Tag: Hong Kong

  • Another Hong Kong counterfeit ring in custody

    Another Hong Kong counterfeit ring in custody

    Customs has smashed another Hong Kong counterfeiting syndicate, this one operating from Tung Choi Street in Mong Kok.

    About 2600 items of suspected counterfeit goods – including handbags, wallets and belts with an estimated market value of about HKD4.3 million (US$548,000) – were seized during the raid of a fixed hawker pitch and a storage facility.

    Customs had earlier received information alleging the sale of counterfeit goods at a fixed hawker pitch in Mong Kok. After an in-depth investigation with the assistance of the trademark owner, Customs officers took enforcement action that culminated in the raid. The batch of suspected counterfeit goods and one tablet for displaying photos of suspected counterfeit goods were seized.

    During the operation, one female syndicate head and one male member of the Hong Kong counterfeit ring, both aged 46, were arrested. The investigation is ongoing.

    Customs says it will continue to step up inspection and enforcement to combat the sale of counterfeit goods, and reminds consumers to procure goods at reputable shops and to check with the trademark owners or their authorized agents if the authenticity of a product is in doubt.

    Customs also reminds traders to be cautious and prudent in merchandising, describing the sale of counterfeit goods as a serious crime with offenders liable to criminal sanctions. Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 ($64,000) and imprisonment for five years.

  • Sephora Hong Kong after being away for 10-years

    Sephora Hong Kong after being away for 10-years

    Sephora Hong Kong returns after a 10-year absence today, opening a 4200sqft store at IFC mall.

    The LVMH-owned global beauty retailer promises shoppers 40 brands new or exclusive to Hong Kong, along with the new Fenty Beauty by Rihanna, also an LVMH subsidiary which is simultaneously being launched by DFS Group’s T Galleria stores today.

    “We believe the new Sephora Hong Kong will be the ultimate one-stop beauty destination in the region that consumers will find joy in exploring the countless products and services on offer,” said Benjamin Vuchot, Asia president at Sephora.

    “We are really proud of the exciting brand portfolio for our new store.”

    Sephora Hong Kong has confirmed plans to open eight stores in its return to brick-and-mortar retailing in the territory. A second store is under construction at Windsor House in Causeway Bay, scheduled to open prior to Christmas. Six more stores will follow over a three-year timeframe, their locations as yet not revealed.

    The new IFC mall store features new customer services, including Virtual Artist, a beauty app designed to offer customers an opportunity to try on and compare different products digitally.

    Vuchot believes the technology will engage customers in-store and create a unique omnichannel model dedicated to offering an “unparalleled shopping experience in-store and online through its upgraded e-commerce platform”.

    Among the brands making their Hong Kong debut today are Drunk Elephant, Sunday Riley, Huda Beauty, Anastasia Beverly Hills, and Fenty Beauty; and niche fragrance labels including Clean Reserve, Kayali, Bon Parfumeur and Maison Margiela.

    Sephora Hong Kong will also introduce new beauty and fragrance brands that are making their debut in the market such as Loewe, Tarte, IT Cosmetics and Jack Black.

    More brands will be added later in the year – both instore and online – to provide customers with “endless new discoveries” across different categories.

  • Hong Kong Loosens Fintech Lending

    Hong Kong Loosens Fintech Lending

    The Hong Kong Monetary Authority amended its credit risk management guidelines to encourage greater application of analytic tools when providing loans, in yet another move to further fintech development in the financial hub.

    As part of the HKMA’s Banking Made Easy Initiative, lenders are now allowed to further expand personal lending based on credit analytics tools, like big data analysis, to assess and approve applications. The guideline was issued in May 2018 and initially limited such types of lending but will now liberalize the market.

    Several AIs (authorized institutions) have since rolled out new retail credit products following the guidelines and the business has been operating smoothly, said HKMA’s executive director of banking supervision, Raymond Chan, in a note.

    In view of this latest development, the HKMA considers that it is no longer necessary to set an across-the-board limit applicable to all AIs on such lending (i.e. 10% of an AI’s capital base). Instead, the HKMA expects AIs intending to develop this business to set a limit of their own, which should be commensurate with their risk appetite and risk management capability.

    Fintech continues to grow as new regulatory and market developments are picking up momentum in the region.

    As a leading financial center, Hong Kong is undoubtedly competing for market share. For example, the «Banking Made Easy Initiative» was issued last year and involved a dedicated task force to help the industry “minimize regulatory frictions” in digital banking including remote onboarding, online finance and wealth management.

    Rival hub, Singapore, is also making inroads into the space with the regulators officially taking digital banking applications last week as hopefuls vie for one of the five licenses.

  • Hong Kong retail sales down last month

    Hong Kong retail sales down last month

    Hong Kong retail sales in July plunged by 11.4 percent as ongoing protests and the China-US trade war took their toll.

    The fall was widely expected with several large retailers projecting double-digit declines based on their own internal monitoring during the month.

    A government spokesman said the decline in retail sales reflected “weak local consumer sentiment and significant disruptions to inbound tourism and consumption-related activities arising from the recent local social incidents”.

    He said the Census and Statistics Department (C&SD) expected Hong Kong retail sales will likely stay weak in the near term, as escalated US-Mainland trade tensions and subdued economic conditions continue to dampen consumer sentiment.

    “The situation may even deteriorate further if the social incidents involving violence do not come to a stop.”

    July’s decrease followed a 6.7-per-cent decline in June when the current round of protests commenced. For the first seven months of the year, sales are down by 3.8 percent year on year.

    After netting out the effects of price changes, July’s figure was even bleaker, down 13 percent compared with a decline of 7.6 percent in June and a year-to-date 4.4 percent.

    Retail sales to visitors usually account for about 50 percent of the total market in Hong Kong, so the key category of watches, jewelry, and luxury goods – the largest category – plummeted by 24.4 percent in July.

    Apparel sales fell by 13 percent, medicines, and cosmetics by 16.1 percent, and commodities in department stores by 10.4 percent.

    Categories less reliant on visitors performed better: sales of food, alcoholic drinks, and tobacco were down by 2.3 percent, consumer goods, not classified elsewhere by 1.4 percent, and books, stationery, newspapers, and gifts by 6 percent.

    Sales of electrical goods fell by 17.4 percent, of footwear and accessories by 10.1 percent and of furniture and fixtures by 8.7 percent.

    The only category to post growth year on year was supermarket sales, which rose by a modest 1 percent.

  • Tiffany to open Blue Box Cafe in Hong Kong

    Tiffany to open Blue Box Cafe in Hong Kong

    Luxury jewelry retailer Tiffany & Co is set to open its largest flagship store in Asia at One Peking Road – and with it the first Blue Box Cafe in Hong Kong.

    The flagship and cafe – the first in Asia –  will soft open early this month and mid next month respectively. Both outlets have been designed to offer new experiences for long-time patrons of the firm, with One Peking Road displaying the full range of the house’s products and the cafe bringing a slice of New York City to tropical Hong Kong.

    The cafe features the brand’s own crockery and utensils to complement the cultured ritual of afternoon tea, reflective of the artistry and craftsmanship of the house.

    In anticipation of The Tiffany Blue Box Cafe in Hong Kong opening, reservations for seating are being taken through the firm’s online platform, allowing online users the chance to be the first to experience something which has, until now, only been available in Tiffany & Co’s flagship store in New York City.

  • A Happy Pancake opens second outlet at K11 Musea

    A Happy Pancake opens second outlet at K11 Musea

    Japanese cafe “A Happy Pancake” is opening its second Hong Kong Store at K11 Musea.

    Having already launched 26 stores in Japan since setting up its Omotesando shop in 2015, the brand’s new location features a sleek design and decor that aims to bring diners a peaceful, relaxing atmosphere. The store has an open kitchen to show customers the entire hygienic cooking process, letting them observe the pancakes carefully baked one by one before being sent to their tables.

    The walls of the store were designed by 14-year-old called Lara, who has already worked extensively in the fashion industry.

    The brand is launching a new menu item, “Rich Uji Matcha Mousse Pancake”, to commemorate the store opening.

  • Charles & Keith opens first store on Kowloon side of Hong Kong

    Charles & Keith opens first store on Kowloon side of Hong Kong

    Singapore footwear and accessories label Charles & Keith is unveiling its largest store at K11 Musea this month

    The 2000sqft store is the first Charles & Keith outlet in Kowloon and features an aesthetic inspired by a refined take on its design philosophy – designed to be in line with the Charles & Keith brand identity as well as to enhance the overall shopping experience. It features limestone fixtures that contrast with dark grey powder furnishing, reflecting a sophisticated simplicity that complements the brand’s collections.

    The Charles & Keith by Oamul Lu collection – the brand’s global collaboration with the artist known for his whimsical and romantic illustrations – will be available exclusively at the K11 store. This limited-edition collection consists of five products, all of which feature a unique illustration by Lu that has been created specifically for this partnership.

  • 6ixty8ight in Hong Kong opens new store at East Point City

    6ixty8ight in Hong Kong opens new store at East Point City

    6ixty8ight in Hong Kong has opened its 28th store, at East Point City.

    With its home base in Hong Kong, the now-international lingerie and casualwear label is continuing to expand its brick-and-mortar network.

    Having become one of the fastest-growing fashion brands in Asia since its launch in 2002, 6ixty8ight’s offering covers recent trends in lingerie, homeware, loungewear, casual wear and accessories.

    6ixty8ight now has more than 200 stores across Greater China, South Korea, Singapore and Malaysia.

    The company says it aims to create a seamless retail experience on its online platform and through its brick-and-mortar network.

  • Monocle opens its first travel store in Hong Kong

    Monocle opens its first travel store in Hong Kong

    Global media brand Monocle has opened its first dedicated travel-retail store, at Hong Kong International Airport.

    The shop is the first in a new rollout of airport-based outposts for the brand, with an emphasis on books, periodicals, travel essentials and Monocle’s full range of products and collaborations.

    The store was developed in association with Paris-based Lagardere Travel Retail, and is located at one of the airport’s popular retail destinations selling globally sourced essentials, accessories and apparel.

    “The launch of this new concept at Hong Kong International Airport comes at the perfect time for our sector,” said Monocle’s editor-in-chief and chairman Tyler Brule. “Airport news and shop formats have not been keeping pace with the retail industry in general, and this debut seeks to raise the game for both the print industry and customers.”

    The 190sqm stand-alone store retails the brand’s range of Monocle travel guides as well as special-edition products available only at Hong Kong International Airport.

    “Hong Kong is already one of our most important markets both for readers and brand partnerships,” added Brule. “In order to tailor this for the local audience, visitors and passengers connecting, we’ve developed a store that is calm, elegantly designed and stocked with good reads for the long haul, gifts for friends and clients at the other end and of course lots of accessories and fashion items for our core audience.”

    Monocle currently operates stores and cafe concepts in London, Zurich, M

  • Alibaba Hong Kong IPO postponed due to city unrest

    Alibaba Hong Kong IPO postponed due to city unrest

    The planned US$15 billion Alibaba Hong Kong IPO has been postponed due to continuing political unrest in the city.

    The firm’s stance towards the issue is being taken by observers as indicative of the general mood of both mainland businesses and the Beijing administration towards Hong Kong.

    Alibaba made the decision at a board meeting last week noting financial and political instability in the area. A new schedule for the listing has yet to be established, pending an improvement in the situation.

    “It would be very unwise to launch the deal now or anytime soon,” said an anonymous source familiar with the board’s thinking on the matter. “It would certainly annoy Beijing by offering Hong Kong such a big gift given what’s going on in the city.”

    The Alibaba Hong Kong IPO would likely be the world’s largest listing this year when it proceeds. It follows the sale of an 11-per-cent stake in Alibaba by Yahoo offshoot Altaba earlier this year.

     

  • Hong Kong Banks Urge Harmony in Full-Page Ads

    Hong Kong Banks Urge Harmony in Full-Page Ads

    Some of Hong Kong’s largest banks have published full-page newspaper advertisements on Thursday urging for the restoration of social order, one week after some protestors call for cash withdrawals at banks and ATMs.

    HSBC, Standard Chartered and Bank of East Asia, have taken up advertisements in major newspapers in the Asian financial hub, urging for the restoration of social order. HSBC urged all parties to resolve their disagreement through communication rather than violence.

    Standard Chartered said in Thursday’s advertisements the bank supported the special administrative region’s government to uphold social order and «guard the status of Hong Kong as an international financial center,» Bloomberg reported. However, HSBC and Bank of East Asia did not refer to the government in their advertisements.

    Calls by Hong Kong protesters last week to withdraw all their money out of ATMs and banks may have put strains on some banks’ operations. On 16 August, Hong Kong protesters plan to withdraw as much money as possible from their banks or change their currency into U.S. dollars, both to protect their own assets and to show the mainland that the semiautonomous island is more than just a cash cow, various media reported.

    Some netizens on online forum LIHKG have expressed frustration as some ATMs in the city had run out of the U.S. currency.

    In response, Hong Kong’s biggest banks said they have enough notes on hand to handle any surge in demand for cash, should the need arise. Bank of East Asia, DBS, OCBC Wing Hang Bank, and Hang Seng Bank said they have put contingency plans in place, and are keeping their eyes on withdrawals via their teller machines.

    HSBC, the largest of the city’s three currency-issuing banks, said it «has sufficient supply of banknotes and is committed to supporting its customers and the smooth operation of the financial system in Hong Kong, said a bank spokeswoman.

  • Audi Hong Kong opens Drivers experiential centre

    Audi Hong Kong opens Drivers experiential centre

    Audi Hong Kong has opened an experiential retail concept store focusing on technology and lifestyle.

    The store, billed as the Audi Innovation Space, was unveiled earlier this year at Kowloon Tong’s Festival Walk. It uses digital technologies such as a VR experience to engage customers and offer new ways to experience the brand. The store supersedes the former Audi Kowloon Showroom in Tsim Sha Tsui, which was shuttered in June.

    Audi will roll out the new experiential store concept at its other Hong Kong locations, beginning with a new outlet at The Elements in Tsim Sha Tsui later this month.

    Audi’s exclusive distributor in the territory is Dah Chong Hong, which has provided sales and service on behalf of the brand for 20 years.

  • Cosmo Lady’s CEO leaves

    Cosmo Lady’s CEO leaves

    Chinese fashion label Cosmo Lady’s CEO Zheng Yaonan has resigned. The resignation took effect as of yesterday, with Zheng remaining as the chairman of the board and an executive director of the company. He is replaced by new CEO Siu Ka Lok, who has been appointed to the position with immediate effect.

    Zheng was chairman, CEO and an executive director of the company since its Hong Long Stock Exchange listing in June 2014. He voluntarily resigned his post as CEO for the purposes of improving the firm’s operating results and enhancing the corporate governance of the group, splitting the roles of chairman and CEO, according to a company stock-exchange filing.

    As CEO, Siu’s major duty will be to manage the intimate wear business of the group, responsible for planning the group’s strategic development, implementing the resultant strategies, policies and regulations, and supervising the daily work of core senior officers.

    Siu was formerly the senior VP of Adidas Greater China.

  • Tumi in Hong Kong opens eighth store

    Tumi in Hong Kong opens eighth store

    Tumi in Hong Kong has opened its eighth store – including its airport store – at Times Square.

    The 670sqft space will become the second store in Hong Kong to feature its newly introduced personalisation bar concept.

    The store is celebrating its launch with a special promotion through to August 31 – a complimentary Tumi Monaco gusseted card case with any purchase of HKD4000.

    Meanwhile, Tumi’s global ambassador, Hollywood actor Chris Pratt, was recently in Hong Kong to shoot Fall 2019 Tumi campaign.

    “It’s an incredible place and it makes me want to travel around Asia to experience more of the region. When travelling, it is important to have something that roots me and makes me feel at home. I live out of my Tumi – it allows me to effortlessly move through my journey, and makes me feel at home wherever I go.”

    “It has been a pleasure to work with Chris in all phases of the brand’s regional collaboration,” said Tumi creative director Victor Sanz. “As a longtime Tumi user, Chris has a deep appreciation for the brand and the efforts we take to perfect the journeys of our customers every step of the way.”

  • Japanese conveyor belt sushi chain Sushiro makes debut in Hong Kong

    Japanese conveyor belt sushi chain Sushiro makes debut in Hong Kong

    Japanese conveyor belt sushi restaurant chain Sushiro has opened its first Hong Kong outlet.

    The franchise is moving for a foothold in the local market and aiming to use the city’s international status to expand across the region.

    The flagship store, located at a commercial building near Jordan MTR Station, offers traditional sushi alongside other side dishes and desserts. To ensure freshness, it will soon deploy a high-tech system currently used in Japan, that can automatically remove unclaimed plates after they travel more than 350 metres on the belt and replace them with new ones.

    “Hong Kong has a sophisticated Japanese cuisine market,” said Sushiro Hong Kong president Kazuo Aratani. “People here love sushi and demand the best.

    “All of these conditions work perfectly with our competitive advantages. We are dedicated to offering customers the highest quality sushi at affordable prices.”

    “We are happy to see that a popular Japanese sushi restaurant chain has set up a presence in Hong Kong and joined our dynamic food and beverage scene,” said investment promotion associate director-general Dr Jimmy Chiang. “We wish it every success in leveraging on Hong Kong’s business advantages to expand in the region.”