Weekly Insights by Fung Global Retail Tech August 26 2016 · 2016-09-06 · A Transatlantic Look at...
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1 DEBORAH WEINSWIG, MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 Copyright © 2016 The Fung Group. All rights reserved. STAT OF THE WEEK CHART OF THE WEEK DEBORAH WEINSWIG MANAGING DIRECTOR FUNG GLOBAL RETAIL & TECHNOLOGY [email protected] US: 646.839.7017 HK: 852.6119.1779 CHN: 86.186.1420.3016 August 26, 2016 • This week’s note “From the Desk of Deborah Weinswig” offers a view of American department stores and how the sector landscape differs from that in Europe. • Over the next few months, Nordstrom will launch Space—its in-store concept boutique dedicated to advanced fashion—in four new locations. Space has attracted a new customer to Nordstrom, while the company’s existing customer has enthusiastically embraced Space’s brands, which include Vetements, Comme des Garçons and Simone Rocha. • UK supermarket chain Tesco has trialed 24-hour opening at seven additional London stores on Fridays and Saturdays in order to capitalize on the new Night Tube service, the round-the-clock London Underground service that launched last weekend. On the Night Tube’s opening weekend, Tesco also operated “hydration stations,” where employees handed out Tesco Finest Orange Juice and bottled water from 3 a.m. to 7 a.m. • El Puerto de Liverpool, Mexico’s biggest department-store operator, made its second major purchase this summer and won over investors. The company agreed to acquire a minority stake in Chile’s Ripley for at least US$300 million. Source: Visualcapitalist.com The World’s Largest Companies, by Market Capitalization, 2016 vs. 2011 (USD Bil.) £9.27 Bil. • UK consumers spent £9.27 billion through contactless card payments in the six months ended June 30, new figures from the UK Cards Association show. This compares with £7.75 billion for the whole of 2015. • In the first half of 2016, UK consumers racked up 1.1 billion contactless transactions. Source: UK Cards Association 406 376 277 237 228 582 556 452 364 359 Exxon Apple PetroChina Shell ICBC 2011 Apple Alphabet Microsoj Amazon Facebook 2016
Transcript of Weekly Insights by Fung Global Retail Tech August 26 2016 · 2016-09-06 · A Transatlantic Look at...
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August 26, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
STATOFTHEWEEK
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August 26, 2016 • This week’s note “From the Desk of Deborah Weinswig” offers aviewofAmericandepartment storesandhowthe sector landscapediffersfromthatinEurope.
• Overthenextfewmonths,NordstromwilllaunchSpace—itsin-storeconcept boutique dedicated to advanced fashion—in four newlocations.SpacehasattractedanewcustomertoNordstrom,whilethe company’s existing customer has enthusiastically embracedSpace’sbrands,which includeVetements,CommedesGarçonsandSimoneRocha.
• UK supermarket chain Tesco has trialed 24-hour opening at sevenadditional London stores on Fridays and Saturdays in order tocapitalize on the new Night Tube service, the round-the-clockLondon Underground service that launched last weekend. On theNight Tube’s opening weekend, Tesco also operated “hydrationstations,” where employees handed out Tesco Finest Orange Juiceandbottledwaterfrom3a.m.to7a.m.
• ElPuertodeLiverpool,Mexico’sbiggestdepartment-storeoperator,made its second major purchase this summer and won overinvestors.ThecompanyagreedtoacquireaminoritystakeinChile’sRipleyforatleastUS$300million.
Source:Visualcapitalist.com
TheWorld’sLargestCompanies,byMarketCapitalization,2016vs.2011(USDBil.)£9.27Bil.
• UK consumers spent £9.27 billion through contactless
card payments in the sixmonths ended June 30, newfigures from the UK Cards Association show. Thiscompareswith£7.75billionforthewholeof2015.
• In the first half of 2016, UK consumers racked up 1.1billioncontactlesstransactions.
Source:UKCardsAssociation
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376
277
237
228
582
556
452
364
359
Exxon
Apple
PetroChina
Shell
ICBC
2011
Apple
Alphabet
Microsoj
Amazon
2016
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August 26, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
FROMTHEDESKOFDEBORAHWEINSWIG
ATransatlanticLookatDepartmentStores
As acres of press coverage attest to, the department-store format is among the most challenged inAmerican retail. In this week’s letter, we look beyond the US to identify similarities and differencesbetweendepartmentstores intheUSandEurope,andtoseewhat learningsthesecomparisonsmightpresent.
InEurope,asintheUS,retailersattheverymiddleofthemarketarethosefacingthemostchallenges:departmentstoresthattargetaverybroaddemographicorthatofferlittlein-storedifferentiationtendtobe losing share tomore fashionable specialistsand toprice-competitive Internet-only retailers.Themostobviouscasualtyof thishasbeenBHS in theUK,which isclosing the lastof its158storesaswewrite. Premium-positioned retailers look tobe faringbetter,with consumers continuing to appreciatethequalityoftheshoppingexperiencetheyprovide.
Overall,wethink thedepartment-storesectors in themajorEuropeancountriesaremorerobust thantheUSsectoris,forthefollowingreasons:
Premium Elements Even in the Midmarket: In the UK, the core traditional department-store sectorretains a more premium positioning than it does in the US. Middle-ground UK retailers such asDebenhams incorporatepremiumelements in their stores—for instance,well-maintainedbeautyhallsthat feature a heavy presenceof prestige brands. By contrast, standards atUS stores are oftenmoreunderwhelmingormorefunctional,leavingtheseretailersatgreaterriskoflosingsharetoprice-ledpureplaysandmorefashionablespecialists.
APrestigeSectorinFrance:TheFrenchdepartment-storesectorisfirmlypositionedupscale,andisalsostrongly focused on Paris. This reflects, in part, the importance of tourists to French retailers such asGaleriesLafayetteandPrintemps.The latestnumbersfromtheseprivatelyownedchains,coveringthefirstpartof2015,showedsolidtop-linegrowth.
Less Cannibalization ThroughOff-Price:Europeandepartment-store retailershavenotyetestablishedoff-price chains,whilemany of their peers in theUS already have. As a result, European departmentstoresarenotcannibalizinganysalesfromtheirownfull-pricestores.Thatsaid,Hudson’sBayCompany,the new owner of Galeria Kaufhof, and Galeries Lafayette have both recently announced their initialmovesintooff-priceformats.
LessPromotionalthantheUS:TheEuropeansectorfocuseslessonpricepromotionsthantheUSsectordoes and there is much less of a couponing culture in Europe. In the UK, Debenhams andM&S arecuttingbackonthenumberofpromotionstheyrun,tooffermoreconsistentpricingtoshoppers.
FewerDepartmentStoresperPerson:Onaper-capitabasis,theUShasmoredepartmentstoresthantheUK,GermanyorFrancedoes,asweshowinthegraphbelow.Thismeanspotentialoverspacing inthesectorislessofanissueinEurope.TheUKnumbersbelowarepushedupsubstantiallybyM&S,andlesssobyBHS,butneitherisaconventionalmultibranddepartmentstore—andifweexcludethem,thedifferencesbetweentheUSandtheUKbecomemoreapparent.
NumberofDepartmentStoresperMillionofPopulation,2015
Basedontotalsofmajordepartment-storechainsSource:EuromonitorInternational/USCensusBureau/OfficeforNationalStatistics/Eurostat/FungGlobalRetail&Technology
13.811.6
4.02.4 1.2
US UK UKexM&SandBHS Germany France
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
So, what do we take from this? First, despite some commentators’ negative sentiment, departmentstoreshaveafuture,withnewideassuchasoff-pricepromisingtoinjectrenewedmomentumintothemidmarketsegment.Second,the in-storeexperienceappearstobeevermore important,asshownbypremium retailers outperforming their middle-ground peers. Third, and finally, we think our data onnumberof storesper capitadrawattention to the fact that theUSmarket still has a very substantialnumber of department stores: some big American names are closing tranches of stores and, in thecontextofourdata,theselooklikesensiblemoves.
USRETAILEARNINGS
Company
Revenues(USDMil.)
YoY%Change
GrossMargin(%)
Change(bps)
NetIncome(USDMil.)
YoY%Change StoreFleetEOP
Period 2016 2015
2016 2015
2016 2015
2016 2015
BurlingtonStores 2Q16 1,261 1,152 9.5 39.9 39.6 34 20 11 87.1 570 546
DollarGeneral 2Q16 5,392 5,096 5.8 31.2 31.2 3 307 282 8.6 12,967 12,198
DollarTree 2Q16 4,996 3,011 65.9 30.3 28.4 187 170 (98) 273.7 14,129 13,864
Express 2Q16 505 536 (5.8) 29.9 33.1 (318) 10 21 (51.8) 648 670
Guess 2Q17 545 546 (0.2) 34.1 36.3 (220) 32 18 76.4 1,638 1,623
PVHCorp. 2Q16 1,933 1,864 3.7 53.5 53.8 (29) 91 102 (11.4) — —
Tiffany&Co. 2Q16 932 991 (5.9) 61.9 59.9 208 106 105 0.8 311 304
UltaBeauty 2Q16 1,069 877 21.9 36.0 34.9 105 90 74 21.3 907 817
Williams-Sonoma 2Q16 1,159 1,127 2.8 35.4 36.1 (66) 52 54 (3.5) 626 612
Source:Companyreports
USRETAIL&TECHHEADLINESRFIDAdoptionGathersMomentumamidDrivetoImproveInventory(August23)Women’sWearDaily• Ascompaniesreassessinventorymanagementtobolsterprofitsandmeetomnichannel-retailingdemand, adoption of RFID technology is gaining momentum. RFID’s increased accuracy andsoftware solutions have fostered retailers’ willingness to finally adopt the 15-year-oldtechnology.
• Retailers are also influenced by loss prevention and a feeling of needing to catch up tocompetitorsasmorecompaniesadoptRFID.Thetechnologyallowscompaniestonotonlyboostin-store inventory accuracy, but also improve store execution. And, as retail continues toembrace omnichannel, RFID allows companies to more efficiently use stores for same-daydelivery.
RevolveUses“StyleCodes”toHackSnapchatandInstagram(August23)Glossy• OnlineretailerRevolveismakingiteasierforcustomerstofindproductsfeaturedinitsInstagramand Snapchat posts. The company is now including “style codes,” unique product identifiersequivalent to SKU numbers, in social media posts. Followers can search these codes on theretailer’ssiteoronGoogletofindtheproductpage.
• According to Revolve’s VP of BrandMarketing,when a product is listedwith its style code, itappearsonthecompany’sbest-seller listthenextday. Includingstylecodeshasalso increasedconsumerengagementwithRevolve’sInstagramandSnapchataccounts.
NordstromExpandsSpaceConcepttoFourNewLocations(August22)Women’sWearDaily• Nordstromwill launchSpace—its in-storeconceptboutiquededicated toadvanced fashion—infournewlocationsinNashville,LosAngelesandTorontooverthenextfewmonths.OliviaKim,Nordstrom’sVPofCreativeProjects,introducedtheconceptlastyear.
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DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
• According to Kim, Space has attracted a new customer to Nordstrom, while the company’sexisting customer has enthusiastically embraced Space’s brands, which include Vetements,CommesdesGarçons and SimoneRocha. Currently, there are four Space locations, in Seattle,Vancouver,ChicagoandSanFrancisco.
Prediction:ThereWillBeNoMoreBillion-DollarBrands(August18)LeanLuxe• There will never be another startup luxury brand that will reach $1 billion in revenue, saysLawrenceLenihan,CEOofResonance,anearly-stage fashion investment firm.Hesaysmanyoftheinvestmentsinthesecompanieswillnotdrivethereturnsinvestorshopeforandthatmuchofthecapitalwillbelost.
• TheInternetallowsbrandstonolongerbeconstrainedbygeographyorcapitalinreachingtheircustomer,sotheyareabletobuildabusinessthattargetsaveryspecificgroupwithouthavingtoworryabouttherebeingenoughofthosecustomersinacertaingeographiclocation.Launchingabrandhas become cheaper, and the emotional appeal of thebrand spurs consumers to sharetheirnichefindacrosssocialmedia,Lenihansays.
EUROPERETAILEARNINGS
Company
Revenues(USDMil.)
ChangeinUSD(%)
ChangeinReportingCurrency
(%)GrossMargin
(%)Change(bps)
NetIncome(USDMil.)
YoY%Change
StoreFleetEOP
Period 2016 2015
2016 2015
2016 2015
2016 2015
AholdDelhaize 2QEJun30 10,113 9,615 5.2 3.0 27.5 27.2 29 236.1 215.8 9.4 3,259 3,221
Source:Companyreports
EUROPERETAILHEADLINESMissguidedtoOpenFirstPhysicalStore(August22)Retailgazette.co.uk• UKonline retailerMissguidedhas revealedplans toopen its firstbrick-and-mortarstore in theWestfieldStratfordCityshoppingmall inLondonthisNovember.Thecompanymayopenthreemorestoresin2017.
• This follows “very strong” international growth, according to the privately owned company’sCEO. Its strong performance has been credited to its partnerships with ASOS, Zalando andNordstrom and its collaborations with celebrities such as Nicole Scherzinger and PamelaAnderson.
AlipayExpandsinEurope(August22)Retaildetail.eu• AlibabaGroup’spaymentservice,Alipay,hassignedadealwithFrance-basedIngenicoGroup,atechnologypartnerformanymajorEuropeanretailers.ThedealallowstheseretailerstheoptionofacceptingAlipayasapaymentservice.
• Alipay already has 450 million users in China and wants to grow its number of transactionsamongthe120millionChinesetouristswhospentanaverageofUS$875percapitain2015.
TescoFollowsLondon’sNightTubewith24-HourStores(August22)Retailbulletin.com• UKsupermarketchainTescohas trialed24-houropeningat sevenadditional LondonstoresonFridaysandSaturdaysinordertocapitalizeonthenewNightTubeservice,theround-the-clockLondonUndergroundservicethatlaunchedlastweekend.
• OntheNightTube’sopeningweekend,Tescoalsooperated“hydrationstations”atthefrontofthe stores from 3 a.m. to 7 a.m. to promote the 24-hour opening times. Employees at thesestationshandedoutTescoFinestOrangeJuiceandbottledwater.
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August 26, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
JustEatBuysTakeaway.com’sBritishOperations(August18)UK.businessinsider.com• HomedeliveryserviceTakeaway.comhasclosed itsUKoperationsandsold itsBritishassetstodelivery rival Just Eat. A Takeaway.com spokesman told Business Insider that the company’sgrowthratewas“insufficienttosustainahealthybusiness.”
• Takeaway.comcontinues tooperate in Europe, including in theNetherlands,Germany,PolandandFrance.
UKGrocerySectorGrowsFaster(August23)Companypressrelease• TheUKgrocery sector grew salesby0.3% in the12weeksendedAugust 14, according to thelatest figures from market-measurement company Kantar Worldpanel. This was the sector’sfastestgrowthsinceMarch2016andcamedespitesectordeflationof1.3%.
• AldiandLidlcontinuedtoleadgrowth,withsalesup10.4%and12.2%,respectively,accordingtoKantar. Sales fell at each of the big four British grocery chains: by 0.4% at Tesco, by 0.6% atSainsbury’s,by1.8%atMorrisonsandby5.5%atAsda.
ASIATECHHEADLINESXiaomitoLaunchSmartphoneintheUS(August22)ZDNet• China’s popular budget smartphone maker Xiaomi comfirmed its plan to enter the USsmartphonemarket in thenear future. The companywill useamarketing strategy focusedonsocialmediaandotherpartsof theweb,similar to thestrategy ithasusedtoexpand inothermarkets.
• Xiaomihasentered theUSbeforewithotherproducts, suchas fitnesswearables,headphonesandtechaccessories.
China’s“Selfie”AppMakerMeituPlansHongKongIPO(August21)TheWallStreetJournal• One of China’s most popular selfie app makers, Meitu, filed an application with Hong Kongregulators foran IPO that could raise$500million–$1billion.The IPO isexpected tobe in thefourthquarter.
• ThecompanyexpectsitssharestobevaluedhigherbecauseoftherelativescarcityoftechfirmsintheHongKongstockmarket,whereonly10%ofthelistedfirmsaretechbased.
Japan’sSharptoReviewTVLicensingDeals(August23)Reuters• JapaneseelectronicsmakerSharpwillreviewitsTVbrandlicensingdealsoverseas,asitbelievesthebusinesscanreturntoprofitabilitywiththecooperationofFoxconn.
• ThecompanylostmoneyinitsTVbusinessinthesecondquarterof2016,andplannedtoleavethebusinessbylicensingitsbrandstoothergroups.
LenovotoPreinstallMicrosoftOfficeandOneDrive(August23)ZDNet• LenovowillpreinstallMicrosoftOffice,SkypeandOneDriveonanumberofitsAndroiddevicestofulfillitspatent-licensingdealwithMicrosoft.
• Microsoft says the cooperationbetween the twocompanieswill enable customersaround theworldtobemoreproductiveandmoreconnected,andtoachievemore.
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August 26, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
LATAMRETAILHEADLINESBarcoIncreasesInvestmentinBrazilasDisplayUseGrows(August22)RetailDesignWorld• Global visualization specialist company Barco, which creates intelligent display networks forretailers,saiditisplanningtoincreaseitspresenceinBrazilaftermorethan20yearsoftradinginLatinAmerica.
• ThecompanyexpectsBraziltobecomeoneofits“premiermarkets,”andsohastakenstepstogrowmarketshare,strengthenpartnershipsandgrowitsteamlocally.
Mexico’sBiggestLuxuryChainWinsoverInvestorswithM&ABurst(August23)Bloomberg• El Puerto de Liverpool, Mexico’s biggest department-store operator, made its second majorpurchasethissummerandwonoverinvestors.ThecompanyagreedtoacquireaminoritystakeinChile’sRipleyforatleastUS$300million.
• This purchase follows the company’s shocking choice to purchase the Suburbia clothing chainfromWalmartinadealvaluedatUS$1billion.Thecompany’ssharestookadivefollowingthatannouncement, but have now more than recovered. The Ripley stake will help the companymakeagradualentranceintotheSouthAmericanmarket.
SafiloHeadsforArgentina(August23)FashionNetwork• Italian eyewear group Safilo has announced plans to open stores in Argentina, only two yearsafteritannouncednewstoreopeningsinbothMexicoandBrazil.SafiloispartneringwithlocalcompanyOcsatodistributespecializedopticsinArgentinaviaselectedeyewearstores.
• Over the past two years, the company has significantly strengthened its business in LatinAmerica,distributingseveralcollectionsofprestigiousinternationalbrandstotheregion.
BrazilInflationSeenSteadyinMid-AugustonHighFoodPrices(August22)Reuters• Brazil’s inflation rate likely remainedaround9% in the12monthsendedmid-August,which isabove theofficial target, although it is still on track toease in the comingmonthsdespite thecountry’srecession.
• Monthlyconsumerpricesincreasedbyonly0.47%,downfroma0.54%increaseinmid-July.Thecentralbankhaspledgedtoslowpriceincreasestoatleast6.5%bytheendof2016.
Argentina:Cencosud’sProximityPlans(August24)IGDRetailAnalysis• CencosudisplanningtoopeneightJumboproximitystoresinArgentinabeforetheendof2016,andislookingforlocationsinthecapitalandGranBuenosAiresdistricts.TheprojectispartofaUS$40millioninvestmentinArgentinain2016.
• The company’s hypermarkets have faced a crisis in recent years, and the main focus of theprojectwillbeproximitystoresandsupermarketsthatareslightlydifferentfromthetraditionalJumbohypermarkets.
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August 26, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
EARNINGSCALENDAR
Sales(Mil.) EPS
Company
EarningsReleasePeriod Date
ConsensusTY LYActual
ConsensusTY LYActual Currency
BurlingtonStores(BURL) 2Q17 Aug25 1,243 1,152 0.30 0.14 USD
BigLots(BIG) 2Q17 Aug26 1,216 1,210 0.46 0.40 USD
Prada(1913.HK) 2Q17 Aug26 950 996 0.04 0.05 EURGlobalBrandsGroup(787.HK) 1H16 Aug28(E) 2,298 2,142 0.02 0.01 USD
G-IIIApparelGroup(GIII) 2Q17 Aug30 485 474 0.18 0.27 USD
Abercrombie&Fitch(ANF) 2Q17 Aug30 784 818 (0.20) 0.14 USDAlimentationCouche-Tard(ATD-B.TO) 1Q17 Aug30 8,866 8,980 0.57 0.53 USD
DSW(DSW) 2Q17 Aug30 657 627 0.30 0.42 USD
FiveBelow(FIVE) 2Q17 Aug31 219 182 0.17 0.13 USD
Chico’sFAS(CHS) 2Q17 Aug31 633 680 0.22 0.26 USD
VeraBradley(VRA) 2Q17 Sep1 118 121 0.13 0.15 USD
Sears(SHLD) 2Q17 Sep1(E) 5,433 6,211 (3.48) (2.40) USD
LululemonAthletica(LULU) 2Q17 Sep1 514 453 0.38 0.34 USDHudson’sBayCompany(HBC) 2Q17 Sep6 3,279 2,038 (0.64) (0.06) CAD
RestorationHardware(RH) 2Q17 Sep8(E) 512 507 0.29 0.79 USD
Kroger(KR) 2Q17 Sep9 26,798 25,539 0.45 0.44 USD
AscenaRetailGroup(ASNA) 4Q16 Sep14(E) 1,771 1,170 0.17 0.07 USDWmMorrisonSupermarkets(MRW.LN) 1H17 Sep15 7,940 8,064 0.04 0.05 GBP
Next(NXT.LN) 1H17 Sep15 1,891 1,850 1.84 1.70 GBP
Kingfisher(KGF.LN) 1H17 Sep20 5,492 5,768 0.12 0.12 GBP
Esprit(330.HK) FY16 Sep20 17,844 19,421 (0.18) (0.54) HKD
Inditex(ITX.SM) 1H17 Sep21 10,418 9,421 0.40 0.37 EUR
RiteAidCorp(RAD) 2Q17 Sep22 8,165 7,665 0.03 0.05 USD
Nike(NKE) 1Q17 Sep23(E) 8,879 8,414 0.56 0.67 USD
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August 26, 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
ICSCWesternConference&DealMaking SanDiego,CA Aug30–Sep1 ConnectedHealthSummit SanDiego,CA Aug30–Sep1 eCommerceDayBogotá Bogotá,Colombia Sep1 PepcomDigitalFocusGlobal@IFA Berlin,Germany Sep4 MakeUpinNewYork NewYork,NY Sep7–8 GoldmanSachsAnnualGlobalRetailConference NewYork,NY Sep7–8 √NRFRetailIndustryLeadersDinner Dallas,TX Sep8 NewYorkFashionWeek NewYork,NY Sep8–15 √MOBX2016 Berlin,Germany Sep9 E-CommerceParis Paris,France Sep12–14 InternationalRetailDesignConference Montreal,Canada Sep13–15 PepcomHolidaySpectacular!East NewYork,NY Sep15 √ONA16 Denver,CO Sep15–17 LondonFashionWeek London,UK Sep16–20 CTAInnovate!andCelebrate SanJose,CA Sep20–22 WWDDigitalForumNewYork NewYork,NY Sep21–22 MilanFashionWeek Milan,Italy Sep21–27 design:retailForum Brooklyn,NY Sep22–24 √ICSCVRNFallOutletConvention NewYork,NY Sep25–27 VanityCapitalConference Paris,France Sep26–27 √Shop.orgRetail’sDigitalSummit Dallas,TX Sep26–28 √ParisFashionWeek Paris,France Sep27–Oct5 √HermesRetailWeekSupplyChainAwards London,UK Sep29 AmsterdameWeek Amsterdam,Netherlands Oct3–8 2016ApparelExecutiveForum FortLauderdale,FL Oct5–7 ITEXPO Anaheim,CA Oct5–8 Barcoding,Inc.ExecutiveForum Baltimore,MD Oct6 AAFA’sFootwearWorkshop Lawrence,MA Oct6 TechweekNewYork2016 NewYork,NY Oct10–16 ICSCREConAsia-Pacific2016 Manila,Philippines Oct11–13 √LatAmStartupsConference3.0 MexicoCity,Mexico Oct12–14 ICSCResearchConnections Austin,TX Oct16–18 √
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August 26, 2016
DEBORAHWEINSWIG,MANAGINGDIRECTOR,FUNGGLOBALRETAIL&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comAmandaByrneMarketingAssociate
RachaelDimitResearchAssociate
JohnHarmon,CFASeniorAnalyst
JohnMercerSeniorAnalyst
KirilPopovSeniorAnalyst
StevenWinnickResearchAssociate
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