Here’s what you should know today.
1. Migme prepares scenario to sell the company
As migme struggles to secure new investors, the company is extending the deadline for its search to April 17, 2017 as part of transparency requirement at the Australian Stock Exchange (ASX).
The company is looking for an investment of AU$6 million (US$4.5 million) convertible note. Its stock price has slipped to 4.4 cents and the company had requested ASX to suspend its share transactions.
According to its Q4 2016 financial report, by the end of December 2016 migme only had US$400,000 left in its account, and was in the process to reduce operational costs by refocussing the organization –and quite possibly by laying off employees.
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2. Zalora to stock Abercrombie & Fitch in Asia
American retailer Abercrombie & Fitch has entered into a wholesale agreement with Zalora. Starting next week, the fashion ecommerce will stock Abercrombie & Fitch in Asia.
“This partnership will provide Abercrombie & Fitch access to more than 600 million of Zalora’s online customers,” said Fran Horowitz, CEO of A&F.
The deal puts authentic Abercrombie & Fitch products into 11 Asian markets including Hong Kong, Singapore, Indonesia, Malaysia, Brunei, the Philippines and Taiwan.
“We are looking forward to partnering with Zalora to build on our strong base of loyal customers across Southeast Asia. We work hard to connect with customers wherever, whenever, and however they prefer to shop and we continue to invest in relationships and innovation to support that.” added Horowitz.
Read the rest of the story here.
3. Recommended Reading: Marketers Direct Mobile Ad Efforts Towards Social in APAC
Consumer’s preference for mobile in Asia Pacific is having a big impact on ad spending in the region, with paid social campaigns on popular platforms like Facebook shifting increasingly toward mobile channels.
A survey conducted by Hakuhodo in August 2016 found that more than half of respondents accessed social media using their device. The findings align with eMarketer’s November 2016 forecast predicting that more than 90% of Facebook users in Asia-Pacific will log on to the site via their mobile device this year.
This growing preference for mobile access to social networks in Asia-Pacific hasn’t been lost on the region’s advertisers. According to January 2017 data compiled by Nanigans, mobile’s share of Facebook ad spending in Q4 2016 in Asia-Pacific was 88%, at least 10 percentage points higher than any other geographic region worldwide.
Read the rest of the story here.