“Marks & Spencer remains fully committed to the local market, and is continuing to explore growth opportunities [for] our business in Singapore. We are continually enriching our services and product catalogues, and are eagerly looking for ways to advance our business with store upgrades,” an Al-Futtaim Group spokesman said.
The store will close on December 31 while Robinsons store at Raffles City will still be open for shoppers. Marks & Spencer’s 10 other stores in the city will remain open.
Former 7-Eleven Malaysia CEO passes away
The former CEO of 7-Eleven Malaysia, Colin Harvey, has passed away at the age of 50 following a recent illness. He left the company in October, but remained as a special advisor to the business. Wong Wai Keong and Tan U-Ming succeeded him as co-CEOs for the convenience store chain in the country.
“We are greatly saddened by the passing of Colin Harvey and on behalf of our Board of Directors, management team and employees, we extend our deepest sympathies to Colin’s family,” said Tan Sri Dato’ Seri Abdul Hamid Embong, chairman, 7-Eleven Malaysia.
“We mourn his loss and he has our deepest gratitude for his dedication and contribution to the group over the years.”
Harvey became 7-Eleven Malaysia’s CEO in July 2018.
Bulgari to launch in New Zealand
Italian luxury jewellery house Bulgari will open in Auckland’s Queen St. Bulgari New Zealand will feature 260sqm of modern Roman design and architecture with a wide array of products, including fashion wear, jewellery, watches and fragrance. It will hire 11 staff for the local store in the city.
“New Zealand is increasingly a precious treasure chest for the world of luxury as one of the countries with the best results for the main international retailers and an important positive perspective,” Jean-Christophe Babin, MD of Bulgari, told the NZ Herald.
Babin said that the luxury brand has had plans for a New Zealand for some time, and began looking at opportunities to open its first branch in the country a few years ago.
Hermès store opens in Hong Kong
Hermès has opened the doors to a new store at Harbour City shopping centre in Hong Kong. The store is on the ground floor with 610sqm that fronts the popular Canton Road.
The store’s facade features aluminum tiles that resemble “the scales of a dragon” with floor-to-ceiling windows.
Parisian architecture agency RDAI designed the store with high ceilings and l-shaped layout, using classical architectural design with mineral mosaic tiles and Grecques moulded lighting. It has a spacious shoe salon and VIP fitting rooms as well as a full collection of perfume and fashion jewellery. It launched the “women’s universe” collection featuring clothes in soft, feminine shade of old rose and “men’s universe” in pale green colours.
The passageway via the mall is highlighted with boxes that show intimate spaces to display its new collections and the walls are adorned with carved bamboo.
China’s domestic luxury market almost doubled in 2020
Mainland China’s luxury market share has almost doubled – from 11 per cent to 20 per cent – as locals buy more products domestically. It is predicted to grow by 48 per cent by year end to almost $52.9 billion (RMB 346 billion), Bain & Company and Tmall reported in their latest survey. Repatriation, growth in Millennial and Gen Z spending, luxury sales online and increased sales from Hainan duty-free stores have driven growth in the sector.
“Many brands are showing a stronger commitment to a comprehensive digital strategy, including a presence on all key digital channels,” said Bain & Company, Carrie Zhang, partner in Shanghai. “Moreover, luxury brands are now instilling sophistication, quality and attention to detail – core components of luxury players’ engagement strategies that did not fully transfer when brands first rushed to digital – into these new engagements.”
The company said that the global conditions will return to normal most likely before 2023, so the Chinese consumers will still remain cautious on international travel. The Chinese luxury market is potentially to grow by another 30 per cent.