Retail in Asia: The Week in Brief
Retail in Asia
The one-stop source for retail intelligence, covering trends, reports, openings and expansion activity across Asia.
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Hong Kong retail sales drop in March, ending 15-month growth streak; Singapore displays modest growth
Hong Kong retail sales in March fell for the first time in 15 months, down 7 percent to HKD 31.2 billion (USD 3.99 billion), hurt by a high base of comparison for visitor spending and the Easter holidays.
While tourist arrival numbers picked up during March year-on-year, government data suggests that tourists are spending less due to economic uncertainty and the rising cost of living. (Read the full article here.)
Meanwhile in Singapore, retail sales experienced a slight year-on-year increase of 2.7 percent in March 2024, marking a significant slowdown compared to the robust 8.6 percent growth witnessed in February, according to data released by Singapore’s Department of Statistics. (Read the full article here.)
Vestiaire Collective challenges notion that fast fashion is more affordable
Vestiaire Collective, a leading global platform for pre-loved luxury fashion, has unveiled research that underscores the unsustainable nature of fast fashion and dispels the misconception that it is more affordable.
In their latest report,? titled ‘Exposing the True Cost of Fast Fashion,’ Vestiaire Collective highlights the detrimental climate impact of fast fashion while revealing the innovative concept of the cost-per-wear metric. (Read the full article here.)
Estée Lauder posts 5 percent sales lift, warns of ‘ongoing softness’ in prestige beauty across mainland China
Estée Lauder Companies reported net sales of USD 3.94 billion for the third quarter, up 5 percent, with the U.S. beauty firm noting an “ongoing softness” in overall prestige beauty in mainland China.
For the three months ended March 31, Estée Lauder Companies Asia-Pacific sales returned to growth, up 3 percent, led by Hong Kong SAR, mainland China and Japan, reflecting growth in skin care and fragrance sales. (Read the full article here.)
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Samba, Spezial and Gazelle shoes fuel Adidas’ strong Q1, growth in Greater China, emerging markets
Adidas has reported better-than-expected results for the first quarter of 2024, driven by the brand’s momentum. The company witnessed significant growth in all regions except North America, leading to an 8 percent increase in currency-neutral sales.
Adidas CEO Bj?rn Gulden noted: “The growth is of course driven by our Lifestyle business right now, especially Originals footwear, but we also see that the higher end of our Running, Football and Basketball product is doing well. The demand for our footwear franchises Samba, Gazelle, Spezial, and Campus is still very strong and growing, but we also see new franchises like SL72 starting to become high in demand. We feel we have a very strong pipeline of product for the next quarters.” (Read the full article here.)
Movers in Asia: V3 Gourmet’s Maranda Barnes on Bacha Coffee’s ambitious Asia expansion
Bacha Coffee is capitalising on Asian consumers’ heightened demand for premium F&B offerings: in 2023, sales for specialty coffee and tea shops in Southeast Asia accounted for USD4.4 billion, set to grow further by an 8 percent CAGR between 2023 and 2028, according to Euromonitor research.
By the end of 2024, Bacha Coffee envisions a network of 50 touch points spanning across 12 cities, including locations such as Tokyo, Seoul, Jakarta, and Dubai.
Retail in Asia speaks with Maranda Barnes, co-founder of V3 Gourmet and the source of other high-end brands such as TWG Tea, to delve into the origins of the Bacha Coffee, reaping the benefits of actively expanding during the pandemic, and the brand’s future in Asia. (Read the full interview here.)
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