official event partner report day3

6 APRIL 2017 | MADINAT JUMEIRAH | DUBAI

CONGRESS REPORT DAY3

80% OF CUSTOMERS BEGIN THEIR JOURNEY ONLINEKaren Katz | CEO | NEIMAN MARCUS

CUSTOMER CENTRICITY: IT'S WIN OR LOSE

WORLD RETAIL CONGRESS HALL OF FAME 2017 INDUCTEES

WOMEN ON BOARDS: INDUSTRY NEEDS TO UP ITS GAME

70%of retail executives plan to increase their investment in digital over next year

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WORLD RETAIL CONGRESS PRACTICAL INFORMATION

OPENING TIMESThursday 6th April 07:45-17:30World Retail Awards 19:00

EVENT APPThe event app is your go-to source for all things Congress. Build your profile, get the most up-to-date agenda, send messages to other attendees, and submit live feedback after each session. If you have misplaced your login details, [email protected]

CONGRESS PRESENTATIONSPresentations will be available to attendees on the website within 10 days of the event taking place. The distribution of presentation materials is subject to the speakers’ approval.

CLOAKROOMKindly note, as standard practice there is no cloakroom available. Therefore if you have any luggage please ensure you leave this with the concierge at your hotel.

MEALSAll refreshments and Congress lunches have been carefully selected to offer you the best in banqueting. Please check the agenda for timings.

WIFIComplimentary Wi-Fi is available throughout the Madinat Jumeirah. Login details:Username: WRC Password: @WRC2017

FIRST AIDAll security officers at Madinat are trained and equipped to deal with basic first aid occurrences. The first aid centre is located in Mina A’Salam. Should you need to contact the first aid room please do so on +971 4366 5864.

EMERGENCY PROCEDURESThe venue staff will take on the role of Fire Marshalls and will direct all guests and other staff to the emergency assembly areas. Upon hearing the fire alarm, please leave the venue by the nearest available fire exit. Fire exits are marked by signage and marshals will be there to assist. Security will ensure all areas are evacuated. After leaving the building go directly to the assembly points.

LOST & FOUNDPlease ensure you take care of your valuables and inform a member of staff if you misplace any items. All items found within the venue should be referred to a member of staff. Kindly note that the venue and organisers decline any responsibility for any lost items.

AWARDS TICKETSAwards tickets can be collected from the registration marquee throughout the Congress.

RETAIL STUDY TOURExclusively curated for the Congress, the Retail Study Tour is an unmissable opportunity to explore and be inspired by Dubai’s fast-growing and most impressive retail destinations.

This is your chance to find out first-hand how leading retailers are conceptualising their stores to create engaging and memorable experiences for customers.

Taking place on Friday 7th April, delegates should meet at the Madinat Jumeirah Resortat 08:45 for registration.

The coach will depart at 09:15,and will return to the Resort and DubaiInternational Airport at 18:00.

Please visit the registration desk if you would like to book the tour.

HEADSETSDuring the Lab and Ideas Factory sessions, all delegates will be required to wear headsets to hear the content. Headsets are available at the entrance to each stream room. Please leave the headset on your seat after use.

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CONTENTS 04 | Implementation lacking for Digital strategies Recruitment weighing on digital transformation05 | Business unusual means constant Touch points Karen katz at the congress05 | Majid al futtaim Looks to mixed use and egypt Ceo interview10 | Day 3 agenda See what's in store12 | Customer centricity: It’s win or lose Customer centricity is no longer a choice15 | Grocery sector needs to transform16 | Women on boards: Industry needs to up its game17 | Sponsors and partners18 | Media and Association Partners

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EDITORIALEDITORIAL

IMPLEMENTATION LACKING FOR DIGITAL STRATEGIESRecruitment and finding the right skills to bring to the boardroom are weighing on digital transformation says panelBY LARA BRUNT

Nearly 70% of retail executives plan to increase their investment in digital transformation over the next year, however, more than half of retailers have not started implementing a strategy, a panel told World Retail Congress delegates in Dubai yesterday.

Simon Hudson, managing director of Mothercare, which sees 20% of sales made through tablets in-store and 30% online, said: “Three years ago Mothercare was in a difficult place. We are undergoing a major transformation and our key focus is changing from a bricks and mortar business to a digitally led business. The question is not if we have a strategy but how quickly we can change.”

The fourth annual JDA/PWC 2017 Global CEO survey also revealed that 95% of respondents had appointed, or plan to appoint, a chief digital officer. This is a mistake, said Julie Bowerman, global vice president omni-shopper marketing and

the stores. Over time we will be looking at that, as I don’t believe there should be a different department,” he said.

However, Neela Montgomery, chairwoman of Crate & Barrel and board member for multi-channel retail for the Otto Group, believed the position was necessary. “I agree that digital should be culturally owned by everyone in the business but often management boards don’t have the deep digital skills and knowledge. Our view is that you need someone in the boardroom who has these deep skills otherwise you will feel the mistakes for years to come,” Montgomery said.

The experts agreed it was a challenge to recruit digital talent and most are heavily on external sources for technology know-how. “It’s expensive to recruit talented people and we’re competing against tech companies like Google who the younger generation want to work with. So a lot of tech is outsourced for us,” said Coca-Cola’s Bowerman.

MUJI STRIVES FOR CONSCIENCE AND CREATIVITYA simple, functional approach is proving popular with younger consumers, says Masaaki KanaiBY LARA BRUNT

Speaking in a session entitled ‘Creating a non-brand in a branded world’ yesterday, Muji chairman Masaaki Kanai told World Retail Congress delegates how the retailer’s combination of simple, functional designs and social responsibility have translated into business success.

Muji’s full name – Mujirushi Ryohin – translates to “no brand, good quality”. After opening its first store in 1983, Muji now has 414 stores in Japan and 344 internationally. Last year, the retailer recorded net sales of 307.5 billion yen and 32 billion yen profit.

digital commerce for Coca-Cola. “Given the scale of transformation that’s

required, digital has to thread through the entire business. Every executive leader needs to have digital responsibility. Appointing a chief digital officer is an easy decision but maybe not the right solution to solve the problem,” Bowerman said.

Tjeerd Jegen, CEO of HEMA, agreed. “Managing digital channels should be part of the responsibility of the people running

Bowerman called for digital skills

“We are trying to spread our concept of a more simple, delicate and caring way of life around the world. As there is a better understanding of this concept, our business is growing. Recently we have started to feel young people are moving towards our concept,” said Kanai.

Muji also values project that promote sustainability and well-being. “Products are the main part of our business but we are also involved in (recreational) camps, constructing green houses, building green hotels, renovating old apartment blocks and interacting in all aspects of public life”.

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EDITORIAL

FORGET EXPERIENTIAL AND GET REAL

Retail opportunities abound for those prepared to ditch technology fads and invest in authenticity, theatre and original thinking, Retail Week stores editor John Ryan told World Retail Congress delegates at the morning briefing yesterday.

Ryan pointed to new operators such as online youth fashion brand Missguided, which has recently started to open physical stores in the UK. While the online heritage is represented, it is through visual merchandising and tone rather than technology. “The closest the store gets to technology is lightboxes,” said Ryan.

From global examples such as a Snapchat glasses, pop-up vending store in New York to a small footplate Bonobos store fulfilled off-site and Solebox’s lab-style stores in Amsterdam and Berlin, Ryan pointed out that there are many different ways to stand-out.

“Customers want ease, specialists have gone back to basics, tech looks less techy and visual merchandising matters,” he said. “There are more strands to retail than there has been for some time.”

BUSINESS UNUSUAL MEANS CONSTANT TOUCH POINTSWith consumers well versed in shopping and interacting socially online, retailers need to create relevant interaction

The profound and deep changes caused in social and shopping behaviour caused by the internet mean that retailers need to completely rethink how they interact with their consumers, warned Neiman Marcus CEO, President & Director, Karen Katz yesterday morning at the World Retail Congress.

Katz dubbed the current times “business unusual” as she said that social media and price transparency had completely infiltrated retail. Of the latter she said: “We have heard a lot about price transparency at the Congress and this is something that has just started to impact luxury. In addition, we are in a ‘see now, buy now’ era.”

She said that to respond to these changes, Neiman Marcus had tried to rethink the customer journey and how it could play a service role which would encourage relationships and visits to store. That meant understanding what the shopper might need at each stage and creating relevant touch points.

“Every purchase begins with a need, whether actual or perceived,” she said. “The

shopper might want to know how the outfit will make her look on social media, or if there is time she may want to co-create. We have to work out ways to be indispensable and to think of services at those inflexion points.”

Katz said the retailer is also looking at ways to make its store more personal to the location, so when it moved its Fort Worth store it created a deliberately Texan feel to the environment, while at Beverly Hills a new vegan restaurant has opened from a local chef.

Customers want ease, specialists have gone back to basics, tech looks less techy and visual merchandising matters

John RyanSTORES EDITOR | RETAIL WEEK

Pursue ideas not one-hit technology to engage customers

BY MARK FAITHFULL

Marty Wikstrom, founder of Atelier Fund; Terry Lundgren, executive chairman of Macy’s Inc; Micky Jagtiani, chairman of Landmark Group and his wife Renuka Jagtiani, vice chairperson of Landmark Group were inducted into the World Retail Congress Hall of Fame at a lunchtime ceremony at the Madinat Jumeirah yesterday.

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EDITORIAL

MAJID AL FUTTAIMLOOKS TO MIXED USE AND EGYPTUAE based developer Majid Al Futtaim believes mixed use schemes in mature GCC markets and the potential of Egypt will drive the next growth phase

Retail development across the Middle East region will be largely divided between mixed use projects in mature markets such as Dubai and an aggressive pipeline in Egypt, which the company retains “a big commitment to” said Majid Al Futtaim Properties CEO and executive director Robert Welanetz.

Describing the GCC and wider Middle East as at a “vital stage” in its maturity, he said that the company viewed many of the markets as “robust and scalable” in terms of population and affluence, with lifestyle centres including a mix of residential, hotels, retail and leisure likely to drive the next phase of growth.

While Welanetz said that Egypt has been a volatile market, its potential and the fact that Majid Al Futtaim sees itself

Oman, which will be similar in scale and ambition to the Mall of the Emirates.

“What has been heartening at this year’s Congress is to hear people talk about cooperation and working together as developer and retailer,” he added. “While the impact of e-commerce has not been felt that strongly in the region so far, clearly this will evolve. That’s why we are so focused on the customer experience and recognise that we need to adjust to work together with online rather than fight it.”

Welanetz said that this ambition is what makes the region so exciting. “I still believe we can go further with F&B,” he said. “We are pushing ahead with diversification, with experience. We want to be at the forefront of these trends.”

MAGRABI TARGETS MID-MARKET WITH NEW CONCEPTEyewear specialist Magrabi has trained its objectives on widening its appeal to new customer segments and focusing on key markets

Saudi Arabia, the UAE, Qatar and Egypt will be the key growth markets for optical and eyewear specialist Magrabi as the company launches a new strategy based around core markets and broadening its customer base through leveraging its established brand.

COO Yaser Taher said that a new format, implemented last year, was the first component of this new approach, with the store broken into three zones. The first is ‘attract’, showcasing the company’s latest products and designs, the second is ‘inspire and delight’, which includes new services and offers, and finally ‘reassure’, which builds on the brand’s traditional heritage of expertise and medical knowledge.

“We very much want to retain this important brand heritage while leveraging our reputation to new consumer segments and the new concept – which is more like a

department store – has proven very successful,” said Taher, who anticipates a further roll out as Magrabi refurbishes its existing estate and opens new stores.

In terms of geographies, Taher said that after a tough retail market in 2016, the majority of retailers had realigned and there is a sense in the GCC that the majority are “feeling leaner and have dealt with the challenges of the past 12 months.”

As a result, Magrabi has also identified its high potential markets and also those which it will not prioritise over the next five years, including some of the smaller GCC markets and the Lebanon. In Turkey, where the company has built a strong business, Magrabi will relaunch and reposition, believing this remains a highly promising opportunity opportunity. Across all these regions the mid-market will fuel expansion. Taher: Mid-market opportunities

as a long term player in the country meant that the developer has maintained its enthusiasm and pipeline in Egypt. The company also has two large scale projects planned for Saudi Arabia and the Mall of

Welanetz: Double-pronged growth

CEO Viewpoint 2017: The Transformation of Retail

Unprecedented change is sweeping across the retail industry with digital transformation cited as the #1 priority for CEO’s this year. The fourth annual JDA/PwC survey of more than 350 retail CEOs finds that only 10% are able to make a profit while fulfilling omni-channel demand. How do your omni-channel credentials weigh up?

Download the report: jda.com/ceo-wrc-2017

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AGENDA

1300-1400

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SMARTER, SHORTER, DIGITAL SUPPLY CHAINS Sponsored by IBM MURJAAN BALLROOMToday, digital is the default. The entire value chain must be revolutionized to deliver the products, services and experiences that consumers seek. Learn the impact of digitization on the supply chain and how to harness the power of new technologies to improve processes from sourcing and shipping to selling and servicing. Stephen Laughlin | VICE PRESIDENT & GENERAL MANAGER GLOBAL CONSUMER INDUSTRY | IBMVictor Fung | GROUP CHAIRMAN | LI & FUNG

13:00-14:00 NETWORKING LUNCH IN THE JOHARAH BALLROOM

FUTURE RETAIL CHALLENGE Sponsored by Chalhoub Group LAB CUniversity teams from around the world present their ideas in response to the future retail challenge brief to a judging panel of senior retail executives and experts. Teams include: Fashion Retail Academy, London | Hong Kong Polytechnic University, Hong Kong | Manipal University, Dubai | Faculty of Economics, University of Porto, Portugal | NY Institute of Technology, Abu DhabiJUDGED BY | Fadi Jabbour | CHIEF OPERATION OFFICER OF RETAIL | CHALHOUB GROUPBernie Brookes | CEO | EDCON GROUP Robin Sackin | CHAIRPERSON, FASHION BUSINESS MANAGEMENT DEPARTMENT | FASHION INSTITUTE OF TECHNOLOGYJodie Fox | CO-FOUNDER & CHIEF CREATIVE OFFICER | SHOES OF PREY

TECHNOLOGY + MEANING = CONNECTED LIFEMindy Grossman | CEO | HSN, INC.

CONNECTING WITH YOUR CONSUMERS IN A CELEBRITY-DRIVEN WORLD: EXAMINING THE BUSINESS CASE BEHIND THE CELEBRITY/BRAND CONNECTION Natasha Fishman | EVP OF MARKETING | AUTHENTIC BRANDSMODERATOR | Ian McGarrigle | CHAIRMAN | WORLD RETAIL CONGRESS

MOBILE COMMERCE AND MILLENNIALS – THE NEXT STEP IN THE EVOLUTION OF SHOPPINGChieh Huang | CO-FOUNDER AND CEO | BOXED

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IN CONVERSATION WITH…Ravi Thakran | GROUP PRESIDENT, SOUTH & SOUTH EAST ASIA AND MIDDLE EAST | LVMHMODERATOR | Daniel Piette | CHAIRMAN | L CAPITAL

THE FUTURE OF THE CONSUMER MARKET IN CHINA – AND THE CONTENT THAT WILL KEEP THE CUSTOMER COMING BACKLaura Xiong | SENIOR VICE PRESIDENT | JD.COM

ACHIEVING THE IMPOSSIBLELewis Pugh | UNITED NATIONS PATRON FOR THE OCEANS

END OF CONGRESS

AWARDS DRINKS RECEPTION | WATER TERRACE

WORLD RETAIL CONGRESS GALA AND AWARDS | WATER TERRACE

16:40

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CELEBRATE EXCELLENCE IN RETAIL

AFTERNOON REFRESHMENTS AND NETWORKING IN THE JOHARAH BALLROOM 15:00

AGENDA CORRECT AT TIME OF PRINT, SEE WRC APP FOR LATEST UPDATES

TICKETS AVAILABLE FOR PURCHASE FROM THE REGISTRATION TENT

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EDITORIAL

CHOOSE WISELY WHEN EXPANDING INTERNATIONALLYChoosing the right partner is vital to international expansion, especially as markets become tougher to crack BY LARA BRUNT

Finding the right partner is vital for retailers looking to expand internationally, agreed a panel of experts at the World Retail Congress in Dubai yesterday.

Paul Delaoutre, president of retail at Al Futtaim, which is active in 18 countries and has 80 brands, said: “International expansion requires a lot of energy and attention. It was much easier ten years ago because markets were hungrier for new brands and concepts. Today, it is very competitive so you need to the right partner who can invest in an effective supply chain and a digital strategy and is committed to the long-term.”

He added: “What is working best for us is strong brands, not ones that are just pushing stuff to the market but brands that are also committed to customers.”

Moderator Jaume Miquel, group CEO

“We like to give our product concepts time to develop, and some can take years, but that is a challenge for partners in other markets who don’t want slow selling products.”

Pricing is another factor important, according to Delaoutre: “It’s no longer acceptable to come with a 30% price premium. We don’t accept brands with pricing that is more than 10% higher (in an international market) than in their home country because customers can see prices on the net.”

José María Folache, CEO of Spanish retailer Tous, which operates more than 370 stores in over 40 countries, added: “For us, delivering brand awareness is not a matter of countries but being in the 20 most important cities in the world, in the biggest malls in those cities, and in the busiest airports.”

CUSTOMER CENTRICITY: IT’S WIN OR LOSEFocusing a retail business on customer centricity is no longer a choice, it will sort out the winners and losers

Delegates at the opening panel on the second morning of the World Retail Congress in Dubai yesterday heard that customer centricity has become so crucial to the retail world that it is fundamental to success.

Andrew Higginson, chairman of UK supermarket chain Morrisons, said that retailers had been guilty in the past of thinking in systems rather than about their customers, an issue especially true as smaller chains grow.

“When a retailer starts it tends to be intuitive but as they grow they start to ‘systemise’ and they lose what’s really important to their customer, thinking instead about what works for them.”

This, he said, was typical of prioritising at “the alter of productivity” without

considering the damage it may do to the consumer relationship. “The focus on the customer is crucial, it determines whether you win or lose,” he said.

Another grocery example came from Ian McLeod, CEO of south-east US based

Grupo Cortefiel, said: “The number one mistake retailers make when expanding internationally is finding a franchisee who has has local knowledge and then not listening to him.” Karl Bygrave, director at Lush, which has 980 stores in 28 countries, said:

Delatoure: Markets getting tougher

supermarket chain Southeastern Grocers. Upon taking the helm he noted that despite a predominantly Hispanic customer base in the chain’s Florida stores, the supermarkets were not tailored for the catchment.

The chain has implemented a wide range of changes to cater for the tastes of its Hispanic customers and redesigned the stores with a more Cuban aesthetic. “The important thing is that is is authentic, not cosmetic,” he said. “We have already adapted five stores, with five more about to be refurbished and a target of about 20 this year.”

McLeod said that the company would be adapting stores in other States to tailor them to their local audience. “You need a multi-faceted approach,” he said.

SECURE YOUR PLACE FOR 2017

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REGISTER YOUR INTEREST AT RETAILCONGRESSASIA.COM

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WINNING CUSTOMER ENGAGEMENT AND DRIVING GROWTH

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Launching a new international summit for leaders, pioneers and disruptors, inspired by Dubai’s dynamic and transformative retail environment.Hear international perspectives on how to extend retail growth, brand loyalty and engagement across multiple channels.

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www.appareluae.com

Shapingthe futureof retail

75+ Brands14 Countries1750+ Stores& Growing

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EDITORIAL

GROCERY SECTOR NEEDS TO TRANSFORMGrocery retailers need to adapt to modern consumer needs to stay relevant BY LARA BRUNT

The grocery sector must offer increased product choice, better in-store experiences, greater transparency and Amazon-like convenience if it wants to continue to thrive, agreed a panel of experts at the World Retail Congress yesterday.

Pascal Billaud, CEO of Central Food Retail Group in Thailand, said grocers need to create experiences at a store level. “In Bangkok, we’ve introduced the Eathai concept inspired by the traditional wet market where customers can eat and shop, but we’ve also included a working space on the top floor. Lots of investment is needed to create differentiated experiences.”

Billaud said the grocery sector also needs to increase transparency. “People want to know where products come from. In Thailand, only 70 products have geographical indications, like we have with wine produced in Bordeaux, so we need to increase this by supporting local farmers and producers.”

Andrew Higginson, chairman of Morrisons, said: “We are seeing the growth

RAKUTEN SPONSORSHIP TO TAKE BRAND GLOBAL

BY MARK FAITHFULLRakuten will use its impending shirt sponsorship of FC Barcelona to create a globally-recognised brand and to link its 70-plus businesses under the group umbrella, Rahul Kadavakolu, head of global marketing, told World Retail Congress delegates yesterday.

He said the next 12 to 18 months would see the brands brought together under one name and that the “strategic partnership” with the Barcelona football club would bring recognition to the brand beyond its Japanese roots.

“We are looking to build the brand, create an emotional effect with the fans and develop new business models with the club,” he said of the move. “We want to simplify the brand as part of our founding mission to empower SMEs to get into international markets.”

Kadavakolu described Rakuten as a very non-traditional Japanese company, which had adopted English as the official language five years ago and empowered employees to bring ideas to the business, which it would fund if convinced of the potential.

We need to accept that people will shop more dynamically across channels for luxury

Marty WikstromFOUNDER | ATELIER FUND

www.appareluae.com

Shapingthe futureof retail

75+ Brands14 Countries1750+ Stores& Growing

of discounters who are much more competent and confident. However, as they move into other categories, such as fresh, they face the same challenges supermarkets face. Going forward, supermarkets will need to be price equivalent but win on product choice.”

Meanwhile, increased convenience continues to be a major trend. Mohamed Althaf, director of LULU Group, said: “We have to look the Amazon effect on consumers, which means expectations are high and they want faster, free delivery. So that is what we need to deliver.”

LUXURY MEANS RARITY TO CONSUMERSThe concept of what constitutes luxury may be changing but it still means rarity to the consumer, said Atelier Fund founder Marty Wikstrom at a World Retail Congress session on the future of luxury yesterday afternoon in Dubai.

Wikstrom said that the current era of dynamic change meant “exciting times” for innovators and said that luxury had now spread into areas such as hotels and experiences. “We need to accept that people will shop more dynamically across channels for luxury,” she added.

Bijou Kurien, board member of L Catterton Asia, said that luxury brands needed to “respect and recognise” the changing priorities of luxury buyers, pointing

Japanese e-commerce group Rakuten is to promote its global credentials via shirt sponsorship

FC Barcelona tie-up crucial

to the young median age in the main luxury markets of Asia.

“These consumers want to know where a product was sourced, how it was manufactured,” he said, referring to greater social and environmental concerns. “Brands are built on stories and where better to tell the story than in the store?”

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EDITORIAL

VALUE RETAILERS GETTING BETTER AT BRANDING

WOMEN ON BOARDS: INDUSTRY NEEDS TO UP ITS GAME Retail industry is still failing to promote women into senior retail positionsBY LARA BRUNT

The retail industry has no excuse for the relatively low representation of women at board level, said Neela Montgomery, chairwoman of Crate & Barrel and board member for multi-channel retail in the Otto Group, at the World Retail Congress yesterday.

Speaking in a session entitled ‘Women in retail – changing the face of the modern boardroom’, Montgomery said: “We have a majority of female consumers and we are good at attracting women into the industry at an entry level, so something is structurally wrong if we are only at 19% (female representation in non-executive board positions)”

She added: “Retail is becoming more tech-oriented so that starts to lower the pool of women on boards, as tech is often dominated by men. Women are also pursuing more entrepreneurial roles that allow them more freedom and flexibility.

“There is also a trend for senior women executives opting instead for plural

careers, which again offers more freedom and control. So the question is, what are big retailers going to do to address these issues?”

Montgomery also suggested that headhunters’ insistence that candidates for non-executive board positions should be sitting CFOs or COOs is hampering female representation. “I think we really need to turn it on its head,” she said.

Value retailers are becoming more sophisticated at branding

Low price and high quality are a given, but value retailers are also upping their game when it comes to branding, agreed a panel of experts at the World Retail Congress yesterday.

Sander van der Laan, CEO of Dutch discount chain Action, which opened 197 stores in Europe last year, said: “For example, Lidl is investing significantly more capital in stores than five years ago. They are also bringing premium brands into the market so the rules are changing all the time, which is exciting for customers.”

Dalton Philips, chairman of Byron, said the industry is witnessing the evolution of value retailers from Version 1 to Version 2. “Value retailers like Aldi and Lidl are chameleons. In the UK and Ireland, they are not perceived as European discounters. Instead have integrated and become an authentic part of the local community. If the legacy retailers don’t react by narrowing their price differential to within about 7%, value retailers will continue to grow,” he said.

Karl Heinz-Holland, former CEO of Lidl, said: “Everyone should prepare for the arrival of value retailers. The principle of high quality to low prices works all over the world. People want to save money and don’t want to compromise on quality.”

The fragmented department store sector in Europe has helped maintain brand integrity. In the US the availability of premium brands in off-price environments is much more acceptable. In Europe it is nowhere near as significant but it’s beginning

Manny Chiciro CHAIRMAN AND CEO | PVH CORP

Value challenging mainstream

Montgomery: structural concerns

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