1 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
1) Manyglobalbeautycompanieshavechosentofocusonacquisitionsasakeystrategytodrivegrowth.Asaresult,wehaveseenasteadyriseinmergerandacquisition(M&A)activitysince2013.In2016,therewere91beautyindustrydealsannouncedglobally,up25%from75dealsin2013.
2) Beautycompanieshavebeenhuntingforgrowthviaacquisitionsinhigh-growthnichesofthemarketsuchasindependentcosmeticsbrandsandsustainablebrands.Manyofthetargetshaverecordedgrowthratesinthehighdoubledigitsinrecentyears.
3) IntensecompetitionformarketshareamongthetopbeautycompaniesisexpectedtocontinuetodriveM&Aactivity.
4) Weseethreeparticularhigh-growthareasaslikelytoattractmoreM&Aattention:organicskincarebrands,SouthKoreanbeautybrandsandsocialmedia-endorsedindependentcosmeticsbrands.Theseareashavegainedtractioninrecentyearsandhavepotentialtooutperformtheoverallbeautymarket.
Deep Dive: Active M&A in the
Beauty Space Fuels Future
Growth
Deborah Weinswig
Managing Director
Fung Global Retail & Technology
US: 917.655.6790
HK: 852.6119.1779
CN: 86.186.1420.3016
2 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
TableofContents
ExecutiveSummary.........................................................................................................................................3
MarketOverview:GlobalBeautyCompaniesSeektoBoostGrowthThroughM&A.........................................3
AcquisitionsAreaGrowthDriverforBeautyCompanies.................................................................................5
AcquisitionsHelpBeautyCompaniesOptimizeProductPortfolios...................................................................7
BeautyandPersonalCareCompaniesTapintoMillennialandGenZCustomerBaseThroughAcquisitions.....7
ContinuedM&AinHigh-GrowthAreasExpected.............................................................................................8OrganicSkincareandPersonalCareBrands.............................................................................................................8EmergingK-BeautyBrands.......................................................................................................................................9SocialMedia-EndorsedIndependentCosmeticsBrands........................................................................................10
Conclusion.....................................................................................................................................................12
3 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
ExecutiveSummaryWehaveseenahealthylevelofM&Aactivityinthebeautyspacegloballysince2013.Maturebeautycompanieshavechosentouseacquisitionsasakeystrategyforgrowth,asithasprovenchallengingforthemtogrowtheirbusinessesorganicallybyopeningstoresandexpandingdistributionchannelsfortheirexistingbrands.Inadditiontohelpingbeautycompaniesexpandtheirbusinesses,acquisitionsalsohelpthemoptimizetheirproductportfoliosandtapintoayoungercustomerbaseofmillennialsandGenZers.
WeexpecttoseemuchcontinuedM&Aactivityintheindustry,givenstrongcompetitionformarketshareamongmaturebeautycompanies.ThreesegmentsofthebeautymarketarelikelytoseemoreM&Aattention:organicskincarebrands,SouthKoreanbeautybrandsandsocialmedia-endorsedindependentbrands.
MarketOverview:GlobalBeautyCompaniesSeektoBoostGrowthThroughM&AMaturebeautycompanieshavesoughtwaystocontinuetoexpandtheirmarketshare,astheyhavenotenjoyedthesamelevelofgrowthastheoverallbeautymarket.Topglobalbeautycompanieshavegrownby3%–4%inthepastfiveyears,whiletheoverallglobalbeautymarketaveraged5%growth.
Duetotheirmaturity,itischallengingforlargebeautycompaniestogrowtheirbusinessesorganicallybyopeningstoresthatfeaturetheircurrentbrands.Growthopportunitiesarealsolimitedintraditionaldistributionchannelssuchasdepartmentstores,wheretrafficandsaleshavefacedheadwinds.Inaddition,thereisincreasingcompetitionfromemergingindependentbeautybrandsatspecialtystoressuchasSephoraandUlta.
Figure1.GlobalBeautyandPersonalCareMarket:MarketSize(LeftAxis,USDBil.)andGrowthRate(RightAxis,%)
Source:EuromonitorInternational
Becauseintensecompetitionamongmajorbeautycompaniesmakesorganicgrowthmoredifficult,manyglobalcompanieshavechosentofocusonacquisitionsastheirprimarystrategyforgrowth.Acquisitionsrepresentanattractivestrategyforgainingmarketshare,particularlyinareasthat
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Maturebeautycompanieshavesoughttocontinuetoexpandtheirmarketshare,astheyhavenotenjoyedthesamerateofgrowthastheoverallbeautymarketinrecentyears.
4 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
targetmillennialconsumers.Asaresult,wehaveseenahealthylevelofM&Aactivitysince2013.Therewere91beautyindustrydealsannouncedin2016globally,up25%from75dealsin2013.
ThemostactiveregionsforbeautyindustryM&Aarealsothelargestbeautymarkets.NorthAmericawasthemostactiveregionin2016,with46announcedbeautyindustrydeals,up40%from33in2015.Europeremainedthesecond-most-activemarketin2016,whileM&AactivityintheAsia-Pacificregiongrewatthefastestratelastyear,reflectingbothrisingdemandforbeautyproductsandnotableindustryinnovationintheregion.
Figure2.GlobalBeautyandPersonalCareMarkets:NumberofM&ADealsAnnounced
Source:S&PCapitalIQ/FungGlobalRetail&Technology
Smallandmedium-sizedcompanieshavebeenthemostpopulartargetsforstrategicandfinancialacquirersseekinggrowthpotential.About75%ofrecentbeautyindustrydealsforwhichtransactionvaluesweredisclosedwerevaluedatlessthan$100million.Strategicacquirershavebeenthedominantplayersinthemarket,participatingin376of411announcedtransactionsfrom2012through2016.Thelargestbeautyindustryplayershavebeenthemostactiveacquirersinthespace.Financialbuyershaverepresentedasmallpercentageofactiveacquirersduetoincreasedcompetitionfordeals.
Figure3.GlobalBeautyandPersonalCareMarkets:NumberofDealsAnnounced,byRegion,2013vs.2016
Source:S&PCapitalIQ/FungGlobalRetail&Technology
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NorthAmericawasthemostactiveregionforbeautyindustryM&Ain2016,with46announceddeals,up40%from33in2015.
5 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
AcquisitionsAreaGrowthDriverforBeautyCompaniesGlobalbeautycompaniesarehuntingforgrowthviaacquisitionsinhigh-growthnichesofthebeautymarketsuchasindependentcosmeticsbrandsandsustainablebrands.Manyofthetargetshaverecordedgrowthratesinthehighdoubledigitsinrecentyears.
Globalbeautycompanieshavealonghistoryofacquiringbrandsintheearly-growthstageandbenefitingfromtheirhighgrowthpotentialpost-acquisition.Forexample,L’OréalacquiredcolorcosmeticscompanyUrbanDecayin2012foranestimated$350million.Atthetimeoftheacquisition,UrbanDecaygeneratedonly$130millioninnetsales,butthebrandhelpedL’Oréaladdofferingstocompeteinaniche,accessible-luxurymarketthattargetsyoungconsumers.By2016,L’Oréal’smanagementnamedUrbanDecayasoneofthreekeypillarbrandsdrivingitstop-performingL’OréalLuxedivision,whichreported6.9%like-for-likeyearlygrowthin2016.
Morerecentbeautydealsdemonstrateglobalbeautycompanies’continuedconfidenceinusingacquisitionasagrowthstrategy.L’OréalacquiredITCosmeticsfor$1.2billionin2016,therebyaddingmorethan300productstotheL’OréalLuxemakeupportfolio.Atthetimeoftheacquisitionannouncement,ITCosmeticshadreported$182millioninannualrevenue,anincreaseof56%yearoveryear,anditshowedstrongpotentialtodrivegrowthforL’Oréal.EstéeLauderaddedmakeupbrandsBeccaandTooFacedtoitsbrandportfolioin2016.ABloombergarticleestimatesthatthetwobrandssawcombinedrevenueof$340millionand70%year-over-yeargrowthin2016.TooFacedpostedmorethan$270millioninannualrevenuein2016.
Source:TooFaced.com
Cotyisanotherprominentexampleofabeautycompanyutilizingacquisitionstogrowmarketshare.Thecompanyhasbeenthemost-activebuyerintheglobalbeautymarket,andhasbecometheworld’sthird-largestbeautycompanythrough12acquisitionsinthepast10years.From2007through2016,Cotyalmosttripleditsannualrevenue,growingsalesfrom$3.3billionto$9billion.
Thetablebelowhighlightsselectedrecentacquisitionsbylargebeautyandpersonalcarecompaniesseekinghigh-growthopportunities.
ManybeautyindustryM&Atargetshaverecordedgrowthratesinthehighdoubledigitsinrecentyears.
6 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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Figure4.GlobalBeautyandPersonalCareMarket:SelectedM&ATransactions,2013–April2017
Buyer CompanyAcquired Segment TransactionValue(USDMil.)
2017 Coty Younique GlamorousCosmetics $600
2017 L’Oréal CeraVe,AcneFree,Ambi Clinical $1,300
2016 Coty GHD ProfessionalHaircare $510
2016 CounterBrands NUDEBrands Pure/Natural N/A
2016 EstéeLauder TooFaced Playful/Cruelty-Free $1,450
2016 EstéeLauder Becca Diversity $230–$240*
2016 JakksPacific C’estMoi Kids’Beauty N/A
2016 Johnson&Johnson VogueInternational Sustainable/Natural $3,300
2016 L’Oréal ITCosmetics PremiumColorCosmetics $1,200
2016 OrigamiOwl WillaGirl Kids’Beauty N/A
2016 Unilever LivingProof Scientific $200*
2016 Unilever DollarShaveClub Subscription $1,000
2015 Coty 43BrandsfromP&G Premium $12,000
2015 Coty Bourjois Mass $239
2015 Unilever Dermalogica Professional N/A
2015 Unilever KateSomervilleSkincare Natural/Prestige N/A
2015 Unilever REN Purity N/A
2015 Unilever Murad Clinical N/A
2014 EstéeLauder Glamglow Celebrity/Edgy $100–$125*
2014 L’Oréal NYX Mass $500
2013 Cosmax L’OréalUSACosmeticsPlant Mass N/A
2013 Target DermStoreBeautyGroup E-CommercePlatform N/A
2013 ValeantPharmaceuticals SoltaMedical BeautyDevices $250
*Third-partyestimateSource:Bloomberg/companyreports
7 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
AcquisitionsHelpBeautyCompaniesOptimizeProductPortfoliosBeautycompaniesmakeacquisitionstooptimizetheirportfoliosorenternewbusinessareaswheretheyseegrowthopportunities.TheadditionsofAtelierCologneandITCosmeticshavehelpedL’Oréalstrengthenitspositioninthepremiumbeautymarket,whereitsportfolioincludesoutperformingbrandssuchasUrbanDecayandYvesSaintLaurent.InApril2016,Johnson&JohnsonaddedUSbrandNeoStratatoitsoutperformingdermocosmeticsportfolio,whichalreadyincludedestablishedbrandsAveenoandNeutrogena.
Cotyhasusedacquisitionstodiversifyitsbusiness,expandingfromitscorefragrancebusinesstoabalanced,three-pillarportfoliothatincludesfragrances,skincareandcolorcosmetics.Following12acquisitionsin10years,Cotynowhasthelargestfragrancesbusinessintheworld,aswellasthesecond-largestprofessionalhairproductsbusinessandthethird-largestcolorcosmeticsbusiness.ThecompanyalsobuiltasolidskincarebrandportfoliothroughitsacquisitionsofDelLaboratories,Philosophy,TJoyHoldingsandLenaWhiteinrecentyears.
BeautyandPersonalCareCompaniesTapintoMillennialandGenZCustomerBaseThroughAcquisitionsBeautycompanies’recentM&Aactivityindicatesthatthecompaniesarelookingtotapintoayoungercustomerbase.Forexample,in2016,EstéeLauderacquiredcosmeticsbrandTooFaced,85%ofwhosecustomersareundertheageof40.Thebrandhasbuiltupasolidcommunityofyoung,digitally-savvycustomerswhooftenseekrecommendationsfromtheirpeersandfromsocialmediainfluencers.Atthetimeofacquisition,TooFacedhadmorethan7millionInstagramfollowersandrelationshipswithmorethan900influencers.
Unilever’sacquisitionofSeventhGeneration,aneco-friendlyhouseholdandpersonalcarecompany,demonstratedUnilever’sefforttotargetmillennialandGenZconsumers,whotendtobehighlyconsciousoftheenvironmentalandsocialimpactoftheirconsumption.UnileverhasalsoexperimentedwiththesubscriptionmodelthroughitsacquisitionofDollarShaveClub,amen’srazorsubscriptione-commercebusinessthathasastrongmillennialcustomerbase.
Source:DollarShaveClub.com
RecentM&Aactivityindicatesthatbeautycompaniesarelookingtotapintoayoungerconsumerbase.In2016,EstéeLauderacquiredcosmeticsbrandTooFaced,85%ofwhosecustomersareundertheageof40.
8 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
Figure5.RecentBeautyandPersonalCareBrandAcquisitionTargetswithaLargeMillennialandGenZCustomerBase
*Third-partyestimateSource:Bloomberg/companyreports/FungGlobalRetail&Technology
ContinuedM&AinHigh-GrowthAreasExpectedStrongcompetitionformarketshareamongthetopbeautycompaniesisexpectedtocontinuetodriveM&Aactivity.Weseethreeparticularhigh-growthpocketswithinthebeautyandpersonalcaremarketaslikelytoattractmoreM&Aattention:organicskincarebrands,SouthKoreanbeautybrandsandsocialmedia-endorsedindependentcosmeticsbrands.Thesesegmentshavegainedtractioninrecentyearsandhavepotentialtooutperformthemarket.Forexample,theglobalorganicbeautyandpersonalcaremarketisexpectedtogrowataCAGRof10.2%from2016through2022,accordingtoAlliedMarketResearch.SouthKoreanbeautybrands,alsoknownasK-beautybrands,havebecomeaglobalphenomenon,andhavefoundsignificantcustomerbasesacrosstheWesternworld.
Onthesupplyside,thereisalsoahealthynumberofemergingbeautybrandsthatcouldbecomeM&Atargets.Below,wecoversomepotentialtargetsinthesehigh-growthareas.
OrganicSkincareandPersonalCareBrandsGlobalbeautycompaniesarelikelytoacquireorganicandnaturalskincarebrandsinordertocapitalizeontherecenthealthandwellnesslifestyletrend.Thetrendisdrivingupdemandfornaturallyformulatedskincare,asconsumersaretakingaholisticapproachtohealthylivingthatincludeschoosingnaturalbeautyproducts.Emergingorganicandnaturalbrandsthatarelikelyacquisitiontargetsinclude:
TheHonestCompany:Co-foundedin2011byactressJessicaAlba,thenontoxichouseholdproductscompanyreached$300millioninrevenuein2016andownsbothdirect-to-consumerandthird-partydistributionchannels.ThecompanyhasallegedlybeenintalkswithpotentialbuyersthatincludeUnilever.
Acquirer Company Value(USDMil.)
2016 Coty GHD $510
2016 EstéeLauder TooFaced 1,450
2016 EstéeLauder Becca 230–$240*
2016 JakksPacific C’estMoi N/A
2016 L’Oréal ITCosmetics 1,200
2016 OrigamiOwl WillaGirl N/A
2016 Unilever LivingProof 200*
2016 Unilever SeventhGeneration 700*
2016 Unilever DollarShaveClub 1,000
2015 Unilever KateSomervilleSkincare N/A
2014 L’Oréal NYX 500
2013 Target DermStoreBeautyGroup N/A
Asmaturebeautycompaniescompeteformarketshare,weexpecttoseecontinuedM&Aactivityintheglobalbeautyandpersonalcaresector.
9 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
Source:Honest.com
Goop:AluxuryorganicskincarelinecreatedbyGwynethPaltrowin2016inresponsetodemandforbetterorganicskincareproducts,Goopoffersproductsthatrangeinpricefromabout$80to$140.TheGooplifestylewebsitecuratedbyPaltrowhasdevelopedawidereadership,andtheGoopskincarelineisontracktoexpanditsproductofferingsanddistributionchannels,whichmaycreatesynergieswithestablishedbeautycompanies.
Source:Goop.com
EmergingK-BeautyBrandsTheK-beautywaveisexpandingwellbeyondSouthKorea’sshores.ExportsofSouthKoreancosmeticshavebeenincreasingbyanaverageof36.9%everyyearsince2011,andreached$2.45billionin2015,accordingtotheKoreaCustomsService.Lastyear,SouthKoreaovertooktheUSandJapantobecomethesecond-largestcosmeticsexportertoChinaafterFrance,withatotalexportvalueof$1.1billion,accordingtotheMinistryofFoodandDrugSafetyofKorea.SephoraUSnowoffersacollectionofK-beautyproductsthatfeaturespopularSouthKoreanskincareroutines.TheK-beautyphenomenonisdrivenbycutting-edgeproductinnovationandhasastrongdigitalmediapresence.
TherearelimitedacquisitionopportunitiesintheK-beautyspaceforinterestedbuyersbecausemostestablishedbrandsbelongtoSouthKoreanbeautyconglomeratessuchasAmorePacificandLGHousehold&HealthCare.However,thereareanumberofemergingK-beautystartupsthatcouldbecomeacquisitiontargets,includingNeogenandCOSRX.
Neogen:Foundedin2009,NeogenhasbeendubbedarisingstarbyOliveYoung,oneofthelargestbeautyretailersinSouthKorea.Thecompanyusesadvancednaturalscienceandbiotechnologytodevelopitsproducts.
MostestablishedK-beautybrandsbelongtoconglomerates,leavinginterestedbuyerswithlimitedoptions.However,thereareanumberofemergingK-beautystartupsthatcouldbecomeacquisitiontargets.
10 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
Neogen’ssix-corebiotechnologyissaidtohelpmaximizethebenefitsofnaturalingredients.Thecompanyhasalsoregisteredseveralpatentsforitstechnology,coveringareassuchasnaturalwhiteningandantiagingmaterials,andanti-inflammatoryanddetoxificationmedicinalherbs.
Source:NeogenDerma.com.hk
COSRX:Foundedin2014withamissiontomakeingredient-orientedandhigh-performancecosmetics,COSRXtakesaminimalisticapproachtoskincarebyincludingnounnecessaryingredientsinitsproducts.Thishelpstolowerthechanceofanallergicreactionforconsumerswithsensitiveskin.Thecompanycurrentlysellsitsproductsonlyonline,inordertominimizecosts,butitplanstoopenbrick-and-mortarstoresbytheendoftheyear,duetocustomerdemand.
Source:Cosrx.co.kr
SocialMedia-EndorsedIndependentCosmeticsBrandsBeautycompanieshavebeenincreasingtheirmarketingbudgetstoexpandtheirsocialmediapresence,asyoungbeautyshoppersareheavilyinfluencedbysocialmediacontent.Onaverage,aninfluencermarketingcampaigncostsbetween$25,000and$50,000,accordingtoasurveybyinfluencerplatformLinqia.AccordingtoastudybyForbes,thetop30social
11 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
mediainfluencershaveacombined250millionfollowersandchargeanaverageof$300,000persocialmediapost.
Formaturebeautycompaniesseekingtocaptureyoungerbeautyshoppers,acquiringbrandsthathaveastrongsocialmediapresenceisimportant.Recentbeautyacquisitiontargetshaveoutperformedtheirpeersintermsofmentionsonsocialmediaandoverallonlinepresence.Someattractivepotentialacquisitiontargets,basedonsocialmediamentionsandonlinesearchvisibility,includeAnastasiaBeverlyHills(ABH)andMakeupGeek.
AnastasiaBeverlyHills(ABH):ABHhasdevelopedanumberofsignaturebrowproductsthatmadeheadlinesonsocialmediaplatforms.Thebrandhasawhopping13.4millionfollowersonInstagram.ABHhasthehighestearnedmediavalue(amarketingcampaignmetricthatmeasuresengagement,conversionandsales)onInstagram;itisalmostdoublethatofthematurecosmeticsbrandMAC,accordingtodatafrom50,000influencerscollectedbyTribeDynamics.Inaddition,ABHhasaccumulatedagroupofloyalcelebritycustomerswhohaveendorsedthebrandonsocialmedia,includingNaomiCampbell,KimKardashian,JenniferLopez,HeidiKlum,VictoriaBeckhamandPenelopeCruz.
Source:AnastasiaBeverlyHills.com
MakeupGeek:StartedbybeautyvloggerMarlenaStellin2012,MakeupGeekgrewfrom$500,000inannualrevenueto$22millioninfiveyears,largelyduetoitssocialmediapresence.ThebrandisknownforitsassociatedYouTubemakeuptutorialvideosanddirect-to-consumerdistribution,whichallowscustomerstosaveasmuchas30%–40%.MakeupGeek’sYouTubechannelhasmorethan1.4millionsubscribers.Thebrand’sstrongsocialmediapresenceandcurrentsmallsizemakeitasignificantacquisitionopportunity.
12 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
Source:MakeupGeek.com
ConclusionAcquisitionshaveproventobeakeygrowthstrategyformaturebeautycompanies,amidchallengesforthemtogrowtheirbusinessesorganically.AcquisitionshavehelpedbeautycompaniestostayrelevanttoayoungercustomerbaseofmillennialsandGenZers.WeexpecttoseemuchcontinuedM&Aactivityintheindustry,giventhecurrentcompetitivelandscapeintheindustry.
13 DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
May1,2017
DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:[email protected]
JingWangResearchAssociate
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