Global sales of luxury goods surge in 2011

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04 May 2011 Sign up Forward Archive Advertise Global retail industry news   Global Industry Watch    E-Mart outlines plans for becoming global retail player E-Mart, which was recently spun off from Shinsegae Group, is striving to expand internationally as the South Korean market is saturated. The company plans to use multiple retail formats as it enters different marketplaces, according to Chung Yong-jin, vice chairman at Shingsegae. "If the last 18 years were spent with E-Mart striving to become the No. 1 discount store in the domestic market, the next 10 years will be spent [with E-Mart] striving to succeed as a top global retail firm," Chung said. JoongAng Daily (South Korea) (04 May.) Thailand's Central Retail makes offer for Italy's Rinascente Central Retail, the largest shopping-mall operator in Thailand, offered €250 million to acquire La Rinascente, an Italian department-store chain, sources said. Investors put La Rinascente up for sale this year. Bloomberg (03 May.) South Africa's Mr Price expects surge in earnings Mr Price, a discount clothing retailer based in South Africa, said it expects as much as a 53% rise in earnings per share for the 53 weeks that ended April 2. "Improved resourcing and lower mark-downs have resulted in a higher gross margin percentage, while tight expense control has further positively impacted results," according to the company. Business Day (South Africa) (03 May.) Are you keeping up with the changing world of employee health care? Get The Basics of Employee Health Care for Small Business: A Guide to Creating a Company Benefit Plan, and find out what you need to know today. There's no obligation. Click to download a FREE whitepaper.   Retail in Europe    European retail sales slide as oil prices climb Retail sales in the 17-nation euro zone dropped 1% in March compared with February, according to the EU's statistics office. Consumers are reining in their spending as oil prices continue to rise and governments implement austerity measures. Bloomberg (04 May.) Master social media by learning from the best The fully online Social Media Success summit will help you master social media marketing with extensive case studies and how-to sessions from actual social media experts and book authors. The event starts May 3rd, register today!   Retail in Asia    Milan Station aims to raise capital in Hong Kong IPO Milan Station, a handbag retailer based in Hong Kong, is striving to raise as much as HK$270 million by floating on the city's exchange. The company plans to use the proceeds from the IPO to open 24 new stores in Beijing, Guangzhou, Shanghai and other major Chinese cities. Milan Station, which also operates under the name France Station, is trying to tap into the luxury-products appetite of Chinese consumers. Reuters (03 May.) Vietnam's Saigon Co.op tests biodegradable plastic bags Saigon Co.op, one of the top retailers in Vietnam, has started testing biodegradable plastic bags at its Ho Chi Minh City supermarkets. The program is expected to be expanded nationwide. Saigon Co.op said that it is sharing the increased price of the plastic bags with the producer VAFACO Packing Joint Stock Company. The bags are designed to turn into a powder, which is then eaten by microorganisms. Thanh Nien (Vietnam) (03 May.) "Healthy Eating: A guide to the new nutrition" —A special report from the experts at Harvard Medical School helps you understand which foods help you prevent disease and which ones put you on a collision course. 30% off and free shipping for SmartBrief readers. Click here to order Healthy Eating. Now available in hard copy or electronic download.   Retail in Latin America    Chile's Cencosud expects $14 billion in sales this year Daniel Rodriguez, chief financial officer at Cencosud, said the Chilean retail holding company expects to see $14 billion in sales in 2011. Cencosud acquired the Brazilian supermarket chain Bretas for $800 million last year and invested another $800 million to grow organically. This year, the company, which operates in Chile, Colombia, Brazil, Argentina and Peru, is planning to invest almost $1 billion. The Wall Street Journal (tiered subscription model)/Dow Jones Newswires (03 May.) SPRING OFFER- save 15% on 'The Plastic Packaging Market Outlook in Food and Drinks' by Business Insights. This 2011 report includes market dynamics, drivers, resistors and trends in the plastic packaging market for food and drinks. Hurry though- limited time only! Details.   E-commerce Spotlight  Online retailers' fraud risks highlighted by Sony breach Whether the data breach at Sony will affect online retailers remains to be seen, experts say, but the situation highlights the risks e-retailers face. Sony officials said they they can't rule out the possibility that hackers were able to access millions of credit card numbers. Experts are advising online retailers to use the latest fraud-fighting techniques and strategies available. InternetRetailer.com (03 May.)   Spotlight on Luxury Goods  Global sales of luxury goods surge in 2011 Bain & Co. recently released its Luxury Goods Worldwide Market Study, which shows that spending on upscale products will likely increase 8% this year. The rise is being driven by growth in China as well as a resurgence in Europe and US. "China is the rising star," said Claudia D'Arpizio, author of the study. Bain noted an increase in orders for fall and winter. The Wall Street Journal (tiered subscription model) (03 May.), The Guardian (London) (03 May.)   NRF News  State of Retailing Online details the current mobile retail landscape Retailers are substantially increasing investment of mobile and social efforts by leaps and bounds, according to a recent Shop.org survey. The 2011 State of Retailing Online report, released this week, found that 48% of retailers report having a mobile-optimized website, 35% have deployed an iPhone app, and 15% offer an Android app and an iPad app, respectively. The report also found that 21% of all mobile traffic originates from tablets. Read more. 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