Australia is being invaded by a swathe of foreign retailers, piling pressure on a local industry already battered by weak consumer spending and ruthless internet competition.
Chow Tai Fook Jewellery Group Ltd, the world's biggest jewellery retailer by market value, said on Thursday it is targeting e-commerce as a pillar of future growth after online sales tripled in the first half.
The Hong Kong-listed company, despite posting a disappointing slump in six-month profit, was also upbeat about a near-term pick-up in China's luxury spending and the prospect of strong longer-term demand due to increasing wealth and spending power in smaller cities.
After nearly 14 years of working to persuade China to buy into its foreign coffee culture, Starbucks Corp. is aiming to become more Chinese as it plans a rapid expansion in the country.
Belinda Wong, president of Starbucks China, said in an interview that Starbucks aims to roll out 800 new stores in the next three years to add to its existing fleet of 700. Over that period it will increase the number of employees to more than 30,000 from the current 12,000.
Thailand's Charoen Pokphand Foods Plc (CPF), having established a strong manufacturing base, is now developing new retail formats to reduce dependence on hypermarkets such as Big C and Tesco Lotus.
CPF on Wednesday officially introduced CP Food World, its first food court, in Siriraj Hospital. The format is the company's third after CP Fresh Marts near housing developments and CP Food Markets in office buildings and petrol stations.
The slowdown of the Chinese economy is forcing Western retailers to rethink their once rampant expansion in the country while making big shifts in their strategies.
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.