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Tag: retail prolems

  • Value-added tax to be cut to 8 pct from February

    Value-added tax to be cut to 8 pct from February

    A draft government decree reduces value-added tax on many products and services from the current 10 percent to 8 percent from Feb. 1.

    The decree on tax reduction to foster economic recovery approved by the National Assembly will also make expenses on pandemic prevention deductible.

    The VAT cut will lead to a loss of some VND49.4 trillion (over $2.1 billion) in revenues, according to the Ministry of Finance.

    The deductible expenses will lead to a loss of VND2 trillion.

    The lower VAT rate will not apply to telecommunications, information technology, financial activities, banking, securities, insurance, real estate, metal, and prefabricated metal products, mining (excluding coal), coke, refined petroleum, chemicals, and chemical products, and goods and services subject to excise tax.

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  • I.T flags big loss as Covid-19 impacts shoppers’ enthusiasm

    I.T flags big loss as Covid-19 impacts shoppers’ enthusiasm

    Multibrand Hong Kong fashion retailer I.T Limited has warned shareholders it will likely post a loss of at least US$38.7 million for the six months to August, such has been the impact of the Covid-19 on sales.

    Chairman Sham Kar Wai said in a letter to shareholders that the Covid-19 pandemic had led to a decline in consumer-spending enthusiasm across the world. While it has offered extra discounts to boost sales volume amid “an incredibly difficult trading environment” sales were down substantially.

    This is the third profit warning the company has issued this calendar year, following earlier announcements in July and August. It is based on initial figures and subjects to change before final results are reported tomorrow, (October 29).

    “Although during the period ended 31 August, the group took rapid and decisive action to reduce costs considerably, the savings in operating costs were not sufficient to offset the decline in sales and gross margin,” he said.

    August’s likely half-year loss follows a deficit of $9.2 million in the same period last year.

    I.T Group operates its own brands, including Chocolate and 5cm, concept stores Izzue and Double-Park; international brands it has local licenses for including Kurt Geiger and Camper; and A Bathing Ape, which the company rescued from Japanese owners in 2011.

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  • Japanese shopping service Nippon Passport secures funding

    Japanese shopping service Nippon Passport secures funding

    Nippon Passport has raised ¥200 million (US$1.82 million) in pre-series A funding, led by private investors and business companies through a third-party allotment.

    In response to the Japanese government’s target to attract 60 million foreign tourists annually by 2030, the firm has launched its “NP Pass” service, driving foreign visitors through affiliate shops for a commission fee of 10 percent of total sales. Travelers who download the app can receive discounts and vouchers for participating retailers.

    With the financing, Nippon Passport intends to improve the “NP Pass” app as well as develop its network of affiliate shops and agents.

    “Japan’s population has been steadily decreasing,” said Nippon Platform CEO Shinsuke Hishiki.

    “We believe that Nippon Passport’s service makes significant headway in collaboration with Nippon Platform related to tablet solutions, and transfers from attracting customers for tourism consumption to making solutions for paving the way for regional revitalization.”

    Tharminder Singh, a director at Nippon Passport, says the ever-changing nature of technology such as AI and self-driving cars is starting to move consumers away from products and towards experiences and travel.

    “Using technology and smart mechanisms to harness the value of bringing people together through tourism inbound and outbound [we are] creating a value proposition that helps drive the industry and new ways of attracting people and traffic and increasing business.”

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