April Wu

China Market Strategy

November 24, 2015

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Retail News Roundup – Nov 24

The top 5 retail news clips in Asia this week.

1 – Tencent to open WeChat payment to overseas buying

Chinese internet giant Tencent will completely open the mobile payment service offered on its social messaging app WeChat to overseas transactions. >>

2 – Spar Indonesia plans 55 stores by 2018

Spar Indonesia launched in March with just three stores – but the local partner expects to end 2015 with 15 operating. Another 40 stores will join the network by 2018 according to the Dutch retailer’s master franchisee PT Ramayana Lestari Sentosa. >>

3 – Vertu eyes China

Luxury phone brand Vertu says its new Hong Kong investor will allow the brand to embark on its next growth phase – into Mainland China. >>

4 – Louis Vuitton looks for shops to close in China

Louis Vuitton is about to get smaller in China, and other luxury goods makers might follow as the heady days of expansion in that market are over. >>

5 – Wal-Mart’s Asia CEO: China will drive retail growth

Wal-Mart still buys heavily into the China story, despite slowing growth in the world’s second-largest economy. >>