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  • Investors warned about AI multilevel marketing schemes

    Investors warned about AI multilevel marketing schemes

    Multilevel marketing schemes (MLMs) calling for investment in artificial intelligence (AI) robots said to be capable of making money on their own are illegal, authorities have warned.

    The Vietnam Competition & Consumer Authority under the Ministry of Industry and Trade has put some AI robot related MLM websites and applications on a warning list, including snowai (snowaiapp.com, snowai.cc, snowai.net) and the inb.network (ai.marketing, and aimarketing).

    The websites claim that AI robots will conduct affiliate marketing on the Internet to advertise brands or carry out transactions on virtual and digital currency trading floors.

    Depending on investment packages involving AI robot rentals, investors can enjoy different kinds of commissions when orders are placed for branded products or transactions in virtual currencies are made. The income includes commission from investments made by subsequent investors in the multilevel marketing scheme.

    If investors pour money into such schemes, they face the risk of losing money because they have to hand in real money but their earnings are in virtual or digital money that are not officially recognized.

    The competition authority warned people not to invest in or develop AI robot related multilevel marketing schemes so as to avoid financial and legal losses.

    Doing business using the multilevel marketing mode without a license can fetch sentences of up to 5 years in prison under Vietnamese laws, the authority said.

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  • Alibaba, partners invest US$400 million in retail arm of Vietnam’s Masan

    Alibaba, partners invest US$400 million in retail arm of Vietnam’s Masan

    Chinese e-commerce giant Alibaba Group Holding and partners have invested $400 million in the retail unit of Vietnamese conglomerate Masan Group, Masan said on Tuesday.

    The consortium, which includes Alibaba Group and Baring Private Equity Asia, has paid for a 5.5 percent stake in Masan’s retail arm, The CrownX, the company said in a statement.

    The CrownX, founded in 2019, is valued under the deal at $6.9 billion, equivalent to $93.50 a share, the statement said. Parent company Masan will hold 80.2 per cent of retail units.

    The deal will expand Alibaba’s presence in Southeast Asia after its $4 billion investment in e-commerce firm Lazada in 2018.

    “The CrownX will work closely with Lazada to accelerate our digital transformation into an ‘all-in-one platform to serve consumers both offline and online purchases,” Masan said in the statement.

    The company said it was in talks with other investors on an additional investment of between $300 million to $400 million in The CrownX with that deal expected to close in 2021.

    Masan shares opened up 5.57 percent on Tuesday to 110,000 dong after the announcement, giving the company a market capitalization at $5.3 billion.

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  • Tigerlily finally unveils new look across stores

    Tigerlily finally unveils new look across stores

    After a much-anticipated wait, the Australian designer brand Tigerlily has today unveiled a new look and branding across its stores, website and social media, alongside the launch of its dreamy resort 2020 campaign.

    In December, the retailer will open its flagship store at Melbourne Emporium, the first to reflect the brand’s new direction. The store design was inspired by exotic hotels and faraway holidays.

    Tigerlily began teasing customers with its relaunch almost two weeks ago when it wiped the contents of its entire Instagram and began slowly posting sneak peek preview videos and imagery.

    “Tigerlily feels like it has traveled the world and it is inviting us to come along on holidays”, Tigerlily CEO Chris Buchanan said in a statement. “And, as we expand into new markets and grow with our consumer, comes a refreshed look and perspective for the brand.”

    “She is a curious explorer with an adventurous spirit;a dreamer enchanted by discovery who lives for the experience. Each collection we create is aspirational but accessible for women, who embrace curiosity for exploring the new things.”

    The new resort 2020 campaign was inspired by the tropical holiday vibe of 1960s Hawaii and showcases the brand’s vibrant prints and effortless silhouettes.

    According to Buchanan, under the brand transformation, Tigerlily’s collections will take on a more sophisticated approach and next year, it will start delivering two collections per season to better serve international customers.

    Its ready-to-wear collection will feature more elevated and contemporary designers at high price points, while its Holiday Edit collection will focus on swimwear and over swim.

    “I think everyone remembers Tigerlily as a swimwear brand, but for 15 years, we’ve been a clothing brand. There’s no better way to celebrate 20 years of being one of Australia’s most iconic brands than to start a new journey and really create some clarity around who we are and what we do,” Buchanan said

  • Roberto Cavalli US collapses as Expected

    Roberto Cavalli US collapses as Expected

    Italian fashion label Roberto Cavalli has shuttered its stores in the US and will liquidate its entire operations in the territory.

    While the brand had recently sought to negotiate with creditors while buying to time to source new investment, it has now sent all staff home and will close all stores. Several key executives have resigned, and a spokesperson announced on Sunday that the group will file for liquidation bankruptcy.

    The flamboyant fashion house has been inundated with difficulties since former Versace executive Gian Giacomo was appointed CEO in late 2015. The firm has struggled since to gain new investment and experienced a high turnover in its creative team.

    The group’s online operations have been shut down until logistics are re-routed through Europe.