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Tag: Hong Kong

  • Study Shows Popular Fish Consumed in Hong Kong under Serious Threat

    Study Shows Popular Fish Consumed in Hong Kong under Serious Threat

    A new study on the future of fish in the South China Sea reveals that key species consumed in Hong Kong are under serious threat from overfishing and habitat destruction, and unless immediate action is taken it will be too late.

    Some of the topline findings of the study, Boom or Bust, The Future of Fish in the South China Sea, show that some marine resources have been fished down to as low as 5 per cent compared to the 1950s, with others reduced to just 10 percent of their populations since the mid-1990s. Even in more remote fishing locations, catch rates have declined 3 to 4 times over the past two decades. Conducted by the University of British Columbia (UBC) Economic Research Unit and funded by Hong Kong-based ADM Capital Foundation and RS Group, the study offers a pathway to a more sustainable future.

    “The study shows that to rebuild biomass of key groups to a healthy level, fishing efforts of all fishing fleets have to be substantially reduced,” said UBC’s Rashid Sumaila, principal investigator for the project.

    Species under threat include the Napoleon Wrasse and the Coral Grouper, both highly prized in Hong Kong.  Relative abundance of these two reef fish has declined by 80 percent in the past eight years alone.

    While pollution and water quality is partly responsible, overfishing is the main culprit, and fishing methods play a key role in impacts on the environment.

    “One of the findings of the study demonstrates that the way fish are caught is no longer sustainable,” said Doug Woodring, Co-Founder of Hong Kong’s Ocean Recovery Alliance. “Not only are species being over-fished but the current fishing methods are destroying some coral reef habitats at a rate of 16 percent per decade. It is time to take action before it is too late.”

    The study also contains projections through to 2045, with dire consequences for our future if action is not taken.

    If nothing is done, by 2045, relative to 2015 fish stocks, all species studied will experience a decrease in biomass (quantity of fish in the ocean) ranging from 9 to 59 percent as a result of overfishing, ocean warming, ocean acidification and changes in primary productivity.  We must urgently improve fisheries management and consider our impact on the ocean via CO2 emissions.

    “The most vulnerable groups include grouper, large sharks, threadfin bream and large croaker, which are projected to drop by 50 percent or more during this period,” said UBC’s William Cheung, a co-author of the report.

    The good news is that it is not too late to take action. The UBC scientists also conducted a best case scenario analysis under a sustainable management fishing regime with lowered global CO2 emissions. This indicates that efforts to improve fisheries management and reduce carbon emissions would have a positive impact on the wild population biomass of all species except crabs (due to their predators).

    Either way, there are economic implications to these scenarios, both potentially with a loss of income and livelihood for fisherman, and an increase in the cost of fish to the consumer. If we engage in better resource management, however, there is a chance to modify practices and sustain stock levels, so that fisheries can still be productive for those who rely on them today.

    “This study should be of interest to anybody who likes to eat seafood and cares about society,” said Yvonne Sadovy, a professor at Hong Kong University’s School of Biological Sciences. “Major urban centres like Hong Kong depend heavily on importing seafood, while hundreds of thousands of people in developing countries need wild fish for food and to support their families.”

    The stress on regional fishing resources is a reason that November also marks the start of the Kin Hong “Healthy” Seafood Festival.

    Organised by Ocean Recovery Alliance and ADM Capital Foundation, the aim of the festival is to raise public awareness through education and increased variety from our restaurant and catering industries, giving people the option to consume sustainable seafood.

    It also aims to help restaurateurs access sustainable seafood, with the intention of increasing availability and visibility in the market place. A selection of prominent Hong Kong restaurants, hotels and organisations have already pledged their support, including Four Seasons Hotel Hong Kong, Grand Hyatt Hong Kong, Café Gray, Sohofama, Café Deco, Ocean Park, the University of Hong Kong and the Hong Kong Jockey Club.

    The full report, Boom or Bust, the Future of Fish in the South China Sea, can be downloaded here: https://oceancanada.org/wp-content/uploads/2015/03/FCWP_2015_99_Witter.pdf

    For more information on the Kin Hong “Healthy” Seafood Festival, visit: https://www.oceanrecov.org/activities/events/kin-hong-seafood-festival.html

    List of Restaurants, Hotels and Organizations Participating in Kin Hong Seafood Festival:

    1. Cafe Gray
    2. Cali-Mex
    3. Chinese University of Hong Kong
    4. City University of Hong Kong
    5. East Hotel Hong Kong
    6. Fishful Season
    7. Four Seasons Hotel Hong Kong
    8. Gitone
    9. Grand Central
    10. Grand Hyatt Hong Kong
    11. Holy Crab
    12. Hotel ICON
    13. Locofama
    14. Ocean Park Hong Kong
    15. Scirocco
    16. Sohofama
    17. Table Seafood
    18. The American Club Hong Kong
    19. The Continental
    20. The Foreign Correspondents’ Club, Hong Kong
    21. The Hong Kong Jockey Club
    22. The Landmark- Mandarin Oriental
    23. The University of Hong Kong
    24. Wilfred Catering Limited
    25. Yorkshire Pudding

    ADM Capital Foundation

    ADM Capital Foundation (www.ADMCF.org) was established in 2006 by the partners of Hong Kong-based investment advisor, ADM Capital www.admcap.com to fund innovative approaches to promoting equity and environmental conservation in Asia. The Foundation helps organisations in Asia achieve positive social and environmental impact and aims to foster sustainable growth in its local partners by providing not only funding but also specific and relevant organisational support.

    Ocean Recovery Alliance

    Registered in Hong Kong and California, Ocean Recovery Alliance forges new ways of thinking, technologies, creativity and collaborations to introduce innovative projects and initiatives that will help improving our ocean environment. This includes creating business opportunities for local communities when applicable, and addressing some of the pressing issues that our ocean faces today. It is one of the first the NGO’s to work with both the United Nations Environment Programme (UNEP) and the World Bank on their respective ocean programmes related to plastic pollution. It also runs the Ocean in Motion Film Festival each year, the only annual ocean film festival in Asia.

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  • Restaurateurs see opportunities in Hong Kong as retail rents slip

    Restaurateurs see opportunities in Hong Kong as retail rents slip

    After waving goodbye to the boom in mainland Chinese arrivals, Hong Kong’s retail leasing market is refocusing on broad-based, local consumption, including food and drink.

    Hong Kong shopping streets are changing as luxury shops, including watch, handbag and jewellery retailers, close stores, and restaurateurs see opportunities.

    “New dining brands entering Hong Kong in the past year were pretty successful,” said Helen Mak, retail services group head at Colliers International. “Celebrity chefs like Gordon Ramsay and Jamie Oliver have just opened their second restaurants in Hong Kong recently.”

    Hong Kong retail sales fell for six straight months to the end of August as mainland tourists spent less. Luxury retailers have been scaling back their operations as a result. New dining brands entering Hong Kong in the past year were pretty successful.

    According to data from DTZ, in the first eight months of this year high street rents declined by 29 per cent year on year in Causeway Bay and by 34 per cent in Tsim Sha Tsui.

    In September, cosmetics retailer Colourmix paid 60 per cent less than the former tenant, luxury Swiss watch brand Jaeger-LeCoultre, to take its space in Causeway Bay’s Russell Street, one of the most expensive shopping strips in the world.

    High street rent in Hong Kong’s four top shopping districts, including Causeway Bay and Tsim Sha Tsui, surged as much as 213 per cent from 2003 to 2014.

    “Restaurant rents are much more stable than storefront luxury shop rents,” said Kevin Lam, DTZ’s head of business space. He said restaurant rents in the four top shopping districts had grown by an average of about 10 per cent a year since 2010.

    “Dining out is already an integral part of Hong Kong culture and Hong Kong people love to welcome food from different countries,” Mak said. “Even for mainland visitors, they may shop less but they won’t give up the food experience in Hong Kong. The future of dining business is promising here.”

    She said many dining brands outside Hong Kong, including some from Europe, the United States, South Korea and mainland China, wanted to expand here and were looking for places to rent. Popular mainland hotpot brand HaiDiLao is among them.

    “Shop owners used to be too reliant on luxury shops,” Mak said. “Now we finally have a supply of spaces for other business.”

  • Marie France Van Damme Announces The Opening Of Its Fifth Boutique In Singapore In November

    Marie France Van Damme Announces The Opening Of Its Fifth Boutique In Singapore In November

    Marie France Van Damme, the Hong Kong-based designer known for her globally influenced line of luxury resort, swim, and ready-to-wear, announced today the opening of a fifth boutique in Singapore’s Takashimaya Shopping Centre in November 2015. Since launching in 2011, Marie France Van Damme continues to expand her presence worldwide, focusing on cities that not only inspire the designer, but also appeal to her sophisticated, jet-set clientele.

    “From a global perspective, this is a milestone for the brand. We are excited to bring the Marie France Van Damme collection to life in this vibrant city,” said Marie France Van Damme. “I couldn’t imagine a better location for our first store in Singapore.”

    Located on the third floor of the Takashimaya Shopping Centre on Orchard Road, the 1000 square foot boutique will evoke Marie France Van Damme’s signature style, which blends subtle Asian influences and elegant simplicity. Also available at the boutique will be the brand’s assortment of accessories, including candles, handbags and a special home collection created exclusively for this location.

    Marie France Van Damme will celebrate the flagship opening with several events in the Fall 2015.

    The company currently has 100 retail locations. The Singapore store will mark the company’s fifth branded boutique worldwide. Marie France Van Damme opened her first store in 2013 at the International Finance Center (IFC) in Hong Kong.

    About Marie France Van DammeMarie France Van Damme is a Canadian-born, Hong-Kong based fashion designer, celebrated hostess and author, whose luxury lifestyle resort wear brand is inspired by her travels and personal style. Marie France Van Damme introduced her eponymous label in the summer of 2011.  The Marie France Van Damme line is defined by an edited collection of elegant and seasonless staples with every piece designed to transition seamlessly from city to resort.

    Marie France Van Damme is available at her other retail locations in Hong Kong, Bangkok, Phuket and London, Bergdorf Goodman, Harrods, Selfridges, Saks Fifth Avenue, Neiman Marcus and exclusive resorts such as Amanresorts and the One & Only.  She is also the author of the coffee table book RSVP: Simple Sophistication, Effortless Entertaining (Thames & Hudson) featuring her effortless style and entertaining tips with photographs by Herbert Ypma of the Hip Hotels series. 

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  • Estée Lauder Q1 2016 fiscal sales +8% to $2.83bn

    Estée Lauder Q1 2016 fiscal sales +8% to $2.83bn

    The Estée Lauder Companies reported strong financial results today for Q1 ended September 30, 2015/16, achieving net sales of $2.83bn – up +8% against $2.63bn achieved in the prior-year quarter.

    Net earnings rose +36% to $309.3m compared with $228.1m in the comparative periods, while diluted net earnings per common share increased by +39% to $0.82, compared with the $0.59 reported in the prior year. For the quarter, the negative impact of foreign currency translation on diluted net earnings per common share was $0.11.

    Excluding the impact of foreign currency translation, net sales increased 15% and diluted net earnings per common share rose 58%.

    Within the huge beauty organisation, travel retail benefited from new launch initiatives, the rise in global airline passenger traffic and expanded distribution, as net sales rose due to favourable comparison of accelerated orders. Otherwise, travel retail net sales declined, reflecting weaknesses in some key foreign currencies, which in turn impacted upon the mix of travellers and their consumption patterns.

    Accelerated retailer order effects

    Back with the beauty company globally, Lauder’s fiscal first quarter 2015 included the effect of accelerated retailer orders, creating a favourable comparison with the fiscal 2016 first-quarter results. The company says that adjusting for the impact of the aforementioned accelerated orders, net sales and diluted earnings per common share in constant currency for the quarter ended September 30, 2015 would have increased by 8% and 16%, respectively.

    Fabrizio Freda, President and CEO, said: “We began the fiscal year delivering 8% adjusted constant currency sales growth. We achieved this strong performance by leveraging our multiple engines of growth, driven by our broad portfolio of prestige brands, which is diversified by category, geography and channel.

    “Our results this quarter were led by our luxury and makeup brands, Europe, where every country posted gains, emerging markets, and online, specialty-multi and freestanding store channels. Our strong earnings per share reflected the strong sales gains and our ability to leverage those sales through cost saving initiatives and continued financial discipline.

    “These results demonstrate the balance we have achieved, as well as our success in navigating significant currency headwinds and slower growth in certain markets, like Greater China, by focusing on opportunities within our control and strategically investing to further build our brands to drive future growth.

    “As we look toward the upcoming holiday shopping period, we are well-positioned with a strong array of new products and gift offerings across our brands and categories. We will continue to execute our long-term plan with strategic investments in high potential, high return areas of our business.

    “This focus on supporting those areas of proven growth is expected to drive sales momentum throughout the fiscal year to achieve strong bottom line results. With the strong start to the year and the opportunities we see ahead, we are raising our forecasted adjusted constant currency earnings per share growth to 10% to 12% for the full 2016 fiscal year.”

    Looking at the various product sectors, Skin Care net sales increased, due to the favourable comparison related to earlier accelerated orders. Contributing to the category’s sales were higher sales from La Mer and Origins, plus incremental sales from recent acquisitions.

    Unfavourable currency translation

    Lauder added that partially offsetting these increases were the unfavourable impact of foreign currency translation and lower sales from Estée Lauder reflecting softness in China and Hong Kong, due to difficult retail environments, as well as from Clinique, due to a difficult comparison with greater launch activity in the prior-year period.

    Sales declines from these two brands were partially offset by recent launches, such as New Dimension products from Estée Lauder and Clinique Smart moisturisers. Operating income also increased, driven by earlier accelerated orders. Excluding this impact, skin care operating income declined, primarily reflecting lower results from Estée Lauder, partially offset by higher results from La Mer.

    In the Makeup sector higher sales were recorded thanks to ‘excellent growth’ from the company’s makeup artist brands and strong double-digit growth from Smashbox and Tom Ford. Better sales resulted from new product offerings, as well as expanded distribution in a number of channels, including freestanding retail stores, travel retail and specialty multi-brand retailers.

    Tom Ford DFS T Galleria Waikiki

    A Tom Ford store execution at DFS Group’s T Galleria Waikiki in Honolulu.

    Estée Lauder and Clinique posted higher makeup sales, with the Lauder increases primarily due to new launches such as Pure Color Envy liquid lip potion and Double Wear Makeup to Go liquid compact. New product offerings from Clinique – such as Beyond Perfecting foundation and concealer – contributed sales gains, with higher sales from Clinique driven by earlier accelerated orders. Excluding this impact, Clinique makeup sales fell due to unfavourable foreign currency translation.

    Lauder says that the beauty company’s overall makeup category is experiencing strong growth in product areas such as lipsticks and foundations, as well as increased prestige makeup usage in Asia, with increased makeup operating income due to the Estée Lauder and other brands.

    Lauder Q1 fiscal results

    Turning to Fragrance, ELC’s sales increase primarily reflected strong double-digit gains from its luxury brands, including Jo Malone London and Tom Ford, plus higher sales recorded from the Aramis and Designer Fragrances division, and incremental improvements from recent acquisitions. Sales growth was attributable to new product launches and expanded distribution.

    In the Hair Care sector, the category’s growth benefited from expanded global distribution, primarily in salons, freestanding stores and travel retail for Aveda and from specialty-multi brand retailers for Bumble and bumble. However, Hair care operating income decreased, due to higher investment spending to support new and existing products and expanded distribution.

    Turning to sales in The Americas, business in North America was very healthy reflecting sales growth from virtually every brand, led by double-digit growth from some of ELC’s makeup, luxury and designer fragrance brands, plus solid growth from hair care brands.

    Double-digit online business increase

    The beauty company adds that this was driven in part by new product introductions and expanded distribution, as well as the favourable impact of earlier accelerated orders. ELC’s online business also grew in double digits.

    Meanwhile, in constant currency, sales in Canada and Latin America rose in double-digits, with the strong growth in Latin America headed up by Brazil and Mexico, although both were significantly impacted by adverse foreign currency translation and reflected overall net sales growth primarily due to the expanded distribution of M•A•C.

    In addition, operating income in the Americas increased due to earlier accelerated orders. Operating results in the region reflected higher selling, advertising, merchandising, sampling and store operating costs. These were related to expanded distribution, product launches and in-store promotional activities, plus an increase in product development and research and development expenses. The operating results also reflect the negative impact of foreign currency translation.

    By contrast, countries in Europe, the Middle East & Africa all recorded constant currency sales growth, with most posting double-digit increases, led by the UK, France, Germany and Italy, and a number of emerging markets, including the Middle East, Russia and Turkey.

    001 aa origins lotte dwt seoul

    Origins seen here at the Lotte Duty Free flagship store in downtown Seoul, South Korea.

    As mentioned in the introduction, travel retail continues to benefit from new launch initiatives, an increase in global airline passenger traffic and expanded distribution. Net sales increased, due to the favourable comparison of the accelerated orders. Excluding this impact, travel retail net sales declined reflecting softness of some key foreign currencies affecting the mix of travellers and their consumption.

    In its analysis ELC estimates that it continued to outperform prestige beauty in most markets in the region, although foreign currency translation unfavourably impacted reported sales by 11%, due to the strength of the US dollar in relation to virtually all currencies in the region, with the largest impact affecting the UK, Russia, Germany and France.

    Operating income also increased, with higher operating results posted in travel retail, due to the accelerated orders, the Middle East, France, Benelux and Spain. Lower operating results were recorded primarily in South Africa and Central Europe.

    Meanwhile in the increasingly important Asia/Pacific region, sales increased in constant currency, with double-digit growth in Japan, Australia and the Philippines. The higher sales in Japan reflected, in part, the impact of earlier accelerated orders. Higher constant currency sales were also recorded in Korea and Taiwan.

    Growth stalled in Hong Kong, China and Singapore

    The beauty giant added that lower sales were reported in a few countries, including Hong Kong, China and Singapore, with previously reported social instability continuing to hit Hong Kong’s tourism and negatively impact business, particularly the Estée Lauder, Clinique and La Mer brands. As a result ELC says it remains ‘cautious of the near-term slower growth’ in this market.

    By contrast, lower sales in China were primarily seen in the Estée Lauder brand, as a result of a difficult retail environment, while most other brands posted solid sales growth in this market. Meanwhile, foreign currency translation unfavourably impacted upon reported sales by 9%, due to the strength of the US dollar in relation to most currencies in the region, with the largest impact affecting Japan, Australia and Korea.

    ELC said that in Asia/Pacific operating income fell slightly, led by lower results in China and Hong Kong, primarily due to the lower sales, and in China, also attributable to increased advertising, merchandising and sampling costs to support existing products. These results were partially offset by higher operating income in Japan and Taiwan.

    Looking forward, ELC is forecasting a net sales increase in the second fiscal quarter 2016 of between 6% and 7% in constant currency. Reflecting the strength of the US dollar, foreign currency translation is expected to negatively impact sales by approximately 5% to 6% versus the prior-year period.

    For the full fiscal year 2016 it is currently forecasting a ne sales rise of between 8% and 10% in constant currency and considering the strength of the US dollar, the foreign currency translation is expected to negatively impact sales by approximately 4% to 5% versus the prior-year period.

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  • Airport Authority Hong Kong calls retail tenders at HKIA

    Airport Authority Hong Kong calls retail tenders at HKIA

    Airport Authority Hong Kong has issued audio/visual/electronics, fashion and fashion accessories and gifts/souvenir/toys tenders at Hong Kong International airport.

    Five consumer technology retail store concessions are available with a submission deadline of December 10. Four stores are located in terminal one departures check-in level seven and one in arrivals pre-immigration level five.

    The four T1 departure stores range from 18-70sq m with the arrivals store spanning 48sq m.

    Photo of Hong Kong airport gifts tender

    The airport, which serves over 100 airlines and handled 63.3 million passengers in 2014, an annual growth of 5.8%, said the stores represented an enticing opportunity to attract brands catering for  HKIA’s “affluent mix of passengers which come from all over the world, with over 45% being executives, professionals and proprietors.”

    Fashion and toys and gifts retailers have also been invited to bid for concessions. The deadline for submissions for the 50sq m fashion store in the north satellite concourse departures area is December 3, while interested parties have until November 5 to submit bids for a 48sqm toys and gifts store.

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  • Restaurant delivery startup foodora launched in Hong Kong

    Restaurant delivery startup foodora launched in Hong Kong

    Berlin-based premium-restaurant delivery service foodora is expanding to Hong Kong.

    The startup offers an alternative to traditional takeaway options and employs an advanced logistics algorithm to ensure that food maintains its high quality and arrives at the customer’s doorstep or office, on average, within 30-minutes.

    Founded less than one-year ago, foodora has set itself apart from traditional delivery services by working only with high-end and trendy restaurants such as Dragon-i, Iberico, Check-In Taipei, The Boss and Le Port Parfume. Exclusive delivery contracts with no-reservation restaurants such as Little Bao will offer Kongers an alternative to waiting in a queue for trendy eats. 

    Behind the scenes, foodora’s proprietary logistics system determines the optimal route between restaurants and customers to help drivers navigate the dense traffic of Hong Kong.

    “Hong Kong is one of the world’s great global cities and as such should have access to world-class food delivery services. foodora wants to introduce a new benchmark of reliability, speed, and quality, bringing Hong Kongers what other markets already enjoy,” said Mat Podesta, CEO of foodora Hong Kong, remarks: “Hong Kong is one of the world’s great global cities and as such should have access to world-class food delivery services. foodora wants to introduce a new benchmark of reliability, speed, and quality, bringing Hong Kongers what other markets already enjoy.”

    foodora Hong Kong currently delivers to Central and Sheung Wan and plans to expand their delivery area to TST, Wan Chai, and Causeway Bay with 400 restaurants by the end of 2015.

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  • Tina Tam sets up new Hong Kong company

    Tina Tam sets up new Hong Kong company

    Tina Priscilla Tam has resigned from Burberry, where she was Vice President of Travel Retail Asia, to set up her own company called Paccaya Resources Ltd in Hong Kong, where she is now pursuing new personal opportunities.

    Formerly with Celine, Lancaster, and prior to that some nine years with La Prairie, Tina Tam said she ‘was pleased with her experience at Burberry’.

    Besides her professional career background, Tina Tam is also known for her extensive work with the excellent industry charity organisation, Women in Travel Retail (WiT) where she has worked hard with many other volunteers to promote the membership and subsequently raise lots of funds for good causes.

    Some of these include Hand in Hand for Haiti; seriously handicapped children in villages near Ramnagar in India; the Hong Kong-based NGO ‘A Drop of Life’, raising funds to get clean water to remote communities in Northern China; and transport facilities for children in Sierra Leone.

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  • Hong Kong Property Prices Expected to Fall by 2016

    Hong Kong Property Prices Expected to Fall by 2016

    Despite being the city with the 3rd most expensive real estate prices in the world and home prices hitting a record high earlier this year, Hong Kong property prices are expected to begin to drop in 2016, according to experts and analysts in the city’s residential property sector.

    With an average price at $22,814 per square meter, property values in Hong Kong have long been ranked third in the world and have been considered to be extremely pricey. One of the main leading reasons for the high prices and the constant increase in value was the limited space in the financial hub of Asia.

    Home values have been on a constant rise as proven by the 340% increase since 2003. The relentless rise in real estate prices has, in fact, renewed concerns that the government may impose more property tightening measures to puncture the trend. Example of such a measure would be stricter mortgage restrictions or higher taxes on foreign purchases.

    However, this trend seems to be changing. Both JPMorgan Chase and the global lender UBS disclosed recently that home prices in Hong Kong could be on the fall until the end of 2017 as buying demand is hurt by an economic slowdown in China and Hong Kong, rising unemployment rates, and a lower inflation rate.

    The Future of Hong Kong Property Prices?

    According to Cusson Leung, the head of Hong Kong research, conglomerates and property for JPMorgan, there is a high chance that residential prices will start falling by 5% to 10% per year starting in 2016.

    Despite the expected fall in residential housing prices starting next year, real estate prices are still expected to rise for the rest of 2015. With the new homes and existing housing expected to be 5% and 10% more expensive respectively, property values for this year will still be relatively expensive.

    Eva Lee, executive director and head of Hong Kong/China Property Research at UBS, was of the same opinion. In a briefing the earlier week, she mentioned that the upcoming cycle that will lead to the fall of Hong Kong property values will be different from previous ones, This is because it will not be triggered by global economic shocks, but rather the deteriorating local economy.

    Cusson Leung pointed out that the shrinking retail market in Hong Kong, mainly driven by the closure of many luxury brand stores, was one of the main factors in driving down the property sales. The other factors were rising unemployment, shaken investors’ confidence over concerns that China’s growth is slowing, and that the global markets may suffer from a planned in the interest rate hike in the United States.

    According to Leung, “Pressure on the economy is the biggest concern here instead of an interest rate hike.”

    Alfred Lau, a property analyst from Bocom International predicted the potential fall in prices from looking at real estate prices relative to property stocks. Lau said that Hong Kong home prices are now the highest compared to property developer stocks in almost two decades.

    “It is a sign that the property market will drop as much as 20 per cent in the last quarter this year,” he said.

    There were other signs telling the same story.

    In August, Hong Kong’s private-sector economy saw its sharpest contraction ever since 2009. This is a distress signal for the economic health of Asia’s financial capital.

    Weakest home sales in 17 months were also reported after a month-long stock rout that originated in China hurt market sentiment among buyers and investors. Comparing year to year data, the sales this year have been down by a third in terms of units sold.

    In regards to the shrinking retail market, it was found that 42% of the sales came from tourists. This is the highest proportion in the world and Hong Kong real estate values will suffer even more once the tourist arrivals fall and hit the retail market.

     

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  • Sinomax Invests in Dormeo NA

    Sinomax Invests in Dormeo NA

    Sinomax Group Limited (“Sinomax,” together with its subsidiaries, the “Group”) (stock code: 1418), a leading marketer, manufacturer and distributor of quality visco-elastic (“memory foam”) pillows, mattress toppers and mattresses in the United States (the “U.S.”), Hong Kong and the PRC, is pleased to announce that Sinomax USA, a wholly-owned subsidiary of the Group, has invested in Dormeo North America, LLC (“Dormeo NA”), a mattress company in the U.S..

    This strategic move marks significant progress in enriching Sinomax’s brand recognition and broadening the sales network in the North America memory foam market. Upon completion of the investment, Dormeo NA plans to expand the manufacturing facility at Winchester, VA, tripling the production capacity within two months. In view of the growing demand for “made in U.S.A.” products in the U.S. market, the investment in Dormeo NA effectively creates a new production line for Sinomax in the country to better serve customers’ needs and further enhancing the Group’s vertically-integrated business model and cost efficiency.

    As part of the transaction, Mr. Frank Chen, President and Chief Executive Officer of Sinomax USA and Mr. Kelvin Lam, Chief Financial Officer of Sinomax will become members of the Board of Dormeo NA.

    Mr. Jon Stowe, Chief Executive Officer of Dormeo NA, said, “Sinomax’s strong financial commitment to Dormeo NA, in conjunction with their vast global supply chain, infrastructure and resources will provide us with significant advantages in advancing our market penetration, brand awareness and supply chain efficiencies. This transaction marks a very important step in significantly boosting commercial opportunities for Dormeo NA.”

    Mr. Frankie Lam, Chairman of Sinomax, said, “We are pleased to strategically strengthen Sinomax’s leadership position in the U.S. memory foam market. The investment in Dormeo NA would definitely create powerful synergies with Sinomax in terms of customer base and product portfolio, as well as broaden our sales distribution network. It presents a huge opportunity for Sinomax to further increase its market share in the U.S. Going forward, we are continuing to explore possible strategic business opportunities in line with the Group’s business vision to bolster its presence in different geographical markets which in turn would fuel sustainable growth.”

  • Esprit Q1 turnover slips 15 per cent to HK $4.7 billion

    Esprit Q1 turnover slips 15 per cent to HK $4.7 billion

    Clothing retailer Esprit Holdings Ltd reported a 14.9 percent slide in first-quarter turnover on Monday as sales in Europe lagged and it cut its store footprint.

    Turnover in Hong Kong dollar terms fell to HK$4.7 billion in the three months ended Sept. 30, while the company cut its total controlled floor space by 7.6 percent.

    Turnover in Germany, which is the company’s biggest market and accounts for nearly half of its business, fell 15.5 percent. Turnover in the rest Europe – its second biggest market – fell 15.4 percent.

    In local currency terms, turnover fell 0.4 percent.

    The majority of the floor space reduction was in Esprit’s wholesale business. Retail floor space was reduced by just 1.3 percent and comp store sales growth was 10.8 percent.

    Esprit shares closed up 3.54 percent at HK$6.72 on the Hong Kong Stock Exchange earlier in the day.

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  • Sa Sa profit set to plunge

    Sa Sa profit set to plunge

    Beauty products retailer Sa Sa International has warned its half year profits will plunge by 50 per cent.

    A Sa Sa profit warning filed with the Hong Kong Stock Exchange said preliminary analysis of accounts for the six months to September 30 pointed to a record decline in profit for the group.

    It blamed “the worsening operating environment of the retail sector which has led to significant drops in both sales and gross profit and reduced operational efficiency as a result”.

    In the second quarter, to September 30, Sa Sa has reported a 12.4 per cent fall in retail and wholesale turnover.

    “Turnover in Hong Kong and Macau markets declined by 13.2 per cent, while same store sales decreased by 10.1 per cent. The number of transactions decreased by 5.7 per cent, while the average sales per transaction decreased by 7.9 per cent.

    “The group’s retail and wholesale turnover in other markets (including Mainland China, Singapore, Malaysia, Taiwan and sasa.com) recorded a drop of 8.9 per cent during this period.”

    Sa Sa said overall consumer sentiment and Mainland Chinese arrivals “continued to be adversely affected by a number of factors with no significant signs of improvement”.

    “The strength of the Hong Kong dollar and the weaker yuan adversely affected the attractiveness of shopping in Hong Kong for both local consumers and Mainland Chinese visitors. Furthermore, the impact of “one-trip-per-week” policy has gradually gained momentum, leading to a decline of 13.1 per cent and 10.1 per cent in the group’s retail sales and same store sales in Hong Kong and Macau markets during the second quarter respectively.

    “The number of transactions of Mainland Chinese customers decreased by 4.1 per cent, while their average sales per transaction decreased by 12.5 per cent on a year-on-year basis, dragging down the overall performance.”

    Sa Sa says it will work on optimising product offerings and enhancing its customers’ shopping experiences to strengthen its position.

    The company says it will release final results for the half before November 30.

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  • “Fashion Hong Kong” x Japan

    “Fashion Hong Kong” x Japan

    Five innovative Hong Kong fashion designers; Chailie Ho, Kathy Lam, KOYO William, Lulu Cheung and Polly Ho, will showcase their 2016 Spring/Summer collections at the Mercedes-Benz Fashion Week TOKYO this month. The group show, “Fashion Hong Kong”, which is organised by the Hong Kong Trade Development Council (HKTDC), will be held at Hall B in Shibuya Hikarie at 8:30pm on 14 October.

    Versatility from five fashion designers

    Tokyo is known for its fashion-forward culture and the Mercedes-Benz Fashion Week TOKYO is one of the top-tier international fashion weeks. In the “Fashion Hong Kong” show, Chailie Ho will present her collection “Mermaid Circus”, which is built around fluid shapes and presented in hand-drawn watercolour prints. The latest collection by Kathy Lam will feature a playful dichotomy between white and blue that was inspired by “Lorelei”, a song by the famous band, Cocteau Twins. KOYO William will apply functional fabrics that are highly resistant to harsh environments to his collection “Welcome on board”. Lulu Cheung will introduce her “Light It Up” collection, which focuses on spreading positivity and love through natural forms that express buoyant femininity. Last but not least, Polly Ho will unveil her collection “The Happy Prince”, which is inspired by the popular children’s story and created with delicate Canton silk.

    Hong Kong’s strong fashion heritage

    “In Hong Kong, we have an ideal and supportive environment for the fashion industry. We have a strong heritage in the fashion business, from fashion design and manufacturing to marketing and sales supporting services, everything is fueled up and ready to go,” said Raymond Yip, Deputy Executive Director of the HKTDC. “We have a pool of talented and creative fashion designers and you can easily recognise their creativity in the collections. Through introducing the Hong Kong designers and brands to the international fashion arena, we hope to promote and showcase their talents.” Mr Yip added that the Hong Kong designers are thrilled to have the opportunity to display their latest collections at the Mercedes-Benz Fashion Week TOKYO and present their finest designs to local buyers, media, bloggers and fashionistas.

    Local Japanese buyers and PR experts have specifically made a trip to Hong Kong to assist the designers with their collection preparations. Prior to the “Fashion Hong Kong” show, designers will be able to meet with representatives from PARCO, a prominent local department store, to discuss the latest information in the fashion and retail industries. The “Fashion Hong Kong” show will be followed by the Fashion Gallery at CUBE1,2,3 on 15 October and the Joint Exhibition at Hillside Terrace from 20 to 22 October. At the Fashion Gallery, visitors will be able to see and feel designers’ runway pieces and other collections. A selection of items that inspired the designers will also be presented. Designers will be available on site to discuss their ideas and creations with visitors.

    Experience Hong Kong in Tokyo

    The HKTDC is collaborating with the brand Chef Nic Cookies, founded by renowned Hong Kong singer and actor-turned-entrepreneur Nicholas Tse, to provide an authentic taste of Hong Kong at the Fashion Gallery. As his first foray into the food business, Chef Nic Cookies is based on four flavors: sweet, sour, bitter and spicy, represented by butter, lemon, dark chocolate and chili cookies. To respect the Japanese culture and its strong emphasis on tradition, we have partnered with Polytrade Paper, a premium and awarding-wining paper supplier from Hong Kong, to provide top quality eco-friendly materials and inspirations for the event.

    By collectively presenting fashion, paper art and food at “Fashion Hong Kong”, the event highlights Hong Kong’s position as a lifestyle trendsetter in Asia.

    “Fashion Hong Kong” is a series of overseas promotional events organised by the HKTDC to promote Hong Kong fashion designers and brands at leading international fashion weeks. In addition to Mercedes-Benz Fashion Week TOKYO, the 2015/16 series also includes Hong Kong designer participation in Copenhagen Fashion Week and the upcoming New York Fashion Week.

    “Fashion Hong Kong” (Fashion Show)
    Date: 14 October 2015 (Wednesday)
    Time: 8:30 pm
    Address: Shibuya Hikarie Hall B, 9/F Shibuya Hikarie, 2-21-1 Shibuya, Shibuya-ku, Tokyo, Japan zip 150-8510
    Website: https://tokyo-mbfashionweek.com/en/brands/detail/fashion-hong-kong/

    “Fashion Gallery” (Showroom)
    Date: 15 October 2015 (Thursday)
    Time: 11:00 am – 8:00 pm
    Address: CUBE 1,2,3, 8/F Shibuya Hikarie, 2-21-1 Shibuya, Shibuya-ku, Tokyo, Japan zip 150-8510
    Website: https://www.hikarie.jp/floormap/8F.html, https://www.hikarie8.com/cube/about.shtml

    Joint Exhibition (Business Matching)
    Date: 20-22 October 2015 (Tuesday – Thursday)
    Time: 20-21 October 2015 10:00 am – 8:00 pm; 22 October 2015 10:00 am – 6:00 pm
    Address: Hillside Banquet (Hillside Terrace C), 29-8 Sarugakucho, Shibuya-ku, Tokyo, Japan zip 150-0033
    Website: https://www.hillsideterrace.com/index2.html

    Mercedes-Benz Fashion Week TOKYO 2016 Spring/Summer
    Date: 12-18 October 2015 (Monday – Sunday)
    Website: https://tokyo-mbfashionweek.com/en/aboutmbfwt/

    Photo download: https://bit.ly/1VAO9rr

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  • Hamleys Hong Kong takeover

    Hamleys Hong Kong takeover

    Hamleys – the world’s oldest toy retailer – has been bought by a Hong Kong investor. As rumoured last week, the business has been sold to interests connected with the Sanpower Group in China’s mainland, which last year acquired UK department store House of Fraser.

    The buyer is C.banner International Holdings Limited, a Hong Kong-listed Chinese private enterprise, which describes itself as a strategic partner of Sanpower.

    The new owners plan to speed up the international rollout of the brand – and to pursue opportunities for concessions in department stores.

    In a statement, the new owners say they hope House of Fraser will “become C.banner’s priority business strategic partner”.

    “By virtue of the acquisition of Hamleys, C.banner will expand its retail businesses, and consider establishing deep relationships with department stores, so as to further promote the win-win development of its products and department stores through their brands and channels,” the company said in a statement.

    “C.banner hopes to implement its global brand strategy through introducing the products of House of Fraser and Hamleys, as well as capitalising on their channels to export its products overseas.

    “In the future C.banner will continue to actively explore business opportunities at home and abroad through mergers, acquisitions, strategic partnerships, as well as the establishment of other business relationships with leading retailer brands, to further implement its global brand strategy.”

    French owner Ludendo, which rescued Hamleys from a collapsed Icelandic bank three years ago for just £60 million, has already grown the business into an international toy brand, opening stores in Russia, Malaysia, Singapore – and last week in Vietnam. The company now has 53 stores owned or franchised. It turned over £62 million last year and posted a profit of £4.5 million.

    Founded in 1760 as Noah’s Ark, Hamleys opened its Regent St flagship store in London’s West End in 1881.

    *Photo: From left to right: Chen Yixi, chairman of the board of C.banner, Yuan Yafei, chairman of Sanpower Group, Gudjon Reynisson, CEO of Hamleys, Jean Micdhel Grunberg, president of Lundendo, Rudolph Hidalgo, chief executive director of Ludendo, at a press conference announcing the sale.

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  • Emack & Bolio’s opens in Hong Kong

    Emack & Bolio’s opens in Hong Kong

    The Emack & Bolio’s Central ice cream parlour just opened in Hong Kong is described as “unlike any other” you’ll find in the city.

    Emack & Bolio’s, at 26 Cochrane St, serves up 31 flavours of ice cream, frozen yogurt and sorbets along with smoothies, confections and more.

    The brand has its origins in Boston, Massachusetts, where it was founded in 1975 by Robert Rook, a lawyer and self-declared hippie who worked closely with the homeless, Vietnam war protesters, civil and gay rights advocates, and numerous rock bands such as Aerosmith, U2, Boston, The Cars, and James Brown, according to Wikipedia.

    It’s sometimes likened to Ben & Jerry’s, another ‘hippie ice cream store’ concept, but was actually founded three years earlier.

    The first Hong Kong outlet follows the brand’s entry into Asia last year when it opened in Bangkok Thailand. There is also at least one store in the UAE.

    Emack & Bolio's Hong Kong

    Emack & Bolio’s invented the flavored cone in 1980 and has been improving on the concept ever since.

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  • The Melting Pot eyes Asia

    The Melting Pot eyes Asia

    The world’s largest fondue restaurant chain is looking to expand throughout Asia after early success in Indonesia.

    Franchisees are now actively being sought for The Melting Pot in Hong Kong, Macau, China, Japan, South Korea and India.

    The Tampa, Florida-based restaurateur plans to enter China by opening at least five restaurants in Hong Kong and Kowloon as well as in Macao and numerous cities in Mainland China, including Guangzhou, Shanghai, Beijing and Shenzhen.

    Markets outside Asia, including Brazil, Canada and Mexico, are also in planning.

    The Melting Pot operates more than 125 restaurants across 35 US states, Canada, Mexico, Southeast Asia, and the United Arab Emirates, and has more than 15 locations in development internationally.

    The concept is known for its assortment of flavorful fondue cooking styles and unique entrees served with signature dipping sauces. The menu features a variety of a la carte selections, highlighting customisable options that invite guests to enjoy one, two, three or more courses as they select any combination of individually-priced cheese fondues, salads, entrees and chocolate fondues.

    “The Melting Pot is a proven 40-year American franchise concept that is unlike any other,” said Dan Stone, chief business and people development officer for Front Burner Brands, the chain’s parent.

    “Featuring four distinct courses, guests dip menu items into heated fondue pots at the centre of each table. The concept provides a very social and interactive dining experience that has proven to translate well to multiple countries,” said Stone.

    “We provide our franchisees the necessary training and support to ensure success, as well as expert resources to assist with identifying the best sites for our restaurants. We are ready to do business in Hong Kong and are seeking qualified candidates to build a strong brand presence throughout Hong Kong and the People’s Republic of China over the next few years.”

    The concept will be exhibiting at the Franchising & Licensing Asia 2015 from October 29 to 31 at the Marina Bay Sands in Singapore.

    Earlier this year, The Melting Pot opened its first restaurant in Jakarta, Indonesia and most recently its first Middle Eastern location in Dubai.

    Franchisee candidates or groups should have access to a minimum of US$3 million in capital and at least one partner must be fluent in English. Depending on the real estate site selected, franchisees of The Melting Pot in the US can expect the total investment for one restaurant to be approximately $959,000 to $1.436 million. The initial franchise fee ranges from $45,000 to $60,000 per unit depending on the number of units committed and there is a one-time training fee of $50,000.

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