Weekly Insights June 30 2017 - Home - Coresight Research · Amazon’s biggest sales day ever last year. ... First , it offers ... other companies, in British fintech startup Yoyo

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June30,2017

DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.

StatoftheWeek

ChartoftheWeek

Deborah Weinswig Managing Director

Fung Global Retail & Technology

[email protected]

US: 917.655.6790

HK: 852.6119.1779

CN: 86.186.1420.3016

June 30, 2017

1) Thisweek’snote“FromtheDeskofDeborahWeinswig”previewsAmazon’supcoming,thirdannualPrimeDayshoppingevent.

2) Meal-kitdeliverycompanyBlueApronsaidthatitiscuttingtheexpectedpricingrangeofits30millioncommonsharesthatwillbesoldinanupcomingIPOto$10–$11from$15–$17previously,whichreflectsinvestors’increasinglyskepticaloutlookonthefoodretailbusiness.

3) GermanretailerMetroGrouphasinvested€14million(US$15.8million),togetherwithothercompanies,inBritishfintechstartupYoyoWallet,whichgivescustomersaccesstomobileordering,paymentsandapersonalizedloyaltyprogramandprovidesretailerswithananalyticsandcampaignplatform.

4) Chinesee-commercegiantJD.comisinvesting$397millioninUKluxuryonlineretailerFarfetch.ThepartnershipwillgiveFarfetchaccesstoJD.com’smarketingplatform,socialmediachannelsanddeliveryservice.

$1Bil.• Alibabainvested$1billiontoincreaseits

ownershipstakeinSoutheastAsiane-commerceplatformLazadafrom53%to83%.

• AlibabapurchasedsharesfromexistingshareholdersatanimpliedvaluationforLazadaof$3.15billion.ThistransactionreflectsAlibaba’sconfidenceinthegrowthpotentialintheSoutheastAsianmarkets.

Source:Women’sWearDaily

RetailE-CommerceMarketVolumeinSoutheastAsia,byCountry,2025vs.2015(USDBil.)

*ExcludingonlinemediaandtravelsalesSource:Google/Temasek

87.8

46.0

5.4

8.2

11.1

9.7

7.5

5.5

1.7

1.0

1.0

0.9

0.5

0.4

0 20 40 60 80 100

Total

Indonesia

Singapore

Myanmar

Thailand

Philippines

Vietnam

2025* 2015

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June30,2017


FromtheDeskofDeborahWeinswig

TheThirdAnnualAmazonPrimeDayIsCominginMid-JulyAswelookforwardtotheFourthofJulyholidayandstarteasingintothedogdaysofsummer,wealsoapproachamajor,ifrecentlyinvented,shoppingevent—AmazonPrimeDay—whichwillcelebrateitsthirdanniversaryonTuesday,July11.Theeventcommemoratesthecompany’sfoundingin1994anditbecameAmazon’sbiggestsalesdayeverlastyear.AlthoughtheofficialPrimeDaydateisJuly11,thesaleswillactuallystartat6:00p.m.,PacificTime,theeveningbeforeandrunforatotalof30hours.

JusthowbigPrimeDayreallyisremainsawell-keptsecret.Lastyear,estimatesoftheday’ssalesrangedashighas$2.5billion(accordingtoInternetRetailer).Amazonreportedthatordersincreasedby60%worldwideandby50%intheUSonPrimeDay.Evenin2015,AmazoncommentedthatitsPrimeDaysalesexceededitsBlackFridaysalesin2014.Still,asmade-upshoppingholidaysgo,PrimeDaypalesincomparisonwithAlibaba’sSingles’Day,whichsaw$17.8billionworthofgrossmerchandisevolumelastyear.JD.comheldashoppingholidayofitsownonJune18thisyear,andannouncedthattotaltransactionvolumetotaled$17.6billionfromJune1throughJune18.

Lastyear,AlexaplayedaroleinPrimeDay,asAlexa-equippedPrimemembersreceiveddiscountsandearlyaccesstoPrimeDaydealsviathedevice.OthertypicaldealsincludediscountsonAmazon’sconsumerelectronicsproducts(naturally),includingtablets,videodevicessuchastheFireTVstickandEchointelligentassistants.

TechgadgetsdoseemtobethemajorthemeforPrimeDay,althoughTVs,toys,laptops,cleaningrobots,headphones,pressurecookersandhammockshaveallsoldbrisklyonPrimeDayinthepast.

Theshoppingholidayservesseveralpurposes.First,itoffersexclusivedealsforPrimemembers,rewardingthemfortheirmembership.Second,itdrivesPrimemembership,asnonmembersareofferedfreetrialmemberships.AmazonfiguredoutlongagothatPrimemembershipsrepresentavirtuouscircleforthecompany:signingupPrimemembersandprovidingthemwithexclusivebenefitsencouragesthemtorenewtheirmembershipthenextyearandencouragesotherstosignupfortheprogramwhowillthenrenewtheirownmembership.

ItispossiblethatthePrimeprogramisbecomingavictimofitsownsuccess,however.AccordingtoConsumerIntelligenceResearchPartners,therewere80millionPrimemembersintheUSinMarch2017,twiceasmanyastwoyearsearlier.Thosemembersrepresent64%ofUShouseholds,aswasmentionedrecentlyattheInternetRetailerConference+ExhibitioninChicago.ThishighadoptionraisesthequestionofwhethertheUSmarketisbecomingsaturated—anditisnotablethatAmazonrecentlyofferedreducedmembershipfeesforindividualsreceivinggovernmentassistance,whichexpandsitsaddressablemarketandenablesittopickoffsomecustomersfromitschiefrival,Walmart.

EstimatedNumberofAmazonPrimeCustomers(Mil.)

Source:ConsumerIntelligenceResearchPartners

Amazonhastrulyhititsstrideindevelopingandfine-tuningitsPrimeprogram,andthisyear’sPrimeDayislikelytoincludeseveralsurprises,astheholidayhasinthepasttwoyears.TheFungGlobalRetail&TechnologyteamwillcontinuetoprovidedetailsonPrimeDayastheyunfold.

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June30,2017


USRETAILEARNINGS

Company

Revenues(USDMil.)

YoY%Change GrossMargin(%)

Change(bps)

NetIncome(USDMil.)

YoY%Change StoreFleetEOP

Period TY LY

TY LY

TY LY

TY LY

FinishLine 1Q18 430 430 (0.1) 29.6 31.0 (132) 8 10 (15.4) 946 978

Source:Companyreports

USRETAIL&TECHHEADLINESBlueApronCutsIPOPriceRangeto$10–$11(June28)USAToday• TimingmayhavebeenabitoffforBlueApron.Themeal-kitdeliverycompany,whichis

backedbySiliconValleyinvestors,saidthatitiscuttingtheexpectedpricingrangeofits30millioncommonsharesthatwillbesoldinanupcomingIPOto$10–$11,aone-thirdcutinitsvaluationthatreflectsinvestors’increasinglyskepticaloutlookonthefoodretailbusiness.

• Lessthantwoweeksago,thecompanyexpectedtopricesharesbetween$15and$17,whichwouldhaveallowedittoraiseabout$500milliontofundexpansionplans.TheearlierpricingcamejustthreedaysafterAmazonannouncedablockbusterdealtobuyWholeFoodsMarketforabout$13.7billion,triggeringsell-offsingrocerystocksandspeculationthatgroceryretailerswillseekmergerstofendoffcompetition.

USRetailMallVacanciesEdgeUpinSecondQuarter(June27)Reuters.com• USretailmallvacanciesincreasedinthesecondquarterandrentswereslightlyhigher,real

estateresearchfirmReissaidinareport.Thenationalretailvacancyrateroseto10%inthesecondquarterfrom9.9%inthefirstquarter,partlyduetonewconstructionthatwasonlypartiallyabsorbedbynewleasing,Reissaid.

• Themallvacancyrateinchedup0.2%,to8.1%,inthequarterfromtheearlierquarterduetoconfirmedclosingsofMacy’sstores,theresearchfirmadded.Netabsorption,whichismeasuredintermsofavailableretailspacesoldinthemarketduringacertaintimeperiod,fellfrom2millionsquarefeetinthefirstquarterto421,000squarefeetinthesecondquarter,thelowestlevelsince2011.

TheAmazon-WholeFoodsDealIsLessAboutStoresandMoreAboutData(June25)CNBC.com• Amazon’sacquisitionofspecialtygrocerWholeFoodsisnotonlyaboutacquiringhundreds

ofstoresandaffluentcustomers—therealvalueofthedealisinallofthatcustomerdata,accordingtoonedataexpert.KennethSanford,datascientistatDataiku,toldCNBCrecentlythatoneofAmazon’sgoalsshouldbetocombinethedataitalreadycollectsfromitsonlineplatforms,EchoandAlexa,withWholeFoods’customertransactiondata.

• Byusingthecombineddata,thecompanycanpredictwhatcustomersneedandautomaticallysendittothem,creatingapersonalized“autogrocery”experience,Sanfordsaid.Essentially,Amazonwillleverageitsknow-howintechnologytocustomizetheindividualgroceryshoppingexperience,allwithouttheconsumereverevenleavingthehouse.

WEINSWIG’SWATCHING

Thisweek,theFungGlobalRetail&TechnologyteamattendedtheXRCLabs2017Cohort4LaunchReceptionandtheGoldmanSachsThirdAnnualInnovationSymposium,bothinNewYork.

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June30,2017


EddieBauerMayBePutUpforSale(June23)USAToday• GoldenGateCapital,theprivateequityfirmthatownsEddieBauer,isreviewingstrategic

optionsforthesportswearmaker,includingapotentialsale.EddieBauerfiledforChapter11bankruptcyprotectioninJune2009,andaboutamonthlater,GoldenGatewonabankruptcyauctiontobuyitwitha$286millionoffer.

• SalesofEddieBauer,whichhas370storesintheUSandCanada,totaled$745millioninthe12monthsendedApril1,down16.5%fromfiscal2012.AsofApril,thecompanyhad$3millionincash.

EUROPERETAILHEADLINESHolland&BarrettSoldfor£1.8Billion(June26)BBC.co.uk• Holland&Barrett,theUK’sbiggesthealthfoodretailer,isbeingboughtbyinvestmentfund

L1Retailfor£1.8billion(US$2.3billion)andwillchangehandsinSeptember.• L1RetailManagingPartnerStephanDuCharmesaidaboutHolland&Barrett,“Webelieve

thatthecompanyiswellpositionedtobenefitfromstructuralgrowthinthegrowing£10billionhealthandwellnessmarketandhasmultipleleversforlong-termgrowthandvaluecreation.”

GoogleReceivesRecordEUFine(June27)BBC.co.uk• MultinationaltechnologycompanyGooglehasbeenfined€2.42billion(US$2.7billion)by

theEuropeanCommissionafterthecommissionruledthatthecompanyhasabuseditspowerasasearchengine.TherulingordersGoogletoenditsanticompetitivepracticeswithin90daysorfacefurtherpenalties.

• TheEuropeanCommissionhasbeeninvestigatingGoogleShoppingsincelate2010andfoundthatthecompanyhadpromoteditsownshoppingcomparisonserviceoverthoseofcompetitorsatthetopofthesearchresults.

MetroGroupInvestsinMobilePaymentSolution(June27)RetailDetail.eu• GermanretailerMetroGrouphasinvested€14million(US$15.8million),togetherwith

othercompanies,inBritishfintechstartupYoyoWallet.• YoyoWalletprovidesa“brandedmobileexperience”bygivingcustomersaccesstomobile

ordering,paymentsandapersonalizedloyaltyprogram,whileretailersgetananalyticsandcampaignplatform.

AldiSüdLaunchesNonfoodDeliveryService(June21)Companypressrelease• DiscounterAldiSüdhaslaunchedanewonlineservicefortheGermanmarketthatoffers

deliveryofselectednongroceryitemsthatcannotbepurchasedinstores.Theproductscoveredundertheserviceareprimarilylarge-volumeandheavygoods.

• Theservice,calledAldiLiefert,issupportedbywebpromotionsaswellasbyflyersandhandoutsthataregiventocustomersinstores.Customerscanpayforthenongrocerygoodsalongwiththeirnormalpurchasesinstoresandthenhavethespecialitemsdeliveredtoeithertheirlocalstoreortheirhome.

JD.comInvests$397MillioninFarfetch(June22)FT.com• Chinesee-commercegiantJD.comisinvesting$397millioninUKluxuryonlineretailer

Farfetchaspartofanewstrategicpartnership.• FarfetchwillgainaccesstoJD.com’smarketingplatform,socialmediachannelsanddelivery

service.Inreturn,JD.comwillreceiveanequitystakethatwillmakeitoneofFarfetch’slargestshareholdersandJD.com’sfounderandchiefexecutivewillreceiveaseatonFarfetch’sboard.

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June30,2017


ASIATECHHEADLINESSingaporeComputerVisionCompanyTraxRaises$64MillioninWarburgPincus–LedRound(June28)TechinAsia.com• Singapore-basedcomputervisionandretailintelligencecompanyTraxhasjustcloseda

fundingroundof$64million,thecompany’slargestcapitalinjectiontodate.TheroundwasledbyUSprivateequityfirmWarburgPincus,whichwillbecomeTrax’slargestinstitutionalshareholder.

• ThisfollowsTrax’s$19.5millionfundingroundinFebruary,whichwasledbyInvestecBank,anda$40millionseriesCroundthatclosedinJunelastyear.Thecompanysaidinastatementthatitwillusethelatestfundsforproductdevelopmentandtodrivecapacityinitscoremarkets.

Singapore’s4xLabsandMalaysia’sMoneybayTeamUptoCashinonEachOther’sSweetSpots(June28)TechinAsia.com• Singapore’s4xLabsandMalaysia’sMoneybayhaveenteredintoastrategicpartnershipwith

thehopeofleveragingoneanother’sstrengthsintheirrespectivemarkets.Bothstartupshavedevelopedsoftwareplatformsforcurrencyexchangethataredesignedtostreamlinethedistributionofforeigncurrencyfortravelersandserviceproviders.

• Thestartupswillsharesomeoftheirdata,technologyandusernetworksinordertoboosteachother’spresenceinMalaysia,Singaporeandothercountriestheyaretargetingforexpansion.

SecuritySoftwarePlayerTrendMicroLaunches$100MillionVentureFund(June27)TechinAsia.com• Tokyo-basedcybersecuritycompanyTrendMicrolauncheda$100millionventurefundto

investinstartupsworkingonkeyemergingtechnologies.ThenewcorporateventurearmallowsthecompanytonurtureaportfolioofstartupsattheepicenterofhypergrowthmarketssuchastheInternetofThings.

• Investmentswouldgivethecompanyamoresignificantfootholdintheboomingconnected-devicesmarket.ThiscouldprovideopportunitiesforTrendMicrotoencouragegreateradoptionofitssecuritysoftwareproductsandservices,whicharealreadywidelyusedinhomePCandcloud-computingcontexts.

AlibabaSaidtoBeinTalkstoBuyZTE’sSoftwareArmforCloudUnit(June28)Bloomberg.com• AlibabaGroupisclosinginonadealtoacquirethesoftwaresubsidiaryofChinese

telecommunicationsgearmakerZTE,anacquisitionthatcouldhelpstrengthenitsglobalInternetcomputingbusiness.

• China’sleadinge-commerceoperatorhasbeeninnegotiationstobuyZTEsoftTechnologyformonthsandisnearinganagreement.Alibabacouldpay¥2–¥3billion(US$294–US$441million)foradivisionthatprovidessoftwaresupportandservicestocarriersaroundtheworld.

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June30,2017


LATAMRETAILANDTECHHEADLINESBrazil-BasedNeowayRaises$45MilliontoBringItsSalesAnalyticstotheUS(June23)VentureBeat.com• Neoway,whichprovidesdataandanalyticstocompaniesinBrazil,announcedthatithas

raised$45milliontoexpandintotheUS.QMSCapitalledtheround,withexistinginvestorsAccel,MonasheesandEndeavorCatalystjoining.NewinvestorsincludePointBreakandPollux.

• Thecompany,whichisbasedinFlorianópolis,Brazil,helpsclientsmanagesalesbyaggregatingandcuratingmassiveamountsofhighlydetailedinformationaboutprospectivecustomersandarangeofmarkets.Neowayusesmorethan3,000databasesfrom600differentsources,accordingtoacompanystatement.

BYDSetsUpFirstOverseasPhotovoltaicResearchCenterinBrazil(June22)AutomotiveWorld.com• BYD,theworld’slargestmanufacturerofbatteriesandelectricvehicles,signedaletterof

cooperationwithBrazil’sUniversidadeEstadualdeCampinas(Unicamp),inwhichthecompanycommitstotransfermorethanR$5million(~US$1.5million)by2020tosetupBYD’sfirstoverseasPhotovoltaicResearchCenterattheuniversity.

• TheagreementbetweenBYDandUnicampwillenablecooperationinscientificresearchandtechnologicaldevelopmentactivities.BYD’sinvestmentisacounterpartofthefederalgovernment’sProgramofSupporttotheTechnologicalDevelopmentoftheSemiconductorIndustryandDisplays,underwhichBYDisregistered.

KambiSignsSportsBettingDealwithLatinAmericanGiantCorredorEmpresarial(June22)iGamingBusiness.com• KambiGrouphasbecometheexclusivesupplierofsportsbettingservicesforBetPlay,

CorredorEmpresarial’snewLatinAmerica–facingonlinesportsbettingplatform.KambisaidthedealshowsitscommitmenttoexpansioninLatinAmerica.

• KambiwillalsoprovideitsservicestoCorredorEmpresarial’sentireColombianland-basedlotteryandpaymentservicenetworkthroughtheChanceGameoperators,whichincludemorethan25,000retailoutlets.

China’sAlipay,UnionPayandWeChatPayJoinLatAmFintech’sDigital-PaymentsPlatformRevolution(June23)Forbes.com• FintechcompanydLocal,whichspecializesincross-borderpaymentsforemergingmarkets,

hasintegratedAlipay,UnionPayandWeChatPay—China’sthreemajordigitalpaymentsproviders—intoitsplatform.Collectively,thesethreeproviderscapturedthemajority(morethan70%)oftheChinesemarketforonlinepaymentsin2016,whichtranslatedinto$2.9trillioninpayments.

• TheadditionforUruguay-baseddLocalistoutedasenablingglobalmerchantstoreachsome300millionChineseconsumers.dLocalhaspreviouslyfocusedontheLatinAmericaregionandotheremergingmarkets.

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June30,2017


MACROUPDATEKeypointsfromglobalmacroindicatorsreleasedJune21–28,2017:

1) US:Existinghomesalesstoodat5.6millioninMay,inlinewiththeconsensusestimate.Newhomesalesincreasedby2.9%monthovermonth,alowerratethanthemarkethadexpectedforMayfollowinganupwardrevisiontoApril’sfigure.HousepricesinAprilalsoincreasedbylessthanhadbeenexpected.

2) Europe:TheMarkitEurozoneManufacturingPurchasingManagers’Index(PMI)increasedto57.3inJune,whiletheServicesPMItickeddownto54.7.Bothindexesstayedabovethe50.0threshold,indicatinganexpansioninthemanufacturingandtheservicessectors.

3) Asia-Pacific:InSingapore,industrialproductionwasdown3.5%monthovermonthinMay,belowtheconsensusestimateofa0.7%drop.InTaiwan,industrialproductionedgedup0.8%yearoveryearinMay,whichwasslightlybetterthanthemarket’sestimate.

4) LatinAmerica:InBrazil,inflationcontinuedtoedgedowntoamorefavorablelevelinJune.InMexico,retailsalesincreasedby1.2%monthovermonthinAprilandby1.4%yearoveryear.TheunemploymentrateinMexicoremainedatalowlevelinMay.

*FungGlobalRetail&Technology’sevaluationoftheactualfigure’simpactontheeconomyrelativetohistoricalbenchmarksandthecurrentmacroeconomicenvironment:+indicatesapositivesignalforthecountry’seconomy,–indicatesanegativesignaland=indicatesanegligibleormixedimpact.Source:NationalAssociationofRealtors/USCensusBureau/S&PDowJones/Markit/EuropeanCommission/MonetaryAuthorityofSingapore/SingaporeDepartmentofStatistics/SingaporeEconomicDevelopmentBoard/MinistryofEconomicAffairsTaiwan/InstitutoBrasileirodeGeografiaeEstatística(IBGE)/InstitutoNacionaldeEstadísticayGeografía(INEGI)/FungGlobalRetail&Technology

Country/Region Indicator Period Actual Survey Prior Impacton

Economy*

US ExistingHomeSales(Mil.) May 5.6 5.6 5.6 +

US ExistingHomeSales(MoM) May 1.1% (0.4)% (2.5)% +

US NewHomeSales(Thous.) May 610 590 593 =

US NewHomeSales(MoM) May 2.9% 3.7% (7.9)% =

US S&PCoreLogicCase-Shiller20-CityCompositeHomePriceNSAIndex

Apr 197.2 – 195.4 =

USS&PCoreLogicCase-Shiller20-CityCompositeHomePriceSAIndex(MoM)

Apr 0.3% 0.5% 0.5% =

US S&PCoreLogicCase-Shiller20-CityCompositeHomePriceNSAIndex(YoY)

Apr 5.7% 5.9% 5.9% =

EZ MarkitEurozoneManufacturingPMI(Prelim.) Jun 57.3 56.8 57.0 +

EZ MarkitEurozoneServicesPMI(Prelim.) Jun 54.7 56.1 56.3 +

SI IndustrialProduction(SA,MoM) May (3.5)% (0.7)% 0.1% –

SI IndustrialProduction(YoY) May 5.0% 7.5% 6.7% –

TA IndustrialProduction(YoY) May 0.8% 0.5% (0.2)% +

BZ IBGEInflationIPCA-15(MoM) Jun 0.2% 0.1% 0.2% +

BZ IBGEInflationIPCA-15(YoY) Jun 3.5% 3.5% 3.8% +

MX RetailSales(MoM) Apr 1.2% 0.8% (1.2)% =

MX RetailSales(YoY) Apr 1.4% 2.3% 6.1% =

MX UnemploymentRate(SA) May 3.5% 3.6% 3.6% +

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June30,2017


EARNINGSCALENDAR

Sales(Mil.) EPS

Company

EarningsReleasePeriod Date

ConsensusTY LYActual

ConsensusTY LYActual Currency

OcadoGroup(OCDO.L) 1H17 Jul5 691 508 0.00 0.01 GBP

SuperGroup(SGP.L) FY17 Jul6 741 598 0.84 0.70 GBP

FastRetailing(9983.JP) 3Q17 Jul13 4,036 3,827 2.35 2.14 USD

eBay(EBAY) 2Q17 Jul19(E) 2,311 2,230 0.45 0.35 USD

Skechers(SKX) 2Q17 Jul20(E) 962 878 0.45 0.48 USD

Unilever(ULVR.L) 2Q17 Jul20 28,027 26,283 1.03 0.92 EUR

Colgate-Palmolive(CL) 2Q17 Jul21 3,894 3,845 0.72 0.70 USD

Alphabet(GOOGL) 2Q17 Jul24 21,077 21,500 10.34 7.01 USD

LuxotticaGroup(LUX.MI) 1H17 Jul24 5,023 4,719 1.09 1.11 EUR

VFCorp.(VFC) 2Q17 Jul24 2,288 2,445 0.28 0.51 USD

Apple(AAPL) 3Q17 Jul25(E) 44,988 42,358 1.58 1.42 USD

ExpressScripts(ESRX) 2Q17 Jul25(E) 25,414 25,222 1.74 1.11 USD

Kimberly-Clark(KMB) 2Q17 Jul25 4,568 4,588 1.50 1.53 USD

LVMH(MC.FP) 1H17 Jul25(E) 19,196 17,188 4.02 3.42 EUR

UnderArmour(UA) 2Q17 Jul25(E) 1,078 1,001 (0.06) 0.04 USD

Supervalu(SVU) 1Q18 Jul26(E) 3,914 5,196 0.11 0.20 USD

Amazon(AMZN) 2Q17 Jul27(E) 37,169 30,404 3.06 1.78 USD

Baidu(BIDU) 2Q17 Jul27(E) 20,817 18,264 9.89 6.95 CNY

GroupeCasino(CO.PA) 1H17 Jul27 18,933 21,581 0.30 (1.00) EUR

Carter’s(CRI) 2Q17 Jul27(E) 682 640 0.71 0.71 USD

DeckersOutdoor(DECK) 1Q18 Jul27(E) 179 174 (1.67) (1.80) USD

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June30,2017


EVENTCALENDAR

Event Location Date(s)

FungGlobalPresenting/Attending

BerlinFashionWeek Berlin,Germany Jul4–7 IntertextilePavilion Shenzhen,China Jul6–8 2017ESRIBusinessSummit SanDiego,CA Jul9–11 CosmoprofNorthAmerica LasVegas,NV Jul9–11 CEWeek NewYork,NY Jul12–13 ICSCNorthAmericanResearchTaskForceSummerMeeting Chicago,IL Jul13–14 √LondonAccessoriesShow London,UK Jul16 Project NewYork,NY Jul16–18 FortuneBrainstormTECH2017 Aspen,CO Jul17–19 √NRFRetailAdvocatesSummit Washington,DC Jul17–19 UnboundLondon2017 London,UK Jul19–20 NRFtech2017 SanDiego,CA Jul23–25 WearableTechnologiesConference SanFrancisco,CA Jul25–26 BrandInnovatorsLuxuryBrands NewYork,NY Jul27 ChinaJoyInternationalDigitalEntertainmentExpo&Conference Shanghai,China Jul27–30 AccessorieCircuit NewYork,NY Aug6–8 PlanalyticsQ2RecapWebcast NewYork,NY Aug10 AWSSummit NewYork,NY Aug14 Magic LasVegas,NV Aug14–16 NACDSTotalStoreExpo SanDiego,CA Aug19–22 InternationalRetailDesignConference NewOrleans,LA Sep5–8 GoldmanSachs24thAnnualGlobalRetailingConference NewYork,NY Sep6 Tech.PoweredbyRetailWeek London,UK Sep13–14 WWDDigitalForum NewYork,NY Sep19–20 NRFShop.org:ThisIsDigital LosAngeles,CA Sep25–27 FashionTechForumConference LosAngeles,CA Oct6 ShoptalkEurope Copenhagen,

Denmark Oct9–11 RetailCongressAsiaPacific HongKong Oct10–11 2017TechstarsDemoDay Minneapolis,MN Oct11 REConLatinAmerica&Caribbean SanJuan,PR Oct15–17 SourcingJournalSummit2017 NewYork,NY Oct17 ExclusiveExecutiveConference Orlando,FL Oct17–19 ICSCResearchConnectionsConference Toronto,Canada Oct22–24 RetailWestSummit SanFrancisco,CA Oct24 WWDApparel&RetailCEOSummit NewYork,NY Oct24–25 AAFAExecutiveThinkTank HongKong Oct26 X5RetailGroupCapitalMarketsDay Moscow,Russia Oct26

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June30,2017


DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comKirilPopovSeniorAnalyst

JohnHarmon,CFASeniorAnalyst

JohnMercerSeniorAnalyst

StevenWinnickResearchAssociate

CharliePoonResearchAssistant

ZaneYangResearchAssistant

HongKong:8thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,18thFloorNewYork,NY10018Tel:6468397017FungGlobalRetailTech.com

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Weekly Insights June 30 2017 - Home - Coresight Research · Amazon’s biggest sales day ever last year. ... First , it offers ... other companies, in British fintech startup Yoyo