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Tag: Malaysia

  • Padini fears margin squeeze

    Padini fears margin squeeze

    Malaysia-based Padini Holdings expects an even tougher year ahead as it deals with a double whammy of having to cut prices and pay more for its stock.

    Padini owns the brands Vincci, Seed and Miki as well as stores trading under its own brand.

    The company has revealed margins reduced by between three and five per cent across its brands during the year to June 30 – and it fears even more reductions in the current year. It’s margin is now sitting at around 40 per cent.

    The company has had to absorb the additional six per cent GST applied on retail prices on April 1. At the same time, stock costs have risen due to the rapid deterioration of the value of the ringgit.

    “This financial year is going to be more difficult than FY15 as the weakening ringgit is affecting the cost of goods due to higher import costs,” CEO Chan Kwai Heng said in a news conference after the group’s annual meeting.

    But Chan says the market won’t accept price increases given deteriorating consumer sentiment.

    “We are more focused on driving top-line growth, and have no plans to increase our prices in the short term in order to remain competitive,” he said.

    In the year ahead the company will focus on boosting its online sales (which carry lower overheads than stores), and searching for cheaper supply sources.

    Padini plans to open 16 new stores in 2016, including nine outlet stores, mostly in new malls under construction.

    The company had earlier reported an 11.8 per cent reduction in net profit last year, blamed on aggressive promotional and discounting activities.

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  • 11street plans monthly ‘Love 11 Day” discounts

    11street plans monthly ‘Love 11 Day” discounts

    Malaysian online marketplace 11street plans a new mobile shopping app – and a monthly ‘Love 11 Day’ when it plans to launch surprise, snap deals and giveaways.

    The Korean-headquartered online retailer says it is now ranked a top 40 website in the country and its online marketplace now has more than 7 million products on offer.

    11street CEO Hoseok Kim has unveiled an RM11 million giveaway running until December 31. Shoppers can redeem daily offers of deals and coupons with up to 90 per cent discounts.

    Kim said the 11th day of every month was chosen for the promotion because of its symbolic similarity to the company’s brand name.

    Meanwhile, Kim says almost 50 per cent of traffic to 11street is now from mobile devices.

    According to Nielsen, the growth of connected devices have paved the way for a positive increase in the eCommerce sector with 47 per cent of Malaysians using their smartphones to shop online.

    “Today, the 11street mobile shopping app is already one of the most popular apps in Malaysia. Listed as one of the top three shopping apps on the Malaysian Google Play store, we are pleased by this achievement as we have always placed great importance in offering a convenient mobile shopping experience for all users.”

    11street Malaysia - Love 11 day

    He says in 2016, 11street will strengthen its focus to serve mobile shoppers through a two pronged approach by providing more curated content with an improved user interface and user experience designs, along with additional personalised features for greater customer experience. 11street will also be offering more mobile exclusive value deals and discounts.

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  • E-commerce market on path of growth

    E-commerce market on path of growth

    Computer and electronics, beauty and cosmetics as well as fashion are potential categories for e-commerce in Thailand. The Thai e-commerce market in 2014 was valued at Bt2.03 trillion, with business-to-business (B2B) deals worth Bt1.23 trillion, business-to-consumer (B2C) valued at Bt0.41 trillion and business-to-government (B2G) valued 0.31 trillion.

    Surangkana Wayuparb, the chief executive officer of Electronic Transactions Development Agency (ETDA), said that the agency has spent seven months conducting the e-commerce survey, covering all industries in Thailand, representing 502,676 people from eight sectors: manufacturing, retail and wholesale, transport, accommodation, information and communication, insurance, art, entertainment and recreation as well as other services.

    B2B e-commerce was valued at Bt1.230 trillion, a contraction of 0.33 per cent over 2014, while B2C was valued at Bt474,648.91 million, a growth of 15.29 per cent over 2014 and B2G was valued at Bt402,883.74 million, growing 3.96 per cent year on year.

    “It is a huge opportunity for e-commerce business in Thailand since the new Thai generation believes in shopping via online channels. The 4G will also be a factor in driving the growth of the e-commerce market in Thailand,” said the CEO.

    The e-commerce market in Thailand was worth Bt2.03 trillion in 2014 of which B2B was worth Bt1.234 trillion or 60.69 per cent, followed by B2C Bt411,715 million or 20.25 per cent and B2G valued Bt387,552 million.

    In 2015, the top three industries expected to generate the most e-commerce are accommodation services, worth Bt658,909.76 million or 38.4 per cent, followed by manufacturing, valued at Bt350,286.83 million or 20.4 per cent, as well as retail and wholesale industry, valued at Bt325,077.48 million or 19 per cent.

    She also said that the top three industries that |gained the highest e-commerce value in 2014 were accommodation services valued at Bt530,159.13 million or 38.1 per cent, followed by manufacturing valued at Bt440,614.78 million, gaining 26.6 per cent, and information and communications valued at Bt264,863.74 million, growing 19.11 per cent.

    Computer and accessories, cosmetics and beauty as well as fashion are the three top categories for online retail and wholesale business.

    Art and entertainment business, games online, music and e-movies are the main categories in the online entertainment business.

    Surangkana said that the global and domestic economies are factors in driving the e-commerce market in Thailand and the government incentives or tax privileges will play a part in driving the e-commerce market of the country as a whole.

    She said that the top four online transactions for e-commerce business in 2014 were e-banking at 54.25 per cent, followed by credit and debit card 22.39 per cent, mobile payment at 14.53 per cent, and others at 8.83 per cent.

    However, mobile payment has high potential for growth because the modern lifestyle will mean using mobiles to pay transaction fees in the near future.

    She said that the total US B2C e-commerce market was valued at US$359.3 billion in 2014. Meanwhile, China’s B2C market was worth $322.1 billion. Japan and Korean were valued at $118.59 billion and $25.4 billion, respectively.

    Thailand and Malaysia had B2C market valued at $11.7 billion and $9.6 billion respectively.

     

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  • AirAsia X to resume Delhi flights

    AirAsia X to resume Delhi flights

    AirAsia X will relaunch flights to Delhi in February 2016, four years after it suspended the service. The Malaysian low-cost carrier has confirmed that it will start operating four weekly direct flights between Kuala Lumpur and India’s capital on 3 February.

    Flights will depart KLIA every Monday, Wednesday, Friday and Sunday at 1900, arriving in Delhi at 2200. The return services will then leave the Indian capital at 2315, arriving back in KL at 0730 the next morning. The flight time is approximately five and a half hours.

    Like all other AirAsia X flights, the Delhi service will be operated using a 377-seat Airbus A330-300 aircraft, offering flat-bed seats in business class.

    AirAsia X pulled out of India in 2012, suspending its Delhi and Mumbai routes due to high operating costs. It will now compete with Malaysia Airlines and Malindo Air on the KL-Delhi route.

  • Enhanced Air Connectivity Will Make Mauritius a Gateway to Asia

    Enhanced Air Connectivity Will Make Mauritius a Gateway to Asia

    Mauritius will become a gateway to Asia through Singapore for the islands of the Indian Ocean and countries of eastern and southern Africa as a result of the agreement signed on 14 October 2015 between Mauritius and Singapore Changi Airport.

    In reply to a Parliamentary Question the Prime Minister, Sir Anerood Jugnauth, said that this ‘Air Corridor’ offers an exceptional opportunity for growth for Air Mauritius as it taps into the tremendous potential of traffic between Asia/South East Asia and Africa. The increase of frequencies into Singapore will dovetail with the Regional Airline project.

    Given that Singapore’s Changi Airport is the seventh largest international airport in terms of passenger and air cargo traffic, this agreement will allow the development of both passenger and cargo traffic between Singapore and Mauritius as well as between Africa/Indian Ocean countries and Asia/South East Asia, using Mauritius and Singapore as hubs, he said.

    The Prime Minister outlined that on the west side of the corridor, Mauritius has already signed Memoranda of Understanding/Bilateral Air Services Agreements with the following African countries: Botswana, Comoros, republic of Congo, Egypt, Ethiopia, Kenya, Madagascar, Malawi, Mozambique, Nigeria, Rwanda, Seychelles, South Africa, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

    On the east side Memoranda of Understanding and Bilateral Air Services Agreements have been signed with China, Hong Kong, Indonesia, Malaysia, Thailand and Viet Nam. Mauritius is in the process of finalising a Memoranda of Understanding with Japan with a view to allowing its national carrier to extend its network coverage in Asia by code sharing with its partner airlines to market points in Japan.

    This forceful move will have an enormous impact on the other sectors of the country and will promote trade, business and economic development, thereby catapulting Mauritius to the next stage of growth. Through promotion on international trade and business in the region Mauritius is poised to become a robust regional hub, he said.

  • Air Asia free seat promotion begins today

    Air Asia free seat promotion begins today

    The AirAsia and AirAsia X free seat promotion is back with three million seats on offer to all destinations.

    The promo seats are available at airasia.com from today until Sunday for those travelling between May 1, 2016 and Feb 5, 2017.

    AirAsia group chief commercial officer Siegtraund Teh said in a statement that the new promotion campaign would include many new destinations and connectivity in the airline’s network, such as exclusive routes to Maldives, Kaohsiung (Taiwan), Changsha (China), Goa (India) and Pattaya (Thailand).

    AirAsia BIG members can also enjoy the same priority flight redemption starting from Nov 22 with these introductory fares at airasiabig.com.

    The airline is also recommencing its direct flights from here to New Delhi with four flights weekly, starting from Feb 3.

    Passengers are offered an all-in-fare, from as low as RM399 one way to the Indian capital.

    Teh said AirAsia X’s award-winning Premium Flatbed seats were also on promotion with fares from as low as RM799 one way.

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  • Starbucks Malaysia gives back to Malaysian communities with its Connecting Communities Project

    Starbucks Malaysia gives back to Malaysian communities with its Connecting Communities Project

    Weaving with Mengkuang leaves used to be a leisurely pastime of coastal women in Malaysia. Today, a small Malaysian business is revisiting this craft and selling Mengkuang products in Starbucks® stores.

    “Giving back to Malaysian communities is important to our company as well as our partners (employees),” said Sydney Quays, managing director, Starbucks Malaysia. “Featuring products from small villages provides increased exposure and ultimately contributes to the livelihood of local residents.”

    Earlier this year, Starbucks Malaysia developed a relationship with Craft CT 01 Enterprise – a small company is located on the east coast of Malaysia. The business develops products made from Mengkuang, a tropical plant with tall, thorny leaves. Their products including hot cup sleeves, coasters and placemats are currently sold in 50 Starbucks locations throughout the country.

    “We have seen a great deal of interest in the Mengkuang products since we began selling them in our stores,” Quays said.

    Sourcing of Mengkuang products is one outcome of Starbucks Malaysia’s Connecting Communities Project, which has helped farmers and their families since 2013. As part of this project, Starbucks also purchased a sizable amount of fresh bananas from small farmers in the Kampung Lubak Jaya village on the west coast of Peninsular Malaysia. The bananas were used to develop the Signature Banana Chocolate Chip Muffin and Banana Chocolate Decadence, offered in West Malaysia Starbucks® stores.

             

    “The banana-based food items are quite popular with our customers,” added Quays.

    The first Starbucks® store in Malaysia opened in Kuala Lumpur in 1998. The company reached a milestone of 200 stores in the country this past September.The 200th store, known as Starbucks Ansa, is located in what was formerly the Piccolo Hotel. The store design aims to introduce customers to the Connecting Communities Project through a community table with banana and Mengkuang leaf carvings, a merchandise wall dedicated to Mengkuang products and specially-woven Mengkuang mats that serve as wall hangings.

    “We will continue to find ways to grow our Connecting Communities Project. There is more we can do positively impact the lives of Malaysia’s small farmers and businesses,” said Quays.

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  • Launched: 118i Sport by BMW Malaysia

    Launched: 118i Sport by BMW Malaysia

    BMW Group Malaysia has introduced the new BMW 118i Sport. Its estimated retail price (on the road, without insurance with BMW Malaysia’s latest 5-year Unlimited Mileage Warranty and Free Scheduled Service Program) is RM188,800.

    Introducing the latest product offering from BMW Group Malaysia, the group’s managing director and CEO, Alan Harris, said: “The new BMW 1 Series still remains the only rear-wheel drive car in its segment, making the car the most sportier and dynamic option in its class.”

    Harris added that the new 118i Sport now also introduces the segment to a new generation engine with the latest BMW EfficientDynamics technology, the latest driver assistance systems and mobility services courtesy of BMW ConnectedDrive as well as a host of safety features, making the premium segment hatchback also one of the safest in its class.

    Exterior Design

    The proportions, lines and surface design of the new 1 Series bear all the classical hallmarks of a BMW with its set-back passenger compartment, long bonnet and short overhangs, in particular, give the new premium hatchback a uniquely sporting presence. The new car features subtle but key differences to refine yet further the overall package.

    At the front, a new lower apron with larger air intakes and a horizontal bar combines with the reshaped BMW kidney grilles and front ornamental grille in chrome surround with its exclusively designed kidney bars in high gloss black to provide the sight that the new 118i Sport was designed with dynamism and sportiness in mind. Full LED headlamps with low and main beam have also been added to the new variant of the 1 Series.

    At the rear, new tail lamps with the now familiar BMW ‘L’ shape design adopt striking LED technology. Further to this, a single round exhaust tailpipe in chrome matt finish and the rear bumper with specific design elements in black-high further accentuates the sporty expression of the new 118i Sport.

    In terms of wheel options, the new 118i Sport offers 17’’ light alloy wheels Star Spoke 379 71/2 J with 17’’ tyres 225/ 45 R17.

    Interior Design

    The driver-focused cockpit of the new 1 Series is an even more welcoming, sporty, comfortable place to sit, thanks to enhancements to the design and the use of Sensatec Leather for its upholstery. The instrument cluster with red highlight and chrono scaling as well as interior trim finishers in Black High-Gloss with highlight trim finishers in Coral Red Matt further adds the sporty feel inside the car. Further driving this sporty expression inside the car are the sports leather multifunction steering wheel and the sports seats for both the driver and front passenger.

    The BMW Radio Professional and iDrive operating system continues to be standard across the entire range so the all new 1 Series model also features the segment leading freestanding, 6.5-inch Control Display, the controller wheel mounted on the centre console and the direct menu control and favourites buttons.

    The controls arranged below the Control Display have also benefited from detailed refinements. Both the air vents and the controls for the radio and the automatic air conditioning now feature high-quality chrome surrounds. The radio and automatic air conditioning keypads, meanwhile, are set against high-gloss black panelling.

    Engines: An Award Winning Member of the Family

    The new 118i Sport sees the introduction of the new Engine of the Year 2015 award winning 3-cylinder petrol engine to the premium compact segment. The innovative BMW TwinPower Turbo 1.5-litre 3-cylinder petrol engine, which is the same power plant in the all-new BMW i8, delivers a maximum output of 136 hp, torque of 220 Nm and accelerates from 0 to 100 km/h in 8.7 seconds. The combined fuel consumption of the new 118i stands at 5.1 litres per 100 km with C02 emissions of 119 g/km.

    Adding to the dynamism of the its engine capabilities, the new 118i Sport also features the segment leading 8-Speed Steptronic automatic transmission and Driving Experience Control modes with the efficient ECO PRO mode, another class leading feature which makes the 118i Sport stand out from the rest in the premium compact segment.

    As a car built with a sporty expression, the new BMW 118i Sport is also not short in terms of safety features. The compact premium sports hatchback offers complete air bags for front and rear passengers, side air bags for driver and front passengers which are integrated into the front seat backrest and head airbags at the front and rear with curtain head protection and splinter protection capabilities. Doubling up on the safety measures are child seat ISOFIX attachments for the rear seats and a central locking system with electronic immobiliser and crash sensor.

    BMW ConnectedDrive: Connecting the Driver to the Car to the Outside World

    A leading feature amongst its peers in the industry, the new 118i Sport offers Intelligent Emergency Call, Teleservices and Remote Services functionalities.

    A SIM card built into the vehicle enables customers to enjoy optimum connectivity and access to the unrivalled range of services from BMW ConnectedDrive without the need for a smartphone.

    Intelligent Emergency Call, a standard feature in the new 118i Sport, ensures maximum safety on the road. If the airbags are triggered in an accident, this system uses the built-in SIM card to automatically transmit the severity of the accident, the potential risk of injury to the occupants and the vehicle’s location to the BMW Call Centre.

    This information is then used to arrange the best possible emergency response while the Call Centre stays in contact with the occupants if desired. The manual emergency call function also allows rapid help to be summoned for other road users in emergency situations at a touch of an SOS Button.

    Remote Services, on the other hand, transforms the owner’s smartphone into an intelligent and convenient remote control for the vehicle – via the MY Remote app (BMW iRemote app) or the BMW Call Centre. Users can use their smartphone to lock and unlock their car or find it immediately by flashing the headlights or sounding the horn.

    The new 118i Sport is available in colour options of Black Sapphire, Mineral Grey, Crimson Red, Midnight Blue and Alpine White and the new compact premium sport hatchback will be available at all authorised BMW dealerships across the country from next Wednesday, Nov 25.

  • Malaysia’s Caring Pharmacy value soars

    Malaysia’s Caring Pharmacy value soars

    Malaysian listed retailer Caring Pharmacy has seen its share value soar 85 per cent in just two months.

    And no one seems to know why…

    The company has 106 pharmacies across Malaysia, just two more than it had three months ago, and has projected expansion at a rate of 10 to 12 outlets next year – barely one a month.

    Even more remarkable, is that such a rise has occurred in a depressed retail climate and a decidedly sluggish business environment, at best.

    A survey released by Nielsen this week showed consumer confidence in the country has reached a 10 year low of 78 points – 11 points lower than three months ago. That seems driven by the unpopularity of the GST introduced on April 1 and a massive depreciation in the local currency – in part at least, linked to evidence of massive corruption in government leadership.

    The only theory behind Caring Pharmacy’s sudden popularity is that the chain may have been marked down unfairly in a generally bearish market, and its value is now being restored to reasonable levels.

    Year on year, the company has delivered a net profit in the latest first quarter jumping 83.94 per cent to RM1.02 million from RM 554,000 a year ago.

    One analyst urges caution” Hong Leong Investment Research (HLIR) said Caring Pharmacy could yet face further challenges ahead.

    “We feel there will be more downside risk on its expansion plans due to high competition and start-up costs,” HLIR said in a research note.

    “Also with inflationary cost pressure as well as weak consumer sentiment, we believe its profit margin will be under pressure with longer gestation period.”

  • Genting adds premium cruise brand solely for Asia

    Genting adds premium cruise brand solely for Asia

    Malaysia-listed leisure and hospitality group, Genting, best known for its resorts and casinos, is setting up Asia’s first regionally-based premium cruise brand.

    Within its Genting Hong Kong operation [one of five public companies] which was formerly called Star Cruises, the company has announced the launch of Dream Cruises for Asia, which is one of the fastest growing markets in the world according to cruise association CLIA.

    The region also delivers strong duty free and travel retail spending says analyst CiR. According to its Asian Cruise Travellers report, 73% of Asian cruisers make DF&TR purchases, with almost half (46%) buying fashion/accessories.

    Genting – valued by market capitalisation at over MYR94bn ($22bn) at 31 August – is expected to take full advantage of the high-spending nature of Asian passengers – particularly the Chinese – with a large shopping offer on board Dream Cruises’ first vessel, Genting Dream when it sets sail in November 2016. It will carry 3,400 guests and 2,000 crew, a very high crew-to-guest ratio.

    A sister ship World Dream will follow in November 2017. Both were ordered by Genting Hong Kong and are under construction.

    THATCHER BROWN NAMED PRESIDENT

    The company has appointed cruise veteran, Thatcher Brown as President of Dream Cruises. Brown had been with Crystal Cruise Lines – which Genting bought in May 2015 – since its formation in 1988.

    “The launch of Dream Cruises completes the company’s mission of having a brand for each of the three major cruise market segments: Crystal Cruises for the luxury market, Dream Cruises for the premium market, and Star Cruises for the contemporary market.”At the launch event aboard SuperStar Virgo, a Star Cruises vessel, Genting Chairman and CEO, Tan Sri Lim Kok Thay, said: “Being the first company to offer cruises in China over 20 years ago with Star Cruises, we conceived Genting Dream three years ago to be the only purpose-built premium category new build for the Asian, and specifically Chinese, market.

    THREE CHINESE HOMEPORTS

    Genting Dream will have two exclusive floors of Dream Suites from 32sq m to 183sq m in size with butler services. Around 70% of Genting Dream’s staterooms will have private balconies.

    From next November, Genting Dream’s homeports will be in Guangzhou (Nansha Port), Hong Kong and Sanya and the ship will serve a bih catchment in the Pearl River Delta and Hainan. It will also cater to international guests flying into the airports of Guangzhou, Shenzhen, Zhuhai, Macau, Hong Kong and Sanya.

    Itineraries from Guangzhou will offer a year-round, two-night weekend cruise that calls at Hong Kong and a five-night weekday cruise calling at Halong Bay, Danang and Sanya.

    The Hong Kong homeport will feature a seven-night itinerary calling at Guangzhou, Halong Bay, Danang, Sanya and either Shenzhen or Zhuhai using Nansha Port. The Sanya homeport will also feature a seven-night itinerary calling at Guangzhou, Hong Kong, Shenzhen or Zhuhai using Nansha Port, Halong Bay and Danang.

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  • Courts Asia expansion drives huge profit rise

    Courts Asia expansion drives huge profit rise

    Courts Asia’s strategy of spreading its interests into neighbouring countries is paying off already.

    The company has today announced a 253 per cent quarterly increase in profit to S$6 million and a 77.8 per cent rise to S$12.1 million for the first half year. Gross profit for the second quarter rose 12.4 per cent thanks to a focus on higher gross profit margin and higher sales.

    While Courts Asia’s second quarter last year was exceptionally challenging, the high growth from a low base should not cast a shadow over an exceptional retail strategy, especially given the almost stagnant nature of the Singapore retail market this year, Courts Asia’s main market, where sales actually slipped 2.6 per cent.

    Revenue in neighbouring Malaysia, its second biggest market accounting for 35 per cent of total sales, rose 13 per cent in Singaporean currency and 27 per cent in Malaysian Ringgit, mainly due to bulk sales for digital products. That in itself is an achievement as consumer spending in Malaysia tanked after the introduction of GST on April 1.

    “Malaysia has continued to post a good showing with active marketing of our refreshed Courts branding and credit campaign nationwide,” said group CEO Dr Terry O’Connor. “Likewise, we will focus on improving store productivity and cost-saving initiatives as we move forward.”

    In Indonesia, where the company is just getting started, sales rose 5.8 per cent with two new stores opening. A fourth new store is due to be trading by Christmas.

    “In Indonesia, we are progressing well and sales from our three stores, namely the Megastore in Bekasi and two smaller stores in Mega Bekasi Hypermall and Bogor, have kicked-in. Our second Megastore, located in BSD City, Southwest of Jakarta, begins operations by December this year. This new store also represents our fourth store in the country, and we expect economies of scale and operational efficiency coming into the next financial year,” said O’Connor.

    In Singapore, Courts is pinning its growth strategy on introducing new retail formats. The first JYSK Danish lifestyle store opened in Bukit Timah in September and US hardware brand ACE Hardware will follow by year’s end. O’Connor says exclusive partnerships with the two brands align with the company’s strategy of offering a comprehensive suite of solutions for the home.

    “We will be expanding both JYSK and Ace Hardware stores islandwide within the next five years.

    “Beyond cost-saving initiatives, we are focused on optimising the productivity and yield of each of our stores. In Singapore, we continue to rejuvenate our retail concepts to meet changing consumer trends and drive healthier margins.

    “Singapore’s retail environment remains subdued, but we expect a continued stream of demand for household appliances and furniture given the expected increase in supply of HDB flats in 2016. This is in line with recent policy changes such as the higher income ceiling and more Central Provident Fund (CPF) grants that have widened the pool of eligible buyers.”

    In both Malaysia and Indonesia, Courts Asia is targeting the burgeoning middle classes.

    “The recently announced Budget 2016 in Malaysia is slated to boost growth and home ownership with the planned construction of 351,000 housing units. We anticipate that this will drive further demand for affordable furniture and household appliances over the medium term.

    “In Indonesia, we plan to leverage on the country’s growing middle class and its strong standing as one of the region’s fastest growing nations by opening a total of six new stores in Indonesia over the next 12 months,” he concluded.

  • Dufry Asia aims to double business

    Dufry Asia aims to double business

    Dufry Asia sees huge growth opportunities in the Asia region despite the current softness in the Hong Kong, Macau and Singapore markets.

    In an interview with TRBusiness the CEO of Dufry Group, Julian Diaz, said the company plans to double its sales in Asia Pacific within five years. Currently, the region accounts for just nine per cent of its total business.

    “The situation right now in Asia and in other parts of the world is not going to stop Dufry from going ahead with development,” he told TRBusiness.

    “The reality of the passenger growth over the next 10 years in Asia is that it is going to grow more than any other region in the world.”

    Díaz said Asia presented challenges given it comprises different markets, but Dufry has overcome that in other regions, and is confident it can break through in Asia.

    “I think this is a challenge, but this was also a challenge when we started in the Americas, when we started in Europe, when we started in North America.

    “All these businesses presented their own challenges. I know one thing, we are going to pool resources and the team in order to really develop the company in Asia,” he said.

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  • Fashion chain M)phosis shutters stores

    Fashion chain M)phosis shutters stores

    Singapore-founded fashion retailer M)phosis is reportedly closing all its Southeast Asian stores due to financial challenges.

    The Straits Times has reported the chain is in the process of closing remaining stores in Vietnam, Malaysia, the Philippines and Indonesia – more than 10 in all. Its last Singapore store, in VivoCity, ceased trading at the end of August. Only its China stores will continue to operate.

    The company has not updated its Facebook page since August, but some disappointed fans of the brand have posted messages on the page, ranging from sadness at the retailer’s apparent demise to anger over being left with vouchers which can no longer be redeemed or cashed in.

    Director Hensley Teh confirmed to the Straits Times the brand remains in the China marketplace.

    “We were having a severe cash flow situation. We were not able to continue, despite wanting to. We did everything we could. We thank our customers, who have supported us all these years.”

    M)phosis made its debut in 1994, targeting women aged 18 to 35. At one stage it operated in Australia, Hong Kong, Dubai and Japan and had a network of 30 stores, but it has since retrenched from those markets.

  • Parkson to launch fashion brand LOL

    Parkson to launch fashion brand LOL

    Malaysian department store retailer Parkson Retail Asia is to launch a new fashion brand LOL, in partnership with a newly established company Super Apparel Supply, jointly owned by Chong Yan Kit and Lim Kin Ann.

    Together the two companies will establish a chain of retail stores branded LOL and selling fashion apparel and accessories, with Parkson owning 70 per cent of the business. Their venture will be established under an existing non-trading Parkson entity.

    Parkson says the JV will give it platform for selling men’s, women’s and children’s apparel, shoes and accessories ”to the mass market”.

    No other information has been released to date, including when and where the first stores will open or whether the brand will be launched outside Malaysia.

    Based on its name and the company’s wording, LOL appears to be a fast fashion or outlet concept, perhaps taking the fight back to Uniqlo which is expanding rapidly in Southeast Asia on a value offer.

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  • 11Street – RM11million giveaway for Year End, and new strategies for mobile and shocking deals

    11Street – RM11million giveaway for Year End, and new strategies for mobile and shocking deals

    11street (www.11street.my), one of the largest online marketplaces in Malaysia, revealed new strategic business plans for its mobile app and signature ‘Shocking Deals’ at ‘LOVE 11’ Day, its inaugural Korean – inspired celebration event at Lot 10 today.

    Among the key announcements Hoseok Kim, CEO of 11street, made at the press conference was:

    ·      Unveiling of their biggest giveaway of the year  – deals totalling to RM 11 million up for grabs for Malaysian shoppers. Starting from today until 31 December, shoppers can redeem daily offers of deals and coupons with up to 90% discounts.

    ·      Marking the 11th of each month as ‘LOVE 11’ Day for consumers to enjoy significant giveaways

    ·      One of their top business strategies include doubling its variety of product listings for its ‘Shocking Deals’ promotions to help consumers continue finding what they love at 11street

    ·      Another business focus would be on a stronger mobile app strategy for an enhanced shopping experience with more curated content with an improved user interface and user experience designs with additional personalized features. in line with this, 11street will be offering more mobile exclusive value deals and discounts.

    ·      Exclusive Premiere of Thematic TVC – will be available nationwide via free to air TV networks and 11street’s YouTube channel starting from November 16th.

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