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  • Minor Group Takes Global Reins: Acquires Full Ownership of Korean Chain Bonchon

    Minor Group Takes Global Reins: Acquires Full Ownership of Korean Chain Bonchon

    Thailand’s Minor Group is set to acquire the remaining stake in Bonchon, a South Korean restaurant chain, thereby becoming its global owner. Headquartered in Bangkok, Minor Group has a significant presence in the restaurant industry with ownership of The Pizza Company, along with being a key franchisee for Burger King and Dairy Queen in Thailand. Since 2019, it has successfully managed over 100 Bonchon outlets across the country.

    A Strategic Acquisition

    Minor Group signed a stock purchase agreement on Monday with VIG Partners, a South Korean domestic private equity fund manager, to take over Bonchon International. It is reported that the sale includes the principal equity owned by VIG Partners as well as the stake held by Bonchon’s founder, Seo Jin-deok.

    Upon the finalization of this transaction, Minor Group will hold complete ownership of Bonchon International. Although the precise transaction amount remains undisclosed, the estimated corporate value of Bonchon is around 300 billion won or approximately US$212 million.

    Established in Busan, South Korea, in 2002, Bonchon embarked on its international journey in 2006 with its first venture in the United States. Since then, it has expanded into roughly 10 markets across North America, Asia, and Europe.

    VIG Partners became the largest shareholder of the restaurant chain in 2018 after purchasing a 55 percent stake for around 60 billion won. The remaining 45 percent stake is owned by Seo, who currently serves as the CEO of Bonchon International.

    The transaction between all parties involved is expected to be concluded by the end of the current month.

    Questions & Answers

    Who is acquiring the remaining stake in Bonchon?
    The Minor Group from Thailand is acquiring the remaining stake in Bonchon, resulting in full ownership of the South Korean restaurant chain.

    What is the estimated corporate value of Bonchon?
    The corporate value of Bonchon is cited to be around 300 billion won or approximately US$212 million.

    Who currently holds the majority stake in Bonchon International?
    Before the acquisition, the majority stake in Bonchon International was held by VIG Partners, a South Korean private equity fund manager. They held 55 percent stake whereas the remaining 45 percent stake was owned by Bonchon’s founder, Seo Jin-deok.

  • Japanese Retail Titan Aeon Sells Thai Supermarket Business to Central Group, Sets Sights on Southeast Asia Growth

    Japanese Retail Titan Aeon Sells Thai Supermarket Business to Central Group, Sets Sights on Southeast Asia Growth

    Japanese retail behemoth Aeon is withdrawing from the supermarket industry in Thailand, divesting its local enterprise to Central Group. This is a strategic shift in investment focus towards rapidly expanding markets across Southeast Asia.

    Transition of Supermarket Shares

    Aeon will transfer complete ownership of Aeon (Thailand) to Central Food Retail, the managing company behind the renowned Tops supermarket chain. The transfer of shares will take place on September 30. Aeon is known for operating approximately 30 supermarkets in Thailand under the umbrella of MaxValu and MaxValu Tanjai. The retail corporation made its mark in the Thai market in 1984 and by 2016, had managed to successfully launch around 80 stores.

    Both MaxValu and MaxValu Tanjai cater to daily shopping needs, but vary in size. The larger MaxValu stores, typically spanning an area of 1000-3000 square meters, provide a wider selection of groceries and household goods. On the other hand, MaxValu Tanjai, a term that roughly translates to ‘instantly’ in Thai, operates in a smaller, more compact format of 300-800 square meters. These stores are primarily focused on providing a convenient and speedy neighbourhood shopping experience.

    A Shift in Growth Strategy

    The sale of Aeon’s supermarket holdings is part of a broader business strategy. This move aims to enhance capital efficiency and redirect investment towards markets with greater growth potential. Vietnam has emerged as a significant player in this strategic shift. As of May last year, Aeon revealed its plans to augment its Vietnamese network by an impressive eight-fold by 2030. The company aims to introduce 100 general merchandise stores and large-format “super-supermarkets”, along with 200 smaller grocery stores.

    Questions & Answers

    What is Aeon’s new business strategy?
    Aeon’s new business strategy involves enhancing capital efficiency and redirecting investment towards rapidly growing Southeast Asian markets, particularly Vietnam.

    How many supermarkets did Aeon operate in Thailand?
    Aeon operated around 30 supermarkets in Thailand under the MaxValu and MaxValu Tanjai brands.

    What is the difference between MaxValu and MaxValu Tanjai stores?
    MaxValu stores are larger, spanning 1000-3000 square meters, and offer a wider range of products. However, MaxValu Tanjai stores are smaller, occupying 300-800 square meters, and focus on providing a quick and convenient shopping experience to the neighbourhood.

  • Singapore’s Jumbo Group Launches Joint Venture to Propel Ng Ah Sio Bak Kut Teh Brand in China

    Singapore’s Jumbo Group Launches Joint Venture to Propel Ng Ah Sio Bak Kut Teh Brand in China

    The popular Singapore-based Jumbo Group has recently announced its intention to broaden the reach of its Ng Ah Sio Bak Kut Teh brand in China, commencing with a focus on Shanghai.

    Joint Venture for International Expansion

    Jumbo Group’s wholly-owned subsidiary, Jumbo F&B Services, has partnered with K Grand Resources and investor Yap Kok Kiong to establish this venture. K Grand Resources is the major stakeholder, owning 60% of the project. Jumbo F&B Services and Yap Kok Kiong each have a 20% stake.

    The newly formed Singapore-based company will possess the area franchise rights for the Ng Ah Sio Bak Kut Teh brand in Shanghai and other designated locations throughout China. Its responsibilities encompass sourcing franchisees and facilitating the brand’s growth within the Chinese market.

    As part of the agreement, the joint venture will have permission to utilize the Ng Ah Sio Bak Kut Teh trademark and associated intellectual property, granted by Jumbo Group.

    Strategic Growth and Funding

    Jumbo has clarified that the investment necessary for this initiative will be sourced internally and is unlikely to significantly impact the group’s earnings or net tangible assets for the financial year ending September 30.

    This strategic move aligns with Jumbo’s larger expansion plans. The group is determined to fortify its presence in China and Southeast Asia, with a specific focus on Shanghai, Jakarta, and Ho Chi Minh City. The group also hopes to diversify into institutional catering, thereby broadening its business portfolio.

    Questions & Answers

    Who are the partners in this joint venture?
    The joint venture partners are Jumbo’s subsidiary, Jumbo F&B Services, K Grand Resources, and investor Yap Kok Kiong.

    What are the responsibilities of the new company?
    The Singapore-based company will hold the area franchise rights for the Ng Ah Sio Bak Kut Teh brand in Shanghai and other agreed locations in China. It will be responsible for appointing franchisees and driving the brand’s expansion in the market.

    What is the broader growth strategy of Jumbo Group?
    The Jumbo Group aims to expand its presence in China and Southeast Asia, targeting growth in cities like Shanghai, Jakarta, and Ho Chi Minh City. The company also plans to diversify into institutional catering.

  • Boeing Veteran Michael Vu Soars to Vice Chairman Role at FLC Group, Eyes Aviation Revamp

    Boeing Veteran Michael Vu Soars to Vice Chairman Role at FLC Group, Eyes Aviation Revamp

    FLC Group, the parent company of Bamboo Airways, has appointed former Boeing Vietnam country director, Michael Vu, as vice chairman. Vu formally assumed his position on Saturday, as announced by FLC, and will supervise the group’s aviation business and airport infrastructure investments.

    In his new position, Vu will work in conjunction with FLC’s board and executive management to develop strategic plans, grow the group’s international partnership network, and engage with investment resources.

    Michael Vu’s Background and Role

    With over four decades of professional experience in the aviation industry, Vu is well-positioned for this leadership role. He is a graduate of the Wharton School at the University of Pennsylvania and has held several distinguished positions. These include chairman of the U.S.-ASEAN Business Council, co-chair of the Vietnam Business Forum, chairman of AmCham Hanoi, and leadership roles in numerous multinational corporations.

    FLC has stated that Vu’s appointment aligns with the group’s strategy to attract top executives with strong leadership abilities and international experience. This decision is expected to bolster the firm’s leadership team and pave the way for its long-term developmental objectives.

    Challenges Facing Bamboo Airways

    Vu steps into his role at a challenging time for Bamboo Airways, which has recently faced considerable operational disruptions, including a drastic reduction in its fleet size and consistent flight delays and cancellations.

    On July 28, the airline expressed an apology to passengers for frequent adjustments and cancellations of flights, launching a dedicated portal to manage refund requests. Although, the majority of flights listed on the airline’s booking website currently display a “no flights available” status beginning next month.

    In September 2025, FLC reacquired Bamboo Airways after selling it to a consortium of private investors. The airline subsequently expanded its fleet to eight planes during Q1 of this year.

    Questions & Answers

    What is Michael Vu’s role in FLC Group?
    Michael Vu, former country director of Boeing Vietnam, has been appointed as vice chairman of FLC Group. He will oversee the group’s aviation business and airport infrastructure investment activities.

    What are the challenges currently facing Bamboo Airways?
    Bamboo Airways has recently been dealing with significant operational disruptions, including a sharp reduction in its fleet size and persistent flight delays and cancellations.

    What is the strategy behind Vu’s appointment?
    The appointment of Vu is part of FLC’s strategy to attract executives with strong management capabilities and extensive international experience. The move aims to strengthen the company’s leadership capacity and lay the foundation for its long-term development goals.

  • Authentic Brands Group Boosts Nautica and Spyder Growth in China with New Operating Partner, Shanghai Hui Zhong

    Authentic Brands Group Boosts Nautica and Spyder Growth in China with New Operating Partner, Shanghai Hui Zhong

    Authentic Brands Group has announced Shanghai Hui Zhong as its primary operational partner for the Nautica and Spyder brands in mainland China, Hong Kong, and Macau. The new appointment aims to bolster the brands’ growth trajectory in these regions.

    Strengthening Local Operations

    Shanghai Hui Zhong will be responsible for managing local operations, encompassing supply chain management, wholesale distribution, and the operation and expansion of the brands’ physical retail stores. Leveraging its understanding of the local market and its robust distribution channels, the company will support the expansion of Nautica and Spyder in the region.

    The partnership, according to Authentic, is a strategic blend of its global brand development platform with Hui Zhong’s local capabilities. This is expected to reinforce Nautica’s and Spyder’s presence in the Chinese market.

    Authentic stated, “This partnership demonstrates our continued dedication to collaborating with top-tier partners to extend the reach and influence of our global brands in the Chinese market. Through global brand management and localized operations, Authentic and Huizhong will cooperate to unveil new growth avenues for Nautica and Spyder in China.”

    Transition from Tristate Holdings

    Since 2018, Tristate Holdings had maintained the management of Nautica and Spyder in China through licensing agreements with Authentic Brands Group. This agreement was extended through December 2032 for Nautica following amendments to the licensing agreements in 2021.

    According to the 2025 annual report, Nautica’s revenue saw a 12% decrease year over year, and Spyder’s experienced a 24% drop due to weakened consumer spending affecting China’s retail market. This led to the company optimizing its store network, ending 2025 with 70 directly managed Nautica stores, 44 partner stores, and 42 Spyder stores spread across China.

    Tristate recently disclosed in a Hong Kong Stock Exchange filing that Authentic had issued notices to terminate the Nautica and Spyder license agreements, which are still under legal proceedings. Authentic did not comment on the status of its licensing arrangements with Tristate in its announcement of the Shanghai Hui Zhong partnership.

    Earlier in the year, Authentic had also chosen NewRee Sports as Reebok’s main operating partner for mainland China, Hong Kong, and Macau, marking a shift in the brand’s operating structure in the region.

    Questions & Answers

    Who has been chosen as the new operating partner for Nautica and Spyder in mainland China, Hong Kong, and Macau?
    Shanghai Hui Zhong has been selected as the new operating partner for these brands in the specified regions.

    What led to the decline in Nautica’s and Spyder’s revenues in 2025?
    The brands’ revenues were impacted by weakened consumer spending in China’s retail market.

    Who was previously managing Nautica and Spyder in China?
    Prior to the new appointment, Tristate Holdings held the management responsibilities for these brands under a licensing agreement with Authentic Brands Group.

  • 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.

  • Danone Boosts Australian Footprint with Profitable Made Group Takeover

    Danone Boosts Australian Footprint with Profitable Made Group Takeover

    Global food corporation Danone is extending its foothold in Australia by acquiring Made Group, the parent company of Cocobella and Rokeby. This transaction is an element of a two-part acquisition designed to increase Danone’s influence in the Asia Pacific region. In addition to this, Danone has also announced the full ownership of its fresh dairy joint venture with Saputo Dairy Australia by acquiring the remaining 49% stake.

    Made Group’s consistent performance with “appealing profit margins”, backed by its sales of $490.7 million in the last fiscal year, was a driving factor behind the acquisition. Made’s portfolio includes popular brands such as The Collective, Nutrient Water, and Impressed.

    Mutual Values and Profitable Growth

    According to Antoine de Saint-Affrique, CEO of Danone SA, Made Group has had a remarkable history of fast and profitable growth, thanks to its robust brand portfolio and health-focused nutritional products. He notes that both companies share a belief in promoting health through food and expressed excitement about welcoming Made into the Danone family.

    Made Group was sold by US-based TPG Capital in a transaction that earned TPG approximately $2 billion, a mere five years after it had purchased the beverage business.

    Shared Commitment to Health and Innovation

    Amanda Butler, CEO of Made, views this as an exciting new phase for the company. She acknowledged Danone’s shared commitment to health and enthusiasm for innovation, expressing optimism about future prospects. Butler anticipates that their joint efforts will unlock new infrastructure, capabilities, and research and development expertise, spurring growth across the region.

    Questions & Answers

    What companies has Danone recently acquired in Australia?
    Danone has recently acquired Made Group, the parent company of Cocobella and Rokeby.

    What motivated Danone’s acquisition of Made Group?
    Made Group’s consistent “attractive profit margins” and sales performance, coupled with its strong brand portfolio and focus on health-focused nutritional products, influenced Danone’s decision to acquire the company.

    What are the anticipated benefits of this acquisition for Made Group?
    Following the acquisition, Made Group expects to access new infrastructure, capabilities, and research and development expertise to accelerate growth in the region.

  • Frasers Group Boldly Bids $2.3 Billion for Complete Control of Hugo Boss

    Frasers Group Boldly Bids $2.3 Billion for Complete Control of Hugo Boss

    Frasers Group, a prominent UK retail corporation, recently unveiled an unexpected voluntary takeover bid for Hugo Boss. Their goal is to procure the remaining shares of the renowned German fashion brand and obtain complete ownership. Currently, Frasers Group possesses a 26.06% stake in Hugo Boss, and their proposal to acquire the unowned 73.94% stake stands at €38 per share in cash. This proposition elevates the total bid value to roughly US$2.3 billion.

    Frasers Group’s Confidence in Hugo Boss

    Frasers Group’s proposed takeover reflects its sustained assurance in Hugo Boss’s potential and facilitates possibilities for additional business investment. The company regards Hugo Boss as one of its most critical strategic brand associates. Furthermore, Frasers Group continues to back the growth strategy and management team of the fashion firm.

    However, Hugo Boss confirmed that it had received the unrequested bid and emphasized that the company had no prior involvement in coordinating the proposal. The fashion group’s management board and supervisory board will assess the proposal document once it is officially available. Subsequently, they will issue an informed viewpoint for the shareholders.

    The company also assured that it would keep its shareholders and the public updated about any future developments and the following steps as per the legal and regulatory stipulations.

    Frasers’ Association with Hugo Boss

    The affiliation between Frasers Group and Hugo Boss traces back to 2020. This was when Mike Ashley, the founder of Frasers, initiated an investment in the German fashion company. The group also secured representation on Hugo Boss’s supervisory board through its CEO, Michael Murray.

    Questions & Answers

    What is Frasers Group’s current stake in Hugo Boss?
    Frasers Group currently holds a 26.06% stake in Hugo Boss.

    What is the proposed offer per share by Frasers Group for the remaining stake in Hugo Boss?
    The proposed offer by Frasers Group for the remaining stake in Hugo Boss is €38 per share in cash.

    What is the history of the relationship between Frasers Group and Hugo Boss?
    The relationship between the two companies began in 2020 when Frasers Group’s founder, Mike Ashley, started investing in Hugo Boss. Additionally, Frasers Group has representation on Hugo Boss’s supervisory board through CEO Michael Murray.

  • 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.

  • Chinese E-commerce Titan JD Eyes £2 Billion Acquisition of UKs The Very Group

    Chinese E-commerce Titan JD Eyes £2 Billion Acquisition of UKs The Very Group

    JD, the Chinese e-commerce titan, is reportedly considering a significant expansion within the UK market, with a potential £2 billion ($2.69 billion) acquisition bid for the British online retail platform, The Very Group.

    JD’s Expansive Strategy in the UK

    This move is the latest in a series of attempts by JD to strengthen its foothold in the UK market. Previously, the company had made a failed attempt to acquire the electricals group Currys and, in 2020, had withdrawn from negotiations aimed at acquiring Argos from Sainsbury’s. These activities indicate JD’s strong interest in expanding its operations in the UK, despite previous setbacks.

    Representatives from JD and The Very Group have refrained from commenting on these market speculations.

    The Very Group’s Recent Ownership Changes

    The owner of The Very Group, Carlyle, was reported earlier this year to be planning a £2 billion sale of the enterprise. This news came just a few months after Carlyle assumed ownership from the Barclay family, who had been long-time stakeholders in the business.

    Questions & Answers

    What is the estimated value of the deal between JD and The Very Group?
    The value of the potential deal is speculated to be around £2 billion ($2.69 billion).

    What other UK ventures has JD been involved in?
    In the past, JD has attempted to buy the electricals group Currys and also entered negotiations to acquire Argos from Sainsbury’s.

    Who is the current owner of The Very Group?
    The Very Group is currently owned by Carlyle, which took over from the Barclay family last year.

  • Miniso Group Reports Surging Q1 Sales: All Sectors Power Past Revenue Projections

    Miniso Group Reports Surging Q1 Sales: All Sectors Power Past Revenue Projections

    Miniso Group, a prominent retailer based in China, reported a significant growth in sales in its first quarter, owing to strong performances across all business areas. The company’s revenue saw a year-on-year increase of 28.5%, totalling up to US$824.6 million for the quarter ending on March 31. The impressive results, primarily fueled by a noticeable boost in same-store sales, surpassed the management’s initial projections.

    Consistent Growth Across Segments

    Miniso’s business in Mainland China marked its fifth successive quarter of revenue growth, registering a 29.6% increase. Concurrently, the company’s overseas revenue saw a rise of 21.9%. The Top Toy segment also maintained its growth trajectory in the pop toy industry, posting a sales growth of 51.4%.

    The company’s profit for the period skyrocketed by 199.7% year-on-year to $180.9 million. This surge was primarily attributable to an unrealised market gain of $126.8 million arising from fair value alterations in an investment related to a limited partnership in the AI industry. Moreover, the adjusted net profit witnessed an 8.1% increase, amounting to $79.8 million.

    Guofu Ye, the founder, chairman, and CEO of Miniso Group, expressed his delight at the company’s remarkable performance in the quarter. He underscored the growing momentum of the company, stating his intent to increase his holdings as a testament to his faith in the company’s future prospects. He went on to add that the current valuation of Miniso Group does not fully encapsulate its intrinsic potential.

    Ye, who presently owns approximately 63.7% stake in the company (excluding treasury shares), had earlier disclosed his plans to increase his stake by at least $6.4 million over the course of the upcoming year.

    Looking Forward

    Heading into the second half of 2026, Ye expressed the company’s commitment to intensify its globalisation and IP strategies, aiming to drive high-quality growth. The company plans to achieve this through continuous product mix optimisation, expansion and upgrade of store networks, and leveraging a multi-dimensional IP matrix, all in line with its long-term objectives.

    As of March 31, Miniso’s store count stood at 8565, indicating a net increase of 797 stores year-on-year. The Miniso brand boasted 8210 stores, including 4593 in Mainland China and 3617 overseas.

    Questions & Answers

    What was the key driver behind Miniso’s impressive sales growth in the first quarter?
    The company’s outstanding sales growth was primarily driven by strong performances across all business segments, with significant contribution from mid-single-digit same-store sales growth.

    What are Miniso’s plans for the second half of 2026?
    Miniso intends to deepen its globalisation and IP strategies, continuously optimize its product mix, expand and upgrade its store network, and leverage a multi-dimensional IP matrix to drive high-quality growth.

    How many stores does Miniso currently operate?
    As of March 31, Miniso operated a total of 8565 stores, with the Miniso brand having 8210 stores, including 4593 in Mainland China and 3617 overseas.

  • SSI Group Sees Profits Plunge as Luxury Spending Goes Out of Style in the Philippines

    SSI Group Sees Profits Plunge as Luxury Spending Goes Out of Style in the Philippines

    In the first quarter of 2021, SSI Group, a leading luxury retailer in the Philippines, witnessed a significant drop in profits. The company reported a decrease of 58.5 per cent in net income to US$2.4 million (PHP$152.9 million), even though revenue increased by 11.4 per cent to $123.8 million. This decline in earnings is attributed to consumers prioritizing essentials over luxury goods.

    Financial Performance and Consumer Behavior

    A more promotional business environment impacted SSI’s profitability, shrinking the merchandise gross margin from 44.6 per cent the previous year to 42.6 per cent. The main reason for this change is the growing price sensitivity among consumers due to inflation and escalating living costs. Operating expenses also increased by 15.8 per cent to $48.3 million, due to inflationary pressures and store network expansion, which led to a decrease in EBITDA by 18.4 per cent to $12.3 million.

    During this same period, consumer demand was primarily focused on the essential and lifestyle categories with a 48.5 per cent sales increase in SSI’s ‘others’ segment, which includes personal care, food, and home products. Footwear, accessories, and luggage also experienced a 32.7 per cent increase in sales. However, the group’s core luxury and bridge segment witnessed a 1.7 per cent drop in sales, indicating decreased spending on premium discretionary items.

    Online Sales and Store Operations

    E-commerce sales reached $9.1 million, making up 7.4 per cent of total revenue, while rental income from its Central Square property saw an 8.1 per cent increase to $387,270.

    SSI Group also made adjustments to its physical stores. The company closed 14 underperforming stores permanently, opened five new locations, and renovated 12 stores during the quarter. At the end of the quarter, SSI Group operated 631 stores nationwide.

    SSI Group’s portfolio includes a broad range of brands, from luxury labels like Hermès, Cartier, and Salvatore Ferragamo to fashion and lifestyle brands such as Zara, Bershka, Stradivarius, Pull&Bear, Gap, Old Navy, Lacoste, and Muji. The retailer also offers beauty brands like Mac, Lush, and Beauty Bar; home retailers like Pottery Barn and West Elm; and dining concepts like Shake Shack, SaladStop!, and Venchi.

    In February, the retailer announced the termination of its franchise agreement with Marks & Spencer, which had been in operation since 1980.

    Questions & Answers

    What contributed to the decline in SSI Group’s profits for the first quarter of 2021?
    Consumers shifting their priorities from luxury goods to essentials, coupled with inflation and increased living costs, resulted in the decline of SSI Group’s profits.

    How has SSI responded to this change in consumer behavior?
    In response to changing consumer behavior, the group has focused on promoting essential and lifestyle categories more. It has also optimized its physical store network by closing underperforming stores and opening new ones.

    What is the future of SSI’s relationship with Marks & Spencer?
    SSI Group has decided to end its franchise agreement with Marks & Spencer, which had been operational since 1980. The future of this relationship is not clear at this point.

  • US-Based Carlyle Group Acquires KFC Korea: Sets Sight on Nationwide Expansion

    US-Based Carlyle Group Acquires KFC Korea: Sets Sight on Nationwide Expansion

    The US-based private equity firm, The Carlyle Group, has successfully acquired KFC Korea. With this acquisition, the firm aims to expand the existing 200-store portfolio of the popular restaurant chain in South Korea.

    The deal, which was initially announced in December, has now been finalized, with Carlyle gaining full ownership of KFC Korea. KFC Korea operates in South Korea under a master franchise agreement with Yum! Brands. The Carlyle Group bought the stake from Orchestra Private Equity.

    Envisioning Growth and Expansion

    John Kim, a partner and the head of Carlyle Korea, expressed enthusiasm about the partnership with Yum Brands. Kim said that Carlyle is eager to work with KFC Korea’s management team to grow the iconic brand in South Korea.

    Kim spoke highly of KFC Korea, stating that the brand’s strong heritage and market position make it ripe for expansion. He also mentioned the growing demand for quick-service dining among Korean consumers, which KFC Korea could effectively cater to.

    Carlyle’s current holdings include A Twosome Place, a dessert cafe chain boasting over 1700 stores in South Korea, as well as KFC in Japan.

    An Exciting Milestone

    Tony Shin, CEO of KFC Korea, also voiced his excitement about the partnership with Carlyle. He highlighted Carlyle’s extensive experience in the quick-service restaurant and F&B sectors, expressing optimism that the partnership will drive continued growth and innovation.

    Questions & Answers

    Who has acquired KFC Korea?
    The Carlyle Group, a US-based private equity firm, has acquired KFC Korea.

    What is the Carlyle Group’s plan for KFC Korea?
    The Carlyle Group plans to expand the restaurant chain’s existing 200-store portfolio in South Korea.

    Who previously owned the stake in KFC Korea that The Carlyle Group purchased?
    The stake was purchased from Orchestra Private Equity.

  • DFI Retail Group Sees Robust Sales Boost Driven by Beauty and Health Segment Amid Global Challenges

    DFI Retail Group Sees Robust Sales Boost Driven by Beauty and Health Segment Amid Global Challenges

    The Hong Kong-based DFI Retail Group has recently announced a steady increase in sales for the first quarter of the year, primarily fueled by their health and beauty sector.

    Driving Growth with Health and Beauty

    Excluding cigarette sales, the DFI Retail Group reports a 4% sales rise on a year-on-year basis, using a constant currency, and a 3% increase on a like-for-like (LFL) basis. The health and beauty division is credited with a large part of this growth, with a 7% boost in LFL sales, thanks to increased transaction counts and larger basket sizes.

    In Hong Kong, Mannings saw notable growth due to a surge in tourist store sales, driven by an uptick in visitor arrivals. Similarly, Guardian’s sales in Southeast Asia reflected a robust performance in the wellness category. Standout growth was seen in Indonesia and Vietnam, which delivered double-digit LFL sales growth due to increased customer traffic.

    Divisional Performance and Growth

    Excluding cigarette sales, the convenience division, which includes 7-Eleven, saw a 2% growth on a LFL basis. Sales at 7-Eleven increased by 3% in both Hong Kong and Singapore, while sales in South China remained stable.

    The food division showed signs of improvement, with a reported 1% sales increase in Hong Kong. Home furnishings (Ikea) also showed positive trends, with a 4% growth. Both Hong Kong and Taiwan saw mid-single-digit LFL sales growth, owing to Chinese New Year promotions. Meanwhile, Indonesia bolstered its omnichannel strategy with robust online sales growth.

    Profit Growth Despite Market Challenges

    Operating profit from continuing businesses, excluding impacts from the divestment of the Singapore food business and the closure of Mannings China, grew by 12%. The underlying profit from ongoing businesses significantly increased by 49%.

    Despite a dynamic trading environment and increasing geopolitical uncertainties, DFI management stated the group remained resilient. This resilience was attributed to sourcing improvements and cost optimization, which supported price competitiveness and mitigated the impact of oil price volatility.

    DFI confirmed its full-year guidance of an underlying profit in the range of US$270 million to $300 million, supported by an organic revenue growth of approximately 2-3%.

    Questions & Answers

    What division drove the most growth for DFI Retail Group in the first quarter?
    The health and beauty division was the primary driver of growth in the first quarter, with a 7% increase in LFL sales.

    How did geopolitical uncertainties impact DFI Retail Group’s performance?
    Despite geopolitical uncertainties, DFI remained resilient due to sourcing improvements and cost optimization, which helped maintain price competitiveness and minimize the impact of oil price volatility.

    What is the projected full-year guidance for DFI’s underlying profit?
    DFI’s projected full-year guidance for underlying profit is in the range of US$270 million to $300 million, supported by an expected organic revenue growth of about 2-3%.

  • Moncler Group Soars in Asia: China and Korea Power Double-Digit Growth

    Moncler Group Soars in Asia: China and Korea Power Double-Digit Growth

    Moncler Group, the parent company of Moncler and Stone Island, has announced a robust first quarter. The company’s earnings were primarily driven by sales in Asia.

    First Quarter Sales Surge

    The group registered a substantial $1.03 billion in sales during the first quarter. It reported double-digit growth for both of its brands, leading to an overall year-on-year increase of 12 per cent.

    The Asian Market Triumphs

    In Asia, Moncler’s sales grew by an impressive 22 per cent. Moncler attributes this significant increase to strong performances in China and South Korea. However, the sales in Europe, the Middle East, and Africa experienced a minor dip of one per cent year-on-year.

    Brand Performance

    The Moncler brand was the group’s star performer with $900 million in sales. This was propelled by a 14 per cent rise in direct-to-consumer traffic. Stone Island, on the other hand, contributed a solid $134 million to the total sales.

    The Asian market continues to escalate its share of Moncler’s brand revenue. It now represents 56.5 per cent of total sales, marking a 3.7 per cent annual increase.

    Moncler Group’s Future Outlook

    Remo Ruffini, executive chairman of Moncler Group, expressed the company’s anticipation for the future. He stated that the first quarter not only demonstrated strong revenue performance but also the depth of relationships that their brands continue to build with their global community.

    Despite a global context shaped by conflicts and instability, both Moncler and Stone Island have exhibited considerable energy and cultural relevance.

    Ruffini also touched on the appointment of Bartolomeo Rongone as the group’s CEO that was announced earlier this year. He highlighted this as part of the group’s “next phase.” He further reiterated the group’s commitment to remain adaptable and responsive, guided by a clear strategic vision, in the face of an increasingly complex external environment.

    Questions & Answers

    What were the first quarter sales for Moncler Group?
    Moncler Group reported $1.03 billion in sales during the first quarter.

    Which market led the sales for Moncler Group?
    The Asian market led the sales for Moncler Group, with a 22 per cent growth.

    How does the Moncler brand perform in comparison to Stone Island?
    The Moncler brand outperformed Stone Island, with a contribution of $900 million in sales, as compared to Stone Island’s $134 million.