Business

Yuan's drop set to hit French luxury brands

Source: 
Shanghai Daily

China's recent yuan devaluation could hit France's lucrative luxury sector, which has already been impacted by Beijing's tough anti-corruption drive against spendthrift officials, analysts say.

The People's Bank of China allowed the yuan to depreciate on three consecutive days from 11 August, raising questions over the health of the world's second-largest economy and sending global financial markets into a tailspin.

Online to offline seen as a marriage of convenience

Source: 
Shanghai Daily

Connecting online to offline is the new Holy Grail for the biggest players in China's internet shopping explosion, whether they be domestic or overseas operators. E-commerce companies in China are queueing up to find stores to align themselves with.

In its quest for existing networks of physical stores, JD.com announced it had taken a 10 percent stake in domestic supermarket chain Yonghui Superstores for CNY4.31 billion (USD673.8 million).

China's big-spending tourists pause at stores as yuan drops

Source: 
CNBC

China devalued its currency by 2 percent after a run of poor economic data – a move some economists think could herald a longer-term slide in the exchange rate. The downward move was the biggest since a massive devaluation in 1994, and appeared to reverse a previous strong yuan policy.

Investors were quick to bet companies like Louis Vuitton holding company LVMH, Gucci owner Kering and L'Oreal could suffer. The stocks were among the biggest fallers on the Paris stock market, dropping between 1.5 and 4 percent. The companies declined to comment.

Alibaba boosts fight against fakes to lure big brands

Source: 
CNBC

Alibaba has launched an English-language version of its fakes hotline after it signed exclusive deals with international retailers in a push to draw more global brands to its platform. China has gained a reputation for knock-off products and Alibaba has been trying to combat the problem on its own e-commerce sites over the past year.

Asian shoppers lift Japan department store sales, outlook murky

Source: 
The Business Times

Sales at Japanese department stores and convenience stores rose in June for a third straight month, industry data showed, offering some relief to policymakers worried about the fragile state of consumer spending.

But the data underscored the patchy nature of the recovery with department stores benefitting from a shopping spree by Asian tourists, who have flocked to Japan to benefit from the weak yen.

Retail chains in India bet big on online presence as sales in stores see a drop

Source: 
Business Standard

"Click & Collect", "Ship from Store" and "Endless Aisles", seem to be the new buzzwords for brick-and-mortar retailers. These are terms being used by offline retailers to explain their recent move to increase investments into the online space by adopting an omni-channel strategy.

India's ecommerce groups target online grocery shoppers

Source: 
CNBC

With operations in six of India's biggest cities – and starting in two more in the coming months – Big Basket is the biggest player in India's most promising yet challenging ecommerce category: grocery retailing.

Globally, buying groceries online has not boomed, except in the UK. But in India, most consumers are still at the mercy of small mom-and-pop shops with limited or erratic supplies, while corporate grocery retailing has been stunted by expensive real estate and restrictions on foreign direct investment.

Hong Kong retailers shut shops as Chinese tourists stay away

Source: 
Jakarta Globe

Some of Hong Kong's biggest retailers have closed stores and frozen expansion plans in the past year in response to a drop in the number and spending power of their main customers, mainland Chinese tourists, a Reuters review of corporate filings shows. Six out of the 10 retailers reviewed are listed on the Hang Seng consumer goods sub index and their corporate filings show that, on average, Chinese tourists account for the majority of annual sales.

Italian luxury CEO still believes in China

Source: 
CNBC

Despite a drop in luxury spending by Chinese consumers, the chief executive of luxury goods maker Ferragamo told CNBC Friday that the world's second largest economy was still the main source of growth for the sector.

Hugo Boss the latest luxury brand to feel the sting of China's spending slowdown

Source: 
red luxury

Hugo Boss is the latest luxury brand to feel the effects of the slowdown in China.

The company announced that net profit fell 7 percent to EUR75.6 million (USD86.1m), well below analysts' forecast of EUR82 million, reports the London Evening Standard.

In China, first-quarter sales fell 3 percent. Last year, menswear sales in China, its most important category, fell 10 percent, according to Reuters.

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