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Weekly News Wrap: Big luxury brands fret over China lockdowns; Sea surges after higher-than-expected gaming sales
Weekly News Wrap: Big luxury brands fret over China lockdowns; Sea surges after higher-than-expected gaming sales
And Singapore-based Zilingo fires its CEO amidst a probe on “irregularities.”
China’s retail market not out of the woods yet for Q2
Most retailers moved into a wait-and-see mode in Q1 due to lockdowns.
Starbucks’ Russia exit opens expansion opportunities in Asia: report
Starbucks followed Mcdonald’s move to withdraw operations in Russia.
Vietnam retail sales rises 6.5% in first 4 months
Fitch Solutions noted the country already steered clear of the low base effects.
Consumer spending in Vietnam to see ‘solid’ growth in 2022
This follows a 1.8% YoY growth seen in 2021.
Philippines’ Max’s Group profit nearly doubles in Q1
Its revenue jumped by 18% to P2.17b.
India’s retail inflation to hit 6% in 2022: GlobalData
This follows the ban on wheat exports India imposed.
Starbucks Korea vows to recycle all coffee grounds by 2027
Coffee grounds were reclassified as recirculation resources last March.
AllDay Supermarket profit climbs 33% in Q1 despite Omicron threat
Its net profit stood at P95m (approx. US$1.8m), up from P71m (US$1.3m).
Weekly News Wrap: Luxury brands navigate Shanghai lockdown; Amazon slams Reliance takeover of Future stores
And fast-fashion retailer Shein is seeing a slowdown in growth.
India’s Big Bazaar maintains lead with boost from young shoppers, online investments
GlobalData reported that 59% of Indian consumers shop at Big Bazaar.
Shakey’s PIZZA more than doubles net income to P76m in Q1
This was driven in part by a strong resurgence of dine-in sales.
Carousell to acquire Singapore’s Refash
The acquisition will simplify the selling process for time-starved users.
Central Retail Corporation net profit soars 189% YoY in Q1 2022
Its sales exceeded targets and were up by 16%.
JFC net income skyrockets to $43.9m in Q1 2022
The increase from $2.9m in Q1 2021 is backed by property transfer and sales.
Subway, Pegacorn ink agreement for expansion in Peninsular Malaysia
Around 500 Subway stores will be opened under the master franchise agreement.
Reliance picked as official retailer of Tod’s S.p.A.
The company will be a franchisee of the shoemaker brand across all categories.
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