday to fund the acquisition of a majority stake in the Grasberg copper mine in Papua.

    The deal came amid choppy global markets, rocked by trade concerns and slowing economic growth in Asia – including Indonesia – that have made it hard for emerging market borrowers to attract investor interest.

    The coupon on the bonds was lower than the initial guidance.

    Inalum sold a tranche of three-year bonds at a yield of 5.230 percent, five-year bonds at 5.710 percent, 10-year bonds at 6.530 percent and 30-year bonds at 6.757 percent, according to a copy of the term sheet for the sale.

    That compared with initial guidance ranging from 5.875 percent to 8 percent.

    Inalum sold $1 billion in three-year and 10-year bonds each, $1.25 billion in the five-year bonds and $750 million in the 30-year paper, according to the term sheet.

    The bonds were sold slightly below face value.

    Inalum will use the funds to buy shares in US mining giant Freeport-McMoRan’s Indonesian unit, which owns the mine.

    Freeport agreed in July to sell its stake to the government for $3.85 billion, ending a long-running dispute with Indonesia, which is seeking to gain greater control over its mineral wealth.

    The sale occurs during a period of market turmoil which has seen Asian issuers hit particularly hard as rising US interest rates have pushed up borrowing costs.

    The sale drew over $20 billion in investor orders, most of them from the United States.

    Asset managers and fund managers represented the bulk of investors, making up 78 percent to 86 percent of buyers.

    The bonds are expected to be rated BAA2 by Moody’s and BBB- by Fitch.

    There is some uncertainty around the Grasberg deal as the government said it is binding while Freeport and Rio Tinto said it is non-binding.

    The bond deal includes a clause that says the bonds will be redeemed at 101 percent of face value if the acquisition is not completed by June 30 next year.

    BNP Paribas, Citigroup and Mitsubishi UFJ Financial Group were the joint global coordinators for the deal.

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  • Hermes sales growth boosted by Asia

    Hermes sales growth boosted by Asia

    Hermes sales surged 11 per cent in the quarter to September, with all geographical regions performing well. Asia – excluding Japan – led the way, with sales up 14 per cent. The company reported a “significant increase” in Mainland China with new stores in Xi’an (which opened in September) and Changsha (in May) along with the Landmark Prince’s store in Hong Kong in January helping underpin growth.

    A new commercial website hermes.cn, launched on October 17 and a massive duplex flagship opens tomorrow at Bangkok’s new IconSiam development. In Japan, sales rose 7 per cent.

    Group-wide revenue reached  €4.316 billion at the end of September, with sales through company-owned stores up 11 per cent as well, confirming the trend evident during the first half of the year.

    “Hermes realised a very strong growth over the first nine months of the year, in all regions,” said executive chairman Axel Dumas. “We keep our optimism for the future, but we are also thankful for the past.”

    By product category, Hermes’ ready-to-wear division achieved growth of 15 per cent, aided by the successful launch of the women’s Spring-Summer 2019 collection, presented at the Hippodrome Paris Longchamp. Demand was also high for fashion accessories and shoes.

    Growth in leather goods and saddlery reached 9 per cent, while the silk and textiles business grew by 4 per cent. Perfume sales rose by 9 per cent, watches by 8 per cent and other business lines, encompassing jewellery, Art of Living and Hermes Table Arts, by 23 per cent.

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  • China’s Luckin Coffee worth $2 billion after just less than a year

    China’s Luckin Coffee worth $2 billion after just less than a year

    Fast-growing Chinese coffee chain Luckin Coffee is seeking a new round of funding which would value it at US$1.5–2 billion. Launched only this year, the company has already opened more than 1400 outlets in 21 mainland locations, its rapid growth based on its inexpensive delivery service concept and online ordering system. Luckin’s aggressive competitive strategy involves an IT-focused approach whereby all customers must purchase coffee via an app, with which they can then monitor brewing progress via livestream.

    Its expansion has been backed by multiple investors, including Singapore’s GIC. It is currently seeking up to US$300 million in additional funding to continue its momentum.

    Starbuck currently operates 3400 stores in China, which is its second-largest market worldwide. It intends to increase that number to 6000 stores within three years. The brand recently partnered with Alibaba to establish a coffee delivery service, foreshadowing Luckin’s own recently-signed partnership with Alibaba rival Tencent.

    Some reports have suggested that Luckin may be in discussion with investment banks to launch an IPO overseas, most likely in either New York or Hong Kong.

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  • Hyundai, Kia invest big in Grab

    Hyundai, Kia invest big in Grab

    Hyundai Motor and Kia Motors will jointly invest $250 million into the world’s third-largest ride-hailing operator Grab, eyeing shared mobility services as a way to overcome faltering car sales, the companies said Wednesday.  Hyundai has already injected $25 million into Grab in January, so total investment on the Singapore-based company adds up to $275 million. This is the largest investment made in a single company by the two sister automakers under Hyundai Motor Group, the group said.

    Grab, which has operations in 235 cities in eight countries in Southeast Asia, is the largest ride-hailing service provider in the region, though it is smaller than China’s Didi Chuxing and U.S. company Uber, which have larger operations elsewhere.

    The big bet in Grab comes as the largest auto group in Korea seeks fresh business models for growth. The group said it will make the two carmakers core players in an era where shared mobility is becoming ever more important.

    The three companies will start their collaboration by deploying Hyundai and Kia-made electric cars in Grab’s Singapore business. Hyundai will first supply 200 electric vehicles to the ride-hailing company by early next year. Kia is mulling whether to follow suit soon after.

    The vehicles will be rented out to Grab drivers. This way, Hyundai can introduce its electric cars to Singapore and other Southeast Asian markets once the pilot test in Singapore proves successful.

    “Targeting emerging markets based on strong partnerships with local companies like Grab could be a sustainable way of making profits,” Hyundai said in statement.

    If more people use ride-sharing services and other apps rather than driving their own cars, these large mobility service companies could become the major customers for carmakers in the future, and automakers are already aware of this.

    The three companies will also work on developing car maintenance and repair services as well as car financing services specialized for Grab drivers using the electric cars.

    Going further, they plan to launch electric car models customized for ride-hailing services.

    “Grab is the best partner there is to expand [our] electric car supplies in the Southeast Asian market,” said Chi Young-cho, chief innovation officer at Hyundai Motor Group.

    The latest investment is in line with Hyundai’s aggressive preparation to enter the shared mobility business. It is a relatively late mover into the future mobility business compared to competitors like Germany’s Daimler, which launched its own car-sharing brand Car2Go in 2008.

    The automaker landed a partnership with Sydney-based car sharing start-up Car Next Door with the aim of launching a new app-based mobility service in Australia by 2020. It also holds partnerships with India-based car-sharing company Revv, U.S. mobility service company Migo as well as local last-mile delivery service provider Mesh Korea. In Netherlands, it started its own car-sharing business with 100 Ioniq EVs last month.

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