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Tag: travel

  • Iconic Jewellery Brand Fabergé Sold For $50m: Gemfields Shifts Focus Back To Core Mining Operations

    Iconic Jewellery Brand Fabergé Sold For $50m: Gemfields Shifts Focus Back To Core Mining Operations

    Gemfields, the mining group, has disclosed the sale of its entire ownership in the esteemed jewellery brand Fabergé. The purchaser, U.S.-based SMG Capital, procured the brand for a sum of US$50 million – a cost that many in the industry have described as unusually low for a brand with such a rich history.

    Financial Breakdown

    As of December, Fabergé had net assets amounting to $50.35 million. Nevertheless, the brand had experienced operating and net losses totaling $5.7 million and $11.3 million, respectively. These financial results likely influenced the final sale price.

    Fabergé, renowned for its extravagant creations, boasts the Third Imperial Easter Egg amongst its portfolio. Created in 1887, this masterpiece, featuring a solid gold case adorned with sapphires and diamonds, and containing a women’s watch with diamond-set gold hands, was once valued at $33 million. The egg remains in the hands of an unidentified private collector.

    Deal Details

    Gemfields is set to receive $45 million upon the deal’s closure, which is anticipated by the end of August. The remaining $5 million will be dispersed in the form of quarterly royalties, equivalent to 8% of Fabergé’s revenue. Notably, the deal does not necessitate any regulatory approvals or additional authorizations.

    The sale enables Gemfields to concentrate its efforts on its fundamental operations in coloured gemstone mining. These activities encompass the launch of a new ruby processing facility in Mozambique and the growth of emerald mining in Zambia.

    End of an Era for Gemfields

    Sean Gilbertson, CEO of Gemfields Group, referred to the sale as signifying the conclusion of an era. He stated, “Brands as iconic and beautiful as Fabergé do not change hands very often. We wish the team and Mr. Mosunov every success.”

    SMG Capital, under the proprietorship of tech entrepreneur and venture capitalist Sergei Mosunov, plans to maintain Fabergé’s focus on jewellery, accessories, and timepieces. Mosunov also expressed his eagerness to offer exceptional service to existing customers while attracting new brand enthusiasts.

    A Historical Overview of Fabergé

    Established in 1842 in St Petersburg, Russia, Fabergé is famed for its intricate, gem-encrusted eggs, which were originally manufactured for the Russian imperial family during the late 19th and early 20th centuries.

    Questions & Answers

    What is the essence of the deal between Gemfields and SMG Capital?
    The deal entails the sale of Gemfields’ entire stake in Fabergé to SMG Capital for US$50 million.

    What are the future plans for Gemfields following the sale of Fabergé?
    Gemfields plans to focus on its core operations in coloured gemstone mining, including the launch of a new ruby processing plant in Mozambique and the expansion of emerald mining in Zambia.

    What will be the future focus of Fabergé under the new ownership of SMG Capital?
    Under the ownership of SMG Capital, Fabergé will continue to concentrate on its jewellery, accessories, and timepieces.

  • AirAsia X soars into its next chapter of growth with Istanbul

    AirAsia X soars into its next chapter of growth with Istanbul

    AirAsia X (AAX) is soaring into its next chapter of growth with the announcement of a long-awaited route to Istanbul, Türkiye, a city where East meets West. Travellers from Hong Kong and Macao can now access the heart of Türkiye with smooth Fly-Thru connectivity via Kuala Lumpur.

    The new direct service between Kuala Lumpur and Istanbul will commence on 14 November 2025 with four weekly flights, strengthening AAX’s global footprint and offering more affordable travel options to one of the world’s most iconic destinations.

    This strategic launch marks AAX’s long-anticipated entry into Europe, opening a vital gateway linking Southeast Asia to Europe via one of the world’s most historically rich and geographically unique destinations. Straddling two continents across the Bosphorus Strait, Istanbul offers travellers the rare opportunity to experience the best of both worlds.

    The airline will operate from Istanbul Sabiha Gökçen International Airport (SAW), a major hub with connections to over 117 international and 40 domestic destinations. This provides guests from Southeast Asia even greater onward travel options, while giving travellers from Istanbul and beyond seamless access to AirAsia’s network of 130 destinations at unbeatable value.

    Benyamin Ismail, CEO of AirAsia X said: “Istanbul has always been a dream destination for many of our guests, and its launch marks another proud moment in our journey to rebuild stronger than ever. Hot on the heels of our recent expansion into Central Asia, this long-awaited route takes us one step closer to delivering longer connectivity across continents. As the only city in the world built on two continents, Istanbul perfectly captures our vision to bridge Asia and beyond through affordable, medium-haul travel. This is a strategic decision that strengthens our network, creates more pathways for business collaboration, and enhances access to new experiences for travellers around the world.

    With our seamless Fly-Thru services via Kuala Lumpur, travellers from Hong Kong and Macao can now also enjoy convenient one-stop access to Istanbul without the hassle of baggage recheck. Likewise, travellers from Europe and beyond can now access the wonders of Southeast Asia and beyond with ease through our extensive network.”

    In celebration of this milestone, AAX is offering introductory first-come first-served promotional fares from HKD1,023 / MOP1,207 all-in one way for the Fly-thru service in Hong Kong and Macao. Flights are available for booking starting today until 20 August 2025 for the travel period between 14 November 2025 and 14 September 2026, on airasia.com and the AirAsia MOVE app.

    As Türkiye’s largest city and economic powerhouse, Istanbul is a captivating destination that offers opportunities to travellers from all walks of life. From iconic landmarks like the Blue Mosque, Hagia Sophia and Topkapi Palace, to the lively Grand Bazaar and Spice Market, the city is a treasure trove of history and vibrant local life.

  • Vietjet Launches 8/8 Super Sale: Up to 80% Off Flights Plus Exclusive Hotel Discount

    Vietjet Launches 8/8 Super Sale: Up to 80% Off Flights Plus Exclusive Hotel Discount

     Vietjet is turning up the heat this August with its limited-time 8/8 Super Sale, offering travellers up to 80% off Eco fares across its entire international and domestic network. Singapore-based adventurers can now snap up incredible flight deals to Hanoi, Da Nang, Ho Chi Minh City and Phu Quoc.

    For just 23 hours, from 01:00 to 24:00 (GMT+8) on 8 August 2025, guests can enter promo code “VJ80” when booking Eco tickets or the Vietjet Air mobile app to enjoy the 80% discount (excluding taxes and fees). The promotion is valid for travel between 15 September 2025 and 27 May 2026 (terms and conditions apply).

    As a special bonus, the first 500 passengers booking international flights to Hanoi (HAN) or Van Don (VDO) during the promotion period will receive a 20% discount on a one-night stay (terms and conditions apply) at the luxurious Royal Ha Long Hotel. This offer is valid for flight bookings made between 8–15 August 2025, exclusively via Vietjet’s website or app.

    From tropical beach retreats to vibrant city adventures and cultural discoveries, Vietjet offers travellers convenient access to Vietnam’s most captivating destinations — all at exceptional value.

    Onboard, passengers can indulge in Vietjet’s signature experience featuring a modern, warm and professional cabin crew, and a mouthwatering menu of Vietnamese and international favourites including Pho, Banh Mi, iced milk coffee, and more. 

    Seats are limited –  act fast! Fly smart, save big, and discover a whole new world with Vietjet.

    A whole new world, a whole new me – Let’s Vietjet!

  • Vietnam Airlines Reports Impressive $255 Million Profit Surge in First Half of 2023

    Vietnam Airlines Reports Impressive $255 Million Profit Surge in First Half of 2023

    Vietnam Airlines has reported a significant boost in its pre-tax profit for the first half of 2025, achieving VND6.68 trillion (US$255 million), marking a robust 19.3% increase compared to the same period last year, driven by soaring demand.

    According to the airline’s financial results, revenues surged by 10% to reach VND58.68 trillion. This profit figure shockingly outstrips earlier estimates made by CEO Le Hong Ha during the company’s annual general meeting in June—calling it a pleasant surprise for stakeholders.

    The state-owned carrier attributed this impressive performance largely to a notable rebound in travel demand, particularly during the bustling second quarter. Domestic service revenues soared by 26.2% year-on-year in Q2 alone, while international sales increased by 15.8%.

    Adding to the airline’s profits, a dip in global aviation fuel prices also played a pivotal role. The average price of Jet A1 fuel fell to $86-88 per barrel, an 11% decrease from last year’s levels—providing a much-needed buffer amid rising operational costs.

    However, the airline remains guarded about the remainder of the year due to looming external risks. Management has expressed concerns about geopolitical tensions that could precipitate a rise in fuel prices. Ha noted that the ongoing Iran-Israel conflict has necessitated the rerouting of all flights between Vietnam and Europe, inadvertently adding around 25 additional minutes to each journey and, inevitably, increasing fuel costs.

    Vietnam Airlines is also facing foreign exchange risks, with approximately 65% of its operational costs tied to foreign currencies. This adds an extra layer of complexity to financial forecasting as the airline navigates the recovering—and increasingly competitive—aviation markets.

    With average ticket prices trending downward after their post-pandemic peak, it appears the competitive landscape is tightening, further challenging the airline as it strives to maintain its upward trajectory.

    Questions & Answers

    What factors contributed to Vietnam Airlines’ profit increase in the first half of 2025?
    The airline’s profit rise was primarily driven by robust travel demand, especially in the second quarter, alongside a decline in aviation fuel prices, which helped bolster financial performance.

    How has geopolitical tension affected Vietnam Airlines’ operations?
    Geopolitical issues, particularly the Iran-Israel conflict, have forced Vietnam Airlines to reroute flights between Vietnam and Europe, adding extra flight time and fuel costs.

    What challenges does Vietnam Airlines anticipate for the remainder of 2025?
    The airline is adopting a cautious outlook due to potential external risks, including fluctuating fuel prices and foreign exchange vulnerabilities, as well as increased competition in the aviation market.

  • Thailand’s Tourism Decline Casts Shadow on Struggling Stock Market

    Thailand’s Tourism Decline Casts Shadow on Struggling Stock Market

    Thailand’s tourism sector, a critical pillar of its economy, is facing significant turbulence, largely due to a steep decline in foreign visitor numbers. This downturn is sending ripples through tourism-related stocks, impacting everyone from airlines to hoteliers and retailers. As a result, the Thai equity market is struggling to keep pace with its regional counterparts.

    Recent weeks have seen a modest rise in share prices, buoyed by the initiation of a new government travel subsidy scheme. However, analysts are quick to temper any enthusiasm with caution. They point to two major factors constraining growth: the waning influx of Chinese tourists, who previously played a pivotal role in the industry, and a noticeable dip in consumer spending among locals. Additionally, the simmering border conflict between Thailand and Cambodia is casting a shadow of uncertainty over the sector, heightening concerns about both travel safety and economic stability.

    Optimism may be a tough sell these days, but many in the industry are finding creative ways to draw in visitors. After all, in tourism, as they say, sometimes it takes a little bit of magic to make customers forget their worries.

    Questions & Answers

    What factors are contributing to the decline in Thailand’s tourism sector?
    The decline is primarily driven by a drop in the number of foreign visitors, particularly from China, along with decreased spending among Thai consumers and regional tensions, such as the conflict with Cambodia.

    How has the Thai government responded to these challenges?
    The Thai government has launched a travel subsidy program aimed at boosting tourism and encouraging domestic travel, which has led to a slight increase in share prices recently.

    What is the outlook for tourism-related stocks in Thailand?
    While there has been a recent uptick in share prices due to government initiatives, analysts remain cautious, highlighting ongoing challenges that could affect future performance.

  • Rimowa Opens First Street-front Store In Japan’s Chubu Region: A Blend Of Luxury And Tradition

    Rimowa Opens First Street-front Store In Japan’s Chubu Region: A Blend Of Luxury And Tradition

    Rimowa, a luxury travel accessories brand, has recently opened its inaugural street-front store in Sakae, Nagoya, situated in the heart of Japan’s Chubu region. The brand, which is part of the LVMH portfolio, is renowned for its premium range of suitcases, bags, and accessories.

    Store Design and Location

    The newly unveiled store, nestled amidst other high-end brands on Otsu-dori Street, merges traditional Japanese architecture with Rimowa’s own unique design aesthetic. Covering an impressive 190 square meters over two floors, the store’s design emphasizes the concept of lightness, achieved by the natural light streaming through its glass walls.

    The ground floor of the store showcases a striking blend of two types of synthetic marbles, creating a stark contrast with the store’s luminous interior ambiance.

    Customer Service and In-store Features

    On the second floor, customers will find two dedicated repair counters offering hot stamping and click repair services. The store also features a secluded customer service area, designed to promote a calm and relaxed shopping environment. True to Rimowa’s commitment to design and quality, this area boasts furniture crafted by Marcel Breuer, a renowned figure in furniture design who received his education at Germany’s prestigious Bauhaus.

    Questions & Answers

    Where is the new Rimowa store located?
    The new Rimowa store is located in Sakae, Nagoya, in Japan’s Chubu region.

    What is the design theme of the new Rimowa store?
    The design theme of the new Rimowa store emphasizes lightness, with natural light filtering in from its glass walls.

    What services does the new Rimowa store offer?
    The new Rimowa store offers dedicated repair counters for hot stamping and click repairs. It also features a partitioned customer service area for a relaxed shopping experience.

  • Pack More, Pay Less with Limited-Time Offer: Vietjet Launches SGD86 Fares and 20kg Free Checked Baggage Promotion

    Pack More, Pay Less with Limited-Time Offer: Vietjet Launches SGD86 Fares and 20kg Free Checked Baggage Promotion

    This summer, Vietjet is making international travel more exciting and affordable with a major promotion: Eco tickets from just SGD86/one-way (inclusive of taxes and fees) for all Singapore-Vietnam routes, plus 20kg of free checked baggage on all international flights to and from Vietnam (terms and conditions apply). 

    Perfect for savvy travellers seeking unbeatable value and flexibility, Singapore-based passengers can enjoy convenient direct flights to Phu Quoc, Ho Chi Minh City, Hanoi, and Da Nang, with more room in their luggage and their budget.

    The promotion runs from 01:00 on 23 July to end of 26 July 2025 (GMT+8). Thousands of promotional Eco tickets will be available for sale. The discounted fares also apply to all Vietjet domestic and international routes for travel between 4 September 2025 and 20 May 2026 (terms and conditions apply), giving travellers plenty of time to plan their dream escapes and enjoy exceptional savings. 

    Adding to the value, Vietjet is offering an extra 20kg of free checked baggage for Eco ticket holders on all international flights. This generous offer helps travellers avoid additional costs while enjoying more comfort and convenience on their journeys.

    Passengers flying with Vietjet can expect a joyful and seamless travel experience aboard a modern, fuel-efficient fleet operated by professional and friendly cabin crews. Onboard, travellers are treated to a rich inflight menu featuring iconic Vietnamese dishes such as Pho, Banh mi, Vietnamese iced coffee, Milo shake, milk tea, and more. 

    Whether it’s a relaxing getaway, a culinary exploration, or a new adventure across the Asia-Pacific region, Vietjet continues to be the trusted travel partner offering value-packed deals and excellent service. This summer, Vietjet invites travellers to discover new destinations, reconnect with loved ones, or simply take a well-deserved break, with irresistible ticket promotions and a seamless travel experience that begins the moment you book.

    A whole new world, a whole new me. Let’s Vietjet!

    Vietjet’s Singapore – Vietnam flight schedule: 

    • Singapore – Hanoi – Singapore: VJ916/VJ915: 1 return flight/day 
    • Singapore – Da Nang – Singapore: VJ970/VJ973: 1 return flight/day 
    • Singapore – Ho Chi Minh City – Singapore: VJ812/VJ813, VJ814/VJ811, VJ816/VJ815: 3 return flights/day 
    • Singapore – Phu Quoc – Singapore: VJ984/VJ983: 1 return flight/day

    The new-age carrier Vietjet has not only revolutionized the aviation industry in Vietnam but also been a pioneering airline across the region and around the world. With a focus on cost management ability, effective operations, and performance, applying the latest technology to all activities and leading the trend, Vietjet offers flying opportunities with cost-saving and flexible fares as well as diversified services to meet customers’ demands.

    Vietjet is a fully-fledged member of International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) certificate. As Vietnam’s largest private carrier, the airline has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world’s 50 best airlines for healthy financing and operations by Airfinance Journal in many consecutive years. The airline has also been named as Best Low-Cost Carrier by renowned organizations such as Skytrax, CAPA, Airline Ratings, and many others.

  • Emirates Unveils Exclusive Luxury Lounge Experience for Discerning Travelers

    Emirates Unveils Exclusive Luxury Lounge Experience for Discerning Travelers

    Dubai’s state-owned Emirates Airline has rolled out a new gem for its affluent travelers with the launch of the Emirates First Lounge in Terminal 3 at Dubai International Airport (DXB). Since mid-July, this luxurious haven has been welcoming well-heeled passengers, showcasing Emirates’ determination to maintain its edge amid rising competition in the Gulf region.

    The whispers of First Class’ demise during the pandemic seem to have been greatly exaggerated. Contrary to predictions, this lucrative segment is experiencing a resurgence—especially in the prosperous Gulf area, where Emirates stands at the forefront of this revival. The Emirates First Lounge promises its top-tier fliers, as well as Platinum members of its Skywards frequent flyer program, an exceptional airport experience that begins well before takeoff.

    A Luxurious Departure Experience

    With an upgraded check-in area featuring elegant private seating and an exclusive check-in process, the Emirates First Lounge sets a new standard for luxury travel. This is complemented by the airline’s 43 exclusive lounges worldwide, designed for those traveling on premium tickets. Rolex clocks adorn the walls, ensuring that affluent passengers can keep time—though, given that DXB operates as a “silent airport,” they may find themselves enjoying the lull rather than rushing for their gates.

    Charting a Unique Course

    While other airlines may be trending away from First Class, Emirates is carving its own path. Aviation analysts at Cirium report a dramatic reduction in global First-Class seats, dropping to 12.6 million in 2024—a staggering 40% decrease from 21.05 million in 2019. Despite this, overall airline capacity across all classes has risen slightly from 5.7 billion to 5.9 billion seats.

    “Our customers can now enjoy a comfortable ride to the airport with our chauffeur service, check in quickly in the exclusive Emirates First area, relax in a premium lounge before their flight, and then experience our award-winning in-flight service,” shared Adel Al Redha, Deputy President & Chief Operating Officer of Emirates. He also announced a new daily flight to Zurich starting February 1, 2026, employing the Airbus A380 superjumbo to replace the Boeing 777 currently in use.

    Facing New Competition

    Marking a timely investment in luxury, Emirates is now bracing for competition from the upstart Riyadh Air, set to launch in 2025 as Saudi Arabia’s new state airline. Equipped with petrodollars and a mission to cater to an upscale clientele, Riyadh Air has already placed substantial orders for Boeing 787 Dreamliners, transforming the air travel landscape. Its CEO, Tony Douglas, formerly of Etihad Airways, is clearly signaling that Riyadh aims to compete aggressively in the premium sector.

    Alongside these developments, the Maldivian airline BeOnd has also taken flight in 2023, enhancing travel connections between Zurich and the Gulf through charming stopovers, ensuring that competition in the Middle Eastern skies remains vibrant and relentless. A game of high stakes is unfolding, and it’s clear that the first-class cabin remains a coveted and competitive space.

    Questions & Answers

    What is the significance of the Emirates First Lounge at Dubai International Airport?
    The Emirates First Lounge enhances the travel experience for premium customers, offering exclusive check-in, luxurious amenities, and a tranquil atmosphere, reflecting Emirates’ commitment to maintaining its excellence amid growing competition.

    How does the current landscape of First Class travel compare to pre-pandemic levels?
    The global number of First-Class seats has significantly decreased by 40% since 2019, yet Emirates is bucking this trend, bolstering its services and further investing in luxury travel as others scale back.

    What competition is Emirates facing in the luxury travel market?
    Emirates is now competing with the newly announced Riyadh Air, which plans to launch in 2025 and aims to attract high-end travelers with upscale offerings, as well as the Maldivian airline BeOnd, which facilitates luxury connections in the region.

  • Vietnamese Airlines Soar Ahead with New Direct International Flight Initiatives

    Vietnamese Airlines Soar Ahead with New Direct International Flight Initiatives

    Ngoc Yen is buzzing with excitement as she returns to Bali after a three-year hiatus, remarking that this time her journey was significantly more affordable and convenient thanks to a direct flight from Ho Chi Minh City. “It’s more manageable now: ticket changes are easy, the flight attendants speak Vietnamese, and the meals hit just right,” she shared, contrasting her previous experiences that often required lengthy layovers in Singapore, racking up unexpected costs along the way.

    Leading the charge in this travel renaissance, Vietnam Airlines has introduced an impressive 13 new international routes since early 2024. Among these, the cities of Ho Chi Minh and Bali, Copenhagen, Bengaluru, Hyderabad, and Milan are now just a short flight apart. This expansion includes its inaugural service to Denmark and the revival of crucial routes such as Hanoi to Moscow and Ho Chi Minh to Osaka.

    Today, Vietnam Airlines operates on 69 international routes—a notable 13% increase from pre-pandemic levels—connecting travelers to 37 destinations across 21 countries. A spokesperson for the airline highlighted its rapid recovery and expansion as “unprecedented.” The international routes have not only boosted airline connectivity but also contributed significantly to its financials, with revenues up by 10.6% year-on-year in the first half of 2025, accounting for 60% of total transport service revenues.

    Meanwhile, budget carrier Vietjet Air is setting its sights on the Indian market with flights to major cities like Mumbai, Ahmedabad, and Hyderabad. The airline recently kicked off new services from Nha Trang in Vietnam to Vladivostok, Khabarovsk, and Blagoveshchensk in Russia, and connected Hanoi with Chengdu in China. Looking ahead, Vietjet plans to add flights to Auckland, New Zealand, in September, part of a broader strategy for sustained growth.

    Bamboo Airways, on the other hand, is focusing its efforts on short-haul routes, allowing it to easily adjust flight frequencies to popular destinations like Bangkok, Taipei, and Seoul. In a unique twist, Vietravel Airlines is broadening its horizons in charter flights, appealing to high-end travelers with luxurious all-inclusive tours to destinations in South Korea, Japan, and Thailand.

    The Civil Aviation Authority of Vietnam has noted a resurgence, revealing that Vietnamese airlines are now operating across more than 150 international routes, surpassing numbers seen before the pandemic. This aggressive expansion is driven by a desire to retain slots at major airports as demand for air travel rebounds. Airlines are also gearing up to increase international flights to attractive Vietnamese tourist destinations such as Da Nang, Nha Trang, and Phu Quoc, signaling a strategic effort to reinforce Vietnam’s position in the global transport ecosystem.

    “We’re not merely chasing numbers; we’re selecting destinations with strong connectivity that serve both passenger and cargo needs,” stated a representative from one carrier, emphasizing the balance between growth and practicality. Routes like Hanoi-Hyderabad are gaining popularity due to competitive pricing, and travel agents in Hanoi report soaring demand for direct flights to India and Bali, particularly among independent and business travelers. As optimism swells, airlines are planning to continue this trend of international expansion, buoyed by the encouraging response to their new services.

    Questions & Answers

    What new international routes has Vietnam Airlines added recently?
    Vietnam Airlines has launched 13 new international routes including those to Bali, Copenhagen, Bengaluru, Hyderabad, and Milan.

    How has Vietjet Air expanded its operations?
    Vietjet Air has targeted the Indian market with flights to major cities like Mumbai and has also initiated new services to Russian cities and plans to connect to Auckland, New Zealand.

    What strategic moves are Vietnamese airlines making post-pandemic?
    Vietnamese airlines are rapidly expanding their international services to secure airport slots and respond to rising travel demand, focusing on destinations that enhance both passenger and cargo connectivity.

  • Shangri-La Asia Welcomes New CEO: Daughter of Malaysia’s Wealthiest Tycoon Takes the Helm

    Shangri-La Asia Welcomes New CEO: Daughter of Malaysia’s Wealthiest Tycoon Takes the Helm

    Shangri-La Asia, a leading player in the Asian hospitality sector, has named Kuok Hui Kwong as its new chief executive officer, effective August 1. Kuok is the daughter of Robert Kuok, who stands as Malaysia’s wealthiest individual.

    Solid Leadership Experience

    At 47 years old, Kuok has been a pivotal figure within Shangri-La, having served as executive director since June 2016 and as chairperson since January 2017, as noted by Business Times. Holding a distinguished background, she boasts a degree in East Asian Studies from Harvard University and was previously managing director and CEO at SCMP Group, the publisher behind the South China Morning Post.

    Generous Compensation Package

    Her new role comes with considerable compensation: a monthly base salary of $73,377, along with potential discretionary bonuses and pension benefits, according to The Straits Times. Yet, it’s not just about the dollars; Kuok’s impressive business acumen has propelled her to 40th place on Fortune’s 2024 list of Asia’s most powerful women — a fitting title for someone stepping into the CEO role of one of Asia’s largest hotel chains.

    A Thriving Hotel Empire

    Shangri-La Asia’s recent 2024 annual report highlights the company’s robust portfolio, comprising 81 of the more than 100 hotels it operates across four prominent brands: Shangri-La, Kerry, Hotel Jen, and Traders. These properties hold a combined net asset value of $10.83 billion, reflecting not just a legacy of luxury, but also a definitive foothold in the competitive hotel landscape.

    Questions & Answers

    What experience does Kuok Hui Kwong bring to her new role as CEO?
    Kuok has been involved with Shangri-La Asia for several years as both an executive director and chairperson, and she previously held the position of managing director and CEO of SCMP Group, showcasing her extensive leadership experience.

    How is Kuok’s salary structured in her new position?
    Kuok’s compensation includes a monthly base salary of $73,377, complemented by discretionary bonuses and pension benefits, positioning her as one of the well-compensated leaders in the hospitality sector.

    What does Shangri-La Asia’s hotel portfolio look like?
    The company operates over 100 hotels under its four main brands, with a significant portion owned by the group, amounting to a robust net asset value of $10.83 billion, solidifying its strong market presence.

  • Lojel Opens Innovative Concept Store At K11 Musea; Unveils Exclusive Journey Patch Collection

    Lojel Opens Innovative Concept Store At K11 Musea; Unveils Exclusive Journey Patch Collection

    Lojel, a Japanese luggage manufacturer, has recently opened the doors to its latest concept store at K11 Musea. This new venture marks the seventh store that Lojel operates in Hong Kong.

    Embracing Local Artistry

    The K11 Musea outlet is unique due to its partnership with acclaimed local artist Zoie Lam. Her artwork graces the central pillar of the store, vividly depicting the Tsim Sha Tsui district of Hong Kong. This display is a testament to the store’s architectural feature, the canvas, which serves as a visual interpretation of Lojel’s “art meets retail” narrative.

    Opening A New Chapter

    According to Tee Teng Li, General Manager of Lojel, the K11 Musea store represents a new beginning for the brand. “This store marks a new chapter for Lojel – a place where movement, creativity, and community come together,” he said. Li further explained that the concept store is a prototype for future outlets, intending to enhance the customer connection and provide a genuinely immersive experience.

    Journey Patch Collection

    The grand opening of the store came with the unveiling of the exclusive Journey Patch collection. This collection is the result of a collaboration with Danish artist Julie Solvstrom and is entirely made from post-consumer recycled polyester yarn. Lojel also joined forces with UNHCR, the UN refugee agency, and Made51 to initiate a handcrafted bracelet campaign.

    Lojel initially made its mark in Hong Kong last year, with the launch of its first flagship store.

    Questions & Answers

    What is unique about the new Lojel store at K11 Musea?
    The store is unique because it embraces local artistry. It houses artwork by local artist Zoie Lam, who has depicted the Tsim Sha Tsui district of Hong Kong on the store’s central pillar.

    What does the K11 Musea store represent for Lojel?
    According to Tee Teng Li, Lojel’s General Manager, the store signifies a new chapter for the brand. It represents a place where movement, creativity, and community converge.

    What was unveiled at the grand opening of the store?
    Lojel unveiled the exclusive Journey Patch collection at the grand opening. The collection, created in collaboration with Danish artist Julie Solvstrom, is entirely made from post-consumer recycled polyester yarn.

  • Makara Capital Sets Ambitious Goal to Mobilize $7B for Strategic Investments in Vietnam

    Makara Capital Sets Ambitious Goal to Mobilize $7B for Strategic Investments in Vietnam

    In a significant meeting held in Hanoi on Wednesday, Ali Ijaz Ahmad, chairman and CEO of Makara Capital Partners, expressed strong interest in expanding the firm’s footprint in Vietnam. Joined by other company executives, Ahmad highlighted the group’s substantial presence in Singapore in areas such as fund and asset management, financial structuring, and advisory services.

    Vietnam: A Promising Investment Landscape

    Demonstrating due diligence, the leaders outlined their comprehensive analysis of the Vietnamese market, underscoring their confidence in the country’s strategic development trajectory and long-term growth ambitions. Their enthusiasm mirrors Vietnam’s reputation as a burgeoning hub for investment in Southeast Asia.

    Strategic Projects in the Pipeline

    Makara Capital Partners is currently championing an investment initiative to establish a biopharmaceutical industrial park in the northern province of Hung Yen. Moreover, the company is engaging with Vietnamese authorities to explore collaborations in energy, infrastructure, and banking restructuring, as well as contributing to the development of a global financial center in the country.

    Such ambitious ventures could potentially mobilize between US$5 and $7 billion in investments, showcasing the firm’s commitment to driving economic growth in Vietnam.

    A Call to Action

    Prime Minister Pham Minh Chinh encouraged Makara Capital Partners to expedite its investment decisions and scale up operations within Vietnam’s priority sectors. He emphasized the philosophy of “working together, benefiting together, winning together, and sharing joy and happiness.”

    Reiterating the Vietnamese government’s commitment to facilitating successful investments, Chinh assured that the country will protect the legitimate rights and interests of investors, grounded in principles such as regulatory transparency, market alignment, and international standards.

    Aligning Interests for Sustainable Development

    Chinh warmly welcomed Makara Capital’s ambitions in biopharmaceuticals and finance, aligning them with Vietnam’s goals for rapid, green, and sustainable development. He provided insights into the nation’s socio-economic strategies and highlighted ongoing efforts in institutional reform, infrastructure expansion, and human resource enhancement.

    Vietnam is embarking on a transformative journey, restructuring its administrative framework and implementing key resolutions aimed at fostering swift and sustainable growth. The nation has set its sights on achieving a GDP growth of at least 8% this year, with aspirations for double-digit growth in the years to follow, all while aiming to transform into a high-income developed country by 2045. A tall order? Perhaps. But in Vietnam, the potential often exceeds the challenge.

    Questions & Answers

    What investment projects is Makara Capital Partners pursuing in Vietnam?
    Makara Capital is focused on developing a biopharmaceutical industrial park in Hung Yen, while also exploring opportunities in energy, infrastructure, and banking restructuring.

    What is the expected investment range from Makara Capital in Vietnam?
    The initiatives being discussed could mobilize between US$5 and $7 billion in total investments.

    What are Vietnam’s economic growth targets for the coming years?
    Vietnam aims for a GDP growth of at least 8% this year, with a vision for double-digit expansion in subsequent years, striving to become a high-income developed nation by 2045.

  • Ant Unveils Innovative AI Travel Companion Integrated into Mobile Wallets for Seamless Adventures

    Ant Unveils Innovative AI Travel Companion Integrated into Mobile Wallets for Seamless Adventures

    Retailing giants in Asia are grappling with the delicate balance of managing supply chain disruptions and keeping pace with ever-changing consumer expectations. As economies rebound from the impacts of the pandemic, retailers are re-evaluating their strategies to navigate an increasingly competitive landscape.

    Adapting to Shifting Consumer Behaviors

    According to recent reports, consumer preferences in Asia are shifting dramatically. In a bid to cater to the growing demand for seamless shopping experiences, retailers are investing heavily in technology. From advanced inventory management systems to mobile payment solutions, the focus is on creating frictionless interactions both online and in-store. “Consumers want convenience; they want it now. If we can’t deliver that, we risk losing their business,” said Mei Chen, a retail analyst in Shanghai.

    Sustainable Practices Take Center Stage

    Another notable trend is the rise of sustainable retail practices. As climate awareness increases among shoppers, brands across Asia are stepping up their efforts to incorporate eco-friendly practices. From sourcing sustainable materials to implementing recycling initiatives, companies such as Tokyo-based Uniqlo are leading the charge toward a greener future. In a surprising twist, some brands are even rewarding consumers for returning items for recycling, turning sustainability into a rewarding experience.

    The E-commerce Boom Continues

    The pandemic may have accelerated the e-commerce boom, but it seems to be here to stay. Data shows that online shopping is now a staple for many consumers in Asia, leading traditional retailers to rethink their brick-and-mortar approaches. As digital giants like Alibaba and JD.com continue to thrive, smaller retailers are also recognizing the need for a robust online presence. “It’s almost as if the physical store has transformed into a showcase, while e-commerce does the heavy lifting,” noted Raj Patel, an analyst based in Mumbai.

    Collaborative Strategies on the Rise

    In a surprising twist on competition, retailers are increasingly collaborating to enhance their offerings. Partnerships between tech firms and retail giants are blossoming, helping both parties tap into new consumer bases. For instance, the collaboration between a leading grocery chain and a digital health startup has resulted in combined rewards programs that benefit customers on multiple fronts. “We’re no longer just competing with one another; we’re finding new ways to grow collectively,” remarked Jaspreet Kaur, head of retail strategy at a major conglomerate in Bangalore.

    Embracing Omnichannel Retailing

    The omnichannel retail strategy has become a buzzword, with companies integrating various platforms to enhance customer experience. This strategy not only streamlines operations but also fosters greater brand loyalty. Retailers are realizing that today’s consumers often blend their shopping experiences, moving seamlessly between online and offline environments. “You can’t just be a one-trick pony anymore,” said Chao Wei, a representative for a major electronics retailer in Beijing.

    Looking Ahead

    As Asia’s retail landscape continues to evolve, industry leaders face the challenge of maintaining relevance while adapting to new paradigms. Those who embrace innovation, prioritize sustainability, and harness collaboration stand to thrive in a dynamic market. With consumer expectations at an all-time high, the race to keep up is not just a sprint; it’s a marathon, filled with opportunities and surprises for those willing to take the leap.

    Questions & Answers

    What strategies are retailers in Asia adopting to meet consumer expectations?
    Retailers are investing in technology for seamless shopping experiences, emphasizing convenience, and focusing on eco-friendly practices to appeal to sustainability-conscious consumers.

    How has e-commerce affected traditional retail in Asia?
    The e-commerce boom has led traditional retailers to adapt their business models, often transforming physical stores into showrooms while boosting their online presence to reach customers more effectively.

    What is the significance of collaboration among retailers in the current market?
    Collaboration allows retailers to leverage each other’s strengths, expand consumer reach, and provide innovative solutions that benefit both businesses and customers, making the retail landscape more dynamic.

  • Centara’s Newest Maldives Oasis Introduces Sanctuary of Indulgence and Serenity

    Centara’s Newest Maldives Oasis Introduces Sanctuary of Indulgence and Serenity

    Centara Hotels & Resorts, Thailand’s leading hotel operator, has officially opened Centara Grand Lagoon Maldives, welcoming guests to a secluded haven where gracious Thai hospitality meets Maldivian allure. Nestled within The Atollia by Centara Hotels & Resorts, this sophisticated retreat marks Centara’s fourth distinctive property in the Maldives.

    To celebrate its grand opening, Centara presents the Grand Island Indulgence: Exclusive Introductory Offer. Available for bookings until 30 June 2025 for stays until 15 October 2025, this luxurious experiential package offers more time to unwind with complimentary nights, along with meal plan upgrades, champagne, and a relaxing couples’ massage. Guests will also enjoy exclusive access to The Club lounge and a choice of captivating ocean excursions, with additional privileges for CentaraThe1 members.

    The resort introduces 142 elegantly designed beachfront and overwater villas and residences ranging from 78 to 290 square metres. With direct access to a private stretch of beach or a serene slice of the ocean, guests can enjoy as much connection or seclusion as they desire.

    Each accommodation is crafted to complement the island’s natural charm, featuring a private pool, Jacuzzi, or both, with select villas offering connecting options for families and groups. The Grand Two Bedroom Beach Pool Villa, Three-Bedroom Sunset Beach Pool Residence, Grand Two Bedroom Overwater Pool Villa, and Three-Bedroom Sunset Overwater Pool Residence, provide the ultimate in spacious living, including indoor and outdoor lounging and dining areas, and even a fully equipped kitchenette, from which the resort’s chefs will happily serve in-villa tipples and culinary experiences for private romantic or family dining, or group entertaining.

    Centara Grand Lagoon Maldives invites guests on a gastronomic journey across its diverse dining venues. The Gallery serves as a vibrant all-day dining hub, featuring live tandoor and teppan grills. Bluefin brings a sophisticated Mediterranean beach club atmosphere, with fresh seafood and live music, while Coco Drift, the resort’s swim-up bar, offers laidback cocktails and light bites. Sunset Social presents a premier champagne bar set over shimmering waters, while The Club offers exclusive fine dining, featuring raw bars, expertly paired tapas and wines, and intimate buffet setups.

    “We are thrilled to officially welcome guests to Centara Grand Lagoon Maldives,” said Andrew Jansson, Cluster General Manager of Centara Grand Lagoon Maldives & Centara Mirage Lagoon Maldives. “From our picturesque beachfront and overwater villas to our exquisite dining and wellness journeys, our team has worked tirelessly to ensure every aspect of this magnificent property exceeds expectations. We look forward to offering travellers stays that embody both Centara’s signature warm hospitality and the beauty of this Maldivian paradise.”

    Thirayuth Chirathivat, Chief Executive Officer of Centara Hotels & Resorts, commented, “The launch of Centara Grand Lagoon Maldives is a testament to our commitment to providing extraordinary guest experiences in the world’s most sought-after destinations. This resort not only completes our visionary multi-island project, The Atollia by Centara Hotels & Resorts, but also strengthens Centara’s position as a leader in the hospitality industry.”

    Just a short speedboat ride from Malé International Airport, Centara Grand Lagoon Maldives is designed for both indulgence and discovery. Embark on transformative wellness journeys at Spa Cenvaree Retreat, an oasis of holistic well-being where immersive spa experiences rejuvenate mind, body, and spirit; explore our vibrant underwater life, or enjoy family fun at the diverse children’s clubs for both teenagers and little ones.

    The opening of Centara Grand Lagoon Maldives also signifies the completion of The Atollia by Centara Hotels & Resorts, a visionary project set to redefine experiential travel in this breathtaking destination. As part of this exclusive multi-island destination, Centara Grand Lagoon Maldives blends sophisticated tranquility with immersive experiences, catering to discerning travellers seeking a refined escape while also granting guests unprecedented access to the thrilling water attractions and vibrant facilities of neighbouring Centara Mirage Lagoon Maldives.

  • Alibaba’s Metaverse Mall: Revolutionizing Online Shopping Experience In 2024

    Alibaba’s Metaverse Mall: Revolutionizing Online Shopping Experience In 2024

    Chinese e-commerce giant Alibaba is diving headfirst into the metaverse, with plans to unveil a new digital marketplace that promises to change the shopping experience for its users. The ambitious project, called “Metaverse Mall,” aims to create an immersive shopping environment that blends virtual reality with online retail, allowing shoppers to browse and interact with products in a three-dimensional space.

    Metaverse Mall is set to launch in the first quarter of 2024, and initial reports suggest it will offer a myriad of features designed to enhance consumer engagement. Users will not only be able to view products from all angles but will also have the ability to interact with virtual sales assistants and participate in gamified shopping experiences. Imagine picking out a pair of shoes and having a virtual avatar model them for you—an enticing prospect for fashion enthusiasts!

    The move into the metaverse aligns with Alibaba’s ongoing efforts to adapt to changing consumer behaviors and preferences, especially among younger shoppers who are increasingly interested in digital experiences. Analysts suggest that this new venture is not merely a gimmick; it could be a pivotal strategy for capturing a larger share of the online retail market as competition intensifies across the Asia-Pacific region.

    “The metaverse is where the future of shopping is headed,” said industry expert Dr. Mei Chen. “Alibaba’s initiative could set a precedent that others will follow, and it has the potential to redefine how brands interact with their consumers.”

    In a landscape where online shopping has become a staple—especially after the pandemic—Alibaba’s innovative stride into the metaverse may shift the focus from traditional e-commerce to a more immersive experience that keeps customers engaged longer. Offering interactive layouts and themed shopping environments, the Metaverse Mall could turn routine errands into virtual adventures.

    And it doesn’t stop there; early previews hint at seasonal events and product launches that will make shopping feel less like a transaction and more like an experience—who wouldn’t want to attend a virtual concert while completing their holiday shopping?

    While Alibaba is forging ahead, it’s not alone in this frontier. Competing retailers across Asia are closely watching the development, with some already experimenting with augmented reality and digital storefronts. The race to capture the metaverse shopping experience is heating up, and shoppers can expect a plethora of options soon.

    As Alibaba embarks on this significant leap into the virtual space, the retail world will be keenly observing how this transformative approach impacts the consumer landscape and whether it will indeed revolutionize shopping as we know it.

    Questions & Answers

    What is Alibaba’s new initiative in the metaverse?
    Alibaba is set to launch “Metaverse Mall,” a digital marketplace that combines virtual reality with online shopping to create an immersive experience for users.

    When is Metaverse Mall expected to launch?
    The Metaverse Mall is slated to launch in the first quarter of 2024.

    How might this venture impact the retail landscape?
    This initiative could redefine shopping by offering interactive experiences and engaging consumers in ways traditional e-commerce does not, setting a new standard that competitors will likely follow.