- Will open experiential stores focusing on overseas emerging brands in China in next 3 years to promote overseas brands
- Chinese giant deepens collaboration with Italian trade body the ITA and Italian brands
SHANGHAI, Nov. 7, 2019 /PRNewswire/ — Suning Holdings Group – the commercial giant ranked second among the top 500 non-state-owned enterprises in China with annual revenues of approximately EUR 77 billion – has signed deals with dozens of overseas brands at China’s International Import Expo (CIIE).
Suning also chose the sprawling trade fair, now in its second year and designed to boost bilateral trade, to unveil plans to open 150 experiential stores focusing on overseas emerging brands in China over the next three years to promote international brands.
Suning, which will celebrate its 30th anniversary in 2020, announced contracts with dozens of different international brands during the Jiangsu Province Cross-Border Conference which took place at CIIE today. The deals reflect its continued efforts to bring a swathe of international brands to a new generation of Chinese consumers and be the preferred partner for those wanting to tap into the Chinese market.
Suning is particularly keen to explore deals with niche, high-quality overseas brands and businesses that can help create a distinguished product experience and aspirational lifestyle. Along with plans for 150 new experiential stores that have been designed to provide a gateway for Chinese consumers to access and be inspired by major international brands, the business is also set to launch an innovative Suning International high-end smart store in Shanghai during the first half of 2020.
The 16 brands signed during CIIE include a number of Italian brands such as appliance manufacturer De’Longhi, skincare brand Perlier, and cosmetics manufacturer Bolton Group. Others include French multinational food-products corporation Danone, American watchmaker Timex, Brazil’s second largest food processing company Marfrig Global Foods and South Korean firm NUC Electronics.
Mr. Steven Zhang, the President of Suning International, who has ultimate responsibility for spearheading Suning’s international ambitions, said: “We are focused on bringing stylish and high-quality home, fashion and lifestyle products from around the world into China, through Smart Retail innovations and prudent brand partnerships, to cater for the new generation of Chinese consumer. The deals we’ve signed during CIIE reflect our commitment to bridging the East and West to facilitate mutual commercial opportunity and cultural exchange, including for brands intent on tapping into the Chinese market – and we’re looking forward to signing more of these deals soon.”
Earlier this week at CIIE, Suning signed a three-year partnership with the Italian Trade Agency (ITA) alongside ITA Chairman Carlo Ferro in the presence of Italy’s Foreign Minister Luigi Di Maio. Mr. Di Maio spoke highly of Suning’s contribution in bringing authentic Italian brands to China and looked forward to the future development of Italian products in Chinese markets through Suning’s global retail channel.
Under the agreement, the ITA will work closely with Suning to help introduce more Italian brands to China, across design, fashion, technology, wine and specialty foods. The partnership will also see the ITA support the ‘Suning-Italian Retail Academy’, a training programme designed to support professional overseas buyers.
Suning has already signed deals with 150 Italian brands this year, with one third of those being introduced into China for the first time, such as wine brand Biondi Santi and Culti, a fragrance brand. Other Italian brands which Suning has agreements with include familiar names across different industries including Technogym, Versace, Armani, illy and San Benedetto.
Mr. Zhang himself is based in Suning’s Milan office, which on opening in 2018 was seen as a catalyst for Suning International’s European growth. Under his guidance, the business forecasts that at least 30% of its total revenue will come from international business by the end of 2020.
Suning Holdings Group is the owners of Suning.com, a smart retail subsidiary currently ranked China’s most valuable retail brand. It is listed on the Fortune Global 500 List of the world’s largest companies for three successive years, with a total brand value of approximately EUR 34 billion and an operating income in excess of approximately EUR 33 billion. Last week, Suning.com reported revenues over EUR 23.62 billion in the first three quarters of 2019.
About Suning Holdings Group:
Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan. In 2019, Suning Holdings Group ranked as the top three brands among the top 500 non-state-owned enterprises in China with annual revenues of RMB 602.5 billion (approximately EUR 77.24 billion) and continued to top the list of Internet retailing category. Adhering to the enterprise mission of “Leading the Ecosystem across Industries by Creating Elite Quality of Life for All”, Suning has strengthened and expanded its core business as retail through a corporate ecosystem comprised by multiple vertical industries, including commercial real estate, financial services and sports. Suning.com, the main subsidiary pioneering in online and offline retailing, has been listed in the Fortune Global 500 for three successive years from 2017 to 2019.
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