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Tag: Malaysia

  • Electric vehicles, new tech focus of NAP 2019 in Malaysia

    Electric vehicles, new tech focus of NAP 2019 in Malaysia

    The National Automotive Policy (NAP) 2019 will be unveiled in the first quarter of next year, and will place emphasis on electric vehicles and new technologies, according to Deputy International Trade and Industry Minister Dr Ong Kian Ming.

    “The main focus then (NAP 2014) was on energy efficient vehicles (EEVs) and now we are moving much more towards electric vehicles and new technologies,” he said after delivering his keynote address at Kuala Lumpur International Automotive Conference 2018 today.

    “But we have to discuss with the relevant stakeholders first and make sure that we fine-tune the details, so that the needs of the whole industry are taken care of,” he added.

    Ong said his ministry together with some key companies in the automotive sector, are currently reviewing the policy, which was first introduced in 2006 to transform the domestic automotive industry.

    Furthermore, he said the revised policy, which will also include the development of the third national car project, will overlook the entire automotive ecosystem, encompassing four key pillars of connected mobility, Industrial Revolution 4.0, new generation vehicles and artificial intelligence.

    “When we talk about the third national car, we need to look at it at a holistic perspective. So let’s not just focus on the third national car project, which is an important component of the NAP review, but also look at the entire ecosystem. This ecosystem needs to be further enhanced and developed to take into consideration of new trends, such as the newly launched Industry 4.0.

    “With the new technologies coming in, including the possibility of self-driving cars, more rapid advancement in electric vehicles and necessary ecosystems such as batteries and charging stations, it is timely to review this particular sector,” he noted.

    To date, Ong said, the ministry has received over 20 proposals on the third national car project, from various sub-sectors, comprising small to large companies in the automotive sector, which include some “big players”.

    He noted that the ministry has developed a matrix to analyse and evaluate these proposals, in order to make a fair, transparent and comprehensive choice.

    “One of the deciding factors would be the financial sustainability of the project as the government will not be funding this third national car project as noted in Budget 2019,” Ong added.

    Meanwhile, the Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad said in conjunction with the event that the association is hopeful that the government would continue to focus on the components emphasised in NAP 2014, including the EEV initiative.

    “Future technology is good, but we would also like them to continue to emphasis on EEV that has helped the industry. We would also like to see long-term policies rather than short-term (policies) and more consultations with the industry,” she added.

    Themed “Beyond Mobility: Moving Sustainably”, the two-day conference, which is organised by the Asian Strategy and Leadership Institute (Asli) and MAA, aims to bring together industry experts and leading players to share views concerning the automotive industry and ecosystem roadmap beyond 2025.

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  • Bursa slips on Wall Street, oil price slump

    Bursa slips on Wall Street, oil price slump

    Bursa Malaysia was not spared the fallout from this week’s rout on Wall Street and the slump in crude oil prices, with the FBM KLCI sliding 15.34 points to close at 1,695.37 points today. Most sectoral indices on the local bourse ended in the red today, save those for construction, healthcare, utilities and the ACE Market, and the FBM Fledgling Index.

    The selloff on Wall Street has been led by technology stocks, and the New York stock market’s gains for 2018 have been wiped out with the latest plunge on Tuesday.

    The Dow Jones Industrial Average and the S&P 500 ended at their weakest since late October on Tuesday, diving 553 points or 2.2 % and 49 points or 1.8 % respectively. The technology-heavy Nasdaq declined 117 points or 1.7 %, the lowest it has hit in seven months.

    Energy stocks also took a beating after crude oil prices slumped 6.6%.

    Rakuten Trade Sdn Bhd head of research Kenny Yee said that the performance of the local bourse is attributable to developments on Wall Street and the decline in crude oil prices – which will be used as the “relevant excuse” by investors to take profits given the recent climb in stock prices.

    Asked if the selling will persist, he said this will depend on Wall Street’s performance.

    Yee projects the FBM KLCI to trade around the 1,680 level, which he said is a well-supported position.

    He noted that selling could also be induced by the expected dip in third quarter corporate earnings, in which further downgrades on corporate earnings growth are expected.

    “We were deep into the tech bubble and now it is bursting. The bubble is not totally without fundamentals but prices rose too much over a long period of time. For the US, it is only starting and for Malaysia the oil price drop marked our peak. We were just trying to recover before the bursting of this bubble hit us,” explained Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew.

    “There is no cover currently. All asset classes are being hit. Bonds, stocks, commodities, properties, cryptocurrencies … all are being hit. Even gold is going nowhere,” he said.

    Asked if this will continue, Pong noted that the market does look like continuing its bearish streak in all asset classes as the tide of liquidity is flowing out at the moment.

    Sapura Energy was the most active counter on Bursa Malaysia yesterday, surging 4.17% to 37.5 sen with 87.49 million shares traded.

    Malaysian Pacific Industries was the top loser, falling 4.08% to RM11.74 on volume of 480,600 shares.

  • Online hiring in Malaysia fell 8% in Q3

    Online hiring in Malaysia fell 8% in Q3

    Online hiring activity in Malaysia fell by 8% in the third quarter, falling behind the performance from one year ago by 14%, according to the third quarterly Monster Employment Index (MEI) report. It said online recruitment in the country could not sustain the strong performance of the previous quarter, continuing a negative trajectory.

    The report highlighted that Malaysia has still not recovered its economic position, despite a stronger performance in the previous quarter.

    This Southeast Asia Q3 Online Recruitment Trends Report by Monster.com examines the hiring trends and performance of online recruitment, and offers a comprehensive overview of major industries across Malaysia, Singapore, the Philippines.

    It said top three job roles among occupations hiring freelancers online in Malaysia are sales & business development (16%), marketing & communications (8%), software, hardware, telcom (5%).

    Among occupations, hospitality and travel recorded the strongest quarterly growth with 2%, while engineering and real estate soared 13% in a quarterly comparison.

    The IT, telecom/internet service provider (ISP) and business process outsourcing (BPO)/IT enabled services (ITES) sector exhibited the strongest performance among industries throughout July, August and September in a year-on-year comparison, while the logistics and BFSI industries registered the weakest performance for the same period.

    While general online hiring has been slowing in Malaysia in the third quarter, the IT, telecom/ISP and BPO/ITES sector recorded a 5% growth in the three-month period.

    With Penang becoming an increasingly attractive hub for tech companies in Malaysia, the IT, telecom/ISP and BPO/ITES sector resumes the path that was set in the second quarter. In a year-on-year comparison, the sector even registered double-digit growth with 11%, 11% and 12% respectively – indicating a resilient industry despite political concerns.

    This edition of the quarterly MEI took a closer look at the freelance economy and its online hiring demand across industries in Southeast Asia. With job scopes continuing to shift due to technological innovations, it is up to human resources leaders to define the way freelancers, part-timers and full- time staff collaborate and share their workload.

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  • Foreign flows into Asian bonds turn positive, Malaysia leads

    Foreign flows into Asian bonds turn positive, Malaysia leads

    Foreign flows into Asian bonds turned positive in October, in stark contrast to the sharp outflows faced by equity markets due to slowing earnings and concerns over trade. Data from central banks and bond market associations showed overseas investors bought a net US$2.24 billion (RM9.4 billion) in Malaysian, Thai, Indonesian, South Korean and Indian bonds in the last month. That compared with net outflows of US$2.46 billion in September.

    Malaysia’s bond market led the region with inflows of US$1.8 billion in October, the highest in 2018. At the end of last month, foreign ownership of Malaysian government securities rose to 40.7% from 39.5% in September, the data showed.

    Thailand and Indonesian bond markets also attracted foreign money of US$1.07 billion and US$886 million, respectively.

    “Thailand’s large current account surplus and growth recovery have boosted the perception of Thai debt as a relative safe haven in the region,” said Khoon Goh, Singapore-based head of Asia research for ANZ Banking Group in a note.

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  • UOB: Malaysia’s GDP to grow at 4.8% for 2018, 2019

    UOB: Malaysia’s GDP to grow at 4.8% for 2018, 2019

    Malaysia’s gross domestic product (GDP) growth is expected to remain stable and expand at 4.8% for the full year of 2018 and 2019. UOB Malaysia’s senior economist, Julia Goh said the 2019 forecast has been revised from the 5% projection made earlier, to 4.8% after taking into account the potential impacts from the US-China trade tensions.

    Goh noted that while Malaysia’s economy is not immune to external headwinds such as the trade tensions between the two economic giants, rising US interest rates and commodity prices—Malaysia could certainly find support from its robust domestic private consumption and investment.

    The ringgit is expected to stand at RM4.22 against the Greenback next year on the back of external factors such as the strength of the dollar, crude oil prices and the direction of the renminbi.

    Inflation rate for 2018 is expected to be 1.2% and 2% in 2019.

    “I think it is actually slightly lower than the government’s official forecast. I think the main support for inflation is we are seeing resilient spending even with the reintroduction of the Sales and Service Tax, we did not see any significant effect on the consumer price index,” she said.

    Key risk for inflation I think (will be) in the second quarter of next year where the government announced that they want to float oil prices,” she added.

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  • Vietnam’s first private airport set for Christmas launch

    Vietnam’s first private airport set for Christmas launch

    Vietnam’s first private airport near the world-renowned Ha Long Bay is getting finishing touches for a Christmas day opening. The 325-hectare (803 acres) airport at Van Don District, northern Quang Ninh Province cost VND7.7 trillion (more than $330 million) and can handle 2.5 million passengers a year and 1,250 per hour.

    It is expected to focus on services to Northeast Asian destinations such as South Korea, Japan, Taiwan, and China and also Southeast Asian ones like Thailand, Malaysia, Singapore and Cambodia.

    Domestically, flights will mostly be to southern and central regions.

    Dinh Viet Thang, head of the Civil Aviation Authority of Vietnam (CAAV), said the airport could handle the largest of aircraft.

    Construction had begun in 2015.

    Real estate conglomerate Sun Group, who owns it, is completing licensing procedures now so that the first flight can land on December 25.

    It now has gates for four aircraft and the number will be increased to seven by 2030.

    According to the CAAV, the private airport will have to follow all regulations in terms of aviation safety and security like all other airports in the country.

    Airlines served almost 80 million passengers in the country in the first nine months of this year, up 12.1 percent from a year ago.

    The number is expected to cross 100 million for the very first time this year.

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  • BreadTalk Opens New Concept Store In KL

    BreadTalk Opens New Concept Store In KL

    Boutique bakery franchise BreadTalk Malaysia has opened a new concept store in Kuala Lumpur’s Avenue K Shopping Mall. The new outlet is situated opposite the KLCC LRT station and is offering a promotional tote bag to early customers spending more than RM20. It opens from 8 am to 10 pm daily.

    BreadTalk Malaysia is preparing to launch several more concept stores in other Kuala Lumpur locations, including KLIA2, before opening a flagship at Star Boulevard on Jalan Yap Kwan Seng next year.

    The Singaporean brand has spread throughout Asia and the Middle East since opening in 2000, basing its products on premium ingredients such as Japanese-milled flour and New Zealand butter.

  • Malaysia Aviation appoints Philip See as Firefly CEO, as Ong out

    Malaysia Aviation appoints Philip See as Firefly CEO, as Ong out

    Malaysia Aviation Group (MAG) has appointed Philip See as the new CEO of Firefly, effective Jan 1, 2019. Philip will replace Ignatius Ong who joined Malaysia Airlines as group chief revenue officer in June 2018. Ignatius has been double-hatting as CEO of Firefly and group chief revenue officer.

    Philip, whose appointment was announced internally earlier, is currently the Head of Strategy and Network for Malaysia Airlines, reporting directly to the group CEO. He joined the airline in 2015 from consulting firm McKinsey & Company, where he was an associate.

    He is however, no stranger to the group having previously served in the Turnaround Management Office (TMO) in Malaysia Airlines, back in 2004. Under the TMO he was responsible for implementing the Business Turnaround Plan and consequently the Business Transformation Plan. Philip left the airline in 2010 and rejoined Malaysia Airlines in 2015 as a Network Planner.

    In his role as group chief revenue officer, Ignatius oversees Sales and Revenue Management for the entire group. Ignatius has almost 15 years of professional experience in the aviation industry and is no stranger to revenue management having previously covered route and revenue under the then Turnaround Management Office. He has also headed the whole portfolio of Sales, Distribution and Marketing under the Project Management Department of Malaysia Airlines.

    Other changes in the management also include Ibrahim Mohamed Salleh as CEO of MABKargo effective Sept 1, 2018 and Hazman Hilmi Sallahuddin as CEO of Project Amal effective Oct 1, 2018.

    Ibrahim has over 20 years of experience in various fields within Cargo Handling with the company. Prior to his appointment as CEO MABKargo, he was COO of PT Jasa Angkasa Semesta (a subsidiary of SATS Limited, Singapore).

    Hazman was with Khazanah Nasional Bhd where he served in various roles across the organisation. This included Senior Vice President of Khazanah Europe Investment Limited based in London.

    Malaysia Aviation Group CEO Izham Ismail said, ”I am confident that the new leadership will bring new energy and purpose to the business. The diversity of our new leaders, their backgrounds and experience will help us reach our goals as a group.”

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  • Malaysia’s Central Bank confident of 4.8% GDP growth in 2018

    Malaysia’s Central Bank confident of 4.8% GDP growth in 2018

    Economists have mixed views on Malaysia’s full-year gross domestic product (GDP) growth despite the central bank’s confidence the economy will expand 4.8% this year. Sunway University Business School’s Professor of Economics Dr Yeah Kim Leng expects GDP growth for 2018 to come in at 4.7% to 4.8% while growth in 2019 could be better than this year if there is sustained global demand.

    “For 2019, GDP (growth) would be closer to 5%. It may exceed that if the global economy holds up, in terms of lessening trade tension and strengthening of China’s economy,” he said.

    However, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said this year’s GDP growth is unlikely to hit 4.8%, as the quarterly expansions have been on the decline.

    “We had 5.4%, 4.5% and 4.4% for the first three quarters (respectively) this year. It would require substantially stronger growth than what we saw in Q3 to hit 4.8% full-year growth,” he said.

    The Malaysian economy grew by 4.4% in the third quarter, Bank Negara Malaysia (BNM) announced on Friday.

    Pong said the final quarter of the year does not have the tail wind that would boost consumption and expects full-year growth to come in at 4.5% to 4.6%.

    “For 2019, it is quite a challenge to forecast due to global growth slowing. We face headwinds from global growth as we are an export dependent economy. Net exports from goods and services are fluctuating,” he added.

    Pong expects GDP growth in 2019 to be similar to 2018’s, due to the unpredictability of global trade.

    Commenting on the economic performance in Q3, Yeah said it was softer than expected, which weighed down on growth momentum.

    “In the third quarter, services (sector) was good, largely due to private consumption. Growth was largely driven by the services and manufacturing sectors. As long as we can sustain the current growth momentum, a lower oil price will not affect GDP growth,” he said.

    On the supply shocks that affected growth in the first nine months, Yeah said the situation is likely to improve as the unscheduled maintenance shutdowns are over, with less disruption and gradual rebound projected.

    Pong, who expected Q3 GDP growth of 4%, said the 4.4% achieved was better than projected in view of the high base of 6.2% a year ago.

    “In Q3, the challenge was the high base in Q3 last year, when we achieved GDP growth of 6.2%. It is difficult to achieve strong year-on-year growth. Many expected Q3 to be strong due to consumption spending following the removal of Goods and Services Tax (GST).

    Retail numbers were stronger than what I expected. Consumption was stronger, therefore services was stronger,” he said.

    He noted that private consumption was stronger at 9% in Q3 (8% in Q2), which is a rare occurrence, while public consumption was also stronger at 5.2% (3.1% in Q2).

    Both Yeah and Pong cautioned that the softening in the plantation sector, especially palm oil prices, could affect smallholders’ income, which would in turn affect consumer spending.

    “If commodity prices fall, it will hit GDP. If CPO (crude palm oil) continues to be weak, it will have a negative impact on consumption. In particular, CPO and rubber. As it is now, commodity prices are weak and are still falling,” said Pong.

    However, Yeah said the impact on consumer spending would not be that large in view of the government’s spending and policies that remain supportive of consumption.

    At a media briefing last Friday, BNM governor Datuk Nor Shamsiah Mohd Yunus said private consumption expanded strongly during the quarter following the zerorisation of GST.

    “On the supply side, the services and manufacturing sectors supported growth, while the mining sector continued to be affected by production shocks.”

    She said growth could have been 0.5 to 0.7 percentage point higher in the absence of commodity shocks, as 17% of the economy (agriculture, mining and quarrying) contracted by 1.3%.

    Nonetheless, Nor Shamsiah believes the economy is on track to register a growth of 4.8% for 2018, supported by private sector activity with gradual recovery in commodity production lending support to growth.

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  • Malaysia’s October vehicle sales up 0.5% to 47,273 units in Oct

    Malaysia’s October vehicle sales up 0.5% to 47,273 units in Oct

    Vehicle sales in October 2018 were up marginally 0.5% to 47,273 units from 47,041 units in the same month a year ago, according to the Malaysian Automotive Association (MAA). However, MAA said the sales volume in October 2018 was 51% higher than September 2018, due to availability of stocks replacing the depleted post-zero Goods and Services Tax (GST) period.

    In addition, it said year-to-date, the total industry volume (TIV) was 6% higher than the similar corresponding period in 2017.

    The sales volume for November 2018 is expected to be slightly better than October 2018 on the back of new model launches and aggressive year-end promotional campaigns, it added.

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  • Sabah to produce more sustainable palm oil

    Sabah to produce more sustainable palm oil

    Deputy Chief Minister of Sabah Datuk Seri Wilfred Madius Tangau said during his closing address at the 16th Annual Roundtable of Sustainable Palm Oil Conference today, the state is committed to having more palm oil produce to achieve both the Roundtable of the Sustainable Palm Oil (RSPO) and the local Malaysian Sustainable Palm Oil (MSPO), concurrently.

    In 2017, Sabah produced more than 5.2 million metric tons (MT) of crude palm oil (CPO) accounting for more than 30% of total Malaysian palm oil produced.

    Between January and October this year, Sabah produced some 1.55 million MT of CPO of which 28% were certified.

    About 400,000ha of plantations are RSPO certified, of which 3,960ha belonged to smallholders. Sabah has some 623 small players.

    “Therefore Sabah can play an important role in the sustainable palm oil industry. Sabah is one of the largest producer of RSPO certified palm oil,” said Tangau.

    On assisting smallholders in the state, he said while incentives such as grants for planting comes from the federal government, land titles fall under the state government’s purview.

    On the government’s move to make MSPO certification mandatory by end of 2019, Tangau welcomed the move.

    “We will assist in whatever (way) we can. I’m happy the federal government is spending money to do that, but whether we achieve that target, is another story,” he added.

    Sabah saw an economic growth of 8% last year and palm oil has played a part in it. Tangau said one of the biggest challenge in this country is the high dependence on foreign labour as it is difficult to get locals to work in plantations.

    The state government is also looking towards stepping up downstream activities instead of just being active exporters of CPO.

    On another note, RSPO co-chairman Datuk Carl Bek-Nielsen said the challenge lies on bridging the gap between supply and demand of sustainable palm oil as the uptake for certified palm oil globally stood only at 65%.

    “This is as disappointing as wet gunpowder and it sends a discouraging, hypocritical message of “do as I say but not as I do. And I will be clear, the growers expect action and whilst the grower fraternity has just shown a willingness to change, to innovate, to now halt deforestation, to now stop any new plantings on peat soils, they also expect that the NGOs, CGM, retailers alike, including the Secretariat of RSPO now direct just as much attention and energy towards improving uptake and not just pursuing higher standards for the growers,” he said in his closing remark.

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  • Tomei Malaysia sells skincare, cosmetics distribution business

    Tomei Malaysia sells skincare, cosmetics distribution business

    Tomei Consolidated Bhd’s wholly owned subsidiary Flawless Skin Care Sdn Bhd (FSC) today sold its business of distributing the skincare and cosmetic products of “The history of Whoo” and “belif” as a going concern for RM8.97 million.

    FSC, whose principal activity is retailing of skin care and cosmetic products, this week entered into an asset purchase agreement with LG Household & Health Care Malaysia Sdn Bhd for the exercise.

    LG is a company incorporated in Malaysia with its principal activities in the area of skin care and cosmetic products.

    FSC agrees to sell and LG, relying on the several representations, warranties and undertakings contained in the agreement, agreed to purchase free from all encumbrances the whole of the business as a going concern.

    “The disposal would enable Tomei to utilise its resources and focus on the core businesses of the group in the gold and jewellery business,” it said.

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  • Courts Asia shows negative number after Malaysian woes

    Courts Asia shows negative number after Malaysian woes

    Singaporean electronics and furniture retailer Courts Asia has posted a net loss of SG$3.1 million (US$2.25 million) in its second quarter.

    The result is a reversal of a net profit of $1.5 million (US$1.09 million) during the same period last year.

    Courts Asia said in a statement that Malaysia revenue came under pressure after the introduction of the Consumer Protection (Credit Sale) Regulations 2017 which saw consumer interest rates capped at 15 per cent per annum from January. However, ongoing transformation work with a persistent focus on cost and productivity efficiencies in Malaysia reaped results, with Malaysia’s PBT crossing into positive terrain after two consecutive quarters of loss.”

    Group CEO Terence Donald O’Connor said: “We are encouraged by the early signs of stabilisation in the Malaysia business. We have closed 10 underperforming stores since the start of our financial year in April and continue to review our store network performance. Impairment loss on trade receivables charged to the profit and loss statement has also been on a declining trend from the fourth quarter ended March.”

    The Singapore firm recorded $3.4 million profit before tax after starting out on its store transformation process, up from $3 million last year. It renovated its Ang Mo Kio outlet last month.

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  • Maybank Asset Management sees AUM expanding US$50m in next 2 years

    Maybank Asset Management sees AUM expanding US$50m in next 2 years

    Maybank Asset Management Group (MAMG) expects its assets under management (AUM) to increase between US$30 million (RM126 million) to US$50 million (RM209 million) in the next two years, following its collaboration with Schroder Investment Management (Singapore) Ltd to co-develop investment solutions for sophisticated investors.

    As of end September 2018, MAMG’s AUM stood at RM33.7 billion.

    MAMG and Schroders Singapore announced their first long-term strategic partnership with the launch of two discretionary portfolios, namely Global High Dividend Equity Portfolio and Global High Conviction Portfolio.

    These solutions will be managed by Maybank Asset Management (MAM) Malaysia, a unit of MAMG, with Schroders Singapore as the investment adviser.

    “This is a very targeted high net worth segment so we are leveraging on Maybank private banking customers,” MAMG CEO Badrul Hisyam said.

    “The (market) sentiment right now is quite weak generally, unless the sentiment improves, then we would see better response to this kind of product,” Badrul added, revealing that at least three more products would be available under this collaboration in financial year 2019.

    “By integrating our strength in local wealth management with their global investment capabilities, the resulting synergy will allow us to deepen our foothold in the Malaysian wealth market, through dedicated offerings designed to achieve investors’ desired outcomes.

    “We recognise the growing demand for sophisticated, outcome-oriented global investment solutions, particularly among the high net worth community. We are therefore committed to delivering a range of global investment strategies to cater to their evolving financial needs,” he noted.

    Meanwhile, Schroders Singapore country head Susan Soh said as part of the continuing partnership, both companies would undertake further collaboration projects to co-develop solutions across other asset classes, including Shariah-compliant investment and private assets.

    “We believe our ability to combine the key tenets of asset management and wealth management offers differentiated value proposition to MAM Malaysia’s clients,“ Soh said.

    According to Badrul, the Shariah-compliant investment is expected to be available to the market by third quarter of 2019.

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  • Coach enters KL’s SkyAvenue Genting

    Coach enters KL’s SkyAvenue Genting

    U.S. luggage, leather goods and accessories maker Coach has unveiled a new Malaysian boutique at Kuala Lumpur’s SkyAvenue, Genting Highlands. Located inside the Malaysia capital’s innovative shopping precinct on Level 2, Coach’s SkyAvenue store spans approximately 2,002 square-feet and stocks the New York brand’s ready-to-wear collections for both women and men, as well as its iconic hand bags, small leather goods, footwear, accessories and jewellery.

    Coach Creative Director Stuart Vevers in partnership with William Sofield, designer and president of Studio Sofield, were the talent behind the store layout.

    Embellished in modern luxury, as seen in the leather and natural wood finishes that reflect the sophisticated yet playfulness of Coach, the Kuala Lumpur store boasts custom-made cabinets – made from natural and ebonised ash.

    Other texture and material plays come via the use of blackened steel, vintage bronze and wood trimmings.

    Customers will also appreciate the pinewood floor, made of custom wool carpeting, and the tasteful mid-century furniture.

    The new Kuala Lumpur store even has a ‘Craftsmanship Bar’, offering personalised monogramming in addition to leather care and cleaning.

    With more than 100 retail options, SkyAvenue is one of Kuala Lumpur’s most unique shopping experiences.

    The mall is located 6,000 feet above sea level, and is home to a huge range of retail and F&B establishments spanning across five floors. The opening comes at a time when Coach is focusing on Asia, namely China.

    Last week, the New York brand revealed it will stage its next Pre-Fall 2019 runway show in Shanghai, in celebration of the brand’s 15th anniversary.

    Titled “Coach Lights Up Shanghai,” the collection of ready-to-wear, sneakers and accessories is scheduled to show December 8, and will be the first show of its kind that Coach has done outside of New York.

    Global sales at Coach, which makes up over 70% parent company Tapestry’s sales, rose 4% in the three months ended September 29.

    For the quarter period, Tapestry net sales rose to $1.38 billion. Net income was $122.3 million, compared with a loss of $17.7 million a year earlier.

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