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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
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
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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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Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17
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DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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% +
8
June30,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
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