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Tag: retailing

  • South Korean retail firms Lotte and Shinsegae bid for EBay Korea

    South Korean retail firms Lotte and Shinsegae bid for EBay Korea

    South Korean retailers Lotte Shopping and Shinsegae Group entered separate binding bids for eBay’s South Korean business, the retailers’ spokesmen said on Monday.

    eBay Korea – South Korea’s third-largest e-commerce firm with a 12.8% market share in 2020, according to Euromonitor – is on sale for what eBay hopes could be up to 5 trillion won ($4.5 billion), analysts said.

    The retailers’ spokesmen declined to comment on the terms of their bids. An eBay Korea spokeswoman also declined to comment.

    Local retail giants Lotte and Shinsegae have struggled to catch up to leading competitors like South Korea’s No. 1 e-commerce firm Coupang in the fast-growing online shopping sector, especially after the onset of COVID-19.

    South Korea’s online shopping transactions were worth 161 trillion won in 2020, accounting for a record 27.2% of total retail transactions, up from 21.4% in 2019.

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  • Industry ministry seeks Covid vaccination priority for retail workers

    Industry ministry seeks Covid vaccination priority for retail workers

    The Ministry of Industry and Trade wants employees at retailers selling essential goods to be prioritized for Covid-19 vaccination, saying they face a high risk of infection.

    It has made the proposal to the Government following demands from large retail chains and the Association of Vietnam Retailers.

    It said workers at supermarkets, convenience stores, traditional markets, and grocery stores come in contact with large numbers of customers on a daily basis. Vaccinating them would also ensure supply chains of essential goods are not disrupted.

    It also urged the Ministry of Health to assist retail businesses with sourcing vaccines and immunizing their workers.

    Some retailers have said they will pay for the vaccines.

    Enterprises in some other sectors like textile and garment, footwear, fisheries, and electronics have also called for prioritizing their workers since most work in industrial zones and face great risk.

    Le Tien Truong, chairman of the Vietnam National Textile and Garment Group (Vinatex), said delayed deliveries could result in contract cancellations and penalties running into billions of dollars, and so textile and garment workers should be prioritized for vaccination, especially in pandemic-hit areas like Bac Ninh and Bac Giang Provinces, HCMC and Hanoi.

    “Vinatex is willing to pay for the vaccines.” He said it is prepared to spend VND100-200 billion ($4.3-8.6 million) for the vaccinations.

    The Private Economic Development Research Board has recommended that the government should allow enterprises to directly buy vaccines from suppliers for their employees.

    Vietnam has had 5,008 Covid cases as of Friday morning in 37 cities and provinces since the new wave began on April 27.

  • Le Saunda sales continue to fall

    Le Saunda sales continue to fall

    Hong Kong-headquartered shoe retailer Le Saunda shut down 52 stores during the year to February as it worked to mitigate falling sales in the wake of the Covid-19 pandemic.

    The embattled shoe retailer recorded a profit for the full year of US$16.6 million, although this was entirely due to material gains on the return of its former manufacturing plant at Shunde in Guangdong for which Le Saunda booked a material gain of $25.4 million. Local government grants to mitigate the impact of the pandemic added around $1.4 million to income.

    Total revenue for the year fell by 19.3 percent to US$97.2 million due to store closures and trading restrictions related to government measures to slow the spread of Covid.

    Efforts to reduce overheads across the business resulted in selling and distribution expenses falling 28.5 percent to $37.4 million. The company also managed to cut inventory by 44.1 percent year on year, some of that relating to fewer raw materials after the Shunde plant was closed.

    In a stock exchange filing, chairman James Ngai said the pandemic led to a “severe winter” for greater China’s retail industry.

    Le Saunda responded by outsourcing manufacturing, closing unviable stores, tapping into social commerce, and expanding online sales channels through the “livestream shopping” model. It launched the Le Saunda Y collection online, aimed at catering to the preferences and buying behavior of younger female consumers, and upgraded its loyalty scheme to a WeChat Mini Program.

    “During the pandemic, the group was determined to innovate, grasp the pulse of the market and introduce new elements to its brands, so as to maintain the competitive edge of its brands and its leading position in the female footwear market,” he said.

    As at the end of February Le Saunda had 297 stores (down 34) under its core branding, and 40 Linea Rosa stores (down 12).

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  • Vincom Retail sets conservative business targets

    Vincom Retail sets conservative business targets

    Vincom Retail targets a post-tax profit of VND2.5 trillion this year, up 5 percent from 2020 but lower than in 2019.

    The mall developer and subsidiary of conglomerate Vingroup eyes revenues of VND9 trillion, up 8 percent from last year but marginally below the 2019 figure.

    It has set these conservative targets after a challenging 2020 caused revenues from leasing fall by 14 percent as social distancing kept people away from malls.

    This year, it plans to focus on developing mega malls at Vinhomes’ urban complexes. Its Vincom Mega Mall Smart City in Hanoi is set to open in the third quarter.

    It also plans to open two Vincom Plaza malls in the southern localities of My Tho and Bac Lieu.

    Vincom Retail currently operates 80 malls.

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  • Central Retail sales rebound to 90 per cent of pre-Covid levels

    Central Retail sales rebound to 90 per cent of pre-Covid levels

    Thai group Central Retail says it achieved 90 percent of its pre-Covid sales performance in the March quarter, the result of what CEO Yol Phokasub described as “thriving on steadily regaining balance” during a time of challenges and uncertainties”.

    First-quarter sales were down 9.7 percent to US$1.56 billion, however, net profit was down 48.4 percent to $14.65 million.

    In a statement, the company said that considering the semi-lockdown situation resulting from the second and third waves of the pandemic – when most businesses stopped trading – the impact on the retail market was more severe than the previous year.

    Phokasub said the company was able to take advantage of a broad portfolio of retail brands which enabled business agility during the Covid crisis, including synergy between the Central and Robinson department stores. It also benefited from the expansion of the Tops Market both within Thailand and in Vietnam, its Go! Malls concept in Vietnam and the recent acquisition of the B2B omnichannel books and stationery business.

    He said that during the year ahead Central Retail plans to increase work efficiency and productivity through technological development and strong cash flow while looking for new business ventures to diversify its portfolio.

    “Central Retail’s long-term vision and business plan before the Covid-19 pandemic remain unchanged, and that is to achieve sustainable and profitable growth.”

  • Singapore retail sales growth eased up in March

    Singapore retail sales growth eased up in March

    Retail sales continued to recover in March as the Singapore economy rebounded, though the figures were boosted by the comparison with the situation a year ago when Covid-19 safe distancing measures began and border restrictions were in place.

    Takings at the till grew by 6.2 percent in March on a year-on-year basis, compared with the revised 5.3 percent increase recorded in February, according to data out on Wednesday (May 5).

    This made for a second consecutive month of retail sales growth after a 24-month-long year-on-year slide. Excluding motor vehicles, sales increased 4.4 percent in March. Almost all segments registered jumps in turnover, with the sales of watches and jewelry jumping the most, by 60.2 percent. This was followed by the sales of apparel and footwear, which increased by 35.6 percent. This was due to the lower base in March 2020 when there were low tourism receipts arising from tightened border restrictions, said the Department of Statistics (SingStat).

    Sales of recreational goods grew by 28.3 percent, while takings by retailers of computer and telecommunications equipment increased by 19.9 percent.

    Petrol service stations registered an increase of 18.6 percent, while vehicle sales went up by 15.6 percent.

    But sales at supermarkets and hypermarkets reversed their growth streak from last year and dropped by 14 percent.

    This was in comparison with March 2020 when there were higher sales as more people stayed home after safe distancing measures were introduced, SingStat noted.

    Sales of cosmetics, toiletries, and medical goods also fell, by 13.2 percent.

    On a seasonally adjusted month-on-month basis, SingStat observed that most retail industries recorded growths in sales.

    “Discretionary industries such as motor vehicles, watches, and jewelry, wearing apparel and footwear and department stores recorded growths in sales of between 5.2 percent and 7.8 percent, attributed to higher domestic spending given overseas travel restrictions,” it said.

    But sales of furniture and household equipment declined during this period, as demand for furniture slowed down, with more people returning to the workplace, it added.

    Meanwhile, sales of food and beverage services grew by 8 percent year on year in March, a reversal from the 3.4 percent decline in February.

    This growth was mainly attributed to the lower sales in March 2020 when safe distancing measures were first introduced to contain the Covid-19 outbreak, SingStat said.

    Restaurant sales grew by 17.9 percent, while cafes, food courts, and other eating places saw takings rise by 5.6 percent. But food caterers continued to suffer a slide in sales, of 25 percent. The total sales value of food and beverage services in March was estimated at $730 million, with online sales making up an estimated 23.5 percent. The estimated total retail sales value in March was about $3.5 billion. Of this, online retail sales made up an estimated 11.8 percent.

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  • Disputes keep pace with e-commerce growth

    Disputes keep pace with e-commerce growth

    As Vietnam’s digital economy grows, so does the incidence of disputes between online sellers and buyers. The e-commerce market grew by 16 percent to $14 billion in 2020 and is expected to be worth $52 billion by 2025, according to a report by Google. The number of disputes is also growing rapidly, with 24.4 percent of sellers embroiled in disputes last year,a survey by the Central Institute for Economic Management (CIEM) found.

    The Vietnam E-Commerce and Digital Economy Agency said it handled over 250 cases of e-commerce violations last year like unregistered websites, selling low-quality products, and assuming false business identities to cheat consumers.

    Besides, e-commerce platforms took down over 17,400 online stores and 34,600 products in the first five months of 2020, according to the agency.

    Nguyen Anh Duong, head of the general research department at CIEM, said though e-commerce platforms have procedures for receiving customer complaints and settling disputes, they can only handle sellers’ violations by closing the stores and cannot to make them compensate customers they cheated.

    Experts said the demand for an online dispute resolution (ODR) system in e-commerce is growing since many enterprises and individuals do business online.

    But Vietnam lacks a clear legal framework for the ODR, and experts said it is needed immediately so that an ODR system could be deployed.

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  • Hongkongers return to stores – but sales still well down over two years

    Hongkongers return to stores – but sales still well down over two years

    The local consumer retail demand is projected to get worse in the new year, most especially those that are riding on the tourism sector, which is also expected to be sourer at the same time. In a survey by the Hong Kong Retail Management Association (HKRMA), 97% of the respondents have posted losses starting mid-2019. About 30% of this figure said that they will resort to laying off 10% of their staff, whilst 43% stated that they will have to close down in the next six months.

    The respondents of the survey involves 176 companies, which have more than 4,000 stores and 89,700 employees.

    However, a Bloomberg report stated that this equated to around 5,600 employees that are set to lose their jobs and the retail sector will not be saved by usual holiday rush. David Ji, describes this as the worst-case scenario for the sector.

    “Retailers who used to have stores concentrated in major shopping areas may consider dispersing their stores to the neighborhood areas. As people have avoided going to crowded areas, sales in community malls, neighborhood malls and suburban malls, which offer daily necessities to locals, were relatively more resilient and saw solid sales even amid Hong Kong’s social unrest,” Ji added.

    In a study by PwC in 2017, the total retail sales in Hong Kong was likely to relive its 2013 peak of $494.4b (US$63.3b) in 2020, whilst jewellery and watch sales may also return to a high of $118.3b recorded in the same year.

    Its healthy growth pace continued throughout 2018 and started off positively in 2019, according to a report by Cushman & Wakefield. It was well-supported by the new transportation links to mainland China as it fueled an increase in visitor arrivals to Hong Kong. Over the first two months of the year, mainland arrivals saw the largest growth in five years, growing by 19% YoY and by 21% YoY for same-day visitors.

    It went on through June and provided a boost to foot traffic and retail sales in some sectors such as cosmetics and non-discretionary retail.

    Then by July, Hong Kong’s retail market has struggled amidst the growing social unrest and resulting disruption to retailers’ businesses throughout the city. Mainland tourist arrivals plummeted as the unrest escalated and in October, the number of visitors from the Mainland dropped by 45.9% YoY, the steepest decline ever in a single month. Retail sales naturally followed, dropping by 24.3% YoY in the same month, after a drop of 18.2% YoY in September.

    The decline was led by jewelry and watches which recorded a fall in sales of 42.9% YoY, followed by medicines & cosmetics (down 33.5%). These two used to lead Hong Kong’s retail sector two years ago.

    It wasn’t just the social unrest that kept the retail market at bay. “The continuation of social unrest is obviously the key challenge followed but the further deterioration of the Chinese economy, which is key for HK’s growth,” said Alicia Garcia-Herrero, chief economist at Natixis.

    A note by DBS Group Research also noted that exports of travel services (down 32.2%) was dampened by a weaker Chinese yuan. Tourist’s hot picks such as clothing, jewelry, and cosmetics/medicines fell by 20%-40% and will be a big slap for retail sales where tourist spending accounts for 40% of the sector’s performance.

    In addition, the unemployment rate of consumption and tourism-related sectors (16.5% of labor force) already leapfrogged from 3.9% in June to 5.0% in October, lifting the headline 3 months moving the average jobless rate from its 20-year low of 2.8% to 3.1%.

    “Looking ahead, the retail sector will stay weak due to subdued local demand. Hopefully, the temporary rental adjustments for tenants could contain the risks of large-scale closure of businesses and laid-off,” DBS said in the report.

    Across the retail property scene, rents continue to go down which will endanger Hong Kong’s status as the most expensive retail street. Cushman & Wakefield stated that in Q4 2019, the decline in rentals across all submarkets has become even steeper, falling to its lowest level in more than five years.

    Landlords are struggling to retain their tenants, Lawrence Wan, senior director for advisory & transaction services– retail at CBRE Hong Kong added that local pharmacies and larger F&B outlets have abandoned leases over the past few months.

    “Landlords and high street shop owners are considering to provide short-term lease discounts to retain tenants, to alleviate the impact of the social unrest on retailers’ performance. Retailers are consolidating their operations and looking to upgrade their products and service offerings with enhanced customer experience to encourage spending,” Wan said.

    He also added that the rent levels will continue to drop in the short run. But in the long run, this might as well be the “new normal” that retailers have to adjust to. Such will be largely dependent on any government policies and measures that will help the market recover.

    “[W]e can expect a rental adjustment which will allow the retail market to  become more sustainable than what we had experienced in the past few years whereby rents were at very high levels. It will be difficult to predict the timeframe but retailers should get prepared and review their business strategies to cater to the “new normal,” Wan noted.

    Even though there are a number of retailers looking to leave Hong Kong, the region still saw some new openings during the events of the social unrest. Charles Chan, senior Asia retail analyst at IGD, cited the re-launch of beauty retailer Sephora, who have left the market ten years ago. It promised to bring 40 brands in their stores.

    “The re-launch of Sephora provides an indication of how Hong Kong’s retail landscape has shifted. Shoppers expect exciting digital store engagements and touch points rather than just a range of products presented to them. We have also seen Lush, for example, launch its first Asia Naked concept store in Hong Kong, whilst Don Don Donki opened its first store in Hong Kong in July earlier this year,” Chan shared.

    On the digital front, ecommerce platforms may not be as affected as they are still grabbing a larger market share, according to Ji. “In view of this, more physical retailers have already set up online sales channel to catch up the trend. On the other hand, some have leveraged the latest technology such as AR to enhance in-store shopping experience for customers,” Ji added.

    However, Chan still warned that brands and retailers need to be articularly careful on inadvertently choosing a political side in their marketing and messaging.

    A survey by YouGov showed which brands have been the most negatively affected in terms of consumer spending, where most cases are correlated to controversies around the protests. Chinese electronics firm Xiaomi’s brand metric score dropped 40.5 points to -4.1 from a score of 36.4 last August. Its decline started when it released a new smart TV carrying a slogan that is said to mimic chants in the gathering.

    “Despite the uncertain economic and political circumstances, we have seen businesses continue to innovate to stay relevant. The re-launch of Sephora provides an indication of how Hong Kong’s retail landscape has shifted. Shoppers expect exciting digital store engagements and touch points rather than just a range of products presented to them. We have also seen Lush, for example, launch its first Asia Naked concept store in Hong Kong, whilst Don Don Donki opened its first store in Hong Kong in July earlier this year.”

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  • Japan’s retail sales rise at fastest pace in five months

    Japan’s retail sales rise at fastest pace in five months

    Japanese retail sales rose 5.2 percent year-on-year in March, representing the fastest pace of growth in five months as consumer demand returned after suffering a huge hit due to the coronavirus pandemic last year, according to a report.

    The world’s third-largest economy’s retail sales gains beat the median market forecast of 4.7 percent growth with the fastest rise since a 6.4 percent jump in October and the first positive growth seen in four months. Compared with the previous month, retail sales rose 1.2 percent on a seasonally adjusted basis.

    Fashion items were one of the categories driving growth in March and department stores saw particularly strong gains, posting a 19.3 percent jump in sales.

    This said, Japan’s slow vaccine rollout and a resurgence of Covid-19 cases, leading to new state of emergency declarations last week, are expected to weigh on consumption in the near term.

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  • Papa John’s launches in Cambodia

    Papa John’s launches in Cambodia

    US pizza chain Papa John’s is launching in Cambodia with 15 restaurants scheduled to open during the next three years. The company opened its flagship store in Phnom Penh last month.

    “Papa John’s Cambodia team is truly passionate about pizza,” said Peter Xu, Papa John’s Cambodia franchisee.

    “With our ‘Better ingredients – Better pizza’ promise, we look forward to providing local pizza lovers with quality products and outstanding services.”

    Xu also owns a Papa John’s franchise in New York and other business ventures in Cambodia.

    Jack Swaysland, Papa John’s COO, international, said that following a record year of sales and growth, Papa John’s is well-positioned to accelerate international development, a key pillar for the brand’s long-term growth.

    Papa John’s has restaurants in 48 countries, with the latest new openings in France, Spain, Tunisia, Iraq, the Netherlands, Morocco, Kazakhstan, Kyrgyzstan, Poland, the Bahamas, Pakistan, and Portugal. The company is eyeing expansion in Brazil, Japan, and Southeast Asia.

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  • South Korean retail sales record double-digit growth

    South Korean retail sales record double-digit growth

    Department store sales jumped 40 percent in February against a year-ago period in the biggest year-on-year gain since the data became available from 2005 to suggest a rebound in private consumption in South Korea.

    According to the Ministry of Strategy and Finance’s monthly economic review, department store sales jumped 39.5 percent on year in February, a record-high growth rate since monthly records became published.

    Sales at discount stores also gained 24.2 percent, the largest increase since the 34.8 percent gain in Feb 2015.

    Domestic credit card spending last month rose 8.6 percent from a year ago, rebounding for the first time in three months.

    The boost in consumer spending was spurred by the Lunar New Year’s holiday in early February in a pent-up demand after protracted social distancing measures, the finance ministry noted.

    The figure also goes against poor numbers a year ago when the country was swept up in the first wave of Covid-19 outbreak.

    In Feb last year, the department store sales fell 30.6 percent. Discount store revenue declined 19.6 percent, the biggest drop since Jan 2015 when the figure was down by 24 percent.

    An official from the finance ministry said that the low base effect from last year may have made the February figures look better than they really are.

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  • Hong Kong e-commerce scene ready for growth in 2021

    Hong Kong e-commerce scene ready for growth in 2021

    E-commerce businesses in Hong Kong are set to recapture their growth hit by the COVID-19 pandemic, with supply chain and logistics issues and a decline in sales, Paypal’s new study showed.

    Despite the obstacles brought by COVID-19, two-thirds (61%) of businesses surveyed are anticipating a recovery at the end of 2020, along with the measures to address the financial pressure and customer relationship challenges.

    The study also found 86% of respondents believing to improve their e-commerce experience for consumers to boost their competitiveness in this time.

    The PayPal Hong Kong Merchant Survey was conducted in August to understand the impact of the pandemic on e-commerce businesses and their thoughts on recovery. 86% of respondents seek capitalization on the opportunity of improving online shopping experiences to boost competitiveness.

    While online shopping amplified, 27% of respondents reported tough challenges amidst the pandemic – mainly growing concerned on their sustainability.

    Since January 2020, 86% of businesses claimed to have supply chain and logistics problems, while 52% reported decrease in sales as their main challenge. Such are creating dual pressure on businesses in addition to the increasing operational costs.

    These issues are also causing failing customer relationships in Hong Kong businesses, including rising complaints, damaged company reputation, and loss of regular customers.

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  • China retail sales rebounds after Covid-19

    China retail sales rebounds after Covid-19

    China’s industrial output and retail sales surged in the first two months of the year, official data showed yesterday, underscoring the country’s recovery from the COVID-19 pandemic. Industrial production spiked a forecast-busting 35.1 percent on-year, the biggest bounce in decades, while retail sales also beat expectations with 33.8 percent growth.

    However, the Chinese National Bureau of Statistics said the latest surge was in part due to distortions from last year’s “low base in the same period.”

    Both indicators fell in the early months of last year after COVID-19 surfaced in central China and spread rapidly across the nation.

    However, the world’s second-largest economy became the first to bounce back globally after imposing strict lockdowns and virus control measures, clocking a full-year economic growth of 2.3 percent.

    “After removing the base effect, the growth of main indicators is stable and macro indicators are in a reasonable range,” the bureau said.

    Data for January and last month were released together to eliminate the influence of uncertainties brought about by the Lunar New Year holiday, which typically falls within this period.

    Industrial activity was likely boosted by the fact that many migrant workers were discouraged from returning to their hometowns because of COVID-19 restrictions, meaning some factories remained open through the holiday or reopened sooner.

    “We expect activity to remain strong in the near-term, as the easing of virus restrictions boosts consumption and fiscal stimulus among key trading partners should keep exports strong,” Capital Economics senior China economist Julian Evans-Pritchard said.

    Urban unemployment rose to 5.5 percent last month, up from 5.2 percent in December, data showed, but experts said the real rate might be higher owing to the high number of workers in unofficial employment.

    “Even though we do see improvement on the global economic environment, they are still very cautious,” Oversea-Chinese Banking Corp (華僑銀行) Greater China head economist Tommy Xie (謝東明) said on the issue of unemployment.

    While urban unemployment rate remains within the government’s target, the caution was likely due to another potential record number of graduates entering the job market this year, he said.

    He added that there is an “uneven recovery” ongoing as well, with smaller firms and industries, such as travel, not fully recovered from the pandemic hit.

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  • Japan’s Lixil adopts DTC model in Singapore retail store launch

    Japan’s Lixil adopts DTC model in Singapore retail store launch

    LIXIL, maker of pioneering water and housing products, today announced the launch of its flagship showroom in Singapore. Located at a heritage shophouse unit at 24 Mohd Sultan Road, the 6,000 square feet store is in the heart of Singapore’s prime lifestyle district. Bringing multiple LIXIL brands under one roof, the store offers a wide range of sustainable living solutions, meaningful design, and cutting-edge hygiene technology.

    The launch of the store comes at a time when the COVID-19 pandemic and the planet’s health have put issues such as sanitation and hygiene at the forefront of consumer minds. Besides offering LIXIL’s unique hygiene technology through the store, LIXIL is also leveraging on its industry-leading experience with a direct-to-consumer business approach and unparalleled retail concept to offer a full bathroom product line-up to reach more consumer segments. The showroom will feature products from GROHE and American Standard, with plans to include INAX, the Japanese brand that manufactures innovative sanitaryware and artistic ceramic tiles.

    Satoshi Konagai, Leader, LIXIL Water Technology-Asia Pacific, said, “We are very happy to inaugurate our flagship showroom and hope to provide the best solutions for their living and working spaces. The customer and retail experience have always been very important to us at LIXIL and we are constantly looking for ways to maximize the value for our consumers.”

    He further added, “Today the world is more concerned than ever about hygiene. Singapore’s recent commitment on sustainability and its exemplary handling of the pandemic showcases a rising awareness on these global issues, and we believe there is a growing demand for solutions to address them. Homeowners expect proven solutions that offer peace of mind. Our technologies such as Touchless faucets and flushing systems, Easy to clean solutions, Double Vortex flushing system, HygieneRim technology and Aqua Ceramic can help to provide the ‘optimum hygiene’ to our discerning consumers.“

    “Also, in a time where people are unable to travel and spend more time at home, they want to be able to feel relaxed and enjoy a spa-like experience right in their own home. Here our solutions like GROHE F-Digital Deluxe, GROHE SmartControl, GROHE Sensia Arena shower toilet can provide a ‘home spa‘ experience to consumers by bringing the enjoyment of water to them.”

    Built on the brand’s core pillars of hygiene, sustainability, and innovative design, LIXIL’s flagship showroom in Singapore takes an experiential approach at showcasing its award-winning water technology and living solutions.

    Some of the key highlights that consumers can expect to see in the store:

    • Cutting-edge technologies in interior design, such as the GROHE F-Digital Deluxe Spa System which consists of a shower system with lights, steam and sound, controlled by an app; as well as GROHE Sensia Arena shower toilet, one of LIXIL’s most internationally awarded product.
    • LIXIL’s first 3D metal-printed faucet, the GROHE Allure Brilliant Icon 3D faucet retailing at S$34,234.24.
    • Kitchen solutions, such as the GROHE Zedra SmartControl which features our “push-and-turn technology”, as well as GROHE Blue, the brand’s sustainable living water filter system and faucet.
    • American Standard’s elegant hygiene products such as its Line Sensor Technology Faucet, the elegant Acacia SupaSleek Collection, and its Signature Collection — featuring its cutting-edge HygieneClean System for toilets, with its Double Vortex flushing technology, anti-stain Aqua Ceramic material, anti-bacterial ComfortClean technology and rimless Hygiene Rim design.
    • FREE 360-degree virtual bathroom design and proprietary LIXIL’s rendering service CustoMySpace, allowing visitors to shortlist their favourite products and render them in 3D in a virtual bathroom setting for them to bring their ideas to life.
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  • JD.com cashes in on steady online demand, beats market expectations

    JD.com cashes in on steady online demand, beats market expectations

    JD.com Inc’s fourth-quarter revenue beat expectations on Thursday as more shoppers flocked to its website on the back of a broader shift to online shopping triggered by the COVID-19 pandemic.

    While China has largely emerged from coronavirus lockdowns with most businesses resuming production, JD.com’s domestic consumers continue to shop online for everything from daily groceries to luxury products.

    The Beijing-based company posted revenue of 745.8 billion yuan ($114.97 billion) for the year, beating analysts’ estimate of 740.81 billion yuan.

    In a pandemic-struck year, during which retail sales fell 3.9% in China, JD.com’s strategy of ramping up its in-house delivery network enabled faster deliveries.

    The company has also been working to expand into price-sensitive lower-tier cities through its shopping platform Jingxi in a bid to stave off stiff competition from rivals like Alibaba and Pinduoduo that are equally popular.

    As a result, JD.com raked in 110 million new active customer accounts during the year. Meanwhile, Jack Ma’s Alibaba added about 68 million active buyers in the same period.

    U.S.-listed shares of the company, which have been volatile as China looks to tighten scrutiny on its tech giants, were up 3% at $91.98 in early trading.

    The world’s second-largest economy has vowed to strengthen oversight of its big tech firms, which rank among the world’s largest and most valuable, citing concerns they have built market power that stifles competition, misused consumer data, and violated consumer rights.

    The long-term impact of this on JD.com’s business, though unclear, remains a threat. In late December, regulators fined the company, along with Alibaba and other e-commerce sites, 500,000 yuan for engaging in irregular pricing.

    The company’s net revenue rose 31.4% to 224.3 billion yuan in the quarter ended Dec. 31, beating analysts’ estimate of 219.73 billion yuan, according to IBES data from Refinitiv.

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