Chinese fashion retailer Shein said on Tuesday it would open its first bricks-and-mortar store in Japan this month, in a break from the company’s online business model. Opening from Nov. 13 in Tokyo’s fashion district of Harajuku, it will be the company’s first permanent store, Shein said in a statement. The Chinese retailer operated pop-up… Continue reading Chinese fashion retailer Shein to open first physical store in Tokyo
Author: Deal Street Asia Online News
China’s CIFI suspends offshore debt payments, kicks off restructuring process
Shanghai-based property developer CIFI Holdings said on Tuesday it has suspended payments on all of its offshore debt after it failed to reach an agreement with creditors to which it owes payments of $414 million. CIFI said in a filing it has engaged Haitong International Securities Company Limited as financial advisor and Linklaters as legal adviser to facilitate a restructuring of its $6.85 billion offshore debt, as it is likely to… Continue reading China’s CIFI suspends offshore debt payments, kicks off restructuring process
Google pauses enforcement of in-house payments system in India
Alphabet Inc’s Google is pausing its policy that requires app developers to use its Google Play billing system for buying digital goods and services in India, following a ruling by the country’s antitrust body. Google had previously set an extended deadline of Oct. 31 for developers in India to comply with its payments policy. The search engine giant should not restrict app developers from using third-party billing or payment processing… Continue reading Google pauses enforcement of in-house payments system in India
Asia Digest: Singapore, India set to introduce digital currencies
The Singapore government has partnered with DBS to create digital Singapore dollars, while India’s central bank has launched a pilot for digital rupees for the wholesale market. SG Govt, DBS launch digital currency DBS, in partnership with Open Government Products (OGP), a Singapore government initiative, is creating programmable digital Singapore dollars (DSGD). The banking behemoth… Continue reading Asia Digest: Singapore, India set to introduce digital currencies
Kuwait’s state-backed Wafra raises $1.5b for fourth fund; to buy stakes in PEsWafra raised the fund from a consortium of investors that include CPPIB,…
Wafra Inc, an investment firm backed by Kuwait’s public pension fund, said on Monday it has raised $1.5 billion for its fourth flagship fund that will acquire minority stakes in alternative asset managers such as private equity firms. The new fund, Capital Generation IV, will seek to acquire minority stakes in “lower middle-market” firms with less… Continue reading Kuwait’s state-backed Wafra raises $1.5b for fourth fund; to buy stakes in PEsWafra raised the fund from a consortium of investors that include CPPIB,…
Ascend Vietnam Ventures closes debut, early-stage fund at $64mThe early-stage fund exceeded its $50m target.
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China introduces tighter guidelines for celebrity endorsements
Chinese regulators banned the use of celebrities to endorse tobacco products including e-cigarettes, off-campus tutoring, health care, medicine, medical instruments, health foods and formula food for special medical purposes. The State Administration for Market Regulation together with six other agencies implemented the ban Monday through new guidelines regulating celebrity endorsements. This was the first national… Continue reading China introduces tighter guidelines for celebrity endorsements
Exit route getting tougher for VCs in SE Asia as recession looms
The poor global economic environment is making it tough for venture capital (VC) firms in Southeast Asia to find buyers for their portfolio companies, according to investors. As public markets languish, demand from M&A buyers, private equity (PE) sponsors, and institutional investors has also declined, they said. “Would-be buyers are focused on their own businesses… Continue reading Exit route getting tougher for VCs in SE Asia as recession looms
Bukalapak’s contribution margin turns positive for the first time in Q3
Indonesia’s listed technology group Bukalapak on Monday reported a positive contribution margin — calculated as gross profit after sales and marketing costs — for the first time, and said it is looking to turn EBITDA positive by the fourth quarter of 2023. “We are hopeful of seeing revenue growth that surpasses costs, making the contribution… Continue reading Bukalapak’s contribution margin turns positive for the first time in Q3
Thailand’s SCB 10X pumps $10m in crypto custodian RakkaR’s seed roundThe funding will help it expand into Southeast Asia and Hong Kong.
Thailand-based SCB 10X, the corporate venture capital arm of the SCBX Group, has pumped $10 million into the crypto custody platform RakkaR Digital in a seed funding round. The fresh funding from SCB 10X—RakkaR Digital’s first financial backer—and its strategic partnership with peer Fireblocks will help the company expand its presence into Southeast Asia and… Continue reading Thailand’s SCB 10X pumps $10m in crypto custodian RakkaR’s seed roundThe funding will help it expand into Southeast Asia and Hong Kong.