Watsons, the nation's largest health and cosmetics retailer, is introducing a South Korean cosmetics brand in Taiwan, with the first three outlets to be opened in the capital on Jan. 31.
\n"The Korean beauty retailer Missha mainly caters to young female customers aged between 15 and over 30. This characteristic will complement our original customer base of women aged from 18 to 39," Gordon Reid, managing director of Watsons Taiwan, told reporters yesterday.
\nSince its inception in 2000, Missha has quickly expanded into the largest cosmetics chain in South Korea, with 250 stores.
\nTaiwan will become the fifth foreign country to introduce the brand, after Australia, Singapore, Hong Kong and Mongolia. Next month, the US will see its first Missha store launched in New York.
\n"I expect that not long after the stores are opened in Taiwan, you'll see lots of people carrying bags that bear its flower logo on the street," Reid said.
\nIn the initial stage, the beauty stores will be operated as independent outlets. Depending on the market response, Reid said they do not rule out any possibility in terms of store format in the future, which means Missha might be presented as store-in-store or franchise outlets.
\nOne of the first three stores to be launched later this month is located in Taipei's Ximending district, which is popular among younger consumers. By the end of the year, the company expects to open 30 to 40 Missha stores nationwide.
\nDespite Watsons' optimism, its decision to introduce a foreign independent brand nevertheless raised doubts as to whether the market potential is strong enough, in view of British cosmetics brand Boots' shrinking market presence over the past few years.
\nAfter marching into Taiwan as a retailer in 2000, Boots suffered from lower-than-expected revenues because of its weak market positioning.
\nExpressing confidence in his management team in Taiwan, Reid said the team's strong marketing strategies and Watsons' successful operational experience would help develop the new brand and create demand.
\nThe nation's beauty and health market could surpass NT$100 billion (US$3.15 billion) a year, since cosmetics and skincare products have contributed to NT$60 billion in sales at the end of last year, said Candy Yeh (
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
NERVOUS MARKET: With the infection sources still unknown for three COVID-19 cases that had departed Taiwan, investors have become uneasy, an analyst said Local shares yesterday came under heavy downward pressure, falling more than 1 percent as renewed fears over a possible increase in domestic COVID-19 infections hit market sentiment after the nation last week reported a case related to a Belgian national. Selling focused on the bellwether electronics sector, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which pushed down the broader market as investors ignored gains posted by tech heavyweights on the US market at the end of last week, dealers said. The TAIEX closed down 151.77 points, or 1.2 percent, at 12,513.03, on turnover of NT$231.43 billion (US$7.84 billion). Foreign