Tag: China

  • McDonald’s China signs deal with second developer

    McDonald’s China signs deal with second developer

    Guangzhou-based developer Country Garden has signed a deal to help McDonald’s China reach its goal of opening 2000 restaurants by 2022.

    In the strategic co-operation deal signed with the new owner of McDonald’s China, the mainland’s third-largest developer by sales has pledged to provide locations for the fast-food chain’s plan to nearly double its footprint, reports property portal Guandian.

    The partnership echoes a deal McDonald’s signed last month with Evergrande Real Estate Group, under which the burger giant will piggyback on the residential developer’s nationwide property portfolio to accelerate its push into China’s lower-tier cities.

    McDonald’s China’s strategy to grow its stores from 2500 to 4500 in little more than five years looks to third- and fourth-tier cities for the bulk of the expansion. These cities will account for 45 per cent of outlets by the end of 2022.

    The new approach to securing shop locations comes after Citic Limited and its investment-management arm Citic Capital Partners jointly took a 52 per cent stake in the venture. McDonald’s China chairman Zhang Yichen, who is also CEO of Citic Capital, says the company is discussing similar agreements with rival builders China Overseas Land & Investment and China Vanke, which have close connections with Citic.

    Hong Kong-listed Country Garden, China’s top developer by sales, had 722 projects across mainland China and Hainan at the end of last year, more than 35 per cent of them in Guangdong province.

  • E-Mart China exit confirmed

    E-Mart China exit confirmed

    Thailand’s CP Group has agreed to buy five of the six remaining E-Mart China stores, ending a 20-year presence for the Korean firm.

    Sources in the retail investment banking sector said E-Mart inked an agreement with CP Group to hand over the stores in Shanghai pending approval from Chinese regulators.

    Reports emerged earlier this month that the two parties were in negotiations. Yonhap news agency’s sources said E-mart is in the process of selling off its sole outlet in Xishan by the end of the year.

    Exact details of the sale have not been released, but market watchers said E-Mart will not be able to get the full market value for the stores and will have to settle for much less.

    The net book value of the stores to be sold to the Thai food and agribusiness stands at around 68 billion won (US$59.9 million), with CP Group expected to benefit from economy of scale with the takeover. The company already operates a supermarket chain under its CP Lotus subsidiary.

    “Getting approval from Chinese authorities takes time, and the company cannot reveal details about the contract before then, but internally the goal is to exit China by the end of 2017,” said an E-Mart insider, who declined to be identified.

    E-Mart first entered the Chinese market in 1997, with the total store number rising to 30 at one point yet it had to scale back operations in the face of tough conditions and weak sales.

    Last year the retailer reported losses hitting 21.6 billion won, while total losses in the last four years reached 150 billion won.

    The company, meanwhile, said that it is moving into new Asian markets to compensate for China, where the diplomatic row over Seoul’s decision to deploy a US anti-missile defense system on its soil has hurt sales of South Korean-made products and services.

    E-Mart said that it is making a determined push to expand into the Mongolian, Vietnamese, Laotian and Cambodian markets that offer good growth potential.

    It said a second store in Mongolia will be opened Friday following the first that started operations in July 2016.

  • AirAsia moves closer to setting up JV carrier in China

    AirAsia moves closer to setting up JV carrier in China

    Airasia is moving closer to setting up a joint-venture (JV) budget airline in China, having entered into a non-binding term sheet with China Everbright Group and two other companies on Friday last week.

    In an announcement to Bursa Malaysia on Monday, the low-cost carrier said the term sheet, whose signatories included Singapore-based  Plato Capital and Oxley Capital Ltd, intended to confirm the parties’ interest in forming the JV and contained supplementary information to an earlier memorandum of understanding (MoU).

    On May 14, AirAsia signed an MoU with Everbright – a conglomerate under the direct supervision of state-owned Assets Supervision and Administration Commission of China’s State Council – and Henan Government Working Group.

    Their target JV airline, to be known as AirAsia (China) in China, will be established either through an acquisition or by obtaining a new airline licence.

    Under the 12-month MoU, it is intended that AirAsia (China) will submit an application for an operating permit in China to Civil Aviation Administration of China (CAAC).

    In addition to the airline, the JV will also look into developing infrastructure.

    The JV will invest in developing for pilots, engineers and crew training as well as a maintenance, repair and overhaul provider (MRO).

    The parties have also expressed interest to incorporate AirAsia (China) in Zhengzhou which is intended to be AirAsia (China)’s operating base and headquarters.

    The term sheet signed on Friday, Sept 25, is valid for no longer than 12 months for the parties to discuss and negotiate definitive agreements for the proposed JV.

    Plato is an investment holding company listed on the Singapore Exchange Securities Trading Ltd, while Oxley is an innovative private investment firm and multi-family office specialising in real estate, agriculture/alternative energy, natural resources sectors and investments across the Asia-Pacific region.
    –

  • Chinese luxury e-commerce firm Secoo debuts on Nasdaq

    Chinese luxury e-commerce firm Secoo debuts on Nasdaq

    Chinese luxury e-commerce company Secoo Holding Limited on Friday rang the Nasdaq Stock Market opening bell in celebration of its Initial Public Offerings (IPO).

    Secoo’s IPO of 8,500,000 American depositary shares (ADSs) priced at 13 U.S. dollars per ADS, within the pricing range of 11.5 dollars to 13.5 dollars given by the company, for a total offering size of approximately 110.5 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs. Each two ADSs represent one Class A ordinary share.

    The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 1,275,000 additional ADSs to cover over-allotments.

    Shares of Secoo, trading under the ticker symbol of “SECO,” tumbled about 19 percent to 10.52 dollars per ADS around midday Friday.

    Secoo is Asia’s largest online integrated upscale products and services platform as measured by gross merchandise volume in 2016, according to the Frost & Sullivan report.

    The company’s net revenues increased to 198.6 million dollars for the six months ended June 30 from the same period a year ago, with a net profit of 7.7 million dollars. It had net losses of 32.9 million dollars and 6.6 million dollars in 2015 and 2016, respectively.

    “China’s consumption expenditure continues to grow rapidly, with luxury spending on the upswing, which will give us tremendous development opportunities,” Secoo Founder & CEO Richard Rixue Li told.

    By 2021, China will add 1.8 trillion dollars in new consumption, according to a report by The Boston Consulting Group and AliResearch, the research arm of Chinese e-commerce giant Alibaba.

    Meanwhile, online platforms are one of the fastest growing retail channels in China. The stocks of Alibaba and JD, China’s two largest e-commerce firms, have been trading around their record highs in recent days, despite the stagnant global consumer market.

    “By listing on the Nasdaq Stock Market, Secoo will have a better international stage, which will enable us to link global brands and the Chinese consumer market more closely,” Li said.

  • Tokidoki Plans to Open 10 to 15 Hotels in China in the Next Five Years

    Tokidoki Plans to Open 10 to 15 Hotels in China in the Next Five Years

    Devotees of Tokidoki, the overly cute character lifestyle brand, will in future be able to book a room in a Tokidoki-adorned hotel. Cofounders Pooneh Mohajer and Simone Legno plan to open 10 to 15 Tokidoki hotels in China in the next five years, with the first one expected to be welcoming guests by the end of next year. Chasing young professionals who favor ultra-clean design with touches of art, the company is laying the groundwork for its own affordable luxury hotels. The Tokidoki branded hotel will feature its own designed decor, including hospitality products that will be available for purchase at the hotel. Legno, creative director, said, “It is a 360-degree experience as a designer. I have a graphic design background so I will apply that to stationery for the Tokidoki hotel, as well as a new logo.” (His fine art will also be sprinkled throughout the hotel.)

    Tokidoki’s interpretation of Kartell “Ghost” chairs will be in the hotel rooms. The company just unveiled the $480 Louis Ghost chair and the $185 Lou Lo one for children, reimagining the iconic seats that Philippe Starck designed for the company. Legno said, “We will promote it for sure. Why not? That’s the wonderful part of a design project.”

    The name Tokidoki means “sometimes” in Japanese, but the Asian-inspired products are made by an Italian artist now living in Los Angeles. The mash-up of cultures has led to collaborations with Karl Lagerfeld, LeSportsac, Marvel and Hello Kitty, among others, and a global following. The new Kartell chairs, for example, will be sold via Tokidoki’s site, Kartell’s New York and Miami stores and its wholesale accounts. With 10 Tokidoki stores, including outposts in Shanghai and a two-month pop-up shop at Galeries Lafayette in Beijing that featured big-screen animation. The 12-year-old company, which has flagship in IAPM Mall in Shanghai, plans to open 20 more before the end of this year.

    In January, the brand teamed with the conglomerate Chow Tai Fook for fine jewelry which is being distributed through more than 1,500 outposts in China, as well as stores in the U.S., Japan, South Korea, Singapore and Malaysia.

    This week alone included stays in Singapore, Los Angeles and New York. Monday they will be off to Vancouver. Next month, trips to New York, London, Milan and Indonesia are slated. “A year feels like it goes by in a month,” Mohajer said. “It’s pretty insane.”

    Reminded of his recent trips to India and Thailand, Legno said, “You have to push as much as possible when it’s a hot moment. We’re trying to focus on a global label and expand the brand as much as possible.”

    Li & Fung, Toki’s master licensing partner for China, Taiwan and South Korea, coordinated the hotel deal, and is scouting new ones for jewelry and cosmetics. A jewelry collaboration is in place and more shoppers are in search of Tokidoki’s vinyl art collectible figurines. Mohajer said of Li & Fung, “They’re constantly generating good flow. It’s been amazing to work with them. They were part of negotiating and procuring a retail partner for us for China.”

  • BYD chief expects all vehicles to be electric in China by 2030

    BYD chief expects all vehicles to be electric in China by 2030

    The head of Chinese automaker expects all vehicles in the country to be electric or hybrid by 2030, a more aggressive timeframe than even Europe, as Beijing pushes ahead on a longer-term plan to shift away from petrol-engine cars.

    Earlier this month, a senior Chinese official said the world’s largest auto market had begun studying when to ban the production and sale of cars using traditional fuels, without giving a timeframe from the shift.

    The United Kingdom and France have said they will ban new petrol and diesel cars from 2040.

    “We are very confident about all the timetables (to eliminate fossil fuel cars) and we think it will happen earlier than expected,” said Wang Chuanfu, chairman and president at Shenzhen-based carmaker BYD, which has invested heavily in battery electric and plug-in hybrid vehicles.

    “Various governments have announced timetables to end the sale of fossil fuel cars and this is putting pressure on everyone else,” Wang told reporters in Shenzhen on Thursday.

    China has set goals for electric and plug-in hybrid cars to make up at least a fifth of its auto sales by 2025 in a bid to combat air pollution and close a competitive gap between its newer domestic automakers and their global rivals.

    However, China is also phasing out subsidies for the electric-vehicle market that have supported makers of new-energy vehicles like BYD. BYD, which is backed by U.S. investor Warren Buffett, has seen its profits fall sharply this year.

    Wang added that 20 cities in China would begin building BYD sky rail transport systems next year, amid a push by the firm to diversify away from cars alone.

    BYD’s first sky rail project was launched in China’s northwestern city of Yinchuan at the beginning of this month.

     

  • Element Fresh has redefined healthy dining in China

    Element Fresh has redefined healthy dining in China

    Now bound for wider Asia, a fresh-food restaurant concept focusing on expats has caught the imagination of more than 1 million mainland Chinese.

    Salads, organic food and superfoods are not usually the first types of cuisine one considers staples in Mainland China, but a young American entrepreneur has hatched a fast-growing chain of quick-service restaurants serving up just that to thousands of Chinese and expat diners every day.

    Now the concept is heading to other Asian cities as its reputation spreads.

    Best known for its salads, sandwiches, juices and smoothies, Element Fresh also offers a variety of Asian dishes and a creative dinner menu, expanding into steaks, fish and pasta. With a positioning statement “Enjoying fresh food!”, the company’s unique selling point is delivering diners “the freshest food in China”.

    Element Fresh was founded by Bostonian Scott Minoie, a self-professed “lifelong foodie and chef”, and his mate Sheldon Habiger, who started a catering service in Shanghai which they morphed into a health-food and juice bar.

    In 2002, a loyal customer who happened to be a leasing executive from the Shanghai Centre, suggested they take some space in the mixed-use development, which as well as a popular shopping mall, houses thousands of office workers during the day. A few other customers pitched in some cash to help the idea come to fruition.

    The store opened on July 12, 2002, and is now part of a 40-strong chain. Within the next three years, another 30 stores are planned on the mainland, all company-owned, and the first in other Asian cities to be run under a franchise system.

    Asiawide franchise specialist VF Franchise Consulting is representing Element Fresh throughout the region.

    “After 15 years of tried, true, tested success in China, it’s a nice time to take it abroad,” Paul Barbone, Element Fresh’s international franchise business director, told Inside Retail on the sidelines of a VF Franchise Consultants business-matching event in Manila.

    “Hong Kong, Singapore and Bangkok – those big centres are very attractive, they’re definitely places we aspire to be. Vietnam is still emerging, so it is not an easy sell. We are here looking at Manila. We would never rule out North America, and Australia has been discussed.”

    Barbone has spent 18 years in the Middle East expanding globally recognised franchise brands there, so that region is on the radar as well, but for now the focus is on Southeast Asia – and Hong Kong, given its proximity to the mainland.

    More than salad

    Timing is often a decisive factor  in new concepts, and it certainly played a big part in the success of Element Fresh.

    When Minoie landed in China on an exploratory journey that has never come to an end, the whole foods, organic and superfoods market was emerging, not just in the US but globally.

    In a country where a lot of food had the goodness fried, steamed or otherwise cooked out of it, the alternative of eating raw vegetables was not attractive. So he began piecing together a viable business opportunity, starting with raw vegetables in a salad format, dressed up to look delicious.

    From there, the concept parlayed into what has today become a very popular destination – initially with westerners and now with local Chinese.

    “I say we are the leaders in casual dining,” says Barbone. “We are definitely a pioneer. People have mimicked what we are doing, so we have to be a step ahead of people copying us, but we’re still the leaders.”

    Barbone has seen some good concepts in China, but not developed to the same scale as Element Fresh.

    “A lot of the players have difficulty competing in Shanghai on many levels. One of those may be just the scalability of their organisation and trying to get locations to expand. That said, we do benefit from that, but it only came from taking a relative risk in the early 2000s and not becoming complacent in those decisions.”

    Resisting bland

    While the core of Element Fresh’s menu started out with salads, the whole concept has expanded into a full dining experience, from breakfasts to smoothies and full-sized entrees.

    “The main thing we sell is gourmet salads, topped with protein options. With marinated, grilled chicken, meats and seafood, we offer a whole plethora of proteins. Grilled foods have taste – you can’t always eat bland food.

    “We are not vegetarian. The health aspect comes in with a lot of these things – like the dressings – being properly portioned. That said, a person could order a salad and ask the waiter for more dressing. That’s OK, but that’s where most of the calorific intake comes from. Yogurt green miso dressing is good in moderation, but it becomes unhealthy if you eat too much of it.”

    Pastas are becoming more and more popular at Element Fresh, but in line with the overall theme whole-grain pasta is served.

    “We serve a great Australian steak. People look at that and say, ‘That’s not healthy’, but red meat in general in moderation is healthy – a 250g cut rather than a huge American-style 330g serving, of course, and complemented with vegetables.

    “We give customers an opportunity to be healthy. I eat a lot of Element Fresh and I like the way I feel after leaving the restaurant: I’m not drained, my body is not focused on dealing with fat.”

    The juices and smoothies are 100 per cent real fruit. “The first time I went to one of the restaurants I was surprised they don’t put ice in the juices. People can ask for ice, but when they buy a 16-ounce juice they want a 16-ounce juice, not 12 ounces of juice and four ounces of ice. We are going to be fully transparent, and when people order a juice, they get a juice.”

    As much as possible in China the company uses organic ingredients. It also uses superfoods, such as kale in a pesto (instead of basil) and, of course, berries.

    With 1 million followers on WeChat, the company invests a lot of time trying to educate people on the benefits of various foods and of healthy eating. “We take that very seriously and we want to engage with them,” says Barbone.

    Behind the scenes

    A significant factor in Element Fresh’s stellar growth is what the business does outside its restaurants.

    “We work with suppliers to help them understand why we need things grown in a certain way. It’s about long-term relationships and making sure all the things we do are taken on board.

    “Then we have the only HACCP-certified central kitchen in Mainland China. We are very particular about how we handle our food. Food safety is top of Chinese consumers’ minds (after recent KFC and other scares). We have our own lab in the central kitchen testing everything we produce.”

    The company also has its own fleet of distribution trucks rather than relying on third parties, thus ensuring temperature control and food-safety standards are met throughout the whole life of the food it sells.

    “It really is A to Z, and people appreciate that. When walking around Shanghai and looking at some of these beef noodle huts where some guy is literally chopping his meat on the sidewalk, I think, ‘OK, I am never eating there’. Many food-court outlets, such as steak places, pick a steak off a tray, grill it and cut it up. They don’t keep their steaks chilled but at ambient temperature, In North America, those places would be shut down in a nano-second.”

    Perhaps that has helped attract Chinese to the brand in growing numbers. What cleary started as an offer targeting expats is now very much a concept embraced by locals.

    Inside Retail asked how the brand managed to convert Chinese to the concept.

    “People want to familiarise themselves with more western-style things, and over time we gained popularity. Those trends take off in China at 10 times the pace of elsewhere. When  there is a shift in the market, it’s counted in thousands rather than tens.

    “You can’t eat beef noodles every day, and people are looking at other foods. We are challenging a lot of cultural norms.”

    Pricewise, Elements Fresh is very mid range. “A lot of people see us as expensive. For those people, I’d love to show them our central kitchen.”

    That said, a salad is priced around US$10 and a juice from $3 to $4. The average check runs at about $14 to $15 a person.

    Deuce for juice

    A key factor in the brand’s growth is a partnership with former international tennis player Li Na, in an ambassadorial role. However, she is involved in much more than just marketing activities. Li Na helps with menu development, “putting her fingerprint” on the brand, which has even stretched to a co-branded restaurant in her home city of Wuhan.

    “She wanted to do something special. The restaurant has Li Na themes and branding that really talks to the relationship we have with her. Scott and her see eye to eye. She wants to be an ambassador not only for Element Fresh, but for a healthy lifestyle, which coincides with our philosophy.”

    China’s second-best-known sports star, Li Na also retains a relationship with Nike, keeping her profile high all over the nation.

    Apart from Wuhan, most of Element Fresh’s growth focus in China has been on Shanghai, where there are now 17 eateries, and Beijing, with 12. But now the company is expanding into tier-two cities, mostly across the south, including Chengdu, Guangzhou, Nanjing and Shenzhen.

    Still privately owned, the company has grown to a payroll of 2500 staff members and serves more than 15,000 guests daily.

    Positioned as “healthy dining, redefined”, Element Fresh is a concept that will offer tailormade food for Asia’s local populations and expatriates.

  • Alibaba Cloud launches MaxCompute in HK

    Alibaba Cloud has launched a new big data processing service named MaxCompute in Hong Kong to help meet rising demand for scalable computing services.

    The new platform will allow enterprise customers to store and process up to a petabyte of structured and unstructured data, with a single MaxCompute cluster scalable up to 10,000 servers.

    The platform is capable of CPU and GPU based machine learning and offers built-in security protection as well as disaster recovery capabilities.

    Alibaba Cloud has already launched MaxCompute in mainland China and Singapore, and last year the platform set a new record with the lowest computing cost at $1.44 per TB in the CloudSort category of the 2016 Sort Benchmarkcompetition.

    “As industry demand increases and evolves, data processing and analysis remains a major service for cloud providers,” Alibaba Cloud AI scientist Wanli Min said.

    “The launch of MaxCompute in Hong Kong, combining with our current products and services, allows us to lift our offering to the next level – to provide our clients with total cloud solutions to meet the rising demand for secure and scalable computing services.’

    Alibaba Cloud set up its first data center in Hong Kong in 2014, and has since doubled its data storage and processing capacity with a second facility. The company is now one of the largest public cloud providers in the local market.

  • China Telecom Global launches SD-WAN service

    China Telecom Global launches SD-WAN service

    China Telecom Global has launched a new SD-WAN service portfolio in partnership with software-based networking and security company Versa Networks.

    The new service offering enables direct and secure access to public cloud services such as Microsoft Azure and Amazon via backbone networks, and will be accessible via mobile devices.

    It also uses Versa’s carrier-grade NFV software to provide an on-the-go network diagnostics solution for customers.

    Nodes for the service have been set up in Hong Kong, Singapore, Sydney, Tokyo, Los Angeles, Paris, Frankfurt, Kuala Lumpur, Jakarta and Mumbai, and the offering will grow to over 30 PoPs across APAC, Europe and North America by the end of the year.

    CTG also plans to extend the service coverage to major cities in China, including Beijing, Shanghai, Guangzhou and Shenzhen using parent company China Telecom’s domestic resources.

    “Today we are delighted to offer a new industry benchmark in enterprise network services for the new business world,” China Telecom Global EVP Joe Han said.

    “CTG’s industry experience, along with the strengths of China Telecom, enables a fast, seamless, secure and on-the-go experience for our customers. SD-WAN is the future for businesses – especially SMEs – seeking greater access, capacity, speed and control. Together with Versa Networks, we are committed to the evolution of SD-WAN.”

  • Hamleys China opens super store in Xuzhou

    Hamleys China opens super store in Xuzhou

    Hamleys China has opened its second store, covering three levels in Xuzhou Sanpower International Plaza.

    The UK retailer offers more than 1000 SKU in the store, with 80 types of toys from more than 50 brand suppliers. There are also several play zones.

    Covering 10,000sqm, the store can cater more than 50,000 customers a day. It surpasses in size it previous largest store, the Lubyanka Store in Moscow. Hamleys has 114 stores internationally.

    Founded in 1760 with a store on London’s Regent Street, Hamleys is the oldest toy retailer in the UK. It entered the Chinese market in 2015 with a flagship store at the Sanpower International Plaza in Nanjing, with a total floor space of about 7000sqm.

    Xuzhou Hamleys is styled differently, as a traditional British toy kingdom with a wider range of child-related products such as apparel. There are also family experience and entertainment activities.

    On the first floor, the retailer’s best sellers are on display as well as children’s apparel, fashion brands and products with such brands as Ape Kids, Balabala Kids and New Balance.

    Considered the command centre of the store is the Toys Playground on the second floor. It offers Hamleys’ classical brands such as Barbie, Disney Princess, Harry Potter, Lego, Peppa Pig and Transformers.

    On the third floor is the Infants and Creativity Zone. This features The Bath, a swimming area, with educational activities as well as family DIY workshops. There are also child-care services, educational robots, and a painting and baking workshop for children.

    Also on the third floor is a special venue for birthday parties.

    Other activities exclusive to the Xuzhou store include a spiral slide, the Ocean Ball Pool, Water World and a merry-go-round. Nanjing’s Nerf Zone is replicated at the store.

  • Mecca’s maximum store opens in Australia

    Mecca’s maximum store opens in Australia

    Cosmetics retailer, Mecca Maxima, has opened its largest store at ISPT-owned Wintergarden in Brisbane last Friday.

    The 553sqm next generation Mecca Maxima store will be home to more than 60 of the world’s leading cosmetics and skincare brands including exclusive brands NARS, Too Faced, Urban Decay, Smashbox, bareMinerals and Hourglass, as well as Mecca’s newest signature line, Mecca Max.

    Leah Mienert, ISPT spokesperson, said the opening of the largest Australian Mecca Maxima store is a coup for Wintergarden and ISPT and showed the Queen Street Mall was fast becoming a world class fashion and lifestyle retail precinct.

    “The launch of the largest Australian Mecca Maxima store alongside flagship stores from the world’s leading fashion retailers including Zara, H&M and Uniqlo has put Brisbane’s Queen Street Mall firmly on the global fashion and retail map,” she said.

    Mienert said the Queen Street Mall is emerging as a globally recognised retail precinct and a sought-after destination for leading Australian and international retailers, attracting in excess of 26 million people each year and generating annual sales of over $1 billion.

    Mienert said the Mecca Maxima announcement was the first of a number of other announcements for Wintergarden, with more new stores to be opened before Christmas.

    ISPT also owns other Queen Street Mall retail destinations including the redeveloped 155 Queen Street which houses the three-level flagship Zara store and 170 Queen Street, which contains both the H&M and Uniqlo flagship stores.

  • Sheng Siong puts top bid on Punggol property

    Sheng Siong puts top bid on Punggol property

    Supermarket chain Sheng Siong Group (SSG) has put in the highest bid for a 3100sqft (287.9sqm) store in Edgedale Plans, Punggol.

    It has also submitted the second-highest bid for another store the same size along Woodlands Drive.

    SSG’s 41,500sqft Woodland store is set to close next month, but two are set to open – a 4000sqft store at Bukit Panjang this month and a 12,000sqft property in Woodlands St next month.

  • GM, China JV to recall over 2.5 million vehicles over airbags

    GM, China JV to recall over 2.5 million vehicles over airbags

    General Motors and its joint venture in China, Shanghai GM, will recall more than 2.5 million vehicles due to faulty airbag inflators, China’s top quality watchdog as said.

    The vehicles are equipped with airbag inflators produced by troubled Japanese manufacturer Takata, according to the General Administration of Quality Supervision, Inspection and Quarantine.

    From Oct. 29, the companies will recall 13,492 imported Saab and Opel vehicles, and from Dec. 29 another recall will start that involves more than 2.51 million Chevrolet and Buick cars.

    The recall, announced by the administration on Friday, followed a similar recall last week by Volkswagen AG and its Chinese joint ventures involving 4.86 million vehicles in China due to potential issues with Takata air bags.

    State news agency Xinhua quoted the quality watchdog as saying the faulty airbag inflator involved 37 car manufacturers and more than 20 million vehicles, of which 24 carmakers had recalled 10.59 million vehicles by the end of June.

    Takata air bags have been linked to at least 16 deaths and 180 injuries globally. The air bags have the potential to explode with too much force and spray shrapnel. The defect led to the biggest recall in automotive history and the eventual bankruptcy of the Japanese maker.

  • Amazon China on recruitment drive

    Amazon China on recruitment drive

    Amazon China appears to be ramping up business with nearly 400 mainland jobs listed on its careers website, plus another 900-odd on LinkedIn.

    The US company’s China-centred recruitment drive includes senior content executives to acquire and manage content, a leader for its Amazon Lending program and a head for its storefront on Alibaba’s Tmall.

    While the Seattle company still sells goods from abroad to Chinese consumers, the country’s e-commerce market is dominated by Alibaba and JD.Com, and the government places limits on foreign companies.

    Meanwhile, Amazon is encouraging its more than 2 million merchants to expand their horizons to embrace international markets. To streamline the process, it offers language translation services, currency conversion and tariff services.

    Amazon’s sales in China represented just 1.1 per cent of the nation’s online gross merchandise value in 2015, and by last year that figure had dropped to 0.8 per cent, according to iResearch figures.

    However, in last year’s fourth quarter, Amazon controlled 7 per cent of the China’s cross-border commerce, according to ICBC. For the first quarter this year, its cross-border sales were 11 times above their level two years earlier.

    Amazon this year started hiring HR executives for a new regional “shared-services hub” in Beijing, and a new office in Hangzhou – Alibaba’s home territory – is hiring sales team leaders empowered to headhunt more staff.

  • Luk Fook US opens second San Francisco shop

    Luk Fook US opens second San Francisco shop

    Luk Fook US has opened its second retail shop in San Francisco with a ribbon-cutting ceremony.

    Officiating guests included California State Senator Scott Wiener, Chinese Consolidated Benevolent Association president William Yu, Miss Asia California Katie Lam, and group co-founder Pauline Yeung, a Miss Hong Kong Pageant winner.

    Group chairman/CEO Wong Wai Sheung says Lukfook Jewellery has been well received and supported by overseas Chinese customers. “This year marks the 20th anniversary of the group’s public listing, and we are dedicated to extend the network here in Chinatown, San Francisco.”

    He says the group also plans to expand further overseas to fulfil its corporate vision of “Brand of Hong Kong, Sparkling the World”.

    With shops across Mainland China and Hong Kong, the group tapped into the North American market in 2003. It has more than 1500 shops in nine countries and regions.