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Tag: health

  • Comvita Honey wholly acquires China joint venture

    Comvita Honey wholly acquires China joint venture

    New Zealand honey business Comvita has entered into a conditional agreement to acquire the remaining 49 per cent of its China joint venture, Comvita Food Ltd and Comvita China Limited.

    The acquisition will be funded through the issuing of 4.05 million new shares, as well as a payment of $3.19 million.

    “This completes the ‘final piece of the jigsaw’ with respect to our China Strategy, which we have been working on for a number of years,” Comvita chief executive Scott Coulter said.

    “Our goal has been to gain full control of our brand across all key channels into China. This acquisition significantly strengthens our direct to China business, the key building block in our China strategic plan.”

    According to Coulter, China remains Comvita’s strongest consumer base, with its success in the region underpinned by its efforts to get closer to the Chinese consumer.

    This was initially done through a distribution relationship for 12 years, before the business entered a 51 to 49 per cent joint venture in 2017. This acquisition is the culmination of that effort.

    “China is moving into a direct trade and a formalised cross border e-commerce model, to ensure both consumer protection and fairness in taxation between online and offline ‘players’ are in place,” Coulter continued.

    “This acquisition will provide Comvita with much more flexibility to optimise sales and channel profitability in this fast evolving environment.”

    For the remainder of the year, the brand issued three goals for the China market: to achieve price harmonisation between its channels and markets, to supply key cross border e-commerce platforms directly, and to build its e-commerce and marketing capability in the region.

    Comvita chair Neil Craig noted that while the recent period had been tough on shareholders due to the execution of the brand’s strategy in China impacting its short term earnings, the brand now expects revenue from its consolidated China business to be greater than $200 million in sales annually.

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  • Shiseido and AS Watson co-create skincare Beauty Line

    Shiseido and AS Watson co-create skincare Beauty Line

    Global cosmetics company Shiseido and AS Watson, the health & beauty retailer, have collaborated to co-create an exclusive derma skincare range under the “D Program” brand.

    The new Urban Damage Care range has been successfully launched in Thailand and Taiwan and will soon be launched in other Asian markets with Watsons stores.

    The collaboration is in response to a 24-per-cent growth in the derma skincare category in Asia since 2014. As more women are looking for effective derma skincare products, the online search for related topics grew by 117 per cent compared to last year.

    “AS Watson is the largest health and beauty retailer in the world that acts with speed, innovation and vision making them the perfect retailer to bring Urban Damage Care to the high street,” said Shiseido president and CEO Masahiko Uotani.

    “With AS Watson’s extensive distribution network and customer insight of the derma cosmetics category and Shiseido’s expertise in R&D and innovation, this has enabled us to co-create a range that supports our core values of putting the customers’ needs first while ensuring that it is accessible to customers.”

    The project kicked off with customer survey on a selected panel of Watsons members after Watson’s COO Malina Ngai visited Shiseido headquarters in Tokyo 18 months ago.

    “Combined with Shiseido’s 40 years of sensitive skin research and product development technology, we collaborated to develop the range that we believe will be best suitable for modern Asian females to improve their skin to defend against urban pollution,” she said.

    Following positive feedback from customers, “D Program” will be launched in China on 11 April.

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  • Vietnam cracks down on drugstores selling without prescriptions

    Vietnam cracks down on drugstores selling without prescriptions

    The Ministry of Health has ordered that all drugstores should be connected to the national medicine database via the Internet by Monday, a move aimed at preventing the sales of drugs without prescription.

    But in Ho Chi Minh City, which has the highest number of pharmacies in the country at over 6,000, only 61 percent have linked up, according to the city Department of Health. In Hanoi, 90 percent of its over 4,600 drugstores have done so.

    Many pharmacy owners said they do not have a computer or Internet. Tran Thi Nhi Ha, deputy director of the Hanoi Department of Health, said the regulation requires pharmacies to invest in infrastructure and this takes time.

    Tang Chi Thuong, her HCMC counterpart, said inspectors would soon carry out checks to ensure compliance. “Licenses will be taken away from pharmacies that continue to disobey.”

    Most pharmacies in Vietnam sell drugs without prescriptions. In fact, around 88 percent of all antibiotics sold in urban areas are without prescriptions while the rate is 91 percent in the countryside, the health ministry said.

    The World Health Organization has listed Vietnam among the list of countries with the highest rate of antibiotic-resistant infections, with 33 percent of all patients suffering from them.

  • Hong Kong fitness centres named and shamed

    Hong Kong fitness centres named and shamed

    Expressing deep concern for “unscrupulous sales practices” of some Hong Kong fitness centres, the Consumer Council has named and shamed four operators it says targets young consumers with high-pressure sales tactics.

    “After careful consideration, the council today publicly names four fitness centres and strongly reprimands them for their undesirable sales practices targeting inexperienced young consumers,” the council said in a statement. “The complaint cases levelled against the four centres involved some $40,000 on average and in the most extreme case it stunningly reached the sum of $1.75 million.”

    The council said the centres’ behaviour is “detrimental to consumer rights and interests”.

    The four centres shamed are:

    • SML Studio/TIA Studio, CMB Wing Lung Bank Centre, Nathan Road, Mong Kok.
    • Fitness Express, Mongkok Metro, Nathan Road, Mong Kok and Grand Place, Nathan Road, Mong Kok.
    • Legend Fight & Fitness, Russell Street, Causeway Bay.
    • A Plus Fitness, Argyle Street, Mong Kok.

    More than 90 per cent of the complaints the council has received relating to the Hong Kong fitness centres, related to customers aged 25 or younger, and some of the victims were even mentally incapacitated.

    “High-pressure tactics were deployed throughout the course of the sales process. Young consumers, under threat of personal safety, succumbed to the unrelenting pressure to sign the contracts so as to swiftly escape from the uncomfortable situation. Some traders also resorted to unconventional payment methods, including taking the complainants to major chain stores to buy gift vouchers to pay for fitness centre memberships, or requiring bank transfers or electronic payments and in some cases the funds were transferred to the personal accounts of the salesperson.

    “Consumers were generally given only a copy of the signed contract but not an official payment receipt.  Recent complaints have indicated that they were not even given a copy of the service agreement.”

    The council said most complainants were allegedly forced to have a photo or video taken, or were made to declare and sign a statement that they had signed the contract of their own free will, and that they would not make any claims against the company in the future.

    “Since the payments are made indirectly to the fitness centres, and there are no official receipts, it is incredibly difficult for consumers to seek legal redress in the face of such blatant disregard of consumer rights.”

    Targeting the young

    According to the council there has been a growing emergence of small independent Hong Kong fitness centres in areas frequented by young people, such as Mongkok and Causeway Bay, in recent years.

    “Unscrupulous traders have seized the opportunity to set up fitness centres in small premises with limited gym facilities, so it’s hard to believe they have ever had a long-term development plan to provide quality service to consumers.

    “In general, the modus operandi of these centres involves staff first appealing to the sympathy of complainants to help filling out a questionnaire, and then luring them to a nearby fitness centre. Once inside the premises, another sales team take over and use warm and friendly persuasion to lower the targets’ alertness as much as possible. On the pretext of validating the questionnaire, they then coax the targets to hand over their credit cards and identity cards with the actual intention of drawing up a contract and transferring funds.”

    It was further alleged that any attempts to leave the premises were often met with oral and even physical threats of the staff.

    In the past year, the council received 160 complaints against the four fitness centres, involving $6.78 million.  In the case of the highest amount from A Plus Fitness, within just four months, the complainant was persuaded to buy a 15-year membership and 1050 private coaching sessions, totalling more than $1.75 million.  Hundreds of thousands of this amount was borrowed from a moneylender. After explaining that the fitness centre could not open a credit-card account, its staff asked the complainant to make electronic transfers to pay for the membership and coaching sessions through 20 transfers of some $1 million in total.

    Complaints against Legend Fight & Fitness revealed an even more unusual means of payment method. The complainants were taken to nearby electronic goods and personal care chain stores to buy gift vouchers worth tens of thousands of dollars as payment for the fitness expenses.  As the complainants paid for the fitness centre membership with gift vouchers purchased from a third party and the fitness centre kept the receipts for the gift vouchers without giving a copy to the complainants, this will make it difficult for complainants to seek legal remedy in the future.

    Despite repeated enquiries by the council about how the fitness centre converted the gift vouchers to cash and deposited the cash into the company’s bank account, the centre staff refused to respond.

    Of the 237 complaint cases levelled against the four Hong Kong fitness centres between January last year and last February, the council referred 16 complaints to the Customs and Excise Department (CED) for follow-up whereas 51 complainants approached the CED direct to report their cases. Two other cases are currently receiving assistance from the Consumer Legal Action Fund (CLAF).

    Complaints escalate

    The council says that while the number of complaints about sales malpractices have been declining in recent years, after removing complaints relating to fitness centres closing down, those relating to the fitness sector have shown no signs of declining, running at 500 to 700 cases a year.  Complaints about sales malpractices have continued to rise unabated, jumping 88 per cent last year to 415 cases.

    The council advised consumers who felt coerced into signing a contract for an unreasonable amount to discuss the problem with their family immediately and if necessary, contact the Consumer Council or report the business to the Customs and Excise Department or the police.

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  • George & Matilda expands up to 70 practices

    George & Matilda expands up to 70 practices

    George & Matilda now has 70 practices in its network, a milestone for the eyecare retailer started in 2016, which brings together independent optometrists under a single banner.

    According to CEO Chris Beer, this model has been the key to success for the business, which recently added local optometrists in Victoria, Queensland and New South Wales.

    “We pride ourselves on being a home for any practice that is focused on delivering the best care for their patients, no matter how they do so,” Beer said.

    “This makes for a very varied and diverse group of partners, which we believe is our key strength.”

    According to Beer, the firm’s ability to listen and learn from its partners to gather information which can then be filtered through its marketing, supply chain and business support structures has resulted in “fantastic results at a time when a lot of retail is hurting.”

    IBISWorld estimates the optometry and optical dispensing industry to be worth approximately $3.7 billion in Australia, with an annual growth of 2.9 per cent between 2014-19.

    Much of this is due to the industry’s distinct mix of retail and service elements, according to IBISWorld senior industry analyst Liam Harrison.

    “With around half of Australians requiring glasses, there is a large market for industry services,” Harrison told IR.

    “Combining traditional retail with service elements has helped the industry both remain relevant and protect its profitability at a time when consumers are looking to reduce their expenditure where they can.”

    However, with businesses offering the purchase of eyewear online, the offering of service elements may not be mandatory to survive in the industry, Harrison argues.

    Looking forward, Beer believes the next year will be transformative for George & Matilda.

    “We started this business with the vision to help the world see better by supporting and uniting local independents to build the best optometry community,” Beer said.

    “It’s a big ambition, but we have invested the time and resources to create something that can bring about meaningful change for the industry in the long term.”

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  • AS Watson South Korea health and beauty launched

    AS Watson South Korea health and beauty launched

    Hong Kong-based AS Watson has chosen its part-owned German subsidiary Rossmann for its next Asian market debut, South Korea. The German drug-store brand has confirmed it will begin selling products in South Korea on May 1, shipping direct from Germany. It will sell online only. Dirk Rossmann GmbH, named after its founder, is 40 per cent-owned by AS Watson, but the Hong Kong company includes its store network in its fast-growing tally of stores. The company opened its 15,000th store in Kuala Lumpur this week and is currently expanding internationally at a rate of one new store every seven hours.

    A joint venture between AS Watson and Rossmann operates more than 3100 stores in Germany, Poland, Czech Republic, Hungary and Albania. According to a report, the company plans to make “full-scale inroads into the domestic health and beauty market” through Rossmann Korea.

    It will adopt a direct-to-market business model, rather than stock goods in existing retail chains.

    An AS Watson spokesperson told Inside Retail ASia that Rossmann’s Own Brand products are famous not only in countries where they operate a retail network, but also in Eastern Europe where they are distributed in Watsons stores, and in Switzerland where they are distributed in a local supermarket chain. Online, Rossmann sells in China.

    Rossmann chose South Korea as its first Asian market “as Korean consumers were a match with the company’s meticulousness and strictness on their products, where both parties value safe, good quality products offered at reasonable prices”.

    “For South Korea, Rossmann will be launching via online platforms about 100 SKUs of its own products in body and skin care, baby care, and organic food,” the AS Watson spokesperson told.

    According to a Rossmann spokesperson, Korean consumers will experience reliable goods and services through official fast-paced shopping malls. “Rossmann will do its best to help more people make direct transactions with ease.”

    The brand will host quiz events on its Instagram and Facebook pages until April 8 and promotions include prizes of Starbucks coupons and Rossman Korea goods such as water bottles and umbrellas for winners.

    The Rossman family own 60 per cent of the business, which is headquartered in the German town of Burgwedel near Hanover.

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  • Apple Watch’s ECG became finally available in Europe

    Apple Watch’s ECG became finally available in Europe

    The Apple Watch is the world’s most popular line of smartwatches right now, holding about 50% of the global market. When Apple announced the Apple Watch Series 4 last year, there was one feature that stood above all. It wasn’t the larger display or the Digital Crown with tactile feedback.

    Instead, it was the addition of ECG (electrocardiogram) capabilities without any additional hardware needed (besides the Apple Watch itself, of course). The feature allows the user to quickly and easily take an ECG and then, if need be, send the results to their doctor. Even without having the results looked at by a specialist, the device’s own algorithms would alert the user if they notice something out of the ordinary. Since then, reports are showing up regularly about how the Apple Watch helped one person or another notice an issue with their heart that was later confirmed by a cardiologist. This allowed proper measures to be taken a lot sooner than if the patient had waited until the problems became obvious.

    Unfortunately, despite the Apple Watch being loved all around the world, the ECG functionality was limited only to the United States. Not anymore!

    Select European countries and Hong Kong are getting ECG

    Apple’s watchOS 5.2 is now available for all Apple Watch models and adds a couple of features for users in 19 European countries and Hong Kong. The more important one is ECG, which comes only to the Apple Watch Series 4. Here’s the full list of European countries that are getting the new feature:

    Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Romania, Spain, Sweden, Switzerland, the UK.

    Despite the ECG app and the Irregular Rhythm Notification (more on it below) being cleared for use in the European Economic Area, according to Apple, there are several countries that are part of the EEA and won’t be getting these features yet: Bulgaria, Croatia, Czech Republic, Estonia, Iceland, Latvia, Lithuania, Poland, Slovakia, Slovenia.

    The reason for that is unknown. It could be due to additional regulatory approval needed or, alternatively, those are just markets Apple isn’t as interested in right now.

    A more notable country that’s also missing from the expansion list, although not in Europe, is Canada. It was expected to be one of the first countries besides the US to get the ECG app, but it appears that Canadians will have to wait at least until the second wave of expansion.

    ECG on a smartwatch, how does that work?

    For those of you that are just hearing about the Apple Watch’s ECG, here’s a quick rundown. Electrodes inside the Apple Watch Series 4 measure the electrical impulses your heart is releasing when beating. To do that, the user must touch the Digital Crown (the rotating bit on the side of the watch) in order to close the circuit, creating an effect similar to a single-lead electrocardiogram.
    After 30 seconds of measuring your rhythm, the ECG app will classify it as either AFib or sinus rhythm. If you get AFib as a result, you might want to get a consultation from your general practitioner or cardiologist. Of course, the results won’t be nearly as accurate as those taken by professional medical equipment, but the Apple Watch feature is far from a gimmick. Medical trials have shown that the wearable device is classifying the different heart rhythms with very high accuracy.
    The watchOS 5.2 update is also bringing a health-related feature to older Apple Watches as well. Called Irregular Rhythm Notification, this feature is coming to Apple Watch Series 1 and newer models. It checks the user’s heart rhythm on regular intervals using the optical sensors of the device and sends a notification if five irregular rhythms are detected over the span of at least 65 minutes.

    Sinus rhythm notification on the left (in Spanish) and an irregular heart rhythm warning on the right (in Italian

    To start using the new features, users have to enable them from the Health app on their iPhones. Obviously, the Apple Watch must be updated to watchOS 5.2, but to do that the iPhone itself must be updated to iOS 12.2.

  • Yunnan Baiyao Group to Bring Traditional Chinese Medicine to a Global Audience with Manhattan Associates

    Yunnan Baiyao Group to Bring Traditional Chinese Medicine to a Global Audience with Manhattan Associates

    Yunnan Baiyao Group, one of China’s largest pharmaceutical and healthcare companies, has selected Manhattan Associates  Warehouse Management System (WMS) to transform its digital supply chain and power the next phase of its growth strategy. The solution will help the manufacturer optimise its distribution operations and meet rising demand for its products across the globe whilst ensuring compliance with stringent production and traceability regulations.

    Founded in 1971, Yunnan Baiyao has established itself as one of China’s most important pharmaceutical companies, selling a broad range of medicinal and personal care products. Thanks to its unique ability to combine traditional Chinese medicine with new product innovations, the company has doubled revenues over the last five years to CNY24.3 billion (US$3.5 billion) in 2017. With its sights firmly fixed on continuing this trend, it recently set out to modernise its manufacturing and distribution operations.

    The pharmaceutical giant selected Manhattan’s industry-leading WMS solution to help it optimise fulfilment and throughput. The company will initially deploy Manhattan’s WMS in a new distribution centre (DC) adjacent to its toothpaste factory in Kunming, Yunnan province in southwest China. Yunnan Baiyao’s toothpaste is its most important healthcare product and the most popular in the Chinese market with a leading market share. Manhattan’s solution will play a key role in Yunnan Baiyao significantly increasing its toothpaste production to fulfil the growing market demands.

    Xia Feng, General Manager of Yunnan Baiyao’s Engineering System Centre, said, “Manhattan’s WMS will ensure on-time replenishment of our production line, accelerate the shipment of finished goods to our wholesale customers, drive efficiency improvements across our warehouse and factory floor and provide us with the scalability we need for growth. It will also provide real-time visibility of all inventory flows, ensuring we are fully compliant with the Good Manufacturing Practice (GMP) and Good Supply Practice (GSP) codes governing the traceability requirements of pharmaceutical products.”

    Stone Chen, General Manager of Manhattan Associates, Greater China, said, “Yunnan Baiyao is taking the lead in the pharmaceutical sector to replace its legacy systems with state-of-the-art technology that improves the productivity, efficiency, and competitiveness of its manufacturing and supply chain functions. Manhattan’s WMS will play a pivotal role in Yunnan Baiyao’s digital transformation and provide it with the scalable fulfilment platform it needs to be able to fully capitalise on the growth opportunities presented by rising global demand for traditional Chinese medicine.”

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  • Estée Lauder Wants to Maximise Every Second of your Beauty Sleep

    Estée Lauder Wants to Maximise Every Second of your Beauty Sleep

    Join us as Estée Lauder celebrates its first ever Power of Night exclusive pop-up. Visit us from 23th to 24th March (11am to 8pm) to understand how modern life affects our skin and discover our iconic Advanced Night Repair serum maximises skin repair with every second of beauty sleep. Learn how a lack of sleep* and constant exposure to blue light** accelerates skin ageing, causes fine lines and a loss of firmness and pigmentation.

    As a leader in skin repair for over 35 years, Estée Lauder continuously studies the key factors behind visible skin ageing. Research shows that a lack of sleep not only affects our skin’s natural reparative process but also accelerates premature signs of skin ageing.

    Sleeping less than five hours every night increases the impact of stress on the body, resulting in a breakdown of collagen and elastin, causing it to be more susceptible to damage caused by environmental aggressors*.

    Modern life equals multiple skin assaults and the constant exposure to blue light, especially at night, disrupts the skin’s natural repair process and causes accelerated skin ageing**.

    It is no surprise then that a good night’s sleep is not only important to recharge the body but also helps keep skin youthful and healthy.

    Beauty Sleep In Progress

    During our exclusive pop-up, learn about Estée Lauder’s iconic Advanced Night Repair in the Living Room. Through an interactive night discovery quiz, discover how our patented ChronoluxCB™ Technology works with the body’s natural circadian rhythm to boost skin repair and renewal functions for a radiant and youthful look when you wake.

    In the bedroom, explore different ways of using Advanced Night Repair serum with our Power Of Night film series muses Joanne Peh, Nurul Aini and Oon Shu An and journey with them through our Insta-worthy beauty stations. Learn beauty hacks with Estée Lauder’s breakthrough repair serum for all your beauty occasions by strengthening the skin, improving hydration and enhancing your skin’s glow.

    Take our discovery quiz and bring home your very own Advanced Night Repair serum sample to kick start your Advanced Night Repair beauty regimen.

    Create your customised bedtime renewal routine and steal the spotlight with our Pro Artists using our best-selling Double Wear Stay-in-Place Foundation and our new luxury lipstick collection Pure Color Desire.

    Scribe your sleep resolutions on the Sleeping Beauties Wall and join us in spreading the love for Advanced Night Repair by posting your favourite sleeping beauty images on the ‘gram. Tag your photos with the event hashtags to enter the Estée Lauder #PowerOfNightSG Instagram contest, and stand a chance to win a full-size bottle of Advanced Night Repair.

    Unleash the power of night with Singapore’s #1 serum — Estée Lauder Advanced Night Repair.

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  • Anta Sports shows positive result

    Anta Sports shows positive result

    Anta Sports Products is planning more than 1000 new stores this year after revealing another record profit. The Hong Kong-listed Chinese sports apparel and footwear manufacturer operates more than 11,600 stores in Greater China and beyond under its own Anta brand, and banners like Fila and Descente, for which it owns regional rights.

    In September last year it led a takeover bid for Amer Sports, which owns Salomon, Wilson, Arc’teryx, Suunto, Peak Performance and Precor, among other brands – a deal likely to be completed as early as next month.

    This year’s net profit was the fourth consecutive annual record and reflects growing popularity of sport and fitness in Mainland China and a strengthening of its online offer.

    The company’s profit jumped 32.9 per cent to RMB 4.103 billion ($613.13 million) last year on sales up 44.4 per cent to RMB 24.10 billion (US$3.597 billion).

    In a stock exchange filing, Anta said it was “cautiously optimistic” about the prospects of the business in China in the coming year, despite reduced business confidence across the region. It plans to open more than 1000 Anta-branded stores on the mainland this year along with up to 250 Fila, Fila Kids and Fila Fusion stores on the mainland and in Hong Kong, Macau and Singapore.

    Anta-branded products saw a mid-teens increase in retail sales in the latest quarter compared to the same period last year, however sales in stores bearing other banners rose between 85 and 90 per cent.

    Anta Sports, was founded in 1991 as a manufacturing supplier to the footwear industry. Since then it has grown to become China’s largest domestic sportswear brand, and industry analysts estimate it is the world’s third largest by market capitalisation after Nike and Adidas.

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  • Allianz Malaysia earnings up 15.3% to RM100m in fourth quarter

    Allianz Malaysia earnings up 15.3% to RM100m in fourth quarter

    Allianz Malaysia Bhd’s earnings increased by 15.3% in the fourth quarter ended Dec 31, 2018 (Q4) to RM100.04 million, from RM86.78 million in the previous corresponding quarter mainly due to higher underwriting profit from motor business arising from lower claims and management expenses. For the quarter under review, the general insurance segment recorded a profit before tax of RM78 million, an increase of 15.7% as compared to the preceding year quarter.

    Meanwhile, the life insurance segment recorded a profit before tax of RM50.3 million, a decrease of 15.5% due mainly to higher group claims.

    Allianz reported a 7.63% increase in revenue to RM1.3 billion in Q4 from RM1.21 billion, driven by higher gross earned premiums and investment income.

    For the full year, its net profit grew 30.9% to RM377.02 million from RM287.96 million a year ago, while revenue was up 7.9% to RM5.18 billion from RM4.8 billion previously.

    The general insurance industry reported a marginal growth of 1.5% in gross written premium for the year ended Dec 31, 2018.

    Allianz said the group anticipates similar trend in the medium-term given the economic uncertainty and subdued consumer sentiments.

    However, it said the general insurance segment will continue to offer innovative products and services in anticipation of a fully liberalised insurance market while further expanding its multi-distribution model to maintain market leadership.

    For the life insurance segment, Allianz will continue to leverage on the strength of its multi-distribution channels and increase productivity across distribution channels to generate growth.

    The group will also continue to focus on optimising the performance of its insurance businesses and expect to maintain satisfactory results in 2019, it added.

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  • Footasylum shares soar after JD Sports takes stake

    Footasylum shares soar after JD Sports takes stake

    Shares in Footasylum soared after British retailer JD Sports said it had acquired an 8.3 percent stake and could buy nearly 30 percent of its smaller rival. JD, which has used a number of corporate acquisitions to assemble its network of more than 2,400 stores over the past two decades, said that it “confirms it is not intending to make an offer for Footasylum” under merger regulations.

    But investors drove shares in the company, which is listed on the secondary market of the London Stock Exchange, rose 58.6 percent to 46 pence in the first hour of trading.

    Footasylum, started by JD Sports co-founder David Makin in 2005, was forced to cut prices at its 60 stores after a disappointing run up to Christmas which saw British consumers rein in spending.

    It now competes with JD Sports, Sports Direct and Asos among others, which are all feeling the impact of sluggish British consumer spending amid squeezed household incomes and uncertainty ahead of Britain’s impending exit from the European Union.

    Makin and fellow JD Sports founder John Wardle were bought out by the company’s current majority owners Pentland Group in 2005 and later resigned as directors.

    Footasylum said in January its full-year core earnings would come in at the lower end of analysts’ estimates.

    JD Sports shares were up about 1 percent at 454.03 pence.

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  • Ikea to launch ‘intelligent curtain’

    Ikea to launch ‘intelligent curtain’

    Ikea has developed an ‘intelligent curtain’ capable of purifying air. The invention, coated with sunlight-activated minerals that break down airborne pollutants, has been developed in collaboration with several European and Asian universities. “By enabling a curtain to purify the air, we are creating an affordable and space-saving air purifying solution that also makes the home more beautiful,” said Ikea product developer Mauricio Affonso.

    The Gunrid intelligent curtain will be sold in stores next year and is expected to sell well in areas particularly affected by air pollution.

    According to the World Health Organisation, 91 per cent of humanity lives in areas affected by significant air pollution, which kills around 7 million people every year.

    “Gunrid is the first product to use the technology,” said Ikea’s head of sustainability Lena Pripp-Kovac, “but the development will give us opportunities for future applications on other textiles.”

    “We know that there is no single solution to solve air pollution. We work long term for positive change, to enable people to live healthier and more sustainable lives”, she said.

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  • Under Armour Thailand predicts sales growth

    Under Armour Thailand predicts sales growth

    Under Armour Thailand is targeting a 20-per-cent sales increase in the kingdom, according to the brand’s exclusive Asian distributor Triple Pte Ltd. The company is focusing on footwear sales to follow up on its gains in the apparel sector in a sporting goods market expected to see 5–7 per cent growth this year. It will also offer a wider range of branded products, including sleepwear.

    “Under Armour is a relatively new brand in Thailand, and it has huge potential to spread its wings here,” said company CEO Michael Binger during a visit to Thailand last week. “We want to grow our footwear business at a faster pace than in the past and expect footwear sales to increase to 35 per cent of total sales by 2020, up from 25 per cent last year.”

    As part of this year’s expansion plans, Triple Pte is planning exploratory Under Armour Thailand outlets in the country’s north, with a shop-in-shop scheduled for the Mall Nakhon Ratchasima as well as a potential new shop in popular tourist destination Chiang Mai. It will also launch another branch in suburban Bangkok.

    “We see huge potential in the sporting goods business in Thailand,” said Binger, “and we feel confident in our capability to propel Under Armour to success here because we are an alternative brand for people looking for innovative performance shoes.”

    Thailand is Under Armour’s second fastest-growing market in Southeast Asia after Singapore.

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  • Cola, sugar prices shoot up 10% in Korea

    Cola, sugar prices shoot up 10% in Korea

    Processed food prices rose in January, with soybean paste, sugar and cola all jumping up around 10 percent compared to a year earlier. The Korea Consumer Agency (KCA) said Monday that 18 of 26 major processed foods measured both in 2018 and 2019 cost more in January than the previous year. The highest price hikes on year included sugar at 11 percent, soybean paste at 9.8 percent and cola at 9.7 percent. Among processed grain foods, instant rice products rose the most, by 5.6 percent. Prices for cup ramyeon noodles, one of the country’s favorite snacks, rose 3.4 percent.

    The KCA releases prices for a basket of around 30 major processed food categories every month. The basket price data serves as a separate indicator of real price changes for consumers. Other tracked products include beer, coffee mix and curry.

    Compared to the previous month, the average basket price for January rose 0.2 percent to 122,686 won ($109) from 122,491 won. Soybean paste prices rose on month by 4.7 percent and curry by 1.4 percent. Average cola prices rose 6.0 percent from December. The soft drink’s price rose last month after two months of declines.

    The KCA reported that the basket’s price was most affordable from large retail stores compared to traditional markets, department stores and large-size supermarkets.

    Meanwhile, products that declined in price on year included cooking oil at minus 6.1 percent, orange juice at minus 5.3 percent and red pepper paste at minus 4.9 percent.

    The data comes as consumer prices for January rose by 0.8 percent from 2018, according to Statistics Korea. The consumer price index for “living necessity food” rose 2.6 percent last month from the previous year.

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