Seoul is emerging as Asia's new fashion showcase, with the world's top luxury firms seeking to cash in on the regional trend-setting popularity of South Korean pop culture.
Over the past year, leading global fashion houses have upped their game in South Korea in a bid to reach those well-heeled Asians who take their fashion cues from popular Korean TV and pop stars.
Premium luggage maker Samsonite posted strong double-digit sales growth in all regions in 2014, led by Asia and North America.
The company said on Tuesday that net sales for the year ended on 31 December 2014 grew 17.3 percent to a record USD2.35 billion from the prior year. Adjusted net income jumped 9 percent to USD206.3 million. Excluding currency swings, adjusted net income advanced 12.3 percent. Adjusted EBITDA climbed 13.8 percent to USD384.3 million. It has been the fifth year the luggage maker posted double-digit growth in both net sales and Adjusted EBITDA.
The first Burberry Beauty Box in Asia was launched at the Coex mall in South Korea last month. Drawing inspiration from the Beauty Box flagship in London’s Covent Garden, the store offers make-up including Burberry Eyes, Lips, Face and Nails, fragrances for men and women, and luxury accessories including eyewear, scarves and small leather goods for women.
Burberry said the space also offers customers the choice to interact with Burberry Beauty and accessories through physical and digital experiences.
Courts Asia Ltd, a Singapore listed retailer of consumer electronics and household furnishings, is looking to expand its regional reach after establishing a strong foothold in Singapore and Malaysia.
Courts, which only recently opened its first branch in Jakarta, says a move into Indonesia is long overdue. It plans more such stores in the near future as demand for consumer electronics and furnishings rises with the growth of the middle class.
UK fashion retailer Jack Wills has further expanded its presence in Asia by opening two new stores last week – one in Singapore, one in Macau.
The fashion brand made its Singapore debut on 4 November with a grand opening event at the new store in Raffles City Shopping Centre. Later in the week on 7 November, the store in Macau opened its doors in The Venetian Macau with a big "blue-and-pink striped" ribbon cutting ceremony.
ImagineX Group, Asia's leading retail, brand management and distribution company, has inked a long-term deal with Authentic Brands Group, LLC (ABG), the new owner of Juicy Couture, for the expansion of the lifestyle fashion brand in Asia.
"The partnership will provide the momentum to add more Juicy Couture stores throughout Asia; expand the brand's reach with new product lines; and support further regional growth initiatives," ImagineX said on Tuesday.
Burberry recently opened its new flagship store at the Kerry Centre. It is the brand's eighth store to open in Shanghai, following recent openings within L’Avenue, K11 Art Mall and Hongqiao airport in 2013.
After several missteps in its Asian expansion, global retailing giant Wal-Mart is taking a slow and careful approach, with expansion plans primarily aimed only at its three current regional markets, the Asia CEO told CNBC.
EC Harris, the leading global built asset consultancy, has joined forces with inProjects, one of Asia’s foremost project management firms. The addition of inProjects strengthens EC Harris’s presence in Asia and creates the region’s leading programme and project management delivery organisation.
Flight 001, the US-based specialty store for travel products, will expand business in Asia including Thailand to cope with the continued increase in the number of travellers across the region.
Executives were in Bangkok to officially open its first Thai shop at Siam Discovery Centre.
The company is looking to open stores in new markets, develop new product lines and build loyalty for its Flight 001 brand. Japan will be its strategic market in Asia, while Thailand will be its strategic base for the ASEAN market.