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Tag: Singapore

  • Shiseido opens new office hub in Singapore

    Shiseido opens new office hub in Singapore

    Shiseido announced the opening of its new office in Singapore, located in the heart of Singapore’s Central Business District. The move is part of Shiseido’s VISION 2020 corporate transformation, as the company focuses on accelerating growth in the second phase of its medium-to-long term strategy. The new office hub will house the regional headquarters of Shiseido Asia Pacific, the global headquarters for Shiseido Travel Retail and the affiliate office of Shiseido Singapore.

    As centres of value creation, this structure facilitates flexible and agile decision making; enabling Shiseido to achieve significant growth through marketing activities attuned to the needs of regional consumers and global travellers.

    As we continue to build for the future, Shiseido is committed to an increased investment in our brands, talent development, beauty innovation and business activities that will positively and sustainably impact society.

    The new office will house three new dedicated facilities:

    • Asia Learning Centre, a first-of-its-kind dedicated training facility that will train approximately 2,000 Shiseido employees from Asia Pacific, Travel Retail, Japan & China each year. Its programmes aim to develop leadership, function-specific and innovation skills and behaviours that are critical in supporting growth and bringing out the best from employees for Shiseido’s continued success.

    • Asia Pacific Innovation Centre, which will enable open-source innovation, Asia Pacific consumer research, as well as create and localize a portfolio of highly specialised products for the Asian market and climate.

    • Life Quality Beauty Centre: As we strive for a society that promotes greater happiness and positivity for everyone, this is a unique facility that provides private, specialized make-up consultations to consumers with significant skin concerns such as port-wine stains, nevus, scars, vitiligo and changes in appearance due to the side effects of medical treatment. Shiseido has helped consumers with serious skin concerns since 1956, when many in Japan suffered from serious skin burns post-war, by developing a foundation called Shiseido Spots Cover.

    Shiseido Asia Pacific and the global headquarters of Travel Retail first established their presence in Singapore in 2016 & 2015 respectively; with the employee base almost doubling to over 250 employees, with nationalities spread across 17 countries.

    The strategic location of the Singapore office puts Shiseido closer to key markets in Asia, enabling the company to leverage the region’s robust potential with its rising middle-class population. Growth in the premium beauty segment in Asia Pacific is forecasted increase by USD$4.4 billion from 2016-2021, while the mass beauty segment is expected to achieve more than triple this amount[1].

    Asia Pacific also represents a key region and engine of growth for the global Travel Retail Channel. Current forecasts estimate that its beauty segment represents a potential market size of USD$26 billion by 2021[2]; the proximity of Shiseido Travel Retail aims to empower and guide the team alongside this growth.

    “Our new regional headquarters is testament to our solid growth in Asia Pacific over the past few years and my commitment to our consumers and employees in the years to come – I am looking forward to our expanded capabilities in leadership & talent development, innovation and harnessing deeper Asian consumer insights. These will play a critical role in accelerating our growth across the region,” said Jean-Philippe Charrier, President & CEO, Shiseido Asia Pacific.

    “As we continue our trajectory towards achieving our Vision 2020 goals, this new modern office for Shiseido Travel Retail aims to be a place of innovation, creativity and collaboration for our global & Asia teams. We hope that this office will be a place to inspire our team and partners in new ways of thinking, continuing our journey in finding new and fresh methods of engaging our hyper connected travelers and pioneering new forms of retail entertainment,” comments Philippe Lesné, President & CEO, Shiseido Travel Retail.

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  • Uniqlo sales performs well globally, not in hometown

    Uniqlo sales performs well globally, not in hometown

    Fast Retailing Group has reported a decline in revenues for Uniqlo Japan against broader successes internationally in its first quarter. A sharp profit decline on sluggish sales of seasonal ranges during a warm winter in Japan has given rise to disappointing results in the Uniqlo brand’s home territory. Uniqlo Japan posted revenues of ¥246.1 billion (US$2.27 billion), a decrease of 4.3 per cent year on year, with first-quarter profit before taxes of ¥111 billion ($1.03 billion), down 5.7 per cent; and profit attributable to owners of the parent firm of ¥73.4 billion ($678.4 million), down 6.4 per cent. Online sales expanded favourably in the market, however, showing an increase of 30.9 per cent.

    Uniqlo International saw an operating profit far exceeding that of Uniqlo Japan, with revenues at ¥291.3 billion (2.69 billion) up 12.8 per cent. Uniqlo Greater China and Uniqlo South Korea both reported higher sales and profits despite the dampening effect of the warm winter. Uniqlo Southeast Asia & Oceania continued to report significant revenue and profit gains.

    The report said Fast Retailing’s consolidated business estimates for the financial year ending August 31 remain unchanged from the initial forecasts released last October, predicting an 8 per cent expansion in revenue and 14.3 per cent increase in operating profits.

  • November Singapore retail sales stagnant

    November Singapore retail sales stagnant

    November Singapore retail sales were static, rising just 0.2 per cent year on year after removing motor vehicles from the data. On a month-on-month basis, sales rose 1.4 per cent, again after disregarding motor vehicles. Perhaps the most interesting figure was the share of total retail sales which occurred online, reaching 6.6 per cent. In September, online accounted for 4.9 per cent of sales, in October 5 per cent. The November figure suggests the Singles Day shopping promotions on November 11 had a significant impact in Singapore.

    The worst-performing retail category in November Singapore retail sales was computers and telecommunications equipment, slumping 22.1 per cent year on year, which Statistics Singapore attributes to strong sales of phones in November 2017 due to the launch of new models.

    The optical goods and books categories posted sales declines of 4.6 per cent, while food retailers and supermarkets & hypermarkets fell by 3.7 per cent and 1.4 per cent, respectively.

    Department stores registered an increase of 8.7 per cent in sales, while medical goods & toiletries sales rose by 4.8 per cent.

    Turnover of fast-food outlets, restaurants and other eating places (such as cafes) increased between by 2.5 per cent and 4.5 per cent year on year in November. However, sales of food caterers decreased 2 per cent.

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  • Liho Singapore opens first outlet in Brunei

    Liho Singapore opens first outlet in Brunei

    Singaporean bubble tea brand Liho has launched in Brunei with its first outlet at Times Square Brunei Darussalam. The new Liho Brunei store is the result of a year’s preparation and is the first of 10 to 12 outlets planned across the country within the next year. The brand, popular for its brown sugar pearls, operates 93 locations across Singapore and already has a presence in Vietnam.

    “We are still growing and year to year outlook growth is around 20 per cent,” said Liho’s co-founder Rodney Tang. “As long as we understand the customers’ taste and needs, we can continue to grow. We intend to bring in more creative flavours to Brunei.”

  • The Alley Taiwan debuts in Singapore

    The Alley Taiwan debuts in Singapore

    Taiwanese bubble-tea chain The Alley is to open its first outlet in Singapore. Despite the undisclosed location, the brand has already got Singaporean bubble-tea fans excited with an announcement on its Instagram and Facebook pages. Established in 2013, The Alley is well-known for its brown sugar tapioca (Deerioca) milk tea served in cups with with round bases.

    The chain has outlets in Canada, US, France, Korea, Japan, China, Hong Kong, Thailand, the Philippines, Australia and New Zealand. The Alley entered Vietnam in November 2017, and now has 35 stores nationwide.

  • CASE Singapore warns consumers about LuxStyle International

    CASE Singapore warns consumers about LuxStyle International

    Singapore shoppers have been warned about dealing with LuxStyle International Sales. The Consumers Association of Singapore (Case) has released a consumer advisory notice updating its previous advisory on LuxStyle, reminding consumers that they are “not obliged to make any payment to a business for goods or services that they did not explicitly agree to purchase”.

    The Case advisory follows complaints it had received against the Danish online retailer dating back to 2016. The complainants held that LuxStyle had sent out payment notices to consumers who had not agreed to any purchase. According to consumer reports, site visitors were charged by the firm after having entered personal payment information for the purposes of viewing prices, even though they had not proceeded to make a purchase.

    Case issued a consumer alert against LuxStyle in May 2017, but has received a further 18 complaints against the business since then.

    Some consumers have now been contacted by a debt collection agency asking for payments claimed by the firm. According to the advisory, since contacting the collection agency Case has been assured all related debt recovery action has now been cancelled, and that any consumer who made payments on the matter should be fully refunded.

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  • Burberry and Louis Vuitton lose counterfeiting appeal in Singapore

    Burberry and Louis Vuitton lose counterfeiting appeal in Singapore

    Burberry and Louis Vuitton have lost their appeal in a trademark dispute against local transport company Megastar Shipping. The luxury brands alleged that Megastar Shipping had handled counterfeit goods in Singapore that were headed for Indonesia, citing the Trade Marks Act that states a trademark is infringed by any person found to import or export goods using that mark without the proprietor’s consent.

    The upper division of the Singapore Supreme Court found this week that Megastar was not the importer of counterfeit goods shipped from China that were seized in March 2013, and was only intended to handle the goods in transit to their final destination in Indonesia. Megastar Shipping had been listed on seaway bills and arrival notices as the consignee of the goods.

    The appeals court ruled that the protection of IP rights had to be balanced against extending liability for infringement to “honest commercial persons who happened to be tangentially involved” in the shipping of counterfeit goods.

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  • Temasek plans to sell AS Watson stake

    Temasek plans to sell AS Watson stake

    Singapore’s Temasek Holdings is reportedly looking to quit its stake in Hong Kong-headquartered beauty products retailer AS Watson. Temasek spent US$5.6 billion to acquire a 25 per cent share of AS Watson in 2014 from Hong Kong’s CK Hutchison, which retains the majority stake. According to report, Temasek made the investment expecting the business to be listed within three years. But softening investor sentiment towards retail sector listings has weakened since that plan was first envisaged. Investors are spooked by the demise of a slew of brick-and-mortar-focused brands across developed markets.

    AS Watson has some 14,500 stores in 24 markets around the world, and has market leadership in 15 of those. That could make the business an attractive target for private equity funds, despite the company appearing to be focused more on opening new stores than migrating online, where consumers are buying more beauty and healthcare products.

    Bloomberg says in an analysis published online, that a private equity business would be among the more likely buyers for the Temasek stake, given the amount of industry money that’s sitting idle.

    “That said, any acquirer will still be in a minority position, even if the entire 25 per cent is sold. Along with the business’s poor growth prospects, the absence of control is likely to be reflected in the valuation. This is one retail sale that will need a discount to be attractive.”

  • Design Orchard mall to open end of the month

    Design Orchard mall to open end of the month

    Design Orchard mall is set to open on January 25 hosting 61 homegrown labels. The new Orchard Road mall, a joint venture between the Singapore Tourism Board (STB), JTC Corporation and Enterprise Singapore, is conceived of as a home and exhibition space for local design work. It features a 9000sqft first-floor retail showcase, second floor incubation spaces, and a rooftop events area. The first level is currently leased to local retailer Naiise.

    Featured supports for local designers include co-working spaces provided by Taff – equipped with professional sewing equipment, a fabric library and collaboration and networking opportunities with industry players – and a mentorship program from Naiise covering marketing and merchandising.

    “Singapore is home to many global brands,” explained STB’s director of retail and dining Ranita Sundra, of the rational behind Design Orchard mall.

    “As these brands become more ubiquitous, we noticed that more people are drawn to local products with a Singapore story. Design Orchard is thus an exciting opportunity for us to profile the best of Singapore talent under one roof.”

    “We hope that it will inspire local talents to join the community, where they can develop and grow their brands with access to mentors, programmes and facilities in a vibrant space along Orchard Road,” added director of products at JTC Wee Pei Yean.

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  • New Michael Kors to increase focus on Asia

    New Michael Kors to increase focus on Asia

    With the completion of its acquisition of Versace, global fashion group Michael Kors Holding has successfully transitioned into its new identity as Capri Holdings Limited. The group, which now owns Michael Kors, Jimmy Choo and Versace, hopes to leverage its brands to grow group revenue to US$8 billion, while increasing its exposure to the Asia pacific region from 11 per cent to 19 per cent.

    The group also notes an effort to reduce its exposure to the American market, from 66 per cent to 57 per cent, in the long term.

    “We have now created one of the leading global fashion luxury groups in the world,” Capri chairman John D. Idol said.

    However, considering the past performance of these brands, one cannot be certain whether this merged entity can turn them around says IBISWorld senior industry analyst Kim Do, though “Capri Holdings seem confident in their ability to do so.”

    “While many are concerned about the company diffusing its newly acquired brands, similar to that of its own, this is unlikely as, similar to Jimmy Choo’s agreement with Kors Holdings, Donatella Versace will continue to remain the creative director [of] her namesake brand, leading the brand’s creative vision,” Do said.

    “However, while it is likely that Versace will be pushed into new avenues of revenue (such as a stronger focus on Asian markets) it will likely not include mass-retailers – which is how Michael Kors expanded previously.”

    According to Do, IBISWorld expects Capri to hold off on further acquisitions for the time being, and will most likely focus on growing the three brands it now hold in its portfolio.

    In November 2018, the group saw total group revenue decline 32 per cent to $189.76 million (US$137.6 million), from $279.81 million (US$202.9 million) the year prior, which GlobalData Retail managing director Neil Saunders called “disappointing”.

    “Although overall revenue growth looks robust, it continues to be flattered by the acquisition of Jimmy Choo, which has yet to annualise out,” Saunders said.

    “In short, after slowly climbing the steep hill of recovery, Michael Kors now appears to be rolling back down in reverse.”

    Saunders also said the acquisition of Versace could prove to be a distraction that limits the group’s abilities to fix the core problems within it’s main brand.

    In November 2018, the group saw total group revenue decline 32 per cent to US$137.6 million, from US$202.9 million the year prior, which GlobalData Retail MD Neil Saunders called “disappointing”.

    “Given Michael Kors’ relative lack of success with its own label, we do not see the group being able to [easily] undertake the retooling required to generate superior results.”

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  • MSIG Hong Kong names Philip Kent as new CEO

    MSIG Hong Kong names Philip Kent as new CEO

    General insurer, MSIG, has announced the appointment of Philip Kent to the role of Chief Executive Officer (CEO). He succeeds former CEO, Kenneth J. Reid, who has retired after 26 years with MSIG Hong Kong. Philip Kent most recently served as Executive Vice President of Planning for the Singapore-based regional holding company, MSIG Holdings Asia, over the last two years leading business development across the region and spearheading the regional digital strategy in Asia. With more than 28 years in the insurance industry, he has broad insurance market experience encompassing leadership and technical roles across Asia, including Indonesia, Thailand and Hong Kong.

    “We are pleased to have Philip lead MSIG Hong Kong as CEO. His accomplishments and track record of building strong partner relationships and inspiring colleagues make him an ideal leader. He is also very familiar with the market having worked in Hong Kong for 11 years,” said Alan J. Wilson, regional CEO, MSIG Holdings Asia.
    “The industry is dynamic with many insurers going digital and leveraging on new technologies. With Philip’s experience, he will be able to continue the digital transformation that Ken has started for MSIG, ensuring that we are well placed to continue serving the needs of our customers in Hong Kong,” he added.

    Outgoing CEO Kenneth J. Reid has retired after leading MSIG Hong Kong as CEO for 13 years and after a successful career of nearly 35 years with the Group. During his tenure, Mr Reid led MSIG Hong Kong to more than double its gross written premiums and played an instrumental role in forming a partnership with DUAL Asia in 2009, significantly expanding MSIG’s business portfolio. He also contributed to Hong Kong’s general insurance industry as Chairman of the Motor Insurer’s Bureau of Hong Kong from 2015 to 2017.

    “Ken’s vision, accomplishments and impressive track record of building strong client relationships, have materially strengthened MSIG Hong Kong. He leaves a firm foundation and a resilient company. I would like to sincerely thank him on behalf of the Board and the Group for his substantial contribution to MSIG,” Mr Wilson said.

     

  • Amazon Kicks Off the New Year with Head Start on Chinese New Year Festivities

    Amazon Kicks Off the New Year with Head Start on Chinese New Year Festivities

    Amazon announced the kick-off of the Chinese New Year season for Amazon Prime members in Singapore, offering new expanded local selection and great deals and free samplings to help usher in the Year of the Pig with ease. Amazon Prime Now will offer customers a one-stop shop for everything Chinese New Year related — from eight-pack red packets to traditional pineapple tarts and barbequed pork slices (bak kwa).  Anyone in Singapore can join Amazon Prime for S$2.99 a month or start a 30-day free trial at www.amazon.com.sg and download the Prime Now App.

    “We’re excited to jump into the Chinese New Year season, helping Prime members in Singapore get ready for the Year of the Pig with our expanded selection of popular holiday goodies–abalone, traditional pineapple tarts and handmade BBQ pork slice,” said Kourosh Kaghazian, Country Manager, Amazon Singapore. “From cleaning supplies to groceries, we’ve got Prime members covered this new year with the convenience of tens of thousands of items, including a variety of local favorites, and ultra-fast two-hour delivery right to their door.”

    New this season, Amazon is offering some must-have Chinese New Year goodies, including:

    • Kele: Traditional Pineapple Tarts and other festive cookies
    • Kim Joo Guan: Traditional Handmade BBQ Pork Slice
    • Crystal Jade: Almond Puff Cookies and Bo Lo Pineapple Tarts
    • New Moon: Abalone

    Amazon has also expanded its Reunion and steamboat selection for customers in time for their holiday dinner preparations with frozen and fresh sliced meats, noodles and tofu and a wide variety of fresh and frozen seafood, including pomfret, grouper, threadfin, scallops, crabmeat, mussels, squid as well as seasonal fresh vegetables and fruits.

    Amazon has also created specially curated selections according to Chinese New Year themes, such as Readying the House, Spring Cleaning and Organization, Stocking Up on Groceries, Shop Fresh Food/Reunion and Last-Minute Shopping. Prime members will be able to take advantage of the free two-hour delivery on orders of S$40 or more, especially helpful for heavy and bulky items like soft drinks. In addition, Prime members will also be able to shop millions of items on the international selection via the Prime Now App with free delivery in 7-9 business days on orders of S$60 or more.

    Prime Now will offer delivery from 10:00 a.m. to 6:00 p.m. on 4 February, Chinese New Year Eve as well as both public holidays 5 February and 6 February. Leading up to Chinese New Year, Amazon Prime Now will offer regular delivery from 10:00 a.m. to 10:00 p.m.

    Prime members in Singapore have access to millions of items via the Prime Now App. Amazon Prime in Singapore is currently available for S$2.99 per month. Prime membership benefits in Singapore include:

    • Free Two-Hour Delivery on Tens of Thousands of Items: Ultra-fast delivery on tens of thousands of items with free two-hour delivery on orders over S$40, between 10am and 10pm daily.  Items range from groceries to electronics, including a variety of new brands added to Prime Now since the launch such as Yakult, Dell, Tefal, Sambucol, Bausch & Lomb and Pinkfong, as well as new categories including fresh flowers, organic fruits and international foods.
    • Free International Shipping on more than 7 Million of Items: Unlimited free shipping in 7 to 9 business days on orders over S$60 from International Selection via the Prime Now App on more than 7 million international products shipped directly to you from Amazon US. Products include a wide selection of top brands such as Leap Frog, Calvin Klein, Rubbermaid, Zojirushi, BCB Generation, The Children’s Space, Pet Safe, Rebecca Minkoff, and Melissa and Doug.
    • Amazon Prime Video: Prime members can stream or download popular and award-winning Prime Original series like The Grand Tour, Golden Globe and Emmy award winner The Marvelous Mrs. Maisel, Tom Clancy’s Jack Ryan starring John Krasinski, Homecoming starring Julia Roberts, and many more. Prime members can watch anytime, anywhere via the Prime Video App on Android and iOS phones and tablets, smart TVs, game consoles or online at www.primevideo.com.
    • Twitch Prime: Prime members enjoy a selection of free games every month, free in-game loot for the world’s most popular games, a free broadcaster subscription every 30 days, exclusive chat emotes, and more at https://www.twitch.tv.
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  • Singapore company seeks to increase stake in Vietnam’s largest dairy firm

    Singapore company seeks to increase stake in Vietnam’s largest dairy firm

    A Singaporean shareholder in Vinamilk is seeking to increase its stake in Vietnam’s largest dairy firm. Jardine Cycle & Carriage Ltd has registered to buy 17.41 million shares between January 9 and February 7 through its wholly-owned local subsidiary, Platinum Victory, which will enable it to increase its ownership in Vinamilk from over 10 percent to 11.62 percent.

    At a proposed price of VND125,000 ($5.38) per share, the transaction will be worth VND2.17 trillion ($94.42 million).

    Last year Jardine, Vinamilk’s third largest shareholder, had registered on six different occasions to buy 14-17 million shares to increase its stake to above 11 percent, but was unsuccessful due to unfavorable market conditions.

    It first bought a 3.3 percent stake in Vinamilk in November 2017. Within a month it raised its ownership to over 10 percent.

    In April last year a representative of Jardine’s parent company, Jardine Matheson, became a Vinamilk board member.

    Hong Kong-based Jardine Matheson is one of Asia’s biggest conglomerates with interests in luxury hotels, motor vehicles, property, food retail, transport financial services, and agribusiness and revenues of almost $16 billion in 2017.

    F&N Dairy Investments, a subsidiary of Singapore-based Fraser & Neave Ltd, which is backed by Thai tycoon Charoen Sirivadhanabhakdi, owns a 17.31 percent stake in Vinamilk.

    Vietnam’s dairy industry reported revenues of more than VND100 trillion ($4.4 billion) in 2017, with Vinamilk commanding more than a 50 percent market share.

    According to a report by the EU-Vietnam Business Network, the market is expected to double in size by 2020 as the country’s population, personal incomes and dairy consumption increase.

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  • Crabtree & Evelyn Singapore closes all stores

    Crabtree & Evelyn Singapore closes all stores

    Crabtree & Evelyn Singapore is in the process of closing all of its 12 stores on the island and will move exclusively online. The closures follow the placing of the Canadian business into bankruptcy protection last month, resulting in the closure of its 19 stores there as it liquidates its stock. Crabtree & Evelyn was founded in the US in 1972, expanding to the UK in 1980. It was sold to a Malaysian company in 1996, with its US subsidiary entering bankruptcy protection in 2009, resulting in the closure of about a quarter of its store network.

    The business was bought by Hong Kong investment company Khuan Choo International in mid 2012 for US$155 million before being sold to the current owner, another Hong Kong company, Nan Hai Corporation, four years later. Listed on the Hong Kong stock exchange, Nan Hai’s primary business focus is operating cinemas and digital entertainment services, mostly in Mainland China. It has no other specific retail or cosmetics investments.

    In March last year Nan Hai said it had invested in expanding and revitalising the Crabtree & Evelyn product range and that it would expand the brand into the mainland: “Crabtree & Evelyn will fully enter the PRC market in 2018 and the development of [an] e-commerce platform and membership system will be its business focus for 2018, thereby creating synergy with the e-commerce and membership strategies of the group’s cinema operations, which would be beneficial to the long-term development of the group,” the company said in a stock exchange filing.

    Online expansion was also planned in Australia, Singapore and Malaysia, but it made no mention of closing stores and it is not clear in which markets it owns its retail operations and in which it has distribution partners.

    According to a report, the business there filed for bankruptcy citing “significant losses” due to changing consumer demand, rising competition online and an ongoing decline in footfall in its stores.

    Crabtree & Evelyn Singapore is expected to continue trading from two stores in the city – Ngee Ann City and Paragon – until January 31, where it will honour gift vouchers. It has wound down its offline loyalty program in favour of a new online version.

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  • Philippines stock jumps ahead of inflation data, Singapore slides

    Philippines stock jumps ahead of inflation data, Singapore slides

    Most Southeast Asian shares climbed on Thursday, with Philippine markets leading gains ahead of the release of inflation figures, while Singaporean stocks bucked the trend to fall sharply. Philippine stocks gained 1.04 percent, as industrial shares SM Investments Corp and JG Summit Holdings Inc propelled the index. A report shows that the country’s inflation is expected to cool to a six-month low in December, making it likely the Philippine central bank will leave policy rates unchanged this year.

    “The investors were mainly concerned about inflation during 2018,” said Rachelle Cruz an analyst at AP Securities in Manila.

    “So now we’re seeing some buying in the index stocks as there’s better expectation on earnings growth now, since that concern seems to be fading,” Cruz said.

    Local investors appeared to be buying more because some Philippine companies have reached “very attractive valuations,” she added.

    A surge in consumer goods stocks powered a 0.4 percent advance in Indonesian shares.

    Shares in Malaysia and Thailand also rose, by 0.56 percent and 0.71 percent respectively.

    In Kuala Lumpur tourist resort chain Genting Malaysia Berhad added 2.7 percent and palm oil producer Sime Darby Plantation Berhad rose 3.3 percent, while in Bangkok energy stocks provided the biggest boost to the benchmark.

    Meanwhile, Singaporean shares edged 0.81 percent lower, with Thai Beverage PCL dropping 3.3 percent and industrial conglomerate Jardine Strategic Holdings Ltd losing 1.4 percent.

    Vietnamese stocks also shed just above 0.8 percent, with most major sectors in the red. Real-estate stocks like Vinhomes JSC and Vingroup JSC, which powered a rally on Wednesday, fell around 2 percent apiece.

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