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May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
LidlwillopenitsfirstUSstoresinthesummerof2017acrossthreeeasternstates:NorthCarolina,SouthCarolinaandVirginia.Thecompanyishiringforstore-basedrolesinatotalof38townsineighteasternstates.Thisreportprovidesanupdateonwhatweknowsofar,andprovidessomeanswerstofourquestions:
1) WhatdoweestimateLidl’sUSsaleswillbe?Weseeanapproximate1-2-4step-upinLidl’sUSsales:roughly$1billionin2018,$2billionin2019and$4billionin2020.ThesefigurespresumethatLidlwillopenjustunder100storesperyearintheUS.
2) WhatheadwindsandtailwindscouldLidlface?Lidlcouldfaceheadwindsintermsofcompromisingthequalityofstorelocationsinaraceforspaceanddivergingfromitstraditionalsmall-storeformat.Tailwindscouldincludeincreasedconsumerdemandforfreshandnaturalfoodsandmillennials’frugalitywhenitcomestoshoppingforgroceries.
3) Whichincumbentretailerslooktobemostatrisk?WeisMarketsandInglesMarketshavethegreatestexposureintheeightstatesinwhichLidlishiring.
4) WhatwillLidl’sUSofferinglooklike?WeexpectLidltooffermorefreshfoodsandasubstantialgeneralmerchandiseselectioninitsUSstores,andtopushtheUSprovenanceofmanyoftheproductsitoffers.
Lidl US Update: Answers to Four
Key Questions
Deborah Weinswig
Managing Director,
Fung Global Retail & Technology
US: 917.655.6790
HK: 852.6119.1779
CN: 86.186.1420.3016
2
May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Source:Lidl
ThisreportprovidesanupdateonwhatweknowsofaraboutLidl’sentryintotheUSmarket.Itprovidessomeanswerstomajorquestionsaboutthediscountgrocer’sprospectsandimpact.WebeginbyprovidingsomekeyfactsonLidl’sUSandworldwideoperations.
LidlUS:KeyFacts• Lidlwillopenitsfirst20USstoresinthesummerof2017across
threeeasternstates:NorthCarolina,SouthCarolinaandVirginia.
• WhenwecheckedLidl’swebsiteonMarch22,thecompanywashiringforstore-basedrolesinatotalof38townsineighteasternstates:Delaware,Georgia,Maryland,NewJerseyandPennsylvania,aswellasNorthCarolina,SouthCarolinaandVirginia.
• Lidlisaimingforstoresofabout36,000grosssquarefeet,peritspropertyadvertisements.Storeswilltypicallyhave21,000squarefeetofnetsellingspace,accordingtoaFebruary2017WashingtonPostinterviewwithBrendanProctor,Lidl’sUSCEO.
• ThatmeansLidlisseekingUSstoresthatareapproximately40%biggerthanitslargestEuropeanstores(whichare15,000squarefeet)androughlydoublethesizeofitstypicalstoreworldwide.Bycomparison,Aldi’saverageUSstoreis10,000squarefeet.
• Lidl’sUSheadquartersisinArlington,Virginia,andithasestablishedthreedistributioncenters:SpotsylvaniaCounty,Virginia;AlamanceCounty,NorthCarolina;andCecilCounty,Maryland.
LidlWorldwide:KeyFacts• LidlispartoftheprivatelyownedSchwarzGroup,whichalsoowns
theKauflanddiscounthypermarketchain.Lidl’sworldwidenetsaleswere€64.4billion(US$71billion)intheyearendedFebruary2016,up9%yearoveryear.SchwarzGroupreportedtotalnetrevenuesof€85.7billion(US$94.4billion)intheyearendedFebruary2016,up8%yearoveryear.
• AccordingtoaDecember2016interviewinGermany’sManagerMagazin,SchwarzGroupCEOKlausGehrigexpectsLidltoreportrevenueofmorethan€70billion(US$77.1billion)fortheyearendedFebruary2017.
• Lidloperatedapproximately10,000storesworldwideasofFebruary2016.Theaveragestoresizewasapproximately9,208squarefeetin2016,accordingtoouranalysisofEuromonitorInternationaldata.
• Lidlisalimited-linediscounterthatfocusesheavilyonitsown-brandproductsingroceryandoffersano-frillsexperience.However,thenumberofproductsofferedhascreptupinrecentyears.InitsstoresinItaly,Lidlreportedlynowoffers1,700products.IntheUK,itslaststatedSKUcount(in2013)was1,600,andthecompanysaidthatitaimedtoincreasethatnumberto1,700in2014.
• Bynumberofstores,Lidl’sbiggestmarketsare,indescendingorder,Germany,France,Poland,theUK,Italy,Spain,theNetherlands,theCzechRepublic,Belgium,Portugal,GreeceandAustria.
Lidl’sworldwidenetsaleswere€64.4billion(US$71billion)intheyearendedFebruary2016,up9%yearoveryear.
3
May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
FourKeyQuestions
1. WhatDoWeEstimateLidl’sUSSalesWillBe?Weseeanapproximate1-2-4structuretoLidl’sUSsales:weestimatethatthecompanywillgenerateroughly$1billioninUSsalesin2018,$2billionin2019and$4billionin2020.Toputthisincontext,Krogergeneratedrevenuesof$115billionintheyearendedJanuary2017.However,revenuesinthelowsinglebillionswouldplaceLidlinthesameballparkasInglesMarket,whichhad$3.2billioninsalesin2016;SproutsFarmersMarket,whichhad$4.3billioninsalesin2016;andSuperValu,whichhad$4.8billioninsalesin2016(allfiguresarefromEuromonitor).
OurestimatesassumethatLidlwillopenjustunder100newstoresperyear.AccordingtoTheWashingtonPost,Lidlisplanningtoopen100USstoresbymid-2018.Estimatespublishedbyvariousresearchfirmsbetweenautumn2016andspring2017placedthenumberofsitesunderdevelopmentbetween80and225.
Figure1.LidlUS:EstimatedSales(LeftAxis;USDBil.)andEstimatedYear-EndStoreNumbers(RightAxis)
Source:FungGlobalRetail&Technology
Oursalesestimatesarebasedonanumberofmetrics,includingsalesdensitiesatAldiUS,othercompetingUSretailersandLidl(bothgloballyandinselectedmaturemarkets).Ourestimatesassumeagradualincreaseinaveragesalesdensitiesandarebasedonaverageannualstorenumbers.
2. WhatHeadwindsandTailwindsCouldLidlFace?
PotentialHeadwindsLidlisnotsomuchdippingitstoesinthewaterasdivingstraightin—anditisdoingsowithastoreformatthatdiffersfromwhatituseselsewhereintheworld.Weseethefollowingrisksassociatedwiththesedecisions:
• Araceforspace:Giventheproposedpaceofstoreopenings,thereisariskthatLidlwillpursuequantityofphysicalspaceoverqualityoflocationintermsofshopperaccessandvisibility.
1.0
2.3
3.9120
210
300
0
50
100
150
200
250
300
0.00.51.01.52.02.53.03.54.04.5
2018 2019 2020
Sales Stores
Weseeanapproximate1-2-4structuretoLidl’sUSsales:$1billionin2018,$2billionin2019and$4billionin2020.
IntheUS,Lidlisnotsomuchdippingitstoesinthewaterasdivingstraightin.
2019E 2020E2018E
4
May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
• Limitedtimetoadjust:Similarly,bybuildingoutanetworkofstoresbeforethefirststorehasevenopened,LidlislimitingitsabilitytoadjustitsstoreformatsandoverallofferingasitexpandsintheUS.
• Movingintounfamiliarformats:TheUSstoresareadeparturefromLidl’soperatingmodelintermsofsize.WhilethesizeofnewstoreshasbeencreepingupindiscountretailinEurope,Lidl’saimofopeningstoresof36,000grosssquarefeetintheUSisaleapintoadifferentformatfortheretailer.
Inaggregate,therisksLidlfacesappearsimilartothosethataffectedFresh&Easy,Tesco’sfailedUSchainofsmaller-format,fresh-focusedgrocerystores.Fresh&Easyadoptedaformatthatwasdistinctfromitsparentcompany’s,andthechainwassaidtohavebeenhinderedbysomepoor-qualitysites—althoughunluckytimingalsoplayedarole,asthechainlaunchedonlyshortlybeforetheGlobalFinancialCrisishit.
Wewonderif,intime,Lidlwilladoptaslightlyslowerpaceofexpansion,enablingittofocusonqualitylocationsandadjustitsofferingasitgrows.IttookAldi40yearstoreach1,600storesintheUS.Forthesereasons,ourestimatesaboveassumefewerthan100storeopeningsperyear.
PotentialTailwindsMeanwhile,weseethreepossibletailwindsthatcoulddriveLidl’sgrowth:
Consumerinterestinhealthyliving:Groceryretailersandanalystswidelyrecognizethatthereisatrendtowardhealthierliving,includingincreaseddemandformorenaturalproductsandfreshproduce.Butthisdoesnotmeanshoppershavelimitlessbudgetstospendonthesekindsofproducts.Reflectingthis,WholeFoodsMarkethasunderperformed,whileWalmarthasbolstereditsorganicranges.IfLidlusesitsadditionalstorespacetooffersubstantialfreshfoodranges,asweexpectitwill,theretailercouldbewellplacedtopickupshopperslookingforfreshandnaturalfoodsonabudget.
Source:Walmart.com
Thefrugalityofmillennialshoppers:Millennials—typicallycharacterizedasthosebornbetween1980and2000—areenteringtheirpeakearningandspendingyears.Andthisgenerationshowssignificantpricesensitivityingrocery,whichwenotedinapreviousreport,HowMillennialsDisruptIndustries:MillennialsandGrocery.IfLidlgetsitsmarketingright,itmaybeabletomopupsomeoftheseshoppers.
Lidl’sUSstoresareadeparturefromitsoperatingmodelintermsofsize.
IfLidlgetsitsmarketingright,itmaybeabletomopupsomemillennialshoppers.
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May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Incrementalshiftsawayfromsuperstoreshopping:Asmoreandmorenongrocerypurchasesshiftonline,andasconsumers’expectationsofconvenienceandimmediacyinfoodshoppingincrease,thereappeartobefewerreasonsforshopperstovisitlargesuperstoresforgrocerypurchases.Lidlcouldbenefitfromanyongoingshifttosmallerstoreformatsthatallowconsumerstoshopmorequickly.
3. WhichIncumbentRetailersLooktoBeMostatRisk?Toanswerthisquestion,welookedattwosetsofdata:
• First,weanalyzedourowndataonLidl’slikelyregionaloverlapwithincumbentretailers.
• Second,welookedatconsumersurveydatafromProsperInsights&AnalyticsonwhoshopsatAldiintheUS,asunderstandingwhoshopsatAldiisonewaytounderstandwhoislikelytoshopatLidl,giventhesimilarityofformats.
RegionalOverlapBelow,wepresenttwotablesthatlookatselectedgroceryretailers’overlapwithintheeightstatesinwhichLidlapparentlyplanstoopenstores.Thefirsttableshowsthepercentageofselectedretailers’storesthatfallwithintheeightstates.ThisgivesanindicationoftheexposureeachretailermayhavetonewcompetitionfromLidl,althoughthedegreeofexposurewilldependontheproximityofstoreswithineachstate.Thesecondtableprovidesstorenumbersinabsolutetermsforthesameeightstates.Thisshowstheextentofpotentialoverlapintermsofabsolutescale.
ThedatashowthatWeisMarketsandInglesMarketshave,byfar,thegreatestrelativeexposuretotheeightstatesinwhichLidlishiring.
Figure2.SelectedUSRetailers:ProportionofTotalStoresLocatedintheEightStatesinwhichLidlIsHiring(%)
WeisMarkets
InglesMarkets
TheFreshMarket Walmart Sam’sClub Kroger
Safeway/Albertsons*
Delaware 1.5 0.0 0.6 0.2 0.2 0.1 0.2
Georgia 0.0 35.3 8.5 4.1 3.6 6.2 0.0
Maryland 23.5 0.0 2.3 1.0 1.8 0.5 0.9
NewJersey 2.5 0.0 1.7 1.3 1.5 0.4 0.0
NorthCarolina 0.0 34.8 12.4 4.2 3.6 5.8 0.0
SouthCarolina 0.0 17.9 4.5 2.3 2.0 1.3 0.0
Pennsylvania 60.3 0.0 2.8 3.0 3.6 0.0 0.0
Virginia 6.4 1.0 9.0 2.9 2.6 4.0 0.9
TotalExposure 94.2 89.0 41.8 19.0 18.9 18.3 2.0
DataareasofApril2017,exceptforInglesMarkets,whichareasofSeptember2016;Kroger,whichareasofJanuary2017;andWalmartandSam’sClub,whichareasofFebruary2017.*BasedontotalAlbertsonsstoresSource:Companyreports/FungGlobalRetail&Technology
WeisMarketsandInglesMarketshave,byfar,thegreatestexposuretotheeightstatesinwhichLidlishiring.
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May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Inabsoluteterms,WalmartandKrogerhavethegreatestnumberofstoresintheseeightstates.
Figure3.SelectedUSRetailers:TotalNumberofStoresLocatedintheEightStatesinwhichLidlIsHiring
InglesMarkets
WeisMarkets
TheFreshMarket Walmart Sam’sClub Kroger
Safeway/Albertsons
Delaware 0 3 1 10 1 2 4
Georgia 71 0 15 191 24 174 0
Maryland 0 48 4 47 12 15 20
NewJersey 0 5 3 62 10 11 0
NorthCarolina 70 0 22 194 24 162 0
SouthCarolina 36 0 8 108 13 36 0
Pennsylvania 0 123 5 138 24 0 0
Virginia 2 13 16 135 17 111 20
TotaloftheAbove 179 192 74 885 125 511 44
TotalUSStores 201 204 177 4,672 660 2,796 2,200
Source:Companyreports/FungGlobalRetail&Technology
Wedonothaverobuststate-leveldataforAholdDelhaizebanners.TheseincludeFoodLion,GiantCarlisle,GiantLandoverandMartin’sFoodMarkets,whicharevariouslypresentintheeightstates,withtheexceptionofNewJersey,andStop&Shop,whichispresentinonlyoneoftheeightlistedstates,NewJersey.
UnderstandingAldiShopperstoUnderstandLidlShoppersWethinkonewaytounderstandwhowillshopatLidlistolookatwhoshopsatAldiintheUS,giventhesimilarityofthecompaniesandtheircomparablefocusoneasternstates.Forthis,weturntoconsumersurveydatafromourresearchpartner,ProsperInsights&Analytics.Prosper’ssurveyaskedconsumerswheretheyhadshoppedinthepast90days,andthedataenableustoisolateatwhichotherstoresthosewhoidentifyasloyalshoppersataparticularretaileralsoshop.OnecaveattothesedataisthatifashopperhasswitchedtoshoppingonlyatAldi,theywillnolongerregisterasashopperoftherivalstoreslistedbelow.
OfthegrocerystorestrackedbyProsper,MeijerseesthegreatestoverlapincustomerbasewithAldi,with30%ofMeijershoppershavingalsoshoppedatAldiinthe90dayspriortobeingsurveyed.However,MeijerispresentinIllinois,Indiana,Kentucky,Michigan,OhioandWisconsin—andLidldoesnotcurrentlyappeartoberecruitingstaffinthosestates.
Afterdollarstores,Krogerseesthenext-biggestcustomeroverlapwithAldi.Aswenotedabove,KrogerseessignificantgeographicaloverlapinthosestateswhereLidllookstobeopeningstores.
Afterdollarstores,Krogerseesthenext-biggestcustomeroverlapwithAldi.
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May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Figure4.USConsumerSurvey:ProportionofRespondentsWhoHaveShoppedatAldiinthePast90Days,byTypeofShopper,August2016
Aretailer’sshoppersaredefinedasrespondentswhorankedthatretailerastheonetheyshopatmostoftenforanycategorywithinthesurvey.Base:6,915respondentsaged18+Source:ProsperInsights&Analytics
Lowpricesandsmallerstoreformatsmayappeartoresonatewithmillennials,butProsper’ssurveydatashowthatthisagegroupsofarunderindexesintermsofshoppingatAldi:instead,shoppingatAlditendstoincreasewithage.WethinkthisrepresentsanopportunityforLidltomarketitselftomillennialswhoareprice-conscious,butdemandqualityfreshfoods.
Figure5.USConsumerSurvey:ProportionofRespondentsWhoHaveShoppedatAldiinthePast90Days,byAgeGroup,August2016
Base:6,915respondentsaged18+Source:ProsperInsights&Analytics
ThetendencytoshopatAldipeaksnotamongthelowest-incomehouseholds,butamongthosehouseholdsinthemiddlebracket,withincomesof$35,000–$74,999.
3.5%
10.4%
13.9%
16.0%
17.4%
20.0%
23.7%
25.7%
30.4%
18.7%
Safeway
Costco
GiantLandover
GiantCarlisle
Walmart(Groceries)
Sam’sClub
Kroger(Groceries)
DollarStores
Meijer
Overall
18.7%16.4%
19.2%20.6%
AllAdults Millennials GenX BabyBoomers
ThetendencytoshopatAldipeaksamongthoseinthemiddlebracket,withincomesof$35,000–$74,999.
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May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Figure6.USConsumerSurvey:ProportionofRespondentsWhoHaveShoppedatAldiinthePast90Days,byHouseholdIncome,August2016
Base:6,915respondentsaged18+Source:ProsperInsights&Analytics
Whilewethinkthesedataareagoodballparkguide,Lidl’scustomerbasewilllargelydependonitsfinalUSpropositionandhowitusestheextraspaceinitsstores.
4. WhatWillLidl’sUSOfferingLookLike?OuranalysishasprovidedsomeindicationsofwhatLidl’sUSofferingwilllooklikeandhowtheretailerwillusetheextraspaceinitsUSstores.
Morefreshfoods:WeexpectLidl’sUSstorestoincludeenhancedfreshfoodsections,withfreshbakerydepartmentsandsubstantialfreshproducedepartments.Inthisrespect,Lidl’sstoresmayresembleacombinationofAldiandTraderJoe’s.Wehaveseenagreaterfocusonfreshfoodsinothernontraditionaldiscountmarkets,suchastheUK.Ina2013interviewwithTheGrocer,LidlUK’sthen-ManagingDirectorRonnyGottschlichsaidfreshfoodaccountedfor40%ofthecompany’sUKsalesandthathecouldenvisagethatrisingto50%.
Generalmerchandise:Lidl’sEuropeanstoresincludefast-changingselectionsofnongroceryranges,fromDIYgoodstoapparel.InhisinterviewwithTheWashingtonPost,ProctorconfirmedthatLidl’sUSstoreswouldeachincludea“largesection”dedicatedtotheseranges.
US-producedproducts:WeexpectLidltohighlighttheUSprovenanceoffreshfoodssuchasmeat,fruitandvegetablesinabidtoreassureshoppersaboutquality.FocusingondomesticsourcinghasbeenLidl’sstrategyintheUK.Ina2014interview,Gottschlichsaidthatmorethan95%oftheUKchain’sfreshmeatand60%ofallthechain’sproductsweresourcedwithintheUK.ByMarch2017,thecompany’sUKwebsitewasboastingthat70%ofitsproductsweresourcedwithintheUK.
Big-namebrands:InEurope,Lidlhasledthechargeamongmajordiscounterstostockbig-namebrands,butitsrangeofbrandeditemsisstillhighlylimited.IntheUKin2013,GottschlichnotedthatLidlstocked300“keybrands,”whichrepresented19%ofLidlUK’sestimated1,600SKUs.Wecouldseeagreaternumberofthird-partybrandsinLidl’sUSstores,
18.7% 19.2%21.6%
15.5%
Overall HouseholdIncomeLessthan$35,000
HouseholdIncome$35,000to$74,999
HouseholdIncome$75,000+
WeexpectLidl’sUSstorestoincludeenhancedfreshfoodsections,withfreshbakerydepartmentsandsubstantialfreshproducedepartments.
9
May5,2017
DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
althoughwedonotyetknowwhichmajorgrocerybrandswillappearonitsAmericanshelves.
WethinkLidlmaynotusetheextraspaceinitsUSstorestosubstantiallyboostthenumberofSKUsitoffersinpackagedgoods.Lidlisalimited-linediscounterthatreliesoneconomiessuchasnarrowchoiceandastrongprivate-labelfocustoofferlowprices.CoupledwiththefactthatLidlwilllikelynothavebenefitsofscaleintheUSmarketforsometime,theretailerlookstohavelimitedopportunitytooffersubstantiallyhigher-than-averageproductcountsinprivate-labelpackagedgoods.Inotherwords,agreaternumberofpackagedproductssourcedexclusivelyfortheUSmarketwouldhaveadilutiveeffectonLidlUS’salreadyprecariouseconomiesofscale.
Intermsofphysicalstoreformats,ProctornotedintheWashingtonPostinterviewthatthefirststoreswillincludejustsixaislesandsomefreestandingislandsforfreshfoods.Wethinkself-checkoutsarelikelytobeemployedinthecompany’sUSstorestodriveupin-storeproductivityandmitigatethecostinvestmentsinvolvedinoperatingbiggerstores.
KeyTakeawaysThisreporthasfocusedonfourkeyquestionsregardingLidl’sentryintotheUSmarket,andwehaveansweredthemasbestwecan,giventhelimitedinformationonthecompany’sUSoperationsinthepublicdomain.
InEurope,Lidlhasbeenamongthemostflexibleoftheharddiscounters,bringinginbrands,morefreshfoodsandpremiumownlabels,anduppingstoresizesandproductcountsasaresult.ThisflexingofitsformathashelpedLidlgrowrapidlyinnontraditionalmarketssuchastheUK,whichbodeswellforitsentryintotheUSmarket.
However,uncertaintiesremain:HowwillLidlusetheextraspaceinitsAmericanstores?Arethequalityofitslocationsbeingsacrificedinthepursuitofgrowth?AndwillitfacechallengesintakingtheleapfromsmallEuropeanstorestomuchlargerformatsintheUS?Wedonotyethavealltheanswers,butwewillupdateourcoverageaswelearnmore.
OfferingagreaternumberofpackagedproductssourcedexclusivelyfortheUSmarketwouldhaveadilutiveeffectonLidlUS’salreadyprecariouseconomiesofscale.
Lidl’sflexingofitsformathashelpeditgrowrapidlyinnontraditionalmarketssuchastheUK,whichbodeswellforitsentryintotheUSmarket.
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May5,2017
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.comJohnMercerSeniorAnalyst
KatieMarshallResearchAssistant
HongKong:8thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,9thFloorNewYork,NY10018Tel:6468397017
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