Tag: luxury

  • Canada Goose opens store in Beijing

    Canada Goose opens store in Beijing

    Winter clothing firm Canada Goose has finally opened its first Mainland Chinese store in Beijing. In a launch rumoured to be delayed due to political tensions between China and Canada – and dismissed by the firm as the result of construction delays – extensive queues saw shoppers waiting for over an hour for the opportunity to purchase the CNY9000 (US$1300) parka jackets.

    The brand has previously enjoyed significant popularity in Hong Kong.

    An email from the firm to news agency Reuters read “We are proud of our newest store in China and look forward to welcoming our fans”.

    Calls to boycott the brand were made on social media following Canada’s arrest of Huawei Technologies’ CFO Meng Wanzhou, a situation that has sparked a 37 per cent drop in the value of Canada Goose shares in Toronto.

  • Hong Kong November retail sales almost stagnant

    Hong Kong November retail sales almost stagnant

    The growth of Hong Kong retail sales in November slowed to a crawl according to Census and Statistics Department figures just released. After a 6 per cent year-on-year increase in October, the value of sales in November rose just 1.4 per cent to an estimated HK$39.2 billion. That is well below the 9.7 per cent year-to-date rise for the first 11 months of the year.

    And after netting out the effect of price changes over the same period, Hong Kong retail sales in November rose by just 1.2 per cent year on year.

    A spokesman for the C&SD said the “generally moderated growth in retail sales in recent months” reflected more cautious consumption sentiment in the face of various external uncertainties such as the US-Mainland trade tensions and volatilities in the global financial markets.

    “Looking forward, while the favourable local job and income conditions and continued expansion in inbound tourism should still provide some support to the retail sector in the near term, consumer sentiment could be affected by weaker asset prices and the external uncertainties.”

    The overall figure was affected by soft sales of the key jewellery and watches category, down by 3.9 per cent, and of electronics, down by 4.9 per cent. Clothing sales fell by 3.6 per cent.

    Countering those falls were department store turnover, up 3.9 per cent; medicines and cosmetics up 10.1 per cent; food, alcoholic drinks and tobacco up 1.9 per cent; and other consumer goods, not elsewhere classified by 14.3 per cent. Optical store sales rose by 5.4 per cent and books and stationery by 6. 2 per cent.

    Quarter on quarter, Hong Kong retail sales receded during the three months to November by 2.7 per cent, compared with the preceding three months, with the volume of sales (after factoring in inflation) falling 1.8 per cent.

    For the first 11 months of last year, the volume of retail sales increased by 8.4 per cent.

  • Pooey Puitton toy purse makers file lawsuit against Louis Vuitton

    Pooey Puitton toy purse makers file lawsuit against Louis Vuitton

    Toy company MGA Entertainment has preemptively sued Louis Vuitton in an attempt to prevent the fashion house from taking actions that might impact sales of its slime-filled children’s purse Pooey Puitton. Filed 28 December 2018 in Los Angeles federal court, the lawsuit aims to prevent any potential claims of trademark infringement that Louis Vuitton might have against the plastic, poop-shaped purse.

    Instead, it asserts that the product is a “protected parody” of Louis Vuitton’s luxury handbags.

    The Pooey Puitton plastic purse takes the shape of a poop emoji with a handle and sparkly eyes. It is printed with a colourful, printed monogram, similar to the floral trademark pattern found on Louis Vuitton products, particularly the Spring/Summer 2003 collaboration with Japanese artist Takashi Murakami.

    Intended as a children’s toy, the purse is designed to store “unicorn poop”, a glittery toy slime.

    The children’s toy manufacturer launched the lawsuit in response to a claim that Pooey Puitton’s name and image violates the fashion label’s intellectual property rights.

    But MGA Entertainment asserted that “no reasonable consumer would mistake the Pooey product for a Louis Vuitton handbag”, citing the difference in material, price, marketing and stockists.

    According to the toy giant, the product is actually a parody of the luxury fashion brand, “designed to mock, criticise, and make fun of the wealth and celebrity” associated with Louis Vuitton products.

    “The use of the Pooey name and Pooey product in association with a product line of magical unicorn poop is intended to criticise or comment upon the rich and famous, the Louis Vuitton name, the ‘LV’ marks, and on their conspicuous consumption,” the statement reads.

    The interlocking “L” and “V” floral monogram pattern was designed by Louis Vuitton’s son, Georges Vuitton, in 1896.

    This is not the first time that MGA Entertainment has found itself in legal battles. The brand was famously sued by Barbie-manufacturer Mattel for allegedly stealing the idea behind its Bratz doll franchise.

    Elsewhere, Virgil Abloh – who was appointed artistic director of menswear for Louis Vuitton in March 2018 – unveiled his polychromatic menswear collection for the brand during Paris fashion week.

  • Cathay Pacific to honor premium Vietnam-US tickets sold by mistake

    Cathay Pacific to honor premium Vietnam-US tickets sold by mistake

    Cathay Pacific Airways mistakenly sold Vietnam-U.S. first class and business class tickets at economy prices, but will honor them. The Hong Kong flag carrier made this announcement in a Twitter post Wednesday after customers reported Tuesday that they were able to purchase first class and business class tickets at unusually cheap prices from Vietnam to North American destinations such as San Francisco and New York in the U.S. and Vancouver, Canada.

    Cathay, Asia’s largest international airline, offered return business and first seats from Vietnam’s central city of Da Nang to New York at the price of $650 and $845 respectively, while typically these tickets cost $16,000 and $31,000.

    Hanoi-based pastor Jacob Bloemberg was one of the lucky customers who were able to purchase the tickets, which only lasted “for minutes.”

    “My wife and I travel from Hanoi to the U.S. every year, but we are very excited this time as we enjoy business class seats at the price of an economy seat,” he said.

    The number of tickets sold during the computer error is believed to be several thousand. Cathay Pacific blamed the mistake on an individual entering the wrong fares into the company’s system. Although Cathay has not revealed the cost of this error, it is calculated that the airline should have collected at least $685,800 from 11 customers that it spoke to.

    However, Cathay said it hoped the move would make this year special for its customers.

    “Yes – we made a mistake, but we look forward to welcoming you on board with your ticket issued. Hope this will make your 2019 ‘special’ too!,” the airline said on its Twitter account.

    It added #promisemadepromisekept, and #lessonlearnt at the end of the post.

    Last summer, a similar situation happened with Hong Kong Airlines when business class tickets were sold for $587, much lower than the usual price of $3,800. The airline honored its mistakes and covered all bookings.

    Bloemberg said that Cathay’s move was “honorable.”

    “If there are similar errors in the future, I’d like to find out right away.”

  • AirAsia targets 100 million passengers in 2019

    AirAsia targets 100 million passengers in 2019

    AirAsia Group is out to monetise its digital businesses and broaden the group’s digital footprint this year but has no plan to open more new airlines over the next three years. The airline wants to focus on growing its existing business especially in Indonesia and Philippines. “As 2019 approaches I would like to confirm that AirAsia will not be opening up any more new airlines for the next 3 years,’’ AirAsia Group chief executive officer Tan Sri Tony Fernandes (pic) said in his series of posts on Twitter yesterday.

    He added that “after Vietnam, we will focus on what we have. Focus this year is to make Indonesia and Philippines very profitable.’’

    There is where “all the major population and growing economies (are), coupled with two great countries (India and China) to enable us to cover the world,’’ he added.

    Fernandes added that he was confident the airline’s operations in India and Japan would be profitable in 2021.

    This year Fernandes is hoping that his airline group would be able to carry over 100 million passengers.

    When contacted he merely said it is “around there”.

    In the first nine months of 2018, the airline group carried 61.4 million passengers across its network. The target set for 2018 was 90 million passengers.

    “We are on track to achieve a group load factor target of 85%,’’ Fernandes had said earlier.

    With fuel prices falling, the airline also expects to maintain its cost this year and hopefully offers more low fares to travellers. It was reported that AirAsia group has hedged 48% for Brent at US$67.24 bbl for the first quarter (1Q19) and 27% for 2Q19 at US$65.40 bbl to manage volatility of fuel prices.

    Turning to the digital side of the business, Fernandes said in a tweet “this is the year people will begin to see our strength in digital’’.

    He would not go into details but earlier he has been talking about the BigPay app, which is a digital alternative to bank accounts and it comes with a card that allows users to use and spend it anywhere in the world.

    AirAsia Group has in mid-December completed the transfer of its non-digital businesses to Redbeat Ventures, its wholly owned subsidiary. The digital-related services include AirAsia BIG Loyalty, BigPay, travel360, ROKKI, Ourshop, RedCargo Logistics, RedBox Logistics, Vidi and RedTix.

    That is the first step towards monetising the digital business and allow AirAsia to broaden the digital footprint.

    In an announcement to Bursa Malaysia earlier, AirAsia deputy group CEO (digital, transformation and corporate services) Aireen Omar said that by placing the digital assets under Redbeat Ventures, they hope to more effectively expand and monetise the digital businesses and broaden AirAsia’s digital footprint.

    The vision for Redbeat Ventures was to connect with the start-up community globally through collaboration to foster entrepreneurship and stimulate market-driven innovation that would benefit not just AirAsia’s ecosystem but help lead the digital economy and lifestyle in Asean.

    Redbeat Ventures will work with tech start-ups and look out for investment opportunities in the high-tech and digital space to remain competitive and relevant in these rapidly changing commercial and technological environments.

     

  • Honey Birdette debuts in US

    Honey Birdette debuts in US

    Australian Lingerie brand Honey Birdette has launched its first US store in Westfield Century City, Los Angeles, focused on a unique design including whisky bar carts and ‘press-for-champagne’ buttons. The store will offer exclusive and limited-edition products, and is fronted by a glass mirrored store front centred by a gold tiled entry arch.

    “We are focusing on unique designs concepts for all of our future boutiques and each footprint will have its own unique element,” Honey Birdette founder and managing director Eloise Monaghan said.

    “Some might have a champagne bar for example, a private salon in one, a peep show in another, a stage or a catwalk.”

    The store opened to more than 500 shoppers who lined up to shop the brand physically for the first time in the US, and featured a DJ, champagne towers and confetti cannons.

    The brand currently trades within 57 locations in Australia, as well as across three locations in the United Kingdom.

  • Knows more : Rahul Singh, Founder & CEO, The Beer Café India

    Knows more : Rahul Singh, Founder & CEO, The Beer Café India

    With multiple awards like; Images Coca Cola Golden Spoon Award, India Restaurant Congress Award, Times Nightlife Award and ET Now Business and Service Excellence Award, the consumer and industry has recognized this startup as a blockbuster. Singh is the recipient of the TiECON 2010 Entrepreneurial Award for Excellence and holds the position of the Honorary Secretary for the NRAI (National Restaurant Association of India). He was also bestowed with the Prestigious Entrepreneur India 2015 Award in F&B services.

    Before he started The Beer Café, Singh was CEO, Greg Norman Collection India from 2007-09. In that role he spearheaded the brand’s operations involving sales, marketing and manufacturing.

    Prior to 2007, he was the Executive Director at Reebok India for 8 years and was a part of their leadership team, also setup a robust sourcing base for exports from South Asia.

    As a textile engineer, he brings in an analytical approach to each line of enterprise that he gets into. He has undergone training in draught beer technology at Micromatic Institute in Florida, USA.

  • 2018 : Alibaba’s news about F&B, starting from Starbucks’ partnership

    2018 : Alibaba’s news about F&B, starting from Starbucks’ partnership

    Starbucks launched its first virtual store in China powered by technology from Alibaba Group, providing a unified, one-stop digital experience across the Starbucks app and mobile apps within the Alibaba ecosystem, including Taobao, Tmall, and Alipay. The first-of-its-kind virtual store leverages an online management hub developed specifically for Starbucks by Alibaba. It provides consumers integrated access to Starbucks’ digital offerings, including “Starbucks Delivers,” “Say it with Starbucks” social gifting and merchandise available from Starbucks’ Tmall flagship store.

    Alibaba’s technology streamlines the shopping process, pulling offers that were available in multiple digital apps into a single access point. Adopting a centralized approach to its mobile presence enabled by the Alibaba ecosystem, Starbucks now has a complete overview of its consumers’ actions online. Moreover, the integration of membership between Starbucks and the range of Alibaba apps is expected to fuel strong growth in Starbucks Rewards membership in China.

    The new virtual store steps up the collaboration announced by Alibaba and Starbucks in August 2018, when the companies agreed a deep, strategic “New Retail” partnership. Ele.me, China’s leading on-demand food delivery platform, owned by Alibaba, provides Starbucks delivery service for 2,000 stores across 30 Chinese cities.

    In October 2018, Starbucks also piloted its first “Star Kitchens” within two FRESHIPPO (previously known as Hema) supermarkets in Shanghai and Hangzhou. As the first retail brand to establish a dedicated back-of-house presence in FRESHIPPO locations, each Star Kitchen utilizes the distinct fulfilment and delivery capabilities on-site to complement the handcrafted beverages offered through existing Starbucks stores.

    The launch of Starbucks’ virtual store is also the latest example of how the so-called “Alibaba Operating System” empowering traditional retailers. After years of development in this digital age, Alibaba has created a unique system to support enterprises in the process of digital transformation that covers critical areas such as retail, marketing, finance and logistics.

  • Thailand’s Supersports stores rebranded as fashion shops

    Thailand’s Supersports stores rebranded as fashion shops

    Thailand’s CRC Sports has rebranded its Supersports business as a sports fashion store in a move targeting millennials. Last month’s rebranding modernises the business’s image and transforms the performance store model into the fashion world. The logo has also been revised with green motifs to suggest environmental awareness.

    Three Supersports stores have already been updated with the new look, including the CentralWorld location, with 50 stores scheduled to follow early next year.

    President Tony Morton said: “Our new motto is ‘The new Supersports, where Sport is fashion’, in response to the trend of millennials being fashion-conscious, cool, healthy and cheerful.”

    The firm will also expand its online sales efforts in the coming year, with the total market size for sporting goods in Thailand expected to be worth THB30 billion (US$916.3 million) by the end of this year.

    Supersports drew in THB300 million ($9.163 million) in online sales last year – 3.5 per cent of Supersports’ THB8.5 billion ($259.78 million) total revenue – and expects online sales to reach THB500 million ($15.28 million) next year.

  • Miu Miu Siam Paragon boutique reopened

    Miu Miu Siam Paragon boutique reopened

    Italian fashion brand Miu Miu is reopening its Siam Paragon boutique as the first Thai location to introduce its new concept store. The new 140sqm outlet strengthens the brand’s presence in Bangkok with a refreshed interior design and new collections of its signature accessories, bag, shoe and ready-to-wear collections.

    Among Miu Miu’s current offerings are evening dresses enhanced by Swarovski crystals and garments featuring 60’s-inspired elements.

  • IDG Capital and Hong Kong-based I.T Group invests in Acne Studios

    IDG Capital and Hong Kong-based I.T Group invests in Acne Studios

    Acne Studios has sold minority stakes to China-focused investment firm IDG Capital and Hong Kong-based I.T Group, ending almost a year of speculation that the brand would be acquired by a larger rival.

    Acne, one of the earliest and most successful purveyors of the “Scandinavian cool” style that has since become popular across fashion and design, had held talks with potential buyers as far back as 2013, from French luxury conglomerate Kering to private equity firms. Earlier this year, the company was working with Goldman Sachs on a possible sale, at a valuation of up to €500 million ($570 million).

    Instead, IDG and I.T Group will acquire stakes of 30.1 percent and 10.9 percent respectively, from Öresund, Creades and PAN Capital, Acne said in a statement Sunday. Founder Jonny Johansson and executive chairman Mikael Schiller will remain majority shareholders in the business.

    When Acne began shopping itself around earlier this year, the M&A market for fashion and luxury was booming, powered by perceived growth opportunities and increasing market complexity that made it harder and harder for sub-scale players to compete without greater access to the capital — and expertise — that sophisticated and deep-pocketed strategic or private equity investors can bring to the table. Over the course of 2018, Dries Van Noten sold a majority stake to Spanish luxury group Puig for an undisclosed sum, and Missoni sold a 41.2 percent stake to FSI Mid-Market Growth Equity Fund in transaction worth €70 million. Most recently, Michael Kors acquired Versace for $2.1 billion.

    But in recent months, the temperature of the market has changed. The ongoing trade spat between the US and China has fuelled economic uncertainty and raised questions about the future of luxury demand. Shares of publicly traded luxury brands have plummeted.

    The Stockholm-based label, founded in 1996, launched as a niche denim brand and has since built a strong modern contemporary-luxury name, well known for its upscale ready-to-wear and a distinct Scandinavian vibe that is popular with streetwear-attuned millennials. While the brand has yet to develop a strong leather goods offering, its sneakers are gaining traction. Last year, it generated $221 million in sales revenue with Ebitda, a measure of operating profit, of $35 million. It has over 50 own-brand stores in 13 countries.

    However, sales growth slowed at the brand last year, rising just 9 percent, the slowest pace in at least a decade, according to a Goldman Sachs presentation to potential buyers. The brand still generates 43 percent of its sales through a network of 600 wholesalers, a potential point of vulnerability in a world where direct-to-consumer fashion is stealing market share from department stores.

    Acne’s two new investors are likely to give the brand a leg up in Asia, already a key source of growth (Asia drove one-quarter of Acne’s sales last year, second only to Europe, according to the Goldman presentation). I.T Group has served as Acne’s Asian retail partner since the early 2000s. IDG Group, which has also invested in Farfetch and Moncler, specialises in expansion opportunities in China and the rest of Asia (10 of the firm’s 13 offices are based in the Asia region).

    “Acne Studios will greatly benefit from their extensive know-how within fashion and the rapidly evolving universe of online and offline retail,” Schiller said in a statement.

  • Starbucks to open two stores in Macau Airport

    Starbucks to open two stores in Macau Airport

    Starbucks has expressed interest in seeking further opportunities to expand within Macau.

  • Korean iPhone owners claim low trade-in prices

    Korean iPhone owners claim low trade-in prices

    iPhone users are accusing Apple of paying Korean customers less for their trade-ins than the devices are worth, while noting differences between promotions in other countries and those in Korea.  If an iPhone owner wants to return an older model when buying a new device, iPhone Korea said it will offer up to a 300,000-won ($268.56) discount on the latest smartphones, the iPhone XS and iPhone XR. Korean customers are outraged.

    They claim that the deal has been made available to them a full month later than in other countries. In the United States, Japan and China, trade-in opportunities started in late November. The amount in compensation is also said to be too low.

    Apple Korea announced on Dec. 24 that it is taking iPhone trade-ins at its retail store in Garosugil, Seoul, and will continue to do so until late January next year.

    If the user returns an older model, it is possible for them to buy the 990,000 won iPhone XR for 690,000 won and the 1.37 million won iPhone XS for 1.07 million won.

    Internet community Clien exploded with comments on Dec. 25, the day after the announcement. “I might as well sell it at the Gangbyeon Electronics Mart rather than returning it to Apple,” said one. Another added: “It is disrespecting the customers.”

    While iPhone Korea only compensates up to 300,000 won for an iPhone 7+ released two years ago, the price for an iPhone 7+ in the second-hand market near Gangbyeon and Sindorim is around 380,000 won, according to mobile community Cetizen.

    If the product is an S class with almost no cracks, the price goes up to 450,000 won.

    After typing in the serial number for a black iPhone 7 with 128 gigabytes into the trade-in page on Apple Korea’s website, a reporter received a quote of 174,000 won. In the second-hand market, users can sell the phone for at least at 289,000 won. Apple is offering 115,000 won less for the device.

    Lee Doo-hee, a programmer who enjoys using Apple products said, “I can get more money if I sell directly, so I do not feel any need to go to the Apple store in person and exchange my iPhone.”

    Apple U.S. announced that it is offering trade-ins of about $300 for those buying an iPhone XR and iPhone XS. This is about 10 percent more than in the Korean market.

    NTT Docomo, Japan’s No. 1 mobile company, is offering the iPhone XR for 25,920 yen ($235.05), around 260,000 won, for those signing a two-year contract. No similar discounts are offered in Korea.

    “For Apple, Korea is the home turf for Samsung Electronics, Apple’s old enemy,” according to a source in the sector.

    “Apple only has to get a fair amount of earnings from hard-core iPhone fans, which possibly account for 15 percent of all mobile communications users in Korea. That is why it is pursuing unfavorable policies, like excluding certain countries from promotions.”

    It is believed that the current promotion from Apple Korea is due to the slump in sales of recent iPhones. High prices are seen as the main cause of the recent slowing of sales growth.

    Kuo Ming-chi, a Taiwanese Apple expert as well as an analyst at TF International Securities, has revised his first-quarter 2019 sales volume estimate for iPhones from a 47 million to 52 million range to a 38 million to 42 million range.

    A report written by Kuo was titled: “Shipments of iPhones in 2019 could be below 190 million.”

    The market value of Apple exceeded one trillion dollars in September last year. It is now around $700 billion.

  • Raf Simons exits Calvin Klein

    Raf Simons exits Calvin Klein

    Raf Simons is exiting Calvin Klein less than two years after his debut as its first chief creative officer and eight months before the end of his contract. The brand will not stage a runway show in February. The designer’s stint at Calvin Klein — coming after his turn as artistic director of women’s haute couture, ready-to-wear and accessory collections at Dior — won plaudits within the industry but failed to resonate commercially. His exit was widely expected after Calvin Klein parent PVH Corp. chief executive Emanuel Chirico last month criticised the brand’s uneven financial performance and skew toward “high-fashion” under Simons.

    “Both parties have amicably decided to part ways after Calvin Klein Inc. decided on a new brand direction which differs from Simons’ creative vision,” the company said in a statement. A representative for Simons declined to comment.

    Simons’ appointment in 2016 was met with much fanfare. The Belgian designer, as well known for his cult menswear label as his well-regarded stints at Jil Sander and Dior, was given a multi-million-dollar salary and the title of chief creative officer, with oversight over all aspects of marketing and design for the American megabrand, a degree of control he did not have at Dior.

    From the start, hiring a high-concept fashion designer for a brand best known to consumers for its denim, underwear and provocative marketing was a risky move. But PVH leadership saw competing businesses like Ralph Lauren stagnating for lack of creative innovation, while European stalwarts like Gucci soared after radical creative overhauls.

    With Simons, Calvin Klein hoped to not only generate a halo effect for its lower-priced products, but transform the label’s high-end ready-to-wear business, renamed 205W39NYC, from a marketing expense into a commercial powerhouse.

    But from the very beginning of Simons’ tenure, there was a disconnect between his personal aesthetic and the needs of a multi-billion-dollar, multi-tiered brand, driven less by high design and more by mass marketing, an area in which Simons had no experience. His first advertising campaign for the ready-to-wear collection, received mixed feedback. Shot by longtime collaborator Willy Vanderperre, it was arty and bloodless; far from the sexualised minimalism for which the brand was so well known.

    Yet there was plenty of industry praise for Simons’ catwalk shows. And in the first season alone, doors selling 205W39NYC jumped from 30 to 300. What’s more, Simons seemed committed to the cause of translating his designs into mass sales, visiting with Macy’s executives and hiring the Kardashian family to pose for underwear and denim advertisements.

    As recently as March, PVH appeared committed to the partnership as well, with Chirico touting the “credibility” that 205W39NYC would bring to the brand’s other lines. But PVH’s patience began to wear thin over the course of 2018, as the buzz generated by Simons failed to translate into consistent revenue growth.

    In September, a runway concept that required Simons to show off-site (recent catwalks have been held on the ground floor of the company’s headquarters) was scrapped due to budgetary constraints. Then, according to multiple sources, PVH expressed concerns that Calvin Klein’s extensive partnership with the Andy Warhol Foundation — which included merchandise — was too arty and high-brow for a mass audience.

    PVH, which also owns Tommy Hilfiger, missed sales projections in its most recent quarter. And Chirico last month called out the 205W39NYC ready-to-wear collection’s failures, adding that Calvin Klein’s recent denim collection had been a “fashion miss.” The brand’s revenue grew just 2 percent in the third quarter to $963 million. PVH shares are down 35 percent this year.

    “We will cut back on a number of these planned investments in the 205 collection business, and as we move forward, we will [be taking] a more … commercial approach to this important business,” Chirico said after PVH released financial results in November, adding that Calvin Klein will shift the focus of its marketing campaigns from high-fashion to more affordable items targeting a more mainstream audience.

    In recent months, the company had begun to dial back on some of Simons’ responsibilities, installing L’Oréal veteran Marie Gulin-Merle to be Calvin Klein’s new chief marketing officer, reporting not to Simons but to the brand’s chief executive Steve Shiffman.

    Simons earned multiple awards from the Council of Fashion Designers of America during his time at Calvin Klein and his absence will be keenly felt at New York Fashion Week, where he was one of the few designers who could command true international attention.

    “Raf brought a unique point of view to American fashion and the CFDA wishes him future success,” said CFDA chief executive Steven Kolb. “Calvin Klein is an iconic American brand that will continue to flourish under new creative direction.”

  • Chow Tai Fook Jewellery Group, WeChat signed agreement deal

    Chow Tai Fook Jewellery Group, WeChat signed agreement deal

    Chow Tai Fook Jewellery Group has signed a memorandum of understanding with Chinese online platform Tencent to allow jewellery purchases using WeChat Pay. In a move to promote “seamless cross-border intelligent consumption”, the agreement allows Hong Kong WeChat users to use the platform’s digital payment solution to make purchases at specified Chow Tai Fook jewellery stores in Mainland China.

    The group is planning steps to activate WeChat Pay HK within more Chow Tai Fook Jewellery stores in the Greater Bay Area, as well as other cities throughout Mainland China. It is also seeking to extend the payment agreement to its other brands.

    “Striving for innovations and breakthroughs, we are committed to providing seamless and exceptional consumer experience through a wide range of innovative projects,” said Chow Tai Fook executive director Bobby Liu. “The introduction of advanced technology has made the convenience in offering cross-border consumption, online payments and an integrated online-to-offline shopping experience available to customers from Hong Kong.”

    Tencent Financial Technology VP Royal Chen said the collaboration with Chow Tai Fook Jewellery Group will fully make use of the available mobile payment technology.

    “Tencent Technology will vigorously promote cross-border financial cooperation. Leveraging financial and technological advancements, we aim to build a truly integrated service platform for those living in both Hong Kong and Mainland China.”

    Tencent Fin-Tech and Chow Tai Fook will also jointly explore and research proposals for ID verification in order to ease the flow of capital and manpower resources across the border.