Retail News CRM

Tag: Macau

  • Chow Tai Fook remains calm in the storm

    Chow Tai Fook remains calm in the storm

    A 23.5 per cent drop in revenue to HK$21.526 billion (US$2.775 billion) was recorded by Chow Tai Fook Jewellery Group for its latest six months.

    Its interim results for the period to September 30 show same-store sales in Hong Kong/Macau dropped by 25.7 per cent and in China by 20.9 per cent.

    Gross profit was down by 13.1 per cent to HK$6828 million from HK$7857 million in the first quarter.

    In its executive summary, the group says that in response to the rapid market changes and volatile macroeconomic environment across Greater China during the first half, it focussed on enhancing store productivity and efficiency.

    The group also capitalised on its vertically integrated business model and proprietary technology to introduce the Chow Tai Fook T Mark diamond brand in the first half, which it describes as “an important milestone in our heritage” that “revolutionised the current diamond-industry practice”.

    Despite revenue declining with the market slowdown in the first half, the group’s adjusted gross profit margin improved, mainly because of an enhanced product mix and an uplift in gross profit margin for gem-set jewellery and gold products.

    As at the end of September the group’s retail network comprised 2326 points of sales, and increase of seven. During the first half, 26 points of sale were opened in shopping malls while 19 were closed in department stores on the mainland.

    Also in the mainland the group promoted its premium diamond brand Hearts On Fire, opening two points of sale and 30 shop-in-shop/counter-in-shop outlets for a total of seven POS and 148 shop-in-shop/counter-in-shop.

    Lees ook:

  • CASBAA confab debuts in Macau

    CASBAA confab debuts in Macau

    The CASBAA Convention annual conference debuted in its new venue, Studio City, Macau, marking the 25th anniversary of CASBAA which is dedicated to representing key players from the cable and satellite broadcasting industry under the motto ‘represent, inform, connect’.

    Irwin Gotlieb, the Global Chairman for GroupM, was first to take to that stage to discuss the changing nature, and measurement of viewing behaviors. He also touched upon how the way to reach audiences via the marketing funnel is the same but a granularity of data can now inform decisions for each stage of the funnel. He underscored how media will continue to play a role becoming more targetable, addressable and eventually part of the transaction process.

    Also on the subject of measurement, Ben Reneker of S&P Global Market Intelligence highlighted how machine-driven predictive measurement models are now able to inform strategic decisions on marketing and investment.

    Oliver Wilkinson, managing director for PricewaterhouseCoopers, provided statistics to illustrate that pay TV is not dead, despite what the headlines say, and that it remains a primary form of entertainment.

    Doing deals in China was the topic for Bennett Pozil, EVP of East West Bank, who discussed the migration of content both ways as well as some of the pros and cons of doing business in China.

    Reaching a vast audience through tailored video and gaming content was the topic for Chad Gutstein, CEO of Machinima who highlighted that their most valued content was when viewers felt they had a connection to the creation of it. On a video note, Ricky Ow from Turner International predicted that Machinima’s e-Sports will be as successful as the English Premier League.

    James Schwab, co-president of VICE announced the opening of the company’s first full-service office in Jakarta, Indonesia.  He discussed how their local content policy over digital channels has helped the company grow exponentially over the last few years. The recent move into TV has been important for VICE as it gives them the ability to invest more in content.

    On the second day, Dave Downey, CEO of INVIDI Technologies, illustrated how “addressable” advertising could be used to predict viewing behaviors. Basil Chua, CEO from AsiaMX, talked about the need to understand viewer habits, flagging that they are watching content not devices. Both believed that the advertising formats would result in big wins for operators.

    Intrinsically linked to the advertising discussion is the subject of measurement and Craig Johnson, Nielsen’s media managing director for South East Asia, Pacific and India, highlighted some of the current challenges OTT has presented with measurement, suggesting that viewership on other devices could represent an additional 15% to 20% of media usage that is not accurately measured yet. The introduction of smart-meters could help more accurately chart multi-device viewership and content sources.

    Content from Japan took the spotlight with Eriya Kawachi, director of sales and promotions at Club TV Japan, showcasing some platforms that have been winning in popularity outside of Japan with Club TV. Richard Woo, consultant for WAKUWAKU JAPAN, discussed how Japanese content is well known for its creativity, uniqueness and a certain wackiness.

    Korean content also featured on the agenda with Miles Ki Young Choi, founder and CEO of Bethel Group Media Contents, talking about how interactive content was key to the future, flagging interactive drama as something they were championing. Byeong-Joon Song, CEO Group 8, saw simultaneous distribution as important for Korean content, highlighting difficulties with penetrating the Chinese market and Tom Taehyun Kim, CEO and executive producer at K Production, confirmed that superb storytelling was of course essential for content to have wider appeal.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • DHL Appoints New Hong Kong and Macau Managing Director

    DHL Appoints New Hong Kong and Macau Managing Director

    According to DHL, McQueen will be responsible for long-term growth across sectors such as aviation, consumer goods, healthcare, retail and technology. He will also be in charge of integrating solutions with freight and logistics services from South China’s major development zones.

    “Designing supply chain solutions that meet and exceed the unique needs of customers isn’t just my passion – it’s also essential for long-term growth that can withstand constant disruption and volatility in the marketplace,” said McQueen. “Having laid the foundations for such growth in the Greater China region, I’m excited to be focusing on Hong Kong as the linchpin in our regional operations, and look forward to leading our excellent team of more than 1,000 experienced supply chain employees to even greater heights.”

    McQueen has 24 years of supply chain experience. He was most recently in charge of business development at DHL Supply Chain Greater China, and was previously head of industrial development and solution design director for the Middle East and Africa.

    “We appointed Jez to lead our Hong Kong and Macau operations because of his outstanding track record in delivering rapid and sustainable growth across a wide variety of industries,” said Yin Zou, CEO of DHL Supply Chain Greater China. “Jez has proven invaluable as the head of business development for our operations in Greater China, combining deep expertise in all sectors with formidable acumen for turning supply chain innovations into substantial long-term improvements in customer satisfaction and revenues alike. Hong Kong remains a pivotal market for DHL Supply Chain, and I believe Jez’s skill set and passion for business development make him uniquely suited to handling its broad and dynamic range of multi-industry needs.”

    Lees ook:

  • Richemont sales woes prompt radical response

    Richemont sales woes prompt radical response

    With Chinese shoppers buying fewer watches, Richemont sales continue to slide, prompting the luxury brand owner to announce uncharacteristically radical moves.

    While continuing to cull its store network, Richemont has axed its CEO role, placing more accountability in the roles of its brand executives.

    Richemont, which counts luxury timepiece brands Vacheron Constantin and IWC in its 35-strong portfolio, says trends are improving in Mainland China, Hong Kong and Macau. But with more of its portfolio in watches than rival corporate fashion groups LVMH and Kering, it is more exposed to current market trends and less resilient. Richemont also owns Cartier, Chloe, Dunhill, Giampiero Bodino, Jaeger-LeCoultre, Lancel, Montblanc, Officine Panerai, Piaget, Peter Millar, Purdey, Roger Dubuis, Shanghai Tang and Van Cleef & Arpels.

    Profits fell 43 per cent (including exchange rate effect) to €798 million for the six months to September, and the company has expressed its concern at overcapacity in the Swiss watchmaking industry. A large factor in the poor result was the €249 million buy-back and destruction of excess products to reduce overcapacity in the distribution chain.

    Sales were down by 13 per cent to €5.1 billion, but significantly this was led by Japan and Europe, rather than Hong Kong and Macau as in past reporting periods. Mainland Chinese buyers still played their part in the decline, however: fewer are visiting Europe due to concerns over terrorism, and the depreciation of the yuan has impacted on spending in Japan.

    The company closed 25 shops globally during the first half and another 25 are scheduled for closure by December 31. It did not reveal the locations of these stores.

    The end of the CEO post coincides with the retirement of outgoing chief Richard Lepeu and finance director Gary Saage. The company’s founder, South African-born Johann Rupert, will remain in the role of executive chairman and will take over supervising a group of division directors.

    Richemont has a reputation for managing for the long-term and resisting the sort of knee-jerk reactions typical among listed companies ever-concerned about satisfying shareholders.  “The significance of such a dramatic break with the past can’t be overstated,” observed an analyst with Bloomberg.

    “They indicate that it doesn’t expect conditions to get any easier any time soon, so it needs a fresh approach. It just might work. And it’s not as radical an idea as it might seem,” wrote columnist Andrea Felsted.

    She suggests the company may need to fix or divest underperforming brands

    “It also needs to control the cost base by addressing headcount, which it has already started to do, and slimming the store estate. The danger is that the new management structure is cumbersome, lacking cohesion, and is ripe for internal power struggles. Rupert will remain the constant, and is likely to take greater control as a result of the radical revamp. He says his role is that of ‘an arbiter of egos, akin to a soccer manager’.”

  • SmarTone signs pre-5G partnership with Ericsson

    SmarTone signs pre-5G partnership with Ericsson

    Hong Kong’s SmarTone has contracted Ericsson as its sole supplier for core and RAN equipment over the next five years, as part of a partnership aimed at paving the way for 5G deployment.

    The companies plan to conduct early trials and pilot deployments of key pre-5G technologies from this quarter.

    Ericsson will help SmarTone upgrade and expand its network infrastructure and refarm more spectrum for LTE, and will deploy NFV and SDN technologies to improve network performance and efficiency.

    The companies have been working to introduce technologies including LTE-Advanced and LTE-Advanced Pro to the SmarTone network.

    “SmarTone is pleased to extend our strategic partnership with Ericsson to pave the way for 5G in Hong Kong,” SmarTone CTO Stephen Chau said.

    “[We] will continue to invest in spectrum and pre-5G technologies within the next few years to provide a superior customer experience and to evolve our network into an advanced, dynamic and cloud-based network architecture.”

    He said the deployment will help the company capture future business opportunities from new types of applications including VR and M2M applications such as the IoT.

    SmarTone was established in 1992 and publicly listed in 1996. The company provides voice, mobile and fixed broadband services in Hong Kong and Macau.

  • DFS Group, will launch the eighth annual Masters of Time exhibition on December 3

    DFS Group, will launch the eighth annual Masters of Time exhibition on December 3

    DFS Group, the world’s leading luxury travel retailer, will launch the eighth annual Masters of Time exhibition on December 3, 2016 with a gala event at T Galleria by DFS, Macau in partnership with Shoppes at Four Seasons. Widely recognized as the world’s leading retail exhibition of fine watches and jewelry, this year’s Masters of Time event embraces the theme of relationships and is inspired by the close bonds that inspire collectors when building their watch collections.

    By recognizing the significant life moments that are often commemorated through purchasing a timepiece, and understanding the thought process that accompanies the selection of a new watch, DFS Group becomes a part of every watch’s story. The relationships between luxury retailers and their prestigious clientele, between a customer and their timepiece, are all explored throughout the program. The exclusive exhibition of over 400 pieces from 27 brands will be shown in store at T Galleria by DFS and available for purchase until February 28, 2017.

    This year DFS expands the experience to members of the public as, in addition to the prestigious gala event, they will be able to experience and enjoy a wide array of activations. TAG Heuer will offer a virtual reality experience from August to December; the Franck Muller flagship boutique opens at the end of November; Girard Perregaux celebrates its 225th anniversary with an exhibition during December; and Bulgari will house the Finissimo Minute Repeater exhibition with experiential and educational activities from November to February 2017. Cartier will celebrate the concept of time with a showcase of some of the maison’s most exceptional creations from the high watchmaking and high jewelry worlds.

    “For over 500 years, the watchmaking industry and its craftsmen have worked to encapsulate time in the form of a watch. This year’s Masters of Time not only celebrates the relationship between man and machine, but also the pivotal moments and relationships in life we all seek to commemorate. We’re thrilled to once again host the world’s top collectors and explore  those relationships and the meaning behind these precious pieces, and of course to take a privileged first look at this exceptional Masters of Time collection,” said Philippe Schaus, DFS Group Chairman and Chief Executive Officer.

    Christophe Chaix, DFS Group Senior Vice President Fashion, Watches, Jewelry and Accessories, added, “This year’s Master of Time exhibition showcases an exclusive range of luxury watches and fine jewelry that perfectly epitomizes the latest and most cutting-edge innovations and designs in watchmaking. Through our partnerships with the world’s leading watch and fine jewelry brands, we are able to curate a truly unique and unparalleled exhibition and provide our loyal customers with an unmissable opportunity to build their collection with DFS.”

    2016 DFS MASTERS OF TIME COLLECTION

    This year’s exhibition includes exclusive pieces from brands including: Arnold & Son; Angelus; Blancpain; Breguet; Bulgari; Cartier; Chopard; Franck Muller; Girard-Perregaux; Glashütte Original; Hautlence; H. Moser & Cie; Hermès; Hublot; IWC Schaffhausen; Jaeger-LeCoultre; Jaquet Droz; Manufacture Royale; Officine Panerai; Omega; Piaget; Roger Dubuis; Speake Marin; Tiffany & Co.; Vacheron Constantin; Van Cleef & Arpels; Zenith and more. 

    Highlights include:

    • Breguet’s Tradition Independent Chronograph 7077
    • Bulgari’s Octo Finissimo Répétition Minutes
    • Cartier’s Panther High Jewelry Watch with two panther heads decor
    • Girard-Perregaux’s La Esmeralda Tourbillon
    • Glashütte Original’s Senator Excellence
    • Hautlence’s Labyrinth
    • Moser & Cie’s Swiss Alp Watch S.
    • Jacquet Droz’s Petite Heure Minute Thousand Year Lights
    • Jaeger-LeCoultre’s Rendez-vous Moon
    • Roger Dubuis’ Blossom Velvet Blue
    • Vacheron Constantin’s Overseas World Time
    • Van Cleef & Arpels’ Jour Nuit Fée Ondine
    • Zenith’s Heritage Pilot Ton-Up 

    DFS Masters of Time is part of the DFS Masters Series, a signature program of exhibitions that also includes Masters of Wines and Spirits that takes place in Singapore. The Masters Series is a showcase of the pinnacle of DFS’ leadership and innovation in curating and creating exceptional experiences across its five pillars of luxury: Wines and Spirits, Beauty and Fragrances, Watches and Jewelry, Fashion and Accessories, and Food and Gifts.

  • Karl Lagerfeld Macau hotel planned

    Karl Lagerfeld Macau hotel planned

    Fashion designer Karl Lagerfeld has announced plans to launch his own branded hotel chain.

    He has already taken a first step in signing on to design a tower for the Lisboa Palace Hotel, planned to launch in Macau in 2018. Besides the Karl Lagerfeld Macau hotel, another tower in the complex is being designed by fashion peer Donatella Versace.

    Lagerfeld’s company says it “in the process of studying other opportunities to open other properties around the world”.

    Under the banner of Karl Lagerfeld Hotels & Resorts, his properties will include members’ clubs, restaurants and residential buildings, all under a licensing agreement with Amsterdam-based Brandmark Collective.

    Lagerfeld’s contribution to the Lisboa complex features a statue of his cat Choupette at the entrance, while his own silhouette graces the room keys. In comparison, Versace’s design is more low key with the lobby decked out in gold trim and white marble, while the pool has mosaic tiles.

    Both designers feature Chinese elements in their designs, with Lagerfeld weaving in Phoenix and peony emblems, and Versace focussing on dragon and chrysanthemum details.

    Born in Germany 83 years ago, Lagerfeld has already collaborated with luxury Parisian hotel Le Crillon and the Metropole in Monaco, but his new business will involve his company designing entire hotels.

  • Chow Tai Fook sales plummet

    Chow Tai Fook sales plummet

    Chow Tai Fook sales plunged in both Hong Kong and Mainland China markets in the quarter to September 30.

    By value, same-store sales fell by 30 per cent in Hong Kong and Macau and by 22 per cent on the mainland. By volume, same-store sales in Hong Kong fell 39 per cent, and on the mainland by 32 per cent, compared with the same quarter last year.

    Sales of gold products, which account for about 53 per cent of total sales, fell by 23 per cent in Hong Kong and Macau and by 27 per cent in the mainland. Gem set jewellery sales were down 23 per cent and 17 per cent.

    In a statement, the company said its figures in both markets were affected by the high base of 2015, when there was a surge in sales of gold as the price fell.

    But the changing buying behaviour of Mainland Chinese tourists also took its toll, evidenced by the percentage of total sales settled by China UnionPay of in RMB falling from 57 per cent to 43 per cent year-on-year.

    Chow Tai Fook opened a net 11 points of sale during the quarter: 12 jewellery stores and one watch store opened in Mainland China, while its Hong Kong store count dropped by two. At the end of September, Chow Tai Fook had 2326 points of sale.

    Lees ook:

  • Macau tourist arrivals rise over Golden Week

    Macau tourist arrivals rise over Golden Week

    Macau’s move to reposition itself from gaming hub to shopping and entertainment destination appears to be paying off already.

    Tourist numbers rose in Macau over Golden Week as an expanding shopping offer and shows drew 8.45 per cent more visitors than the same period last year.

    During Golden Week – from October 1 to October 10 – 1.61 million people visited Macau according to data from the Public Security Police Force.

    Total border crossings at the city’s seven immigration checkpoints reached 4.7 million for the 10 days: 2,355,720 arrivals and 2,359,090 departures.

    Of the seven border checkpoints, the Border Gate recorded the highest number of arrivals and departures, at 1.15 million and 1.28 million, respectively. The second popular border was the Outer Harbour Terminal on the Peninsula, with 157,211 arrivals and 150,749 departures recorded.

    The busiest day of Golden Week was the third day with 520,386 border crossings registered.

  • Jimmy Choo Asia sales rises

    Jimmy Choo Asia sales rises

    Jimmy Choo Asia sales are soaring, despite the downturn in the luxury market.

    While the company does not break down its Asian sales figures by market, analysts are reporting “record growth” in Hong Kong and China, in part aided by the opening of a new store in Macau.

    Total revenues from Asia (excluding Japan) rose 22.1 per cent on a reported currency basis in the six months to June 30, reaching £27.1 million. Jimmy Choo opened two new stores of its own in Asia during the six months and six franchised stores.

    Next year the company plans new flagships in Tokyo, Shanghai and Beijing.

    Sales in Japan increased by 18.2 per cent on reported currency basis with men’s footwear sales and the strong yen driving growth.

    The company plans 200 stores Asia-wide to take advantage of the region’s “untapped growth potential”.

    The UK-based company recently marked 20 years since it was founded by Malaysian cobbler of the same name, who was later forced out of the business in controversial circumstances and now runs his own exclusive, unrelated Jimmy Choo Couture boutique in London.

    One of the reasons for the brand’s success in Asia is its unconventional marketing activities.

    Last September, brides in the Philippines were able to order customised shoes from its stores, selecting texture, style and colour and adding a personal monogram. This year, the concept was expanded to include handbags.

    In Malaysia, customers can customise the color, texture and finishes of their heels and add names, initials or even dates to their handbags.

    Lees ook:

  • Antonia debuts in Asia at Macau

    Antonia debuts in Asia at Macau

    Multi-label Italian luxury fashion retailer Antonia has opened its first store in Asia, at The Parisian Macao in Macau.

    Designed by architect Vincenzo de Cotiis, the 3000 sqm store features such brands as Gucci, Rick Owens, Sacai, Saint Laurent, Valentino and Versace.

    The store is run in partnership with Modern Avenue, formerly the Canudilo Group. Ten other stores are planned for greater China.

    Lees ook:

    Lees ook:

  • Labels lining up at new Macau resorts

    Labels lining up at new Macau resorts

    As Macau resorts swing the spotlight from gaming to shopping, designer labels are lining up to open their first stores in the former Portuguese colony.

    Established brands have already led the way, and the opening of two major resorts has introduced a broad choice of new retail space.

    Both the US$4.2 billion Wynn Cotai Palace and the new $2.7 billion Parisian Macao offer 18,580 and 28,000 sqm respectively of luxury retail space – together, more than 200 shops. However, established integrated resorts are also benefiting from the retail boom, with Swiss watchmaker Omega opening a corporate boutique in Studio City Macau and Paris designer Christian Dior launching its first boutiquein City of Dreams Macau.

    The all-new Wynn Cotai Palace is welcoming luxury brands such as Chanel, Chopard and Hermes, while watchmaker Franck Muller is launching the Vanguard Wynn Palace Boutique Exclusive, its third opening in the city. A new boutique inside Wynn Palace is also the third Macau outlet for luxury watch brand Panerai.

    Cotai Strip’s newest resort, The Parisian Macao, has set up the Shoppes at Parisian with more than 150 luxury and lifestyle retail boutiques. The shops are housed in different precincts named after some of the most stylish streets and arcades of Paris, including the Champs-Élysées. The fashion on offer includes a mix of both Parisian brands and couture new to Macau, including labels like Antonia, Garel Paris, Herzo, Isabelle Langlois, Sonia Rykiel and Temptation.

    To mark the opening of the Shoppes at Parisian, The Parisian Macao is hosting an exclusive designer runway show, Front Row, tomorrow evening. It will showcase crystal looks from Swarovski plus styles from selected retailers. Celebrity guests include China’s first fashion model Xiao Wen, the current face of Marc Jacobs.

    There will also be runway shows on September 15 and 16, plus other launch events.

    Lees ook:

    Lees ook:

  • Hermès Apple Watch launched at up to $1499

    Hermès Apple Watch launched at up to $1499

    Hermès and Nike have revealed new collaborations with Apple, to produce exclusive co-branded Apple Watches.

    Hermès introduced new Apple Watch styles and an expanded assortment of wristbands that incorporate its signature palette alongside a series of bold new colors.

    Meanwhile, Nike is focused on functionality for the sportsperson, with the Apple Watch Nike+ Series 2, featuring GPS, a two-times-brighter display, water resistance to 50m and a dual-core processor.

    Launch dates in Asia

    In Asia, the Apple Watch Hermès will be available from September 23 in Australia, China, Hong Kong, Japan, Macau, Singapore and Taiwan. The Nike watch goes on sale from yesterday, September 9.

    The Hermès models range in price from US$1149 to $1499, while the Nike sells for a more affordable $369 – $399. The Hermès wristbands will also be sold separately.

    Apple watch Hermes double buckle cuff

    Hermes says the design process was driven “entirely by a shared ambition for ultimate beauty and utility,” featuring exclusive watch face designs inspired by the iconic Clipper, Cape Cod and Espace Hermès models.

    “Ours is a partnership born of parallel thinking and mutual regard — we share similar preoccupations, ever evolving and refining our design,” said Jonathan Ive, Apple’s chief design officer.

    Siri speaks

    The Apple Watch Nike+ also includes exclusive Siri commands and Nike watch faces along with deep integration with the new Nike+ Run Club app to motivate wearers to go for a run, coaching plans that adapt to their unique schedule and progress, and guidance from the world’s best coaches and athletes.

    “Apple Watch is the ultimate device for a healthy life and we wanted to push it further to create the best smartwatch in the world for runners and athletes,” said Jeff Williams, Apple’s COO. “Apple Watch Nike+ takes performance tracking to a whole new level and we can’t wait to bring it to the world’s largest community of runners.”

    Lees ook:

    Lees ook:

  • Japan Home Centre revenue increases

    Japan Home Centre revenue increases

    Japan Home Centre (Macau) posted an increase of 7.6 per cent revenue year-on-year to HK$39.3 million (MOP40.5 million/US$5.7 million) for its fiscal year ended June 30, according to the annual report released yesterday on the Hong Kong Stock Exchange by the International Houseware Retail Company Limited (IH Retail).

    The comparable store sales growth rate of the stores in Macau is 1.3 per cent, down compared to the 5.9 per cent of the previous fiscal year.

    The total revenue of IH Retail went up to HK$2.04 billion (MOP2.10 billion/US$263 million), indicating a growth of 4.5 per cent year-on-year despite the short-term fluctuation and challenges of the retail market.
    ‘The increase in revenue for the year was mainly due to the opening of new stores and growth in comparable store sales,’ the report noted.

    Eight self-managed stores in Macau are under IH Retail, with 277 stores in Hong Kong.

    IH Retail and its subsidiaries is the largest house ware retail chain in Hong Kong, Singapore and Macau. Stores can also be found in Cambodia, Indonesia, East Malaysia, Saudi Arabia and New Zealand.

    Lees ook:

  • Property sale boosts Bossini International profit

    Property sale boosts Bossini International profit

    While expecting a leap in profit because of a special circumstance, clothing retailer Bossini International Holdings had a “significant” decrease in revenue for its latest year of trading.

    The group reports an expected jump in profit ranging from 147 to 157 per cent for the year ended June 30, mainly because of a gain of about HK$267 million (US$34.4 million) on the disposal of a macau property and a leaseback arrangement.

    Excluding that gain, the group predicts a drop in profit of between 75 and 85 per cent compared with the previous year, attributed mainly to a drop in revenue resulting from fewer tourists in Hong Kong and Macau, and a strong Hong Kong dollar.

    Other factors were weak local consumer sentiment, an unseasonably warm winter and intensified competition in several core markets.

    Bossini’s audited annual results are expected to be announced late next month.

    Lees ook:

    Lees ook: