In late March, Fung Business Intelligence co-organized the 16th Department Store and Retail Summit (the Summit) with the China Commerce Association for General Merchandise (CCAGM) at the Beijing International Hotel, China. The event was supported by the Ministry of Commerce, P.R.C.
This year’s theme was "Retail Transformation – Redefine a New Value For The Fresh Chapter". As China is now entering a new era and the retail industry is embarking on a new journey, the Summit looked into how retailers can respond to the changing face of consumer demand and how technology can be applied to reshape their supply chain. It also explored how new business models can help retailers keep up with the latest retail trends. The Summit brought together 500+ delegates including C-suite executives from department store operators and retail professionals from across China, provided a platform for them to share insights, exchange ideas and form connections.
At the conference, Mr. Rasih Ozturkmen, Country Manager and Executive Vice President for Li & Fung Limited, delivered a speech on the global retail trends and transformation in supply chain in the plenary session. He revealed how a fast fashion model shortens the production lead time, increases flexibility and allows retailers to stay ahead of the game.
Ms. Vera Lam, Executive Vice President for Li & Fung Limited, took part in a panel discussion titled “The Critical Success Factor of Business Supply Chain”. In her presentation, Vera highlighted recent achievements Li & Fung made in the innovation of supply chain. She also introduced LF Asia Direct to the audience: a division which brings Chinese brands to the world by providing global sourcing solutions, distribution channels and original products.
During the CEO Forum, Director & Group Chief Representative of Eastern China of Li & Fung Development (China) Limited, Ms. Susanna Chiu, JP, shared with industry leaders Fung Group’s innovative business models and the exciting development of Explorium, a hub that focuses on supply chain innovation in the new retail era. It is a platform where technology integrates seamlessly with the latest business models; Innovative consumer products, supply chain solutions and services are expected to be incubated in the ecosystem as well.
Fung Business Intelligence, along with CCAGM, launched the latest report
“China’s Department Stores 2018”. The report analyses macroeconomic data, identifies key trends and major challenges the industry is facing, while making recommendations for the government as well as department store operators.