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Asia

Family businesses won't drive wealth growth in Asia, analyst

September 15, 2011

Family businesses are unlikely to play a big role in driving growth in the number of high net worth individuals in Asia, according to a Hong Kong-based analyst.

Amar Gill, head of special projects research at brokerage and investment group CLSA Asia-Pacific Market, told CampdenFB that family businesses will account for only around 20% to 30% of new wealth created over the next four years.

Asians don’t trust foreign banks, research finds

September 2, 2011

The global economic crisis has left Asian consumers increasingly mistrustful of foreign banks, with many preferring to use local institutions, according to new research from McKinsey.

The study, published in the latest McKinsey Quarterly, comes at the same time as many multinational banks are focusing heavily on growing their presence in Asian markets, amid a rise in the number of wealthy individuals in the area.

Number of millionaires in Asia to double by 2015

September 1, 2011

The number of high net worth individuals in Asia looks set to soar over the next four years, thanks to currency appreciation and massive economic growth in the continent, according to a new report.

Swiss private banking group Julius Baer said wealth in the region is expected to triple in the next few years to $15.81 trillion from $5.60 trillion, while the number of high net worth individuals will jump to 2.82 million from 1.16 million.

Asia’s next-gen view philanthropy differently to parents, study

August 24, 2011

Families in Asia who manage their philanthropic activities as a unit need to develop strong strategies for accommodating inter-generational differences to ensure the success of their efforts, according to a specialist in philanthropy.

High-end jeweller Boodles takes family business to Asia

August 22, 2011

Boodles, the high-end British jeweller owned by the Wainwright family, has opened a new store in Hong Kong, as the company attempts to break into the Asian market.

Boodles, the high-end British jeweller owned by the Wainwrights, has opened a new store in Hong Kong, as the family business attempts to break into the Asian market.

The family decided to set up the concession, located in luxury department store Lane Crawford, because of growing demand from the Asian market, said joint managing director Michael Wainwright, whose great-great-grandfather purchased the business in the early 1900s.

Prada to list in Hong Kong

January 28, 2011

Fashion group Prada said it plans to list its shares in the Hong Kong Stock Exchange, as it looks to exploit its name in Asia where it sells a sizeable chunk of its brands.

Fashion group Prada said it plans to list its shares in the Hong Kong Stock Exchange, as it looks to exploit its name in Asia where it sells a sizeable chunk of its brands.

Analysts say that the initial public offer could value Prada at more than $8 billion. With demand for luxury goods on the rise in Asia, Prada has bargained that the timing of the listing would be ideal.

The company behind Zara reports strong growth

December 16, 2010

Inditex Group, the fashion empire controlled by billionaire Amancio Ortega famous for the Zara clothing brand, announced 15 December a big profit rise.

Famous fashion house considers public listing

October 7, 2010

Prada, the Italian fashion house controlled by the husband and wife team of Miuccia Prada and Patrizio Bertelli, are looking at tapping the public markets to raise money for expansion and alleviate debt.

Reports said Prada is considering listing in Hong Kong as the company targets strong growth in China, likely to be the biggest luxury market in the world in the next five years.

Inditex profits rise 68%, suggest return of consumer demand

September 22, 2010

Inditex Group, the fashion empire controlled by billionaire Amancio Ortega famous for the Zara retail clothing brand, announced 22 September a 68% rise in first half profits for the world’s largest clothing retailer.

Inditex recorded a net profit of €628 million for the first half of 2010 compared with €375 million for the same period last year. Revenues increased to €5.5 billion from €4.9 billion, a year-on-year growth of 14%.

LVMH continues push into Asia with luxury acquisition

August 27, 2010

Family-controlled luxury group LVMH has continued its push into Asia by taking a stake in China-based Emperor Watch and Jewellery Ltd through its private equity fund L Capital Asia Advisors.

The fund, which is registered in the Cayman Islands but is a 100% subsidiary of LVMH, has purchased 6.92% of Emperor as a result of the transaction.

L Capital plans to inject money and expertise into luxury watch and jewellery retailer, which had revenues of HK$ 2.69 billion in 2009.