Weekly Insights by Fung Global Retail Tech June 10 2016 · 2016. 9. 6. · JUNE 10, 2016 • This...
Transcript of Weekly Insights by Fung Global Retail Tech June 10 2016 · 2016. 9. 6. · JUNE 10, 2016 • This...
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June 10, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
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JUNE 10, 2016 • Thisweek,weintroducedournewconceptregardingopportunities intheretailindustry:theFour-QuadrantDisruptorsFramework,whichidentifiesfourareasofopportunityforinnovativeretailersandstartups.Theframeworkwasformulatedas a response to the “retail destruction” seen in the US very recently,when anumberofmajorretailnamesreporteddisappointingresults.
• Astheathleisuremarketapproachessaturation,“streetnic”apparel—madewithengineered fabrics that apply the stretch and performance of athleticwear toeverydayclothing—maybethenextbigtrend.Consumershavecometoexpectthe comfort of athleisure, and now retailers areworking to create fashionableclothingthathasthefunctionalitiesofathleticapparel.
• Spanish retail chain El Corte Inglés has opened a store dedicated entirely towomen’sproducts inMadrid’sCalledeSerrano,thepreferredlocationforsomeof Europe’s best-known brands in the city. Thismove follows the successof itsSerrano 52 MAN store, which opened on the same street last year, cateringexclusivelytomen.
• AccordingtoeMarketer,195millionpeopleinChinawillbeusingtheirphoneasawalletby the endof2016.That represents38%ofall smartphone users in thecountry,and isdouble therateofsmartphonestorepayments intheUS.Thereare three mainmobilewallet options in China,WeChat, Alipay and newcomerApplePay.WhileWeChatandAlipaygenerateaQRcodeforscanning,ApplePaytiesupwithChina’sbiggestcardnetwork,UnionPay.
$14.3Bil.• SpendingforFather’sDay,whichfallsonJune19thisyear,isexpectedto
reacharecordhighof$14.3billion—thehighesttotalsincetheNationalRetailFederation(NRF)begansurveyingconsumersabouttheholiday13yearsago,butlowerthantheMother’sDay2016totalof$21.4billion.
• TheNRFprojectsanaverageFather’sDayspendperpersonof$125.92,upfrom$115.57lastyear.
• Topgiftchoicesthisyearincludeexperiences,clothingandgiftcards.
• TwoinfivemillennialsareplanningtogiveDadagiftofexperiencethisyear,apercentagethatissignificantlyhigherthanthatofoldergenerations.
Source:UPS/comScore
22%
20%
16%
42%
Researchonlineandinstore,buyinstore Searchandbuyinstore
Researchonlineandinstore,buyonline Searchandbuyonline
Source:NRF
Consumers’OnlineShoppingHabits
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June 10, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
FROMTHEDESKOFDEBORAHWEINSWIG
IntroducingtheFour-QuadrantDisruptorsFramework
This week, we introduced our new conceptregardingopportunitiesintheretailindustry:theFour-Quadrant Disruptors Framework. Thismodel identifies four areas of opportunity forinnovative retailers and startups that serve theretailindustry,andwasformulatedasaresponseto the “retail destruction” seen in the US veryrecently,when a number ofmajor retail namesreporteddisappointingresults. In thecontextofthisquickly shifting retail landscape,we identifyfourareasofopportunity:newretailmodels,all-channel, experiential retail and customerengagement.
We summarize thesequadrants of opportunity below, anddirect readers to our full report on fbicgroup.com forcompletedetailsoftheframework,includinggreatercontextandprofilesofcompaniesoperatingwithineachspace.
NewRetail
New retail models identify “white spaces” in how consumers shop in the evolving retail world, whether that isthroughanonlinebarter community suchas reKindness,or throughamarketplace suchas Ideally that lets themnametheirownpriceforgoods.Thisquadrantalsoincludessomemorecommonemergingretailmodels,includingmarketplaces suchasEtsy, sharingeconomybusinesses suchasRent theRunwayandcaringeconomybusinessessuchasTOMS.
All-Channel
The all-channel model offers significant opportunities for retailers and startups to merge shopping channels, soconsumerscanshopseamlesslywhenandwhere theywant to.Theall-channelstartupand innovationecosystemincludes e-commerce platform solutions, “click and arrive” reordering shopping buttons, next-generation storelocationsthatbroadcastin-storeinventoryonline,andin-storesmartdisplaysdesignedtoprovideconsumerswithinformationonproducts.
ExperientialRetail
Experiential retail encompasses retailers and technology startups thatwork to repurpose existing store space tomake the shopping experience frictionless and more fun; stores thus become a natural complement to thefunctionalityofferedbyonlineshopping.Thisquadrant is importantbecause,eventhoughtheonlinechannelhasbeendrivingsignificantsalesgrowth,over90%ofUSretailsalesstilltakeplacein-store.Technologiesthatfallunderthiscategoryincludevirtualfittingrooms,self-checkoutsolutionsandaugmentedrealityapplications.
CustomerEngagement
Startupsandinnovatorsthatfitintothecustomerengagementquadrantexplorewaysinwhichretailerscanconvertconsumers tocustomersandenhance interactionswith theircustomersondifferentplatforms.Thisarea includesgamification,recommendationenginespoweredbyartificial intelligence, influencermarketingandsocialshopping“evangelizeandthrive”apps.
In short, the Four-Quadrant Disruptors Framework emphasizes the fact that retailers need to provide totalconvenience, and that theymust develop deeper connections with their customers.We see those retailers thatadoptnewretailmodelsandprovidecross-channelconvenience,improvedexperiencesandgreaterengagementasbeingwellpositionedtogainshare—andthiswilllikelybeattheexpenseofthosegeneralistretailerswhosecatchallpropositionsappeartoberesonatinglessandlesswithshoppers.
• For a complete discussion of our Four-Quadrant Disruptors Framework concept, together with profiles ofselectedkeycompaniesineachquadrant,pleaseseeourfullreportonfbicgroup.com.
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June 10, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
USRETAILEARNINGS
Source:Companyreports
USRETAIL&TECHHEADLINESAthleisureIsPavingtheWayforTechnicalApparel(June8)Glossy
• Astheathleisuremarketapproachessaturation,LululemonAthleticafounderChipWilsonsaysthat“streetnic”apparel—madewithengineeredfabricsthatapplythestretchandperformanceofathleticweartoeverydayclothing—isthenextbigtrend.
• Consumershavecometoexpectthecomfortofathleisure.Now,retailersareworkingtocreatefashionableclothingthathasthefunctionalitiesofathleticapparel.Forexample,KitandAceinventedamachinewashable“technicalcashmere.”
CultivatingBrandLoyaltyinEventheToughestCustomer(June5)TheNewYorkTimes
• AccordingtoareportbyColloquy,loyaltyprogramshavegrownby26%since2013,andtotaled3.3billionmembershipsnationwidein2015.However,whiletheaveragehouseholdhasmembershipswith29loyaltyprograms,only12ofthemaretypicallyused,whichmeansthenumberofmembershipsusedhasactuallydecreasedby4.5%since2013.
• Loyaltyprogramsareeffectiveatattractingcustomers,buttheycannotjustofferadiscountorfreedessert.Companiesneedtoadjusttoeffectivelyusetheimportantdatatheyreceivefromcustomersinordertopersuadethemtobuymore.
MallLandlordsEmbraceHigh-TechtoEnticeShoppers(June7)RetailingToday
• Retailershavetypicallybeentheonesinvestingintechnologytoimprovethecustomerexperience.Butasstoreclosureshaveincreasedpressureonlandlords,they,too,arebeginningtopourmoneyintotechnology,investinginmappingfunctionstohelpshoppersfindparkingspaces,navigatemallcorridorsorfindaflashsaleatastoreonefloorabove.
• Landlordshopetobetterconnectwithshoppers,sparkingmoreactivityandpossiblygivingthemselvesanedgeinleasenegotiationswithretailers.
Company
Revenues($Mil.) ChangeYoY GrossMargin(%) Change
NetIncome($Mil.) ChangeYoY StoreFleetEOP
Period 2016 2015 (%) 2016 2015 (BP) 2016 2015 (%) 2016 2015
Hudson'sBay 1QEApr. 3,300 2,072 59.3 41.9 41.2 70 (97) (49) 98.0 470 327
Lululemon 1QEMay 496 424 17.0 48.3 48.6 (35) 45 48 (5.2) 373 316RestorationHardware 1QEApr. 455 422 7.8 28.0 34.0 (597) (13) 7 (288.2) 69 67
WEINSWIG’SWATCHING
Thisweek,theUSFungGlobalRetail&TechnologyteamattendedtheWomeninSTEMSummitinSanFrancisco,CA,whiletheUKteamattendedtheMakeUpinPariseventattheCarrouselduLouvre.
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June 10, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
WeakProductivity,RisingWagesPuttingPressureonUSCompanies(June6)MobileCommerceDaily
• Weakproductivitygrowth,risingwagesandsluggishdemandareputtingpressureonUScompaniesandincreasingthelikelihoodthattheywillslowhiring,cutspendingandfurtherweakentheeconomy.
• Laborproductivityfellata0.6%annualrateinthefirstquarter,accordingtotheUSDepartmentofLabor.Strongproductivityincreasescorporateprofits,givingmoremoneytoworkersinturn.Productivityhasgrownby2.2%onaverageannuallysinceWorldWarII,buthasgrownbyonly0.5%overthelastfiveyears.
EUROPERETAILEARNINGS
Company
Revenues(USDMil.)
ChangeinUSD(%)
ChangeinReportingCurrency
(%)Gross
Margin(%)Change(bps)
NetIncome(USDMil.)
YoY%Change
StoreFleetEOP
Period 2016 2015
2016 2015
2016 2015
2016 2015
Boohoo.com(BOO.L)
1QEMay31,2016 83.6 63 33.7 40.9 N/A N/A N/A N/A N/A N/A N/A N/A
EUROPERETAILHEADLINESUKRetailSalesRiseinMay(June7)Brc.org.uk
• IntheUK,retailsalesinthefourweeksfromMay1–28grewby1.4%yearoveryear,accordingtotheBritishRetailConsortium(BRC)-KPMGRetailSalesMonitor.BRCCEOHelenDickinsonnotedthatthoughthisgrowthis“notspectacular,itisinlinewiththe12-monthaverageof1.5%.”
• Duringthesameperiod,onlinesalesintheUKgrewby13.7%yearoveryear,astrackedbytheBRC-KPMGOnlineRetailSalesMonitor.
NewLookReportsSolidSalesIncreaseforFY16(June7)Companypressrelease
• BritishfashionretailerNewLookhasreportedrevenuegrowthof5.4%,to£1,490.6million(US$2,249.2million)fortheyearendedMarch26,2016.UKcompswereup3.4%andNewLookbrandcompswereup3.6%.Salesonthecompany’sownwebsitegrewby27.9%andsalesthroughthird-partye-commercesitesgrewby41.8%.
• Whileadjustedpretaxprofitroseby16.8%,to£59.1million(US$89.2million),NewLookreportedapretaxlossof£34.4million(US$51.9million)duetotheone-offcostsofitsMay2015acquisitionbySouthAfricaninvestmentgroupBrait.
NorwegianRaintoOpenFirstInternationalStore(June7)Theretailbulletin.com
• OuterwearbrandNorwegianRainissettoopenitsfirststoreoutsideNorway,inLondon.ThenewshopwillbelocatedonPiccadilly,incloseproximitytothetraditionalsartorialquartersofSavileRow,BondStreetandJermynStreet.
• ThenewstorewillsellNorwegianRain’sfullcollectionofclothing,suitsandshoes;leatheritemsfromtheT-Michaellabel;andScandinavianfurniture.
ElCorteInglésOpensStoreDedicatedtoWomen’sProducts(June6)Wgsn.com
• SpanishretailchainElCorteIngléshasopenedastorededicatedentirelytowomen’sproductsinMadrid’sCalledeSerrano,thepreferredlocationforsomeofEurope’sbest-
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
knownbrandsinthecity.ThismovefollowsthesuccessofitsSerrano52MANstore,whichopenedonthesamestreetlastyear,cateringexclusivelytomen.
• Thenewstorehassixfloorsofwomenswearandaccessories,andincludesseveralbrandsthatarenewtotheretailer’soffering.
Matalan’sPerformanceinFY16DropsonWarehouseChallenges(June6)Companypressrelease
• BritishclothingretailerMatalanannouncedthatrevenuesfellby3%,to£1,061.4million(US$1,608.3million)fortheyearendedFebruary27,2016.EBITDAfellby44%,to£56.2million(US$85.2million).
• ManagingDirectorJasonHargreavescited“operationalchallengesencounteredwithlastyear’swarehousetransition”asthecauseoftheperformancedecline.Headdedthatthewarehouseisnowoperationallystableandthatthecompanyhasacautiousrecoveryplaninplaceforthecomingyear.
ASIATECHHEADLINESChineseConsumersLeadtheWorldinPayingwithTheirPhones(June7)TechinAsia
• AccordingtoeMarketer,195millionpeopleinChinawillbeusingtheirphoneasawalletbytheendof2016.Thatrepresents38%ofallsmartphonesusersinthecountry,andisdoubletherateofsmartphonestorepaymentsintheUS.
• TherearethreemainmobilewalletoptionsinChina,WeChat,AlipayandnewcomerApplePay.WhileWeChatandAlipaygenerateaQRcodeforscanning,ApplePaytiesupwithChina’sbiggestcardnetwork,UnionPay,whichmeansApplePayworksateverystorethathasUnionPay’sPIN-inputkeypad.
BelievetheHype?HowVirtualRealityCouldChangeYourLife(June6)TheStarOnline
• Virtualreality(VR)wasthebuzzindustryatAsia’slargesttechfair,Computex,heldinTaiwan’scapitalofTaipeilastweek.TheislandishopingtobecomeadevelopmenthubforVRtechnology.
• HTCisamongthemajortechfirms,includingFacebookandSamsung,thathavelatchedontotheimmersiveexperienceplatformofVR,andHTChasalreadybranchedoutintothemedicalsector.Lastyear,thecompanyinvestedinaUSstartupthatusesVRtohelpsurgeonsplancomplicatedbrainoperations.E-commerceisanotherindustrythatholdsmuchpotentialforVRutilization.
LINEAppLookstoBuildonAsianPopularitywithOneoftheYear’sBiggestTechIPOs(June6)AsianCorrespondent
• LINE,aJapanesesubsidiaryofSouthKoreanInternetsearchgiantNaverandoneofAsia’smostpopularmessagingservices,planstoopenitssharestothepublicinTokyoandNewYorkthisJuly.ThecompanyaimstoraiseUS$1–US$2billionatavaluationofUS$5–US$6billion.
• Thefirm’stotalreportedrevenuein2015wasmorethanUS$1billion(¥120billion),up40%fromthepreviousyear.Thefirmisgetting35%ofitsrevenuefromadvertisers,while“stickers,”whichcountascommunications-relatedproducts,arecontributing22%ofitsrevenue.
MalaysianFitnessStartupKFitAcquiresGrouponIndonesia(June6)TechinAsia
• MalaysianfitnessstartupKFitissuedastatementthatithassignedadealtoacquireGrouponIndonesiaforanundisclosedamount.GrouponIndonesiawillbecomeawhollyownedsubsidiaryofKFit,whileGrouponInc.willbecomeastrategicshareholderofKFit.
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
• KFithasalreadymadeotherstrategicmovesin2016.InFebruary,itaddedmorecategories,suchasmassagesandbeautysalons,toitsoffering,anindicationthatitneededtoaddmorerevenuestreamstoitscoreproduct.InMarch,KFittweakeditsmodelbylimitingmembershipto10activitiespermonthforthesamerate.
China’sBitautoRaisesUS$300Million;Baidu,JD.comandTencentEachChipinUS$50Million(June6)TechCrunch
• Bitauto,whichoperatesagiantcarmarketplacethatisdescribedasCars.com,ConsumerReportsandAutotrader.comrolledintooneandalsoinvestsintransportationstartups,hasannouncedafundraisingroundof$300million.
• ThepubliclytradedcompanyisvaluedataroundUS$1.4billion,andisprofitable,withrevenuesfromadvertising,subscriptions,transactionsandmarketing.
LATAMRETAILHEADLINESNewMexicanTextile,ApparelImportRulesHitUSBrands(June7)WWD.com
• Mexicolaunchedanexpandedlistofreferencepricesfortextilesandgarments,causingconcernsamongUSapparelmanufacturers,whoclaimthenewschemehamperstrade.TherulescouldpromptAmericanproducerstosourceelsewhere.Thecurrentimportsystemisunderreview.
• Mexico’stextileandapparelindustryisexpectedtogrowby5%in2016,whiletheUS’smarketsharecontinuestodeclineasCentralAmericanandAsianrivalswinneworders.
InteractivePinterestPinsLetShoppersinBrazilBringOfflineItemsOnline(June4)DigitalTrends
• PinteresthaspartneredwithBraziliandesignerfurnitureretailerTok&StoktocreateasystemcalledPinlistthatallowsshopperstosavein-storeitemstotheirPinterestboards.ThePinlistappturnsthein-storebuyingexperienceintosomethingsocialbyintegratingthevirtualworld.
• Tok&Stokhasequippedhundredsofin-storeitemswithphysicalPinterest“Pins”thatcustomerscanpushinordertosendaBluetoothsignaltotheirphonesand“pin”theitemtotheirPinterestboards.
AppleBeginsHiringfor“Several”MexicanAppleStores(June7)AppleInsider
• ApplelistedaplethoraofjobopeningsforseveralstoresinMexico,despitehavingyettolaunchitsfirststoreinthecountry.Thecompanyissearchingtofillpositionsatmultipleundisclosedlocations.
• InJanuary,AppleconfirmedplansforastoreinMexicoCity’sCentroSantaFeMall,buthasnotcommentedonanyrumorsofadditionalstores.ItisrumoredthatAppleisplanningasecondMexicoCitylocationasastand-alonestoreinaluxuryshoppingdistrict,alongwithstoresinGuadalajaraandMonterrey.
FEMSAComercioEntersConvenienceStoreSpaceinChile(June6)Marketwired
• FEMSAComercioannouncedthatithasacquiredBigJohn,aleadingconveniencestoreoperatorbasedinSantiago,Chile.Therearecurrently49BigJohnretaillocations,mostlyintheSantiagometropolitanarea.
• FEMSAalreadyoperatesseveralsmall-formatretailchainsinMexico,ChileandColombia,includingOXXOconveniencestores;YZA,Farmacon,ModernaandCruzVerdedrugstores;andMaicaobeautystores.
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
Brazil’sInflationAcceleratesMorethanForecastinMay(June8)Bloomberg
• Brazil’sconsumerinflationacceleratedmorethananalystshadforecastedinMay,asthemarketexpectsthecentralbanktokeepinterestratesatthesamelevelforaseventhconsecutivemeeting.
• TheConsumerPriceIndexclimbed0.78%aftera0.61%increaseinApril;theforecastedmedianwas0.75%.The12-monthcumulativeinflationratewas9.32%.
EARNINGSCALENDAR
E=estimated
Company
EarningsReleasePeriod Date
Sales(Mil.) EPS
CurrencyConsensusTY LYActual ConsensusTY LYActual
Prada(1913.HK) 1Q17 Jun13(E) 781 828 0.02 0.02 EUR
Inditex(ITX.MC) 1Q17 Jun15 4,878 4,374 0.18 0.17 EUR
Kroger(KR) 1Q17 Jun16 34,735 33,051 0.69 0.64 USD
PoundlandGroup(PLND.L) FY16 Jun16 1,314 1,117 0.09 0.15 GBP
RiteAid(RAD) 1Q17 Jun16 8,242 6,648 0.04 0.02 USD
H&M(HM-B.ST) 2Q16 Jun22 48,495 45,867 3.61 3.90 SEKFinishLine(FINL) 1Q17 Jun24(E) 451 443 0.23 0.30 USDNike(NKE) 4Q16 June28 8,296 7,779 0.48 0.49 USDWalgreensBootsAlliance(WBA) 3Q16 Jul6 29,717 28,795 1.13 1.29 USD
SimonPropertyGroup(SPG) 2Q16 Jul7 1,347 1,349 2.62 2.63 USD
FastRetailing(9983.JP) 3Q16 Jul8(E) 423 398 180 271 JPYAlimentationCouche-Tard(ATD-B.TO) 4Q16 Jul14(E) 8,297 7,286 0.39 0.26 USD
SuperGroup(SGP.L) FY16 Jul14 581 487 0.69 0.60 GBP
Apple(AAPL) 3Q16 Jul19(E) 42,140 49,605 1.40 1.85 USD
eBay(EBAY) 2Q16 Jul20(E) 2,172 4,379 0.42 0.59 USD
Alphabet(GOOGL) 2Q16 Jul21(E) 16,848 17,727 8.05 4.99 USD
Amazon(AMZN) 2Q16 Jul21(E) 29,573 23,185 2.47 0.19 USD
Macerich(MAC) 2Q16 Jul21(E) 255 323 0.98 0.89 USD
Skechers(SKX) 2Q16 Jul21(E) 894 801 0.53 0.52 USD
UnderArmour(UA) 2Q16 Jul21(E) 1,000 784 0.04 0.03 USD
Unilever(ULVR.L) 1H16 Jul21 26,671 26,991 0.94 0.91 EUR
VFCorp.(VFC) 2Q16 Jul22 2,528 2,514 0.34 0.40 USD
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June 10, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
EVENTCALENDAR
Event Location Date(s)
FungGlobalPresenting/Attending
NRFRetailLeadersDinner Philadelphia,PA Jun13 QConNewYork NewYork,NY Jun13–17 TechCrunchMeetup+Pitch-Off Austin,TX Jun14 WWDRetail20/20Forum NewYork,NY Jun14 Omni-ChannelRetailingConference HongKong Jun14–15 NRFProtect Philadelphia,PA Jun14–16 E32016 LosAngeles,CA Jun14–16 RetailAsiaExpo HongKong Jun14–16 √DisruptorsBreakfast NewYork,NY Jun15 √BRCAnnualRetailLecture London,UK Jun15 IdeasLosAngeles–TelAvivUniversityAmericanFriends LosAngeles,CA Jun15–16 SAPAutomotiveForum Stuttgart,Germany Jun15–16 ULIAsiaPacSummit Shanghai,China Jun15–17 ICSCQuebecConference Montreal,Canada Jun15–17 MGMAnalystandInvestorDay LasVegas,NV Jun16 PepcomDigitalExperience!SummerKickoff NewYork,NY Jun16 TechCrunchMeetup+Pitch-Off Seattle,WA Jun16 InnovationEnterpriseBigData&AnalyticsforRetailSummit Chicago,IL Jun16–17 InnovationEnterpriseCustomerAnalyticsInnovationSummit Chicago,IL Jun16–17 BrainXchange:EnterpriseWearableTechnologySummitEast Atlanta,GA Jun16–17 ArtBaselShow Basel,Switzerland Jun16–19 FutureStores Seattle,WA Jun20–23 FMIConnect Chicago,IL Jun20–23 Velocity SantaClara,CA Jun20–23 TechweekChicago Chicago,IL Jun20–26 LondonTechWeek London,UK Jun20–26 FutureLeaders@Connect Chicago,IL Jun21–23 HKIoTConference2016 HongKong Jun21 √InternationalGameTechnologyAnalystDay Rome,Italy Jun21–22 CEWeekNewYork NewYork,NY Jun21–23 eTailEurope London,UK Jun21–23 20thAnnualConsumerTechnologyCEOSummit TelAviv,Israel Jun21–24
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June 10, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAFungBusinessIntelligenceCentreNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comAmandaByrneMarketingAssociate
RachaelDimitResearchAssociate
JohnHarmon,CFASeniorAnalyst
AragornHoResearchAssociate
JohnMercerSeniorAnalyst
KirilPopovSeniorAnalyst
StevenWinnickResearchAssociate
HONGKONG:10thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223002470NEWYORK:1359Broadway,9thFloorNewYork,NY10018Tel:6468397017LONDON:242–246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988
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