Philips triple net profits Monday, 21st October 2013
Philips – once renowned for its position in the audio and video products sector – has seen net profit for the third-quarter almost triple, sending its share price to its highest since mid-2010. Two years of cost-cutting, selling off weaker businesses and targeting new products at emerging markets, has finally paid off for the Dutch firm.
Prada open new Tokyo store Saturday, 19th October 2013
Prada has this week opened a new store in Tokyo, Japan. Located in Ginza’s Chuo Dori St, the new store comprises of: men’s, women’s ready-to-wear, accessories and leather-wear sections over three floors and 1,000 sqm. At present, the Italian fashion house operates 14 sales points in Tokyo, half of which are within luxury department stores.
Tesco withdraw from China to focus on the UK Monday, 30th September 2013
Tesco’s troublesome nine-year solo venture in China could be coming to an end this week as the supermarket giant closes in on a deal with China’s biggest retailer, China Resources Enterprise (CRE). The deal could end up costing Tesco several million pounds and involves combining Tesco’s 131 Chinese stores with CRE’s 2,986 sites.
Panasonic to stop selling smartphones in Japan Thursday, 5th September 2013
Panasonic will stop selling smartphones in its home market Japan. The multinational electronics corporation said it would also begin outsourcing production of handsets sold to other countries. The tech giant, which is the world’s fourth largest television manufacturer by market share, has struggled with growing its smartphone operations, and confirmed that its mobile division has been set to make another loss.
Prada open new store in Osaka city, Japan Wednesday, 17th July 2013
Luxury giants Prada opened its first freestanding store in the Japanese city of Osaka on Monday. The store is spread across five levels and 16,145 square feet. The store will stock Prada’s men’s and women’s ready-to-wear lines, leather goods, shoes and accessories.
Uniqlo invests $4.6m in new Bangladesh operations Friday, 5th July 2013
Fast Retailing’s Uniqlo brand has opened two new stores in Bangladesh, as part of a new venture with the country’s Grameen Bank. The new initiative, which Uniqlo has labelled a “social business venture”, will see the Japanese retailer invest USD 4.6 million in Bangladesh, with plans to reinvest profits from stores to alleviate poverty in rural areas.
Hugo Boss wants Asia sales to rise by 2015 Monday, 1st July 2013
Hugo Boss’ chief financial officer, Mark Langer, has told a German newspaper that the company is expecting its Asian business to boost its contribution towards group sales by 6 per cent. Speaking to Boersen-Zeitung, Langer explained that the German fashion house wants its current and newly acquired Chinese outlets to raise sales from 15 per cent to 21 per cent by 2015.
Ted Baker announce 33 per cent hike in revenue Thursday, 20th June 2013
Fashion retailer Ted Baker remains confident of further expansion having just announced a 32.7 per cent hike in revenue. The Glasgow brand, which began as a shirt store in 1988, said group revenues for the 20 weeks to 15 June were up 32.7 per cent from the corresponding period last year.
Stella McCartney’s whistle stop tour Wednesday, 24th April 2013
Stella McCartney’s eponymous label is set to continue its expansion into Europe and Asia, having recently opened new stores in Sweden, Denmark and Japan. According to WWD, McCartney is set to celebrate the launch of her two new stores in both Stockholm and Copenhagen on Friday, ahead of a visit to Tokyo in May to see the city's second Stella McCartney store, which opened just last week.
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