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  • Ferrero Group Acquires Wk Kellogg In $3.1 Billion Deal, Bolstering North American Presence

    Ferrero Group Acquires Wk Kellogg In $3.1 Billion Deal, Bolstering North American Presence

    The Ferrero Group, a major player in the confectionery industry, has recently announced its acquisition of WK Kellogg in an all-cash transaction amounting to US$3.1 billion. This significant development marks a critical milestone in Ferrero’s ongoing expansion in the North American market.

    In exchange for WK Kellogg’s manufacturing, marketing, and distribution operations in the US, Canada, and the Caribbean, Ferrero will pay $23.00 per share. Ferrero, a company employing over 14,000 individuals across 22 plants and 11 offices in North America, has plans to maintain WK Kellogg’s historical headquarters in Battle Creek, Michigan as the central hub for its North American cereal operations.

    Gary Pilnick, Chairman and CEO of WK Kellogg, believes that this merger with Ferrero will afford his company greater resources and flexibility, thus facilitating the growth of its iconic brands in a highly competitive and dynamic market. He stated, “As a family-owned private company with values in line with our founder, WK Kellogg, Ferrero provides a great home for our people and has a track record of supporting the communities where it operates.”

    Established nearly 120 years ago, WK Kellogg became an independent entity in October 2023 after parting ways with the Kellogg Company. The company owns several popular breakfast cereal brands, including Kellogg’s Frosted Flakes, Kellogg’s Froot Loops, Kellogg’s Frosted Mini Wheats, Kellogg’s Raisin Bran, Kashi, and Bear Naked.

    Lapo Civiletti, CEO of the Ferrero Group, expressed enthusiasm for the acquisition, asserting that it would play a significant role in extending Ferrero’s reach across more consumer occasions. He added, “This also reinforces our commitment to delivering value to consumers in North America.”

    The transaction is slated to be finalized in the second half of this year, contingent upon the necessary regulatory approvals and customary closing conditions.

    Questions & Answers

    What is the significance of the Ferrero Group’s acquisition of WK Kellogg?
    The acquisition represents a major development in Ferrero’s expansion in North America.

    What does the acquisition mean for WK Kellogg’s operations?
    Ferrero plans to maintain WK Kellogg’s historical headquarters in Battle Creek, Michigan as the central hub for its North American cereal operations, thereby preserving WK Kellogg’s operational continuity.

    What is Ferrero’s ultimate aim with this acquisition?
    Ferrero sees this acquisition as a means to extend its reach across more consumer occasions and reinforce its commitment to delivering value to consumers in North America.

  • Sean Hill Appointed As New CEO Of De Bijenkorf: A New Chapter For Central Group

    Sean Hill Appointed As New CEO Of De Bijenkorf: A New Chapter For Central Group

    Central Group has announced the appointment of Sean Hill as the new chief executive for the Dutch department store, De Bijenkorf. Hill, a member of the fourth generation of the Chirathivat family, will begin his new role effective immediately.

    Sean Hill’s Background

    A scion of the Chirathivat family, Hill is the eldest grandson of Central Group’s co-founder Samrit Chirathivat. He brings to his new role over 15 years of comprehensive retail experience. His previous positions span several countries and include roles such as retail expansion manager at Rinascente in Italy, and Chief Operating Officer of Germany’s KaDeWe Group. Most recently, Hill served as Managing Director of Central Group Europe, where he was responsible for overseeing investments, managing store development, and handling commercial real estate.

    Upon his appointment, Hill expressed his gratitude and optimism, stating, “It is an honor to build on the foundation laid by the team and the customer-first approach that defines De Bijenkorf. I see many opportunities to develop the business further.”

    Central Group’s Stake in Selfridges

    De Bijenkorf is a part of the Selfridges Group, where Central Group has recently become a shareholder. The corporation’s European operations include Selfridges in the UK, Brown Thomas and Arnotts in Ireland, KaDeWe, Oberpollinger, and Alsterhaus in Germany, Illum in Denmark, Globus in Switzerland, and of course, De Bijenkorf in the Netherlands.

    Questions & Answers

    Who is the new chief executive of De Bijenkorf?
    Sean Hill, a fourth-generation member of the Chirathivat family, has been appointed as the new chief executive of De Bijenkorf.

    What is Sean Hill’s previous experience in the retail sector?
    Hill brings with him over 15 years of experience in the retail sector. His previous roles include retail expansion manager at Rinascente in Italy, COO of Germany’s KaDeWe Group, and MD of Central Group Europe.

    Which other retail stores are part of the Selfridges Group?
    Apart from De Bijenkorf in the Netherlands, the Selfridges Group includes Selfridges in the UK, Brown Thomas and Arnotts in Ireland, KaDeWe, Oberpollinger, and Alsterhaus in Germany, Illum in Denmark, and Globus in Switzerland.

  • Uniqlo Unveils Plan For Flagship Store In Shanghai: An Eco-friendly Fusion Of Innovation And Elegance

    Uniqlo Unveils Plan For Flagship Store In Shanghai: An Eco-friendly Fusion Of Innovation And Elegance

    In an exciting turn of events, Japanese clothing giant Uniqlo has unveiled plans for a brand-new store opening in the bustling heart of Shanghai, slated for early 2024. The store, strategically located in the iconic Jing’an district, aims to cater to the tastes of both local and international shoppers, promising a fresh blend of fashion innovation and classic elegance.

    Expanding Horizons

    Uniqlo’s parent company, Fast Retailing, is setting its sights on expanding its footprint in Asia’s dynamic retail landscape. The opening in Shanghai reflects the brand’s commitment to tapping into the vibrant lifestyle of one of China’s largest metropolises. This move comes on the heels of a surge in demand from consumers seeking quality, on-trend apparel that resonates with their daily lives.

    Additionally, the Shanghai store will showcase Uniqlo’s newest technology in retail design, featuring interactive displays and sustainable materials that align with modern consumer expectations. This new flagship store is not only about selling clothes; it’s about creating an immersive shopping experience.

    Eco-Friendly Endeavors

    With sustainability becoming a core value for consumers, Uniqlo is taking substantial steps towards eco-friendliness. The Shanghai site is set to incorporate energy-efficient systems and environmentally conscious practices. From recycled packaging to sustainable sourcing of materials, the brand is echoing its commitment to reducing its environmental impact while delivering stylish and functional apparel.

    Emphasizing local culture and community engagement, Uniqlo is also on the lookout for collaborations with local artists and designers to feature unique collections that resonate with the spirit of Shanghai. Shoppers can expect a delightful fusion of global trends infused with local flair, providing an ever-refreshing experience.

    A Fashionable Future

    As Uniqlo continues to innovate, the upcoming Shanghai store represents not just a new location, but a booming future for retail in the region. With a playful approach to fashion and a commitment to sustainability, Uniqlo aims to enchant both long-time customers and new visitors alike. Who knows, maybe this will be the place where consumers not only find their next outfit but also their fashion muse.

    Questions & Answers

    What will the new Uniqlo store in Shanghai feature?
    The new Shanghai store will showcase innovative retail design, interactive displays, and sustainable materials aimed at enhancing the shopping experience.

    When is the grand opening of the Shanghai store?
    The much-anticipated store is set to open its doors in early 2024, drawing both locals and tourists alike.

    How is Uniqlo addressing sustainability?
    Uniqlo is committing to eco-friendly practices, such as energy-efficient systems, recycled packaging, and sustainable sourcing methods to minimize its environmental impact.

  • CJ Group opens its first Tous les Jours store in Malaysia

    CJ Group opens its first Tous les Jours store in Malaysia

    CJ Foodville Corp, the restaurant division of the CJ Group, has launched its inaugural Tous les Jours bakery location in Kuala Lumpur, Malaysia.

    Expansion Plans

    This expansion is an integral part of the corporation’s global strategy, with another location set to be unveiled in Kuala Lumpur later this month.

    Master Franchise Agreement

    CJ Foodville has entered a master franchise deal with Stream Empire Holding, a local Malaysian retailer. This agreement provides the franchisee with the right to establish, manage, and grant sub-franchise rights to other parties.

    Global Presence

    Tous les Jours has approximately 560 outlets in nine countries, including the United States, Canada, Indonesia, and Vietnam. The company is also set to broaden its reach across the Southeast Asian market within the year.

    Moreover, the company operates a bakery factory in Indonesia and plans to develop another one in Georgia, United States, scheduled to open by the end of the year.

    Questions & Answers

    What is the significance of the master franchise agreement between CJ Foodville and Stream Empire Holding?

    This agreement allows the local Malaysian retailer, Stream Empire Holding, to open, manage, and grant sub-franchise rights to other parties, aiding in the expansion of Tous les Jours across Malaysia.

    How many countries does Tous les Jours currently operate in?

    Tous les Jours currently operates in nine countries, running approximately 560 outlets.

    What are CJ Foodville’s expansion plans for Tous les Jours in the Southeast Asian Market?

    CJ Foodville plans to broaden the reach of Tous les Jours across the Southeast Asian market within the current year.

  • Sun Group Secures Government Approval to Launch Exciting New Airline Venture

    Sun Group Secures Government Approval to Launch Exciting New Airline Venture

    Sun Group, renowned for its breathtaking resorts and amusement parks, has just received the green light for a new airline—Sun PhuQuoc Airways. This dynamic new carrier sets its sights on offering travelers a fresh way to explore Vietnam and beyond, and it’s all set to take off this year.

    Scheduled to Soar

    Sun PhuQuoc Airways will operate on a passenger transport model, merging both scheduled and charter flights that connect vital tourism and financial centers across Vietnam and select international destinations. With an impressive startup capital of VND2.5 trillion (approximately US$96 million), the airline aims to establish a fleet of 31 aircraft by the year 2030.

    The inaugural flight is slated for the fourth quarter of 2025, launching from the popular southern destination of Phu Quoc Island. This new venture promises to make travel more accessible to revered local and international locales, creating even more opportunities for adventure seekers.

    A New Player in the Sky

    Sun Group isn’t a stranger to the aviation sector; it also operates Sun Air, which caters to a luxury clientele with private jet services. Currently, Vietnam boasts six established airlines, including the likes of Vietnam Airlines, Vietjet Air, Bamboo Airways, and a few others. However, it’s worth noting that Pacific Airlines has paused its booking services, directing travelers instead to Vietnam Airlines—a situation ripe for Sun PhuQuoc Airways to swoop in and meet the demand.

    As the skies get a new player, the question remains: will Sun PhuQuoc Airways bring a refreshing twist to the aviation scene in Vietnam? Only time will tell, but for travelers itching to explore new horizons, the future looks bright!

    Questions & Answers

    What kind of flights will Sun PhuQuoc Airways offer?
    It will provide a combination of scheduled and charter flights connecting major tourism and financial hubs both domestically and internationally.

    When is the airline’s first flight scheduled?
    The inaugural flight is set for the fourth quarter of 2025.

    How many aircraft does the airline plan to have by 2030?
    Sun PhuQuoc Airways intends to build a fleet of 31 aircraft by 2030.

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  • Wolfsberg Group’s Ambitious Quest for Integrity in Banking

    Wolfsberg Group’s Ambitious Quest for Integrity in Banking

    The Wolfsberg estate, a pivotal site in the history of Swiss banking, stands as a testament to a visionary approach towards merging education with the elevated standards of banking excellence. Established amidst social upheaval in the 1970s, this historical estate has evolved into a sophisticated center for financial education and dialogue.

    A Storied History

    From Farm to Financial Institution

    Originally constructed in 1576 as a farm by Wolf Walter von Gryffenberg, the Wolfsberg estate has undergone a series of transformations over the centuries. In 1732, the estate was remodeled into a summer residence by Johannes Zollikofer von Altenklingen and later served as the first guesthouse in Thurgau, adding layers of cultural significance to its legacy.

    By the mid-20th century, the estate fell into disrepair before Swiss banking giant SBG, now UBS, acquired it in 1970, thanks in large part to Robert Holzach, a visionary at SBG who saw the potential for greatness in the estate.

    Pioneering the Banker’s Philosophy

    Under Holzach’s direction, Wolfsberg was envisioned as more than just a training facility; it became a crucible for developing a new breed of banker—one imbued with nobility of mind and spirit. Holzach’s belief in the necessity of a refined banking culture sought to instill high standards in a rapidly evolving financial landscape.

    Transformative Education and Training

    A Banker’s Monastery

    Widely referred to as a “banker’s monastery,” Wolfsberg was meticulously designed to foster rigorous training for emerging banking leaders. The estate was thoughtfully renovated to include classrooms, an auditorium, and living quarters, highlighting a commitment to discipline and excellence.

    The official opening in 1975 set the stage for what would become an elite training ground for those seeking a prominent place in the banking world, emphasizing both specialist skills and comprehensive education in economics, politics, and culture.

    Shaping Future Leaders

    Wolfsberg not only hosted lectures by top-tier global leaders like Mikhail Gorbachev and Helmut Schmidt but also integrated unique training methods, including simulations and role-play, to prepare participants for real-world challenges. The emphasis on pressure-based learning ensured that future executives could effectively navigate the complexities of modern finance.

    Modernization and Global Outreach

    An Evolving Mission

    As the global economic landscape shifted in the 1990s, SBG adapted the Wolfsberg model to align with the new realities of globalization and the Americanization of finance. Significant renovations were implemented between 2005 and 2008, enhancing the facilities while shifting focus from insular training to a broader, international approach.

    Today, the Wolfsberg estate serves as the UBS Center for Education and Dialogue, hosting a variety of events that facilitate networking and thought leadership among clients and organizations. With roughly 30 annual events under the Wolfsberg Dialogue Program, the center emphasizes themes of economics, politics, and passion, providing exclusive opportunities for idea exchange.

    Conclusion: The Broader Implication for Retail and Banking

    As Wolfsberg adapts to the changing tides of the banking industry, its legacy continues to influence how financial institutions approach training, leadership, and innovation. This evolution highlights a pivotal moment for brands striving to maintain relevance in an increasingly dynamic market.

    Questions & Answers:

    1. What is the historical significance of Wolfsberg? Wolfsberg has evolved from a 16th-century farm into an essential training center for bankers, reflecting the changing landscape of the financial industry.

    2. How did Robert Holzach influence the creation of Wolfsberg? Holzach spearheaded the acquisition and transformation of Wolfsberg into a training ground aimed at fostering a new standard of excellence in banking through rigorous education.

    3. What is the current focus of the UBS Center for Education and Dialogue? The center primarily hosts dialogues and events that cater to global clients, shifting from in-house training to a more inclusive platform for networking and idea exchange in economics and politics.

    In this dynamic era of retail and finance, Wolfsberg serves as a poignant reminder of the importance of continuous evolution and the cultivation of elite standards to thrive amidst consumer trends and market demands.

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  • Partners Group Welcomes Expert to Boost U.S. Insurance Market Growth

    Partners Group Welcomes Expert to Boost U.S. Insurance Market Growth

    Strategic Leadership Strengthens Brand Expansion and Client Relations

    In a strategic move aimed at fortifying its Client Solutions business, Partners Group has announced the appointment of John Woerner as Senior Advisor for the U.S. insurance sector. This significant addition comes as part of the firm’s ongoing efforts to respond to evolving consumer trends and enhance its services to insurance clients.

    A Wealth of Experience

    Bringing nearly three decades of experience, Woerner’s background encompasses a diverse range of executive and strategic roles in the insurance and wealth management field. Most notably, he spent 17 years leading the Insurance & Annuities division at Ameriprise Financial, where he also held the position of Chief Strategy Officer. Additionally, he served as a Partner at McKinsey & Company, steering the Asset & Wealth Management practice.

    Driving Strategy and Business Development

    In his new role, Woerner will focus on refining Partners Group’s strategic approach for insurance clients while boosting relationships with insurance companies across North America. His extensive network and comprehensive industry insights are anticipated to facilitate business development and aid in the execution of innovative investment strategies.

    Impact on the Retail Sector

    As Partners Group expands its expertise in the insurance market, the potential ripple effects on the retail sector and consumers could be significant. Enhanced strategies may lead to improved services and offerings, aligning with current consumer demands in the evolving financial landscape. This appointment not only showcases Partners Group’s commitment to growth but also emphasizes the importance of experienced leadership in shaping the future of retail services in insurance and beyond.

  • IT workers surplus to plans for many companies

    IT workers surplus to plans for many companies

    Many IT employees are being laid off or forced to quit and struggling to find new jobs due to a decline in demand due to the economic downturn.

    After a payment project was unexpectedly canceled in July as the company, a big tech brand in HCMC, no longer had the cash to keep it running, IT manager Quang Vu had no choice but to start looking for a new job, just many of his peers in the industry.

    “Many people I know in e-commerce, e-wallet and delivery companies are being affected by a wave of restructuring,” he said, adding that the layoffs are often not publicly announced.

    Dinh Ngo, who works at an IT job, said his German employer has stopped looking to hire for certain positions and is not extending contracts with people in those jobs.

    “Projects that are not profitable will be suspended.”

    A recent report by recruitment platform VietnamWorks said most companies have reduced their recruitment budget for IT employees this year.

    It surveyed non-tech companies that need IT staff and tech and IT businesses.

    It said only 61.3% of employees in tech companies believe they have stable jobs.

    At non-tech companies, 21.6% of IT workers have quit this year.

    Around 22.2% of companies in HCMC have reduced IT staff recruitment and 14.7% in Hanoi have reduced their salaries and bonuses.

    IT is among the three sectors with the biggest drop in recruitment in the last three years — at 23% — according to a report by consulting firms Talentnet and Mercer.

    Industry insiders attributed this to the impact of global economic challenges.

    Cai Dang Son, director of products and engineering at recruitment company Navigos Group, said businesses are focused on coping with the current difficulties.

    The biggest decline in hiring is seen at e-commerce and ride-hailing companies.

    Investment in Vietnamese tech startups dropped by 82% to US$66 million in the first half of this year.

    Tung Lam, a former product manager who has been jobless for six months, said “Compared to before Covid-19, the number and diversity of jobs have plummeted.”

    The VietnamWorks report also pointed out that more than 25% of IT staff have difficulty finding jobs, with new graduates all but ignored.

  • Google will soon allow Messages users to react using any emoji

    Google will soon allow Messages users to react using any emoji

    If you are messaging a fellow Android user who, like you, uses the Rich Communication Services (RCS) platform that is part of the Google Messages app, you can exchange longer messages, share larger video and image files, get a read receipt, enjoy end-to-end encryption, see a typing indicator, and more. Like Apple’s iMessage, none of these features will work when someone using another platform (like iMessage) is part of a group chat.
    But one thing that Google Messages users can do when talking among themselves, or even texting an iOS user, reacts to a message by sending one of seven emoji: thumbs up, smiley face with heart-shaped eyes, laughing with tears, surprised look, sad face with a tear, frowning face, and thumbs down. While those seven emoji will allow you to respond to many different messages, wouldn’t you prefer a wider range of possible options?
    Before we continue, let’s explain how Android users with the Google Messages app can respond to an RCS or Text message with an emoji. Long press on a chat bubble and you’ll see a pill-shaped popup containing the seven emoji mentioned above. Just tap on the one that best expresses how you react to a comment.

    For example, this writer is a beta tester for the Google Messages app yet the new feature is not showing up on my Pixel 6 Pro. If you are unable to access the emoji picker on your Android phone, don’t worry. Eventually, it will roll out for all Google Messages users.

    You can constantly check for an update by opening the Play Store app. Tap your profile pix or avatar or initials found in a circle on the right of the search bar at the top of the screen. From there, go to Manage apps & device and tap on the green See recent updates link. That takes you to a list of recently updated apps. At the top of the display, there is a tab reading Updates available. Tap on it and then tap on the Update all button.
    Google might end up using a server-side update which means that the company itself will flip the switch and you’ll never know until after it happens. We have no idea when you will receive the update containing the new feature but we have a gut feeling that it won’t be terribly long. Unless, of course, it is.
    You might recall that during the summer Google tried to pressure Apple into supporting RCS in a bid to stop the green bubble bullying that goes on when an Android user joins what was an all iOS group chat. When an Android user joins an all-iOS chat, many of the features of iMessage are no longer available and text bubbles turn green instead of blue. The interesting thing is that the same thing applies to iOS users who join an all RCS group chat on Android.

    The only difference seems to be that Android users don’t insult and bully those iPhone users who join their group chat which disables the RCS features in the same way that an Android user can disable iMessage features.

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  • Meta brings Community Chats to Messenger and Facebook Groups

    Meta brings Community Chats to Messenger and Facebook Groups

    Meta has just announced it will launch a new feature in Facebook and Messenger, which will allow users to start group chats directly in these apps. Called Community Chats, the new feature will first be tested in Messenger and will expand to more Facebook Groups in the coming weeks.

    The ability to start Community Chats in Messenger should allows users to create a Facebook Group, start chats and audio channels, as well as invite other people to join their group all within the app. The new experience is a mix between Messenger and Facebook Groups, but it doesn’t seem to replace either, at least for the time being.

    There will be multiple options to start a chat for group members, like a specific topic, an event chat, a view-only broadcast chat for announcements, or admin-only chat that will keep the discussions between admins and moderators private.

    In addition, admins will be able to create audio channels to allow group members to share live commentary or receive real-time support. Members of a chat group will also have the option to enable video once they’re in the audio channel.

    According to Meta, the new Community Chats feature will be released alongside a solid suite of tools meant to help admins manage both chat and audio experiences much easier. Among these tools, Meta confirmed the suite will include moderation capabilities such as blocking, muting or suspending group members, and removing members or messages, as well as Admin Assist.

    Admin Assist seems to be one of more useful tools since it allows admins to set custom filters to automatically suspend users, remove reported messages, and stop message from ineligible authors or containing violating content from being send.

    Finally, all members of Community Chats will be able to report messages to group admins or directly to Meta, block users, as well as leave a chat at any time. As mentioned earlier, Community Chats are now being tested in Messenger, but they will be rolled out to Facebook Groups in the coming weeks too.

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  • WhatsApp working on a new feature for group admins

    WhatsApp working on a new feature for group admins

    WhatsApp is constantly getting updates and new features, and we usually get a glimpse thanks to our friends at WABetaInfo. The app is working on a new voice note option for status updates, as well as the ability to hide your online status from prying eyes.

    Now there’s another slew of new features being developed mainly to help group administrators do their job more efficiently. The first one is set to allow admins to delete messages in groups for everyone. This was spotted in the WhatsApp beta v2.22.17.12 and according to WABetaInfo will be rolling out to the masses pretty soon.

    When an admin deletes a group message it will disappear for everyone, leaving a notice that it has been deleted by an admin (It says “you deteleted this message as admin” if you’re the one doing it).

    Another cool new feature that’s in the works is a chatbot that will blast users with in-app announcements. These announcements will include notifications about new WhatsApp features, tips and tricks, and possibly messages about paid promotions (hopefully not, but it’d be a missed opportunity).

    Earlier this year, WhatsApp started to test another feature to improve the user experience – the ability to edit your messages.

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  • Lulu Group’s India ambitions get closer with a $463 million deal

    Lulu Group’s India ambitions get closer with a $463 million deal

    UAE-based retail major Lulu group on Monday announced an investment of Rs 3,500 crore in Tamil Nadu to set up shopping malls, hypermarkets and a food-logistic park.

    A memorandum of understanding (MoU) to this effect was signed on Monday by Pooja Kulkarni, Managing Director and CEO of Tamil Nadu Industrial Guidance & Export Promotion Bureau and Ashraf Ali MA, Executive Director of Lulu Group, the company said in a statement.

    The MoU was signed in the presence of Tamil Nadu Chief Minister MK Stalin; Industry Minister Thangam Thenarasu; Yusuffali MA, Chairman of Lulu Group; other officials and dignitaries at the Abu Dhabi Chamber of Commerce HO in Abu Dhabi.

    As per the MoU, the first shopping mall will come up in Chennai by 2024, while the first hypermarket is expected to open by this year-end itself at the Laxmi Mills compound in Coimbatore.

    Lulu Group will also set up food processing and logistics centers for procuring and processing agri-produce for exports to middle eastern countries.

    A high-level delegation from Lulu will soon visit the state to finalize locations and related formalities.

    “State of Tamil Nadu provides excellent infrastructure and support to the investors and we are very happy to explore bigger investment opportunities not only in Chennai but also in tier two cities such as Coimbatore, Salem, Madurai, Trichy.

    “Our aim is to provide more than 15,000 direct and indirect job opportunities to Tamil youth in the next 3 years,” Yusuff Ali said.

    Lulu Group currently operates more than 225 hypermarkets and shopping malls in the Middle East, Egypt, Indonesia, Malaysia and India.

    The group employs more than 57,000 people globally. Lulu Group has announced an investment of Rs 2,000 crore near Ahmedabad to set up a modern shopping mall. It has committed an investment of Rs 500 crore to set up a food processing plant in Greater Noida, Uttar Pradesh.

    In India, Lulu Group already has four operational shopping malls in Kochi, Thrissur, Trivandrum and Bengaluru. The mall at Bengaluru is not owned by the Lulu group but it is managing and operating the property.

    The group’s business portfolio ranges from hypermarket operations to shopping mall development, manufacturing and trading of goods, food processing plants, wholesale distribution, hospitality assets and real estate development.

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  • TWG holding V3 Group to launch Hong Kong IPO

    TWG holding V3 Group to launch Hong Kong IPO

    V3 Group, which owns brands such as Osim and TWG Tea, has filed for an initial public offering (IPO) on the main board of Hong Kong’s stock exchange.

    V3 Brands Asia, an investment holding company wholly owned by V3 Group – made an application to the Hong Kong Exchange for a global offering on Monday (Feb 28).

    The application proof redacted pricing details, the size of the offering, and the number of shares up for grabs.

    Osim listed on the Singapore Exchange in 2000, but delisted in 2016 when its founder, Mr Ron Sim, took the company private.

    Mr Sim lamented then that the stock had not been fairly valued due to a lack of financial depth and liquidity in the Singapore market.

    In 2018, he shelved plans for V3’s Hong Kong listing, letting its application lapse, amid intense volatility and weakness in the global stock market.

    Monday’s application to the Hong Kong bourse comes after the lifestyle products group posted a surge in profit for the nine months ended Sept 30 last year. Profit after tax for the period stood at $72.7 million, 2.5 times the $28.7 million recorded in the year-ago period. Revenue rose 32.8 percent to $332.8 million, from $250.6 million previously.

    For the full year ended Dec 31, 2020, revenue was 15.6 percent higher year on year at $377.8 million, from $326.9 million in the financial year 2019. Profit after tax stood at $43.4 million, 58.9 percent higher than $27.3 million in the year-ago period.

    V3’s higher revenue during the two years ended Dec 31, 2020, and nine months ended Sept 30, 2021, was attributed to higher sales due to increased consumer demand for lifestyle and wellness products, targeted marketing and sales activities, and the success of blockbuster products.

    V3 owns the Osim brand, known for its massage chairs and relaxation products, luxury tea brand TWG Tea, nutritional supplement retailer ONI Global and Futuristic – a Singapore-headquartered manufacturer of store fixtures.

    Mr Sim opened his first store in Singapore in 1983 and later in Hong Kong in 1986. The company also expanded to Taiwan and Malaysia before officially launching the Osim brand name in 1993 and entering China.

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  • Name change for AirAsia Group

    Name change for AirAsia Group

    As AirAsia’s holding company for the airline group has been officially renamed AirAsia Aviation Limited, a move that illustrates the ongoing transformation into a digital travel and lifestyle services group,

    Bo Lingam, who was formerly president (airlines) for the AirAsia Group, takes over as Group CEO of AirAsia Aviation Limited, overseeing the four airlines (AirAsia Malaysia, AirAsia Philippines, AirAsia Thailand, and AirAsia Indonesia).

    AirAsia Group Berhad (AAGB) is the investment holding company for the eight digital portfolio companies that leverage data and technology. AAGB’s portfolio includes AirAsia Aviation, the AirAsia Super App, cargo and logistics venture Teleport, BigPay financial services, the edutech arm AirAsia Academy, engineering company Asia Digital Engineering, ground services division GTR and the restaurant chain and food group called Santan.

    Group CEO of AirAsia Aviation Limited Bo Lingam said: “We have spent the past 18 months reviewing every aspect of the operation to ensure that our airlines will return stronger than ever before. In Malaysia, we already see huge pent-up demand for air travel since the government’s recent announcement of the resumption of interstate travel on 11 October. We are operating over 60 daily flights to 16 key leisure destinations, and more frequencies and routes will continue to be added in response to significant consumer demand.

    “Progress is also underway in our other airlines in Thailand, Indonesia, and the Philippines as services are resuming in line with accelerated vaccination rates and the easing of travel restrictions in our key markets.”

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  • Sexual wellness retailers combine to form global Lovehoney Group

    Sexual wellness retailers combine to form global Lovehoney Group

    Online retailer Lovehoney is merging with WOW Tech Group to form a global sexual wellness group: The Lovehoney Group.

    The group will operate across EMEA, APAC and North America, and will combine a strong portfolio of brands, such as Fifty Shades of Grey, Happy Rabbit, Womanizer, We-Vibe, and Arcwave, as well as Swiss retailer Amorana, which was purchased by Lovehoney last year.

    The merger and expansion comes after the sexual wellbeing market exploded during global lockdowns, with the sector poised to grow at a CAGR of 8 percent from 2021 to 2028.

    Johannes Plettenberg, WOW Group founder and Lovehoney Group CEO, said the sector is fast becoming mainstream, “supported by liberalization, acceptance of sexual awareness, and the influence of popular culture.”

    “Amorana, Lovehoney, and WOW Tech share the same mission to destigmatize sexuality, empower people to enjoy a fulfilling love life, and experience sexual happiness,” Plettenberg said.

    “Combined, Lovehoney Group will provide a specialist e-commerce platform with unmatched international reach, with the creator of the most well-known and innovative brands in the industry.”

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