Tag: Singapore

  • Singtel launches $1.89b IPO for NetLink Trust

    Singtel launches $1.89b IPO for NetLink Trust

    Singtel has launched an up to S$2.63 billion ($1.89 billion) IPO for its fiber broadband subsidiary NetLink NBN Trust.

    NetLink NBN Trust is the holding company for NetLink Trust, the company operating the passive infrastructure for the next generation nationwide broadband network (NG-NBN).

    NetLink NBN Trust has filed a preliminary prospectus with the Monetary Authority of Singapore ahead of the planned IPO and listing of the company on the Singapore stock exchange.

    In its role as the NetCo for the NG-NBN, NetLink Trust designs, builds, owns and operates the ducts, manholes, fiber cables and central offices and other passive infrastructure for the network. Its assets include around 76,000km of fiber cable.

    The company sells wholesale dark fiber services to licensees including Singtel itself, StartHub, M1 and MyRepublic. It recorded revenue of S$299 million and net profit of NZ$79.4 million in the most recent financial year ending in March.

    The IPO is expected to give NetLink Trust an initial market capitalization of between S$3.09 billion and S$3.59 billion.

    It will also fulfill Singtel’s regulator-mandated requirement of divesting at least 75% of the trust before next April, as part of the structural separation requirements for the state-led NG-NBN project.

    The IPO is on track to become Singapore’s largest public float since the S$7.6 billion listing of Hutchinson Port Holdings Trust in 2011.

  • Takashimaya profits soar in Q1

    Takashimaya profits soar in Q1

    Takashimaya announced on June 26th that net profit for the first quarter of the fiscal year surged 44.7%, as the company saw revenues increase slightly and “endeavoured to cater to the increasingly diverse array of customer needs and create sales spaces that deliver new value.”

    The Japanese department store operator reported a net profit of 5.45 billion yen (US$48.7 million) for the three months ended May 31, compared to the same period last year, while operating profit lifted 5.1% to 8.09 billion yen.

    The retailer said first-quarter sales grew 2.8%, hitting 225.48 billion yen (US$2.02 billion).

    Takashimaya credited its rejigged operating strategy with a focus on omni-channel, and an improved consumer sentiment in Japan for the financial result.

    “We made efforts to harmonize the product lineup between stores and the online store, develop distinctive merchandise, provide a streaming service aimed at enhancing convenience for customers and in-store tablets to introduce customers to the online store,” the retailer said in a statement. “These and various other measures contributed to strong sales.”

    During the quarter, the department store’s Shinjuku location opened a specific level for ‘wellbeing’, boasting shops and a café with healthy items, as well as studios and a gym.

    Takashimaya said it expects net profit to life 3% to 21.5 billion yen (US$191.1 million). The firm forecast 12-month operating profits to increase 2.9% to 35 billion yen (US$311.2 million) and a yearly sales growth of 2.% to 943 billion yen (US$8.38 billion).

  • Changi Airport Group seeks partners for latest food & beverage concessions

    Changi Airport Group seeks partners for latest food & beverage concessions

    Changi Airport Group (CAG) is seeking partners for four brand name restaurant concessions at Singapore Changi Airport Terminal 3 through a Direct Marketing Exercise. The units are located in the Departures Check-In Hall, Level 3 and are each around 190sq m in size.

    CAG said: “We are looking for brands with a proven track record over the years or innovative concepts that will enhance, add value and differentiate the dining experience for passengers in Terminal 3.”

    For each brand name proposed, interested companies may submit a proposal with separate rental bids for Concessions A to D respectively. If bidders intend to propose and operate more than one brand name, separate proposals must be submitted.

    The concession terms are three years each, with the option of a three-year extension at CAG’s discretion. Contracts for the four concessions begin in March, April, July and September 2018.

    Changi Airport Group won the prestigious FAB Award for Airport F&B Offer of the Year last week in Toronto; the award was accepted by General Manager, Advertising, Marketing and Promotions, Airside Concession Division Edwin Lim As reported, Changi Airport captured the award for Airport Food & Beverage Offer of the Year at last week’s FAB Awards, organised by The Moodie Davitt Report in Toronto. A special edition of The Foodie Report e-Zine will feature full details on the winners.

  • AirAsia to start flights to South East Asia from next year

    AirAsia to start flights to South East Asia from next year

    Singapore or Bali should now be even cheaper to fly, with AirAsia India spreading its wings to the Asean. The carrier announced that it will launch its international operations by providing connectivity to Southeast Asia from next year. Vistara, too, plans to fly international next year.

    “We have kind of cracked the Indian market. We will make money in the next six months. We are only three years old in India. We are happy with the way we are going. We will be a good mix between dom estic and international, which we are planning to go next year,” AirAsia Group CEO Tony Fernandes said on the sidelines of the Paris Airshow.

    He added that AirAsia India would be focusing on launching connectivity between Asean nations as it starts international operations. Asean members include Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar, and Vietnam.

    AirAsia (India) Ltd is a JV between Tata Sons & AirAsia, with AirAsia and Tata Sons Ltd holding 49 per cent each and S Ramadorai (chairman) and R Venkataramanan, two directors of the company in their individual capacity, holding 0.5 per cent and 1.5 per cent, respectively.

  • MSIG Insurance Continues its Digital Transformation with a Social Purpose in Singapore

    MSIG Insurance Continues its Digital Transformation with a Social Purpose in Singapore

    With its recent launch of the MSIG SpeeDi app in Thailand, MSIG Insurance continues its digital transformation in the region with the introduction of a unique telematics device for its motor customers. With the aim of encouraging safer driving in Singapore, the device tracks driver behaviour and provides feedback after each trip via a mobile app.

    Supporting traffic safety solutions in Singapore since 2007

    MSIG Insurance, in collaboration with its non-profit organisation Mitsui Sumitomo Insurance Welfare Foundation, has been offering research grants in Singapore over the last 10 years to encourage researchers to come up with novel solutions to tackle road safety issues. Some of the research that the foundation has supported in the past years include a study to design and create prototypes that improve traffic safety among secondary school students (2008), understanding an elderly driver’s perspective to determine if age affects their driving abilities (2012), and more recently, to analyse cyclists’ behaviour on roads and footpaths (2016). 

    “It is our mission to help secure a sustainable future for the community at large. Traffic safety is an important topic in Singapore where there is increasing usage of roads, by both pedestrians as well as vehicle owners. We wish to play our part in raising awareness of this issue and to also positively impact driver behaviour through the use of technology,” said Mr Alan Wilson, Regional CEO, MSIG Holdings (Asia) Pte Ltd.

     Promoting safer drivers

    The introduction of MSIG’s telematics device will contribute to this social purpose. The device aims to influence driver behaviour to create safer drivers, which will in turn lead to safer roads. A pilot study conducted with over 100 drivers in March 2016 showed that 85% of drivers agreed that the device had encouraged them to be safer drivers. The app will provide drivers with feedback on their driving behaviour once each journey ends, and an overall driving score will be assessed based on these factors: distance, speed and driving style such as cornering, acceleration and braking. Four scoring bands will indicate the driving score, with Green indicating the best (or safest), followed by Yellow, Orange, and Red.

    Introducing MSIG UMax

    The encouraging results from the pilot study has led to the introduction of a new product – MSIG UMax motor insurance, a ‘Pay How You Drive’ model that rewards the customer based on driving performance. Customers who sign up for MSIG UMax will have the device professionally installed without extra costs and are able to access their driving data through the free smartphone app – MSIG Connected Car.

    “We are delighted to be introducing more options to the market. As consumers become more connected than ever, ‘Pay How You Drive’ is a more intuitive model for drivers. It is also a customised system and encourages our customers to drive more safely as they get direct feedback from the app,” said Mr Michael Gourlay, CEO, MSIG Singapore.

    Locate your vehicle in Singapore and Malaysia

    Drivers with the device will also be able to use the mobile app to locate their vehicle in Singapore. A value-added option will allow the vehicle location service to be enabled in West Malaysia.

    Enjoy savings as a proven safe driver

    In the first year, the premium will still be based on the existing pricing method using a combination of factors such as the vehicle make and model, driver’s profile and claims history. Driving data will be assessed 60 days from the policy commencement date.

    In the unfortunate event of an accident, drivers can bring down their own damage excess by 50% if they have achieved a driving score within the Yellow band in a 30-day period before the accident, or even a complete waiver of the excess if their score is within the Green band.  This excess adjustment is unique to MSIG UMax’s model.

    “With the excess adjustment, drivers can literally reduce their excess to zero if they maintain an excellent driving score,” said Mr Jeremy Lian, Senior Vice President of Technical Services, MSIG Singapore.

  • Chanel opens Singapore pop-up store

    Chanel opens Singapore pop-up store

    Chanel has opened new standalone ephemeral boutique at The Shoppes at Marina Bay Sands (MBS). It’s the first of its kind to come to Singapore, in a bid to attract new customers with a hotel-esque retail experience and expanded product offering.

    The French luxury house has opened the Ritz-inspired, 3,000 square-foot-space, as a temporary replacement for the MBS Chanel store, which is currently closed for renovations.

    Split into four rooms, the boutique boasts the Parisian couture brand’s signature black, white and beige palette for an Art Deco-themed store that represents Chanel’s latest collection of women’s fashion and accessories.

    However, Chanel Singapore was very selective with the store pieces, allowing the pop-up to offer a wider selection of items.

    Of particular interest is Chanel’s Paris Cosmopolite 2016/17 Metiers d’art ready-to-wear collection. The Ritz Hotel in Paris, as well as the French capital’s cafe culture and the personal style of Chanel founder Coco Chanel inspired the new line.

    “We wanted the pop-up to not only offer something exciting and unique for our existing customers, but also to encourage new customers, who might not have visited our previous stores,” Stephanie Nussmann, managing director of Chanel for Singapore, told the Strait Times.

    The new MBS Chanel boutique will reopen in November, at the closure of the pop-up. Once completed, the renovated store will cover 9,277 square feet — from its original 6,509 square feet — with extra floor room for ready-to- wear collections. Meeting the needs of a more discerning Singapore customer, it will also offer a wider line of jewellery and watches.  Styling services, allowing customers to have personalised shopping experiences, will also be available.

  • SIA’s digitalisation efforts take off amid operating challenges

    SIA’s digitalisation efforts take off amid operating challenges

    Singapore Airlines (SIA) is investing significantly in its digital initiatives as it seeks to boost revenue as well as enhance operations and customer service amid increasingly crowded skies.

    The airline group is channelling “several hundreds of millions” of dollars over a five-year span as part of wide-scale efforts to digitalise its operations.

    “It’s increasingly difficult for companies to stand out from others,” SIA’s senior vice-president (sales & marketing) Campbell Wilson said in an interview with The Business Times. “SIA has been able to stand out from others for a long time by virtue of history, service reputation (and) the Singapore Girl. We can’t rest on these laurels.”

    One key part of its ongoing digital revamp is building a holistic database on its passengers, from which it will leverage data analytics and algorithms to derive insights on each passenger. Such insights will enable the airline group to offer tailored products and services to individual consumers via channels such as its website or electronic direct mailers (EDMs).

    “What technology allows us to do is to present the right combination of products, services and price that .best suits (a) person’s profile,” added Mr Wilson, stressing that this enables the airline group to differentiate itself from low-cost carriers and other full-service carriers that may not be able to put together similar packages.

    The aim is to convert existing website traffic to a transaction and ultimately, revenue. While increasing conversion is the “lowest hanging” fruit, it would also be the “biggest mover of the needle”, he noted. “A lot of people get to our website and don’t actually complete through the transaction.”

    One example of a personalised offer for the silver generation could include promising a meet-and-assist service on arrival and a seat near the front of the cabin – services that may not cost extra, but could provide value to a passenger. Personalising the sales experience is increasingly important as more and more consumers let their fingers do the shopping by going online, Mr Wilson went on to highlight.

    Some of these efforts are starting to pay off. Thanks to data analytics, SIA has been able to drive a 20 per cent greater uptake in sales of preferred seats – which come at a fee – to selected passengers. This can be expanded to other areas of ancillary revenue such as duty free products, insurance and cabin upgrades.

    This comes as legacy carriers such as SIA and Cathay Pacific grapple with an increasingly competitive industry, with the Gulf and Chinese carriers expanding aggressively on routes, often at cutthroat fares. For FY16/17, SIA posted a 55 per cent slump in full-year earnings to S$360.4 million, weighed down in part by declining yields.

    The airline is working on improving operations by rolling out apps for its pilots and ground staff, while its engineering division is leveraging predictive maintenance for the upkeep of aircraft. To this end, it is working with tech giants such as IBM as well as startup firms. Its cabin crew already have an app to help them better serve passengers onboard, as well as to enhance operational processes.

    From mid-June, its pilots will have access to apps on company-issued iPads giving them flight-related updates, which will allow them to go straight-to-the-gate without having to stop at the control centre. The app covers pre-flight through post-flight operations – such as the flight plan and pilot rosters – and also cuts down on paperwork.

    “That saves a lot of time and improves productivity for pilots,” pointed out George Wang, SIA’s senior vice-president of information technology. In the interest of security, data in the app is protected with encryptions and access controls; pilots will also only be able to access information relating to their own flights.

    Similarly, an app will be made available for ground services staff by year end so they can work more efficiently, while giving them access to more data which will help with decision-making and serving customers, Mr Wang added.

    Meanwhile, other features are due to be introduced for SIA’s website and app, namely tie-ups with Samsung Pay, Apple Pay and ride hailing service Grab. A one-touch payment option is also on the agenda for added convenience.

    On the back-end, the group is “re-wiring” its underlying technical framework so that improvements and new features can be rolled out more swiftly on its website and app. The first phase is slated for completion by the beginning of next year.

    Other airlines are also turning to various forms of digitalisation to keep costs low, increase revenue and improve customer satisfaction. It was reported that low cost carrier AirAsia, for example, plans to analyse passenger data to find ways to enhance passenger experience.

    Digitisation aside, SIA chief Goh Choon Phong has set up a transformation office as part of a broad review so that the airline can position itself better for long-term growth. This will include taking a hard look at ways to generate additional revenue, reduce costs, exploit synergies and improve businesses processes.

    “SIA has done more to respond and adapt than most of its peers,” noted Centre for Aviation (CAPA) analyst Brendan Sobie, commenting on the transformation efforts in a recent report. “However, the industry is changing at an even faster speed and competition has never been so intense,” he went on to say, adding that SIA may still need to push the envelope even further.

  • 12,000 shoppers turn to GoSpree app

    12,000 shoppers turn to GoSpree app

    The Great Singapore Sale (GSS), from June 9 to Aug. 13, is going digital this year with a new mobile phone app called GoSpree. The free app will operate as a “super mall” platform, allowing customers to get their hands on various e-coupons from different categories of retailers across the island.

    Using the app, available in English and Mandarin, seems easy enough. Shoppers pick the discounts they want to enjoy and the app compiles the offers on a virtual card to be used at designated physical stores before they expire. The geo-location enabled app will also let retailers send e-coupons and flash deal alerts to shoppers nearby.

    Each GSS retailer will also get a unique QR code, which may be displayed around the island. Users can collect these codes using the app’s code scanner to unlock special deals.

    The app will also have a directory of participating retailers for users to browse through. To be launched on the first day of the nine week-long sale, the free app can be downloaded through the Apple Store and the Google Play store.

    Its aim, says the Singapore Retailers Association (SRA), which organises the annual GSS, is to reach out to younger tech-savvy shoppers, as well as to help participating retailers, especially smaller stores in the heartlands, pull in shoppers during the sale.

    Said SRA’s executive director Rose Tong: “With the GoSpree app, we are hoping to target anyone with a phone and incentivise their shopping experience.”

    “We particularly want to reach out to smaller, independent retailers who can really leverage on the platform to target new customers and get additional publicity at no cost,” she said, adding that the sale will stretch past the National Day public holiday so shops can hold themed promotions.

    Retailers will not be charged to list their offerings on the app, which is owned and copyrighted by SRA.

    One retailer already on board is local design and lifestyle store Naiise, which will be offering $5 GoSpree e-coupons as well as exclusive discounts and offers to app users.

    Said Naiise founder Dennis Tay, 32: “For us, getting on GoSpree offered us a chance to reach digital natives – many of whom are our target audience.”

    “We feel the app is a move in the right direction because it is allowing retailers to transform the offline shopping experience and take it beyond the transactionary.”

    Also on the app are retailers such as furniture and electrical giant Courts, department store Takashimaya and Millenia Walk mall – all of whom have e-coupons and special deals such as free parking vouchers that will be revealed when the app launches on June 9.

    In addition, UnionPay cardholders will get access to exclusive deals through the app. The GSS this year, supported by Singapore Tourism Board (STB) and UnionPay, is in its 24th run. The event has helped cement Singapore’s reputation as a shopping paradise and was launched by STB in 1994 to market the island as such.

    The move to digitise the sale comes in the wake of the retail industry transformation map announced last September. The map, among other things, calls for retailers to innovate and try out new technology to reach out and engage with consumers.

    So far, it seems like shoppers will bite.

  • Singtel quad-play subs offered free Stingray Music access

    Singtel quad-play subs offered free Stingray Music access

    Singtel has launched a promotion granting its Singtel Circle quad-play customers free access to 50 live music stations operated by Canada-based music service Stingray Music.

    Subscribers to Singtel’s postpaid mobile, fier broadband and Singtel TV plans will be granted complementary 24/7 access to music genres in English, Mandarin, Malay, Tamil and other languages.

    The service will be available on Singtel TV, mobile devices and computers and will be added to the list of benefits available to quad-play customers.

    Singtel Circle also offers perks including free local data on Sundays, mobile plan discounts and an annual handset upgrade discount worth S$350 ($250).

    “We are always keen to explore new ways to add value to our customers’ lifestyle experiences,” Singtel CEO consumer Singapore Yuen Kuan Moon commented.

    “Singtel is pleased to be the first in the Asia Pacific region to introduce Stingray Music and provide countless hours of music entertainment for our Singtel Circle customers’ listening pleasure. We’re not stopping here and will continue enhancing Singtel Circle’s suite of benefits.”

  • Alibaba launches new sales channels in Singapore, Malaysia

    Alibaba launches new sales channels in Singapore, Malaysia

    Chinese e-commerce giant Alibaba Group Holding Ltd on Monday said it is launching new sales channels in Singapore, Malaysia, Hong Kong and Taiwan as China’s deep-pocketed e-commerce firms vie for new users in the region. The new service, branded Tmall World, will allow overseas Chinese users to buy goods from Alibaba’s Tmall, its popular brand-to-consumer retail site, the company said in a statement.

    “Alibaba will provide end-to-end solutions including logistics, payment, and localization support catering to each local market’s needs,” the statement said.

  • Fendi Reopens The Fendi Store in Singapore Ngee Ann City

    Fendi Reopens The Fendi Store in Singapore Ngee Ann City

    Inspired by the Maison’s Roman roots, a refined and grandiose atmosphere pervades the spaces, reflecting the highest level of FENDI sophistication, obsession for details and the overall history of this luxury House. The store offers FENDI’s extensive range of Women’s Ready-to-Wear, Furs, Handbags, Shoes and Accessories, and Men’s Leather goods and Accessories.

    For the first time in Singapore, the store will feature a private VIP Room.

    To celebrate the opening of the Ngee Ann City store, FENDI has created a limited edition Mini Peekaboo bag in velvet. The Peekaboo bag features a special tapestry weaving technique pattern, as well as the signature Fendi whipstitch detailing. The tapestry technique comprises of embroidery that is composed of thousands of stitches and threads which are manually cut by the artisans, followed by ironing the design to enhance the colors and thicken the threads.  There will only be 5 pieces of this special Mini Peekaboo bag, retailing at SGD$11,010.

    In addition, FENDI will also be launching 3 other velvet Peekaboo bags at Ngee Ann City, with a limited quantity of 3 to 5 pieces each. They will be retailing at SGD$10,100 to SGD$13,780. It will be the first store in South East Asia to launch these Peekaboo bags.

    FENDI Store
    391 Orchard Road
    Takashimaya Shopping Center, Ngee Ann City
    #01-30/32, Singapore 238872

  • AdColony Ups its Mobile Video Offering

    AdColony Ups its Mobile Video Offering

    AdColony, the largest independent mobile advertising platform, today announced the launch of Aurora™ HD Video, a suite of interactive mobile video creative products that fundamentally changes the way consumers can physically engage with video content. Aurora™ HD Video allows advertisers to immerse consumers into video content in a way never before seen in mobile advertising, delivering branding and engagement goals with TV-like reach.

    Powered by AdColony’s Instant-Play™ technology, the video gives marketers access to powerful graphic capabilities, interactive content that is enhanced with haptic effects and other native mobile capabilities that result in an experience for the viewer that is more immersive than anything else in market.

    “The future of Mobile Video is here, and, it is very different from what anyone has experienced yet,” explained Vikas Gulati, managing director of AdColony for Asia Pacific. “Video ads have always been a one-way street, yet, users want more than that. They want custom graphic effects that provide a life-like experience and content that rewards them for interacting with it.”       

    From creating fully shoppable video experiences, to changing backgrounds, to switching between concurrently-running videos, Aurora™ HD Video allows users a range of ways to interact and  personalise the experience on their screens.

    As one of its first advertisers, AdColony partnered with Disney to launch a mobile campaign for its global blockbuster release: Pirates of the Caribbean: Dead Men Tell No Tales which ran in the U.S. and APAC. 

    The campaign comprises an online treasure hunt that allows users to unlock rewards by engaging with the content in front of them. As a custom trailer for the film played, consumers tapped specific items on the screen, and were rewarded with exclusive video content from the film for everything they found. You can experience the video here.

    Added Gulati: “Mobile is no longer just an extension of TVs or digital videos. Mobile creative requires  crystal clear sound and picture quality, buffer-free video playback in apps, and a variety of post-video experiences to drive consumer actions. We are excited to have Disney as our very first Aurora™ advertiser and look forward to delivering results on brand and performance levels.”

    The Evolution of Instant-Play™ HD

    AdColony has been a leader in mobile video since 2011, when they launched Instant-Play™ HD video, a proprietary technology that ensures crystal clear, buffer-free video playback in apps. AdColony also pioneered the ability to engage with mobile video with their 2013 launch of dynamic end cards that provide the viewer with a variety of immersive, engaging post-video experiences to drive consumer actions. Since bringing these products to market, AdColony has run over 26 billion minutes of mobile video ads, and driven 78 billion impressions. 

    The Aurora™ video suite is powered by the AdColony 3.1 SDK. AdColony’s SDK is currently in more of the top 1,000 apps than anyone outside of Google, and this deep integration with top publishers allows advertisers to access the company’s latest and most innovative technology in the most popular apps in the world.

  • Singtel, SingPost launch e-waste recycling program

    Singtel, SingPost launch e-waste recycling program

    Singtel has teamed up with SingPost to launch a nationwide e-waste recycling program in conjunction with World Environment Day.

    As part of the ReCYCLE initiative, Singtel will deploy e-waste recycling bins at selected Singtel shops and Singtel exclusive retailers for consumers to dispose of their obsolete mobile or internet-related devices. SingPost will also deploy the bins at post offices across Singapore.

    Singtel will also be providing special envelopes at all its eight shops and 58 Singtel exclusive retailers to allow residents to mail their recycleables.

    “E-waste is one of the fastest growing categories of waste as consumers dispose of electronic equipment even faster these days. According to the National Environment Agency, Singapore generates more than 60,000 tons of e-waste every year,” Singtel VP for group sustainability Andrew Buay said.

    “Most e-waste is still finding its way into landfills which pollutes the environment. With our partnership with SingPost, we’ve gone a step further to bring greater convenience to everyone by doubling our reach and touchpoints. We hope this will encourage more people to recycle and think twice before disposing their electronic devices down the rubbish chutes.”

  • Changi Airport Group showcases Jewel project in virtual video tour

    Jewel Changi Airport (Jewel), the lifestyle destination being developed at Singapore Changi Airport and set to open in 2019, is the subject of a striking new video.

    Developed by Jewel Changi Airport Trustee Pte. Ltd. (JCAT), a joint venture between Changi Airport Group and CapitaLand Mall Asia, Jewel is a mixed-use complex featuring a broad offer. It includes a five-storey indoor garden, play attractions, shopping and dining options, a hotel and facilities for airport operations.

    There are two main centrepiece attractions in Jewel – the Forest Valley, a five-storey garden filled with thousands of trees, plants, ferns and shrubs, and the 40m high Rain Vortex, currently the world’s tallest indoor waterfall.

  • Breguet relocates Singapore store, eyes Asia sales

    Breguet relocates Singapore store, eyes Asia sales

    Swiss watchmaker Breguet has relocated its standalone store in Singapore, in a bid to improve retail operations in Asia, as watch sales look to increase in the region.

    Located in Marina Bay Sands, the new boutique was reopened with a ribbon-cutting ceremony attended by brand management and clients. The luxury watchmaker relocated from its 115 square-metre store to a 134 square-metre space in the premier luxury shopping destination The Shoppes.

    The Swatch Group Singapore & Malaysia management, the operators of Breguet in the region, welcomed sixty VIP guests for an evening doused in the theme “East-meets-West”, said the brand.

    It’s been a tough twelve months of trade for Swatch. In February, Swatch Group said profits were nearly halved in 2016 as global watch market weakness took its toll. However, an uptick in sales in Asia toward the end of last year, namely in China, saw the watchmaker predict a healthier year ahead.

    Watch and jewellery sales dropped by just under 11 per cent as a marked slowdown in 2015 ran into early 2016, it said.

    The end of last year, however, saw fresh movement in sales, especially in China, Swatch said.

    “The months of November, December and January showed, particularly in mainland China, very good growth in the watches and jewellery segment, with a substantial improvement in operating margin,” the group said in a statement.

    “Based on the positive development of the last three months, healthy growth is expected for the year 2017,” it said.

    Founded in 1775, Montres Breguet is synonymous with prestigious Swiss watchmaking. Swatch Group acquired Breguet in 1999 from Investcorp, placing it alongside Swatch stable mates Omega, Longines, Hamilton and Calvin Klein watches.