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Tag: Thailand

  • Honestbee Thailand launches in Bangkok

    Honestbee Thailand launches in Bangkok

    Singapore on-demand online grocery concierge and delivery service Honestbee has launched in Bangkok.

    In partnership with retail chain Villa Market, Honestbee is offering customers a faster and easier way to obtain their daily groceries through concierge shoppers. Honestbee has been training the shoppers to select the best quality groceries and deliver them the same day.

    Under the partnership, Honestbee will use all Villa Market’s outlets throughout Bangkok as well as its bistro and cooking studio The Gastro, and the Villa Market Holiday Store.

    Honestbee co-founder/CEO Joel Sng says the company has been doing some trial runs during the past few months.

    Honestbee Executive - Mr Joel Sng

    He says Honestbee is committed to help Villa Market and other speciality stores work online through technology such as website and mobile apps, plus logistics. Honestbee also aims to create flexible jobs.

    Honest Bee website

     

    Honestbee’s one-stop app service will offer a range of more than 11,000 products from grocery chains and gourmet/specialty food suppliers. These include organic foods, fresh fruits, imported frozen meats, wines, specialty drinks, hampers, seasonal products and kitchen supplies from partners including Ahmad Tea London, Happy Flavour, Ja Guem Song, K-Market, Meyer, Perfect Earth Organics, Pierre Herme Paris, Pipper Standard, Simply W and Wishbeer, with more to come.

    Prices are the same as in store, and deliveries are to the customer’s doorstep. There is a special voucher promotion to help launch the service.

    As well as Singapore, Honestbee already has a presence in Hong Kong, Indonesia, Japan, Malaysia and Taiwan.

    Established in 1974, Villa Market was a retail pioneer when the only outlets to buy groceries in Bangkok were markets and small grocery stores.

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  • Thailand’s Central Group set to build mall in Cambodia

    Thailand’s Central Group set to build mall in Cambodia

    Thai ambassador to Cambodia Nuttavudh Photisaro says Central representatives have already studied the proposed site, not yet revealed publicly.

    “By investing in a shopping mall, they hope the trade volume between the two countries will increase,” says Nuttavudh.

    CBRE Cambodia associate director Ann Sothida says shopping malls still have a chance to grow in Cambodia because the market has increased purchasing power and has only a limited number of shopping malls of international standard.

    Trade between Thailand and Cambodia eased by 6 per cent last year to US$5.6 billion. Cambodian exports to Thailand amounted to $936 million, while the country’s imports from Thailand amounted to $4.7 billion.

    Phnom Penh’s shopping centres comprise Aeon Mall, which is building a second outlet in the city, City Mall, Parkson and Soriya Mall.

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  • AEON in Collaboration with Kasikorn Bank Launch “Cashing @ K-ATM with AEON

    AEON in Collaboration with Kasikorn Bank Launch “Cashing @ K-ATM with AEON

    Mr. Nuntawat Chotvijit (second right), Director of Marketing, AEON Thana Sinsap (Thailand) Public Company Limited, together with Ms. Supaneewan Chutrakul (second left), First Senior Vice President of Kasikorn Bank recently launched the “Cashing @ K-ATM with AEON Your Cash Card get  a special chance to win smartphone prize” campaign. The campaign, which runs until April 30, offers AEON Your Cash cardholders the chance to win one of 10 iPhone 7 Plus (128GB), or one of 51 Samsung Galaxy A7 (2017), at a total value of 1,195,990 baht by withdrawing a Your Cash loan of over 1,000 baht via a Kasikorn Bank ATM.

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  • Cheap money transfer system to boost cashless transactions in Thailand

    Cheap money transfer system to boost cashless transactions in Thailand

    Thailand launched a cheap electronic interbank transfer system for depositors in January, in a much awaited milestone since it unveiled a digital payment masterplan two years ago.

    Called PromptPay, it allows someone to transfer sums of less than 5,000 baht (S$xxx) to accounts of other banks for free, as opposed to the 25 baht fee usually levied by banks.

    Some 19 million bank accounts were linked to the PromptPay service as at Jan 16, a modest fraction of the 78.8 million savings accounts nationwide that month (Jan 2017). Experts say one of the factors hampering take-up is lack of a privacy law, raising fears that signing up for the PromptPay system might make one more susceptible to having one’s personal information stolen.

    PromptPay was part of a larger plan, involving inducing consumers and taxpayers to go electronic, to reduce transaction costs and increase the transparency of tax and government related payments.

    Previously, interbank transfer fees had created a virtual ringfence around depositors, forcing cost-conscious consumers to physically transfer cash between different automated teller machines. This also limited the appeal of an increasing variety of e-wallet options.

    Commuters on Bangkok’s skytrains currently use a stored value “Rabbit” card, which can also be used to buy items from over 3,000 retail outlets.

    Thailand’s three mobile phone service providers also offer their own version of e-wallets, alongside social messaging applications like Line and WeChat.

    For example, True Money is an electronic payment system linked to mobile service provider True Move.. Last October (2016), True Money also launched a remittance service that would allow Myanmar migrant workers in Thailand to make real-time transfers of their earnings home.

    But while the value and proportion of e-money transactions processed by banks and non-bank service providers have been steadily growing, they totalled just 91 billion baht last year – or less than  1 per cent of the value of payment transactions processed – according to Bank of Thailand data.

    The rollout of PromptPay’s peer-to-peer transfer system is expected change the dynamics of Thailand’s e-payment landscape, says Mr Punnamas Vichitkulwongsa, who heads the Thailand e-Payment Association and who is also the chief executive of True Money.

    “There would be more excitement in the market,” he told.

    “PromptPay creates a level playing field for (non-bank e-wallet providers)…Banks will be more aggressive and step up their offerings to end users,” he said.

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  • Malaysia-Cambodia-Thailand subsea cable launches

    Malaysia-Cambodia-Thailand subsea cable launches

    A new subsea cable connecting Malaysia, Cambodia and Thailand has been launched in Cambodia, adding at least 30Tbps of regional capacity.

    The Malaysia-Cambodia-Thailand (MCT) cable system was designed and deployed by Huawei Marine for Cambodia’s EZECOM, Telekom Malaysia and Symphony Communication of Thailand.

    The 1,300km cable system uses 100Gbps technology, and will connect to other submarie cable systems, including the Asia-America Gateway (AAG).

    Speaking at the launch of the system, EZECOM CEO Paul Blanche-Horgan said the launch is the culmination of six years of work. He said the launch of the cable will improve the security of Cambodia’s connection to the internet.

    “With this cable, we are now directly connected POP to POP, which means a much more secure connection for Cambodia. This is of great importance, as [Cambodian deputy prime minister and minister of interior] Samdech Krolahom does understand, for the context of national security as well as certain key sectors like banking.”

    Samdech Krolahom himself said that with the new cable, “Cambodia now has faster, more reliable, more affordable and, most importantly, a more secure internet connection for all.”

  • MK Restaurants plans US$11m expansion

    MK Restaurants plans US$11m expansion

    Thailand’s MK Restaurants Group plans to invest about Bt400 million (US$11.3 million) a year over the next five years to expand in Thailand as well as its overseas markets, including Singapore.

    Chairman/CEO Rit Thirakomen says the group will open 15 MK branches in Thailand this year, together with 25 Yayoi and five Miyazaki Japanese restaurants. Three or four franchised restaurants will be added to each overseas market.
    “We are also open for acquisition deals with select companies in food, services and retailing, so they will be able to use our infrastructure and logistics,” says Thirakomen.

    MK Restaurants Group’s sales rose 4 per cent to Bt15.49 billion last year, but its profit spurted 13 per cent to Bt2.1 billion. It projects growth at 5 to 9 per cent annually for five years.

    The group’s first MK Live flagship restaurant was officially unveiled at The Emquartier shopping mall in Bangkok yesterday, targeting health-conscious and “lifestyle” consumers. It has 135 seats.

    MK’s other brands are Hakata Ramen, Le Petit coffee shop and bakery, Le Siam Thai Restaurant, Miyazaki Teppanyaki, MK Restaurants, MK Gold Restaurants, Na Siam Thai Restaurant and Yayoi Japanese Restaurant. As well as 600 outlets in Thailand, the group has 40 franchised outlets in Indonesia, Japan and Vietnam.

    It has also set up a JV in Singapore to run its restaurants there, including MK, Miyazaki and Yayoi.

    Rit says that under its third-generation management team, MK Restaurant Group has outlined a major expansion plan for this year to cash in on the burgeoning Thai food industry, predicted by Kasikorn Research Centre to grow at 2 to 4 per cent to about Bt390 billion this year.

    Assistant marketing director Tantawan Thirakomen says MK Live is a suki (hot pot) restaurant designed to attract teenagers, young adults and families.

    “The store is decorated to reflect a vegetable greenhouse, with natural decorative items – wood, trees and rocks – as well as hydroponic vegetables displayed on the walls,” she says.

    A feature is its Live Showcase open kitchen where customers can see the chefs working on their meals, including dim sum and meatballs. Also on the menu are lobsters from Canada, scallops from the US and Wagyu beef from Japan.

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  • International brands battle for Vietnam milk tea market

    International brands battle for Vietnam milk tea market

    As Vietnam’s economy grows the Vietnam milk tea market has become a battleground for foreign franchises.

    The latest debutant is Taiwanese milk tea brand T4, founded in 2004,  and which has steadily built an international network now including Malaysia, Thailand, Indonesia, China, the UK and the US.

    The first T4 outlet in Vietnam is a two-storey building, located on Phan Xich Long street in Ho Chi Minh City, a popular destination for milktea fans, where consumers are spoilt for choice.

    Next on the scene is Tealive, a new brand from the former Malaysian master franchisee for Chatime.

    And while new names are coming, current players are expanding their networks, in a market share battle even more fierce than the notorious coffee market stoush.

    Gong Cha, Hong Kong-based Taiwanese milk tea chain, plans to boost franchise this year, after building a strong foothold in Ho Chi Minh City with 10 outlets. Now, Gong Cha is opening two stores in Hanoi and one in Danang, with more to come in other cities, including Haiphong.

    Considered a prime competitor for Gong Cha, Koi The came to Vietnam in September 2015, and currently operates seven outlets in Ho Chi Minh City, all located in busy downtown sites or shopping malls.

    Nguyen Hoai Phuong, a spokesperson for Gong Cha Vietnam, previously told a local newspaper that milktea is the weapon to win in Vietnam’s beverage cafe market, largely due to the youthful Vietnamese population.

    That might well be the reason why more and more international brands are planning Vietnam expansion.

    More big names have just joined the segment – Queeny, Chachago, Sharetea and Goky.

    Middle market players include Bobapop, Teacup and Dingtea, the oldest player in the sector. Dingtea landed in Vietnam in 2014 and has now built a network of nearly 100 outlets across the country. It has 350 stores in China and 650 globally.

    In this battle, local brands seem to struggle, with only a few names having gained a reputation and real market penetration. Hot and Cold might be considered the most successful, a pioneer in the Vietnam milk tea market since 2011. Charting a different course to most of its rivals, Hot and Cold grew market share with a customised menu and finger food.

    Given the size of the market and Vietnam’s young population, many more milk tea and juice brands are expected to try their luck in due course, making the battle for share even more fierce.

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  • KKday Launches E-commerce Travel Platform in Thailand

    KKday Launches E-commerce Travel Platform in Thailand

    KKday, a leading E-commerce travel platform in Asia offering localized travel across the globe officially launched in Thailand today, bringing unique and authentic tour experiences abroad to Thai tourists looking to travel independently and explore other cities around the world through organized excursions.

    Established in 2014, KKday is a Taiwan-headquartered company offering over 6,000 experiences, in 25 different categories, in 174 cities and 54 countries worldwide.

    After recently launching in Singapore, the Thai branch of KKday will appeal to the growing number of FITs (Free Independent Travelers) in Thailand in search of fun activities and memorable sightseeing trips on holiday. Whilst FITs book their own flight and accommodation, they look to online travel experts with local knowledge to book unforgettable travel experiences that give them genuine insights into a destination; discovering local culture and heritage, hidden gems and off-the-beaten-track adventures and sampling incredible food and activities along the way.

    Ming Chen, CEO of KKday, who was at the launch in Bangkok, believes city break tours will appeal to the Thai market. “Thais are renowned for their warm welcome to tourists visiting their country and this openness extends to a genuine interest in other cultures and a love of travel. Asia is home to some spectacular cities and I envisage that KKday members in Thailand will want to soak up the atmosphere and truly experience city breaks in Taiwan, Korea and Japan which are all popular vacation destinations for Thais; exciting cities like Taipei, Seoul and Tokyo. I am pleased to be launching KKday in Thailand and with the huge growth of E-commerce within the country, an online travel experience platform fits perfectly with what the market wants and how consumers behave here.”

    Hassle-free and competitively priced, KKday is easy to browse, read reviews and book online; the ideal travel companion for the digital Y Generation of under 35s who are primarily booking with KKday. In 2017, the travel trend for Gen Y tourists is all about experiential vacations and immersive getaways rather than finding some far-flung undiscovered destination or simply ‘being’ a tourist abroad.

    Today’s travelers want get a more organically native feel for a place that is less ‘touristy’ and is far more interactive and experienced-based. KKday taps into this quest for localized, customized travel.

    The launch of KKday in Thailand is aimed at expanding the platform which already has a presence in Taiwan, Hong Kong, Malaysia, Korea and Singapore. A branch in Thailand will build on KKday’s already 7 million plus page views per month, Facebook fan base of over 600,000 and membership that exceeds 300,000. Promotions are also on the horizon with relationships being established with some big-name brands in Thailand too.

    Expansion is part of the future strategy of KKday with two rounds of funding in 2015 and 2016 totaling $11.5 million led by Singapore-based venture capitalists, Monk’s Hill Ventures and AppWorks, the largest start-up accelerator in Asia.

    In Thailand, KKday has partnered with DTAC Rewards, Eatigo, Tourkrub, Show DC (Lotte) and Nokscoot.

    Celebrating its debut in Thailand with an exciting campaign, #KKvacay rewards one lucky winner and a friend will win a holiday in either Japan, Hong Kong, Korea, Singapore or Taiwan!

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  • My Kitchen opens at Siam Discovery

    My Kitchen opens at Siam Discovery

    A “new dimension of downtown hangout” called My Kitchen has opened at Siam Discovery,  described as a social dining experience concept.

    Siam Discovery parent Siam Piwat says the new hangout – an “eat, meet, mingle concept” targets millennials.

    My Kitchen offers a social dining experience on the fourth floor of Siam Discovery which integrates digital innovation to make the dining experience more fulfilling and enjoyable.

    Apart from the flavours of international dishes from five well-known restaurant brands – Cafe Chilli, Kuppadeli, Man Fu Yuan, Nara, Yuzu By Yuutaro and a Brix Dessert Bar – all come with an all-new concept where signature dishes are selected to please individual tastes and styles.

    2. My Kitchen

    My Kitchen also introduces the My Kitchen is Your Kitchen concept providing a workshop space designated to offer every diner enjoyable and interactive cooking demonstrations, tasting parties, and other food events in rotation every day.

    “It is also ideal for friends to throw a party on special occasions or use the workshop to prepare foods for important guests in a beautiful panoramic atmosphere right in the heart of Bangkok,” says a Siam Piwat spokesperson.

    My Kitchen tablet menus allowing diners to order and pay quickly.

    The decor of the precinct includes art installations designed by Nendo Studio, a team of well-known designers from Japan led by the world-famous Oki Sato, (who designed the Siam Discovery revamp unveiled last year).  The area is painted in shades of white.  The floor is paved with white volakas marble to give a feeling of friendliness and warmth. Clear glass walls offer a panoramic view of downtown Bangkok.

    My Kitchen comprises various zones including reception, lounge, private room and workshop spaces, covering more than 1000 sqm and seating up to 250 people.

    The reception is decorated with disco balls and a graphic mapping time lapse projection as highlight to keep diners in a relaxing mood while waiting for food to be served.

    The lounge features a visual mapping technique from Le Petit Chef, a group of visual art enthusiasts and winners of multiple international awards. They created food mapping that combines 3D animation with motion capture techniques to project onto dining tables two stories of food preparation: one for soup and the other for dessert, so customers can enjoy their time with friends or someone special while waiting for their meals “just like having a tiny chef prepare food for them on the table”.

    “It  will offer an original experience unlike anywhere else,” says the spokesperson.

    The new venue is open daily from 10am to 10pm.

  • Lalamove Releases ChomChob

    Lalamove Releases ChomChob

    Lalamove, the Hong Kong based on-demand delivery company has joined hands with ChomCHOB, a point accumulation app that converts a customer’s credit and debit card points into reward points, allowing them to purchase an extensive range of products and services from over 1000 merchants.

    From now until April 30th, ChomCHOB points can be redeemed towards Lalamove motorbike and pick up delivery services. Photo shows Thanwarat Chailert, COO & Co-Founder of ChomChob Group, (left) with Lalamove’s Managing Director Chanon Klahan.

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  • First CEIV Pharma Certification in Singapore for Bolloré Logistics

    First CEIV Pharma Certification in Singapore for Bolloré Logistics

    Bolloré Logistics Singapore was successfully awarded by the International Air Transport Association (IATA) as CEIV Pharma-compliant at its platform located in the Airport Logistics Park, and is one of the first transport and logistics companies in Singapore to receive this certification. The aim of Bolloré Logistics is to deploy this action throughout its global network with on-going certifications on other sites in Asia-Pacific, including in Australia, Hong Kong and Japan.

    This is a new success for the Bolloré Group, which shows its commitment to achieve the highest international quality standard in the global pharmaceutical supply chain for its customers, by continually improving its processes and infrastructures in compliance with the CEIV Pharma standards.

    With its modern and innovative facilities, the excellence of its quality management system, the expertise of its teams and its multiple certifications, Bolloré Logistics is a major global player in the supply chain of pharmaceutical products. Being certified by IATA CEIV Pharma, Bolloré Logistics Singapore fully conforms to all applicable pharmaceutical standards expected from pharmaceutical manufacturers in terms of facilities, equipment, operations and staff and being capable to provide seamless cool chain transportation.

    This global initiative, already in place on European sites in Paris Roissy CDG (France), Brussels (Belgium), Frankfurt (Germany) and Lisbon (Portugal) is also currently in progress on other sites such as Johannesburg in South Africa or Chicago in the USA. IATA created the Center of Excellence for Independent Validators in Pharmaceutical Logistics (CEIV Pharma) in 2015. It aims at setting the industrial standard for air cargo supply chain in pharmaceutical handling excellence.

    It addresses the industry’s need for more safety, security, compliance and efficiency, by creating a globally consistent and recognized pharmaceutical product handling certification. CEIV Pharma encompasses – even supersedes – many of the existing pharmaceutical standards and guidelines, such as IATA Temperature Control Regulations (TCR), European Union Good Distribution Practices (EU GDP), World Health Organization Annex 5, and United States Pharmacopeia Standards.

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  • Thai Transport Authority Fines Uber, Grab Drivers

    Thai Transport Authority Fines Uber, Grab Drivers

    When U.S.-based Uber launched in Thailand in 2014, the Department of Land Transport said the company’s drivers were not properly registered or insured, and its payment system did not meet regulations. However, authorities did little to stop the service since it was so popular with tourists and locals.

    But the government is clamping down on the service now, with 23 Uber drivers fined in Bangkok this week alone. Grab drivers have also been fined, though not as many, with drivers caught working for one of apps now having their licenses suspended for up to six months and fined 2,000 baht ($57).

    Authorities are targeting Uber and GrabCar specifically because they are the only two services in Thailand where private car owners can use their own cars to pick up passengers. Uber has a site set up so drivers can sign up and start earning money through the app.

    The Department of Land Transport’s Deputy Director-General Nanthapong Cherdchu said the agency would ask the military government to use an emergency measure to shut down the apps if drivers don’t comply. Many taxi drivers in the country — angry over losing business to the two apps — have even launched their own investigations in an effort to turn Uber and Grab drivers over to the authorities. Uber, however, is hoping they can work with the government and convince them that these ride-hailing services are beneficial to the country.

    “Uber remains committed to creating reliable transportation for everyone,” Uber spokeswoman Amy Kunrojpanya said.

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  • AEON Launches “365 Days… Enjoy Shopping with AEON Credit Card”

    AEON Launches “365 Days… Enjoy Shopping with AEON Credit Card”

    Mr. Kiyoyasu Asanuma (left), Managing Director of AEON Thana Sinsap (Thailand) Public Company Limited, together with Mr. Nuntawat Chotvijit (right), Director of Marketing, AEON Thana Sinsap (Thailand) Public Company Limited, presided over the recent launch of “365 Days… Enjoy Shopping with AEON Credit Card” campaign. The campaign offers a range of special privileges to AEON Royal Orchid Plus Platinum cardholders, AEON Gold cardholders and AEON Classic cardholders throughout 2017. Cardholders will also be entitled to special promotions from AEON’s partners, including its newest partner, Pizza Hut.

    The first exclusive promotion available to all cardholders is a set of Extra Value Meals worth 79 baht from McDonald’s and a Buy One, Get One Free promotion from Pizza Hut when placing an order at the restaurant or using the delivery service. The second promotion entitles cardholders to a Buy One, Get One Free cinema ticket, or at a special price of 99 baht, when buying a cinema ticket at any Major Cineplex theatre.

    Moreover, for the third benefit, Get up to 500 baht cash back when spending an accumulated amount of 3,000 baht or over with AEON credit cards The fourth promotion entitles AEON credit cardholders to receive a 5% discount on items at MaxValu and MaxValu Tanjai every 1stand 15th of the month. The campaign runs from today until 28th February 2018.

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  • Bangkok home to Asia’s first Playboy Cafe

    Bangkok home to Asia’s first Playboy Cafe

    Lam Yook Millenium Millennium (2002), the distributor of Playboy clothing in Thailand, has opened the first Playboy Cafe in Asia.

    It is in the Central Festival EastVille complex in Bangkok, with a second cafe scheduled to open in Central Marina Pattaya next month.

    Playboy cafe 1

    A budget of Bt30 million (US$856,000) has been earmarked for the opening of about 30 Playboy Cafes across Thailand within five years.

    Flying in from the US to preside over the opening, Playboy heir/chief creative officer Cooper Hefner says about 3000 Playboy outlets sell fashion accessories and clothes in such markets as China, India and Taiwan.

    She says Lam Yook has beenwith Playboy for more than 15 years in Thailand. It is the first company in Asia to gain a licence to run a Playboy Cafe.

    Lam Yook COO Pornpat Wangworawong says his company outlined its plans last year after setting up Playboy outlets in five department stores in Thailand. It plans to open a Playboy outlet at Central Plaza Korat this year and is introducing a business line to mark the Year of the Rooster. A Thai website will be launched in June.

    Playboy cafe 2

    “Before opening the cafe, we ran a market survey and learned that Thais like hanging out with friends and eating,” says Pornpat. Playboy Cafe’s signature item is the Bunny Burger.

    Covering 158 sqm in Central Festival EastVille, the cafe has capacity for 70 customers.

    Sales of the brand in Thailand have risen 30 per cent on average over the past few years, but last year’s growth was only 10 to 15 per cent because the global slowdown affecting the garment industry. To counteract this, the company plans to renovate its standalone shops and turn the outlets in department stores into unisex models.

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  • Crocs store is closing door

    Crocs store is closing door

    One in four Crocs stores will be closed globally as the maker of the world’s ugliest shoes plots a survival plan.

    The store cull was announced along with another quarterly loss: the shoemaker finished its last three months US$44.4 million in the red, albeit a better performance than the same period a year earlier when it lost $73.9 million.

    Global sales were down 10.2 per cent to $187.4 million but in Asia the company says its retail sales declined by a whopping 16.6 per cent.

    Total Asian revenue was $68.8 million, down 9.8 per cent year-on-year, with wholesale revenues down 5.3 per cent (explained as a result of the sale of the South African business in April 2016). Retail sales in Asia declined 16.6 percent, despite the opening of nine stores since 2015. Online sales declined 7 per cent in Asia, which Crocs says was the result of weak sales in China on Singles’ Day.

    In Europe, revenue was down 14.2 per cent.

    As it restructures to ensure its survival, Crocs CEO Gregg Ribatt will step down on June 1, to be replaced by Andrew Rees who has for the past two years been president. The two roles will now be combined and Ribatt will remain on the company’s board.

    Rees told an analysts’ briefing that customers are responding favorably to new colors and prints added to the core Crocs molded product line.

    “We’ve also confirmed the importance of any newness to our iconic molded footwear through new color and graphic introductions, and through the expanded use of licensed characters,” he said.

    “Our spring/summer 2017 collection rolled out to warm-weather doors in November and early reads are encouraging. Going forward, our innovation and newness will be most heavily concentrated on core clogs and sandal, slips and slides where we see the greatest opportunity for growth.”

    Crocs is also banking on the endorsement of the product by celebrities Drew Barrymore, John Cena, Yoona Lim and Henry Lau who will feature in the brand’s latest Come As You Are marketing campaign launching in April.

    Full year figures

    Crocs’ full-year picture was nowhere near as bad as the last quarter’s. Total sales were $1.04 billion, down only a little from the $1.09 billion of a year earlier. On a constant currency basis, revenues declined 4.7 per cent.

    The company recorded a full-year net loss of $16.5 million, far better than the $83.2 million of 2015. Excluding non-recurring charges, the adjusted loss was $26.9 million.

    Rabat says Crocs has been reshaped into a company that :”functions more efficiently and effectively” and is in “a far better place now than two years ago”.

    “And while the operational work is critical, it is not yet, and I emphasise yet, translating into the financial gains we continue to believe are achievable.”

    Since 2014, Crocs has halved its SKU count, boosted the appeal of core sellers and added new collections.

    Once the store cull is complete in 2018, Crocs will operate about 400 outlets, adding $35 million to its bottom line in 2019. At the end of 2016 it had 558 stores.

    Carrie Teffner, Crocs EVP and CFO, says that given volatile market conditions, the company is not setting mid-term revenue and margin targets.

    “That said, we continue to believe that… longer term, the business can deliver EBIT margins in the 10 per cent range.”

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