Latest news with #Mun
Forbes
27-05-2025
- Business
- Forbes
Immigration May Stop But Foreign Brands Keep Coming
The exterior of the Chopard mansion that has become the new Lalique store in New York. The U.S. is the largest and most competitive retail market. Success here brings scale and validation in other markets. Especially in Asia, many consumers aspire to own products that are made by popular U.S. brands. America is often the great unlock for worldwide success and brand growth. While many non-U.S. brands have found success here, they're in the minority. For most non-U.S. brands, America is more graveyard than goldmine for their worldwide ambitions. It's a crowded, fast-moving and mercilessly competitive market that's hard to stand out in. It looks a lot easier to succeed here than it really is. But they keep coming because the promise is so great. So it is that three French brands have recently opened (or re-designed) new stores on expensive, prime real estate in New York. Each brings a unique approach and takes a different kind of retail gamble. One is the department store Printemps. Arriving with a big splash and written about extensively (including by me), its reviews are universally positive. Retail expert, advisor and investor Ken Pilot said about it, 'I can't remember the last time I walked into a store and was blown away.' He loves the displays, the merchandising surprises around every corner and the artful consistency of presentation across brands. As Pilot says, 'art, design and shopping converge seamlessly' in the new Printemps store. The other new store by a French brand is Lalique, the legendary French tabletop brand renowned for its crystal glass creations and iconic bottles and vases. Lalique was founded in 1888 in Paris by Rene Lalique and today the brand also includes jewelry and fragrances. The Lalique store is getting a lot less attention than the Printemps store. So let me show it to you. The outside (pictured above) could not be a more elegant New York entrance. It's a mansion owned by the Chopard family that is now leased to Lalique. When you enter there's a stairs (or lift if you're disabled). At least when I was there, a person greets you at the top of the stairs. The entrance to the store. The rear of the first floor. First floor main area. Second floor selling area. Second floor fragrance area The new store was inspired by the Lalique bar at the well-known restaurant Daniel where it allowed high-end customers and collectors of Lalique to see the brand in a new way. James Mun, CEO of Lalique, said previous U.S. Lalique stores were 'very traditional.' But 'we weren't seeing a lot of our collectors and die-hard fans' in the stores and we 'weren't seeing a lot of new next generation' consumers come in either. So Lalique decided to 'revamp the retail experience' to 'educate the next generation of Americans" about Lalique. The new store is right beside stores of the jewelry brand Graff, luxury brand Hermes and leather brand Goyard. Mun says they hope to attract those high-end customers to the Lalique store. Mun says the townhouse allows them to show other products including fragrance and interior designs which Mun says is the company's fastest growing segement. He says the store is more of a 'home environment' and they are 'breathing Lalique life into it.' The Lalique store is gorgeous and it's a pleasure to be in such a beautiful environment. Mun is right to think about how to integrate their online presence with their store. Consumers want brands to speak with one voice and to shop interchangably between online and physical stores. He's also right to think about attracting younger consumers. If Lalique can't do that, their future is a big question mark. But when I consider the potential success of the store, it makes me wonder about a few things: - Will consumers find it? Lalique isn't big enough to have a giant advertising budget and while the Goyard/Hermes/Graff customer base might see it, few other casual passersby will. It can be fun to shop in a beautiful New York mansion but if you don't know it's there it's not worth much. - What makes retail interesting now? The Printemps store is fun to be in. What makes that true is hard to define exactly and it's a little different for each person. Printemps is offering clothing, footwear, fragrance and beauty but above all, food. Every area of the Printemps store has either a bar or restaurant or some offering where shoppers can sit and be part of the environment. And it has action. The merchandise is different from what you'll see almost anywhere else and the food keeps the people inside. All those elements make it more likely that a consumer will buy something. Lalique doesn't have that. Printemps has people that look like you or what you'd like to look like. It feels right as a customer to be in an environment where you feel like you belong. When I was in the Lalique store on a sunny, 70-degree day, there was one other customer on one of the floors. It makes a consumer wonder: why am I alone here? What does everyone else know? You might say that the private, exclusive, rarefied atmosphere is a key to success in luxury. But Hermes and Chanel do pretty well being on some of the most heavily foot-trafficked streets in New York with tons of traffic in-store. If the Lalique store is going to do well, it will take time for people to find out it's there; Lalique can't afford a blowout marketing budget. The store has to work. It will also take adaptation. They're planning events and there's no doubt that will help. But having a store on an expensive piece of real estate that isn't visible to the high-end consumers going by is kinda risky. If you build a store that looks like someone else's, it's not interesting and consumers don't come back. That's what's so interesting about the newly redone Longchamp store on Spring Street in Soho in New York. When you enter, you're looking at what must be one of the most interesting stairs in a public place in New York, here: Stairs at entryway of Longchamp store in Soho, New York And the view from the top of the stairs is just as interesting. It makes you want to walk on it. Top view of the staircase at Longchamp store in Soho, New York The store is on a busy shopping street with lots of pedestrian traffic, the window is inviting and the store is intriguing. But of course the product and the store experience are what will make it succeed or not and here Longchamp acquits itself well. Longchamp store shop floor area in Soho, New York There's no question when you're in the Longchamp store that handbags and small leather goods are the brand's identity, there's no mistaking it. The prices are accessible, you can buy a handbag for well under $200 and it's hard to find one more than $600. The sales staff is well trained, knowledgeable about the product and helpful without being overbearing. They are also keyed in to comment kindly on something about how you look. I was not told what the rent is or how much the improvements cost so I can't say if Longchamp is getting a good return on its investment. But the store works and it's both a great showcase for selling and a fun place to be. I'm not the only one who thinks so. The store is busy and there were many customers even though I was there on a rainy weekday afternoon. There are multiple events and activities going on in the store they'd like to try, like painting photography and refreshments. All three stores, Printemps, Lalique and Longchamp are unique in their own ways. That's important because consumers don't want more sameness. But uniqueness can be risky because American consumers can be fickle and often don't respond the way non-U.S. consumers do. If Printemps and Longchamp keep doing what they're doing it appears that their New York stores will be successful. But the Lalique store is less clear. They need to get more people in the store and the path to doing that is difficult and costly. It's one of the most vexing problems in retail: how do you adapt an established brand that works well abroad to what U.S. consumers want now? If you're successful in your home market, it's easy to believe you'll be successful in the U.S. and that motivates brands to try. But success in America isn't guaranteed by pedigree and it's a big investment to market in the U.S. For foreign brands, the formula requires deep consumer understanding, smart store design and often, a willingness to rehtink legacy. But it's also a big opportunity. And that's why, no matter what happens with immigration, the scale, status and singular challenge of retail success in America will keep the brands coming.
Business Times
22-05-2025
- Business
- Business Times
From Singapore to the world, creating products to solve problems
[SINGAPORE] From making and selling computers in the 1980s to now designing and manufacturing electronics for major brands, Aztech Global has come a long way since its inception in 1986. On the cusp of its 40th anniversary, Aztech has kept to a simple philosophy in deciding which products and sectors it enters. 'When you create a product, you have to solve a problem, because when you encounter a problem, you find a solution,' said Michael Mun, chief executive officer, Aztech Global which won the Enterprise Award at the Singapore Business Awards. With expertise in data communication, Aztech has produced everything from modems to WiFi-enabled cameras to the Powerline products that allow for data transmission over a power line. Powerline in particular has seen much success outside of Singapore, due to older buildings having a lack of an Internet point to connect to. 'Until today, we are still selling this product in European countries; Germany is one of the big markets,' said Mun. In the last 10 years, Aztech has entered into the Internet of Things (IoT) segment, where sensors or devices are connected in a network to share data. The majority of the company's income comes from the IoT segment now, said Mun. GET BT IN YOUR INBOX DAILY Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up VIEW ALL Innovating for a breakthrough The company is not content with the status quo, constantly looking to innovate and find a breakthrough to make a product better. Driven by a lack of solutions, one such product that Aztech branched into was lighting, entering the LED lighting market 15 years ago when options were limited to fluorescent and incandescent lighting. Responding to a potential lighting project for Jurong Town Council, Aztech designed a LED lighting product, which the town council eventually accepted. This led to more LED lighting projects across other town councils. 'We started from Singapore and went international, we sell a lot of LED lighting into Europe and Japan,' said Mun. Part of Aztech's success is its commitment to research and development (R&D). Rather than just purely competing on manufacturing or price, the company competes on its expertise. 'If you are fighting on price, we can never succeed or survive, because it is very competitive. We are almost 40 years old because of R&D, and customers come to us because of our design capability,' said Mun. International markets From its base in Singapore, Aztech has grown to serve international customers, with North America making up the bulk of revenue in 2024 at 79.1 per cent, and Europe taking second place at 15.5 per cent. The company set its sights on international markets early on, during its start as a PC manufacturer, breaking into the old Eastern Bloc markets of Poland, Hungary, Russia and East Germany before the fall of the Berlin Wall. 'Without going international we won't be where we are today because, realistically, the local market is too small for us,' said Mun. Aztech's research and development efforts are also not confined to Singapore, with R&D centres in Hong Kong and China. Singapore's small labour pool necessitated expansion into other markets to get the right talent to join the company's team. Besides making their own products, Aztech is also active in contract manufacturing and joint design and manufacturing, partnering with customers to design and manufacture their products. In helping customers design and manufacture products, a key question that Aztech asks is what is their target price. This is important as the price point has to be palatable to the eventual end-users for the product to sell. 'Whether you have a market, I think it has to be a price the consumer will be able to accept, because if the price point is not affordable, consumers cannot buy, then there is no point to create the product,' said Mun. Copycats and geopolitics There are challenges that Aztech faced in getting to this point, dealing with copycats and geopolitical tensions. Consumer electronic makers face the issue of seeing a copycat version pop up soon after their products hit the market. Aztech is not afraid of others copying their products, said Mun. Competitors will often buy your products to open up, analyse and see what they can learn. 'You have to continue to invest and expand your R&D capacity so you will be ahead of them, then you will be able to compete,' said Mun. Closer to home Dealing with geopolitical challenges have also led Aztech to move manufacturing closer to home in Malaysia, setting up a manufacturing plant in Pasir Gudang, Johor. This plant is an alternative to Aztech's China plant, and allows for products to be shipped with lower tariffs. The factory in Malaysia is about 300,000 square feet, and has led to the downsizing of the plant in China due to geopolitical tensions. 'In fact today our Malaysia plant contributes almost 80 per cent of our sales,' said Mun. Aztech's DNA still remains in product development, design and manufacturing, with the company continuing to invest in R&D for manufacturing. Automation will be a key focus moving forward, for Aztech's factories, with a combination of artificial intelligence and machines to improve quality checks. Looking to leverage on Aztech's background in electronics and automation, the company will be looking to apply this knowledge back into the two manufacturing plants. 'We develop a lot of things, but we use it inhouse. Eventually we can sell it to our customers too,' said Mun.
The Sun
04-05-2025
- Sport
- The Sun
Doyeob Mun wins GS Caltex Maekyung Open
KOREAN Doyeob Mun, like a bolt from the blue, won the GS Caltex Maekyung Open after a sensational back nine birdie-fest saw him shoot a sizzling bogey-free eight-under-par 63. Mun, six behind the leaders at the start of the day and playing nine groups ahead of the final pairing, stormed through with six birdies on the second half – including four-in-row from the 11th – to win by three shots from Thailand's Jazz Janewattananond, plus Koreans Baekjun Kim and Junghwan Lee. Mun posted his 10-under par total two hours before the final players finished, anxiously waiting to see if he would be caught. Jazz missed makeable birdie putts on 14 and 15 and later bogeyed the last while Canadian Yonggu Shin birdied 13 and 14 to move one back but then dropped a shot on the 17th, before a catastrophic 10 on 18. He ended in a tie for 12th. Mun's run for the title was fast and furious. After making those four successive birdies he was one shot behind Jazz, who had just made the turn. The Korean soon joined Jazz in the lead on nine under after another birdie on 16 before making a birdie on the last for sole possession of first. He hit a majestic second shot on the difficult par-four 18th to six feet to set up one of only three birdies there today. And when Jazz dropped a shot on 13 Mun led by two in the clubhouse. He was hitting balls on the range in case of a play-off before events unfolded in his favour. 'I couldn't be happier to be on top of the leaderboard in a tournament I've always wanted to win,' said Mun, whose home club is Namseoul 'When the birdie putt on 18 went in, I thought I could at least make it to play-off. I talked to my caddie about making sure I made that birdie, and I'm happy that I did. 'The last three holes at Namseoul Country Club are particularly tricky. I focused on playing steady and making par rather than being aggressive. I wasn't aiming for birdies, just putting the ball in the right position.' It is his first win on the Asian Tour and fourth on the Korean PGA Tour, as this week's event is sanctioned with the local body. He last triumphed in Korea in 2022. The 33-year-old has played regularly on the Asian Tour since 2018, having made it through qualifying school in 2018 and this year, when he placed third. Previously, his best finish on tour came at the Shinhan Donghae Open in 2018, when he was joint fourth, and he also finished in the top five at the Singapore Open in 2019 and 2022. His 63 was two short of the course record and made a mockery of Namseoul's reputation for being one of the toughest courses on the circuit. Carved out of mountainous terrain, its undulating topography, and elevated greens, that are slick and sloping, make it a true test plus a physical challenge to walk. Fortunately, sunshine today replaced the grey skies and drizzle, from earlier in the week. Despite his brilliant come-from-behind win, Malaysia's Danny Chia still has the record for most shots gained on the last day. He came from seven behind to win the Taiwan Open in 2002 – when a typhoon played havoc with the scores. Jazz, who shared the lead at the start of the day with Baekjun Kim, was bidding to become the first overseas player to win this event in 21 years but faded on the back nine, playing it in two over. He said: 'Oh, I mean, it was so hard out there today, it was a grind fest. I mean, I tried to grind as much as I could. I didn't give up at all at any point. But it was just hard, you know, like I didn't have my best stuff out there, but overall, I think I finished up well. 'Congrats to Doyeob. I don't know how he shot eight under par today, but if it wasn't for him, I would be doing a play-off with another player right now. So overall, good.' Zimbabwe's Scott Vincent, two behind at the start of the day and like Jazz looking for his first win since 2022, was in contention for much of the day but finished poorly with a double bogey and three bogeys, carding a 75 to tie for 12th. The Asian Tour crosses the Sea of Japan next week for the International Series Japan presented by Moutai. The inaugural US$2million event is being played at Caledonian Golf Club, 8-11 May.
The Sun
04-05-2025
- Sport
- The Sun
Doyeob Mun gatecrashes GS Caltex Maekyung Open with thrilling win
KOREAN Doyeob Mun, like a bolt from the blue, won the GS Caltex Maekyung Open after a sensational back nine birdie-fest saw him shoot a sizzling bogey-free eight-under-par 63. Mun, six behind the leaders at the start of the day and playing nine groups ahead of the final pairing, stormed through with six birdies on the second half – including four-in-row from the 11th – to win by three shots from Thailand's Jazz Janewattananond, plus Koreans Baekjun Kim and Junghwan Lee. Mun posted his 10-under par total two hours before the final players finished, anxiously waiting to see if he would be caught. Jazz missed makeable birdie putts on 14 and 15 and later bogeyed the last while Canadian Yonggu Shin birdied 13 and 14 to move one back but then dropped a shot on the 17th, before a catastrophic 10 on 18. He ended in a tie for 12th. Mun's run for the title was fast and furious. After making those four successive birdies he was one shot behind Jazz, who had just made the turn. The Korean soon joined Jazz in the lead on nine under after another birdie on 16 before making a birdie on the last for sole possession of first. He hit a majestic second shot on the difficult par-four 18th to six feet to set up one of only three birdies there today. And when Jazz dropped a shot on 13 Mun led by two in the clubhouse. He was hitting balls on the range in case of a play-off before events unfolded in his favour. 'I couldn't be happier to be on top of the leaderboard in a tournament I've always wanted to win,' said Mun, whose home club is Namseoul 'When the birdie putt on 18 went in, I thought I could at least make it to play-off. I talked to my caddie about making sure I made that birdie, and I'm happy that I did. 'The last three holes at Namseoul Country Club are particularly tricky. I focused on playing steady and making par rather than being aggressive. I wasn't aiming for birdies, just putting the ball in the right position.' It is his first win on the Asian Tour and fourth on the Korean PGA Tour, as this week's event is sanctioned with the local body. He last triumphed in Korea in 2022. The 33-year-old has played regularly on the Asian Tour since 2018, having made it through qualifying school in 2018 and this year, when he placed third. Previously, his best finish on tour came at the Shinhan Donghae Open in 2018, when he was joint fourth, and he also finished in the top five at the Singapore Open in 2019 and 2022. His 63 was two short of the course record and made a mockery of Namseoul's reputation for being one of the toughest courses on the circuit. Carved out of mountainous terrain, its undulating topography, and elevated greens, that are slick and sloping, make it a true test plus a physical challenge to walk. Fortunately, sunshine today replaced the grey skies and drizzle, from earlier in the week. Despite his brilliant come-from-behind win, Malaysia's Danny Chia still has the record for most shots gained on the last day. He came from seven behind to win the Taiwan Open in 2002 – when a typhoon played havoc with the scores. Jazz, who shared the lead at the start of the day with Baekjun Kim, was bidding to become the first overseas player to win this event in 21 years but faded on the back nine, playing it in two over. He said: 'Oh, I mean, it was so hard out there today, it was a grind fest. I mean, I tried to grind as much as I could. I didn't give up at all at any point. But it was just hard, you know, like I didn't have my best stuff out there, but overall, I think I finished up well. 'Congrats to Doyeob. I don't know how he shot eight under par today, but if it wasn't for him, I would be doing a play-off with another player right now. So overall, good.' Zimbabwe's Scott Vincent, two behind at the start of the day and like Jazz looking for his first win since 2022, was in contention for much of the day but finished poorly with a double bogey and three bogeys, carding a 75 to tie for 12th. The Asian Tour crosses the Sea of Japan next week for the International Series Japan presented by Moutai. The inaugural US$2million event is being played at Caledonian Golf Club, 8-11 May.
Forbes
27-03-2025
- Entertainment
- Forbes
Mun Ka-Young Shares Her Favorite Scene In ‘My Dearest Nemesis'
Choi Hyun-wook and Mun Ka-young play characters who met in a role playing game. My Dearest Nemesis, the k-rom-com about former gamers who meet again in the corporate world, continued to intrigue viewers after its successful debut. Four weeks later, My Dearest Nemesis, still held the number one spot on the global OTT platform Rakuten Viki, topping the charts in 109 countries. The reason for its success may be simple, said actress Mun Ka-young. Mun plays Baek Soo-jung, the drama's hard-working corporate team leader, who unwittingly falls for her former gaming ally and disappointing first love. 'I think the drama was an easy and enjoyable watch,' said Mun. 'There were no heavy emotional burdens or intense conflicts—just a fun, lighthearted story that people could relax and laugh along with. The drama also touched on universally relatable hobbies and nostalgic memories, which I believe contributed to its appeal.' Mun's character first meets Ban Ju-yeon, played by Choi Hyun-wook, when she stands in for her younger brother in a role playing game. Her character Strawberry falls for her fellow player Black Dragon, but when they meet in real life she has reasons to reject him. Years later they meet again, but he's changed so much she doesn't recognize him. As the son of her company's chairwoman, he's secretive about playing games and everything else he really enjoys. She may dislike him at first, but Strawberry and Black Dragon were destined to fall in love. Mun's favorite scene in the drama was a romantic one. 'One of the most memorable scenes for me is the ending of Episode Seven,' said Mun. 'It takes place in a beautiful square with a grand fountain display—Soo-jung finally hears Ju-yeon's true feelings and confesses her own, leading to a romantic kiss. The directing, lighting, and even the soundtrack in the final broadcast all came together perfectly, thanks to the dedication of our entire crew. That scene truly left an impression on me.' Despite initial reservations, the characters Black Dragon and Strawberry are destined to fall in ... More love. Mun began modeling when she was 9 and within a year had debuted in the film Bloody Reunion. She's best known for her roles in dramas such as Tempted, Welcome to Wakiki, Find Me In Your Memory, True Beauty, Eat, Love, Kill and The Interest of Love. She can't imagine a life without acting. 'I've been acting since I was very young, so I've never really dreamed of doing anything else,' she said. 'Acting is challenging, and there's no right answer. However, through acting, I've started to develop an interest in directing and writing scripts.' Her polished comedy timing is evident in both My Dearest Nemesis and the popular 2021 drama True Beauty. In True Beauty she plays a high school student who hides her insecurities behind heavy applications of make-up. Although she's perhaps best known internationally for her rom-com roles, she's not necessarily always drawn to them. 'Rather than being drawn specifically to rom-coms, I am more attracted to strong, independent characters," said Mun. "If a project carries a meaningful message and it's something I feel confident introducing to the audience, I take on the challenge. Love stories, after all, have the power to encapsulate the entirety of our lives. I'm excited to see what kind of projects I will choose in the future—I'm curious to find out which stories will capture my heart next.' What she loves most about acting is that, unlike real life, acting allows for rehearsals. 'And I love that it offers endless opportunities to experience different lives—new professions, new characters, and new worlds," said Mun. "The constant changes keep me excited and on my toes. No matter how tough things get, I always find comfort in knowing that I have studied acting. It's probably the only profession where that kind of justification makes sense.' All of the characters she plays hold a place in her heart. 'I often find myself thinking about The Interest of Love's Ahn Soo-young," said Mun. "She's a strong yet emotionally complex character and I wonder how she's doing from time to time." Viewers will next see Mun in the drama Seochodong, with co-stars Lee Jong-suk, Kang You-suk, Ryu Hye-young and Im Seong-jae. The CJ ENM drama is scheduled to premiere in the first half of 2025. 'Seochodong is a legal office drama set in Seochodong, a district in Korea known for its concentration of law firms,' said Mun. 'The story follows associate attorneys who work at different firms within the same building.' Mun will play Kang Hee-ji, an idealistic first-year associate attorney. 'As a newly minted lawyer, Hee-ji strongly believes that changing one person's life can change the world," said Mun. "And she dreams of becoming a lawyer who truly helps people. I also have a movie set to be released in Korea soon. Knowing that I'll be connecting with audiences through various projects makes me very excited for the rest of 2025.' My Dearest Nemesis is based on a webtoon of the same name written by Hye Jin-yang. It's directed by Lee Soo-hyun, who directed Delightfully Deceitful, and was adapted by Kim Soo-yeon. The drama was produced by Studio N and planned by Studio Dragon. In the U.S it airs on
