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Hang Ten soars 56% on back of £220m bid Tuesday, 20th December 2011
Hang Ten Group Holdings Ltd. Climbed as much as 56 per cent after receiving a HKD 2.65 billion (GBP 220 million) buyout offer. The Hong Kong-based clothing retailer with stores across East Asia climbed as much as 96 Hong Kong cents to HKD 2.66, headed for a record gain, and traded at HKD 2.64 as of 2.58pm local time.
Tesco’s David Potts calls time on 39 years at retailer Tuesday, 6th December 2011
David Potts will step down from his position as head of business in Asia on 30 June, by which time he would have spent 39 years working for the company. Trevor Masters, head of the Central European business since 2009, will take over from Potts to head up the supermarket giant’s Asia arm. In turn, group property director Gordon Fryett, a former head of Tesco Ireland, will take on Masters’ European role alongside his existing duties.
Prada Q3 ‘immune’ to debt crisis Tuesday, 29th November 2011
The Italian fashion house on Tuesday reported on strong third quarter results whilst it acknowledged some of its wealthy customers may feel the pinch from the global economic downturn in the future. Prada said it would minimise financial risks by passing up more exotic acquisition opportunities. The company posted net profit up 75 per cent to EUR 93.6 million in the three months ending in October, thanks to sales in Asia, now its main market.
Prada expects China sales to triple in next two years Tuesday, 18th October 2011
Prada’s deputy chairman Carlo Mazzi has told press he expects Asia to account for half of the brand’s business within a year. Mazzi went on to claim that Chinese sales are forecasted to triple over the next two or three years. ‘About 40 percent of our business is from Asia, and it may rise to 50 percent next year,’ Mazzi told the Hong Kong Economic as reported by Reuters.
Reiss to ramp up overseas business Thursday, 13th October 2011
Sanjay Sharma, the new international director of the fashion brand has said Reiss’ overseas business will outgrow its UK operation within the next three to four years. According to Sharma the retailer has all the attributes of a global brand and would be able to expand worldwide. He said: “Only select brands can travel and Reiss clearly does.
Valentino opens first exclusive men’s boutique for Hong Kong Friday, 30th September 2011
Italian fashion house Valentino this month opened its first exclusive men’s boutique in the Landmark Mall in Hong Kong. The store will be the first of its kind to hit Asia, and launched with much fanfare with special guest Huang Xiao Ming, joined by Fala Chen, Him Law and Jocelyn Luko. The new Valentino Men’s shop forms part of the whole Landmark Men concept, which hopes to attract the fashion conscious men of Hong Kong.
Tesco to “grow as Asia grows” as it eyes 25 new Chinese stores a year Friday, 16th September 2011
Tesco’s head of Asian operations David Potts has said Tesco’s growth is “destined to come out of Asia”.
The UK’s largest supermarket will aim to open as many as 25 stores a year in China to “keep pace” with the nation’s growth.
"There's plenty to go for in China," Potts said in an interview yesterday in the Chinese port of Dalian, where he's attending World Economic Forum meetings. "Asia is remarkable for growth. We are very fortunate to be here. We are growing as Asia grows."
In a region where revenue for the last fiscal year gained at about four times the pace of the UK, Tesco is now looking into an aggressive expansion plan to harness China’s growth. Retail sales for the country grew 17 per cent in August from a year earlier after gaining 17.2 per cent in July. Similarly China’s economy grew 9.5 per cent in the second quarter after expanding 9.7 per cent in the first.
Having entered China in 2004, Tesco had 105 outlets and more than 27,000 employees there at the end of the year to 26 February.
Burberry to open Asian flagship Friday, 29th July 2011
The British fashion house has announced it will expand further into Asia with a flagship at the heart of Hong Kong. Pacific Place mall owners have told press Burberry plan to take up residence over two floors and 21,000 sq ft, with a launch set for the second half of 2012.
The new store, situated in the Admiralty section of Hong Kong Island, will be Burberry’s largest store in the region and the second largest in the world, after its 24,000 sq ft New York outlet on 57th Street.
Media reports in Hong Kong have suggested that Burberry is keen to tap into China’s tourist market, which favours Hong Kong as a top shopping destination.
With retail sales growing by almost 30 per cent so far this year, Burberry is now planning for growth in Asia to account for more than half its global sales in five years’ time.
Forever 21 boss spells out determination to crack the UK market Friday, 29th July 2011
Forever 21 chief executive Larry Mayer has vowed to have a branch of the fashion retailer in “every major city, mall and high street” in the UK within the next five years.
Meyer has also described the newly opened Oxford Street store as the retailer’s “global address” which he said will enhance Forever 21’s position in the UK and Europe further after the opening of the fashion chain's first UK store in Birmingham in late 2010.
The US fast fashion giant has 500 stores worldwide and wishes to add a further 100 UK stores to its portfolio. Its overseas business currently includes 36 stores in Asia and two stores in Austria which bring in between 10 and 15 per cent of total sales. Mayer wishes to up this figure to a third.
Forever 21 is surely one of the more ambitious American fashion exports in recent history. Mayer’s bold ambition is close to matching that of founder Don Chang as he attempts to blow Primark, H&M and New Look out of the water with the fast, up-to-the-minute clothing that is sure to make a significant mark on the UK market in the coming months.
Tommy Hilfiger welcomes new Asia CEO Thursday, 28th July 2011
John Ermatinger has been named chief executive officer of Tommy Hilfiger’s Asia business.
The new role, which Ermatinger will begin on Monday underscores Hilfiger’s focus on the region as a key opportunity for brand expansion.
“I believe that the Tommy Hilfiger core brand DNA makes it very attractive to the youthful Asian market and that the base from which we will be working is already quite significant through the territory,” Ermatinger said. “There is a great opportunity for significant growth.”
Having most recently worked as president of Gap Asia Pacific, Ermatinger will report directly to Fred Gehring, chief executive of the Tommy Hilfiger Group, who was apparently impressed by Ermatinger’s ‘hands-on approach’ during his time at Gap.
Gehring went on to add that “[Ermatinger] has shown and demonstrated that he knows how to tweak and adjust product to the market while maintaining the DNA and core values of the brand.”
Asia currently represents more than 10 per cent of total retail sales for the brand and about USD 500 million in retail value. Tommy Hilfiger currently has more than 400 retail locations across Asia.