The Week in Brief

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Singapore is named the costliest city to live in for luxury dwellers

Singapore is the most expensive city in the world in 2024 for people seeking to “live well,” according to a new report by global wealth management firm Julius Baer.

Now in its third year, the Julius Baer Lifestyle Index polls affluent individuals worldwide to gain an understanding of their financial priorities and consumption patterns. The survey also analyses the cost of a basket of goods and services that represent a high-quality lifestyle in 25 global cities.

In APAC, for example, spending is primarily directed toward hospitality and healthcare, indicating that affluent individuals are heavily investing in their well-being.

Visitors to Singapore should expect exorbitant airfares, as the city secures the fifth position in this year’s luxury travel ranking. Owning a car in Singapore is also a costly affair, with prices a staggering 155 percent higher than the global average. Fine dining experiences in the city also come at a premium, placing Singapore in the fourth spot for dining expenses. Read the full article here.

Retail in Asia Exclusive: In conversation with Danni Peirce, CEO, 7-Eleven

"It's a really exciting time for 7-Eleven as we're pivoting from being what in the past has been a more traditional convenience store into putting food at the heart of our business and particularly ready-to-eat food, and so that is the key change for us in our strategy. And then how we leverage omnichannel to leverage both our physical stores but also create a online experience as well," says Danni Peirce, CEO of 7-Eleven, in an exclusive interview with Retail in Asia at the recently concluded eTail Asia & Australia event in Singapore.

"Within the markets that we operate, South China for us we see as huge growth potential, so we're very focused on how do we grow our network of stores profitably in China, and from an omnichannel perspective it's very much focused on how do we make our customers lives easier and more convenient." Watch the full interview here.

Hongkong Land, the largest commercial landlord in Hong Kong’s Central district, will pour USD400 million into a luxury transformation for its Landmark assets

Hongkong Land has unveiled plans to invest USD400 million into a project that will elevate its Landmark assets into a luxury boulevard to rival other global luxury retail destinations Avenue Montaigne, Bond Street, Fifth Avenue and Ginza.

Its anchor retail tenants will also invest an estimated USD600 million to upgrade and refurbish existing assets, bringing the total investment to around USD1 billion.

The anchor tenants announced thus far are Cartier, Chanel, Dior, Hermès, Louis Vuitton, Prada, Saint Laurent, Sotheby’s, Tiffany & Co. and Van Cleef & Arpels.

The transformation will unfold over the next three years in multiple phases, for completion in 2028. Read the full article here.

Two employees have departed Adidas China amid an ongoing bribery investigation

Earlier this month, Adidas said it is investigating allegations of large-scale bribery in China after it received a whistleblower complaint that accused senior staff of embezzling “millions of euros.”

“While Adidas is investigating this matter together with independent external advisers, evidence has been found that in the interaction with local vendors, one employee violated the company’s code of conduct,” Claudia Lange, head of media relations at Adidas, said in a statement.

“Separately, a second employee failed to meet the company’s leadership expectations of demonstrating mutual respect and trust,” she said, adding that both had left the company and that the investigation continues.

Both former employees had worked in marketing for Adidas China, according to reports. Read the full article here.

ALSO:

• Luxury jeweller Fred has opened its first store in Malaysia
• French billionaire Bernard Arnault has taken a personal equity stake in Swiss luxury company?Richemont
• Nike Inc.'s annual revenues inched forward 1 percent to USD 51.4 billion, with growth in Greater China and Asia Pacific Latin America
• Samsara Eco, the environmental technology company, successfully secured USD65 million in its latest funding round
• Cartier marks its Trinity design's 100th anniversary with a pop-up from July 15 to 23 at Singapore’s The Arts House