Retail News CRM

Tag: interior

  • Mr DIY mulls US$362 million float

    Mr DIY mulls US$362 million float

    Malaysian home improvement brand Mr DIY is considering an IPO to raise about MYR1.5 billion (US$362 million). An industry source has revealed that the firm intends to list its domestic operations later this year on either the Malaysian or Hong Kong exchange with backing from Malaysian private equity firm Creador, which invested in the brand over two years ago.

    A report stated the IPO could bring Mr DIY to a market value of MYR10 billion (US$2.426 billion).

    Mr DIY operates around 600 locations in Southeast Asia. Last October, the company revealed plans to open at least 1000 branches by 2020.

    Head of marketing Andy Chin said then: “We feel that our home improvement retail business model, offering a variety of goods at affordable prices, is suitable for better business growth in the country as well as the Asean market. At the end of this year, we target 700 global branches, and the number may reach 1000 or more by 2020. These will be based on an organic growth.”

    He added that the company’s prospect of Asean-level expansion will be focused on Indonesia, Thailand and the Philippines”.

    Mr DIY is the largest home appliance retailer in Malaysia with more than 20,000 SKUs.

  • Number of AI speakers in Korea to hit 8 million

    Number of AI speakers in Korea to hit 8 million

    The number of artificial intelligence (AI) speakers in Korea is expected to reach the 8 million mark in the new year as the devices gain popularity, a report by a local digital media lab said Sunday. According to the findings by KT Group affiliate Nasmedia, some 40 percent of the country’s 20 million households will likely have an AI speaker in 2019. The numbers represent a sharp increase from just 1 million units supplied in 2017 and the nearly 3 million that have reached the market this year.

    “The rise in demand comes from greater choice in terms of the products being offered, as well as more upgraded features that have made the AI speakers more attractive to ordinary consumers,” the 2019 digital media and marketing forecast report claimed.

    It added that greater competition among manufacturers to secure the growing market is fueling the spread of such smart devices.

    Korean companies – such as SK Telecom, KT, Naver and Kakao – have all rushed to release new AI speakers.

    Nasmedia said that, in particular, there has been considerable competition in the area of children-related content and audio shopping services with companies vying with one another to “lock” customers into their ecosystem.

    The speakers have been marketed as personal home assistants for adults and even as private tutors for small kids.

  • H&M HOME to open concept store on London’s Regent Street in 2019

    H&M HOME to open concept store on London’s Regent Street in 2019

    H&M HOME will be opening the new Concept Store in central London in Spring 2019: at 208 Regent Street. The new H&M HOME Concept Store covers approximately 700 square metres across two floors and will offer the full assortment, the newly launched range of furniture, lighting and the Classic Collection.

    First launched earlier this year across five European markets – Denmark, Sweden, Norway, Germany and UK – including first stand-alone store in Westfield London (White City), the aim of H&M HOME concept store is to be an inspiring interiors destination that will bring together the latest products from the full H&M HOME assortment, as well as a selection of pieces from a curated selection of other brands.

    “Our H&M HOME concept stores complement to our digital offering by offering personal service from H&M HOME colleagues, and allowing our customers to interact with the products in an inspirational environment. We are investing in a next level customer experience, and we could not have hoped for a better location for our upcoming concept store. We are very proud to be a part of the legendary Regent Street,” says Anders Sjöblom, Managing Director of H&M HOME.

    The exact opening date and full details of the products, services and experiences that will be available at H&M HOME on Regent Street will be revealed in the new year.

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  • IKEA signs MoU to open store in Noida; create 8,000 jobs

    IKEA signs MoU to open store in Noida; create 8,000 jobs

    Swedish furniture giant, IKEA, has signed MoU with the Uttar Pradesh government for the investment of Rs 5,000 crore to set up an integrated commercial project, including a store, in Noida. The MoU was signed between R K Singh, Principal Secretary, Infrastructure and Industrial Development Department, and David McCausland, Country Property Manager, IKEA.

    An integrated commercial project will be set up by Ikea at Noida, Gautam Budh Nagar. After the establishment, approximately 4,000 direct and 4,000 indirect employment opportunities will be created by this project.

    IKEA said the first store in the state is expected to come up in Noida for which the Swedish company has not yet signed any land deal.

    “The state government will provide all possible help to such investors,” the Uttar Pradesh government said in a statement on Wednesday.

    IKEA had, on September 24, 2015, signed an MoU with the UP government during the previous Akhilesh Yadav regime for launching three stores in Lucknow, Agra and Noida. The deal, however, did not move forward.

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  • iStyle opens Fourth Hong Kong @cosme store

    iStyle opens Fourth Hong Kong @cosme store

    Tokyo retailer Istyle will open its fourth @Cosme store in Hong Kong this Friday. The new outlet will be launching as a specialty cosmetics store in East Point City mall in Tseung Kwan O, which has recently emerging as a shopping spot across a range of age groups. The first of Istyle’s four stores to predominantly target local markets as opposed to visiting Chinese tourists, it is the brand’s first “community-based store” in Hong Kong.

    The firm intends to increase customer engagement via more interaction with local shoppers.

    @Cosme will offer free testing of almost all products in store and counseling services for skin and makeup, and will be adding new product lines from Homei, Covermark, and Bare Minerals to its range of exclusively Japanese items.

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  • Ashley HomeStore adds stores in Vietnam and more

    Ashley HomeStore adds stores in Vietnam and more

    American furniture store chain Ashley HomeStore has expanded globally with new stores in Vietnam, Thailand and New Zealand. In support of the move, the company has established a 400,000sqft consolidation warehouse in Vietnam’s Ho Chi Minh City. The new facility will allow a faster order response time.

    The firm’s president and CEO Todd Wanek said: “As a company, we’ve achieved many milestones this year. The largest has been the growth of our global footprint, which exceeds 900 HomeStores worldwide. This major accomplishment stands as a true testament to our global brand recognition.”

    HomeStore now operates in 54 countries with 310 locations.

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  • Popular Japanese ‘100-yen’ store Oomomo opens in Toronto Canada

    Popular Japanese ‘100-yen’ store Oomomo opens in Toronto Canada

    Japanese discount retailer Oomomo has launched in Canada with plans for stores in most major cities. The first store opened in West Edmonton Mall in Alberta last month and was followed by another in Toronto this week, which attracted queues of customers to check out its eclectic mix of homewares, stationery, snacks and beauty products.

    More stores are planned in Vancouver, Burnaby in British Columbia and North Edmonton and Markham in Ontario.

    Oomomo translates into “big peach” in English and in Japan the chain is one of a group of retailers commonly referred to ‘100-yen’ stores. Most of its stock is priced at less than C$3.

    Some of the stock is sourced from Japanese retailer Daiso.

    View the gallery of the new store below (6 images) :

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  • Lotte brings in The Conran Shop to Korea

    Lotte brings in The Conran Shop to Korea

    ondon-based high-end furniture and home furnishing store chain The Conran Shop will open its first South Korean outlet in the second half of next year in partnership with the country’s leading department store chain Lotte Department Store.

    Lotte Department Store said on December 13 it has signed a contract to run Korean stores of The Conran Shop with Conran Retail and Brand Holdings. They aim to open The Conrad’s first local outlet in the second half of next year on an area of 2,314 square meters in the affluent Gangnam district of southern Seoul.

    Founded by British designer Terence Conran in 1974, The Conran Shop is a leading luxury retailer offering various home interior products from some of the most iconic designers of the world. It now runs 10 stores in the UK, France and Japan.

    The partnership with The Conran Shop is part of Lotte Department Store’s push to bolster its living goods and home furnishing business at a time when the home interior market is burgeoning in the country.

    Korea’s major conglomerates have recently turned aggressive in expanding their presence in the home furnishing market that has rapidly grown since Swedish furniture and home furnishing giant IKEA landed in the country in 2014.

    Lotte Department Store expects the Conran Shop’s Korean operation will position differently from other home furnishing chains with its luxurious items and plans to add more the Conran Shop outlets in Korea later, according to a company official.

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  • Jysk Thailand to open 30 stores in five years

    Jysk Thailand to open 30 stores in five years

    Scandinavian furniture and homewares brand Jysk has launched its first store in Thailand with local franchise partner Boonthavorn Group. Located in a Ratchapruk shopping centre, the opening is the first of a planned six Jysk Thailand stores, with 30 anticipated to open within five years. A flagship and a small subway station outlet are among the stores scheduled to open shortly.

    Jysk Nordic’s franchise director Frederik Kare Kroun said one of the strengths of Jysk is its ability to be close to its customers by having a widespread network of stores.

    “That requires a good franchise partner, and by partnering up with Boonthavorn Group, I believe that we have an extremely strong foundation for the operation in Thailand.”

    Boonthavorn Group CEO Sitthisak Tayanuwat said: “Boonthavorn, with 40 years of experience with home styling products, will now place Jysk in its 51st country. To achieve this no less than 30 branches are planned to open all over Thailand within the coming five years.”

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  • Ikea China biggest project revealed

    Ikea China biggest project revealed

    Swedish furniture group Ikea will build a US$1.2 billion, 430,000sqm shopping complex in Shanghai, to be completed by 2022. The new Ikea China centre will house an Ikea store and an additional 120,000sqm in retail area, hosting more than 300 businesses. It will also include 60,000sqm of office space.

    The move represents the largest single investment the firm has made in one location, and is its sixth complex to be announced or built in China. It will be constructed near the Hongqiao airport as the Shanghai Linkong Project.

    Ikea has completed three Livat-branded shopping centres in China, and has 26 stores across the country. Two other shopping center projects have been announced within the territory.

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  • Gome Retail sales free falling

    Gome Retail sales free falling

    Gome Retail has plunged US$64million into the red as its restructuring program takes its toll. The company took the unusual step of releasing third-quarter financial data, which shows group sales were down 11.2 per cent in the first nine months of the year, to $7.3 billion.

    Total gross merchandise volume (GMV) of the group for both online and offline grew by 4.83 per cent year on year, with its e-commerce business growing by 26.04 per cent.

    Gome’s consolidated gross profit margin was 18.06 per cent, up by one percentage point compared with the same time last year.

    But the loss for the period contrasted with a $31.7 million profit last year.

    Gome issued a profit warning early this month, with the actual figure turning out to be at the top end of its projected range. While yesterday’s statement did not include any commentary, the company has made considerable effort to keep shareholders aware of the scale of the task it faces and the short-term pain required to effect the restructuring plan.

    Gome Retail is integrating its online and offline business and promoting a new ‘Social + Business + Sharing’ shared retail model. As part of that strategy, the company is combining its electrical appliances, home decoration, household systems and supermarkets to create sizable “experiential stores” in tier 1 and 2 cities. The group is also optimising its platform to include the Xiaomei Net Cafe, VR Cinemas and Gome esports.

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  • Ikea to open world’s largest store in the Philippines

    Ikea to open world’s largest store in the Philippines

    Ikea Philippines says its first store will take up an enormous 65,000sqm space, making it the world’s largest. The current largest Ikea store globally opened in Seoul in December 2014 and takes up 59,000sqm. Local franchisor Inter Ikea Systems, which operates the homewares and furniture retailer in Malaysia, Singapore and Thailand, chose to partner with SM Malls for its Philippine launch. The store will become an anchor of the giant Pasay mall, and its largest tenant when it opens in 2020.

    The size of the store reflects the huge consumer catchment: more than 5 million households within 60 minutes drive.

    Inter Ikea says the store will stock 9000 products and host a warehouse to fulfil online orders and an integrated call centre. A Philippine-specific website will launch prior to the store opening to help build brand awareness and offer design inspiration.

    “The Ikea vision is to create a better everyday life for the many people, so we are excited to be bringing our offer to a country where millions of people share our passion for home,” said Ikea Southeast Asia MD Christian Rojkjaer.

  • Reliance to open Pottery Barn in India

    Reliance to open Pottery Barn in India

    Williams-Sonoma and Reliance Brands plan to launch Pottery Barn and West Elm in India through a franchise agreement. The opening of the brands’ first stores will be in Mumbai in early 2020, along with the launch of e-commerce websites.

    President and CEO of Williams-Sonoma Laura Alber said the partnership with Reliance marks part of the company’s continued global expansion. “We are looking forward to opening our first stores in Mumbai and introducing our distinctive brands, excellent customer service, and exceptional products to customers in India.”

    Executive VP, Global of Williams–Sonoma Ronald Young said the company currently operates its own and franchised stores across the world with company-owned stores in the US, Canada, Australia and the UK.

    “Our franchise network includes countries throughout the Middle East, South Korea, the Philippines and Mexico. Adding Reliance to our franchisee network is a significant step in our continuing global expansion.”

    President & CEO of Reliance Brands Darshan Mehta said the company is confident of the  success of Pottery Barn and West Elm in India, believing the brands’ heritage and designs will resonate with Indian consumers.

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  • Ikea to open first Japanese Tokyo store in 2020

    Ikea to open first Japanese Tokyo store in 2020

    Ikea Japan is preparing to open its first central Tokyo location. The 2500sqm store is planned for the fashionable Harajuku district, a central focus point for young local shoppers and tourists.

    Threatened by the rise of raw materials costs, Ikea is expected to struggle to maintain its low price points against strong online competitors such as Amazon. The brand’s parent recently registered a significant drop in annual profits as a consequence of the price increases in wood and metals.

    The new store is scheduled to open in the spring of 2020.

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  • Foreign names dominate Vietnam’s high-end home interiors market

    Foreign names dominate Vietnam’s high-end home interiors market

    Foreign home interior brands and designers are present in force and dominating the increasingly affluent Vietnamese market. Brands like Cassina, Badari Lighting, Cantori, Diemme Cucine, Formitalia, and Versace Home have entered the high-end interior market in recent years.

    According to the Vietnam Chamber of Commerce and Industry (VCCI), some 80 percent of luxury woodwork and interior decoration items is imported from Europe, with local players making up the small remaining portion. The market is valued at $2.5 billion.

    Ly Qui Trung, general director of AKA Furniture Group, said the expansion of the “middle and affluent class” has boosted demand for luxury interior items.

    “It is no wonder that many high-end international interior brands have started rushing into the Vietnamese market.”

    The middle and affluent class, categorized as those earning $714 a month or more, would double to 33 million, about a third of the population, between 2014 and 2020, the Nikkei Asian Review reported recently citing a study by the Boston Consulting Group.

    Market research firm Nielsen estimates the number of middle and affluent class Vietnamese to reach 44 million by 2020 and 95 million by 2030.

    Paolo Lemma, Italian trade commissioner to Vietnam, believes there will be higher demand for interior design items in future due to the booming real estate market.

    According to the HCMC Handicraft and Wood Industry Association (HAWA), woodwork furniture consumption last year was estimated at over $3.2 billion and that number is expected to reach $4 billion this year.

    Huynh Van Hanh, vice chairman of HAWA, said the industry’s average growth rate has been 8 percent in the last seven years, and his association encouraged domestic manufactures to enter this growing market.

    Trung said his company would seek to tap the growing high-end segment in future, and expected fierce competition between domestic and foreign brands.

    Last year Vietnam exported $8 billion worth of wood and forestry products and has a target of $9 billion this year.

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