Aim to enhance access to massive Chinese market for global brands
SHANGHAI, CHINA - Media
OutReach - 6 November 2018 - Fung Retailing Limited,
with a global network of over 3,000 stores, and Alibaba Group Holding Limited
(NYSE: BABA), today announced a strategic partnership to bring more
international lifestyle brands to mainland China.
(Left to right): Sabrina Fung, Group Managing Director of Fung Retailing
Limited); Dr. Victor Fung, Group Chairman of the Fung Group; Daniel Zhang, CEO
of Alibaba Group; and Toby Xu, Vice President of Alibaba Group
collaboration aims to meet the increasing demand of Chinese consumers, building
on the strengths of both parties in online and offline retailing. At the same
time, it will better serve global brands by leveraging Fung Retailing's global portfolio of brands,
offline retail channels and marketing know-how, as well as Alibaba's ecosystem, digital retail
leadership, technology, and consumer insights from Alibaba's over 600 million
will help global brands tailor their product development and marketing
strategies to meet the ever-changing needs of Chinese consumers. The brands can also draw on Alibaba's new retail
channels, including Tmall and Intime, as well as Fung Retailing's offline stores,
thereby reducing costs, risks, and the time traditionally associated with
entering the China market.
the MOU, both companies will join forces in global brand recruitment and offer
brands merchandising, marketing and omnichannel distribution services. This
collaboration will focus on the mainland China market as a first step, and potentially expand to other
regions riding on Alibaba's platforms.
during the signing ceremony at the CIIE in Shanghai, Alibaba Chief Executive
Officer Daniel Zhang said, "It is an honor to kick
off full-scale strategic cooperation with Fung Retailing at the historic China
International Import Expo. We endeavor to help global brands expand their
foothold in the China market by fully integrating Alibaba's strong capabilities
in New Retail, big data and technology with Fung Retailing's
unparalleled advantageous in brand and supply chain resources. We believe this
partnership represents the beginning of a new chapter for New Retail."
Retailing Ltd. Group Managing Director Sabrina Fung said retail is changing
exponentially, so it's important to stay ahead of the curve, which this
agreement allows it to do.
this exciting strategic partnership with Alibaba, we will help customers
navigate the full Chinese retail economy and reach China's 1.4 billion
consumers more easily. In this evolving retail landscape, and faced with
changing consumer behavior and disruptive retail technologies, we are focused
on developing new ways to do business," said Fung.
About Fung Retailing Limited
retailing business of the Fung Group are brought together under privately-held
Fung Retailing Limited and extend from Greater China to the UK, France, Korea,
Singapore, Malaysia, Thailand, and the Philippines through a combined network
of over 3,000 stores. They include stores operated separately and independently
by publicly-listed Convenience Retail Asia Limited (SEHK: 00831) and Trinity
Limited (SEHK: 00891), as well as the privately-held Branded Lifestyle Holdings
Limited, Fung Kids (Holdings) Limited, Toys "R" Us (Asia) Limited, Suhyang
Networks Company Limited and UCCAL Fashion Group. Fung Retailing employs over
18,000 staff, and its turnover exceeds US$1.8 billion. The Fung Group
(www.funggroup.com) is a Hong Kong-headquartered multinational group whose core
businesses are in trading, logistics, distribution and traditional and digital
retailing. Note to Editors: Privately-held Fung Retailing Limited is totally
separate from the publicly-listed company Li & Fung Limited.
About Alibaba Group
Group's mission is to make it easy to do business anywhere and the company aims
to achieve sustainable growth for 102 years. For fiscal year ended March 2018,
the company reported revenues of US$39.9 billion.