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Tag: asia

  • Samsung offers laptop with millennial style

    Samsung offers laptop with millennial style

    Samsung Electronics introduced on Monday a laptop it believes will appeal to millennials.  The 13.3-inch computer, the Samsung Notebook Flash, has rounded key caps reminiscent of old typewriters. Its palm rest has a coarse fabric, not conventional metal, which feels comparatively warm, Samsung explained.  The new device is based on the Windows 10 operating system.

    “We worked with Samsung Design Europe to come up with a refined European model that millennials would want,” said Lee Min-chul, managing director of the company’s PC business unit at a launch event in northern Seoul on Monday.

    The laptop comes in three cover designs: linen white, twill charcoal and soft coral. It is powered by Intel’s latest gigabit WiFi chip, rated for download speeds of up to 1.7 gigabytes per second – a speed that Lee says is currently the fastest.

    The laptop supports universal flash storage, a flash storage that achieves five times the reading speeds of MicroSD technology.

    Fingerprint login capabilities and a secret folder, in which the user can save important files, contribute to a high level of security.

    But at 1.37 kilograms (three pounds), the new device is relatively heavy, weighing much more than typical one kilogram ultra-light laptops.

    For Samsung, a top global vendor of smartphones, semiconductors and TVs, laptops are a weak spot.

    The tech giant ranks behind the six largest players – HP, Lenovo, Dell, Apple, Asus and Acer. Those six have about 89 percent of the global market, according to TrendForce in a February report.

    Samsung, LG and others make up the remaining 11 percent.

    Samsung currently retails laptops only in Korea, the United States, China and Brazil. A full 45 percent of all laptops sold globally are sold in these markets.

    Samsung’s annual shipment of laptops totals about 3.2 million units, according to the company.

    The target for Flash laptop sales in the four target markets is one million units.

    Despite its minimal global presence, Samsung is committed to the laptop business, said Lee, citing the device’s “connectivity” with other devices.

    “PCs are central when it comes to IT devices they support – such as monitors, printers and even mobile phones,” Lee said.

    Laptops have been evolving in different ways in recent years, and Samsung wants to develop hybrid products, including laptops with foldable displays.

    “But it’s not only about hardware. It’s important to provide new usability,” he added.

    Coming in two storage sizes – 64 gigabytes and 128 gigabytes – the Flash laptop carries a price tag of 810,000 won ($717).

    But a model specifically designed for wireless operator KT can be purchased for 8,000 won per month on a 36-month subscription with KT’s internet service and the Olleh internet protocol TV.

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  • Amorepacific Group to expand in Australia

    Amorepacific Group to expand in Australia

    Amorepacific Group, the L’Oreal of Korea, is ramping up its presence in the Australian and New Zealand markets, as demand for Korean beauty products remains unabated. Over the last several months, the company has set up a head office in Melbourne under the direction of country manager Caroline Dunlop, launched its global luxury brands Amorepacific and Laneige at Mecca Cosmetica and Sephora, respectively, and opened two bricks-and-mortar stores under the banner of its popular natural beauty brand Innisfree in Melbourne. A third Innisfree store is due to open before the end of the year.

    Amorepacific Group said it will continue to further ramp up its expansion into the Oceania region after having closely studying the Australia and New Zealand beauty markets and their customers for several years. The company noted that Australia ranks among the the top five countries in the world for average cosmetics spending per person.

    “Australian and New Zealand customers are beauty conscious; taking great interest in global beauty trends and cosmetic ingredients. They also put a significant amount of time and effort into taking care of and protecting their skin against environmental factors in the region. In addition, their preference for natural makeup and healthy skin has led to a growing interest in K-beauty,” the group said in a statement.

    Amorepacific is far from the only beauty retailer moving to capitalise on the booming beauty sector, but it may be better equipped than most to do so. The company is Korea’s oldest and largest beauty business, recording around US$6 billion ($8.5 billion) in annual sales, and has a physical presence in Asia, North America, Europe and Oceania.

    “I am so pleased to introduce Amorepacific Group’s global brands … to Australia and New Zealand this year,” Dunlop said.

    “These much-loved brands have enthralled customers around the world, and K-beauty has grown into a beauty category in its own right. As a K-beauty leader, Amorepacific Group is driving innovative beauty trends globally. Through Amorepacific Group, customers will be able to experience and benefit from the long-established expertise and true essence of Asian Beauty.”

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  • Hyundai brings wearable robotics to factories

    Hyundai brings wearable robotics to factories

    The Hyundai Motor Group will expand the use of wearable robots at its facilities as it works to make robotics a major source of revenue, the company said Monday. Since September, Korea’s largest automaker has been testing the Hyundai Chairless Exoskeleton (H-CEX) at its North American factory. The H-CEX is an assistive robot for workers who have to stay in a seated position throughout the day. By the end of this year, the carmaker will introduce the Hyundai Vest Exoskeleton (H-VEX) at the same facility.

    The H-CEX, the first wearable developed by Hyundai for use at production sites, reduces the use of waist and lower body muscles by 80 percent, reducing the fatigue that results from being in the same seated position for a long period of time, Hyundai said in statement. The soon-to-be introduced H-VEX exoskeleton is for workers in jobs that require a lot of arm lifting. The machine vest will support the upper body and protect neck and shoulder muscles.

    “By expanding test applications, we hope to prove the technological effectiveness of our wearable robots,” Hyundai said in statement.

    The two exoskeletons were developed by Hyundai’s robotics team, established in May after the company named robotics as one of its five pillars for the future.

    The team is preparing to launch other robots focusing on three main areas: wearables, service robots and mobility robots.

    Hyundai is gearing up to test a hotel robot capable of providing room service and guiding guests. It will be introduced at the Haevichi Hotel & Resort on Jeju Island and at the Rolling Hills Hotel in Hwaseong, Gyeonggi, from the end of this year.

    A car-selling robot with natural language conversation capabilities and artificial intelligence will be prototyped by early next year. By 2020, the automaker plans to introduce a robot that can autonomously charge electric vehicles at charging stations.

    “We believe that robotics could be a solution not only for mobility but also for production in areas suffering from population decline,” a spokesperson for Hyundai said. “We plan to make notable achievements in robotics using technological data we have accumulated while developing autonomous cars.”

    Hyundai is not the only automobile maker bringing exoskeletons to assembly lines. U.S. automaker Ford has tested EksoVest, an upper-body assisting wearable jointly developed with Ekso Bionics. It was introduced at two U.S. factories in November last year. Ford announced in August a plan to bring the robot to 15 plants globally.

    German automakers BMW and Audi are also developing wearable aids for factory workers.

    According to market tracker BIS, the world’s wearable robot market is due to grow by 50 times from $96 million in 2016 to $4.65 billion by 2026.

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  • Blockchain used for inter-carrier settlements in PoC trial

    Blockchain used for inter-carrier settlements in PoC trial

    Members of the International Telecoms Week (ITW) Global Leaders’ Forum (GLF), including PCCW Global and Telstra, have completed a proof of concept trial demonstrating how blockchain technology can transform inter-carrier settlement by streamlining complex transactions.

    The two operators as well as Colt Technology Services, BT, Orange and Telefonica, demonstrated the viability of a platform capable of settling voice transactions between operators within minutes rather than hours.

    The demonstration represents the first proof of concept blockchain trial to involve a multi-lateral series of relationships within the wholesale telecoms sector. It was the latest in a series of trials carried out by CLF members in collaboration with technology partner Clear, a blockchain specialist.

    The proof of concept was able to demonstrate that live data feeds could be successfully input into a distributed ledger, enabling traffic to be automatically verified and settled between two carriers.

    In a statement, the GLF said it is now reviewing its options over a potential governance structure to further develop the technology and implement a solution for the entire industry.

    “This latest PoC signals nothing less than the future of telecoms, whereby intensive manual practices can be securely automated across the wholesale ecosystem,” Colt Technology Services CEO Carl Grivner said.

    “This is a major step forward by Colt and its partners, meaning we can now invest further resources into driving both our and our customers’ businesses forward using the power of blockchain.”

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  • BSNL, Nokia to collaborate on public safety networking

    BSNL, Nokia to collaborate on public safety networking

    Nokia and Indian state-owned operator BSNL are expanding their relationship with an agreement to jointly explore opportunities in the public safety sector.

    Under the agreement, Nokia will become BSNL’s OEM technology partner for public safety projects in support of the government’s efforts to advance public safety standards in the country.

    The two companies will explore developing solutions for first responders based on Nokia‘s ViTrust line of critical communications products.

    This will include the Nokia Ultra Compact Network, a portable solution designed to allow the deployment of a mission critical LTE mobile broadband network within minutes of arrival.

    The companies will explore opportunities in industry segments including smart cities, border enforcement, and mines and quarries in remote areas, and will work with India’s National Disaster Response Force (NDRF) to augment public safety communications systems with LTE technology.

    “As a trusted telecom service provider, BSNL is committed to providing the best technology solutions for public safety professionals,” BSNL chairman and managing director Anuam Srivasta said.

    “Our technology partnership with Nokia is a crucial step in this direction. We have a longstanding working relationship with Nokia, and this project starts a new chapter in our journey. Nokia’s innovation and leadership in mission-critical communications will allow us to deliver a best-in-class public safety network.”

    Last week the two companies announced another collaboration aimed at using LTE technology to improve operational efficiency at Nokia’s Chennai manufacturing plant.

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  • 18 hours queue for Jollibee London opening

    18 hours queue for Jollibee London opening

    Jollibee opened its first fast-food restaurant in London on Sunday, drawing queues of expat Filipinos who braved the autumn chill overnight to be among the first locally to savour Chicken Joy and burgers. According to mainstream news media, “thousands” of Filipinos visited the Jollibee London restaurant, located in Earl’s Court.

    Ernesto Tanmantiong, CEO of Jollibee Foods, said at a press briefing on the site that the crowds at the London store demonstrated the depth of customer loyalty to the brand which was helping the company reach its ambition of expanding all over the globe. He wants Jollibee to one day become the world’s largest fast-food operator.

    “Today, we are at number 11 or 12, depending on [our] stock price. To achieve that dream, we will require an aggressive expansion coming from strong organic growth and strategic acquisitions.”

    Jollibee plans to open 50 stores across Europe during the next five years, with Spain and Italy the priority markets after the UK, where it would target large cities.

    “We believe we can be successful in the UK because of two factors,” added Dennis Flores, head of international business in Europe, Middle East, Asia and Australia. “We know our flagship product is Chicken Joy and the UK is the largest fried chicken [market] in Europe.”

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  • Vietnamese taxi firm to get support in lawsuit against Grab

    Vietnamese taxi firm to get support in lawsuit against Grab

    Prosecutors have argued in a trial in HCMC that Grab must pay Vinasun compensation for losses it caused through “unhealthy competition.” At a hearing Tuesday the city People’s Procuracy rejected ride-hailing firm Grab’s argument that the court had no jurisdiction over the case, saying it does since it is a commercial dispute.

    Prosecutors also asked the judges to deny Grab’s request to summon representatives of Vietnam’s Ministry of Transport, other companies participating in the ministry’s pilot scheme for ride-hailing services and the company responsible for estimating Vinasun’s losses.

    As for Grab’s claim it is a tech firm and not a taxi company, they said since the firm directly assigns drivers, sets fares, sets regulations for drivers, and offers promotions, there is enough reason to dismiss this too.

    “Vinasun’s demand for compensation for reduced profits is well founded since Grab was dishonest in its business declaration and ran promotions in contravention of regulations, causing over 70 percent of Vinasun’s customers to switch to Grab due to lower fares.”

    Vinasun’s after-tax profit was nearly VND320 billion ($13.7 million) in 2015 and VND295 billion ($12.63 million) in 2016, but dropped to VND53 billion ($2.27 million) in the first half of 2017, by which time over 8,000 drivers had quit and hundreds of cars had stopped running due to a lack of drivers.

    Prosecutors asked the court to accept Vinasun’s petition for compensation of VND42 billion (nearly $1.8 million) in one payment.

    Grab continued to insist the case did not come under the court’s jurisdiction and that it is a tech firm.

    Dismissing the claim it had caused losses to Vinasun, Grab cited market research purporting Vinasun has been losing customers due to other reasons such as driver’s attitude, long waiting time and declining car quality.

    Vinasun filed the suit against Grab at the HCMC People’s Court in June last year accusing the Malaysia-based firm of abusing the Ministry of Transport’s pilot scheme and committing violations.

    Claiming Grab’s illegal activities had caused damages to it, Vinasun claimed to have suffered losses of nearly VND76 billion ($3.25 million) in 2016 and the first half of 2017, of which nearly VND42 billion (nearly $1.8 million) was caused by Grab.

    The trial began last February, but was first adjourned a month later due to the need for more evidence and again last month when Grab protested against the evaluation of Vinasun’s losses and refused to attend.

    The court is scheduled to hand down its verdict next Monday.

  • Clarks Shoes new store design showcased in Singapore store

    Clarks Shoes new store design showcased in Singapore store

    Singapore’s first Clarks Pure concept store opened its doors today, described as “a classic, understated and uncluttered retail space which reflects the brand’s history and modern spirit”. The new Clarks Singapore store is located in the Ion Orchard shopping centre. It is the first Pure store to be opened by the footwear brand in Southeast Asia and follows successful launches in Manchester and Glasgow, in the UK.

    Guillaume Nagy, president SEA & Oceania, at Clarks, said the store is designed to breath a new personality into the brand. It will be rolled out in other Southeast Asian markets during coming months.

    “We want to offer this elevated brand experience with the Pure store design,” said Nagy. “Singapore has an incredibly dynamic retail environment and we know the extension of Pure to Ion Orchard will be well received by existing and potential consumers. It is the first retail initial initiative of many to be implemented in the city state, turning Singapore into our flagship market and a centre of excellence for the region”

    Nagy said the focus of the store design was to make the shoe the star and to tell immersive stories that resonate with consumers.

    “Pure helps us achieve both in a way that is authentic to Clarks.”

    The new Clarks Singapore store features classic leather buttonback seats on birch floors and soothing neutral colours. It uses natural materials such as oak and timber to build on the themes of simplicity and honesty.

    Light boxes and opal resin podiums create a gallery-like display space for the collections. Brand and campaign imagery are displayed within the store for enhanced storytelling, while large-scale lightboxes draw consumers in and communicate key brand messages.

    The concept was designed by Stiff & Trevillion, whose spokesperson said Pure was chosen as the concept because it links to honesty.

    “Clarks uses honest design and materials in its shoes and we wanted the store design to reflect that through the use of natural materials and truthful lighting.”

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  • SKT, Deutsche Telekom sign co-investment agreement

    SKT, Deutsche Telekom sign co-investment agreement

    SK Telecom and Germany’s Deutsche Telekom have signed a strategic cross-investment partnership aimed at strengthening their competitiveness in 5G.

    Under the agreement, SK Telecom will invest in MobiledgeX, a Deutsche Telekom subsidiary focused on edge computing technology.

    Deutsche Telekom will reciprocate by investing the same amount in ID Quantique, an SK Telecom strategic partner in quantum cryptography communication technology.

    The operators have made the cross-investment in a bid to ensure they are in a position to offer specilized 5G services in the upcoming 5G era, supporting the expected development of intelligent services such as connected vehicles, smart factories and wearable devices.

    As part of the collaboration, SK Telecom and Deutsche Telekom are evaluating applying quantum cryptography communications technologies on their respective 5G trial networks.

    The companies are also reviewing using mobile edge computing technologies to reduce data transfer time, for applications such as enabling authorities to conduct on-site monitoring of disaster-affected areas or responding more quickly to traffic accidents.

    The collaboration will also cover initiatives in new business areas such as artificial and virtual reality. SK Telecom is pleased to enter into a cross-investment agreement with Deutsche Telekom as it will serve as a valuable opportunity for us to further solidify our 5G leadership in the global market and drive new growth,” SK Telecom president and CEO Park Jung-ho said.

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  • Construction begins on PEACE cable

    Construction begins on PEACE cable

    Huawei Marine Networks and the 12,000 kilometer PEACE Cable system have hit a new milestone. The project has now entered into the cable and material manufacturing stage, staying on schedule for an RFS date in the first quarter of 2020.

    PEACE stands for Pakistan & East Africa Connecting Europe, which tells you pretty succinctly the route they will be taking. With one end in Pakistan and the other in southern France, it will come ashore in Djibouti and Egypt along the way with an extension south to Somalia, Kenya, and the Sechelles.

    Further plans suggest extending that branch further down to South Africa.  The landing parties on either end will be Pakistan’s Cybernet and Djibouti Telecom, and the agreements for destinations in between are expected to follow in the next few weeks.

    The build promises the lowest latency route between Europe and China, although the materials I have don’t say exactly how they plan to do that – a terrestrial leg through Pakistan and western China perhaps?

    When complete, the PEACE cable promises 16Tbps per fiber pair. An earlier announcement suggested 5 fiber pairs for a total of 60Tbps, though I don’t know if plans have evolved since then.

  • Bankrupt US retail giant Sears owes Vietnamese firm $4 million

    Bankrupt US retail giant Sears owes Vietnamese firm $4 million

    Sears, a U.S. retail titan that has filed for bankruptcy, owes a Vietnamese textile company upwards of $4 million. Sears Holdings filed for bankruptcy on October 15 after failing to make a $134 million debt payment tranche. Its subsidiaries, Sears, Roebuck and Kmart are partners of Vietnamese textile firm Thanh Cong, contributing about 7 percent to the textile firm’s revenue every year.

    Last year, Sears contributed VND220 billion ($9.38 million) to Thanh Cong’s revenues of VND3.2 trillion ($136.5 million). Sears remaining debt to Thanh Cong is VND95 billion ($4 million), or 3 percent of the textile firm’s total assets, according to Vietnamese company’s  third quarter report.

    Thanh Cong CEO Lee Eun Hong said that his company was seeking to participate in the process and retrieve its money.

    The hearing is scheduled for November 15.

    Thanh Cong Textiles, established in 1967, has reported accumulated revenues of VND2.82 trillion ($120.3 million) in the first nine months of this year, up 15 percent year-on-year.

    Exports account for 88 percent of the firm’s revenue.

    The bankruptcy filing by Sears follows a decade of revenue declines, hundreds of store closures, and years of deals by billionaire Eddie Lampert in an attempt to turn around the company he acquired in 2005 for $11 billion.

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  • Kakao’s blockchain gets 9 development partners

    Kakao’s blockchain gets 9 development partners

    Nine companies have agreed to develop apps for Kakao’s new Klaytn blockchain system. The public platform was developed by Ground X, Kakao’s blockchain subsidiary. It was offered on Oct. 8 on a test basis, or testnet. Kakao, Korea’s largest messenger app company, announced the introduction on Monday.

    The companies building the apps are from a wide range of industries from gaming to health care. They are planning to use Klaytn for the development and operation of dApps, or decentralized applications.

    Service operators are attracted to dApps because of their decentralized nature, transparency and ability to incentivize users through in-app rewards.

    Wemade Tree, a subsidiary of game developer Wemade Entertainment, is one of the Klatyn partners. Wemade said it wants to use blockchain because it allows for smooth and speedy operations. Wemade’s games, including its popular Legend of Mir massively multiplayer online role-playing games (Mmorpg) series, have over 200 million accumulated users.

    Piction Network, which helps web comic and novel creators retain ownership over their works while making them available for users, has also partnered with Klaytn. Piction Network plans to provide its Klaytn-powered network to webtoon platform Battle Comics, which currently has over a million active users.

    A blockchain-based food data project called Hint Chain, operated by Vital Hint, has also announced a plan to utilize Klaytn. Vital Hint first gained popularity for providing recipe recommendations through apps like Foodiest. Hint Chain goes one step further and analyzes individual tastes and eating habits. Hint Chain plans to use Klaytn to help consumers manage their eating and purchasing habits, and make this information available to restaurants, convenience stores, supermarkets and hospitals.

    Other notable industry partners include Nabu Studio, a sports simulation game developer, Airbloc, a data marketplace for businesses interested in gathering personal information for research and advertising, and Humanscape, a data marketplace specifically dealing with health information related to rare and incurable illnesses.

    Cosmochain, another partner, is a beauty information platform that incentivizes users to provide feedback on cosmetics products.

    VETTA is a crowdfunding platform for games selected by GTR, a game accelerator. Rayon connects borrowers and lenders.

    “It’s important to prove the value and utility of blockchain in order for the technology to commercialize,” said Han Jae-sun, chief executive of Ground X. “We will soon gradually begin presenting high-quality services that we worked on together with partners.”

    After the selected partners complete a test run, Klaytn plans to launch in the first quarter of 2019. Until the official release, Klaytn will continue forming new partnerships with qualified companies.

    “Service providers and developers interested in using Klaytn’s testnet can still register on the official Klaytn homepage,” said a Kakao spokesperson.

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  • Lotte pledges 50 trillion won investment

    Lotte pledges 50 trillion won investment

    Lotte Group announced Tuesday a major investment plan to spend 50 trillion won ($43.9 billion) and hire 70,000 workers over the next five years. “The plan comes in order to normalize management activities, obtain a competitive edge for future growth and contribute to vitalizing the local economy,” Lotte said in a statement.

    The announcement comes on the heels of similar plans announced by other conglomerates like LG, Shinsegae and Samsung. Lotte couldn’t join that wave because Chairman Shin Dong-bin was sentenced to 30 months in prison last February for bribing former President Park Geun-hye. On Oct. 5, the Seoul High Court replaced the prison sentence with four years of probation, and Shin returned to work three days later.

    Lotte announced an investment plan of 40 trillion won in 2016. But most of the investments couldn’t be executed after the group was badly affected by the deployment of a U.S. antimissile system in Korea in 2017 on a golf course formerly owned by the group and a Chinese boycott against Lotte that followed. Shin’s imprisonment earlier this year also got in the way.

    Execution of the 50-trillion-won plan will start next year. A 12 trillion won budget is planned for 2019, a record for the conglomerate.

    The two sectors that will receive the greatest attention are chemicals and retail. Some 40 percent of the investments will be in chemicals and 25 percent in retail. Lotte grew to its current size thanks to food and retail, but in recent years, the company has been active in developing the chemical business.

    For chemicals, investments will focus on expanding local and overseas manufacturing facilities. The group currently has factories in three locations in Korea, which Lotte said will be expanded.

    Investments in overseas facilities will also be made to expand the company’s businesses abroad. Lotte Chemical has a $4-billion project in Indonesia that was put on hold when Shin was jailed. A source at Lotte said, with Shin back in the saddle, resuming the project won’t take long.

    The main goal for investments in retail is improving the infrastructure for e-commerce. Lotte said in a statement it plans to establish logistics and computing infrastructure to offer a more convenient experience for shoppers online and off.

    Tech development and enhancing the level of digitalization is a long-term goal across the conglomerate’s affiliates. For example, Lotte wants to apply tech to its food business: Artificial intelligence technology is underway to be used for trend analysis and to suggest new products.

    Indonesia and Vietnam will be two foreign markets Lotte’s affiliates will focus on. The company once had a huge footprint in China, but Beijing unofficially retaliated against Lotte after the deployment of the antimissile system in Korea. The company added in the statement that it would continue discovering new markets.

    The goal for new jobs in 2019 is 13,000, which is 10 percent higher than what Lotte plans to hire this year. Many hires will be in the e-commerce sector.

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  • Positive trend for South Korean duty free sales

    Positive trend for South Korean duty free sales

    South Korean duty free sales in the first nine months of 2018 have exceeded total sales for 2017. Sales hit an all-time high of US$12.9 billion between January and September, according to Korea Duty Free Shops Association. That figure exceeds the US$12.8 billion recorded for full year 2017.

    The performance comes despite a significant fall in the number of Chinese tourists to South Korea since the THAAD dispute erupted in early 2017, with a number of restrictions imposed by the Chinese government including a ban on group tours.

    As reported, the latest Korea Tourism Organization (KTO) figures showed that Chinese arrivals were up just +6.5 percent year-on-year (to 3,059,075) in the first eight months of 2018, reflecting a very tough first quarter before Korean-Chinese relations improved as the THAAD dispute eased.

    In the first eight months of 2016 – long before the THAAD crisis began– some 5,608,046 Chinese arrived in South Korea. That figure is +83% higher than the 2018 performance over the same timeframe, highlighting the scale of the drop in Chinese tourist numbers.

    A key factor driving sales is the daigou phenomenon.

    Daigou (also known as ‘shuttle traders’ in South Korea) buy goods abroad (predominantly cosmetics but also a wide range of accessories and other premium and luxury goods, as well as commodity items such as milk powder) and resell them (often through well-organised networks) on the Mainland.

    As reported though, a Chinese government crackdown on returning daigou shoppers after the Golden Week holiday (1-7 October) has raised serious questions about the future of a sector that has buoyed Asia Pacific travel retail in recent times.

    Many South Korean retailers expect China to continue to ease economic and travel restrictions, including a full lifting of the ban on group tours in the near future.

    The return of group tours would be a significant boost – and could mean the pendulum swings back from individual shuttle traders to large group tours and traditional FIT business in terms of being the key driver of duty free sales.

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  • Hamleys no longer under ownership of China’s C.banner

    Hamleys no longer under ownership of China’s C.banner

    Toy retailer Hamleys looks likely to be sold by Chinese owner C.banner International. The company has launched a strategic review of options for Hamleys’ future after receiving several expressions of interest from would-be buyers. C.banner International has owned Hamley’s for just three years, but the Chinese company has suffered a massive decline in its share price leading to an aborted bid for UK department store House of Fraser.

    At the time the Hong Kong-listed company planned a share issue to raise funds to acquire House of Fraser, it expected to receive between HK$2.40 and $3 per share. In August, when it dropped the plan, its shares were trading at 71 cents and today they are trading at just 56 cents each.

    The prospective bidders have not been named and talks are at a preliminary stage. C.banner has appointed Vermillion Partners to oversee discussions.

    In the year to December 31, Hamley’s recorded a loss of £12 million, a heavy reversal from a profit the previous year of £2.6 million. Sales fell 2.5 per cent to £66.3 million.

    But the company said it was on track to return to profitability and during the first eight months of this year it achieved 2.7 per cent like-for-like sales growth.