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Tag: region

  • Veteran Leader Hiren Gor Appointed As Levi Strauss & Co.’s Managing Director For Emerging Markets

    Veteran Leader Hiren Gor Appointed As Levi Strauss & Co.’s Managing Director For Emerging Markets

    Levi Strauss & Co has appointed Hiren Gor as the Managing Director for the South Asia, Middle East, and Africa (SAMEA) region, effective immediately.

    Gor is a veteran leader with a 16-year tenure at Levi’s, with his previous role being the General Manager for South Asia. During his time in the company, Gor has spearheaded retail expansion efforts, implemented the iconic store strategy, and increased the company’s digital and omnichannel operations. His promotion is aimed at aligning with Levi’s strategic plan of enhancing its footprint in crucial emerging markets.

    In his latest position, Gor will manage operations across South Asia, the Middle East, and Sub-Saharan Africa. He will be focused on fostering growth and intensifying the company’s presence in these diverse and highly competitive markets.

    Gor’s strategic clarity, operational excellence, and strong affiliation with the brand have been highly praised by the company. Gianluca Flore, the Chief Commercial Officer at Levi Strauss & Co., expressed his confidence that Gor’s leadership will continue to enhance the company’s commercial performance and deepen its influence across these dynamic markets.

    Levi Strauss & Co. has recently reported promising second-quarter results, exceeding initial expectations. The financial report for the second quarter, which ended on June 1, revealed a 6% increase in net revenues on a reported basis and a 9% rise on an organic basis, amounting to US$1.4 billion.

    Questions & Answers

    Who is the newly appointed Managing Director for the SAMEA region at Levi Strauss & Co.?
    Hiren Gor has been appointed as the new Managing Director for the South Asia, Middle East, and Africa (SAMEA) region at Levi Strauss & Co.

    What were some of Gor’s achievements during his previous role at the company?
    During his tenure, Gor led retail expansion efforts, implemented the iconic store strategy, and grew the company’s digital and omnichannel operations.

    What were the second-quarter financial results for Levi Strauss & Co.?
    The company reported a 6% increase in net revenues on a reported basis and a 9% rise on an organic basis, reaching US$1.4 billion.

  • UBS Announces Ambitious Expansion Plans in the Gulf Region

    UBS Announces Ambitious Expansion Plans in the Gulf Region

    UBS is doubling down on the Gulf region and plans to open a new branch in Abu Dhabi.

    Written by Gérard Al-Fil, Dubai

    Switzerland’s largest bank is set to elevate its footprint in the United Arab Emirates (UAE) with an exciting new branch in Abu Dhabi, building on its established presence in the Dubai International Financial Centre (DIFC). According to Bloomberg, this strategic expansion reflects a growing confidence in the region’s potential.

    Beatriz Martin Jimenez, UBS’s President for Europe, the Middle East, and Africa, stated, “The Middle East is definitely a winner for individuals who have moved away from high-tax systems and other countries such as the UK.” This sentiment resonates particularly with affluent Britons, many of whom are flocking to the UAE following the Labour government’s election victory under Prime Minister Keir Starmer in July 2024, which promises increased taxation for the wealthy.

    Beyond the Emirates, UBS has a significant presence in Saudi Arabia, Qatar, and Bahrain, ensuring it remains close to its high-net-worth clients across the Gulf region. This network of branches not only enhances UBS’s ability to cater to the unique needs of affluent clientele but also underscores the bank’s commitment to the aspirations of the region.

    As UBS charts its course in the ever-evolving landscape of wealth management, one has to wonder if Abu Dhabi could soon become the playground for Europe’s elite, offering more than just beautiful beaches and luxurious shopping: a playground for wealth with a side of sunshine!

    Questions & Answers

    Why is UBS opening a new branch in Abu Dhabi?
    The expansion aims to enhance UBS’s presence in the UAE, catering to a growing number of affluent clients relocating from higher-tax countries.

    What factors are contributing to this influx of wealthy clients to the UAE?
    The recent election of the Labour government in the UK, which has proposed higher taxes for the affluent, is driving many individuals to seek more favorable tax conditions in the UAE.

    Which other Gulf countries does UBS operate in?
    UBS also maintains a presence in Saudi Arabia, Qatar, and Bahrain, strategically positioning itself to serve high-net-worth clients throughout the region.

  • Amazon Australia will now service New Zealand customers as well

    Amazon Australia will now service New Zealand customers as well

    Amazon Australia has broadened its reach in the region, and is now officially offering its services to customers in New Zealand.

    While the online marketplace launched in Australia in 2017, Kiwis have long needed to purchase goods from the US marketplace, according to the business, and will now be able to access faster delivery times from Australia’s warehouses.

    “We are excited to offer Kiwis access to millions of products at great prices,” said Tony Austin, general manager for exports. Delivery will start at NZ$3.20, while parts of Auckland and Christchurch will have the option of expedited delivery for around NZ$7.49.

    This move should help New Zealand brands to access a wider range of the country, if they aren’t able to ship everywhere, by way of listing on Amazon Australia – and will allow more Australian brands to access the New Zealand market.

    It isn’t clear if New Zealand will be able to take part in certain Australian programs, such as the recently announced ‘Amazon Warehouse’ resale platform, or its on-demand paperback printing service ‘Print on Demand’, or if the New Zealand service will be limited to the business’ traditional marketplace offering.

    The service will certainly be able to take advantage of the business’ recently announced Western Sydney robotic fulfilment centre, which is set to “effectively double” Amazon’s operational footprint in Australia.

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  • Puma profit Down

    Puma profit Down

    Sportswear giant’s sales and profit soar, with China one of its greatest performing markets.

    Puma is celebrating its “best quarter ever” as sales, gross margin and profit reached record levels.

    On a currency-adjusted basis sales reached €1.319 billion (US$1.476 billion) up 15.3 per cent, while on a reported basis, sales growth was 16.6 per cent.

    The German-headquarted sportswear retailer said the increase reflected continued growth in all regions and product divisions across the business.

    Gross profit margin improved by 80 basis points to 49 per cent and EBIT by 27 per cent to €143 million. Net earnings rose 40.1 per cent to €94.4 million in the quarter.

    “The first quarter of 2019 was the best quarter Puma has ever seen,” said Bjorn Gulden, Puma’s CEO. “Revenues … were the highest Puma has ever achieved in a quarter and the EBIT … was also the highest absolute EBIT Puma has ever achieved. So, it has been a very good start into the year.”

    By region, Asia-Pacific – driven by China – and the Americas contributed with double-digit sales growth, while sales in Europe, Middle East and Africa increased “solidly,” the company said.

    By division, apparel was the main growth driver in the quarter, followed by accessories and footwear. The categories running and training, teamsport, motorsport and golf on the performance side, as well as sportstyle all recorded strong growth.

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