Retail News CRM

Tag: global

  • US Dollar Takes a Dive Against Vietnamese Dong in Black Market Amid Global Weakness

    US Dollar Takes a Dive Against Vietnamese Dong in Black Market Amid Global Weakness

    Over the weekend, the U.S. dollar experienced a dip against the Vietnamese dong on the informal currency exchange market. The dollar was traded 0.34% lower at VND26,560 at unofficial exchange points, while Vietcombank maintained its rate at VND26,463.

    Global Dollar Weakness

    On the global stage, the U.S. dollar was on track for its most significant weekly loss in 12 weeks. This downturn resulted from a lukewarm U.S. employment report, which led to diminished market predictions for an imminent Federal Reserve interest rate increase. This development brought some relief to the Japanese yen.

    The overall weakening of the dollar also boosted the euro, which reached $1.1440, following a nearly two-week high the previous day. The euro ended the week up by 0.5%. Simultaneously, the British pound solidified its position to $1.3352, marking a 1.1% weekly gain, its highest in almost three months.

    Impact on other Currencies

    The increased strength of the dollar also brought relief to the Japanese yen. The yen increased to less than 161 per dollar, a welcome shift after the sudden increase on Thursday, which took the currency from a 40-year low of 162.84 to 161.25. Despite this, market uncertainty surrounding potential intervention risks persisted.

    The dollar’s decline came in response to slowed U.S. job growth in June. Further, the reduced payroll gains for the preceding two months triggered traders to scale back on predictions of a near-term Federal Reserve rate increase.

    Questions & Answers

    What triggered the U.S. dollar’s dip against the Vietnamese dong?
    The dip was triggered by the overall weakening of the U.S. dollar on the global stage, which was a result of a lukewarm U.S. employment report diminishing market predictions for an immediate Federal Reserve interest rate increase.

    How did the global dollar weakness impact the euro and the British pound?
    The weakness of the U.S. dollar led to the strengthening of the euro, reaching $1.1440, and the solidifying of the British pound’s position at $1.3352.

    What caused the shift in the strength of the Japanese yen?
    The shift in the Japanese yen was due to the overall increase in the strength of the U.S. dollar, which took the yen from a 40-year low of 162.84 to less than 161 per dollar.

  • Vietnam’s Gold Prices Soar Amid Global Bullion Rally and Softened US Jobs Data

    Vietnam’s Gold Prices Soar Amid Global Bullion Rally and Softened US Jobs Data

    On Friday morning, gold prices in Vietnam saw a significant rise, in sync with the worldwide increase in gold rates, marking the first weekly gain in the past five weeks. The key driver behind this surge was the gold bar price offered by Saigon Jewelry Company, which saw a leap of 2.02%, equating to VND151.4 million (US$5,756.11) per tael. For context, a tael is equivalent to either 37.5 grams or 1.2 ounces.

    Over the course of the week, local gold rates have climbed by 1.9%, putting them roughly VND18 million per tael above global rates. This trend was mirrored by the price of gold rings, which increased by 2.02%, bringing it to VND151.3 million per tael on Friday.

    Global Gold Prices on the Rise

    On the global stage, Friday saw an increase of more than 1% in gold prices, setting the stage for the first weekly gain in the past five weeks. This shift has been attributed to a recalibration of investor expectations in light of less than anticipated U.S. employment figures, leading to a decrease in anticipations of Federal Reserve interest rate hikes.

    Spot gold saw an increase of 1.4%, taking it to $4,179.94 per ounce, its highest value since June 23. Additionally, U.S. gold futures for August delivery saw a rise of 1.6%, bringing it to $4,193.20.

    According to Kelvin Wong, a senior market analyst at OANDA, despite this uptick in gold prices, there has not been a complete revocation of rate hike pricing. He predicts that by the end of the year, there may still be another phase of potential gold weakness, with prices possibly reaching the $3,500/oz level.

    Central Banks Resume Gold Purchases

    The World Gold Council has reported that there has been a resumption of gold purchases by central banks. As per the most recent data, official gold reserves saw a net increase of 41 tons in May.

    Questions & Answers

    What factors led to the rise in gold prices in Vietnam?
    The rise in gold prices in Vietnam was driven by the gold bar price offered by the Saigon Jewelry Company and the increase in the global gold rate.

    What is the anticipated impact of the U.S. employment figures on gold rates?
    The less than expected U.S. employment figures have led to a reduction in expectations of Federal Reserve interest rate hikes, contributing to the rise in gold prices.

    What is the projected future trend for gold prices as per the senior market analyst at OANDA?
    Despite the recent increase in gold prices, Kelvin Wong predicts a potential phase of gold weakness towards the end of the year, with prices potentially reaching the $3,500/oz level.

  • AS Watson Group Promotes Queennie Fung to Lead Global Corporate Communications

    AS Watson Group Promotes Queennie Fung to Lead Global Corporate Communications

    AS Watson Group, a leading global health and beauty retailer, has announced the promotion of Queennie Fung to the position of General Manager of Group Corporate Communications. In this role, Fung will be responsible for overseeing the company’s brand positioning, reputation management, and stakeholder engagement across its 31 markets worldwide.

    Professional Journey of Queennie Fung

    Queennie Fung joined AS Watson Group in 2014 and has since made notable advancements within the organization. Prior to her promotion, she served as the Head of Corporate Communications, a position she assumed in 2024. In this capacity, she successfully led integrated communications initiatives across various markets, working in close collaboration with numerous business units to ensure the delivery of consistent messaging.

    In addition to this, Fung has been at the forefront of several campaigns aimed at bolstering AS Watson Group’s brand presence and amplifying community engagement. Her strategic and impactful contributions have been instrumental in refining the group’s global communications strategy and enhancing relationships with customers, partners, and communities.

    Looking Ahead: AS Watson’s Global Vision

    Commenting on the promotion, Malina Ngai, Group CEO of AS Watson Group, emphasized Fung’s pivotal role in shaping the company’s communication strategy. Ngai expressed confidence in Fung’s leadership, envisaging her as instrumental in fostering a more integrated and purpose-driven brand across all markets.

    The decision to promote Fung is in line with AS Watson’s ongoing efforts to strengthen its global brand and stakeholder engagement across its international business divisions.

    Questions & Answers

    Who is Queennie Fung?
    Queennie Fung is the newly appointed General Manager of Group Corporate Communications for AS Watson Group. She joined the company in 2014 and has held various roles within the organization.

    What will be Fung’s responsibilities in her new role?
    As the General Manager of Group Corporate Communications, Fung will oversee AS Watson Group’s brand positioning, reputation management, and stakeholder engagement worldwide.

    What has been Fung’s contribution to AS Watson Group so far?
    Fung has played a critical role in shaping the company’s global communications strategy and strengthening its relationships with customers, partners, and communities. She has led integrated communications initiatives and driven campaigns to enhance the brand and boost community engagement.

  • Cracking Into Global Markets: Vietnam’s First Shipment of Ready-to-Eat Eggs Lands in Japan

    Cracking Into Global Markets: Vietnam’s First Shipment of Ready-to-Eat Eggs Lands in Japan

    Vietnam has made significant strides in its food export sector with its first shipment of ready-to-eat poultry eggs to Japan. The delivery was facilitated by Vinh Thanh Dat Food (VFood) on Thursday, following an extensive collaboration with a Japanese partner. The endeavor is notable as Japan is renowned for having some of the world’s most rigorous food safety standards.

    Years of Collaboration Lead to a Successful Shipment

    The partners invested nearly two years in product development, tailoring the ready-to-eat eggs to the specific tastes of Japanese consumers while ensuring they adhered to the country’s stringent food safety regulations. This meticulous process involved comprehensive research, product refining, and assistance from Japanese experts.

    This shipment represents more than just a successful export; it symbolizes VFood’s determination to elevate the worth of Vietnamese eggs. Further, it opens doors for other processed egg products to penetrate demanding international markets and solidify their presence.

    Addressing Oversupply through Increased Exports

    Presently, the poultry egg market in Vietnam is grappling with an oversupply due to a surge in farm expansions when egg prices were high. This expansion has led to production exceeding demand, thereby resulting in a drop in egg prices. Thus, venturing into new export markets is seen as a viable solution to manage the surplus stock, enhance poultry farmers’ earnings, and in turn, instill greater confidence in them to sustain production.

    In the long run, increasing exports can help farmers standardize and upgrade their production processes. Simultaneously, it could serve as a catalyst for growth in Vietnam’s poultry egg sector.

    Questions & Answers

    What is significant about the recent shipment of ready-to-eat eggs from Vietnam to Japan?
    This shipment marks the first time that Vietnam has exported ready-to-eat eggs to Japan, a country known for its strict food safety standards.

    How did VFood prepare for this milestone shipment?
    VFood collaborated with a Japanese partner and invested nearly two years in product research, development, and refinement to ensure the eggs met Japanese consumers’ tastes and the country’s food safety regulations.

    What are the potential benefits of expanding egg exports for Vietnam’s poultry sector?
    Expanding exports can help manage the current oversupply of eggs in the Vietnamese market, improve poultry farmers’ incomes, and encourage them to maintain production. In the long term, it can aid in standardizing and upgrading production processes and boosting the overall poultry egg sector.

  • Vietnam’s Gold Prices Soar Despite Global Market Decline: A Week of Ups and Downs

    Vietnam’s Gold Prices Soar Despite Global Market Decline: A Week of Ups and Downs

    Vietnam’s gold market saw a modest rise in prices on Saturday, ending the week on a slightly high note. The day observed a 0.34% increase in the prices of gold bars from Saigon Jewelry Company, which closed at VND147.2 million (US$5,594.85) per tael. This showed a 0.14% increase over the week.

    Similarly, the prices of gold rings also rose, marking a 0.4% increase to VND147.2 million per tael. For context, a tael is a traditional Asian unit of weight, which is equivalent to 37.5 grams or 1.2 ounces.

    Global Gold Prices

    In contrast to Vietnam, global gold prices experienced a downward trend on Friday. The decline marked the third consecutive weekly fall for the yellow metal. The decrease in prices was influenced by the strengthening of the U.S. dollar and a hawkish stance of the Federal Reserve.

    Spot gold decreased by 0.9%, settling at $4,169.44 per ounce. This was after hitting its lowest level since June 11 at $4,119.78. Also, U.S. gold futures contracted by 1.4% to $4,186.50.

    Senior market analyst at Jefferies-owned Tradu.com, Nikos Tzabouras, commented on the situation. He noted that gold is at risk of sinking further into bear market territory, potentially falling below the $4,000/oz mark. He attributed this to the challenging market environment and the unfavorable effects of prolonged higher Federal Reserve expectations on non-yielding assets, which, however, is beneficial to the dollar.

    With regards to gold price projections, Goldman Sachs revised its forecast, lowering its December prediction to $4,900 per ounce from its earlier estimate of $5,400. The firm reasoned that while its price outlook remains generally positive, it is exercising caution due to potential near-term downside risk and medium-term upside risk.

    Questions & Answers

    What caused the rise in Vietnam’s gold prices?
    The increase in Vietnam’s gold prices is not attributed to a specific cause in the article. However, gold prices can rise due to various factors such as fluctuations in currency values, inflation, and geopolitical instability.

    What is causing the downturn in global gold prices?
    The global decline in gold prices is attributed to the strengthening of the U.S. dollar and the hawkish stance of the Federal Reserve, which has increased expectations for higher interest rates.

    What is Goldman Sachs’ revised forecast for gold prices by December?
    Goldman Sachs has revised its forecast for gold prices by December to $4,900 per ounce, a decrease from its previous estimate of $5,400 per ounce.

  • Malaysia Soars to 15th Spot in Global Economic Competitiveness, Credits Boom in AI and Semiconductor Industry

    Malaysia Soars to 15th Spot in Global Economic Competitiveness, Credits Boom in AI and Semiconductor Industry

    In the most recent 2026 IMD World Competitiveness Ranking, Malaysia’s standing significantly improved, moving up eight spots to claim the 15th place. This notable advancement represents the country’s greatest leap in recent years. The International Institute for Management Development, the authority that published the ranking, attributed Malaysia’s enhanced position to advancements across all four pillars of competitiveness.

    The four pillars considered in the ranking include economic performance, government efficiency, business efficiency, and infrastructure. Malaysia demonstrated remarkable progress in all these areas. The country obtained 4th place worldwide for economic performance, while government efficiency ascended 11 places, reaching the 14th position. Business efficiency moved up 16 spots to the 16th position, and infrastructure experienced a slight boost, improving two spots to rank 33rd.

    An Examination of Sub-factors

    Looking deeper into the sub-factors, Malaysia’s domestic economy ranking ascended four places, achieving the 11th position, and the international trade ranking rose one spot to the 5th position. One significant leap was observed in the international investment sector, which climbed seven places to reach the 19th position.

    The IMD ranking evaluates 70 economies based on the aforementioned four fundamental pillars. Malaysia’s consistent improvement is evidenced by its steady ascent over the years. In the previous year, the nation jumped 11 places to secure the 23rd position among 69 economies. This was a marked improvement from the 34th position it held among 67 economies in 2024.

    According to economists, the critical factors contributing to Malaysia’s elevated ranking include a robust economic foundation, heightened trade competitiveness, improved public and business sector performance, and expanding opportunities within the technology sector.

    Stephen Innes, Managing Partner at SPI Asset Management, believes that Malaysia’s substantial boost in competitiveness is not merely indicative of a short-term recovery. Instead, he points to the rapid growth of artificial intelligence and the semiconductor industry as key drivers of this progress. Innes notes that Malaysia’s advantageous positioning across the electrical and electronics supply chain, coupled with its appeal in attracting investment in advanced packaging and data centers, makes it a natural beneficiary of global supply chain diversification.

    Questions & Answers

    What factors led to Malaysia’s improved ranking in the 2026 IMD World Competitiveness Ranking?
    Malaysia’s improvement is attributed to advancements in economic performance, government efficiency, business efficiency, and infrastructure. The rapid growth in artificial intelligence and the semiconductor industry were also highlighted as key contributors.

    How has Malaysia’s ranking evolved over the years?
    Malaysia has shown steady improvement in its standing, moving from 34th out of 67 economies in 2024, to 23rd out of 69 in 2025, and finally to 15th out of 70 economies in 2026.

    What sub-factors saw notable improvement in Malaysia’s ranking?
    Significant improvements were observed in the country’s domestic economy, international trade, and international investment rankings.

  • Emirates SkyCargo Expands Global Network with Weekly Freighter Service to Almaty, Central Asias Growing Commercial Hub

    Emirates SkyCargo Expands Global Network with Weekly Freighter Service to Almaty, Central Asias Growing Commercial Hub

    Emirates SkyCargo, the freight arm of the prominent Emirates airline, recently announced the commencement of weekly freighter flights to Almaty International Airport, Kazakhstan, starting from 16 June 2026. In what marks the company’s first foray into Central Asia, the Dubai-based flights are set to establish a robust trade channel, tying the region to the Emirates SkyCargo global network.

    Strengthening Trade Corridors

    As the major city of Kazakhstan, Almaty is a fast-developing commercial and logistical center, serving as an economic and trading nexus in Central Asia. By offering weekly freights every Tuesday, Emirates SkyCargo aims to supply over 100 tonnes of weekly cargo capacity. This will facilitate the smooth transportation of key commodities including electronics, perishables, machinery, and other consumer items between Dubai and Almaty.

    Badr Abbas, Divisional Senior Vice President of Emirates SkyCargo, noted that the decision to offer weekly freighter services to Almaty was in line with the company’s role as a global trade facilitator. He expressed optimism that the new service would provide businesses in Almaty and the surrounding region with opportunities to expand their international operations. Furthermore, it would offer the company’s global customers quick and convenient access to a strategic marketplace. Abbas also stated that the Almaty expansion supports the company’s long-term growth strategy and the D33 Dubai Economic Agenda objectives by increasing foreign trade and solidifying Dubai’s status as a global logistics hub.

    Expansion of Freighter Fleet and Network

    In response to a surge in global demand, Emirates SkyCargo has strategically expanded its freighter fleet and worldwide network. Since March 2026, the airline has taken delivery of four new Boeing 777 freighters, with six more due for delivery later this year. This will bring the total Emirates freighter fleet to 21 aircraft by December 2026. Emirates SkyCargo offers its global customers scalable and flexible cargo capacity solutions. In addition to dedicated freighter flights, the carrier also provides high-frequency bellyhold cargo capacity on Emirates’ passenger aircraft fleet, operating to destinations across six continents.

    Questions & Answers

    What is the significance of Emirates SkyCargo’s new service to Almaty?
    The new service will open up a new channel of trade, linking Central Asia, particularly Kazakhstan, to Emirates SkyCargo’s global network. It offers businesses an opportunity to expand their operations and provides global customers with a strategic marketplace.

    How does this expansion fit into Emirates SkyCargo’s broader strategy?
    The expansion aligns with the company’s long-term growth strategy and the D33 Dubai Economic Agenda objectives. It supports the company’s role as a global trade facilitator and strengthens Dubai’s standing as a global logistics hub.

    What are Emirates SkyCargo’s plans for their freighter fleet?
    With the delivery of four new Boeing 777 freighters in 2026 and six more expected later in the year, Emirates SkyCargo plans to expand its freighter fleet to 21 aircraft by the end of 2026.

  • Zara Unveils Latest Flagship Store in Shanghai, Showcasing New Global Store Design

    Zara Unveils Latest Flagship Store in Shanghai, Showcasing New Global Store Design

    Spanish fashion retailer Zara has expanded its presence in China by launching a state-of-the-art flagship store on Shanghai’s Huaihai Road. The new establishment reflects a strategic shift by its parent company, Inditex, towards larger retail spaces in prime locations, enhanced shopping experiences, and a consolidation of its store network through the closure of smaller outlets.

    The Huaihai Road store, which officially opened on June 6, sprawls over almost 2000 square meters across five floors. It features Zara’s full range of men’s and women’s apparel. Shoppers will also find designated sections for footwear, handbags, the Athleticz line, Zara Salon, and fragrances. This modern retail space was brought to life by the Zara Architecture Studio, in partnership with AIM.

    The Shanghai store’s unveiling is part of Zara’s ongoing flagship upgrade program across the Asia-Pacific region, a strategy that included considerable enhancements to its outlets on Nanjing Road in the previous year.

    Eugenio Bregolat, President of Inditex Greater China, highlighted the significance of the event, stating it marked a notable milestone as Zara celebrates two decades of operations in China. He reaffirmed the company’s commitment to uplifting the customer experience throughout the country by creating more inspiring and immersive retail spaces.

    Meanwhile, another Inditex brand, Massimo Dutti, is gearing up to open its flagship store at the Hong Kong Plaza near Huaihai Middle Road, further indicating the group’s ongoing investment in landmark locations within China.

    Questions & Answers

    **What is the new strategy of Zara’s parent company, Inditex, in China?**
    Inditex’s new strategy focuses on opening larger stores in key locations, enhancing the shopping experience, and consolidating its store network by closing smaller outlets.

    **What does the new Zara store on Shanghai’s Huaihai Road offer?**
    The new store, spread over almost 2000 square meters across five floors, offers Zara’s men’s and women’s collections, and includes designated areas for footwear, handbags, the Athleticz line, Zara Salon, and fragrances.

    **What does the opening of the new Zara store signify?**
    The opening of the new Zara store marks a milestone as the brand celebrates its 20th anniversary in China. It also symbolizes the continuation of Inditex’s investment in flagship locations within the country.

  • Guoquans Global Debut: Chinese Home-Dining Giant Ventures into Hong Kong Market

    Guoquans Global Debut: Chinese Home-Dining Giant Ventures into Hong Kong Market

    The Chinese home-dining retailer, Guoquan, is planning to extend its business to Hong Kong. This move signifies the company’s first initiative outside Mainland China, aligning with their international expansion plans.

    The retailer anticipates the launch of its inaugural store in Wan Chai, Hong Kong, later this year. During this launch, local consumers will be introduced to the Guoquan’s “community central kitchen” concept.

    Expansion and Innovation

    This planned expansion to Hong Kong is concurrent with Guoquan’s continued growth within Mainland China. As of the first quarter of 2026, Guoquan boasts a network of 11,758 stores across the nation, including more than 3100 outlets in township level markets.

    From the latter half of 2025, Guoquan has been enhancing its store network by transforming smaller outlets into larger “community central kitchen” formats. The floor area of these renovated stores typically ranges from 80 to 100 square meters. These larger stores offer a wider array of products, a departure from the company’s traditional hotpot and barbecue ingredients.

    Guoquan’s product range has evolved to include breakfast items, ready-to-eat meals, light fare, alcoholic beverages, and other options tailored for various consumption times of the day. With 24-hour unmanned stores, customers can access these products and services at any time.

    Guoquan’s Journey

    Established in 2017, Guoquan has flourished into one of the leading home-dining brands in China. The company was publicly listed on the Hong Kong Stock Exchange in November 2023.

    Guoquan is renowned for specializing in household meal ingredients. Its product offerings range from hotpot and barbecue items to self-heating meals and prepared Chinese dishes.

    Questions & Answers

    What is Guoquan’s “community central kitchen” concept?
    The “community central kitchen” model is an innovative retail concept where stores are expanded from their traditional format to offer a wider range of products. This not only includes Guoquan’s traditional hotpot and barbecue ingredients, but has evolved to include breakfast items, ready-to-eat meals, light fare, alcoholic beverages, and more.

    When was Guoquan founded and when did it list on the stock exchange?
    Guoquan was founded in 2017 and listed on the Hong Kong Stock Exchange in November 2023.

    What is Guoquan’s current store count in Mainland China?
    As of the first quarter of 2026, Guoquan operates 11,758 stores nationwide in Mainland China, including over 3,100 outlets in township-level markets.

  • Surging Ahead: Luckin Coffee Topples 35,000-Store Milestone with Rapid Global Expansion

    Surging Ahead: Luckin Coffee Topples 35,000-Store Milestone with Rapid Global Expansion

    Luckin Coffee, a leading coffee chain in China, recently celebrated a significant expansion mark. The brand’s international presence now spans over 35,000 locations across the globe. This development underscores Luckin’s rapid growth both in its home country and abroad, further solidifying its reputation as one of the most extensive coffee and beverage retail chains in terms of store count.

    Impressive Expansion Strategy

    Luckin’s monumental growth is primarily attributed to its aggressive expansion strategy. This strategy is rooted in establishing a dense urban presence, standardizing store layouts, and leveraging technology to facilitate rapid deployment and high-volume service.

    The chain’s growth trajectory has been consistent, with the opening of its 30,000th store earlier this year. This milestone was marked by the debut of a new ‘Origin Flagship’ store in Shenzhen, a significant departure from the brand’s usual small-scale, pickup-focused outlets. The two-story establishment covers an area of approximately 420 square meters.

    Sustained Revenue Growth and Product Demand

    Luckin Coffee has also enjoyed consistent double-digit revenue growth as the brand continues to expand its footprints. As of May 31, the company reported that its non-coffee beverages’ cumulative sales had exceeded RMB 20 billion (equivalent to US$ 2.9 million). The sales report also noted that 22 of its products had sold over 100 million cups each. This shows the strong consumer demand for its extensive beverage offerings beyond coffee.

    Over the years, the company has constructed an integrated supply chain and operational infrastructure designed for large-scale operations. This includes expanded global sourcing from key regions such as Brazil, Ethiopia, and Indonesia, and domestic agricultural areas like Yunnan and Guangxi.

    Questions & Answers

    How many locations does Luckin Coffee have worldwide?
    Luckin Coffee’s global presence now spans over 35,000 locations worldwide.

    What is the foundation of Luckin Coffee’s expansion strategy?
    Luckin Coffee’s expansion strategy is rooted in establishing a dense urban presence, standardizing store layouts, and leveraging technology to facilitate rapid deployment and high-volume service.

    How has Luckin Coffee’s non-coffee beverages performed in terms of sales?
    As of May 31, Luckin Coffee reported its non-coffee beverages’ cumulative sales had surpassed RMB 20 billion (equivalent to US$ 2.9 million). Furthermore, 22 of its products had each sold over 100 million cups.

  • Onitsuka Tiger to Roar Solo: Asics Announces Spin-off for Enhanced Global Competitiveness

    Onitsuka Tiger to Roar Solo: Asics Announces Spin-off for Enhanced Global Competitiveness

    In a strategic move to bolster its global standing, Asics Corporation has announced plans to bifurcate its Onitsuka Tiger business into an independent, wholly owned subsidiary, effective from January 1. This segment will transition to a newly conceived entity, OT Group Corp, through a company division. While Onitsuka Tiger will be afforded greater independence, it will simultaneously remain an integral part of the Asics Group.

    Onitsuka Tiger: A Legacy of Growth and Innovation

    This decision stems from the consistent, robust growth exhibited by Onitsuka Tiger, underpinned by its upscale positioning, international proliferation, and product development exploration. As a core element of Asics’ internal organizational structure, the brand has prioritized broadening its lattice of directly operated stores while reinforcing its status as a luxury lifestyle brand.

    Asics asserts that this restructured arrangement is set to facilitate expeditious decision-making and an adaptive response to fluctuating market conditions and consumer predilections. Concurrently, it will augment the brand’s worth and competitive edge in the international fashion and lifestyle sphere.

    Onitsuka Tiger, originally established as a sports shoe brand by Kihachiro Onitsuka in 1949, was rejuvenated as a fashion label in 2002. Since its revival, it has metamorphosed into a globally recognized lifestyle brand, seamlessly marrying Japanese tradition with contemporary design elements.

    Questions & Answers

    **What is the primary reason for Asics splitting the Onitsuka Tiger business?**
    Asics is aiming to boost the brand’s global competitiveness by enabling faster decision-making, improving its response to changing market conditions and consumer trends, and enhancing its value and competitiveness.

    **How does Asics plan on maintaining its relationship with Onitsuka Tiger post-split?**
    The Onitsuka Tiger brand will operate as an independent, wholly owned subsidiary under the newly formed OT Group Corp but will continue to be a part of the Asics Group.

    **What has been the trajectory of the Onitsuka Tiger brand since its inception?**
    Onitsuka Tiger was initially a sports shoe brand founded in 1949. In 2002, it was resurrected as a fashion label and has since evolved into a global lifestyle brand that artfully blends Japanese heritage with modern design.

  • VinFast Powers Green SMs Global Expansion with One Million Electric Cars by 2030

    VinFast Powers Green SMs Global Expansion with One Million Electric Cars by 2030

    VinFast, a prominent electric car manufacturer, has unveiled a bold strategy to supply one million electric vehicles (EVs) to Green SM, a rising ride-hailing service, by 2030. In addition to this, the deal stipulates the addition of four million electric motorcycles to Green SM’s fleet. The announcement was made in VinFast’s first quarter financial report.

    Strategic Collaboration for Global Impact

    The venture is viewed as a strategic collaboration between the two companies, with anticipated benefits for both parties. For VinFast, this partnership signifies a promising opportunity to broaden its international distribution network and augment its brand recognition. Concurrently, it bolsters Green SM’s ambitions to expand its global reach.

    Green SM has recently initiated taxi services in India, marking its fourth international market entry, following Laos, Indonesia, and the Philippines. Pham Nhat Vuong, recognised as Southeast Asia’s wealthiest individual, controls both companies. Green SM was launched in 2023 with a starting capital of $113.9 million, which has since grown exponentially to $1.94 billion.

    Initially, Green SM focused on taxi services and technology-based ride-hailing services, exclusively using VinFast vehicles. However, the company has expanded its offerings to include services such as food and parcel delivery, as well as car and motorcycle rentals.

    Positive Outlook for VinFast

    VinFast experienced substantial financial success in the first quarter, reporting a revenue increase of 42% to $1.04 billion. This surge was primarily attributable to a marked increase in electric vehicle sales both within Vietnam and in international markets, including Indonesia and the Philippines.

    Within the first quarter, VinFast sold 58,600 electric cars, reflecting a year-on-year increase of 61%. Moreover, the company sold 143,000 electric motorcycles and bicycles in the same period. Despite this success, VinFast reported a loss exceeding $1.26 billion, an increase from the previous figure of $798 million.

    In 2023, Vuong anticipated that the company would experience losses for several years. However, there is now a more optimistic outlook, as the company expects to break even next year following the decision to spin off its manufacturing operations to a separate company owned by a consortium of private investors.

    Questions & Answers

    What is VinFast’s strategy for its collaboration with Green SM?
    VinFast plans to supply one million electric vehicles and four million electric motorcycles to Green SM by 2030, expanding its international distribution network and enhancing brand recognition.

    What services does Green SM offer?
    Green SM provides taxi services and technology-based ride-hailing services. The company has also expanded to offer food and parcel delivery, as well as car and motorcycle rentals.

    What is the financial outlook for VinFast?
    Despite experiencing losses, the company anticipates breaking even next year. This follows a decision to spin off manufacturing operations to a separate company owned by private investors.

  • ZWC Partners Fuels Global Expansion of Korean Lifestyle Group Iicombined and Flagship Brand Gentle Monster

    ZWC Partners Fuels Global Expansion of Korean Lifestyle Group Iicombined and Flagship Brand Gentle Monster

    Asian private equity firm, ZWC Partners, has recently made an investment in the South Korea-based company, Iicombined, the force behind the renowned eyewear brand, Gentle Monster. This move is part of the firm’s plan to expedite its global expansion across the fashion, beauty, and experiential retail sectors.

    Investment to Bolster International Growth

    Established in 2011 and based in Seoul, Iicombined has evolved from being a single eyewear brand to a multi-brand lifestyle conglomerate. Its diverse portfolio includes the fragrance and beauty brand Tamburins, the experiential cafe concept Nudake, the headwear label Atiissu, and the tableware brand Nuflaat. These are in addition to its flagship business, Gentle Monster.

    The investment is intended to facilitate the group’s ongoing global growth, especially across Asia, encompassing regions such as China and Southeast Asia. Moreover, it aims to further the expansion into European and North American markets.

    ZWC Partners has expressed strong confidence in Iicombined’s capability to expand globally whilst preserving its design-first identity. According to Michael Yao, a partner at ZWC Partners, the firm believes that Iicombined is favorably positioned for rapid expansion, primarily in thriving consumer sectors like eyewear and fragrances, across China and Southeast Asia. This perspective aligns well with ZWC Partners’ long-standing emphasis on consumer and technology sectors.

    Driving Forward a Global Fashion Powerhouse

    Yao further stated that with the support of their offices and resources in Europe, Japan, and other key Asian markets, they are excited to aid Iicombined’s expansion across the Asia-Pacific region and further afield. Their assistance will include providing prime retail locations and brand elevation support as the group continues its journey towards becoming a global fashion powerhouse.

    The deal enhances ZWC Partners’ consumer portfolio, which already encompasses investments in global sports group Amer Sports, which owns brands such as Arc’teryx and Salomon, and the Italian luxury linen brand Frette. It also includes logistics, technology, and cross-border commerce companies such as J&T Express, GoTo, and Vevor. The financial specifics of the deal have not been disclosed.

    Questions & Answers

    **What is Iicombined’s flagship business?**

    Iicombined’s flagship business is the eyewear brand Gentle Monster.

    **How is ZWC Partners assisting Iicombined’s expansion?**

    ZWC Partners is aiding Iicombined’s expansion by providing prime retail locations, brand elevation support, and leveraging their offices and resources in key markets.

    **What are some other brands in ZWC Partners’ consumer portfolio?**

    ZWC Partners’ consumer portfolio includes global sports group Amer Sports, Italian luxury linen brand Frette, and logistics and technology companies like J&T Express, GoTo, and Vevor.

  • Deel Empowers Global Contractors with New Stablecoin Wallet Amid Currency Volatility

    Deel Empowers Global Contractors with New Stablecoin Wallet Amid Currency Volatility

    Deel, the global workforce management company, is set to intensify its focus on digital assets as it unveils a stablecoin wallet. This innovative solution is intended to support contractors in emerging economies by maintaining the value of their income, providing rewards, and allowing global expenditure without having to leave the platform.

    The company began launching the digital wallet, which is dollar-backed, in Latin America. However, plans are afoot to extend this service to the Middle East, Africa, and the Asia-Pacific region. This forms the latest part of Deel’s broader plan to incorporate stablecoins into its global payment infrastructure. The company already enables contractors to withdraw their earnings in stablecoins and allows businesses to fund payrolls directly from stablecoin reserves. The new wallet enhances these features, permitting contractors to manage and hold digital dollar balances within their Deel accounts.

    Addressing the Issue of Currency Instability

    Deel’s recent effort addresses an increasing issue for workers in countries experiencing persistent inflation and currency devaluation. In nations such as Argentina, Ukraine, and Turkey, local currencies have seen significant fluctuations, which have eaten into the purchasing power of salaries and freelancer earnings.

    The company reports a spike in demand for dollar-pegged earnings. A case in point is Argentina, where 85 percent of contractors using the platform elected to receive payments in US dollars in 2025 instead of the local currency.

    Prior to this, contractors seeking to conserve their earnings’ value often had to transfer funds through a range of crypto platforms, foreign exchange providers, or financial applications. Deel contends that incorporating a stablecoin wallet directly into its ecosystem streamlines this procedure.

    Benefiting from the Dollar Within the Deel Ecosystem

    The wallet permits contractors to hold balances in DLUSD, Deel’s in-house dollar-pegged digital balance, which is designed to maintain parity with the US dollar and can be redeemed within the platform.

    Additionally, users can choose to participate in a rewards program backed by decentralized finance infrastructure. The company states that rewards accumulate automatically without lock-up periods, and balances remain accessible for withdrawal at any moment.

    Later this month, Deel intends to launch the Deel Card, enabling contractors to spend their stablecoin balances globally.

    The new service is supported by a combination of crypto and payment providers from the larger Stripe ecosystem. According to Deel, the wallet utilizes Bridge’s issuance infrastructure for DLUSD creation, while Privy delivers the wallet layer. Rewards are produced through the decentralized finance protocol Morpho and managed by infrastructure provider Sentora.

    Despite the crypto infrastructure that supports the service, Deel emphasizes that users deal with a simple dollar balance rather than blockchain wallets or token management tools.

    Questions & Answers

    What is the purpose of Deel’s stablecoin wallet?

    The stablecoin wallet is designed to help contractors in emerging markets maintain the value of their earnings, earn rewards, and spend globally without leaving the platform.

    How does Deel’s stablecoin wallet work?

    The wallet allows contractors to hold balances in DLUSD, Deel’s internal dollar-denominated digital balance. Users can also opt into a rewards program that accrues rewards automatically without lock-up periods.

    What is Deel’s future plan for its stablecoin wallet?

    Deel plans to introduce the Deel Card, which will enable contractors to spend their stablecoin balances globally. This move is part of Deel’s broader strategy to integrate stablecoins across its global payments infrastructure.

  • Tencent Revolutionizes Cross-Border Payments: Expands Remittance Services to Global Audience

    Tencent Revolutionizes Cross-Border Payments: Expands Remittance Services to Global Audience

    Tencent, the Chinese multinational conglomerate, has extended its cross-border payment service, TenPay Global, to non-Chinese citizens. This move allows overseas individuals to send money directly into China and avail themselves of WeChat-related services.

    Enhanced Access to Digital Transactions in China

    Tencent’s newly launched service, “Remit to China for Non-Chinese Citizens,” permits foreign passport holders to transfer funds directly from overseas to beneficiaries in mainland China. This expansion in Tencent’s service offerings is a significant move in making China’s highly digitalized payment ecosystem more accessible to international tourists, students, expatriates, and business travelers.

    With this service, overseas users can transfer funds to beneficiaries in China using mobile phone numbers associated with WeChat accounts. Upon receipt, the funds can be instantly used for a variety of services within the Weixin ecosystem. These include online shopping, mobile top-ups, utility payments, and other everyday transactions.

    This service is particularly beneficial for international students, workers, travelers, and expatriates in China. TenPay Global offers round-the-clock access and allows transfers to be completed within minutes.

    Strengthening Cross-Border Payment Connectivity

    This launch is part of Tencent’s broader strategy to bolster cross-border payment connectivity between China and international markets. The current TenPay Global remittance platform works in conjunction with over 60 international banks and money transfer providers, supporting transfers to China from more than 100 countries and territories worldwide.

    As cross-border mobility begins to recover across Asia, payment providers are concentrating on minimizing friction for international consumers seeking access to local payment networks.

    Tencent’s remittance service is a key component of the internationalization strategy for Weixin Pay, Tencent’s leading domestic payment platform. The company has also advanced its “Pay with Your Home E-Wallet” initiative, enabling foreign visitors to make payments in mainland China using digital wallets issued in their home markets.

    With over 40 global wallet providers, TenPay Global currently has 36 e-wallets from 13 countries and regions connected to Weixin Pay’s network.

    Tencent’s expansion is indicative of the ongoing efforts by Chinese tech companies to merge domestic payment platforms with international financial networks, simplifying transactions within China’s predominantly cashless economy for foreign users. This initiative also strengthens WeChat’s position as a hub for both payments and everyday digital services, extending its reach to a rapidly growing international customer base.

    Questions & Answers

    What services does Tencent’s “Remit to China for Non-Chinese Citizens” allow?

    The service enables foreign passport holders to transfer funds directly from overseas to recipients in mainland China. The funds can then be used for various services within the Weixin ecosystem, like online shopping, mobile top-ups, and utility payments.

    What initiative has Tencent expanded apart from the remittance service?

    Tencent has also expanded its “Pay with Your Home E-Wallet” initiative, which allows overseas visitors to make payments in mainland China using digital wallets issued in their home markets.

    Which countries and regions are connected to Weixin Pay’s network?

    Currently, 36 e-wallets from 13 countries and regions, including the United States, Singapore, Vietnam, Laos, and Mongolia, are connected to Weixin Pay’s network.