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Tag: Hong Kong

  • Louis Vuitton launches Objets Nomades in Hong Kong

    Louis Vuitton launches Objets Nomades in Hong Kong

    Louis Vuitton’s Objets Nomades collection – a collection of travel-inspired furniture and objects made in collaboration with internationally renowned designers – first launched in 2012. Now, the Maison’s collaborative design showcase has landed in Hong Kong to exhibit the pieces created in partnership with celebrated designers around the world.

    The showcase will exhibit at Pedder Building, a historical landmark in the heart of Hong Kong, and will feature an extensive range of pieces that celebrate the heritage of Louis Vuitton with design details worked in, such as the classic LV monogram. Combining the power of art, design and fashion, the showcase will be a colorful one, built by Nelson Chow of  NC Design & Architecture, and will likely see interest from fans across all creative intersections, especially fans of the brand.

    “I was inspired by Hong Kong’s old mansions. I studied places like Haw Par Mansion on Tai Hang Road and King Yin Lei on Stubbs Road and transported their beams, curved walls, and cross motifs to the interior,” Chow said on his inspiration for the exhibition design. “We also looked at the way these houses were divided into different compartments.”

    Included in the exhibition, will be designed duo Zanellato/Bortotto‘s Lanterns, which accompanies statement chairs, sofas, trunks and more. Alongside this, Atelier Biagetti has created a new perspective of the Anemona table, as well as Objets Nomades featuring a collaboration with contemporary artist Wing Shya, whose movement-driven photographs will be on display throughout the showcase. The Objets Nomades 2021 exhibition runs until April 8, 2021.

    Since its inception in 2012, the Louis Vuitton Objets Nomades collection has employed the skills of international designers such as Atelier Oi, Atelier Biagetti, the Campana Brothers, Andre Fu, Raw Edges, and Tokujin Yoshikoka to bring the showcase to audiences across the globe. The only requirement once chosen, is that each designer must create functional pieces of art that nod to Louis Vuitton’s vision of exploration, embodying the brand’s design codes and savoir-faire.

    The collection, complete with hammocks, side tables, and transformative sofas showcases the House’s attention to complex craftsmanship and creative innovation.

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  • Pre-owned Store Hula opens its first permanent boutique in Hong Kong’s Central

    Pre-owned Store Hula opens its first permanent boutique in Hong Kong’s Central

    Pre-loved designer brand, HULA will be opening its first boutique on Hollywood Road this Friday. The location will feature a curated selection of over 500 unique designer womenswear pieces. There is also a dedicated Chanel rail for fans of the iconic brand.

    The boutique is open daily and offers a range of new and vintage designer items including bags, clothing, shoes, and accessories. Each week new products will be added to the boutique, including pieces not available at its Wong Chuk Hang warehouse.

    For those looking for a tailored shopping experience, the boutique also offers a personalized styling session with its in-house stylists.

    Founded by Sarah Fung in 2016, HULA is an online marketplace that sells second-hand designer womenswear and handbags. The consignment store only sells items from invited sellers to guarantee their authenticity and quality. “If we aren’t sure, we don’t sell it,” says Fung.

    HULA previously hosted a pop-up on Hollywood road last year which encouraged Fung to think about a more permanent store. “After the success of our three-week pop-up on Hollywood Road last year, opening a permanent store space in Hong Kong Central was a no-brainer and we were lucky to have found the perfect location,” she says.

    The new shop will open on March 19 and is located at 56-58 Hollywood Road, Central. For more information visit HULA’s website and Instagram.

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  • Business Groups Disappointed by Hong Kong’s Covid Plans

    Business Groups Disappointed by Hong Kong’s Covid Plans

    In response to the business community’s call for looser quarantine measures and a roadmap for reopening, the Hong Kong government remained insistent that the current status quo will remain until local vaccination rates rise significantly.

    The Hong Kong government met virtually with representatives of the business community last week, according to a report citing unnamed sources, and reiterated its own objectives with regards to the pandemic.

    Policymakers led by chief secretary of administration Matthew Cheung once again underlined the target of vaccinating 50 percent of Hong Kong’s population before any major loosening. As of Monday, the figure sits at just 5 percent.

    At the meeting, the Hong Kong government appears to have made no concessions as it reportedly downplayed the prospect of travel bubbles, border reopening with China and didn’t provide a clear roadmap for general reopening despite similar moves being made by rival financial hubs like Singapore.

    The virtual meeting follows the recent gym-linked outbreak which exposed many expatriates to Hong Kong’s quarantine measures and sparked calls within various business groups, such as regional capital markets industry body Asia Securities Industry & Financial Markets Association (ASIFMA), to push for changes.

  • DBS Offloads Hong Kong Office Space

    DBS Offloads Hong Kong Office Space

    DBS is reportedly the latest to join the wave of global banks and multinationals that are cutting down office occupancy in Hong Kong.

    DBS will surrender a quarter of the eight floors it occupies in one of its Hoang Kong offices – One Island East Tower – according to a report citing unnamed sources.

    The office is located outside of Hong Kong’s central business district in Quarry Bay.

    DBS joins other global banks, like Standard Chartered and BNP Paribas, in shedding Hong Kong office stock.

    In fact, multinationals accounted for 75 percent of surrendered office space in the city last year, according to Cushman & Wakefield, amid the growing adoption of flexible work arrangements.

    In November last year, DBS said it would allow its employees to work remotely for as much as 40 percent of the time due to the pandemic.

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  • Hong Kong e-commerce scene ready for growth in 2021

    Hong Kong e-commerce scene ready for growth in 2021

    E-commerce businesses in Hong Kong are set to recapture their growth hit by the COVID-19 pandemic, with supply chain and logistics issues and a decline in sales, Paypal’s new study showed.

    Despite the obstacles brought by COVID-19, two-thirds (61%) of businesses surveyed are anticipating a recovery at the end of 2020, along with the measures to address the financial pressure and customer relationship challenges.

    The study also found 86% of respondents believing to improve their e-commerce experience for consumers to boost their competitiveness in this time.

    The PayPal Hong Kong Merchant Survey was conducted in August to understand the impact of the pandemic on e-commerce businesses and their thoughts on recovery. 86% of respondents seek capitalization on the opportunity of improving online shopping experiences to boost competitiveness.

    While online shopping amplified, 27% of respondents reported tough challenges amidst the pandemic – mainly growing concerned on their sustainability.

    Since January 2020, 86% of businesses claimed to have supply chain and logistics problems, while 52% reported decrease in sales as their main challenge. Such are creating dual pressure on businesses in addition to the increasing operational costs.

    These issues are also causing failing customer relationships in Hong Kong businesses, including rising complaints, damaged company reputation, and loss of regular customers.

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  • Hong Kong Cross-Border Wealth Scheme Delayed by Pandemic

    Hong Kong Cross-Border Wealth Scheme Delayed by Pandemic

    Banks looking to capitalize on wealth management opportunities from the Greater Bay Area will have to wait until travel bans are lifted, according to the Hong Kong Monetary Authority.

    HKMA chief executive Eddie Yue said that the existing travel bans make it difficult to launch the ‘Wealth Management Connect’ scheme – a cross-border channel that will allow mainland residents of the 11-city cluster to invest in Hong Kong and Macau-based wealth management products.

    Under the current rules, investors seeking such products must physically open an investment account in person for the financial firm to share relevant information and risks.

    The overall scheme allows an individual investor quota of 1 million yuan ($150,000) each and an aggregate quota of 300 billion yuan (US$45 billion) for north and southbound fund movements.

    While it remains to be seen when travel restrictions will be removed – Hong Kong recently recorded another wave of coronavirus cases that led multiple banks to advise employees to work from home – HKMA is actively working with Beijing to simply the process for cross-border account opening.

    According to Yue, a simpler process could be introduced which would require only one-time cross-border travel, compared to the current practice which requires a plethora of documents and often multiple visits.

    Other cross-border initiatives that the HKMA is focused on include the southbound segment of the bond connect scheme which is planned for a launch in the second half of 2020 after the northbound segment was introduced in 2017. Unlike the wealth management connect scheme, cross-border trading does not require physical travel.

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  • Huawei Pushes for HSBC Disclosure in Hong Kong

    Huawei Pushes for HSBC Disclosure in Hong Kong

    After being rejected in the U.K., Huawei lawyers seek to make a similar push to pressure HSBC to unveil documents they claim will disprove accusations of fraud against chief financial officer Meng Wanzhou.

    After a 30-minute hearing at Hong Kong High Court, no ruling was deliberated on whether or not HSBC must provide specific documents related to accusations that Meng misled the British lender about business dealings with Iran during a 2013 meeting.

    If proven true, this could help prevent the Huawei CFO and daughter of founder Ren Zhengfei from being extradited to the U.S. to face trial.

    The information that Meng is seeking will «go to the heart of her ability to demonstrate that there were material omissions and misstatements» made in the attempt to extradite her to the U.S., according to a report citing a Huawei spokesperson, and that she has no other means to obtain them other than through court approval.

    The legal pressure against HSBC to disclose the allegedly revealing documents follow similar attempts made in the U.K. by Huawei lawyers which were rejected by a high court judge.

    Another one-day hearing for the case in Hong Kong is scheduled for April 12.

  • Foodpanda Hong Kong appoints new MD

    Foodpanda Hong Kong appoints new MD

    Tech industry veteran Ryan Lai has been named the new managing director for foodpanda Hong Kong.

    Lai will oversee all aspects of the delivery company’s business operations, while contributing to the growth and strategic development of the platform, including delivery and pickup, foodpanda mall, pandamart, catering, and other digital solutions to push the company forward and enhance the customer experience.

    Lai comes from eBay, where he served as head of Southeast Asia and head of category management of automotive in Greater China. He brings nearly 15 years of management experience under his belt with expertise in e-commerce.

    “I am very excited to be joining foodpanda (Hong Kong), especially during such an active and ever-changing period for online delivery platforms. It is humbling to be able to work alongside such a dynamic, strong-willed, and accomplished group of people. I am confident that we can build on the already solid foundation of success, and continue to provide the best experiences and solutions to our foodpanda community of stakeholders,” said Lai.

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  • Allianz Partners Hong Kong Fintech Expansion

    Allianz Partners Hong Kong Fintech Expansion

    The investment will be used to finance WeLab’s further expansion and, in particular, enable the ongoing development of its technological platform.

    Allianz X, the digital investment unit of Allianz, has joined the Series C funding round for WeLab, with a $75 million investment, it announced in a statement this week.

    The investment aims to enable business expansion and tech platform development, as WeLab has close to 50 million private and business clients in Hong Kong and China, which are key growth markets for Allianz.

    The German insurance and asset management firm will cooperate with the unicorn on insurance and investment products, including digital wealth management solutions in Hong Kong. An expansion of the partnership is planned for the Greater Bay Area, and to Indonesia and Southeast Asia at a later stage, the announcement said.

    Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us, Desmond Ng, Allianz Global Investors head of Asia Pacific, said in the statement.

    Allianz X has already made several other investments in the region, including telemedicine company Halodoc, digital real estate brokerage 99.co, ride-hailing and lifestyle services platform GoJek, and BIMA, which provides digital insurance in emerging and developing markets.

    Established in 2013, WeLab provides digital banking services and loans for private customers, a digital lending platform to connect lenders and borrowers, as well as a number of technology-driven services. It has close to 50 million retail customers and 600 corporate customers in China, Hong Kong and Indonesia.

    In July 2020, WeLab Bank became the third of eight licensed virtual banks to launch in Hong Kong

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  • Hong Kong furniture retailer launches online food range

    Hong Kong furniture retailer launches online food range

    Hong Kong furniture retailer Pricerite has introduced its first online food range, Pricerite Food, fronted by Hong Kong rising star, actor Liu Junqian.

    According to the company, Pricerite Food’s philosophy is to promote a “slow living” lifestyle amid the influence of “fast-food culture”. The range is split into three categories: quality exclusive, traditional taste and Asian taste.

    “Our philosophy is to promote food culture and gradually change the life attitude of urban people,” the company said in a statement translated from Chinese.

    The range will be launched simultaneously in Pricerite’s online store and at nine physical outlets, including stores in Mong Kok Chong Hing, Kowloon Bay, North Point, and Yuen Long.

    As part of its launch campaign, Pricerite Food has introduced a video advertisement featuring actor Liu Junqian, who is also appointed as the brand spokesperson.

    The brand also rolled out ‘Pricerite Food Virtual Store’ at Hong Kong station, with selected ingredients printed on the top of the poster. Customers can shop directly by scanning the QR Code next to the product they want to order to enter the online store for self-service shopping.

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  • Foot Locker Celebrates Youth and Sneaker Culture in Hong Kong with new Store

    Foot Locker Celebrates Youth and Sneaker Culture in Hong Kong with new Store

    Foot Locker, the leading global destination for speciality athletic-lifestyle footwear, apparel and accessories, has opened a new Power Store in Hong Kong.

    The new store, located in Gala Place, Mong Kok offers visitors a unique single level destination. This is the retailer’s 6th location to open in Hong Kong –– set to bring an engaging retail experience with premium product and elevated in-store presentations to enhance customer experience. The design celebrates basketball culture with a signature multi-branded basketball collection and area dedicated to the game. The store boasts dedicated women’s and kids areas and a studio and events space, to host brand partners and local influencers (pending COVID-19 restrictions).

    With impressive footwear and apparel collections from global brand partners, including Nike, Jordan, adidas, Puma, Converse, New Balance, Under Armour and streetwear brands including Chinatown Market and Carrots, customers can expect immersive experiences and elevated product storytelling for every occasion. The store will also provide men, women and kids lines for the sneaker obsessed and provide access to the largest selection of Nike Air Max Plus (TN’s) available in market.

    Mong Kok is a neighbourhood known for its vibrant sneaker scene and is a melting pot of cultures, a place where young Hong Kong people pursue their passion and express themselves. The store features specially commissioned artworks –by four local artists Way Fung @digiway, Stanley Wong @Sneakerconcept, Brian Liu @824Hachi and Zoie Lam @Zlism, inspired by Mong Kok and its relationship to sneaker and basketball culture. It also sets the tone for how Foot Locker will tailor the store to the local community.

    Commenting on the new store, Tomas Petersson, GM and VP, Foot Locker Asia, said, “We couldn’t be more excited for our store opening in Mong Kok. This has been a dream come true to have a store in this area where sneaker-style is so inspired and alive in the streets and really around every corner. This is our 6th store opening in Hong Kong – first in Kowloon and now in this store – we can’t wait to get to know our consumers and celebrate sneaker culture together.”

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  • Hong Kong Home Posts Record-High Rent

    Hong Kong Home Posts Record-High Rent

    Hong Kong’s luxury property market continues to post record numbers with the latest leasing contract.

    A 10,804 square foot home in the city’s wealthiest district was rented out for HK$1.35 million per month, according to a statement from local developer Wharf Holdings.

    This is a record figure, according to a Bloomberg report citing real estate agency Centaline.

    The house overlooks the Victoria Harbor and comes with a private garage, garden and internal elevator. Wharf has seven of these units in the area with plans to sell four and lease the rest.

    The unnamed tenant marks the second anonymous record-setter in weeks for Hong Kong’s property market.

    Last month, a 3,378 square foot home in the same district sold for a record figure of nearly $60 million.

    Despite political uncertainty and an ongoing pandemic, Hong Kong continues to top rankings as the most expensive property market. According to a recent think tank report, the city’s homes were the least affordable worldwide for the 11th consecutive year.

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  • Bossini warns Hong Kong landlords over Rents

    Bossini warns Hong Kong landlords over Rents

    Casual apparel retailer Bossini says it will close more stores in Hong Kong as many landlords remain unwilling to convert leases to turnover-based rents.

    The company has reported a loss of US$11.2 million for the December half after sales fell 25 percent.

    With Hong Kong and Macau accounting for 66 percent of sales in 2019, cross-border travel restrictions to both territories meant that share fell to 55 percent last year. Revenue in Hong Kong and Macau fell by 38 percent year on year.

    “The overall shop rental expenses remained at a very unreasonable level with several landlords still unwilling to provide rent concessions, despite some landlords had already switched to pure turnover-rent arrangement,” said chairman Victor Herrero in a stock exchange filing.

    “This will inevitably involve the closure of certain loss-making retail shops… We will continue to renegotiate with landlords to seek rent relief and reduction. Where landlords are reluctant to respond reasonably to our requests, we will close those shops.”

    Group revenue reached $60.3 million. Outside Hong Kong and Macau, sales rose by 2 per cent in Mainland China, but fell 9 per cent in Singapore. This was the first complete trading period not to include Taiwan, which the company exited by the end of last June.

    Looking forward, the company expects the pandemic to continue to impact its business.

    “The group’s performance is expected to remain under significant pressure for the remaining financial year with travel restrictions and social-distancing measures still largely in place,” said Herrero.

    But the company is upbeat about its ability to withstand the ongoing pressure caused by the pandemic.

    “Overall, the group is formulating and implementing strategies ranging from brand re-positioning, product segmentation and pricing, distribution channels, production and supply chain management, marketing and promotion to IT infrastructure,” he said.

    “We believe all of these would collaboratively equip us with a solid foundation and pave the way for our expansion and tap into market opportunities in the mid- to long-term.”

  • Citi Rolls Out Digital-Only Offering in Hong Kong

    Citi Rolls Out Digital-Only Offering in Hong Kong

    The Citi Plusdigital wealth platform was officially rolled out on Monday in Hong Kong, following a pilot launch in December 2020.

    Catered to digital natives, Citi Plus offers personalized wealth management information and knowledge kits for clients and introduces gamification to build healthy financial habits and achieve targets responsibly.

    Millennials were invited to participate in research and the co-creation process, through which we could better address target clients’ pain points, and help them grow their wealth via the new service, Lawrence Lam, Citibank Hong Kong consumer business manager, said.

    The bank said it will launch the platform in other markets in the Asia Pacific region in the future, and is looking to add up to 200,000 clients over the next few years with a target of doubling its base within the next 24 months.

    Citi Plus offers stocks, money market funds, as well as an array of mutual funds primarily from ASI, Allianz Global Investors and Franklin Templeton, are offered on the platform.

    ASI said the partnership is an important part of the firm’s regional distribution strategy for 2021, according to a statement. We’re excited to play our part in enabling a new generation of digital-native investors to take control of their finances and invest for a better future, Andrew Hendry, ASI head of distribution Asia Pacific, said.

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  • HSBC Set for Pivot to Asia

    HSBC Set for Pivot to Asia

    HSBC is primed to publicly introduce its strategic shift in the upcoming 2020 earnings presentation which could include the announced relocation of top executives.

    Internally known as the pivot to Asia, HSBC will begin marketing the strategy to the public this week, according to a report citing unnamed sources.

    This follows an internal presentation where chief executive Noel Quinn said that investments at the British lender will be focused on Asia alongside the U.K. and the Middle East with an eye on becoming a market leader in wealth management.

    In addition, the strategic shift could result in the relocation of top HSBC executives and those earmarked include Nuno Matos, chief executive of wealth and personal banking; Greg Guyett, co-head of global banking and markets; and Barry O’Byrne, chief executive of global commercial banking.

    Fellow investment banking co-head Georges Elhedery was also named in a previous report as a potential relocation.

    Within Asia, the bank is already rapidly making investments to deepen its inroads in different sub-regions.

    It is most notably betting big on Greater Bay Area opportunities and it most recently began constructing a 26,000 square meter Guangzhou-based training center which is expected complete by 2024.

    The bank is also seeking opportunities across South Asia with the ASEAN region named as a strategic focus for future growth. Earlier this month, HSBC established an onshore private banking presence in Thailand led by 25-year veteran Saranya Arunsilp.

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