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Tag: Hong Kong

  • Sa Sa opens JD.com flagship

    Sa Sa opens JD.com flagship

    Sa Sa International says its online arm sasa.com will launch a Sa Sa flagship store on JD.com’s eCommerce platform, JD Worldwide .

    The move opens the way for more than 100 million JD shoppers to access Sa Sa products in the Mainland as well as in Hong Kong.

    “As a leading cosmetics retailing group in Asia, Sa Sa has been striving its best to provide quality products, best value and professional service to its customers,” said the company in a statement.

    “To flexibly respond to the huge demand from Mainland Chinese customers for cosmetics products and the increasing popularity of eCommerce in the mainland, the group proactively expands its eCommerce business in China through sasa.com and continues to improve its service, making every effort to offer a better shopping experience for more consumers.”

    JD.com is China’s largest online direct sales company with over 100 million active users. Its online shopping mall is content-rich, user-friendly and trustworthy and has an efficient delivery service.

    Sa Sa and JD.com say they share a common mission to provide consumers with the best shopping experience, which put the two parties together in forming this partnership.

    Dr Guy Look, CFO & executive director of Sa Sa, said: “By launching a flagship store on JD Worldwide, sasa.com will expand its customer reach in China, while over a hundred million JD users will be able to enjoy direct access to Sa Sa’s wide selection of globally renowned cosmetic and skincare brands.

    “We believe that the strengths of Sa Sa and JD will complement each other to realise synergies in this win-win partnership. We are looking forward to working with them to deliver a premium online shopping experience to customers throughout China.”

  • Mega luxury store opens amid retail slump

    Mega luxury store opens amid retail slump

    Luxury multi-brand footwear and accessories retailer Pedder Group is pulling out all the stops with its new 20,000 sq ft Pedder on Scotts store at Scotts Square that opens today.

    The concept store is the group’s largest free-standing one in Asia. The biggest standalone On Pedder stores in Hong Kong and China stand at 3,500 sq ft and 3,000 sq ft respectively.

    Founded in 2003, the Hong Kong-based Pedder Group is part of the Lane Crawford Joyce Group and operates more than 50 stores and shop-in-shops across Greater China, Singapore and Jakarta.

    Pedder on Scotts takes up the entire second floor at Scotts Square – the size of 20 four-room HDB flats – and stocks more than 100 designer and mid-priced brands of shoes, bags and accessories.

    ´It is an interesting time to secure retail space, not just based on cost, but availability. Our group has always used challenging times in the retail market to expand our retail footprint.` – PEDDER GROUP PRESIDENT PETER HARRIS

    About 40 per cent of the line-up – brands such as American high- street label Sam Edelman, British shoemakers George Cleverley and Foster & Sons, as well as Lock & Co Hatters, one of the oldest milliners in England – are exclusive to the store. At least 10 brands are new to the market.

  • International “IoT” Conference In Hong Kong Next Week

    International “IoT” Conference In Hong Kong Next Week

    The Internet of Things (IoT) is regarded as the third technological advancement, after computers and the Internet, which sets a new trend for the ICT industry. Through IoT technology, electrical products gain access to networks, enhance remote capabilities and become “smarter” by integrating various kinds of information and resources via the Internet.

    In view of recent IoT applications and their huge development potential, the Hong Kong Trade Development Council (HKTDC) will organise the “IoT Revolution – How does it benefit your business?” international conference on 13 October. The conference is part of the opening day activities of the four-day HKTDC Hong Kong Electronics Fair (Autumn Edition) at the Hong Kong Convention and Exhibition Centre (HKCEC). International speakers from renowned brands and enterprises including Hewlett-Packard, Intel, Microsoft, Philips, Samsung and Texas Instruments China R&D will share their views on the future trends and applications of IoT.

    Synergy with the Hong Kong Electronics Fair

    “The Hong Kong Electronics Fair (Autumn Edition) is a once-a-year spectacular event for the electronics industry,” said Benjamin Chau, Deputy Executive Director, HKTDC. “Electronics suppliers from all over the world will showcase their most sophisticated technology and electronics products. IoT, as the on-coming wave for the electronics industry, can be a kingmaker that allows suppliers and service providers to seize the opportunity to lead the market. With the fair attracting industry players from around the world, the conference aims to encourage entrepreneurs to grasp the opportunity, and release more advanced and smarter products so as to add value, not just for companies but to also enhance our way of life.”

    Looking to the future of IoT

    The theme of the conference is “Global Trend on IoT Development & the Arising Opportunities”, which introduces the latest developments and applications of IoT technology to the audience. Speakers include Yuki Hon, Senior Technology Evangelist, Microsoft Hong Kong Limited, Ravi Gokhale, Director and Head of Texas Instruments China R&D, and Vivek Sharma, Global Director, Channel Business Development Group, Intel Sales & Marketing Group.

    Ms Hon believes enterprises across nearly every industry ranging from retail, to healthcare and public services can benefit from IoT. “SMEs can build on the infrastructure they already have or subscribe cloud-based IoT services, add more devices to the ones they already own and get more from the data that already exists. By leveraging their existing investment, SMEs can apply IoT with a limited budget,” said Ms Hon.

    In the afternoon, the conference continues with the theme “Future Vision of the IoT”. Senior management from leading enterprises will reveal the future trends of IoT. Speakers include Curtis Sasaki, Vice President of Ecosystems and IoT General Manager, Samsung Electronics, Jo Shum, Senior Director and General Manager, Lighting Hong Kong and Macau, Philips Electronics HK Limited, and Fred Sheu, General Manager, HP Software, Hewlett-Packard HKSAR Limited.

    Mr Sasaki, a renowned speaker on memory and next generation consumer products, says, “Samsung is helping to enable our connected future by providing integrated hardware and solutions like the Samsung ARTIK and Samsung SAMIIO platforms, which jump-starts development for the Internet of Things. The true winners in IoT will be those companies who move quickly, and think ‘out of the box’ about how they can best use these technologies to provide convenience, solve real problems, and make a dent in the challenges of today’s world.”

    Ms Shum explained that the concept of IoT has been applied in lighting systems for a long time, from the initial closed-circuit lighting system connected to other management systems, to the development of a wireless system via the Internet with more functions and applications. Apart from the energy-efficient system, which can turn lights on or off through touch or motion sensors, the new generation of IoT-enabled systems can adjust the light according to the outdoor lighting and the timings of sunrise and sunset. It can even adjust the brightness to match the mood of a video. Nowadays, the IoT-enabled lighting goes beyond home applications and extends to the retail environment and service industry. For example, the light can be adjusted to highlight the special features of the showcased product in retail store.

    Hong Kong companies embrace IoT

    For smart homes with IoT capability, many appliances are connected to the Internet via Bluetooth. Bluegic, a brand under Lincogn Technology Co. Limited, seized the opportunity and developed an app that combines low-power-consuming Bluetooth 4.0 with home electronics. The application of IoT has become the competitive edge for the company. They also won the Silver Award in the Hong Kong IoT Awards 2014 and a merit certification in the ICT Startup (Consumer Market) category of the Hong Kong ICT Awards 2015.

    Ambi Labs, another local company that focusses on IoT, uses the technology to produce smart air conditioning systems. Their flagship product, Ambi Climate, can provide the most suitable air conditioned environment by collecting interior data including temperature, humidity and air ventilation as well as information about outdoor weather conditions. This is used to automatically achieve the optimum setting for the air conditioner. Two local entrepreneurs, Colin Ng, Co-Founder of Lincogn Technology Co. Limited, and Julian Lee, CEO and Founder of Ambi Labs, will share their insights on IoT, based on their start-up experience in the conference.

    Free Admission

    Those interested in joining the IoT conference can register online via the HKTDC Hong Kong Electronics Fair (Autumn Edition) website. Admission is free, and seating will be provided on a first-come-first-served basis.

    Apart from the conference, IoT takes centre stage at the Electronics Fair (13-16 October) with the debut of Smart Tech zone featuring innovative devices ranging from a Hong Kong-designed smart Wi-Fi photo frame, to smart cups that automatically record nutritional information of a beverage. The zone will be located at Convention Hall Foyer and Mezzanine of the HKCEC, close to the IoT conference venue.

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  • Hong Kong house prices to fall by 30% by 2017

    Hong Kong house prices to fall by 30% by 2017

    The price of buying a home in Hong Kong could fall by 30 percent between now and 2017, according to forecasts.

    Quick, cut down on bubble tea and start saving for the property bubble to burst!

    Eva Lee of market leader USB says buying demand will be hurt by lower inflation, rising unemployment rates and a deteriorating economy. Something to look forward to then.

    “Unlike past down cycles that were triggered by global economic shocks, we believe this round of price reversals will be triggered by a deteriorating local economy. Thus, we think price drops may come more gradually and over multiple years,” Lee said in a briefing, according to the SCMP.

    Home prices have jumped 340 percent since Hong Kong was in the grip of the SARS epidemic in 2003. This quarter, however, the Hang Seng Properties Index fell 15 percent, with property stocks declining an average of 20 percent over the past four months.

    Lee also notes that 42 percent of Hong Kong’s retail sales were contributed by tourists last year.

    “It is the highest level we have ever seen in the world and it is an unhealthy market. Hong Kong will get hit immediately once the number of tourist arrivals falls,” she said.

    While that may be bad news for the economy, it’s also good news for renters, who could see residential rents falling 10 percent and luxury retail rents by 25 percent over the same period.

    Can you see your landlord actually putting your rent down though? Nah, us neither.

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  • La Perla Hong Kong revamps flagship

    La Perla Hong Kong revamps flagship

    Italian luxury lingerie brand La Perla has reopened its Russell St flagship store after renovation.

    Laperia - Russel street Hong Kong 2

    La Perla Hong Kong first opened in 2006 in Lane Crawford at pacific Place. Since then the brand has expanded to four stores – and the Russell St shop is described as its main showcase.

    Laperia - Russel street Hong Kong 3

    The newly revamped La Perla store features the new interior design concept of the brand and includes all La Perla Collections for women and men.

    Laperia - Russel street Hong Kong 1

    Gruppo La Perla is one of the leading international lingerie and beachwear groups, with 2000 employees globally. Since its establishment in 1954, the Gruppo La Perla has directed its production towards various market sectors including lingerie, beachwear and nightwear. The company has created a chain of exclusive boutiques in the main fashion capitals of 30 countries.

    Laperia - Russel street Hong Kong 4

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  • HK eyewear brand breaks into Europe

    HK eyewear brand breaks into Europe

    Eyewear brand Mujosh has made its first appearance in Europe.

    The Hong Kong-registered label made its debut at the Silmo Paris optical fair this year, presenting its usual distinguished green wood booth concept and showcasing its select boutique products and brand new 2015 designer series containing seven authentic conceptual glasses products, two of which – the Frametone and KAO – have been introduced on Silmo Studio TV.

    Silmo is the first step for Mujosh in Europe, as the company seeks franchise and distribution partners in the European market. After Silmo, Mujosh will also attend in Hong Kong Optical fair this November.

    Established in 2010, Mujosh was created by a group with the belief that eyewear is never just about correcting bad eyesight, but about enhancing stylish looks. After five years of rapid expansion, there are now 500 Mujosh specialty stores, including standard stores and gallery boutiques.

    After the international plan was initiated at the beginning of 2015, Mujosh opened its first overseas stores in Malaysia and Thailand in August, and will open in Australia this coming November. The brand’s objective is to develop itself into a truly international player during the next five years, with at least 1000 specialty stores and mature distribution channels spreading throughout the world.

    Mujosh is owned and operated by Yfeng Group.

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  • Prada seeking lower rents in Hong Kong, Macau amid China slowdown

    Prada seeking lower rents in Hong Kong, Macau amid China slowdown

    Italian fashion house Prada is trying to negotiate lower shop rents in Hong Kong and Macau to reflect weak sales and the dwindling flow of wealthy tourists from mainland China, its chairman said last week.

    However, the Hong Kong-listed group does not plan to shut stores in China, which accounts for more than a fifth of its global sales and has been hit by a rout in stock markets and last month’s surprise devaluation of the yuan.

    China’s economic slowdown is hurting the two shopping hubs, forcing several luxury brands to close shops or at least attempt to lower sky-high rents – with little luck so far.

    “Like our competitors we’ve started re-negotiating rents for shops in weak spots such as Hong Kong and Macau but landlords are not being very receptive, they’re rather rigid,” Prada chairman Carlo Mazzi said.

    “China has gone from being an El Dorado to being an interesting market. We believe it can return to be a fairly good market but it’s hard to say how long it’ll take.”

    Asia-Pacific is Prada’s biggest market, representing 36 per cent of total revenues. Greater China alone accounts for 22 per cent, or €774 million (HK$6.67 billion).

    Betting on fast-rising Chinese consumer demand, Prada picked Hong Kong for its market debut in mid-2011 and used the cash to repay debts and fund a costly retail expansion, opening 260 shops worldwide in four years.

    But after being the growth engine of the luxury sector for years, China has become a headache for big brands as its economic growth began to slow. The main stock market index has slumped almost 40 per cent since a seven-year high in mid-June.

    The Milanese group has seen profit margins fall in recent quarters as revenue weakened while costs rose. Retail sales in the Asia-Pacific region fell 17 per cent at constant currencies in the three months to the end of April, rising marginally only thanks to the foreign exchange boost.

    Prada said last month trends in the Asia-Pacific region were little changed due to persistent difficulties in Hong Kong and Macau.

    “Boosting sales is not an easy goal at this time,” Mazzi said. “The phase of massive retail investments is behind us … We need alternatives to the shop network expansion,” he added, citing e-commerce and improving returns at existing shops.

    Luxury groups are still reeling from Beijing’s clampdown on lavish gift-giving and the blow to tourism in Hong Kong from last year’s pro-democracy protests.

    Mazzi expects sales in the former British colony, where Prada has 22 shops, to recover over time but growth rates are likely to be more modest than in the past.

    “We’re limiting expansion projects in Hong Kong and Macau,” Mazzi said.

    But “even with lower sales our Chinese stores continue to have positive – though much smaller – margins. Closing shops in China is not on the table,” he added.

    “Let’s not confuse China with South American markets, knocked down by falling oil prices. China is not down on its knees, it just needs to correct some issues it has with its economy.”

    Prada, which also owns brands Miu Miu and Church’s, has just over 600 stores globally, of which 94 are in Greater China. No clear alternative market has emerged and Mazzi said Prada was not targeting expansion in any particular country.

    “There are uncertainties that hold back investments in markets where we had planned to boost our presence, such as Africa,” he said, also mentioning logistical and political problems in India.

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  • World Cup soccer qualifier exposes China-Hong Kong tensions

    World Cup soccer qualifier exposes China-Hong Kong tensions

    While Hong Kong, soccer minnows ranked just 151 in the world compared to China’s 84, are unlikely to cause an upset, some say the political unease could motivate the underdogs.

    As China celebrated its struggle victory towards Japan in Beijing on Thursday, the nation’s soccer-loving President Xi Jinping might have been momentarily distracted by a much less conclusive end result.

    Chinese riot police were deployed for a Federation Internationale de Football Association 2018 World Cup qualifying match between China and Chinese-ruled Hong Kong that ended peacefully in a 0-0 draw on Thursday, amid echoing tensions from Hong Kong’s democracy protests past year.

    For the day, the index plummeted 485.15 points or 2.24 percent to finish at 21,185.43 after trading between 21,170.86 and 21,692.78 on turnover of 85.82 billion Hong Kong dollars. Nevertheless the result leaves China in third place in its group behind Hong Kong and Qatar, who beat Bhutan 15-0 (though China has a game in hand over Hong Kong).

    “This team has people with black skin, yellow skin and white skin”.

    It is not easy for retail businesses to operate in Hong Kong, because the rent is simply too high.

    Chinese police have conducted days of anti-riot drills outside a 40,000-seat stadium in the southern city of Shenzhen, bordering the Chinese “special administrative zone” of Hong Kong. “This is the only way we can release some of our anger, on the sports field”, Roy Choi, a fan with a group called “Power for Hong Kong” told Reuters.

    And after the game there was further controversy when Hong Kong’s hero, goalkeeper Yapp Hung-fai, who made a number of saves to prevent China scoring, accused Chinese captain Zheng Zhi of insulting him after the match, by calling him a “dog”. Analysts said players were unwilling to take risk amid so many uncertainties. “They have arranged a lot of “local” fans to support the China team”. Soccer will develop into a obligatory topic in faculties, with new textbooks for all college students.

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  • Oxfam urges listed Hong Kong companies to do more to improve society

    Oxfam urges listed Hong Kong companies to do more to improve society

    Aid agency Oxfam has urged listed companies in Hong Kong to put more effort into improving society, saying such initiatives could help enhance their brands and attract investors.

    But one leading finance academic questioned whether local investors were ready to place corporate social responsibility (CSR) high on their list of priorities for companies in picking stocks.

    “Good CSR performance can build a good reputation, which enables listed companies to raise money more easily in the stock market,” said Kalina Tsang Ka-wai, senior programme manager at Oxfam Hong Kong.

    “Investors would have more confidence in the companies that have good CSR records,” she told the media yesterday.

    The global community was now facing various critical issues including economic crises, skyrocketing food prices and the exploitation of labour, said Oxfam.

    The organisation believed that companies, by integrating social responsibility initiatives into their core business operations and decision-making processes, would significantly help reduce these problems.

    Financial adviser David Ng Chak-wai, who manages assets worth hundreds of millions of Hong Kong dollars, said his clients, many of whom are veteran investors, attached importance to companies’ contributions to “social harmony”.

    “They would like to ensure a fast food chain treats its staff well if they own stocks in the company,” Ng said. “These investors want long-term stable investments. They do not just focus on returns. They care about labour rights and working conditions.”

    Tsang said blue-chip companies in the city had been doing a better job regarding CSR, but stressed there was still room for improvement.

    She said listed companies, regardless of their size or market capitalisation, should publish detailed information relating to their environmental, social and governance policies.

    “Increasing transparency is the first step. It can facilitate more effective monitoring by members of the public,” she added.

    She noted that an Oxfam survey completed in June showed nearly six out of 10 institutional investors admitted that environmental, social and governance factors affected their investment decisions. A total of 42 companies, which together manage assets worth more than US$4 trillion, responded to the study.

    “The CSR culture is still developing in Hong Kong,” said Raymond So Wai-man, dean of the school of business at the Hang Seng Management College.

    “Unlike the developed stock markets in the US or Europe, Hong Kong’s bourse is dominated by retail investors, who are more concerned about returns.”

    So said some funds in Western societies would specifically avoid “sinful” companies like casinos, while retail investors in Hong Kong would have no scruples about taking the plunge if they expected high returns.

    This article appeared in the South China Morning Post print edition as Listed companies urged todo more to improve society

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  • Perrin Paris Opens First Store In Hong Kong

    Perrin Paris Opens First Store In Hong Kong

    French leather product brand Perrin Paris opened its first store in Hong Kong.

    Perrin Paris was founded by Berthe Rigaudy and Victor Rigaudy in 1893. Though the brand has a long history, it only has four stores, which are located in Paris, New York, Los Angeles, and Hong Kong, respectively. Its other sales channels include dozens of sales sites and the online retailer Moda Operandi. In 2006, Michel Perrin, chairman of Perrin Paris, took over the company and started its expansion.

    Located at International Finance Centre, the new Perrin Paris Hong Kong store is only about 250 square feet, which is about 23 square meters. Though it is small, the new store is in a core retail market area and can better test the market response.

    Prior to this, Perrin Paris opened a sales site in SKP Beijing in 2014; however, the company did not reveal its sales performance in China’s capital city.

    In addition, the company revealed that they will not open independent stores in the Chinese mainland market in the near future.

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  • Casio plans high-end watches for rising middle class

    Casio plans high-end watches for rising middle class

    Casio Computer Co. Ltd., maker of G-Shock watches, is targeting the middle-class market with high-end electronic watches priced at over HK$10,000 each.

    The company has long been in the mass market selling plastic watches for US$100 to US$150 each.

    But Hiroshi Nakamura, Casio head of sales, told the Hong Kong Economic Journal that the swelling ranks of the middle class provide a favorable condition for the company to enter the high-end market segment.

    Casio is poised to expand its presence in mainland China, Southeast Asia and the Middle East. Its largest G-Shock store opened in Shanghai in June.

    It is also working to enhance product functions and technology to increase consumer interest.

    Nakamura said the company will launch a smart watch model next year with style and user-friendly features that differentiate it from Apple Watch.

    Casio has recently launched its Oceanus series which is equipped with GPS timing system that can be synchronized with a smartphone.

  • Dairy Farm closes more Indonesia stores

    Dairy Farm closes more Indonesia stores

    Dairy Farm International says it has now closed 74 stores in Indonesia – and more will follow before the year ends.

    Dairy Farm is the majority owner of the PT Hero retail network which includes supermarkets, Guardian pharmacies and Starmart convenience stores, which at the beginning of this year numbered 715.

    In July the company said it had shuttered 39 of its 75 stores bearing the Starmart brand. Last week it issued new figures showing 74 stores have now closed, including 22 Guardian pharmacies.

    “We are closing stores every year and every semester. We believe that we need that to change our portfolio,” said finance director, Xafier Thiry, adding that while more would close in the latter part of this year, the pace of the cull would slow.

    Dairy Farm’s network has been hit hard by the Indonesian government’s ban on convenience stores selling alcohol which took effect in April. A general economic slowdown has not helped sales of other goods. In July Dairy Farm said it was reviewing the future of the Starmart business.

    The other stores closed so far this year were 10 Ekspres and Hero stores and three Ekstra stores.

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  • Asia travel spending trends revealed

    Asia travel spending trends revealed

    Hong Kong consumers continue to be the most well-travelled tourists in Asia Pacific, with 84 per cent of respondents having travelled internationally for leisure during the past 12 months.

    That’s well above the regional average (41 per cent) and ahead of Singapore (80 per cent) and China (74 per cent).

    According to the latest MasterCard survey on Consumer Purchasing Priorities, during international leisure travel, Hongkongers spent an average of around HK$12,895 per person per trip, compared to $13,412 in the second half of 2014. The biggest share of travel expenditure remains transportation (26 per cent), followed by accommodation (23 per cent) and eating out (17 per cent). Despite a drop in travel spending, more than eight in 10 international travellers (86 per cent) planned to travel more or the same level in the next 12 months, second only to China (92 per cent) in the region.

    Dining out is a common habit among local consumers in Hong Kong. Almost all respondents (99 per cent) ate out in the past six months, while 94 per cent  intended to dine out the same or more in the next six months, ranking number one in the region together with China (94 per cent). Before dining, they tended to seek credit card promotions (44 per cent), feedbacks from acquaintances (44 per cent) and online reviews of dining outlets (43 per cent) while more than two-thirds of respondents (69 per cent) asked if there was any credit card promotion when paying the bill.

    Hong Kong consumers are big fans of luxury shopping, with 75 per cent of respondents planning to spend more or the same on luxury goods in the coming year, ranking number two in Asia following China (77 per cent). While China ($38,126) remains the biggest spender on luxury goods, Hong Kong secures its fourth place in the regional chart with an average intended spending of $23,845 in the next 12 months, after Japan ($32,253) and Korea ($25,771). While designer clothes and leather goods (29 per cent) are the most desirable items among local consumers, there is also significant preference for jewelry (23 per cent) as well as designer accessories and footwear (23 per cent).

    The survey also studied the saving behavior of Hongkongers, among whom 91 per cent intended to save the same or more in the next six months. Although spending on overseas holidays (48 per cent) was claimed to be the first item cut back in the event of a loss of household income, it is also the top spending priority of local households if they receive additional monthly income. Compared to Taiwan (86 per cent) and Singapore (83 per cent), only 74 per cent of local parents in Hong Kong regularly saved for their children’s education while the average proportion of monthly household income saved to serve this purpose was 12 per cent, slightly below the regional average (13 per cent).

    Other findings about Asian travel spending include:

    • Japan (67 per cent), South Korea and Taiwan (both 44 per cent) remain the top three travel destinations in the next 12 months.
    • Airline websites (54 per cent), travel agents (52 per cent) and coupon sites or applications (40 per cent) are the most preferred sources of travel information and deals among local travellers.
    • The most visited dining places among local consumers are fast food restaurants (79 per cent), mid-range family restaurants (76 per cent) and food courts (73 per cent).
    • Cash is generally used for purchases at fast food restaurants and food courts where meals tend to cost less than $300.
    • Millennials (18-29 years old) from China intend to spend on average $34,024 on luxury goods over the next year, significantly more than the Asia Pacific average of $20,155.
    • Promotions play a significant role among online shoppers in Hong Kong, with 74 per cent of respondents claiming to buy luxury goods on websites that offer discounts.
    • Hongkongers (32 per cent) are less interested in attending education courses in the next 12 months than those in China (42 per cent) and Taiwan (36 per cent).
  • Beauty e-tailer JD.com plows ahead with strengthening its Asia reach

    Beauty e-tailer JD.com plows ahead with strengthening its Asia reach

    The Hong Kong office is intended to help JD.com expand its local market presence and warehousing capabilities, enabling it to better engage with brands and retailers across Singapore and major Southeast Asian markets, who are looking to tap the online retailer’s 118 million active users in Mainland China.

    The company plans to employ a team there to focus on targeting and attracting new retail partners from around the region.

    “We have seen rapid growth in demand from our customers for Asian brands and products, and from leading brands and retailers across the region who want to reach our huge base of upwardly mobile customers,” says JD.com’s chief human resources officer, Rain Long. 

    “This new office will expand our ability to attract and service brands from around the region, and ultimately to ensure that we continue to bring our customers the most exciting and diverse selection of international products.”

    To help with warehousing, customs clearance and shipping services from Hong Kong to Mainland China, JD.com has teamed up with logistics provider, Cosco Logistics.

    “This partnership gives our customers easy access to more of the best Asian and international products, and allows more regional and global retailers to target our unrivaled base of Chinese consumers directly from Hong Kong,” said Carol Fung, Vice President of JD.com.

    Sa Sa also jumps on board..

    As part of its efforts in Hong Kong, JD.com also announced that Asian cosmetics retailer Sa Sa will launch a flagship store on its platform offering a range of international cosmetics brands and products available online in China.

    It will be synchronized with the company’s global ecommerce portal, Sasa.com, to ensure that JD.com’s customers have easy and immediate access to the full range of products available on Sa Sa’s global site.

    “We’re excited to partner with JD.com and to give Chinese consumers more extensive access than ever before to Sa Sa’s huge selection of globally renowned cosmetics brands. JD.com has an unmatched reputation for guaranteeing quality, convenience, and service, and we’re looking forward to working with them to deliver a premium online shopping experience to consumers throughout China,” said Sa Sa Chief Financial Officer, Dr. Guy Look.

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  • Rents tumble on HK shopping strip that was world’s priciest

    Rents tumble on HK shopping strip that was world’s priciest

    “Landlords have to face the reality, no matter how reluctant they are,” Lawrence Wong, a director at property agent Sheraton Valuers Ltd., said in a telephone interview Saturday. “It’s still better than leaving their property empty.”

    Russell Street has lost its claim as the most expensive shopping street on the planet to New York’s Fifth Avenue, according to broker Cushman & Wakefield Inc. in November. A July research report by Jones Lang LaSalle Inc. predicted prices for space in prime locations will drop 15 percent to 20 percent in Hong Kong this year.

    Retail rents were down 12 percent in Causeway Bay and 3 percent in Central at the end of June, Oriental Daily reported earlier this month, citing data from CBRE Group Inc. The broker said in a report that the decline came after rents for shops at prime locations in Hong Kong’s four shopping districts, including Tsim Sha Tsui and Mong Kok, increased by 213 percent from 2003 to 2014.

    Hong Kong’s retail property market has slumped with China facing its slowest growth in a quarter-century. The world’s second-largest economy will announce a growth objective of 6.5 percent to 7 percent for 2016, according to eight of 15 economists in a Bloomberg News survey conducted Sept. 17-22. All of those surveyed said they expect next year’s target will fall short of the about 7 percent set by Premier Li Keqiang for 2015 growth.

    The Hong Kong government is closely monitoring developments in the city’s property market and will make policy changes if necessary, Financial Secretary John Tsang told reporters on Sunday.

    Hong Kong’s property prices are being affected by an increase in supply and volatile external factors such as a high probability that the U.S. may raise interest rates, Tsang said.

    Colourmix, run by Veeko International Holdings Ltd., will rent a 1,000 square-foot space in Causeway Bay for almost HK$1 million ($129,000) per month, 43 percent lower than what luxury Swiss watch brand Jaeger-LeCoultre is currently paying, said Wong, whose company handled the transaction.

    In Central, Hong Kong’s business district, Adidas Hong Kong Ltd. will pay 23 percent less for the space being vacated by Coach Hong Kong Ltd., according to Land Registry data. The sports brand’s rent is HK$4.34 million a month, down from HK$5.6 million paid by Coach, the designer handbag maker.

    Hong Kong’s residential market is also experiencing weaker sentiment. “Housing market outlook will likely become more cautious amid increased volatility in the global and Hong Kong’s financial markets,” the Hong Kong Monetary Authority said in a report released Friday. “The risk of downward adjustment has picked up steadily.”

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