weekly insights by fbic global retail tech may 27 2016 · • fovo is a personalized e-commerce...

1

MAY 27, 2016

DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.

+5.4%CHARTOFTHEWEEK

STATOFTHEWEEK

STATOFTHEWEEK

D E B O R A H W EI N S W I G M A N A G I N G D I R E C T O R ,

F U N G G L O B A L R E T A I L & T E C H N O L O G Y d e b o r a h w e i n s w i g @ f u n g 1 9 3 7 . c o m

U S : 6 4 6 . 8 3 9 . 7 0 1 7 H K : 8 5 2 . 6 1 1 9 . 1 7 7 9

C H N : 8 6 . 1 8 6 . 1 4 2 0 . 3 0 1 6

MAY 27, 2016

DisappointingUSRetailNumbersAffectedbyWeakAutoSalesUSSingle-FamilyHousingStarts:YoY%Change1%

• Thegloballuxurymarketgrewbyonly1%in1Q16,andthetrendisexpectedtocontinuethroughouttheyear.

• TheluxurymarketinEuropewillbeaffectedbyslowedtourismandtheriskofterrorism.MainlandChinais

showingaslowcomebackintermsofluxurysales,butHongKongandMacauareexpectedtostruggle.

• This week, we published a major 50-page report titled The Silver Wave:Understanding the Aging Consumer, which looks at the substantialdemographic changes that countries, sectors and companieswill face in theyearsahead.Inthereport,wenotethatthegroupthatincludesthoseaged65andoverwillgrowfrom8%oftheworld’spopulationin2015,to10%in2025to13%in2035.

• According to an article in the Harvard Business Review, retailers mustremember the shopping experience is not overwhen online customers clickthe “buy” button. Shoppers expect a seamless experience, and there is an“experiencegap”astheywaitfortheirproducttoarrive.Thatisakeytimeforretailers to providea positiveexperienceanddeepen their relationshipwithcustomers.

• FrenchretailgiantCarrefourandBNPParibasaretestingnewtechnologythatwill combine payment functions with the retailer’s loyalty and couponingservicesinoneapplication.ByusingonlyaPIN,customerscanmakepaymentsatphysicalstoresandonline,irrespectiveofthebanktheyuse,andstillobtaintheirloyaltybenefitsfromCarrefour.

• ThedebutoftheexpandedPanamaCanallocksinJunewillmorethandoublethe isthmus’s capacity for carrying cargo and will allow the canal toaccommodate much larger tankers. The growth of the Panama Canal hastriggeredportsintheUS,CaribbeanandSouthAmericatoexpandinordertoaccommodatethegreater influxofshipsandcompeteforshareofthetrafficboom.

-80

-60

-40

-20

0

20

40

60

Source:USCensusBureau

2

MAY 27, 2016


FROMTHEDESKOFDEBORAHWEINSWIG

This week, we published a major 50-page reporttitled The Silver Wave: Understanding the AgingConsumer, which looks at the substantialdemographic changes that countries, sectors andcompanies will face in the years ahead. In thereport,wenotethatthegroupthatincludesthoseaged65andoverwillgrowfrom8%oftheworld’spopulationin2015to10%in2025to13%in2035.In North America, the proportions will be higherstill:silverswillgrowfrom15%ofthepopulationin2015to19%in2025to22%in2035.Globally,the65-and-oldergroupwillaccountforoverone-thirdoftotalpopulationgrowththrough2035,withtheoldestsubgroup—madeupofthose85andolder—growingthefastest.

Oneofthemainthemesofourreportishowtheseniorpopulationwilllikelyreshapetheretaillandscapeinthecomingyears.

SilversReshapingRetail

We see seniors’ need for assistance and their demand for convenience driving two structural changes in theretail sector: theywilldomoreshoppingcloser tohome, typicallyat smaller stores,and theywill increasinglytakeadvantageofe-commercehomedelivery.

Conveniencestoresandlocalgrocerystorescaterwelltothesmaller-basketshoppingofolderconsumers.Silvershave smallerhouseholdsand smaller appetites generally,whichmeans they typicallyhave lessneed to travelfarther to stockupat largegrocery superstores.Also, shopperswhoare lessphysically ableorhavedifficultywithmobilityfindtherelativeaccessibilityoflocalstoresandthenavigabilityofsmallerstoresappealing.ItisnocoincidencethatJapan,whichiswellaheadofmostcountriesintermsoftheagingofitspopulation,hasamajorconveniencestoresector.Andsilvers’demandforproximityshoppingmayspreadbeyondgroceryintononfoodcategoriessuchashealthandbeauty.

At the same time,we think seniorswillbecomeamore important consumer segment fore-commerce that isbased on home delivery. E-commerce can overcome the mobility barriers—difficulty in traveling to a store,walkingarounditandreachingitemsonshelves,andbringingitemshome—thatcouldotherwisepreventsomesilversfromshopping.Inaddition,manybabyboomerswhoareretiringnoworwhowillbesoonwillcarryintoretirementafamiliaritywithshoppingonline.Foronlinegroceryretailers,thechallengewillbetosquaresilvers’smallergrocerybasketsizeswiththehighercostbaseofhomedelivery.

BigStoresFacea“DemographicSqueeze”

Thestoryofsilversisnotarelentlesslyoptimisticoneforretailers:theagingsocietyposesthreatstoestablishedfirms. Inparticular, silvers’demandforsmaller,more-localstoresmeanstheymayturnaway from large-storeretailers,especiallyineverydaycategoriessuchasgrocery.

Superstores filled to the brim with general merchandise are already threatened by the continued rise of e-commerce, which has stolen their USP of broad choice and low prices. Now, they face the prospect ofdemographicchangechannelinggrowthtolocaloutlets.

Meanwhile,otherdemographicsarechangingtheretaillandscape,too.Millennials,forinstance,alsolooktobepurchasingmorelocallyandonanas-neededbasis,andtheyarebuyingmoreonline,whichpresentsadditionalchallenges to big-store formats. Faced with this “demographic squeeze,” superstore retailers may need toconsiderdiversifyingtheirformatsinordertotapgrowth—andtheywillalmostcertainlyhavetoworkhardertopullshoppersintotheirstores.

• You can find our recent report, The Silver Wave: Understanding the Aging Consumer, and others atwww.fbicgroup.com.

3

MAY 27, 2016


USRETAILEARNINGS

Company

Revenues($Mil.) ChangeYoY GrossMargin(%) Change NetIncome($Mil.)

ChangeYoY StoreFleetEOP

Period 2016 2015 (%) 2016 2015 (BP) 2016 2015 (%) 2016 2015

Burlington 1QEApr. 1,283 1,183 8.5 40.1 39.7 35 38 26 46.0 570 567

Chico's 1QEApr. 643 698 (7.9) 40.8 42.4 (158) 31 33 (4.4) 1,594 1,555

Costco 3QEMay. 26,769 26,101 2.6 13.5 13.1 39 545 516 5.6 705 673

Deckers 4QEMar. 379 341 11.2 40.9 44.7 (380) 4 1 156.0 NA 142

DollarGeneral 1QEApr. 5,265 4,919 7.0 30.6 30.5 16 295 253 16.5 12,719 11,999

DollarTree 1QEApr. 5,086 2,177 133.6 30.6 34.4 (384) 233 70 234.8 13,997 5,454

DSW 1QEApr. 681 656 3.9 30.0 32.5 (251) 30 47 (36.7) 478 449

Express 1QEApr. 503 502 0.1 33.3 33.1 21 13 13 (1.5) 643 660

FootLocker 1QEApr. 1,987 1,916 3.7 35.0 35.0 6 191 184 3.8 3,460 3,501

Guess 1QEApr. 449 479 (6.3) 31.8 34.6 (277) (25) 3 (863.6) 1,632 1,667

Ulta 1QEApr. 1,074 868 23.7 36.4 34.9 144 92 67 37.4 886 797

Source:Companyreports

USRETAILHEADLINESOnlineRetailersShouldCareMoreAboutthePost-PurchaseExperience(May24)HarvardBusinessReview• According toanarticle in theHarvardBusinessReview, retailersmust remember the shopping

experience is not over when online customers click the “buy” button. Shoppers expect aseamlessexperience,andthere isan“experiencegap”as theywait for theirproduct toarrive.That is a key time for retailers to provide a positive experience and deepen their relationshipwithcustomers.

• Although it costs at least five timesasmuch toacquireanewcustomeras it does to keepanexistingone,only16%ofretailersarefocusedoncustomerretention.Itisimportantforretailersto create a consistent customer experience andpersonalize theonline shopping experience inordertokeepcustomerscomingback.

FovoWantsWomentoShopOnlinebyShape,NotSize(May23)Glossy• Fovo is a personalized e-commerce marketplace that tailors product pages according to the

shapeoftheshopper’sbody.Thesiteusesapersonalstylealgorithmthattakesintoaccounttheshopper’sinformation,andthengeneratesaproductassortment,stylingtipsandothercontent.

• Hopingtojointhebodypositivitymovementthatisprominentacrosssocialmedia,theFovositeavoids labels like “plus size.” The site also offers an open forum where customers can sharereviews,photosandthoughtsonproductsonthesite.

GoogleHasaWildIdeaforCustomizableSmartphones(May20)TechInsider• The idea behind Google’s Project Ara is for smartphones to have parts, such as the camera,

battery and even the screen, that canbe switchedout. Reportedly, developer editionswill beavailableattheendoftheyearandthefinishedconsumerversionshouldbecompleteby2017.

WEINSWIG’SWATCHING

Thisweek,theUSFungGlobalRetail&TechnologyteamattendedtheREConconferenceinLasVegasandtheWEAR2016conferenceinBoston.

4

MAY 27, 2016


• Consumerswillbeabletonotonlycustomizetheirphones,butalsoupdateonlycertainpartsofthem (for example, the camera)when a newer version comesout, allowing them to keep thephoneitselflonger.

AlexanderWangTakesSee-Now,Buy-NowApproachtoResort2017(May25)Women’sWearDaily• Likeothersinthefashionindustry,designerAlexanderWangisadoptingastrategyofshortening

the timeline between showing a collection and getting it in stores.Wang has already dabbledwiththisstrategywithhisTbyAlexanderWangcollection,releasingimagesoftheclothesonlyoncetheyhadbeendeliveredtostores.

• WangwillshowaselectionofhisResort2017collectionduringhisspring2017runwayshowinSeptember.TheResortimageswillbeunavailabletothepublicuntilthecollectionreachesstoresinNovember.

EUROPERETAILEARNINGS

CompanyPeriod

Revenues(USDMil.)

ChangeinUSD(%)

ChangeinReportingCurrency(%) GrossMargin(%)

YoYChange(bps)

NetIncome(USDMil.) YoY%Change StoreFleetEOP

2016 2015

2016 2015

2016 2015

2016 2015

Marks&Spencer FYEApr.2,2016 15,912 16,621 (4.3) 2.4 N/A N/A N/A 609.0 776.5 (21.5) 1,382 1,332

Richemont FYEMar.31,2016 12,229 13,208 (7.4) 6.4 64.3 66.1 (179) 2,458.8 1,692.6 45.3 1,911 1,889

Kingfisher 1QEApr.30,2016 3,890 3,903 (0.3) 5.1 N/A N/A N/A N/A N/A N/A N/A N/ASource:Companyreports

EUROPERETAILHEADLINESElCorteIngléstoProvideSamsungPayOption(May24)Esmmagazine.com• SpanishretailerElCorte Ingléshasannouncedthat itwillprovide its11millioncustomerswith

theoptiontomakepaymentsthroughSamsungPay.Thiswillmakethecompanythefirstissuerofcustomer-paymentcardsinSpaintooffertheoptionofmobilepayments.

• AstheElCorteInglésstorecardwillbeintegratedintotheSamsungPayapp,userswillonlyneedtoopenthemobileappandidentifythemselvesthroughafingerprintsensoratthepoint-of-saleterminaltopayfortheirpurchases.

KingfisherDeliversStrong1QPerformance(May24)Companypressrelease• Kingfisher, the owner of DIY chains B&Q, Castorama and Brico Dépôt, posted a 5.1% sales

increase inthefirstquarter, inreportedcurrency.Atconstantcurrency,salesincreasedby2.3%,withScrewfixshowingthestrongestgrowthintermsofbusinesssegments,at23.5%,andPolandshowingthestrongestgrowthintermsofregions,at12.6%.

• Compsgrewby3.6%atconstantcurrency; thegroup’sUKand Irelandsegmentpostedacompincreaseof6.2%,whileFranceandtheotherinternationalregionssawcompsgrowby0.2%and4.7%,respectively. Intermsofbusinesses,Screwfix’scompsgrewby16.2%,B&Q’sby3.6%andBricoDépôt’sby1.5%,whileCastorama’sdroppedby0.9%,atconstantcurrency.

JoulesValuedat£140MillionAheadofAIMFloat(May23)Companypressrelease• BritishhomewareandclothingbrandJouleswasvaluedat£140million(US$208million)aheadof

itslistingonLondon’sAlternativeInvestmentMarket(AIM)onMay26,2016.Thebrand,knownfor its country-inspired fashion, hopes to raise £77.5million (US$115million) through the IPO,whichispricedat160pence(US$2.37)pershare.

• Currently,Joulesoperates98shops intheUK.Thecompany intendstousetheproceedsofthelistingtoexpandfurther,withatargetofopening10to12newstoresannually.

5

MAY 27, 2016


RichemontReportsFull-YearSalesGrowthof6%(May20)Companypressrelease• SwissluxurygroupRichemontreportedFY16salesof€11,076million(US$12,229million),up6%.

At constant currency, sales decreased by 1%. Net profit for the year grew by 67%, to €2,227million(US$2,459million),primarilyduetoapost-taxgainof€639million(US$765million)fromthemergerbetweenitsNet-A-PortersubsidiaryandtheYooxGroup.

• Japansawthestrongestsalesgrowth,of20%,atconstantcurrency.Europesawsalesriseby10%,and theMiddle East and Africa region saw sales grow by 2%. Sales in the Americas and Asia-Pacific regions fell by 1% and 13%, respectively. The company anticipates no “meaningfulimprovement” intrading inthenearterm,butwillprioritizecash-flowgenerationandcontinueinvestinginitsjewelrybusiness.

BNPParibasandCarrefourTestNewMobileApplication(May20)Eprretailnews.com• French retail giant Carrefour and BNP Paribas are testing new technology which will combine

paymentfunctionswiththeretailer’sloyaltyandcouponingservicesinoneapplication.ByusingonlyaPIN,customerscanmakepaymentsatphysicalstoresandonline,irrespectiveofthebanktheyuse,andstillobtaintheirloyaltybenefitsfromCarrefour.

• Thetechnologywill initiallybetested inarangeofCarrefourstoreformats intheGreaterParisregion,andtheretailerwillmullawiderrolloutbasedontheresultsofthetest.

ASIATECHHEADLINESHongKongStartupGetsSeriesAtoEaseLogisticsPainsinEmergingMarkets(May23)TechinAsia• OpenPort, a Hong Kong–based startup that builds logistics software solutions for emerging

markets, conducted a studywith consulting firm Roland Berger, and found that shipping andlogisticscostsamountto26%ofGDPinIndonesia,18%inChina,and14%inMalaysiaandIndia.

• CountriessuchasIndonesiaandChinaareaffectedbysupplychaininefficienciesthatdrivepricesup.OpenPortseekstocutdowninefficienciesandincreasevisibilityalongthesupplychain,anditisfocusingparticularattentiononIndonesia.

YetAnotherChineseP2PLendingFirmUnderInvestigation(May23)TechinAsia• Chinese P2P lending firm eSuDai has officially confirmed that its offices were raided by local

financeauthoritieslastFriday,andthatpolicehavebeeninterviewingemployees.Thecompany’swebsitewasalsodown,atleasttemporarily.

• eSuDai isoneofChina’solderP2P lendingsites,havingbeen founded in2010,and itclaims tohavehandledatotaltransactionvolumeinexcessofUS$1billion.It isunclearwhethertheraidwaspromptedby fraudon the company’s part or if itwaspartof the routine for P2P lendingfirmsgoingforward.

China’sTencentSeekstoBuyMajorityStakeinClashofClansMakerSupercell(May23)TheWallStreetJournal• China’sTencent is in talkswith SoftBank tobuy the Japanese telecomgiant’smajority stake in

Supercell Oy, the Finland-based maker of some of the world’s most popular mobile games,accordingtopeoplebriefedonthediscussions.

• SoftBankboughta51%stakeinSupercellforUS$1.53billionin2013,andraiseditsstaketo73%in2015,withoutdisclosinghowmuchitpaidfortheadditionalstake.Apersonfamiliarwithbothtransactions said Supercell was valued at roughly US$5.25 billion last year. SoftBank is alsoAlibaba’slargestshareholder.

6

MAY 27, 2016


AlibabaOffersaVRGirlfriendorBoyfriendforChina’sOnlineValentine’sDay(May23)TechinAsia• UsersoftheTaobaomobileappwhohaveavirtual-reality(VR)headsetcanscanacodethrough

the app to be transported to an event page where they can opt for a virtual boyfriend orgirlfriendexperienceina180-degreeVR.Inthevideo,thevirtualsweetheartwilldothingssuchastelltheusertogetup,jokearoundwiththeuserandcookbreakfastforhimorher.

• Thepromotion,whichcoincidedwithChina’s“onlineValentine’sDay”onMay20,wasdesignedtoattractconsumerstoAlibaba’snewVRvideoplayer,which linkswiththeTaobaomobileappandallowsuserstosaveproducts,makepurchasesandfollowshopswithinVR.

Uber’sFoodDeliveryServicetoLaunchinSingaporeSoon(May21)TechinAsia• Uber is about to launch UberEats, its food delivery service, in Singapore.Without revealing a

launchdate,UberannouncedthelaunchviaemailtocustomersandonTwitter.Theservicewaspreviouslyavailableinonly14citiesintheUS,Australia,CanadaandFrance;SingaporewouldbethefirstAsiancitywheretheserviceisoffered.

• UberEats, which has an app separate from the main Uber app, will be competing againstFoodpandaandDeliverooinSingapore.

LATAMRETAILHEADLINESCubaLegalizesSmallandMediumPrivateBusinesses(May25)BBC.com• Cuba’s government announced that it has decided to slowly legalize small and medium-sized

privatebusinesses, inacontinuationof reforms implementedbyPresidentRaúlCastrothataremeanttostimulatethecountry’sstagnanteconomy.

• Thegovernmenthasyettospecifywhatthisnewstatusfor“privatebusinessesofmedium,smallandmicrosize”willentail,althoughtheannouncementisapositivesignforthosewhoareself-employedandlookingtoemployotherworkers.

TechinBrazilIsBoomingDespitetheCountry’sPoliticalTroubles(May25)TechCrunch.com• DespiteBrazil’splungingGDP,which contractedby4% in2015, thecountry’s tech industryhas

continued its forwardmarch,growingby20%from2014to2015.Venture investments inLatinAmericahavealsocontinuedtogrow,reachingUS$594millionin2015,upfromUS$387in2012,and63%oftheseventurecapitaldollarswenttoBrazil.

• Evenastechcontinuestogrowinthecountry,manycompaniesthatwereflourishingfiveyearsagowerenotstrongenoughtomakeit,astheyhadbankedontheemergenceofBrazil’smiddleclass,whichhasdwindledratherthangrown.

MexicanEconomyPickedUpSpeedintheFirstQuarter(May20)WSJ.com• Mexicaneconomicgrowthacceleratedinthefirstquarter,withincreasesfromindustrialoutput,

services and agricultural production. GDP grew by 0.8%, adjusted seasonally, from the fourthquarter,orbyanannualizedrateof3.3%.

• According to Deputy Finance Minister Fernando Aportela, “The main driver of growth in theMexicaneconomyisthedomesticmarket,aboveall investmentandconsumption.”TheFinanceMinistry lowered this year’s growthestimate to2.2%–3.2% from2.6%–3.6%previously, due toslowglobalandUSgrowth.

7

MAY 27, 2016


PanamaCanalFeverSweepstheGlobeAgainasNewErainTradeNears(May24)Bloomberg• The debut of the expanded Panama Canal locks in June will more than double the isthmus’s

capacity for carrying cargoandwillallow the canal toaccommodatemuch larger tankers. ThedebutcoincideswithasurgeinUSnaturalgasproduction,andthecanal’snew,deeperchannelswillbeabletoaccommodatethehugetankersthatusuallytransportliquefiednaturalgas.

• ThegrowthofthePanamaCanalhastriggeredportsintheUS,CaribbeanandSouthAmericatoexpandinordertoaccommodatethegreaterinfluxofshipsandcompeteforshareofthetrafficboom.

8

MAY 27, 2016


E=estimated

EARNINGSCALENDAR

Company

EarningsReleasePeriod Date

Sales(Mil.) EPS

CurrencyConsensusTY LYActual

ConsensusTY LYActual

BigLots(BIG) 1Q17 May27(E) 1297 1281

0.70 0.60 USD

Ascena(ASNA) 3Q16 May31 1736 1150

0.13 0.15 USD

G-III(GIII) 1Q17 June1 474 433

0.03 0.15 USD

MichaelKors(KORS) 4Q16 June1 1081 986

0.97 0.90 USD

VeraBradley(VRA) 1Q17 June1 107 101

0.05 (0.10) USD

FiveBelow(FIVE) 1Q17 June2 188 154

0.10 0.08 USD

lululemon(LULU) 1Q17 June8 485 424

0.31 0.34 USD

Hudson’sBay(HBC) 1Q17 June9 3,298 2,072

(0.36) (0.21) CADRestorationHardware(RH) 1Q17 June9(E) 453 422

0.07 0.19 USD

Prada(1913.HK) 1Q17 June13(E) 781 828

0.02 0.02 EUR

Inditex(ITX) 1Q17 June15 4,878 4,374

0.18 0.17 EUR

Kroger(KR) 1Q17 June16(E) 34,735 33,051

0.69 0.64 USD

PoundlandGroup(PLND) FY16 June16 1,314 1,117

0.09 0.15 GBP

RiteAid(RAD) 1Q17 June16(E) 8,242 6,648

0.04 0.02 USD

H&M(HMB) 2Q16 June22 48,495 45,867

3.61 3.90 SEK

FinishLine(FINL) 1Q17 June24(E) 451 443

0.23 0.30 USD

Nike(NKE) 4Q16 June24(E) 8,296 7,779

0.48 0.49 USDSimonPropertyGroup(SPG) 2Q16 July7 1,347 1,349

2.62 2.63 USD

WalgreensBootsAlliance(WBA) 3Q16 July7(E) 29,717 28,795

1.13 1.29 USD

9

MAY 27, 2016


EVENTCALENDAR

Event Location Date(s)

FungGlobalPresenting/Attending

Wear:ABabywearingConference Chicago,IL May27–29 GlobalE-CommerceSummit Barcelona,Spain May29–Jun1 EcommerceEuropeAnnualConference Barcelona,Spain May30 ILTMAsia Shanghai,China May30–Jun2 EMERGE2016OnestopPartnerSummit ManhattanBeach,CA May31 √RISEHongKong HongKong May31–Jun2 RetailNextExecutiveForum Napa,CA Jun1–3 √InfoComm2016 LasVegas,NV Jun4–10 FootwearNewsSummit NewYork,NY Jun6 BitspirationFestival Warsaw,Poland Jun6–7 ConsumerGoodsSales&MarketingSummit2016 NewYork,NY Jun6–8 RalphLaurenCorporationInvestorDay NewYork,NY Jun7 10thAnnualWomenofInspirationLuncheon NewYork,NY Jun7 IRCE:InternetRetailerConferenceandExposition Chicago,IL Jun7–10 NewYorkFashionTechLabDemoDay NewYork,NY Jun8

SourceAfricaTradeShowCapeTown,SouthAfrica Jun8–9

InnovationEnterpriseMachineLearningInnovationSummit SanFrancisco,CA Jun8–9 InnovationEnterprisePaymentsInnovationSummit SanFrancisco,CA Jun8–9 WomeninSTEMSummit SanFrancisco,CA Jun8–9 √ICSCEuropeanMarketingConference Berlin,Germany Jun8–10 AsutilConference Santiago,Chile Jun8–11 RetailMarketingSociety:“TheFutureofRetail:ItAin’tWhatItUsedtoBe” NewYork,NY Jun9 √MakeUpinParis Paris,France Jun9–10 √EcoTechnologyShow Brighton,England Jun9–10 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

10

MAY 27, 2016


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)2076168988FBICGROUP.COM

weekly insights by fbic global retail tech may 27 2016 · • fovo is a personalized e-commerce...

Documents