Retail News CRM

Tag: entertainment

  • Fung Retailing boosts stake in reborn Toys R Us Asia

    Fung Retailing boosts stake in reborn Toys R Us Asia

    Fung Retailing has finally secured a deal to continue to operate the profitable Toys R Us Asia business. The privately owned Hong Kong business, which is separate to the listed Li & Fung, will boost its stake in Toys R Us Asia from 15 per cent to about 21 per cent, making it the retailer’s largest shareholder.

    The balance will be owned by Taj Noteholders representing a mixture of investment funds and financial institutions who have a stake in the collapsed parent company Toys R Us US.

    Toys R Us Asia has never been affected by the liquidation of the US business – it has been trading profitably under Fung Retailing direction and has even been expanding its store network while shops bearing the iconic banner have been closing in post part of the world. Last week it relaunched its store in Brunei.

    The new partnership between Fung Retailing and Taj Noteholders values the company at US$900 million.

    “This transaction is a significant step in separating the valuable and growing Toys “R” Us Asia operation from the rest of the business,” said an unidentified spokesman for Taj Noteholders in a statement.

    “The company’s growth prospects in Greater China, Japan and Southeast Asia are bright and we are excited about investing in and owning the company in partnership with Fung Retailing”.

    Pieter Schats, executive director of Fung Retailing, said that since introducing Toys R Us to Hong Kong in 1986, Fung Retailing has played an integral role in the successful growth and development of the business across Asia.

    “As a sign of the confidence we have in the management team and future success of Toys R Us in the region, we are pleased to increase our shareholding in the company, reflecting our commitment to support Toys R Us Asia in reaching new heights.”

    The company will continue to be led by its current president & CEO Andre Javes and his management team.

    Technology boost

    The new owners of Toys R Us Asia plan a “significant investment in technology” to boost the company’s infrastructure.

    “We are committed to remaining the leading specialty retailer of toy, education and baby products in Asia by driving innovation and quality through our products and services,” said Javes. “The conclusion of the sale process brings clarity to the company’s ownership and we look forward to strengthening and leveraging our partnerships with our vendors and commercial stakeholders. Our shareholders’ investment is a huge vote of confidence in our vision, our team and our winning model.”

    Toys R Us Asia operates more than 450 stores in Japan, Greater China and Southeast Asia, including Brunei, China, Hong Kong, Malaysia, Singapore, Taiwan and Thailand. It also licenses more than 85 stores in the Philippines and Macau.

  • Hyundai investing in U.S. drone company

    Hyundai investing in U.S. drone company

    Hyundai Motor, Korea’s largest carmaker by sales, said Thursday it has invested in a U.S. unmanned aerial vehicle (UAV) company to jointly develop new products. In the investment, Hyundai Motor and Top Flight Technologies will jointly seek business opportunities in the global high-end aerial drone market, the company said in a statement.

    “In addition to solving the challenges of longer-duration flight for quadcopters, Top Flight is developing the technologies needed to enable new solutions in aerial logistics and mapping which could be useful in Hyundai’s future business,” John Suh, vice president of Hyundai CRADLE in Silicon Valley, said in the statement.

    Hyundai CRADLE is Hyundai Motor’s corporate venture and open innovation business in the United States.

    “Hyundai’s investment in Top Flight confirms its commitment to autonomous vehicles and mobility solutions, whether on the road or in the air. We fully believe that Hyundai’s world-class assembly and automation capabilities will help spur the production and deployment of aerospace-grade UAVs, more efficiently than ever,” Top Flight Chief Executive Long Phan said in the statement.

    The U.S. start-up is unrivaled in the fields of cutting-edge unmanned aerial vehicles equipped with small-sized gasoline engines that can extend flight range by charging a battery, it said. Hyundai didn’t provide how much it has invested in the U.S. start-up.

    The global UAV market is expected to grow from $5.6 billion in 2016 to $12.2 billion in 2019 and to $22.1 billion in 2026, the statement said. As UAVs are mainly used for military purposes, there is big growth potential for the commercial drone market. At present, the drone delivery services market is in the early stages of development. The concept of drone delivery services began with Amazon in December 2013. The U.S. retailer said its drone service is designed to deliver packages to customers as quickly as possible using UAVs.

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  • Toys R Us reopened in Brunei

    Toys R Us reopened in Brunei

    Toys R Us Brunei has relaunched its Mabohai Shopping Complex store. The reopening, after extensive redesign and renovation works, attracted long queues of shoppers hoping to pick up special deals promoting the event. Along with the reopening, the store has expanded its product range by 70 per cent.

    Toys R Us (Singapore) group country director Raymond Burt reassured customers the brand is “here to stay”.

    “We have been in Brunei for around six years and we have re-signed our lease here at Mabohai Shopping Complex. We have also reinvested in the store and spent quite a bit of money to bring the latest design of the market to the store. We have renovated the store with a layout that is segmented by age for children, to make it easier for customers to shop.

    “We have updated the design and signage as well as added elements of interactive play that we didn’t have before.”

    Toys R Us operates 67 stores in Asia and has 18 new stores planned for launch by the end of the year, the majority in China. It is part-owned by Fung Retailing and not affected – as yet – by the collapse of the company in the US.

  • Genting Malaysia will act to mitigate impact of higher casino licence fee, duties

    Genting Malaysia will act to mitigate impact of higher casino licence fee, duties

    Genting Malaysia Bhd is assessing the full implications of additional taxes announced in Budget 2019 and will take appropriate action to mitigate their impact. The action includes a review of its marketing expenditure as well as cost structure, it told the stock exchange.

    Genting Malaysia said it has been advised by the Finance Ministry that the annual casino licence fee will be revised from RM120 million to RM150 million and casino duties will be revised to up to 35% of gross collection.

    “The increase in casino duties represents a 10 percentage point increase over existing duty rates. The amendments will take effect from Jan 1, 2019,” it added.

    On Bursa Malaysia today, Genting Malaysia closed 3 sen or 0.83% higher at RM3.64 after hitting limit down on Monday.

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  • Vietnam’s gaming firm profits fall 52 pct in 9 months

    Vietnam’s gaming firm profits fall 52 pct in 9 months

    Vietnamese online gaming giant VNG has reported Jan-Sept 2018 profits of VND152 billion ($6.5 million), a 52 percent year-on-year slump. The company has said in its third-quarter financial statement that higher expenditures have eaten into its profits.

    Selling and administrative expenses of VND853 billion ($36.7 million) and VND382 billion ($16.44 million) respectively in the nine-month period marked a 72 percent and 27 percent year-on-year surge.

    At its recent annual meeting, the company’s management board had predicted a sharp drop in profits compared to previous year as the company wanted to focus resources on investment in strategic products and diversify operations.

    The company focuses in four main areas: e-wallet, mobile product development, ecosystem building, and e-commerce.

    VNG has set a revenue target of over VND5 trillion (more than $215 million) for this year, 17 percent higher than in 2017.

    However, after-tax profit is expected to only reach VND549 billion ($23.62 million) compared to VND938 billion ($40.36 million) in 2017.

    VNG, which used to be known as VinaGame, also owns major news site Zing, popular music site Zing MP3, instant messaging app Zalo, and e-commerce site Tiki.

    Tiki, VNG’s largest investment in e-commerce, continues to suffer increasing losses. In the first half of this year, Tiki’s losses of VND102 billion (nearly $4.39 million) were more than double the same period last year.

    The cumulative loss of this e-commerce site has reached nearly VND600 billion (about $25.82 million) after seven years of operation, beginning in 2010.

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  • CGV to boost its presence in Vietnamese cinema market

    CGV to boost its presence in Vietnamese cinema market

    CJ CGV Vietnam Holdings said Friday it will further expand its presence in Vietnam by maximizing funds from its planned listing in Korea this month. The cinema chain based in Vietnam is scheduled to go public on Seoul’s main Kospi bourse on Nov. 16. It plans to issue 5.71 million shares, with the share price to be set between 18,900 won ($16.80) and 23,100 won, according to the firm and the bourse operator, Korea Exchange.

    “We find great potential in the Vietnamese market, as its population is approaching 100 million and its income and domestic demand have been on a rise, but the entertainment market has not been developed,” chief Shim Jun-beom told reporters.

    Wholly owned by CJ CGV, Korea’s largest multiplex cinema chain, CJ CGV Vietnam Holdings has operated the Vietnamese chain through its subsidiary CJ CGV Vietnam since 2011.

    It now leads the market there with 347 screens at 57 cinemas. In terms of film distribution and advertisement, CJ CGV also occupies the top spot.

    “We expect our market share to grow from the current level of 41 percent to around 60 percent in five years,” he added.

    Last year, sales of the holding firm came to 128.3 billion won, up 22.6 percent from the previous year, and its operating profit rose 4.8 percent on-year to 11.4 billion won.

    It has selected Hanwha Investment & Securities and Shinhan Investment Corporation as its lead managers for the IPO.

    In July, CJ CGV CEO Seo Jung said that the company aims to increase the number of its screens around the world to 10,000 in 11 countries by 2020.

    Currently, the multiplex chain, owned by the food and entertainment conglomerate CJ, is the world’s fifth-largest cinema chain with 3,459 screens around the world.

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  • LG Electronics starts venture to make in-cabin electronics

    LG Electronics starts venture to make in-cabin electronics

    LG Electronics said Thursday it will establish a joint venture with Germany’s Lufthansa Technik, which will be devoted to developing in-cabin electronics systems. The new venture, whose name has not yet been decided, will focus on developing in-cabin solutions utilizing LG Electronics’ technologies, including its OLED displays.

    Lufthansa Technik is a subsidiary of Deutsche Lufthansa AG, Germany’s largest air carrier.

    The new company will kick off in the first half of 2019, and will be based in Hamburg, Germany. LG did not reveal detailed conditions of the agreement, including the size of the deal.

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  • Media Prima to provide content for Europe’s Dailymotion video streaming service

    Media Prima to provide content for Europe’s Dailymotion video streaming service

    Media Prima Bhd has inked a memorandum understanding (MoU) with Dailymotion, which will see the media group’s video content being made available on the platform.

    Dailymotion currently has 300 million monthly unique users and three billion monthly video views. More than 50% of its users are from the Asia Pacific region. Other notable partners of Dailymotion includes BBC News, Vice Media, Bloomberg Media and CBS Sports.

    When asked if there are concerns over piracy and copyright, Media Prima Television Networks CEO Johan Ishak said that the group currently works with authorities such as the Home Ministry and the Communications and Multimedia Ministry to tackle the issue.

    Additionally, it also has an internal unit to look after the media group’s Intellectual Property (IP) content.

    “Whenever we find any incidences of piracy… we will get authorities to help us shut it down,” he added.

    According to Dailymotion’s vice-president Content (Asia Pacific) Antoine Nazaret, the necessary tools and technology are in place to ensure that media content uploaded to its platform are protected.

    He said the platform started as a user generated platform (UGC) 15 years ago and has shifted its focus to becoming a premium platform in the last two to three years.

    “We started 15 years ago as a UGC platform and it was a little bit of everything and anything. We took a really strong position 2-3 years ago (that) we don’t want to just be a UGC platform … we wanted to be a premium platform, meaning we want to care and be relevant for very premium content providers and guarantee them that their IP and content are perfectly well protected on the platform,” he added.

    Nazaret said in order for Dailymotion to guarantee its position on being premium, it has to demonstrate that it can safely protect the value content on the platform.

    The platform is owned by Paris based multinational company, Vivendi.

    No specific timeframe has been laid out as for the duration of the collaboration, with both parties saying that it will continue as long as it is required.

    Dailymotion will also be powering Media Prima’s Tonton over-the-top (OTT) service platform.

    As for Tonton, which ceased video-on-demand subscription on Aug 31, Johan said the group may relook at the possibility of re-implementing subscription services in the future when there is enough demand for paid content.

    Johan said the focus is on digital advertising through advertising video-on-demand.

    As for the first half of the financial year ended June 30, the group reported RM44.8 million as digital revenue compared to RM14.9 million in the comparative period driven by higher digital advertising revenue across all platforms.

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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.

  • Vietnam Casino fined $15,000 for tax evasion

    Vietnam Casino fined $15,000 for tax evasion

    The Quang Ninh Tax Department says it has found the casino violating corporate tax and value-added tax regulations after inspecting returns filed in 2017 and its value-added-tax receipts until February 2018.

    The department has levied total fines of $15,000, including $10,500 for faulty reporting of value added tax and $3,700 for using illegal invoices.

    The Casino Gaming Club is the only gambling facility approved to serve foreigners exclusively in Ha Long Bay City, but it has been in the red since 2013.

    Last October, the company’s financial report stated that its losses in the third quarter had jumped 23 times from a year ago to more than $3.04 million.

    Managers said most of its customers were from Taiwan and mainland China, but their numbers have dwindled in recent times.

    In the first three months of this year, the company earned nearly $2.92 million in revenue, and around $69,000 in after tax profits. This is a sharp increase compared to a $908,000 loss during the same period last year.

    However, the company’s accumulated loss is estimated at more than $7.4 million on a total capital investment of $30.5 million.

    Vietnam has six casinos that are open exclusively for foreigners, and four of them are reporting losses.

    Earlier this year the government lifted a long standing gambling ban on Vietnamese nationals, allowing them to patronize two casinos, one on the southern resort island of Phu Quoc and the other at the Van Don Special Economic Zone in the northern province of Quang Ninh.

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  • The Marvel Experience Thailand opens in Bangkok

    The Marvel Experience Thailand opens in Bangkok

    The Marvel Experience Thailand opens in Bangkok.  South East Asia’s first Marvel Experience-branded attraction has launched at Bangkok’s Mega Bangna mall.

    The Marvel Experience Thailand stretches over two hectares. It’s sited at the Mega Bangna (Bang Phli) mall, halfway between Suvarnabhumi International Airport and the centre of Bangkok.

    “From our success with the launch of The Marvel Experience (TMX) in the United States of America and elsewhere, a number of countries have reached out and invited us to bring TMX to them,” said Rick Licht, CEO of Hero Ventures. “As Thailand is a major fan base for Marvel, we believe that Thailand is the perfect country to which we should bring this adventure.”

    The new attraction has two major zones – a reception building and the Attraction Zone. As visitors enter they will find themselves at the ticket office. F&B options The Avengers Café and the Super Hero Snack Bar are on hand. The Marvel Adventure Zone offers play for smaller children. Guests can also browse the Marvel Experience Super Store, with a wide range of Marvel licensed products. The Marvel Experience Thailand merchandise is exclusive to the venue.

    Guests then enter the Holding Zone Beta, a prepping area before guests move into the main Attraction Zone. Once inside the Attraction Zone, guests are invited to become S.H.I.E.L.D agents. They then join Spiderman, Captain America, Iron Man, Thor, Hulk, Black Widow, Black Panther and other Marvel heroes in a two-hour campaign. The immersive battle offers a compelling combination of hyper reality, interactive and multimedia technology games. It also includes AR and VR simulations.

    The Marvel Experience also offers a 4D motion ride and a 360-degree 4D stereoscopic projection dome. Guests also have the opportunity for meet and greets with Marvel heroes.

    TMX is collaborating with their local partner Hero Experience to manage the attraction. Surakiat Thienthong, co-CEO of Hero Experience, says he hopes the new attraction will become a key tourist focus in Bangkok, helping to boost overall numbers of tourists for Thailand.

    “We plan to communicate with both Thai people and international tourists,” says Thienthong. “For Thailand, our strategy is to integrate marketing communication across all media channels: TV, radio, online, out-of-home media, including marketing activities every month.”

    He adds that, for the international market they will “promote through media and key influencers in each country as well as find the right travel agent partners to broaden our target groups.”

    The addition of branded retailtainment is in line with current trends in retail.

    It seems the world can never get enough of Marvel. Earlier this year Blooloop reported on the opening of a £1million Marvel Super Heroes attraction at Madame Tussauds Blackpool.  Meanwhile the Marvel Summer of Super Heroes is in full swing at Disneyland Paris.

    View gallery below for more pictures of the venue (7 images) :

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  • Korea advances in the Asian entertainment market with 3D technology

    Korea advances in the Asian entertainment market with 3D technology

    Korea Creative Content Agency organised the 3D VFX pavilion at the recently concluded Asia TV Forum 2010 held in Singapore from 8-10 December, in hopes of promoting Korean 3D contents technology.

    The 3D VFX was further demonstrated at the 3D conference thus promoting not only the technology but also the so-called Korean Wave.

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  • Mall offers bored partners ‘husband rest hatches’

    Mall offers bored partners ‘husband rest hatches’

    Global Harbour, Shanghai’s largest mall, has launched four “husband rest hatches” where men can put up their feet and play computer games while their significant others shop.

    However, the idea has had a mixed reception from couples, reports ThePaper.cn.

    “Such a machine is just the best of both worlds: the girlfriend can take her time shopping while I have some fun without disturbing others,” one man told the news site, while one woman complained that it was impossible to ask a man to stop playing games. “I may now have to wait for him when I finish shopping but he’s still playing games.”

    Another woman said a man was supposed to accompany his girlfriend while shopping. “I’ll be the bored one if he plays games and has fun by himself.”

  • AirAsia X Boosts roKKi System With Inmarsat’s GX Aviation

    AirAsia X Boosts roKKi System With Inmarsat’s GX Aviation

    AirAsia X announced that it will upgrade in-flight connectivity for its roKKi in-flight entertainment system using Inmarsat’s GX Aviation, with plans, not only to boost Internet speeds and provide seamless streaming, but to increase passenger spend on board.

    AirAsia X CEO Ben Ismail was at Aicraft Interiors Expo in Hamburg this afternoon to announce it would be upgrading its roKKi in-flight entertainment platform with Inmarsat’s GX aviation. The upgrade will bring faster Internet speeds for browsing, video streaming and social media.

    “Today marks a significant milestone for AirAsia and roKKi. This next-generation connectivity solution represents a major infrastructure upgrade that signals a long-term commitment in transforming AirAsia into a truly digital airline,” Ismail said.

    “This next-generation connectivity solution represents a major infrastructure upgrade that signals a long-term commitment in transforming AirAsia into a truly digital airline.” — AirAsia X CEO Ben Ismail

    “AirAsia is a really important win for us,” says Frederik van Essen, SVP, Strategy and Business Development, Inmarsat Aviation. “AirAsia has the attitude that we share of making things happen, not accepting the status quo. Once they take the decision to move, they want to move quickly.”

    The memorandum of understanding with Inmarsat covers AirAsia X’s A330 and A320 fleets, subject to final contracts. Installations begin later this year with GX Aviation connectivity expected to go live first on the A330s in 2018.

    “Connectivity is something desired by all passengers.” — Frederik van Essen, Inmarsat Aviation

    Aside from upgraded connectivity, Ismail says GX Aviation will help to drive ancillary revenues on board. “Currently our ancillary spend is about $60 US per passenger, and I think with this coming in, it’s going to drive that sales up to $80 or $90,” Ismail explained, adding that the average passenger flies four to eight hours on an AirAsia flight.

    “In Asia, showing this attitude with a low-cost carrier demonstrates that these are not only systems for premium carriers that want to offer this to first- or business-class passengers. Connectivity is something desired by all passengers,” van Essen said.

    “GX is different from the other offers out there. We own and operate satellites. We are seeing the fruits of that as we roll out the service next year,” said Leo Mondale, president, Inmarsat Aviation.

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  • South Korea dominate Vietnam entertainment industry

    South Korea dominate Vietnam entertainment industry

    They include YG Entertainment, which manages many of Korea’s biggest stars like Big Bang, 2NE1, PSY, Epik High, Choi Ji Woo, Black Pink and Lee Jong Suk, its subsidiary YGKplus, the country’s leading modelling agency, and Naver.com, the country’s biggest search engine and online media and entertainment channel.

    The Korean companies are seeking to tie up with Multimedia JSC in entertainment and fashion.

    They will send their stars to participate in major entertainment events in Vietnam like the Vietnam International Fashion Week and also create opportunities for Vietnamese models in Korea.

    Besides YG Entertainment and Naver.com, many other Korean companies in movies, the media and entertainment also have plans to enter the Vietnamese entertainment market.

    The Vietnam Film Distribution Association said the market was dominated by foreign distributors, many of them Korean.

    Vietnam now has more than 50 cinema chains. Korean-owned CJ CGV Vietnam is the largest in the market with 30 cinemas in 10 major cities. Lotte Cinema, also owned by South Korea, has 16 cinemas.

    A CJ CGV executive said each year the company opened around 10 cinemas in Vietnam and expected to reach 60 by next year.

    Market observers said South Korean investors saw plenty of opportunities in the Vietnamese entertainment industry.

    They find that the Vietnamese entertainment market is still in a fledgling state while the demand for entertainment has skyrocketed in step with living standards, meaning the sky could be the limit for investors.

    The fact that Vietnam and Korea have many cultural similarities means Korean entertainment investors with their quality products can attract Vietnamese audiences easily.

    On the commercial side of things, there are several trade agreements Vietnam has signed which offer opportunities to foreign investors, including those in the entertainment industry.

    Analysts said all this meaned pressure on domestic entertainment companies, who could lose the market completely to the Koreans if they were slow to react.

    In 2005 CJ CGV and Vietnamese company VIFA established a joint venture called CJ-VIFA whose first project was the drama “Mui Ngo gai”.

    Then CJ CGV bought out Megastar, the largest chain of cinemas in Vietnam at that time. At the beginning of 2014, after closing the acquisition, Megastar was renamed CGV.

    CGV now accounts for over a half the Vietnamese cinema market.

    It also dominates the film import market, and by showing more movies than its rivals, including blockbusters, CGV has become popular among the public.

    CJ CGV’s strategy is a vital lesson for local entertainment companies.

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