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  • Richemont suffers slump in online sales

    Richemont suffers slump in online sales

    After dismal updates from luxury goods groups this week, the company behind Cartier could be forgiven for a 47-per-cent slump in sales in its first financial quarter, writes Bloomberg’s Andrea Felsted.

    More disappointing is that Richemont’s powerful digital platform did a little better.

    Sales at the company’s online distributors, led by Yoox Net-a-Porter, fell 42 percent in the three months to June 30, a much worse performance than analysts had expected.

    That raises questions about Richemont’s strategy to expand its online platform. Now that the Swiss luxury group owns 100 percent of YNAP, it has the option to sell it, if it so desired, and their would-be suitors. But it should stay the course.

    Across the market, the demand for shopping via the click of a mouse or tap of a smartphone is rising strongly. Just look at the performance of mid-market online retailer Zalando SE, which on Wednesday upped its sales and profit forecasts.

    Richemont should clearly learn lessons from how it managed the impact of the pandemic. YNAP was hurt by warehouse closures. The decision not to use heavy discounting to clear unsold stock was risky. Zalando was able to keep all its warehouses operational.

    This doesn’t invalidate the current strategy. When it comes to pricing, Richemont chose to preserve its relationships with the fashion brands that supply YNAP by not slashing the prices of their goods. As luxury houses cut back on distribution via third-party sellers, this could prove wise in the longer term.

    There is also evidence YNAP’s e-commerce know-how is supporting Richemont’s other businesses. Online sales fell by a less-startling 22 percent if the digital arms of Richemont’s brands such as Cartier are included.

    YNAP’s joint venture with digital retailer Alibaba Group and the opening of a dedicated Cartier boutique on its luxury Tmall platform helped sales when stores in China were closed.

    Demand for online shopping is likely to remain strong even when stores reopen. And that is going to apply to the top end as much as mid-market clothes and accessories. Digital’s share of luxury sales could more than double to 30 percent by 2025, according to Bain & Co

    There will always be detractors who question the profitability of online luxury. Logistics expenses, particularly when it comes to product returns, offset the savings of having no rental bill. New warehouses and technology consume ever more investment to meet the demands of impatient, big-spending customers like YNAP’s.

    Even so, Richemont is on the right side of the trend with its online push. Indeed, the lesson from the last few months could be that the group should pare back its collection of fashion houses, such as Dunhill, Chloe and Peter Millar. That would allow it to devote the extra time and capital that the online and core watches businesses seem to need.

  • WhatsApp doubles the limit of participants in group audio and video calls

    WhatsApp doubles the limit of participants in group audio and video calls

    We told you less than a week ago that WhatsApp plans to increase the limit of participants in group audio and video calls, but we didn’t know by how many and when exactly it will happen. If you’re using the beta version of WhatsApp, we’re happy to tell you that group audio and video calls feature has been upgraded to accommodate more participants.

    As the title says, WhatsApp has decided to double the number of users who can participate in a group audio and video call. WABetaInfo reports that the latest beta version of WhatsApp increases the limit of participants to 8, whereas the app would only accept a maximum of 4 participants previously.

    To start using the new feature, all your contacts must use the same version of WhatsApp. Then, you must tap the New Group Call option in the Call tab and choose up to 7 more contacts from your list who you wish to invite in a group audio or video call.

    Apart from increasing the number of participants that can join audio and video call groups, WhatsApp implemented some other small, but helpful changes. For example, the call button that you use in groups will now allow users to directly start a call with group members if the group has 4 or fewer participants.

    If the group has more than 4 participants, you will be able to choose the contacts you want to add to the group call immediately after tapping the call button. Once again, these improvements are only available in the WhatsApp beta for Android (v.2.2.128), but we suspect they will be rolled out to the general public very soon.

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  • WhatsApp to increase group audio and video call limit in upcoming update

    WhatsApp to increase group audio and video call limit in upcoming update

    The current global crisis has led to an increase in communication services usage, but it looks like they’re able to cope with the demand for the time being. Even though it seems that there’s enough bandwidth to accommodate the spike in usage, many of these services require improvements.

    WhatsApp is in the process of upgrading its mobile apps with a couple of improvements that are meant to allow multiple users to participate in audio and video calls. WABetaInfo has learned that WhatsApp plans to extend group audio and video call limit on Android and iOS devices.

    Currently, WhatsApp users can initiate group calls with up to 4 participants, but a future update will increase the number of participants that you can invite in a group call to at least 6. It’s unclear what the final number will be, but we do know that WhatsApp will apply the same enhancements to the video call group feature.

    Neither of these improvements is available in the beta version of WhatsApp yet, but they are evident in some strings of code discovered by WABetaInfo. The changes are expected to be implemented in both Android and iOS versions of WhatsApp, but we don’t know when exactly they will be rolled out.

  • The Philippines’ Max’s Group posts 17-per-cent profit growth

    The Philippines’ Max’s Group posts 17-per-cent profit growth

    Max’s Group (MGI) which operates restaurants under its own brand name, Yellow Cab Pizza, Krispy Kreme, Jamba Juice and Teriyaki Boy, has boosted net income to $14.43 million last year.

    Fourth-quarter sales alone increased by 10.4 percent to $108.55 million from $98.22 million the previous year.

    System-wide revenue for the full year totaled $77.56 million, up 7 percent year on year, to $392.07 million.

    “Our performance demonstrates the success of our strategies to focus on our core business and spur long-term expansion through franchising,” said MGI president and CEO Robert F Trota. “Our continued investment in our commissaries also marshals the integration and modernization of our operations.”

    He said the company remains cognisant of the headwinds in the current business environment and assured investors that their teams are well-equipped to sustain levels of service and profitability.

    Meanwhile Ariel P Fermin, group COO said that following a year when the company invested in its brands to drive mainstream relevance, its focus now is to deliver on the increased demand.

    “Our integrated supply-chain programs are designed to furnish consistent quality, cost-optimized, and responsive services to our growing customer base and store network.”

    He added that the fundamentals the company put in place will serve it well in light of the challenges ahead this year.

    Max’s Group opened 82 new stores last year, including 22 overseas, taking its network to 760 locations, with 70 of them located overseas in North America, the Middle East and Asia.

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  • Private-equity rivals bid for Hong Kong tag-maker SML Group

    Private-equity rivals bid for Hong Kong tag-maker SML Group

    Private-equity businesses are among firms preparing bids to buy Hong Kong garment-label maker SML Group.

    The companies – Bain Capital, Boyu Capital and MBK Partners – are believed to have already made formal offers for the firm, according to those familiar with the transaction. Although details of the bids remain tightly held, it is expected that the sale could be worth US$400–500 million.

    SML Group has been working with Citigroup since at least January in its attempts to attract a buyer for the business. The company makes hang tags, price tickets, and woven and printed labels, as well as buttons and zippers.

    Founded in a warehouse office in 1985, the company has since expanded both organically and via acquisitions.

    The firm began in a warehouse in Hong Kong more than 30 years ago and now boasts factories or offices in 30 countries, including Indonesia, Spain, the US, and Mexico.

    None of the parties involved in the potential transaction have thus far not issued comments to the media.

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  • Hong Kong’s I.T to open new Orange Forest retail concept on Friday

    Hong Kong’s I.T to open new Orange Forest retail concept on Friday

    Hong Kong’s I.T Group will open its new Orange Forest concept in Tsim Sha Tsui on Friday, December 13.

    Located at The One shopping mall, the new store occupies an 18,000sqft area, spanning two floors. I.T’s space is divided into different areas including store-in-store concept, Stylenanda, casual footwear, and fashion accessories zone, Afuri ramen restaurant and Deus Ex Machina & Deus cafe.

    The I.T Orange Forest flagship features store-in-store of brands such as Baby Milo store, Beams Boy, Burton, Deus Ex Machina, and The North Face. The store’s displays are enriched with outdoor elements resembling sports ground or stadium. Pastel tones contrast with bold hues intended to “accentuate an exuberant and youthful vibe”.

    Different from its usual pinky design, the new Stylenanda at I.T Orange Forest embraces the ‘Urban Concrete’ concept of the latest Seoul and Beijing flagships inspired by minimalism.

    Adorned with nets, casual footwear and fashion accessories zone feature more than 100 New Era caps, sneakers, and backpacks.

    I.T Orange Forest also presents Japanses ramen restaurant Afuri which will offer the famous Yuzu Shio Ramen and Yuzu Shoyu Ramen in the chicken broth infused with the yuzu together with homemade dumplings, tsukemen and Japanese sakes.

    Another eatery is Deus cafe, which will serve Australian light meals and hand-brewed organic coffees.

    I.T Orange Forest has partnered with design studio Mighty Jaxx to open its first pop-up store in Hong Kong. To celebrate the grand opening, both brands collaborate with Sesame Street x Jason Freeny to launch a ready-to-wear collection for an immersive return to childhood memories. There are also 1:1 sculptures of Bert and Ernie from Sesame Street, coupled with AR photo booth for customers to take Instagram-worthy selfies this Christmas.

    Since 1988, I.T has introduced local fashionistas to brands from across the world. The venture now has 10 I.T stores in Hong Kong.

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  • BMW Group Registers A Growth Of 1.4 Percent In Sales Globally In November 2019

    BMW Group Registers A Growth Of 1.4 Percent In Sales Globally In November 2019

    The BMW Group registered worldwide deliveries of 2,25,662 units in the month of November this year. The company registered an increase in sales of 1.4 percent over the same month last year. Deliveries in the year to the end of November were up 1.7 percent year-on-year, with a total of 22,96,174 units sold by the Group. Total sales of BMW brand vehicles grew by 2.9 percent in November to 1,94,690 units. In the year to date, BMW brand sales increased by 2.4 percent to 19,72,394. The 3 Series sedan and Touring registered double digit growth in the month of November.

    Electrified vehicles continued to draw the attention of the customers. In November, sales of BMW Group electrified models reached a new all-time high of 17,480 units. This includes 13,590 plug-in hybrid models which were a bump in sales of more than 20 percent. The BMW i3 and the BMW i8 too registered a growth of 18 percent in sales. Sales of the MINI Cooper S E Countryman ALL4 Plug-in Hybrid climbed almost 50 percent in November with 1,950 vehicles sold worldwide.

    Worldwide MINI brand sales for the year to the end of November trended lower at 319,125 units, a drop of 2.7 percent. In November, 30,509 units were sold which marked a decline in sales of 6.8 percent. In addition to its core models, John Cooper Works variants proved especially popular with customers.

    BMW Motorrad continued to post solid sales growth. In the first eleven months of 2019, a total of 161,368 BMW motorcycles and maxi-scooters were delivered to customers around the globe, marking a growth of 6 percent. However, sales in November were down by -4.4 percent.

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  • Citigroup President Getting a $12.5 million bonus

    Citigroup President Getting a $12.5 million bonus

    Jane Fraser is landing a $12.5 million bonus as the bank looks to retain a likely successor to Chief Executive Officer Michael Corbat.

    The board’s compensation committee granted the award «in recognition of Fraser’s recent promotion to president and to enhance leadership continuity and management succession planning,» according to the firm’s regulatory filing on Wednesday. Half of the award is in cash and half is in stock, and both will vest in annual installments over four years.

    Fraser, who was promoted to the number 2 job at Citigroup last month, puts her in position to become the first woman to lead a major U.S. bank as the industry is under pressure to improve diversity. In April, a congressional hearing questioned the heads of the largest U.S. banks on why their companies never put a woman in charge.

    Several banking chiefs, including Corbat, responded that they could envision one succeeding them. In Asia, Theresa Foo became the first Asian female chief executive at Standard Chartered, according to the website Singapore Women’s Hall of Fame. In 1997, she was the first woman in the Bank of America’s Singapore operations to be made a vice president.

     

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  • ANZ Appoints International Head of Sustainable Finance

    ANZ Appoints International Head of Sustainable Finance

    Australia and New Zealand Banking Group appointed a new international head of sustainable finance, as demand for ESG-related funding continues to grow especially in Asia.

    Stella Saris was appointed to the Singapore-based role reporting to Nick Halkas, head of infrastructure, export and sustainable finance – international in the city-state; and to Katherine Tapley, head of sustainable finance in Sydney.

    Saris was most recently a director of resources, energy and infrastructure at the ANZ, where she first joined in 2004. Saris boasts a wealth experience in private-public partnerships in the Asia Pacific region including in Australia, Singapore, Indonesia and Papua New Guinea in both advisory and lending capacity.

    Sustainable finance continues to grow as investors build greater awareness about ESG-related risks, such as climate change. According to global ESG research firm Sustainalytics, social and sustainability bond issuances totaled nearly $59 billion in 2018, highlighting Asia as a growth driver for social assets due to greater flexibility for decision making amongst treasurers in the region.

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  • Facebook introduces new Group Privacy settings

    Facebook introduces new Group Privacy settings

    In an attempt to make Groups easier to understand, Facebook announced the launch of a new simplified privacy model for the feature, public and private. The new Groups Privacy settings include two clear options, which should make the privacy model much more intuitive.

    For example, public groups allow anyone to see who’s in the group and everything that’s shared there. However, in private groups, only members can see who else is in the group and what they’ve posted.

    Also, with the new settings, admins will be able to clearly choose whether or not the group can be found in search and other places. It’s also worth mentioning that by default, a group that was formerly “secret” will now be “private” and “hidden.” On the other hand, groups that are “public” will remain “public” and “visible.”

    All the new options are now available for all admins in their Group Settings, but keep in mind that there are restrictions to if and when an admin can change the privacy setting of a group. However, all the updates made by an admin to the group’s privacy setting will be highlighted for all group members via notifications.

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  • Telegram’s new update includes a powerful new feature for group owners

    Telegram’s new update includes a powerful new feature for group owners

    The Telegram messaging app, with its end-to-end encryption and the ability to host group chats of any size, is more popular overseas. According to Staista, at the end of March, it was the 11th most popular messaging app in the states with 2.67 million unique users each month. As of last month, it was the eighth-most popular global messaging app with 200 million monthly active users.

    Telegram announced an update that includes a new feature called Slow Mode. This allows an admin to lengthen the time a group chat member must wait between sending messages. The time period can range from no delay to as long as one hour between comments. Telegram says that it is offering Slow Mode to “make conversations in the group more orderly while raising the value of each individual message.”

    The update also adds Silent Messages. This is how you can send messages on the sly to contacts you know are attending a meeting, a class, or are in a situation where superfluous noise would be looked down on. So to have a message delivered silently, holding the send button will deliver the message without noise, even if the recipient did not enable Do Not Disturb. This feature is also available for group chats.

    Telegram is also giving group owners the ability to set custom titles. This can be done by going to Group Settings and editing the admin’s rights. In addition, videos now have a thumbnail preview and adding a timestamp to the caption will turn that time into a link. Tapping on the link will start the video from that precise moment. Telegram users sharing a YouTube video can also create a timestamp link as well. Animated emoji is now available and the stickers settings have a new toggle for looped playbacks. When toggled off, a sticker will play once and then remain static.

    Android users will notice a new attachment menu with larger thumbnails for photos and videos, making it easier for them to select media they want to share. Swiping up will reveal the entire gallery. And lastly, the new dark mode in iOS can be changed to create different background hues.

    Telegram users should find the update hitting their iOS or Android phone soon. For those who have yet to try Telegram, it can be downloaded from the App Store or Google Play Store.

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  • Restaurant openings sap Jumbo Group profit

    Restaurant openings sap Jumbo Group profit

    Jumbo Group profit fell 24.8 percent in the third quarter to S$1.7 million (US$1.2 million) as new restaurant openings added to expenses.

    The Singapore-listed restaurant group opened three new outlets in Singapore: a Jumbo Seafood at Jewel Changi, along with Zui Yu Xuan Teochew Cuisine and Chao Ting Teochew Pao Fan eateries at Far East Square.

    Sales were affected by the closure of the Jumbo Seafood restaurant on Riverwalk for one month during renovations.

    Group sales rose by 0.8 percent to $36.4 million.

    For the first nine months of the financial year, Jumbo Group profit was up 6.2 percent to $9.1 million on revenue down 0.4 per cent to $113.1 million.

    The company said in its results announcement that operating costs and tough competition across its Southeast Asian markets will continue to pose a challenge. However, the company expects new restaurants will help strengthen its market position in Singapore, “the bedrock of earnings growth”.

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  • LF Products Renamed into Living Style Group

    LF Products Renamed into Living Style Group

    Fung Group subsidiary LF Products will rebrand itself as Living Style Group.

    The pure-play furniture and home furnishings company said in a statement the rebrand follows the completion of Li & Fung’s strategic divestment of its three product verticals (Furniture, Sweaters, and Beauty) in April last year to form LH Pegasus, which is 45-per-cent owned by Hony Capital and 55-per-cent owned by Fung Group.

    “The new brand name, Living Style Group, coupled with a new logo and website, reaffirms the company’s position as a leading furniture company that brings speed to market and provides total supply chain solutions in furniture and furnishings to brands and customers worldwide,” the statement said.

    “Our innovative mindset, design-driven approach and deep-rooted passion has brought us to where we are today, and I am excited to enter this new chapter as we continue to grow the business and bring the highest value to our customers,” added Henry Chan, president at Living Style Group.

    Living Style Group delivers furniture and furnishings through three furniture brands – Kenas Home, True Innovations and Whalen Furniture – as well as an expanding portfolio of licensed brands including private labels and premier lifestyle brands.

    In October, Living Style Group will unveil its new brand identity at High Point Market in North Carolina, the largest home-furnishings industry trade show in the world.

  • Meal Temple Group invests in Myanmar with Freshgora

    Meal Temple Group invests in Myanmar with Freshgora

    Meal Temple Group, the leading startup in food delivery and logistics in Cambodia and Laos is continuing its expansion in the region by partnering FreshGora.com in Myanmar, after raising seed stage funds less than a year ago. Freshgora.com is a local startup based in Yangon, Myanmar, offering many on demand services through its online based mobile application and website. Meal Temple Group is the leading food delivery service in Cambodia and Laos, expanding its logistics offer to local businesses as well and offering its customers more new services.

    Both companies just entered an agreement to address the market in Myanmar and expand its operations nationally. With more than 55 million people, including more than 6 million in the Yangon
    metropolitan area, Myanmar is one of the fastest growing markets in South-East Asia. Freshgora.com, is a young startup from Yangon, that started less than a year ago, and already achieved to get over the rate of more than 100 deliveries a day in Yangon, offering food deliveries from restaurants and local markets in less than one hour through its own fleet of drivers. Sharing common vision, challenges and opportunities as Meal Temple Group in Cambodia or Laos, Daniel Htut, the founder, and its team, will benefit from Maxime Rosburger, Meal Temple Group’s founder,
    and their 5 years experience in the market.

    Daniel Htut says “We are really excited to partner with Meal Temple Group and offer our customers in Myanmar more services, support and perks, and be guided by Maxime and his team on how to sustain our growth in the market. After only 8 months, we are already tackling the largest local players, with a clean approach on technology, user experience and interface as well as customer
    service. We are also really inspired by Meal Temple Group’s vision on electric vehicles and social impact ambition.”

    The local entity will continue to operate as Freshgora, adding more services along the way, and working together with Meal Temple Group for an on demand super app for frontier markets of Asia in the long run. Meal Temple Group is looking to address more than 100 million people in frontier markets of Asia by the end of the year, and grow its technology to a super app model.

  • Pirata Group to launch new temakeria concept

    Pirata Group to launch new temakeria concept

    Japanese temakeria restaurant concept TMK is set to open on Hong Kong’s Hollywood Road in mid-July.

    The Pirata Group brand is being positioned as a “ballsy temakeria offering a wild experience and finger-licking good food”. The new venue’s executive chef Miguel Huelamo, supported by Japanese head chef Takeshi Suzuki, are offering a selection of classic and signature temaki rolls as well as sushi, fresh-from-the-sea sashimi and reimagined takes on traditional Japanese dishes.

    “TMK is a missing piece in Hong Kong’s F&B market,” said Pirata Group cofounder Christian Talpo, the creative force behind TMK. “A unique, one-of-a-kind punk-inspired restaurant that paves the way for novel all-day dining and late-night experiences.”

    Promotional material for the restaurant promise “a lawless venue where tattooed bikers and black-clad punks are served a varied selection of sake, Japanese highballs and craft beer”. Inspired by the exuberance and irreverence of punk rock, TMK will feature a “headbanging soundtrack and a dive-bar-styled interior”.

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