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Tag: Philippines

  • Bad loans rise at Philippines’ big banks in October

    Bad loans rise at Philippines’ big banks in October

    Bad loans on the books of the country’s biggest banks rose further in October, latest central bank data showed, amid the industry’s rising total lending portfolio.

    Data from the Bangko Sentral ng Pilipinas (BSP) showed gross non-performing loans of universal and commercial banks amounted to P107.69 billion in October this year – which was P9.27 billion higher than the P98.42 billion recorded in the same month in 2016.

    Non-performing loans are left unpaid by borrowers for at least 30 days past the due date. These are seen as risky assets due to higher risk of default.

    Amid the uptick in bad loans, BSP said the rate remains manageable across economic sectors, such as financial and insurance activities, real estate, manufacturing, wholesale and retail trade, as well as electricity, gas, steam and air-conditioning supply.

    The rise in bad loans happened as total loan portfolio of big banks grew at a faster rate of 17% to P7.36 trillion in October, from P6.29 trillion in the same month last year.

    This translated to a lower gross non-performing loan ratio of 1.46% in October, from a year-ago level of 1.56%, BSP data showed.

    The central bank said latest figures indicate the continued adherence to high credit underwriting standards of local big banks.

    Aside from trying to keep bad loan levels low, BSP said big banks continued to earmark sizeable reserves for potential credit losses, which was at P144.94 billion or 1.97% of total portfolio in October this year. This is compared to last year’s P133.05 billion or 2.11% of the total lending portfolio.

    Latest data from the BSP showed the industry’s credit growth eased to 19.9% in October, from 21.1% in September after increasing for 4 consecutive months – which some economists and credit rating agencies see as a possible sign of an overheating economy.

    Loans for production activities are up 18.7% to P6.01 trillion in October, from P5.06 trillion in the same month in 2016, accounting for 88.3% of loans given out by the banks.

    Meanwhile, credit to the real estate sector accounted for 17.2% of the total loan portfolio at P1.17 trillion, followed by credit to wholesale and retail trade and repair of motor vehicles at 13.6%, worth P924.56 billion.

    This was followed by manufacturing sector loans (12.8% of loan portfolio, worth P873.64 billion), and credit to electricity, gas, steam and airconditioning supply sector (12.1% share, P821.87 billion).

    The country’s gross domestic product gowth climbed to 6.9% in the 3rd quarter, from the revised 6.7% in the 2nd quarter of 2017. This brought the average economic growth in the 1st 9 months of 2017 to 6.7%.

    The Philippines has posted positive economic growth for 75 straight quarters since the Asian Financial Crisis.

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  • Cebu Pacific issues peak season travel advisory

    Cebu Pacific issues peak season travel advisory

    Cebu Pacific (CEB) and Cebgo remind all passengers during this crunch holiday season to allot ample time to get to the airport, check-in, go through security and immigration checks, and process pre-departure requirements.

    “CEB Domestic Check-in counters are open three hours before the scheduled time of departure and four hours for international flights,” a Cebu Pacific advisory indicated.

    “All check-in counters close 45 minutes before the scheduled time of flights, except those exiting the Dubai and Middle East (one hour) and Shanghai (50 minutes).”

    Cebu Pacific has also deployed roving check-in agents in all of the Philippine airports the carrier operates in, including the NAIA Terminal 3 and Terminal 4.

    “The agents are equipped with iPads with the Levarti MAX Airport application, as well as portable printers. This allows CEB terminal personnel to remotely check-in passengers, assign seats, facilitate payment for baggage and other ancillary services, and even print boarding passes.”

    CEB and Cebgo passengers may also check-in using the following options to cut the waiting and queuing time:

    • CEB Mobile Check-in. Download the official Cebu Pacific Mobile App on the App Store or Google Play and tap on the Check-In option. CEB Mobile Check-in is available from seven (7) days to four (4) hours before an international flight, and up to one (1) hour before a domestic flight.
    • CEB Web Check-in. Visit the Manage Booking section of the Cebu Pacific website (https://www.cebupacificair.com). For international flights, web check-in is available from seven (7) days up to four (4) hours before scheduled flight departure. Those taking domestic flights can do web check-in up to one (1) hour before their scheduled departure.
    • Self-Check-in Kiosks. Passengers at NAIA Terminals 3 and 4 and selected domestic airports can use these kiosks to check-in their flights eight (8) hours up to one (1) hour before the scheduled flight departure.

    Domestic Airports with CEB Self Check-in Kiosks

    • Bacolod: Bacolod–Silay International Airport
    • Busuanga (Coron): Francisco B. Reyes Airport
    • Cagayan de Oro: Laguindingan Airport
    • Clark: Clark International Airport
    • Davao: Francisco Bangoy International Airport
    • Dipolog: Dipolog Airport
    • General Santos: General Santos International Airport
    • Iloilo: Iloilo International Airport
    • Kalibo: Kalibo International Airport
    • Legazpi: Legazpi International Airport
    • Ozamiz Labo: Ozamiz City Airport
    • Roxas: Roxas Airport
    • Pagadian: Pagadian Airport
    • Puerto Princesa: Puerto Princesa International Airport
    • Tagbilaran: Tagbilaran Airport
    • Zamboanga: Zamboanga International Airport
    • Butuan: Bancasi Airport

    Domestic web or mobile check-in guests with check-in luggage can drop these off at the bag drop counter at least 45 minutes before the flight, except those exiting the Middle East (one hour) and Shanghai (50 minutes).

    International web or mobile check-in guests still need to show up at check-in or bag drop counter at least one (1) hour before the flight to present valid travel documents.

    Domestic web or mobile check-in guests with check-in luggage can drop these off at the bag drop counter at least 45 minutes before the flight, except those exiting the Dubai (one hour) and Shanghai (50 minutes). International web or mobile check-in guests still need to show up at check-in or bag drop counter at least one (1) hour before the flight to present valid travel documents.

    Dedicated bag drop counters (D16-D24) are available for web and mobile boarding pass holders at the NAIA Terminal 3.

    Here are other reminders for all CEB and Cebgo passengers:

    • Check the airport terminal screens for the accurate time and boarding gate assigned to the flight. While there is a Public Address system where announcements are made, we strongly encourage passengers to be more alert in checking boarding information. CEB boarding agents are ready to assist passengers and answer queries.
    • Mind the weight of your hand-carry. CEB allows only ONE (1) hand-carry bag with maximum weight of seven (7) kilos.
    • Liquids, aerosols and gels inside a hand-carry bag should be in a container 100 ml or less. These should be placed in a clear, resealable plastic bag.
    • Purchase baggage allowance upon booking, with options ranging from 15 to 40 kilos. This lets you save as much as 71% compared to paying excess baggage fees at the airport.
    • Be security-conscious. When possible, lock and seal your luggage and place easily identifiable markers on your check-in baggage. We strongly advise guests to hand-carry valuable items such as money, jewelry and mobile devices.
    • Proceed to the boarding gate immediately after completing check-in requirements. Guests should be at the gate at least 30 minutes before the scheduled time of departure.
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  • aCommerce expects online-shopping market share to double to 5.5 percent

    aCommerce expects online-shopping market share to double to 5.5 percent

    E-commerce in the Philippines is gaining ground, given the expectation that its contribution to the total retail market would double to 5.5 percent, according to Southeast Asia’s retail-solutions provider aCommerce.

    Paul Srivorakul, aCommerce Group CEO, said the improved penetration of the online marketplace in the country will further improve as more and more brands move to Web-based retail to expand their presence.

    “Before, it was enough for brands to simply have a web site. But now, brands are starting to realize the importance of utilizing an omnichannel approach to stay ahead of the retail game,” he said.

    The company said this move is due to the changing behavior of the buying public, as they are now beginning to realize that online purchasing is more practical than visiting the so-called “brick-and-mortar” or physical stores.

    In the Philippines aCommerce currently has 25 brand partners. The number could grow to at least 40 next year as its portfolio encompasses consumer goods, home and living, fashion and electronics.

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  • Cashless payments now available at Robinsons retail outlets via PayMaya QR

    Cashless payments now available at Robinsons retail outlets via PayMaya QR

    Robinsons Retail Holdings., in partnership with PayMaya Philippines, is now enabling mall-goers to do quick and seamless digital transactions through PayMaya QR, as Robinsons Galleria in Ortigas is now among the first shopping malls in the country to deploy the cashless payments technology.

    The merchants who are now accepting PayMaya QR payments in Robinsons Galleria include Robinsons Department Store, Robinsons Supermarket, and merchants under Robinsons Specialty Stores. (RSSI)–which include brands such as Topshop, Topman, Dorothy Perkins, Burton Menswear, G2000, benefit, Shiseido, Miss Selfridge, and Warehouse, among others.

    Earlier, PayMaya QR was also successfully deployed in select Ministop branches to provide quick and convenient payments inside convenience stores. The technology will soon be deployed at all Robinsons malls nationwide.

    “We’re looking forward to have our customers experience QR-based payment innovation from PayMaya, especially in time for the holiday shopping season. Aside from convenience, this will bring greater flexibility to our customers in terms of the way they pay for transactions inside our malls,” said Robina Y. Gokongwei-Pe, President and Chief Operating Officer at Robinsons Retail Holdings.

    “We are excited to see customers of Robinsons Retail use our PayMaya QR technology. With this collaboration with trailblazing partners like Robinsons Retail, more Filipinos can now experience digital payments at its most convenient,” said Orlando B. Vea, President and CEO at PayMaya Philippines and Voyager Innovations.

    Payments made via PayMaya QR offer utmost convenience especially for mall-goers since all they would need are their mobile phones and their PayMaya app to make instant payments.

    The technology is initially available in select stores in Robinsons Galleria today, with wider deployment in other merchants and Robinsons malls expected soon.

    Loading up their PayMaya accounts to pay for items in these stores is also made easy because top-ups are easily available at Robinsons Business Centers.

    Through its QR-based payments–the first-of-its-kind implementation in the country for QR code payments–PayMaya is paving the way for mainstream adoption of digital payments for all Filipinos nationwide.

    Robinsons is just the latest to adopt PayMaya’s QR-based payment technology, which recently saw an accelerated rollout across the country, particularly in establishments such as Smart Stores; in communities starting with canteens in partner schools like STI and commercial establishments in cashless cities such as Muntinlupa and Malabon; and in popular merchants within SmartSpots already enabled by WiFi connectivity in key cities such as Baguio, Cebu, and Davao.

    PayMaya Philippines, the country’s pioneer and leader in cashless payments, is the digital financial services arm of PLDT’s Voyager Innovations.

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  • Kinpo to add 2 factories in Philippines

    Kinpo to add 2 factories in Philippines

    Consumer electronics maker Kinpo Electronics, viewing that production capacities for smart home appliances at two factories in the Philippines will be fully utilized in first-half 2018, will set up two more factories there in third-quarter 2018, with one for injection molding and the other for assembly, according to company president Simon Shen.

    The existing factories and the ones to be built in the Philippines belong to Kinpo Electronics (Philippines) in which Kinpo and its Thailand-based affiliate Cal-Comp Electronics hold a 81% and 19% stake respectively, Shen said, adding the Philippines-based subsidiary is expected to be listed on the local stock market in third-quarter 2018.

    Kinpo stepped into production of consumer 3D printers in 2017 and currently has a global market share of 23-24% Shen said, adding it will extend production to business-use 3D printers in 2018.

    Kinpo expects to globally ship 73,000 3D printers, including 500 for color printing, in 2017, and 100,000 units in 2018, consisting of 2,500-3,000 color models, Shen noted. A color 3D printer sells for US$35,000.

    Kinpo has also begun production of service robots for hospitals, hotels, retail stores and airports, with unit prices ranging from US$15,000-30,000, and 2018 target shipments are set at 300-500 units, Shen indicated.

    Kinpo expects to ship 10,000 units of HiMirror, a smart device for medical care of facial skin, in 2017 and will offer a second-generation model with target shipments of 50,000-100,000 units in 2018.

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  • PTT plans to double retail fuel margins

    PTT plans to double retail fuel margins

    PTT, the national oil and gas conglomerate, plans to double profit margin from fuel retailing business to 30% of total sales by 2022, says Auttapol Rerkpiboon, chief of operations for downstream petroleum business.

    To achieve the goal, the company has set aside a capital spending budget next year of 12.17 billion baht, with another 10 billion for each year until 2022 to expand its oil and non-oil businesses.

    Mr Auttapol said the executive board approved the increased spending last week.

    The board also gave the go-ahead to an increase in the number of petrol stations to 1,800 nationwide next year and to 2,560 by 2022. The company has 1,400 petrol stations now.

    “Competition in the retail fuel business should be fierce,” Mr Auttapol said.

    PTT hopes the spending plan will allow it to maintain its position as the top fuel retailer with a 41% market share.

    The company plans to focus on diesel consumers next year by adding two new diesel stations for trucks.

    Diesel consumers are expected to drop over the next several years because of rival projects from competitors, Mr Auttapol said.

    The focus on petrol should help offset a dip in gas sales, Mr Auttapol said. Natural gas demand is expected to drop substantially after the removal of universal government subsidies this year, making prices uncompetitive against other fuels.

    The capital spending plan calls for PTT to expand the number of Amazon Coffee Shops to 2,300 next year, up from 2,000. The shop total is expected to rise to 4,000 in 2022, Mr Auttapol said.

    Another expansion on the non-oil front will be new food and drink retailers at PTT petrol stations. Next year, PTT expects to have an additional four food franchise brands at its stations.

    Mr Auttapol said PTT is about to finalise a plan to develop budget hotels adjacent to its fuelling stations and could announce a partner for the project soon.

    He said PTT plans to expand its petrol station network in other Asean countries from 225 stations to 295 next year and to 600 by 2022.

    For lubricants, PTT also plans to increase the sale of lube products next year, particularly in overseas markets such as China, where demand for lube remains high.

    PTT expects sales of lube product in China to rise to 400 million litres by 2022, up from roughly 200 million litres this year.

    Mr Auttapol said PTT expects fuel demand next year to grow by 2-3%, which is close to growth seen this year, an assumption based on domestic economic growth of 3-4%.

    The company’s PTT Oil and Retail Co is expected to be fully spun off in 2018, he said.

    PTT Oil and Retail Co aims for a listing on the Stock Exchange of Thailand in 2019.

    PTT shares closed yesterday on the SET at 448 baht, up two baht, in heavy trade worth 1.96 billion baht.

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  • GrabPay set to launch in Philippines

    GrabPay set to launch in Philippines

    Singapore-based taxi-booking company Grab plans to launch its digital payments platform GrabPay in the Philippines within the next six months.

    It is holding discussions with the central bank about acquiring an e-licence.

    Grab Philippines public affairs manager Leo Emmanuel Gonzales said it plans to roll out GrabPay as a digital payment app for retail purchases. The company currently offers mobile payment services via its top-up service GrabPay Credits and its rewards system GrabRewards.

    It launched GrabPay’s store and restaurant payments feature in Singapore last month after rolling out peer-to-peer fund-transfer services in August.

    Grab claims 63 million users across Southeast Asia.

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  • AirAsia celebrates Clark-Caticlan-Boracay inaugural flight

    AirAsia celebrates Clark-Caticlan-Boracay inaugural flight

    AirAsia is now flying direct to Boracay via Caticlan airport from Clark, Pampanga. The airline, voted the World’s Best Low Cost Carrier for nine years running, flew its maiden flight today with summer inspired theme held at pre-departure area in Clark International Airport. AirAsia flight Z2 922, with pilot in command Captain Samuel Yu-Asensi arrived at 10:55 a.m. AirAsia’s iconic red plane was greeted with a traditional water cannon salute upon landing. Philippines AirAsia’s chief pilot for training and standards Captain Darren Acorda said, “Today marks another milestone for AirAsia operations in Clark airport with the addition of our third domestic route. We are closing the year with Clark-Caticlan route but this early we have already started offering our signature low fares to three more new destinations out of Clark. Clark-Iloilo, Clark-Puerto Princesa and Clark-Tacloban commencing in January, and we are here to give only the best quality service that every traveller from Central and Northern Luzon deserves.”

    To celebrate, AirAsia is offering promo fares for Clark-Caticlan from as low as P1,566 now available for booking at airasia.com today until 31 December 2017 valid for travel between December 18 2017 until January 8, 2018. Clark International Airport officials led by CIA Corporation President Alexander Cauguiran, DOT Regional Director Carol Uy, and Mabalacat Mayor Crisostomo Garbo graced the send-off ceremony with Philippines AirAsia chief pilot for training and standards Captain Darren Acorda representing the airline CEO Captain Dexter Comendador. “AirAsia believes in Clark. We established our base operations here and launched commercial flights in 2012 with only two planes – and now we have a fleet of 17 jets and we are aiming to expand and grow operations here in the coming years,” Acorda said. AirAsia’s Clark-Caticlan operates daily with flights departing Clark at 1:50 p.m. and arriving in Caticlan at 3:05 p.m. Meanwhile, AirAsia is also set to launch three domestic flights starting January 26, 2018.

    Clark-Puerto Princesa and Clark–Iloilo routes will operate three times a week or every Tuesday, Thursday, and Saturday while Clark–Tacloban route is every Monday, Wednesday, Friday, and Sunday. AirAsia has marked its return to Clark with the launching of flights to Davao and Kalibo from Clark International Airport last March. AirAsia launched commercial flights from Clark in 2012 before transferring its hub to Metro Manila following a strategic partnership with a local carrier in 2013. AirAsia has since been operating on a much larger scale from Metro Manila and has expanded its domestic and international network with flights from secondary hubs in Cebu and Kalibo operating a fleet of 17 aircraft from only two planes when it opened in Clark five years ago.

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  • Jollibee is Hiring For its Upcoming Mississauga Location

    Jollibee is Hiring For its Upcoming Mississauga Location

    You’ve waited so patiently for Mississauga’s very first Jollibee location and while you will have to wait a little longer to chow down on its extremely popular offerings, you can apply to work there now.

    The soon-to-open Jollibee restaurant, a popular fast food brand from The Philippines, will take shape inside the recently opened Seafood City Supermarket in Heartland Town Centre. But while the resto isn’t slated to open until 2018, the brand is already hiring.

    According to Jollibee’s website, it’s currently looking for a restaurant manager for the Mississauga location (it’s also looking to hire for the same position in Scarborough, so let your east end friends know if they’re in the market for a foodservice position).

    The brand is also looking for a store supervisor and general “crew members” to help with the day to day work of running a bustling quick-service joint.

    Note that restaurant managers and store supervisors must have some academic and professional credentials.

    Part-time and full-time positions are available and all applicants must present proof that they are eligible to work in Canada.

    As for exactly when the resto will open, Heartland Town Centre and Seafood City representatives say that Jollibee is slated to open early in the New Year, which means you’ll get to warm up with a burger this coming January or February.

    The brand offers a range of Asian and North American staples, boasting traditional fast-food hamburgers, spaghetti (which is definitely an unusual find at quick-service chains), fried chicken, garlic pepper beef, spring rolls, corned beef breakfast dishes and more.

    As for Seafood City, that was exciting opening in and of itself.

    For those who don’t know, Seafood City is a Filipino supermarket with over 20 locations in the U.S. The brand specializes in Filipino food and products and Mississauga is now home to the chain’s first Canadian location. The store officially opened its doors in September.

    Jollibee will joint a host of other quick-service spots inside the supermarket, including Grill City, Noodle Street, Crispy Town and Valerio’s Bake Shop (which just opened this month).

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  • Philippines’ Duterte urges fast-track for third telco

    Philippines’ Duterte urges fast-track for third telco

    The Philippines’ president Rodrigo Duterte has announced plans to fast-track the entry of a third operator into the market, and wants the operator to be up and running within the first three months of next year.

    Duterte has directed the Department of Information and Communications Technology and regulator the National Telecommunications Commission to approve all applications and licenses within seven days of a completed submission.

    The president last month approached the Chinese government with the opportunity to become the Philippines’ third major player in partnership with a local company. The as-yet unnamed Chinese telco would take a 40% stake in the venture with a consortium of local companies expected to own the remaining 60%.

    Philippines’ courts have meanwhile been warned against interfering and prolonging the process of the entry of the third player.

    The government has meanwhile moved to allay fears that China’s entry into the telecoms sector may compromise national security in light of the ongoing South China Sea dispute, noting that foreign players already hold minority stakes in incumbent operators Globe and PLDT.

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  • SM Prime adds to Luzon portfolio

    SM Prime adds to Luzon portfolio

    Philippine integrated property company SM Prime Holdings has opened a mall in Batangas to continue its expansion in southern Luzon.

    SM Center Lemery adds 25,000sqm to SM Prime’s total gross floor area in the Philippines, and follows SM City Batangas and SM City Lipa.

    It opened with nearly 90 per cent of space leased. There are three floors of mixed retail and food tenants including brands such as Ace Hardware, BDO, Miniso, Simply Shoes, SM Appliance Center, SM Hypermarket, Surplus and Watson’s. There are also a Cyberzone and a Wellness Zone.

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  • Cebu Pacific apologizes for delays in morning flights, cancels one flight due to bad weather

    Cebu Pacific apologizes for delays in morning flights, cancels one flight due to bad weather

    Cebu Pacific cancelled one domestic flight to Cauayan, Isabela, on account of bad weather Wednesday, even as it apologized for the inconvenience caused by an average 45-minute delay in early morning flights.

    Cancelled due to bad weather was 5J 196/197, Manila-Cauayan-Manila 5J- Cebu Pacific.

    In a separate advisory, Cebu Pacific attributed the flight delays to a temporary slowdown in the production of its flight plans.

    “Early morning flights were delayed by approximately 45 minutes as a consequence and this will also cause a domino effect for flights throughout the day,” said the leading low-cost carrier.

    “We are currently putting measures in place to make up time and thus minimize delays to our schedule. Our airport personnel are on-hand to assist affected passengers. We sincerely this has caused, and appeal for patience and understanding,” said the airline.

  • ItalianCreationGroup Plans Expansion Drive Along The Silk Road

    ItalianCreationGroup Plans Expansion Drive Along The Silk Road

    Milan-based ItalianCreationGroup, which owns Italian luxury furniture brands, plans to open 12 stores along the Silk Road over the next year.

    Co-founder/CEO Stefano Core says the aim of the company’s new retail strategy is to expand its global presence, especially in Asia.

    “We are opening stores from China to Iran, following the paths of the ancient Silk Road trading routes.”

    ItalianCreationGroup has just opened stores in Hong Kong and Mumbai, with Tokyo scheduled this week. Next years stores will open in Shanghai, Foshan and Shenzen in Mainland China, Ho Chi Minh City, Manila, Jakarta and Ahmedabad in India.

    “We believe in a new Italian renaissance,” says Core, whose company has over the past few years acquired Italian furniture brands including legendary Driade and FontanaArte, as well as boutique bathroom design firm Toscoquattro and luxury kitchen maker Valcucine (pictured).

    He says that bringing together design firms under one roof for the first time will allow ItalianCreationGroup to offer a range of Italian high-end products to the world.

    Already the company has opened flagship stores in London and New York.

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  • DHL handles domestic conveyance of OFWs’ passports for renewal

    DHL handles domestic conveyance of OFWs’ passports for renewal

    DHL Express has made arrangements with the Philippine Embassy to handle domestic transport of passports to and from the embassy for renewal.

    “We are delighted at securing this deal to provide a safe and secure solution for Overseas Filipino Workers (OFWs) in the Kingdom of Saudi Arabia,” said Faysal El Hajjami, Country General Manager. “Applicants can now rest assured their passports are in the safe hands of DHL Express and will be received, processed and delivered to them without delay.”

    According to statistics given by the Philippine Embassy, there are more than 800,000 Filipinos currently living in the Kingdom of Saudi Arabia. The embassy receives around 7,000 Philippine citizens’ requests for passport renewals every month.

    For Philippine citizens living in distant areas of the kingdom, the passport renewal process could be very costly since they need to travel all the way to Riyadh or Jeddah to hand in their passports, travel back to their place of residence, wait for 30-40 days, and then travel back to Riyadh or Jeddah to collect their passports. While citizens in the Eastern Province have to wait for the “Embassy on wheels” program which the embassy provides according to scheduled visits.

    With DHL providing this convenient solution for both the Philippine Embassy and the Overseas Filipino Workers in the kingdom, all that is required from the OFW is to visit the Riyadh Embassy one time only to register their biometric scans. Once the scan is completed Philippine residents will only have to hand in their passports to the closest DHL Express retail service point. DHL will then transport the passport from the service point to the Philippine Embassy in Riyadh and back to the service point.

    By handling all of the passport renewal deliveries, DHL will be effectively saving a huge amount of time and money for all Philippine residents who choose to use the DHL Express service.

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  • Robinsons Retail acquires 20% stake in beauty website

    Robinsons Retail acquires 20% stake in beauty website

    Multi-format retailer Robinsons Retail Holdings has acquired a 20 per cent stake in Taste Central Curators, which runs Filipino e-commerce site BeautyMNL.

    Robinsons Retail has taken 1 million shares of the online store, which sells a range of beauty products including makeup, skincare and haircare.

    Financial details of the deal have not been disclosed as the transaction amount was less than 10 per cent of Robinsons stockholders’ equity.

    Robinsons Retail has six business segments: supermarkets, department stores, do-it-yourself stores, convenience stores, drugstores and specialty stores. Its brand names include Costa Coffee, Daiso Japan, Handyman Do it Best, Ministop, South Star Drug, The Generics Pharmacy, Topman, Topshop, Toys R Us and True Value.

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