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Tag: Japan

  • UBS in Asia Undergoes Major Khan-Led Shakeup

    UBS in Asia Undergoes Major Khan-Led Shakeup

    UBS’s wealth management arm undergoes a major restructuring exercise led by the business’ global co-head Iqbal Khan and Tom Naratil. Through the reorganization, Khan will make his mark on the wealth management business’ highest growth market by region with the goal of improving costs and efficiency at the bank.

    According to a report, the bank has appointed LH Koh, head of the China business, as the APAC co-head of the global family office, alongside the current head of the unit, Anurag Mahesh. David Man, a UBS veteran since 1996 credited for building a sizable international wealth business in Taiwan, was also appointed as vice-chairman of wealth management for Greater China.

    Post-restructuring, the Asia Pacific wealth business will be led by co-heads Amy Lo and August Hackete. In Hong Kong, Marina Lui will be sector head for China likely absorbing Koh’s former responsibilities overseeing the bank’s international China business. Succeeding Man to man the Taiwan helm is Francis Liu who was previously focused on the ultra-wealthy segment for Greater China. Also joining them in the city is Adeline Chien, sector head for Hong Kong and Southeast Asia.

    And in Singapore, the bank named Patricia Quek, as sector head for Singapore and Malaysia; Tian-Ong Foo, sector head for Thailand and Philippines; and Raymond Ang, sector head for Indonesia, Greater China and offshore Japan.

    Asia’s restructuring follows EMEA where Khan and Naratil divided the business into three parts to better responds to changing client needs. The restructuring is reportedly expected to help shed 500 jobs globally with affecting management layers in Asia alongside noteworthy portions of Europe. Switzerland and the U.S. are expected to be less impacted by the cuts.

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  • Vietjet Announces Five New Routes to Japan and Commences Two New International Routes from Can Tho

    Vietjet Announces Five New Routes to Japan and Commences Two New International Routes from Can Tho

    Vietjet has unveiled a total of seven new routes, further expanding its international flight network. This includes the announcement of five new routes linking Hanoi, Da Nang and Ho Chi Minh City to multiple destinations in Japan, and the commencement of two new routes connecting Can Tho with Seoul and Taipei.

    The announcement of the launch of five new routes between Vietnam and Japan took place at Furama Resort’s International Convention Palace in Central Vietnam on 13 January 2020, where Vietjet took part as a member of the Keidanren (Federation of Economic Organisations in Japan). The announcement ceremony during the Japan – Vietnam Bilateral Tourism Promotion Conference, which welcomed more than 1,000 delegates from Japan, including officials from Japan’s National Assembly, the Japanese government and leaders from major Japanese corporations. Vietnam’s Deputy Prime Minister, Vuong Dinh Hue, and the Secretary-General of the Liberal Democratic Party of Japan cum President of the Japanese-Vietnamese Parliamentary Alliance, Nikai Toshihiro, were among those that attended the ceremony.

    The five new routes, Hanoi – Nagoya, Ho Chi Minh City – Nagoya, Da Nang – Nagoya, Hanoi – Fukuoka and Hanoi – Kagoshima, are expected to commence operations in 2020. With a total of ten direct routes now connecting Hanoi, Ho Chi Minh City and Da Nang to Tokyo, Osaka, Nagoya, Fukuoka and Kagoshima, the new flights will continue to facilitate positive bilateral relations between Vietnam and Japan culturally and economically while contributing to Vietnam’s goal of attracting one million Japanese tourists in 2020.

    Vietjet has also inaugurated its first two international services connecting Can Tho, the hub city of the Mekong Delta region, with Taipei and Seoul. Attending the launch ceremony on the morning of 12 January 2020 at Can Tho International Airport were President of the Vietnam Fatherland Front Central Committee Tran Thanh Man, Chairman of People’s Committee of Can Tho City Le Quang Manh, Vietjet Managing Director Luu Duc Khanh, Vietjet Vice President Do Xuan Quang and other leaders from related Ministries, Departments and Authorities. During the event, Vietjet also donated to the Fund for the less fortunate of Can Tho City to usher in the Tet season for the less privileged.

    The Can Tho – Taipei route operates four return flights per week starting from 10 January 2020. The flight departs from Can Tho at 12.40 pm and arrives in Taipei at 5.10 pm. The return flight takes off from Taipei at 6.10 pm and lands in Can Tho at 8.55 pm. All in local times.

    The Can Tho – Seoul (Incheon) route will operate three return flights per week starting from 16 January 2020. The flight departs from Can Tho at 4.50 pm and arrives in Seoul (Incheon) at 11.55 pm. The return flight takes off from Seoul (Incheon) at 2.30 am and lands in Can Tho at 6.20 am. All in local times.

    Vietjet currently operates the greatest number of routes and flights to Can Tho International Airport, with seven domestic routes and two international routes. Since the first flight that commenced in 2014, Vietjet has contributed significantly to the transformation of Can Tho’s tourism industry with an average growth rate of 30 percent of the total number of tourists in the city each year.

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  • Freitag Japan opens store in Kyoto

    Freitag Japan opens store in Kyoto

    Bag and carrying case manufacturer Freitag has opened its fourth outlet in Japan, which was featured in Designboom architectural magazine for its unique interior.

    The Swiss firm, which creates its products from used truck tarpaulins, has set up an 80sqm distribution center in Kyoto in the vicinity of the ancient Nishiki market and the metropolitan Nakagyo-ku pedestrian precinct.

    The store design reflects the industrial style of the firm’s logistics warehouses in Zurich and features a DIY workshop where customers can create their own miniature items from tarp off-cuts.

    Around 1100 recycled one-off bags are currently stored at the outlet.

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  • Tsuchiya Kaban is now open at K11 Art Mall

    Tsuchiya Kaban is now open at K11 Art Mall

    Japanese handcrafted-leather brand Tsuchiya Kaban has opened a store in Hong Kong’s K11 Art Mall.

    Inspired by the Hong Kong Unesco Global Geopark’s natural volcanic rocks, the new Tsuchiya Kaban store’s design is described as “an ideal combination of Tsuchiya Kaban’s minimalism and Hong Kong’s natural landscape”.

    The new K11 Art Mall store features a wide variety of handcrafted leather products, including versatile backpack Otona Randsel, which is available exclusively at the store for a limited period.

    The brand also plans to organize experiential events such as on-site leather crafting demonstrations and handmade leather workshops for its Hong Kong customers.

    Founded in 1965, Tsuchiya Kaban has maintained its spirit for Japanese design and craftsmanship to develop a wide variety of leather products. In 2014, Tsuchiya Kaban opened stores and showrooms in Hong Kong and Taipei and has been expanding its global footprint since then.

  • Uniqlo lauching Ines De La Fressange collection

    Uniqlo lauching Ines De La Fressange collection

    Japanese apparel retailer Uniqlo will introduce the Ines De La Fressange 2020 Spring/Summer Collection next week.

    Selected items will be available online and at all stores from January 17 and the full collection will be exclusively available online, and in the Uniqlo Singapore stores at VivoCity and Orchard Central store from January 31.

    Ines De La Fressange 2020 Spring/Summer Collection has three main themes: Paris, Guardians, and Muses.

    While the Paris selection features items with masculine looks, including Tilden knitwear and jersey pants with white and green key colors, the Muses-themed range features light dresses with ruffles and prints in relaxing silhouettes.

    Founded by Ines, a French international model, Ines de la Fressange Paris brand symbolizes French chic and is a style icon for women around the globe. It also encompasses Uniqlo’s LifeWear philosophy, providing clothing that is universal in design and comfort and which meets the needs of daily lifestyles.

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  • Longreach Group bought Japan’s Caffe Veloce

    Longreach Group bought Japan’s Caffe Veloce

    Asian private equity firm The Longreach Group has again acquired a Japanese coffee chain – this time the Caffe Veloce from Chat Noir Company.

    Without disclosing the amount of the transaction, The Longreach Group said it has agreed to buy Caffe Veloce, a year after buying Kohikan from UCC Foodservice Systems (UFS).

    The company said the acquisition reflects its core investment focus on acquiring and adding value to high potential companies in the specialty consumer business sector.

    “We will accelerate Chat Noir’s growth through the enhancement of a variety of menu items, new marketing campaigns and via new store expansion to regional markets in Japan,” it added.

    Chat Noir has 190 Caffe Veloce locations across Japan.

    Founded  in 2003, The Longreach Group has experience in the food and beverage industry and wholly owns Wendy’s First Kitchen. It also has minority ownership in McDonalds Japan.

  • AirAsia names new boss in Japan

    AirAsia names new boss in Japan

    AirAsia has appointed Jun Aida as representative director and COO to lead AirAsia Japan, effective 1 January 2020.

    Jun will take over from Jenny Mayuko Wakana who will be stepping down 31 December.

    As a member of AirAsia’s senior leadership team, Jun will be responsible for the company’s airline operations in Japan and its future growth.

    AirAsia Group CEO Tony Fernandes said: “Jun brings with him extensive management experience across various industries. We see tremendous potential in Japan and now is the time to catapult AirAsia Japan into its next phase of growth and success.”

    Jun joined AirAsia Group as a senior advisor in 2017. Prior to joining AirAsia, he was managing director for Phoenix Resort Co Ltd besides holding senior management roles in various multinational companies.

  • Apple Japan opens its first store in Kawasaki

    Apple Japan opens its first store in Kawasaki

    Apple Japan has opened its 10th store – in Kawasaki.

    The new single-story outlet in Lazona Kawasaki Plaza features the brand’s distinctive all-glass front as well as a large video wall, a forum, and avenue shelving.

    The venue will be used as a family learning hub via the store’s Today at Apple educational sessions, using products in store for educational purposes in AR, coding, photography and music-making, amongst others.

    The Kawasaki venue is differentiated from other more spectacular Apple Japan stores for being more community-focused.

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  • 7-Eleven Japan has been underpaying staff for up to 50 years

    7-Eleven Japan has been underpaying staff for up to 50 years

    Investigators have discovered 7-Eleven Japan to have been underpaying staff since the 1970s, according to a Nikkei report.

    The review uncovered inaccuracies in the formula used by the retailer to calculate overtime wages for part-time staff since the business was established. The error resulted in staff earning less than mandated by Japan’s Labour Standards Act. All staff payment calculations are performed by the 7-Eleven Japan’s head office, which guides payment levels for franchise operators.

    The company, which was first alerted to the problem in October, has responded by promising to compensate around 30,000 affected staff for underpayments going back as far as the company has kept its archives since March 2012. Staff seeking compensation for underpayments dating from before that time can be paid if they have preserved records.

    7-Eleven Japan could face a bill for compensatory payments of ¥490 million (US$4.51 million).

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  • Japan’s Markets Watchdog Likely To Recommend $22 Million Fine Against Nissan

    Japan’s Markets Watchdog Likely To Recommend $22 Million Fine Against Nissan

    Japan’s markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.

    Nissan’s former Chairman Carlos Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan, Japan’s No. 2 automaker.

    Reuters reported in June that Nissan would be fined up to 4 billion yen and it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the Securities and Exchange Surveillance Commission (SESC) before the formal investigation begins, citing a source.

    The fine would cover a four-year period through March 2018, the source previously told Reuters.

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  • Japanese streetwear brand íxi:z to make a comeback

    Japanese streetwear brand íxi:z to make a comeback

    Eighties-era Japanese streetwear brand íxi:z (pronounced ick-sees) is making a second debut in Singapore.

    Four decades after its initial launch in the region, Íxi:z is opening a retail store this month at Mandarin Gallery, with an official launch event planned for early next year.

    Those who grew up in the 80s may remember Íxi:z as a brand that encompassed everything from bomber jackets to wallets and pencil cases. At the height of Íxi:z fever the brand had a hardcore following of streetwear enthusiasts who until this day share brand memorabilia and show off their now-vintage items to fellow fans online.

    Thirty years on, grand plans have been drawn up to restore Íxi:z to its former glory and establish it as a premier Japanese streetwear brand for discerning teenagers and young adults.

    Featuring designs from its halcyon days along with newer, never-before-seen collections, Íxi:z will open its doors at Mandarin Gallery on December 14.

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  • Frozen-themed cafes pop up in Japan

    Frozen-themed cafes pop up in Japan

    Frozen-themed cafes are popping up in Japan, marking the release of the Disney animated film Frozen 2.

    A Frozen-themed cafe has opened as a time-limited pop-up at Oh My Cafe at Tokyu Plaza in Harajuku. The themed pop-up will remain open until January 13. A second Frozen pop-up cafe is planned to open at Gelato Pique Cafe in Tamagawa Takashimaya today, running through to January 26.

    The cafes offer dishes themed and stylized according to characters from the movie, particularly loved in the Japanese market since the screening of the original film in 2014. They also sell merchandise related to the Frozen franchise.

    Additional Frozen-themed cafes are set to launch in Fukuoka, Nagoya, Osaka, Hokkaido, and Kyoto.

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  • Japan retail sales tumble as tax rise takes effect

    Japan retail sales tumble as tax rise takes effect

    Japan retail sales fell by 7.1 percent in October – the greatest single monthly fall in almost five years.

    The reason: the implementation of a sales-tax increase from 8 percent to 10 percent on October 1, aimed at helping reduce the country’s public debt, which is running at twice the size of its GDP.

    The headline figure was driven by a significant reduction in sales of big-ticket items such as motor vehicles and appliances. But department stores and apparel retailers also bore the brunt.

    Japan retail sales fell by 14.4 percent month on month, higher than the 13.7-per-cent month-on-month decline which followed previous sales-tax increases 1997 and 2014.

    Some analysts, however, have suggested the October decline may have been worsened by weather during the month, which included severe typhoons in the central and eastern parts of the country. There was also likely to be an element of extra spending in September as consumers tried to mitigate the tax effect.

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  • American Eagle closing all Japanese stores

    American Eagle closing all Japanese stores

    All American Eagle and Aerie stores in Japan are set for closure by year-end.

    Eagle Retailing Corporation, the Japanese partner of American Eagle Outfitters, said it is shutting down all American Eagle and Aerie stores including its digital business in Japan starting from December 18, with the exit to be completed by the end of the month.

    The closure forms part of Eagle Retailing’s decision to shift focus to business wear and the mutual termination of a license agreement with Pennsylvania-based American Eagle Outfitters.

    Denim brand American Eagle and lingerie brand Aerie has been operating in the Japanese market for seven years. Eagle Retailing opened the first store in 2012, two years after signing the license agreement. The two brands currently have 33 combined brick-and-mortar stores, complemented with an e-commerce business.

    However, American Eagle Outfitters says it remains committed to continued growth in the Japanese market despite the closure.

    “The company is exploring options for its future business model and is taking steps to reposition its distribution channels to best serve customers,” it said.

    “We thank our partners at Eagle Retailing for establishing a strong brand presence and we look forward to our next chapter of growth,” the company added.

  • SoftBank Seeks $2.8 Billion From Japan Banks

    SoftBank Seeks $2.8 Billion From Japan Banks

    SoftBank Group is in talks to get as much as 300 billion yen ($2.76 billion) in financing from three banks.

    Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group are currently in discussions with the investment company about its loans, various media reported.

    We are evaluating our options flexibly while considering cash on hand, said SoftBank spokeswoman Hiroe Kotera, who was quoted in «Bloomberg». Bank loans are one option, but nothing has been decided, she added.

    The loans are part of the company’s regular financing, said the newswire’s source, but Nikkei reported that SoftBank is raising money to pay for its $3 billion tender offer to WeWork shareholders.

    Last month, the investment firm agreed on a $9.5 billion rescue package for WeWork, in a deal that handed it 80 percent of the troubled co-working company. Masayoshi Son’s company reported an operating loss of close to $6.5 billion in the quarter, after writing down the value on a string of high-profile investments.

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