APAC

The financial terms were not disclosed.

The region’s unique market dynamics pushes retailers to be more innovative.

It is driven by the increasing demand for premium fruit tea and new flavors. 

The brand’s efforts include responsible ingredient sourcing, eco-friendly packaging, and energy-efficient practices.

Retailers are expected to prioritise cost efficiency to sustain profitability.

It has already created over 100 sewing and garment-making tools for its suppliers.

Key innovations focus on skin and hair care.

A unified customer experience across both physical and digital platforms is crucial.

2024 is proving to be a challenging year for luxury across Asia. The first half of the year has seen significant sales declines for most luxury and mid-tier brands across the region. This is largely due to a slowdown in China with fewer Chinese travelling as a result of the poor economy. With residential prices falling, unemployment growing and the stock market ailing, most people in China are preferring to save their money rather than spend it. Only the super-rich have the appetite to keep spending on luxury.

Modern consumers are seeking versatile products with minimal environmental impact.

Eveline Albarracin has been named senior vice president and managing director.

Incorporating sustainability features alongside performance and quality is deemed crucial.

As we enter the second half of 2024, many retailers – from digital natives, to multi-channel retailers that have a digital presence – will be looking to gear up for various shopping festivals and dates. These include Singles’ day, Cyber Monday and End of Year festivities, just to name a few. These festivities present a critical opportunity for merchants to showcase their offerings online to a vast consumer audience. However, competition amongst retailers is fierce, particularly in Asia with many businesses leveraging dynamic marketing tactics such as interactive campaigns, live streaming, and social media promotion to entice and engage new customers.

These 2D barcodes function as a compact data repository.

Leading the Asian retail industry signifies riding the wave of technological advancements, making the shift towards consumers’ need for self-service solutions. 

Nearly 70% highlighted enhanced consumer targeting as a major benefit.