Tag: Singapore

  • Singapore’s BreadTalk Unit Forms Joint Ventures To Operate Bakeries In China

    Singapore’s BreadTalk Unit Forms Joint Ventures To Operate Bakeries In China

    Singapore baker BreadTalk unit Shanghai Star Food F&B Management has formed joint ventures with Wu Pao Chun Food of Taiwan to operate Wu Pao Chun bakeries, BreadTalk said in a filing Monday.

    The joint ventures will run Wu Pao Chun bakeries in Beijing, Shanghai, Shenzhen and Guangzhou. Shanghai Star will hold 80% of the Shanghai joint venture and can own up to 40% of the Beijing, Shenzhen and Guangzhou joint ventures. Both companies expect to conclude joint ventures for Singapore and Hong Kong later.

    The deal isn’t expected to have any material effect on the earnings per share and net tangible assets of BreadTalk for the financial year ending Dec. 31. The filing didn’t disclose further financial details.

     

  • HSBC launches Singapore-dollar income bond fund for local retail investors

    HSBC launches Singapore-dollar income bond fund for local retail investors

    The fund will primarily invest at least 50 per cent in SGD denominated bonds issued by governments, government agencies, supranational bodies or companies that are Singapore and non-Singapore based issuers. All other investments will be hedged to SGD. The fund also invests across various countries and sectors which tend to behave differently at different market cycles enabling diversification.

    Puneet Chaddha, CEO, Southeast Asia, HSBC Global Asset Management, said: “We launched the fund because our retail customers want to grow their capital faster than the average savings rate but in a way that’s risk weighted and diversified. This fund gives them access to growth with limited downside exposure.”

    “Being located in the heart of Asia, Singaporeans understand the underlying economic growth of the region. Moreover, the diverse nature of the fund’s investment allocation across a multitude of Asian countries and sectors will provide confidence in the growth potential but with the added assurance of minimizing currency risk.”

  • Verifone Introduces Next-Generation Engage Solutions in Thailand and Malaysia as Cashless Economies Evolve in APAC

    Verifone Introduces Next-Generation Engage Solutions in Thailand and Malaysia as Cashless Economies Evolve in APAC

    The future of cash as the dominant payment method in Asia Pacific is changing as a result of technology innovation, government-sponsored programs, increasing smartphone penetration, and evolving consumer behavior. As governments throughout Asia Pacific create initiatives for cashless economies, Verifone will deliver next-generation of Engage payment solutions in the region including: the e285 mobile point-of-sale (mPOS) in Thailand and the flexible V205c and V200t in Malaysia.

    Verifone Engage is a family of interactive, commerce-enabling payment devices that allow merchants to connect with customers in new ways. Packed with features, functionality, and versatility, Engage leverages the power and performance of our flexible open architecture to transform the POS into rich, two-way conversations.

    The Thailand government’s e-payment initiative is creating opportunities for businesses to drive the country’s financial transactions towards digital methods. Five commercial banks (Kasikornbank, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Government Savings Bank) have been approved to introduce QR code payments.

    By connecting directly with banks, Verifone’s mPOS solution supports the national e-payment initiative while removing the need for a third-party gateway, and providing increased security and reduced costs to merchants.

    Built for businesses of all sizes, the PCI PTS 5.x-certified e285 accepts EMV, magnetic stripe and contactless payment options, while the touchscreen easily supports signature capture. With a compact and vibrant touchscreen, this solution also displays and accepts payments with QR codes which will become a standard payment method in Thailand. To further reduce the cost of ownership for Banks, the e285 comes with integrated remote estate management and electronic receipt management solution.

    Verifone V205c and V200t in Malaysia

    In Malaysia, the central bank has started on a 10-year e-payment strategy and check volume has declined 42 percent since 2011. However, security at the POS is a primary concern since the outdated PCI PTS 3.x standard remains widespread.

    Verifone’s V205c and V200t are the first PCI PTS 5.x- certified solutions in Malaysia and offers the highest levels of security at the POS.

    Since PCI PTS 5.x certifications are valid through 2026, merchants of all sizes – from large retail chains to local convenience stores – are assured of long-term investment and compliance free of the additional costs associated with technology updates.

    While the V205c is a countertop solution with dial-up and Ethernet connectivity, the V200t is a flexible device with both countertop and portable functionalities owing to its added 3G connectivity and long battery life. Both solutions offer enough memory to support rich multimedia and value-added applications so merchants can interact with customers like never before.

    To help merchants start, run, and grow their businesses, all three Engage solutions are capable of supporting Verifone Connect, a secure and adaptable, end-to-end product that not only enables the acceptance of payments but allow businesses to increase consumer engagement and drive efficiency. Paired with any Engage device, Connect empowers merchants to better manage their businesses with next-generation software and services. Key features include payment services, estate management, business solutions with merchant and consumer-facing apps, and new device purchasing.

    Verifone will deliver these solutions and services through its partners in Thailand and Malaysia. In Malaysia, AEON Credit will deploy the V205c and V200t solutions through our partner Revenue Harvest.

     

  • Qualtrics Leapfrogs Reactive Customer and Employee Experience Tools with New Prescriptive Offering

    Qualtrics Leapfrogs Reactive Customer and Employee Experience Tools with New Prescriptive Offering

    Qualtrics, the leader in experience management, today announced significant enhancements to its award-winning Qualtrics Experience Management (XM) PlatformTM, making it easier than ever for organisations to close experience gaps––the difference between what organisations think they are delivering and what customers and employees actually experience. With the launch of the iQ Directory, Qualtrics now offers organisations a single-system-of-record for all experience data. Powered by a layer of artificial intelligence and machine learning, the iQ Directory enables advanced, intelligent features throughout the Qualtrics XM platform––including predictive capabilities that forecast individual behavior such as employee attrition and customer churn. The announcement was made at the Qualtrics 2018 X4 Experience Management Summit in Salt Lake City.

    Based on over 15 years of leadership in the insights and analytics industry, Qualtrics announced the revolutionary XM Platform one year ago. Used by over 75 percent of the Fortune 100 and 99 of the top 100 U.S. business schools, the Qualtrics XM Platform helps companies like Allianz, JetBlue, Microsoft and Yamaha measure, prioritise, and optimise the experiences they deliver across the four core experiences of business—customer, product, employee and brand experiences.

    “The experiences companies deliver are more important today than they have ever been. Customers don’t just buy a product anymore, they buy an experience. And it is the experience companies provide that makes or breaks a brand,” said Ryan Smith, co-founder and CEO of Qualtrics. “Similarly, employees don’t want a job description where they are cogs in a machine. They want their work to be an experience they can talk about and share. Companies today essentially compete on the experiences they provide and they are turning to the XM Platform to help them measure, improve, and act on these key experience programs.”

    Two enhancements to the Qualtrics Experience Management Platform announced today include important extensions to the Qualtrics iQ™ group which was announced last year—a collection of advanced, intelligent features built on artificial intelligence, machine learning and advanced analytics to improve the experiences organisations deliver. The newest elements of Qualtrics iQ include the iQ Directory and Predict iQ:

    iQ Directory:

    The Qualtrics iQ Directory is a live, organised chronicle that captures the emotions, sentiments, beliefs and preferences of an audience. The iQ Directory contains all experience data, or X-data, collected over time, creating a system of record of all interactions and opinions each person has of an organisation.

    iQ Directory enables a company to take a person-centric view, helping companies gain a better understanding of an individual person’s unique journey with the company. Because each new interaction builds upon past information, this rich collection of experience data makes new interactions smarter over time, allowing a brand to customise future touch points for each group based on past preferences and therefore ensuring a better overall experience.

    As the iQ Directory is now recorded as transactional data with each data point providing a record of each interaction throughout the individual’s journey, it is possible to pinpoint key drivers and changes in sentiment over time. The application of machine learning helps predict how an individual might respond in a certain situation, empowering a company to be predictive in its outreach rather than just reactive.

    The Qualtrics iQ Directory enables companies to interact with people at the right moment, with the right message, via the best channels, making interactions feel like an ongoing conversation rather than transactional pings along a customer or employee journey.

    Predict iQ:

    Predict iQ helps companies understand which customers are likely to leave and what they can do to prevent customer attrition before it happens. Using neural network, open-source algorithms to make its predictions, Predict iQ utilises Qualtrics Actions, allowing users to set up triggers to send emails, create tickets, or ping any third-party service for immediate action to be taken when needed. Easy-to-use and requiring only minutes to set up, Predict iQ makes deep learning accessible to anyone.

    Predict iQ centralises all churn analysis and reduction efforts in one place and is deeply integrated into existing feedback collection, so there’s no need to move data around to get predictions. Predict iQ also complements Stats iQ, allowing companies to use Stats iQ to understand and fix systemic issues while leveraging Predict iQ to save individual customers. All this can be done while larger-scale initiatives are being put in place, providing results from day one.

    Certified XM Solutions:

    Designed by the world’s leading researchers, practitioners and consultants, Certified XM Solutions are packaged projects and programs with expert content, workflow, and automation––built directly into the Qualtrics platform. These community-driven solutions provide complete industry-specific experience management programs including everything from best practices, to content, to technical implementation, to survey design, to contact frequency guidance, to data analysis, and recommended next steps.

    Qualtrics Certified XM Solutions currently include experience management solutions that span employee engagement solutions, customer experience solutions, product and brand experience solutions for many industries including financial services, education, government, retail, B2B, and more.

    Qualtrics Certified XM Solutions are designed to reduce the time, risk and cost of implementing an experience management program from the ground up. Ideal for customers who want a pre-packaged solution to get up and running quickly when they have little capacity, low in-house expertise, or when time is of the essence, Qualtrics Certified XM Solutions are easy to implement and are built for change and growth.

    Because Certified XM Solutions are powered by the flexible Qualtrics Experience Management Platform, it is easy to scale programs as organisations grow and needs evolve. The solutions are designed for use by any organisation, from the smallest start-up to the largest global enterprise.

    Continued Growth for XM Platform

    Qualtrics recently launched a global Qualtrics Partner Network to support the fast-growing XM ecosystem, including founding partners J.D. Power, Kantar TNS and Walker Information. Qualtrics opened new international offices in France, Japan, Poland and Singapore in recent months, and the company has grown to over 1,600 employees, all to support expanding demand for the XM Platform.

    These latest enhancements to the Qualtrics Experience Management Platform are available now as part of the CX, EX and RC solutions.

  • Oporto to sets footprint in Singapore

    Oporto to sets footprint in Singapore

    Chicken franchise Oporto has partnered with Aura Group to fuel its Asian expansion plans.

    After signalling the company’s intention to move into Singapore late last year, Oporto CEO Craig Tozer said he’s confident the brand is well-positioned for international growth beyond New Zealand, backed by record sales growth and continued domestic expansion.

    “Taking our brand internationally has always been a key focus,” he said.

    “Having found the right master franchise and supply partners, we are excited to announce that Oporto will be expanding into Asia, with the first restaurant to open in Singapore mid-April 2018.”

    Oporto wants to have 10 restaurants open across Singapore over the next five years, with plans to open three stores this year.

    The inaugural restaurant is located at shopping and dining precinct Holland Village in central Singapore.

    Later in 2018, Oporto also plans to expand its beverage category to introduce alcohol, in auditioning to relaunching its loyalty app and in-store experience program.

  • UNIQLO Singapore Rewards Shoppers with New ‘Scan to Win’ Game

    UNIQLO Singapore Rewards Shoppers with New ‘Scan to Win’ Game

    UNIQLO Singapore announces the launch of Scan to Win, a gamewhich offersnew and existing users of the UNIQLO SGmobile app the opportunity to win UNIQLO couponswith every $20nett spend in-store. It is available at all physical UNIQLO stores in Singapore.

    Each ‘UNIQLO SG’ mobile app userwill be givena unique Member ID barcode, which they are to present at the cashier counter whenever they make a purchase in-store. With every $20 nett spend, they are entitled to 1 chancein winning UNIQLO couponsworth $2, $5 or $10, which are valid for use on their next purchase.

    In celebration of the‘Scan to Win’ launch, UNIQLO Singapore will also be giving away a UNIQLO gift card worth $250in March and April! The winnersof themonthly grand prize will be announced atthe start of April and May 2018 respectively, via the UNIQLO SG app.

    Step-by-Step Guide:

    • Download or update your ‘UNIQLO SG’ app. ‘UNIQLO SG’ is available for download onthe App Store and Google Play.
    • Present your unique Member ID barcode as you makeyourpayment at the cashier counter. The barcode is accessible via the app.
    • Every $20 nett spend entitles you to 1 chance. Spend more to earnahigher number of chances in winning UNIQLO coupons, which are valuedat $2, $5 or $10.
    • The app will notify you of the number of chances which you’ve earnedthe next dayand you can start playing the ‘Scan to Win’ gameto stand to win UNIQLO coupons.
    • UNIQLO couponswhich you’vewon will be stored in theapp for up to 3 months.

  • Dairy Farm International’s plan after hitting bottom line

    Dairy Farm International’s plan after hitting bottom line

    Poor trading by Dairy Farm International’s Southeast Asian grocery business hit the company’s bottom line last year, with underlying profit falling 13 per cent.

    But every other one of the company’s divisions traded strongly throughout the year, according to the results just released.

    Full-year profit was US$403 million, after allowing for $64 million of costs relating to business restructuring. Sales by Dairy Farm’s wholly-owned subsidiaries totalled $11.3 billion, largely unchanged from 2016’s $11.2 billion. But total sales, including 100 per cent of associates and joint ventures, at $21.8 billion were up 7 per cent year on year, reflecting strong growth at both supermarket operator Yonghui and cafe-restaurant operator Maxim’s, which owns the Starbucks business in Hong Kong, Vietnam, Cambodia and now Singapore.

    “After a disappointing year… for our food businesses in Southeast Asia, actions are being taken to improve their long-term performance,” explained chairman Simon Keswick. “All of the group’s other formats and markets are trading well and growth opportunities are being pursued, in Mainland China and elsewhere.”

    In Dairy Farm’s food division, sales were down and profits were “significantly lower” than in 2016, primarily due to poor performances in the supermarket and hypermarket businesses in Malaysia, Singapore and Indonesia.

    “A number of underperforming stores are being closed and prices lowered to clear or write off discontinued and slow moving stock.

    “In Hong Kong, sales were more resilient, although profits were marginally down due to increasing rents and labour costs. Positive sales growth seen in the Philippines reflected the ongoing investments being made to improve the business,” said Keswick.

    Elsewhere in the company there was brighter news.

    The convenience store format (including 7-Eleven in Hong Kong and Singapore) produced increased sales and profit. “In part, this reflected a consumer shift to more convenient retail formats, as well as a positive reception to the service and range enhancements introduced for customers,” said Keswick.

    The convenience stores division reported $2 billion in sales, an increase of 4 per cent over the previous year – but operating profit surged 16 per cent to $85 million.

    In the health and beauty division, (led by Guardian and Mannings), sales and profit were higher, principally due to strong performances in Hong Kong, Macau and Indonesia, together with improvements in Mainland China.

    Keswick said this was led by an increasing focus on the beauty category and the continued development of the division’s house brands.

    The home furnishings division (Ikea in Hong Kong, Taiwan and Indonesia) recorded higher sales and trading profit, but the reported profit declined, mainly due to costs associated with the opening of the fourth Ikea Hong Kong store in October. Sales and profits increased in Taiwan and Indonesia and there was solid growth in the e-commerce business.

    Maxim’s enjoyed good sales growth and profit expansion during the year, in large part due to strong performances from its branded products, particularly mooncakes, and its business in Mainland China. The company also acquired the Starbucks Singapore business last year.

    The group’s 19.99 per cent-owned associate in Mainland China, Yonghui Superstores, opened a net 292 new stores last year, which underpinned a 19 per cent growth in revenue. Ongoing supply chain optimisation and shrinkage improvement resulted in improved margins, which together with better capital use, led to a 45 per cent growth in profit.

    Convenience focus

    Keswick said Dairy Farm International will focus on increasing its convenience store operations in the year ahead through expansion and enhancement of the store network. New smaller-store formats are being piloted in some markets.

    The group will also continue to develop its e-commerce presence, focusing on a number of initiatives in its home furnishings, food, and health and beauty operations introduced last year.

    Dairy Farm International added a net 633 stores last year. At year end, it had 7181 stores in operation in 11 countries and territories, including its interest in 779 Yonghui stores in mainland China and 1210 Maxim’s stores.

    Besides the Starbucks Singapore deal, Maxim’s also acquired the existing businesses and franchises of Genki Sushi in Singapore and Malaysia. It opened its first The Cheesecake Factory in Hong Kong in May, which Keswick said is trading well, and this year will introduce American casual restaurant format Shake Shack in Hong Kong and Macau.

    In the Philippines, Rustan became a wholly-owned subsidiary following the acquisition of the remaining 34 per cent interest from the group’s joint venture partner.

  • RateX expansion plan after latest investment

    RateX expansion plan after latest investment

    Singapore-based payments startup RateX has raised S$3 million (US$2.3 million) in a pre-series A funding round.

    RateX is a free browser extension that automatically provides shoppers with the lowest exchange rate without transaction fee for overseas purchases through e-commerce platforms. It also allows users to automatically apply coupon codes upon checkout.

    RateX seamlessly integrates with such e-commerce platforms as AirAsia, Amazon, Expedia, Lazada, Singapore Airlines and TaoBao. It also works with payment processors Adyen and Alipay. It works as a browser add-on to Google Chrome and Firefox.

    RateX says its users have saved more than S$264,000 through lowered exchange rates and transaction fees, and $396,000 through discount coupons.

    “At a time when online commerce is booming, we want shoppers to pay less for their overseas purchases,” says RateX CEO/co-founder Jake Goh. “We are doing this by solving e-commerce and financial inefficiencies inherent in cross-border commerce. These include markups around transaction fees and foreign-exchange rates.”

    Research firm Frost & Sullivan says Southeast Asia is the world’s fastest-growing internet market. The gross merchandise value of e-commerce will rise to US$65.5 billion by 2021, up from $14.3 billion in 2016. Meanwhile, about 89 per cent of Singapore shoppers use websites beyond Singapore, with the average online shopper in Singapore spending around US$1066 each year on e-commerce transactions.in

    “Our users can now save up to 20 per cent on their purchases.” says Goh. “We are achieving this while bringing affiliate sales to our merchant partners – a win-win situation for all.”

    RateX is currently available for Singapore users on Firefox and Google Chrome desktop browsers. It has also just launched its mobile app (RateS).

    Its latest funding will be used to drive the launch of RateX’s mobile app in Singapore and Taiwan this month, as well as RateX’s expansion into Taiwan and Indonesia this year.

    Participating investors include Alpha JWC Ventures and Insignia Ventures Partners alongside other angel investors.

  • Singapore-based Electrify raises US$30 mln in ICO

    Singapore-based Electrify raises US$30 mln in ICO

    Singapore-based startup Electrify has raised US$30 million through an initial coin offering (ICO) as it seeks to expand its retail electricity marketplace business.

    The company, using blockchain technology, built a marketplace of retail electricity information, which can collect and display relevant retail electricity offers, a year ago.

    Consumers can purchase electricity using an electronic wallet through small independent power facilities such as resident rooftop solar panels and wind turbines, via a smart contract. The prices concerned are all transparent.

    The startup recently rolled out a virtual currency called ELEC, aiming to raise US$30 million. It hit the target in under 10 days.

    The amount raised by Electrify’s first ICO ranks third among Singapore ICO projects.

    Electrify was funded by individual and institutional investors, including noted early-stage venture capital firm Global Brain and Ethereum co-founder Wendall Davis.

    It will use the funding to expand in other markets such as Southeast Asia, Japan and Australia.

    Electrify claimed to have completed electricity transactions totaling around US$3.79 million in value. Singapore’s corporations saved electricity worth as much as US$554,000 since the launch of Electrify’s service, according to the firm.

    The Singaporean government is set to begin deregulating its electricity market in two phases, allowing individuals and corporations to purchase energy from any electricity retailer.

    In the first phase, 108,000 consumers and 9,500 businesses are expected to benefit from the move. If authorities are convinced of the effectiveness of the policy measure, the second phase will begin in June.

     

  • Singapore’s Creative seeks inspiration from Angry Birds maker

    Singapore’s Creative seeks inspiration from Angry Birds maker

    Singapore’s Creative Technology intends to gain broad acceptance for its new audio technology before it tries to sell or license headsets and other equipment, taking a leaf from app developers such as Angry Birds’ maker Rovio that give products for free to gain market share.

    The sharp departure from its usual practice of selling high-end audio products at a premium comes as Creative attempts to assuage investor concerns about its ability to cash in on its latest innovation.

    Called Super X-Fi, the software allows cinema-quality sounds to be delivered through headsets. It has won rave reviews from analysts since it was first showcased at the CES 2018 consumer technology trade show in January.

    Creative’s stock, which has languished for years as the company faded from the scene, surged to a 10-year high earlier this week.

    Sim Wong Hoo, Creative Technology’s founder and CEO

    Speaking to analysts and media on Thursday, Creative founder and CEO Sim Wong Hoo said that by making available a free app for consumers, the company hopes to achieve 50 million downloads over the next two years, giving it clout in negotiations with consumer electronic firms that might want to license the technology.

    Angry Birds, the game that is popular with many smartphone users, managed the feat in half that time, he added.

    The strategy right now is to reach out to everybody, he said. “The viral app (generates) no revenue but it saves us all the marketing dollars. If you charge for the app, you’ll need to spend a lot on marketing,” he said.

    He added that unlike app developers, which sell enhancements to its free software, Creative can also sell hardware such as dongles that have the Super X Fi algorithms running on a separate processor to improve performance.

    Creative plans to launch a free app in the second quarter, and follow it up with a dongle that will retail for around $150 each. A Super X-Fi-powered wireless headphone is planned for the fourth quarter.

    According to Sim, Creative is prepared to adopt a business model for Super X-Fi that involves focusing on further developing the underlying technology and leaving licensees to develop various consumer products.

    Neo Wee Wu, a tech blogger, said Creative’s strategy of trying to capitalize on the technology through licensing makes sense as the company lacks broad consumer appeal.

    “Creative as a brand is not selling very well. It is seen as value for money rather than a name for high tech equipment,” he said.

    Creative most recently posted a net loss of $4.2 million for the second quarter ended December as revenues slipped 6% year-on-year to $20.9 million. In its heydays in the early 2000s, the company had annual revenue above $1 billion.

    The company was hugely successful in the ’90s thanks to its Sound Blaster family of add-on cards, which became an industry standard for devices that turned beeping and pinging PCs into stereo players.

    However, it lost its edge as stereo quality sound became a standard feature in PCs and new technology emerged.

    It was also a pioneer in pocket-sized digital music players, and its Zen players were once second only to Apple’s iPods in the global market.

    –Kevin Lim

  • Diptyque opens its new Singapore store

    Diptyque opens its new Singapore store

    Diptyque Singapore has opened its first store, a 423sqft (39sqm) space at Ngee Ann City.

    Previously, the French firm’s scented candles, perfumes, and face and bodycare range were available online or through smaller retailers and stores like Escentials and Tangs.

    It is only the second Diptyque boutique in Southeast Asia, the first being in Kuala Lumpur. It features brass furnishings and forest-green Indian marble, while its walls are bottle green. This echoes Singapore’s status as a garden city, as every Diptyque store is designed with the locality in mind.

    As the opening in Singapore coincides with the 50th anniversary of the brand’s first fragrance, L’Eau, two new scents have been released, Fleur de Peau and Tempo, both developed by perfumer Olivier Pescheux.

    A feature of the store is a gift-wrapping service.

  • Microsoft Surface Family unveiled in Singapore

    Microsoft Surface Family unveiled in Singapore

    Microsoft Singapore has opened a Surface Store at the Harvey Norman Millenia Walk Flagship Superstore, featuring the full range of the technology.

    New devices include Surface Book 2, Surface Laptop and Surface Studio, which will join Surface Pro already available.

    The line-up will be available for commercial customers via Authorised Device Resellers including AsiaPac Distribution, JK Technology and UIC Asian Computer Services.

    “The new Surface Store is a commitment to deliver a one-stop experience for customers to experience the ultimate Windows devices,” says Microsoft Singapore Windows and devices business group lead Veronica Chiu.

    Shipping with Windows 10S, Surface Laptop starts up and runs faster with InstantOn and an OS optimised for sustained performance.

    A feature of the store is its Surface Concierge service which offers customer support regardless or where or when they bought their Surface device. Microsoft plans to add extra concierge services over time.

  • RedDoorz Raises $11m to Fund Expansion in Indonesia, SE Asia

    RedDoorz Raises $11m to Fund Expansion in Indonesia, SE Asia

    Singapore-based online hotel booking platform RedDoorz announced on Tuesday (06/03) that it has secured $11 million in funding from several global investment capital firms as part of efforts to strengthen and expand its business in Southeast Asia.

    The company, established in 2015, received funding from several sources, including United States-based Susquehanna International Group, the International Finance Corporation (the World Bank’s investment arm), the Asia Investment Fund, Singapore’s InnoVen Capital and Jungle Ventures, which has been involved in previous funding.

    New investors also include Hong Kong-based DeepSky Capital and Hendale Capital, and Singapore’s Feng He Group, among other participants.

    “With a solid team, right investors and good market targets, we are confident that we will be able to grow greatly in the region,” Reddoorz founder and chief executive Amit Saberwal said in a statement.

    He said Indonesia has great potential as the country with the largest number of internet users in the region, along with a growing online and e-commerce market, citing a joint study by Google and Singapore’s Temasek Holdings, released in May 2016.

    The study projected that regional online travel accommodation market will increase to nearly $90 billion by 2025, compared with $5.6 billion in 2015. Indonesia is expected to account for about a third of that projected growth.

    The company said it will use the fresh capital to acquire 100 new properties fully operates by RedDoorz, and 1,000 properties managed by the company’s partners across Southeast Asia, within the next 18 months.

    RedDoorz currently has 500 properties in the region and it has served more than 700,000 customers since its establishment.

    In Indonesia alone, the company offers about 3,000 rooms in 16 cities for rent on its platform. The company currently employs 160 staff in the archipelago.

    RedDoorz recently launched a 65-room fully leased and operated property, located between East Coast Road and East Coast Park in Singapore.

  • DFS to hold the seventh Masters Of Wines And Spirits to Singapore

    DFS to hold the seventh Masters Of Wines And Spirits to Singapore

    One of the most celebrated and revered events in the wine and spirits industry
    returns to Singapore this year, as DFS Group, the world’s leading luxury travel retailer, hosts its seventh Masters
    of Wines and Spirits event. On display will be more than 120 masterpieces from 60 of the world’s most legendary
    wine and spirits houses.

    For the first time, the event will take place across two days; on Saturday March 24 and Sunday March 25 at The
    Warehouse Hotel, a meticulously-restored heritage building on the banks of the Singapore River. Once again,
    Masters of Wines and Spirits captures the heritage and craftsmanship of selected brands and pays tribute to DFS’
    long-standing relationships with some of the world’s most exceptional wineries and distilleries.

    This year’s event will highlight the influence of the distillers’ countries of origin, their personalities and unique
    and varied approaches to craft. As the only event where customers can purchase bespoke, rare, limited edition,
    first edition, and world-class wines and spirits in one location, the seventh Masters of Wines and Spirits offers an
    exclusive and immersive brand experience for DFS’ guests.
    Masters of Wines and Spirits showcases a highly specialized and curated collection of products, many of which
    are DFS exclusives, celebrating the world’s finest industry expertise as well as the knowledge of DFS’ own
    merchants. New brands, as well as signature classics from legendary houses, will all be on display, reveling in
    rarity, heritage and innovation.

    “DFS is delighted to bring the seventh Masters of Wines and Spirits to Singapore, a fitting location for us to host
    our esteemed guests, connoisseurs and collectors to experience a range of the best globally sourced Cognacs,
    wines and whiskies,” said Sibylle Scherer, DFS President Merchandising and Consumer Marketing.
    “This year’s selection has been handpicked by our expert merchants at DFS to inspire and delight our customers.
    This really is a celebration of the diverse talents of the world’s most renowned distillers and winemakers, and a
    true adventure for the senses,” she said.

    “At DFS, we take great pride in bringing together our valued brand partners and loyal customers in an intimate
    and exclusive environment that encourages sharing and discovery,” said Brooke Supernaw, DFS Group’s Senior
    Vice President Wines, Spirits, Tobacco, Food and Gifts. “The 2018 Masters of Wines and Spirits collection sets a
    new bar for this dynamic category, comparing the nuances between traditional versus craft and providing an
    opportunity for our guests to enjoy the very best products from around the world.”

    Master Classes and Whisky Panel

    The 2018 Masters of Wines and Spirits event will feature two exceptional master classes to inspire and enrich
    guests, as well as a whisky panel discussion featuring four of the world’s leading experts.
    The first in this year’s Classes with the Masters is The Balvenie Master Class Workshop – Single Malt Whisky
    hosted by The Balvenie Malt Master, David C. Stewart MBE.

    Mr Stewart will discuss how craftsmanship is brought to life at The Balvenie and guide guests through the entire
    Chapter 3 set of the DCS Compendium, including a tasting of the oldest Balvenie expression ever released. The
    second Master Class, the Château Latour Master Class Workshop – Wine, hosted by Rufus Beazley, Sales and
    Marketing Manager for Château Latour Asia Pacific, will take visitors through a vertical tasting across decades of
    exceptional Château Latour products.

    Presented by The Whiskey House, The Whisky Panel will be moderated by DFS’ own Director of Spirits,
    Frederik Vanden Bulcke and will feature a panel discussion on whisky experts Stephanie MacLeod from John
    Dewar & Sons (Aultmore – Single Malt Whisky), Dr Kirstie McCallum from Bunnahabhain (Single Malt
    Whisky), Chole Wood from Bruichladdich (Single Malt Whisky) and David Croll from The Kyoto Distillery
    (Whisky and Gin).

    The Collection

    More than 30 Cognacs and whiskies include The Balvenie DCS Compendium Chapter 3: Secrets of the Stock
    Model, an eagerly anticipated release that pays tribute to Malt Master David C. Stewart MBE’s masterful skill,
    knowledge, and custodianship in managing The Balvenie’s precious aged stocks. The Model comprises five
    extremely rare single-cask single-malt bottling, ranging in age from 13 to 55 years.

    The Jean-Paul Camus 1945 Private Reserve, an exclusive blend for DFS Masters of Wines and Spirits, comes
    in a hand-carved crystal carafe with silver details that recreates a model designed in 1883 by the Cristalleries de
    Baccarat for Jules Grévy, President of the French Republic. The outstanding Louis XIII Le Jeroboam with T.T.
    Trunks Paris piece is a contemporary design that brings a radical new twist to trunk accessories. The aluminum
    and steel structure holds three small cases made of okume wood, each encased in natural milled buckskin with
    Alcantara trimmings.

    A rare cellar release from Japan is the Karuizawa 1960 Cask #5627. Possibly the oldest cask of Japanese whisky
    ever bottled, this 1960 single cask yielded just 41 bottles, achieving legendary status amongst connoisseurs and
    collectors.

    From the world of Scotch Single Malts, The Aultmore 31 Year Old Exceptional Cask (Cask no. 1635) is part
    of John Dewar & Sons Fine Scotch Whisky Emporium which showcases the rare releases of some of the finest
    and most delectable single cask and single malt expressions. Specially created for Masters of Wines and Spirits,
    Aultmore Cask no.1635 has the color of antique leather and on the nose, the Oloroso sherry adds weight and
    complexity, complimented by notes of vanilla, butterscotch, and Seville oranges. The Bruichladdich Special
    Release showcases three exceptional distillery releases from 1988, 1989 and 1990, presented as the oldest and
    rarest whiskies of Bruichladdich. Created and bottled on the remote Hebridean island home of Islay, there are
    only six bottles per edition. From the Bunnahabain distillery, built in 1881, and deriving its name from the
    Gaelic, Bunnahabhain (Bu-na-ha-venn), meaning “mouth of the river”, comes the Bunnahabhain 1980 Canasta
    Finish. With only 20 units available, this rare cellar release offers a rich oakiness balanced with sweet dried fruit,
    treacle toffee, black coffee, cocoa, roasted nuts, and a hint of coastal brininess.

    Also from Scotland is The Macallan Fine & Rare Master’s selection, specially created for Masters of Wines
    and Spirits, this unique collection features five fine and rare vintages in 70cl, complemented by savoring samples
    in 5cl miniatures. The Glenglassaugh Single Cask Collection 1972-1976 is an elegant, unique and rare selection
    of bottles, offering the whiskey connoisseur a lush, ripe Highland Single Malt Scotch whisky experience. A rare
    release from The Ladyburn distillery is the Ladyburn 1974, a single malt from William Grant & Sons’ treasured
    ancient reserves of maturing whisky.

    More than 30 prestige wines and champagnes are showcased in this year’s collection, including the Harlan
    Estate Double Magnum 100 Point Trifecta from the United States, a special collection created for DFS as an
    exclusive release of three vintages in double magnum format and representing three of the most highly regarded
    vintages produced by Harlan to date. From Australia comes the Penfolds G3, a unique wine entwining three
    vintages of an Australia icon, Penfolds Grange, spanning seven years. French wines in this year’s collection
    include The Pavillon Blanc du Chateau Margaux 2010 Double Magnum; the epitome of great Pavillon Blanc
    vintages. A fine and elegant wine, the 2010 has an exquisite richness and a perfect balance on the palate, thanks
    to higher than average acidity. Chateau Latour’s Vertical Magnum release provides a rare opportunity to
    collect six of the most exceptional vintages produced by Latour; the 1996, 2000, 2003, 2005, 2009 and 2010.
    With only one set being released of the Petrus Magnum Collection 2006, 2007 and 2011, one lucky wine lover
    will experience one of the famous wine labels in the world.

    After March 25, the Masters of Wines and Spirits curated collection will be available for travelers and shoppers
    at DFS, Singapore Changi Airport’s Wines and Spirits Duplexes at Terminals 2 and 3.

    DFS Masters of Wines and Spirits is part of the DFS Masters Series, a signature program of exhibitions that also
    includes the highly-anticipated 10th Masters of Time set to take place in Macau this December. The Masters
    Series is a showcase of the pinnacle of DFS’ leadership and innovation in curating and creating exceptional
    experiences across its five pillars of luxury: Wines and Spirits, Beauty and Fragrances, Watches and Jewelry,
    Fashion and Accessories, and Food and Gifts.

  • More challenging situation for Esprit Holdings

    More challenging situation for Esprit Holdings

    Trading conditions have continued to be challenging for clothing company Esprit Holdings.

    With the industry changing rapidly, the company says it has had fewer customers in its brick-and-mortar retail stores as well as increased competition in the e-commerce channel. As a result, the group’s first-half performance to the end of December was below management expectations.

    Esprit says it has experienced a significant decline in its China business in recent years.

    While gross profit margin improved by 0.4 points, the group had a net loss of HK$954 million (US$121.8 million) for the half-year, following a net profit of $61 million for the same period a year earlier.

    First-half revenue was $8 billion, a year-on-year decline of 9.6 per cent.

    Esprit says rationalising its distribution footprint by closing unprofitable stores and non-performing wholesale spaces continues to be paramount. During the six months to the end of December, the group reduced total controlled space by 21,766sqm. This, with the 24,122sqm reduction in the previous six months, added up to a year-on-year reduction of 7.4 per cent.

    Revenue for the first quarter fell 7.4 per cent in local currency, while in the second quarter the decrease was 11.7 per cent, larger than expected primarily because of weak sales in its brick-and-mortar stores.

    Representing 12 per cent of total group revenue, Asia Pacific (mainly China, Australia and New Zealand, Singapore, Hong Kong, Taiwan, Malaysia and Macau) saw revenue fall 17 per cent to $966 million.

    In terms of distribution channels, retail contributed 82.4 per cent of the region’s revenue with the e-shop contributing 11 per cent.

    Asia Pacific represented 9.9 per cent of total group revenue, down by 18.4 per cent year on year, and down 20.3 per cent in the first quarter and 17.1 per cent in the second quarter.

    There was a 10.2 per cent reduction in net sales area under the company’s restructure of its store network. “Sales performance was visibly dragged by the underperformance of concession counters in department stores in China.”

    E-commerce accounted for 26 per cent of total group revenue, up from 24 per cent. The channel generated $2 billion in revenue, a 2.5 per cent dip.

    This is Esprit’s 50th-anniversary year, and it has been listed for half that time.