Ventures Dialogue

Canadian shoe retailer ALDO entered the Hong Kong market with the opening of its first flagship store on May 25th at the IFC mall, Central which houses over 100 international brands.

ALDO, the ALDO Groupe’s flagship brand, delivers total high fashion at prices that make keeping up with seasonal style a luxury within reach. ALDO footwear, handbags, and accessories are young in sprit, urban in mindset, and on the cutting edge of international style. Bursting with personality, ALDO is the lifestyle brand for people stepping up in the world.

The ALDO store at the IFC mall, which is the brand’s first foray into the Hong Kong retail market, will offer a wide product range of women’s and men’s footwear, handbags, and accessories to cater to every consumer’s fashion needs. Continue reading ‘Canadian fashion footwear giant ALDO puts best foot forward in the Hong Kong retail market.’

This is part II of a three part series about the advantages offered by Hong Kong and how to build a profitable business in Asia, using Hong Kong as a base.

Director General of Invest HK, Mike Rowse, outlined three of these advantages at a luncheon hosted by theHong Kong Economic Trade Office and the Ontario Chamber of Commerce.  The first advantage offered by Hong Kong, as described in yesterday’s post, is the size of the domestic market and easy access to all of Asia, not just to Mainland China.

The second advantaged enjoyed by companies using Hong Kong as a base, according to Rowse, is the Closer Economic Partnership Arrangement (CEPA).  Essentially, CEPA is a free trade arrangement that allows easier access to Mainland China’s market for Hong Kong-made products and Hong Kong-based service companies. Companies that are 100% foreign owned can have the same advantages as a domestic company, however usually after three years in operation.  

CEPA is unusual in several ways.  First of all, it is a free trade agreement between two parts of the same country.  Secondly, it is a growing document.  CEPA is constantly being revised and broadened to be more inclusive of other sectors and products.  Since its inception in 2004, there have been 4 updates (supplements) with the most recent implemented in January 2008, known as CEPA V.  From the most current CEPA consultations, 29 liberalization measures have been agreed to in 17 service sectors (15 current CEPA service sectors and two new sectors).  This session expanded the services sectors covered under CEPA to 40. It was also agreed that e-commerce, trademark and branding, and recognition of professional qualifications would be further enhanced.    

Rowse made sure to note that all industries are open to foreign trade and investment in Hong Kong - once again, pointing out that they’re open for business.

For more info on CEPA please read the previous VENTURES post CEPA-Opening the Doors to Hong Kong-China trade.    

Tomorrow’s post will conclude this series with Mike Rowe’s third key factor to success in Hong Kong, what Invest HK can do for you.

Mike Rowse, Director-General of Invest HK speaking about getting Canadians excited about in Hong Kong

What does a former English tutor have to do with growing and sustaining your business in these turbulent economic times? Well quite a lot, if that person is Mike Rowse, Director-General of Investment Promotion in Hong Kong – Invest HK. Speaking at an event called, Establishing Business in Asia, a luncheon hosted by the Hong Kong Economic Trade Office and the Ontario Chamber of Commerce, Rowse discussed what businesses must do when looking towards Hong Kong as a market for expansion. He kicked off the discussion by saying that anyone can do business in Hong Kong and Mainland China. To make your business into a profitable one takes a bit more effort and involves a well thought out process. Rowse outlined three main keys to achieving this goal.

Today, in the first of a three part series, we’ll look at the first key to success.

First, Hong Kong has its own domestic market that mustn’t be overlooked. It’s not just the seven million people who live there that must be considered, but also the 28 million tourists that visit Hong Kong every year – many of whom visit Hong Kong to shop. It should also be seen as a conduit into the Asian market. With no value added tax (VAT), GST, and an excellent intellectual property rights enforcement regime, it’s not just cheaper, but also easier to protect your goods and services in Hong Kong than in Mainland China. This is why the world’s biggest luxury brands like Louis Vuitton and Armani have set up shop in Hong Kong.

Hong Kong is also a perfect coordination centre, not just for South China and China as a whole, but also all of Asia. Its legal system, English as an official language, low crime, low taxes, and its strategic location make it a prime spot for accessing the region. In other words, Hong Kong wants you to do business with them and it’s up to you to take advantage of what they have to offer.

Tomorrow on VENTURES, we’ll have Rowse’s second key to success in the Hong Kong Market.