With jewellery consumption growing in spite of the persistently high gold prices, Shree Ganesh Jewellery House Limited (SGJHL), an India-based jewellery maker has decided to invest around INR500 crore (INR5 billion, USD94.5 million) towards retail expansion in the next fiscal.
The company aims to increase its retail presence from the existing about 10 exclusive showrooms located across India to 50 more such stores by 2013-14.
Asia-Pacific overtook Europe to become the largest regional luxury goods market in 2010. The trend continued in 2011, with record growth of over 20 percent overshadowing the more mature markets of Europe and the Americas, new research from Mintel showed.
The study on the international luxury goods market found that Asia-Pacific accounted for 36 percent of the global luxury consumer goods market, followed by Europe (35 percent), Americas (26 percent and the other regions, including the Middle East, Africa, and India (4 percent) in 2010.
By 2015, you may be able to shop at an IKEA store in India. The EUR25-billion Swedish furniture major is expected to set up its first two-three stores in India within three years of getting government approvals, it is learnt.
These stores, to be modelled on the international format, would be spread over 100,000 square feet area or more, a source aware of the developments told Business Standard. An IKEA senior management team is currently in India scouting for real estate across the country.
Seven years after entering Vietnam, Southeast Asian department store owner Parkson Retail Asia Ltd is battling headwinds, but that isn't deterring it from expanding into Myanmar in search of growth.
Singapore-listed Parkson, which has 54 stores criss-crossing Malaysia, Vietnam and Indonesia, was one of the first to enter the Indochina market, and now hopes to apply some of the lessons learnt from Vietnam to Myanmar, where it expects strong consumer spending and economic reforms.
American premium fashion house Michael Kors reports strong fiscal 2013 first quarter results, including a whopping 70 percent earnings surprise.
As of 30 June 2012, Michael Kors operated a total of 321 stores worldwide, comprising 253 company-operated retail stores and 68 retail stores operated by licensing partners.
Total revenue for Michael Kors jumped 71 percent year over year to USD414.9 million, with solid sales growth in each of the company's business segments and across all geographies drove the upside.
International fashion labels have turned China into their main battlefield this summer, opening one new store a week as they bid for the spending power of wealthy consumers in the world's number two economy.
Prominent among the labels expanding their presence in China's shopping malls at a time when slow economic recovery in the US and a worsening debt crisis in the euro zone have forced Western consumers to tighten their spending, are Italy's MaxMara, and Gap, the iconic US fashion brand.
Market sentiment across various real estate sectors in Asia-Pacific remained subdue subdued in the second quarter of 2012, according to CBRE. The commercial real estate services firm has been monitoring the price and rental index in retail and industrial & logistics real estate on a quarterly basis. In general, the market sentiment in Asia-Pacific was mixed as investors remained mindful of the Eurozone debt crisis.
Philippine billionaire Henry Sy's shopping mall developer plans to spend PHP63 billion (USD1.51b) in the next three years to add as many as 18 shopping malls at home and in China as consumer spending increases.
SM Prime Holdings, the biggest Philippine retail developer, plans to build four to five malls a year in the Southeast Asian nation. It's also targeting a shopping centre in China every year, says Hans Sy, the firm's president and the billionaire's son.
Indonesia's Matahari Department Store is bullish that consumer spending will continue to propel the country's economy, giving the company a solid base to accelerate its store expansion to take advantage of the trend, its CEO Michael Remsen says.
Once foreign direct investment is allowed into India's multi-brand retail sector, international retail chains Walmart, Carrefour and Tesco may face competition from an Asian player – Malaysia's Parksons.
According to a Parksons spokesperson, the group wanted to set up department stores across Bangalore, Chennai and Delhi. The chain, which sells products ranging from groceries and cosmetics to fashion apparel, plans to invest in India by 2013. So far, only retail chains from the US and Europe have expressed interest in investing in India.