Retail News CRM

Tag: China

  • Pandora China soon to be in one roof

    Pandora China soon to be in one roof

    Pandora in China is about to be united under one business.

    The Danish contemporary jewellery manufacturer is moving to increase control of its brand by acquiring its Taiwanese store network from controlling distributor Carrera Corporation as of January 2019.

    The deal will give Pandora in China complete ownership of its distribution and retailing activities, including the mainland, Hong Kong and Macau. It is part of Pandora’s strategy to increase its owner-operated retail footprint in important markets.

    Along with the agreement, Pandora will be adding five concept stores and 14 shop-in-shops to its retail network. Some 100 store staff will transfer to Pandora.

    President of Asia Pacific in Pandora Kenneth Madsen said that for many years, Taiwan has been an important market for the company.

    “Pandora is a leader in the jewellery segment among Taiwanese consumers and we see attractive expansion opportunities. Having complete ownership in greater China will support our growth and development strategy in the entire Asia-Pacific region.”

    Pandora will pay about HKD120 million (US$15.3 million) in cash for the assets. Carrera’s distribution rights were set to expire on January 1, 2019.

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  • Tiffany’s new strategy boosts sales in Asia-Pacific

    Tiffany’s new strategy boosts sales in Asia-Pacific

    An expanding Asian store network has helped New York jeweller Tiffany & Co achieve strong sales increases in the first half of this year.

    Tiffany sales in Asia-Pacific soared 28 per cent in the second quarter, to US$301 million and by the same rate in the first half, to $629 million.

    The company says same-store sales rose by 13 per cent in the first half.

    Management attributed the sales growth across greater China and most other Asian markets largely to higher spending by local customers and, to a lesser extent, spending by foreign tourists.

    In Japan, net sales increased 11 per cent to $155 million in the second quarter and 14 per cent to $305 million in the first half, with comparable sales rising 9 per cent and 12 per cent, respectively, mainly due to locals increasing their spending.

    CEO Alessandro Bogliolo said the company is still in the early stages of addressing its six key strategic priorities, and is pleased with initial customer reactions to its new communication, product and in-store initiatives.

    “We are pleased with our sales and earnings growth and the strength and breadth of the results in the first half of this year, but it is worth noting that strategic investment spending is increasing for the remainder of the year, as expected, which is intended to support longer-term sustainable growth.”

    Global results

    Globally, higher earnings in both periods resulted from broad-based growth in worldwide sales, increases in gross margin and lower effective tax rates, partly offset by higher investment spending. Worldwide second-quarter net sales rose 12 per cent to $1.1 billion, with comparable sales rising 8 per cent. Net earnings rose 26 per cent to $145 million.

    Worldwide first-half net sales increased 13 per cent to $2.1 billion, due to geographically broad-based growth and increases in all product categories; comparable sales increased 9 per cent. Net earnings increased 38 per cent to $287 million.

    The company is about to embark on its recently announced multi-year remodeling of the New York City flagship building.

    “We believe that the thoughtful combination of making short- and long-range strategic investments is necessary to achieve the full growth potential of this legendary brand,” said Bogliolo

    Tiffany sales in Asia-Pacific were partly boosted by rebounding spending on jewellery and luxury goods by Chinese mainland visitors to Hong Kong.

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  • Okashi Land to launch self-service c-store

    Okashi Land to launch self-service c-store

    Japanese snack store Okashi Land is planning to open a self-service outlet in Mong Kok.

    The unmanned store, which opens on September 5 in Gala Place, has been undertaken in partnership with Guangzhou unmanned convenience-store startup EasyGo.

    It will stock more than 100 products marked with radio-frequency IDs. Customers will be able to make their purchases via automatic deductions from their digital wallets.

     

    Chairman of Okashi Land’s parent company Four Seas Mercantile Holdings Stephen Tai said unmanned stores and digital payments have become the main trend of the retail industry.

    “The company set up Unmanned Okashi Land in the hope of better business and it will bring convenient services for Hong Kong customers.”

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  • India’s BuyMore signed agreement with HK company to boost sales

    India’s BuyMore signed agreement with HK company to boost sales

    Indian e-commerce aggregator BuyMore has partnered with retail consulting firm Hong Kong Circle Tech to assist Chinese retailers seeking to sell their products in India.

    The deal will see Circle Tech’s Chinese retail clients listed on BuyMore’s 10 e-commerce websites, a move anticipated to significantly boost e-commerce trade in both countries.

    The partners will initially introduce 450 Chinese brands and US$5 million worth of products to India, which replaced China as the most promising retail market in the world last year.

    BuyMore’s MD & co-founder Sidharth said that more than 80 per cent of lifestyle and electronic products used today originate from China. “This shows that the market has a lucrative opportunity we can enact upon.”

    CEO & co-founder Abhinandan said: “We are hoping to reduce brand monopoly that currently exists in the Indian market. With our leading AI technology we will help Chinese factories streamline their production and cut production costs so that the Indian consumers can benefit from the cost cutting. India is price sensitive and we aim to give quality products at great rates by bringing in Chinese brands.”

    BuyMore will provide free warehousing, listings and cataloguing services to participating Chinese brands.

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  • Gome Retail restructure ends up disappointing

    Gome Retail restructure ends up disappointing

    Gome Retail Holdings has posted a loss attributable to shareholders of RMB457 million for the first half of this year as it continued with implementation of its Home – Living strategic restructure.

    The loss was a contrast to the profit of RMB122 million in the same period last year.

    Gome Retail chairman Zhang Da Zhong said the group accelerated its transformation into “a one-stop home solution provider. At the same time, it promoted the overall integration of its online to offline businesses, aimed at raising management efficiency and enhancing consumer experience.

    Gome is combining its electrical appliances, home decoration, household systems and supermarkets to create sizable “experiential stores” in tier 1 and 2 cities. The group is also optimising its platform to include the Xiaomei Net Café, VR Cinemas and Gome esports.

    During the six months, the group’s total gross merchandise volume (GMV) for both online and offline operations increased by 14.94 per cent year on year, with 67.39 per cent growth in the GMV from the marketplace of the e-commerce business.

    As a result of the implementation of the strategic transformation plan, the group recorded sales revenue of RMB34.706 million, representing a decrease of 8.84 per cent when compared with RMB38.073 billion for the corresponding period last year.

    Gome proposed the ‘Triple New’ initiative of ‘New Business, New Market, New Technology’ to rapidly open county-level stores in tier 3-6 cities, and introduced new service initiatives including the integration of kitchen cabinets and electrical appliances, home furnishing/kitchen cabinet and kitchen interior design services.

    “The Triple New initiative proposed by Gome not only represents an operational shift of focus from products to users, but also demonstrates Gome’s determination to attract customers with quality services,” said Zhong.

    In the months ahead, he says the group will continue to open county-level stores at a quicker pace and work on merging its online and offline operations.

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  • Emperor Watch & Jewellery profit jumps high

    Emperor Watch & Jewellery profit jumps high

    Emperor Watch & Jewellery cites “strong momentum in luxury consumption” as the reason for a massive profit boost in the first half of this year.

    Total sales surged 34.3 per cent to HK$2.454 billion (US$312.6 million), as inbound tourism arrivals from the mainland recovered and Hong Kong retail sales rose.

    Revenue from its core, home market Hong Kong was up 42.8 per cent to $1.908 billion, accounting for 77.8 per cent of total sales.

    “The improvement in consumption sentiment has supported robust demand for watches,” the company said in an announcement. Hence, revenue of the watch segment, the group’s largest revenue contributor, rose 32.1 per cent to $1.942 billion, accounting for 79.1 per cent of total revenue. Revenue from the jewellery segment increased by 43.6 per cent to $512.5 million.

    Gross profit grew 39 per cent to $677.3 million, with gross profit margin rising from 26.7 per cent to 27.6 per cent, due to stronger demand for watches.

    Group net profit more than quadrupled year on year to HK$157.2 million.

    “Given the favourable fundamentals of Hong Kong luxury watch sector, we are cautiously optimistic about our long-term business prospects albeit market volatility,” said Emperor Watch & Jewellery CEO and chairperson Cindy Yeung. “We remain committed to respond proactively to the market dynamics and leverage on our core competencies.” As at June 30, the group operated 84 stores – four more than at the end of last year – in Hong Kong, Macau, Mainland China and Singapore.

    After a successful launch in Singapore in 2013, the group now plans to expand into Malaysia. Yeung said the company will also continue to eye further expansion opportunities globally.

  • Tao Heung sales improved as visitors increases

    Corporate restaurateur Tao Heung is reporting improved sales in both its core Hong Kong market and on the mainland as people dine out more often and the average tab increases.

    Tao Heung operates 60 restaurants under its own brand, two RingerHut eateries focused on non-Chinese cuisine, and 18 Tai Cheong Bakery stores.

    In the half-year to June 30, consumption sentiment improved both in Hong Kong and Mainland China, the company said. Its strategy to strengthen its culinary portfolio to attract a more diversified customer base, and right-size its operations led to a 5.4 per cent increase in year-on-year sales to HK$2.08 billion.

    “The increase was principally driven by same-store sales growth, in turn the result of the rise in per-head spending particularly for seafood and including late night dining – “all you can eat hotpot”,” the company said in its results commentary.

    Profit attributable to shareholders rose to $51.3 million (from $40.8 million in the same period last year) and would have been up by 53.7 per cent to $62.7 million had it not been for a one-off expense relating to the government-enforced closure of the company’s pig farm during the period.

    In Hong Kong, which accounted for 61.7 per cent of the company’s sales, the company says it faced “fierce competition” rebuffed by several seasonal marketing strategies. “All these helped to further drive same-store sales growth as well as increase per-head spending.”

    Eight Hong Kong restaurants were renovated during the six months, including Tao Heung – The Pier Market Store in Mong Kok which opened in June, specialising in seafood. It is targeted towards affluent customers – “a segment that not only appreciates fine Chinese cuisine but also a suitably sophisticated ambience”. Other restaurants were either closed or right-sized, leaving a net reduction of six outlets since the end of last year.

    As the company looks to diversify its restaurant portfolio, several collaborations were realised, with more partnerships in the pipeline. Du Hsiao Yueh, which specialises in Taiwanese cuisine, which opened its first Hong Kong branch in Tsim Sha Tsui in June last year, now has a sister restaurant in Causeway Bay. Another collaboration involves Flamingo Bloom, a modern, chic Chinese tea salon that opened at IFC mall in July.

    “Management trusts that such collaborations will not only broaden the group’s portfolio, but also provide it with greater flexibility in terms of business development,” the company said.

    Tao Heung is also exploring overseas partnership opportunities for its Tai Cheong Bakery, after achieving success in Singapore.

    “Besides consolidating its bakery network, further efforts will be made at increasing distribution channels through collaboration with different brands and supermarkets.”

    Mainland China operations

    On the mainland, the group operates an integrated complex business model, comprising Chinese restaurant, self-owned supermarket, indoor playground, museum, shops and parking facilities covering over 22,000sqm. The company said the three family-oriented complexes it operates continued to deliver stable income during the period, attracting the patronage of middle-to high-income families.

    The company’s packaged food business on the mainland also experienced strong growth. Sales of frozen food increased by 26.3 per cent, largely due to e-commerce partnerships with online platforms such as Tmall.com and JD, which give the group access to customers nationwide. Takeout services like Dianping.com, Meituan and ele.me also boosted sales.

    As at June 30, Tao Heung operated 46 restaurants in Mainland China, along with 26 Bakerz 180 outlets during the period.

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  • L Brands slides as sales slumps for Pink lingerie

    L Brands slides as sales slumps for Pink lingerie

    L Brands, parent of Victoria’s Secret, Pink, La Senza and Bath & Body Works, has reported a drop in sales and earnings for the second quarter.

    Teen-focused diffusion-brand Pink, now a US$3 billion business which achieved $12 billion in sales last year, is suffering from decline in its core US market, where it seems exposed to rival brands like American Eagle’s Aerie and the Adore Me and ThirdLove.

    The company confirmed in an earnings call that Pink’s same-store sales declined by a vague mid-single digits during the quarter to August 4, adding to challenges the company has with its flagship Victoria’s Secret brand, where same-store sales declined 1 per cent. Bath & Body Works restored some respectability to the company’s figures, with sales up 10 per cent.

    Pink CEO Denise Landman announced her retirement after the results were released, and will be replaced on October 1 by Bath & Body Works president for merchandising and product development, Amy Hauk.

    L Brands executives deny that Pink is losing touch with its customers.

    “I do not think nor do I think anyone in this room believes that Pink has lost its ability to connect with customers and drive excitement in our core constituency,” said Landman during an earnings call.

    L Brands’ reported net sales of US$2.984 billion for the quarter to August, down from $2.755 billion in the same period last year. The group’s comparable sales increased by 3 per cent overall. Second-quarter operating income was $228.1 million compared to $300.9 million last year, and net income was $99 million compared to $138.9 million last year.

    After blaming Pink for reducing the company’s full-year earnings guidance, management watched as L Brands’ share price fell to its lowest point since 2011.

    Addressing her retirement, Landman said she felt “incredibly fortunate” to have been part of the brand since its inception and for her nearly 20 years with L Brands.

    “It’s been a privilege to lead and be surrounded by such incredible talent, thinking and creativity. It inspires me every day. I have great respect for Amy and know that I will be leaving the business in good hands.”

    Leslie H Wexner, chairman and CEO of L Brands, said: “Denise has always been a curious student of the business, focused on the customer and driven by her entrepreneurial spirit. Her contagious passion for the brand has built a true “Pink Nation” experience among college-age women and created one of the fastest growing specialty retailers of all time.

    “Amy too is a master merchant with deep knowledge and capabilities. She is well-equipped to lead the Pink team.

    She has a track record of accurately identifying what’s next in the market, is curious and action oriented. She leads with pace and energy. Since joining Bath & Body Works 10 years ago, she has built a solid, talented merchant team which is well prepared to continue the momentum in the business.”

    L Brands operates 3076 company-owned specialty stores in the US, Canada, the UK and greater China, and its brands are sold in more than 800 additional franchised locations worldwide.

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  • New China chief for Pandora

    New China chief for Pandora

    Only two weeks after the official announcement of Anders Colding Friis’ resignation as Pandora’s CEO, the Danish jeweller seems to be on a roll to bring some changes to the company .

    The company tapped former Nike employee Geena Tok to head its business in China, where the Danish company has been challenged by a rise in sales on the grey market where an increasing number of jewellery pieces are being imported from other markets and sold online.

    Indeed, earlier this May, the Danish Jeweller announced a surprising slowdown in China, which accounted for about 12 percent of its total sales.

    With over 200 stores in the region, Pandora is striving to stay competitive and, in this scope, announced it would lower retail prices in the country by an average of 15 percent.

    Tok joins from Nike where she was leading the sports retailer’s stores and e-commerce business. In her 17-year tenure, Geena worked in the United States, Thailand, India and now China. She will now take over Anthony Asinas’ position following his appointment as Pandora’s Hong Kong and Macau chief.

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  • Alibaba Group revenue jumps high

    Alibaba Group revenue jumps high

    Alibaba Group revenue soared 61 per cent in the second quarter as the behemoth achieved a record 576 million active annual consumers in its marketplace – 24 million more than three months earlier.

    Total revenue was RMB80.92 billion (US$12.229 billion), with revenue from core commerce increasing by the same rate to RMB69.188 billion (US$10.456 billion).

    Cloud-computing turnover rose 93 per cent, entertainment and media by 46 per cent and revenue from innovation initiatives and other activities by 64 per cent.

    The number of mobile monthly active users on China retail marketplaces reached 634 million in June 2018, up 17 million on three months earlier.

    Adjusted earnings before interest tax and amortisation for Alibaba’s core commerce operations was RMB32.797 billion (US$4.956 billion), an increase of 22 per cent year on year, representing a margin of 47 per cent. Net income attributable to shareholders was RMB8.685 billion (US$1.313 billion), down on the same period last year due to a one-off accounting adjustment relating to Ant Financial. Without that, profit would have risen about 33 per cent.

    “Alibaba had another excellent quarter, with significant user expansion and even more robust engagement across our growing ecosystem,” said CEO Daniel Zhang. “Our China retail marketplace business continues to gain share, with New Retail initiatives driving further revenue growth and enabling our retail partners to seamlessly serve customers.

    “We are executing our plan of providing more value and choice to users along the consumption continuum, with digital entertainment and local service offerings that tap into big addressable markets beyond core commerce,” he said.

    “We will continue to invest in strategic business opportunities and innovation to sustain our competitive advantage and for long-term growth.”

    CFO Maggie Wu said the company was pleased with the strength and rapid growth of its business at such significant scale.

    “The exceptional growth across our major segments of core commerce, cloud computing and digital media and entertainment validates our strategy of investing in customer experience, product, technology and infrastructure for the future. We remain confident

    in our ability to continue to gain market leadership by delivering unique value propositions to our business customers, partners and consumers,” said Wu.

    Taobao growth

    Alibaba Group says growing use of its Taobao app helped grow the number of active monthly users on the Taobao platform rise by 17 million during the quarter, taking the total to 634 million.

    “Ongoing improvements in search and personalised recommendations on the Taobao App supported the acceleration of Taobao paid gross merchandise volume (GMV) growth during the quarter,” the company said. “During the quarter, around 80 per cent of the increase in annual active consumers were from lower tier cities as the platform broadened its offerings and services into those regions.

    Tmall gains wallet share

    Tmall, meanwhile, continued to gain wallet share and expand Alibaba Group’s B2C market leadership, the company said.

    Excluding unpaid orders, physical goods GMV grew 34 per cent year on year during the quarter. “The robust growth was driven by continued increases in conversion rates and average consumer spending with strong performance from FMCG, consumer electronics, apparel and home goods categories.

    “Tmall gained further mindshare among domestic and international brands as the leading brand-building and distribution platform that is capturing increasing consumer exposure and spending by users in China. During the quarter, international brands such as MCM, Moschino and Giuseppe Zanotti launched flagship stores on Tmall and joined the Luxury Pavilion, its customised and premium shopping experience for consumers.”

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  • Alibaba signs new deal that speed up cosmetics certification in China

    Alibaba signs new deal that speed up cosmetics certification in China

    Alibaba Group has signed a deal with Zhoushan Free Trade Zone, in China’s eastern Zhejiang province, that speeds up the cosmetics certification in China for Tmall brands who want to import non special-use cosmetics.

    This agreement, signed between the Hangzhou-based e-commerce giant and two Zhoushan City government agencies, cuts the approval time down from a typical six to eight months to just three months, Alibaba said.

    The expedited service could be a major boon for brands that wish to accelerate the launch of their products in China, as they move to keep up with the rapidly changing tastes of the Chinese consumers, said Jet Jing, the head of Alibaba’s B2C marketplace Tmall.

    According to Chinese regulations, non-special-use cosmetics are products that do not have any specialty functions, such as lipstick and eyeshadow. Specialty items, such as sunscreen or freckle-removal cream, are not included in this agreement. Currently, nearly 80 per cent of the cosmetics sold on Tmall are non-special use, Alibaba said.

    The deal, effective immediately, is result of a policy enacted in March last year through which the China Food & Drug Administration accelerated the approval time for first-time imported non-special used cosmetics at the Shanghai FTZ. Since then, 11 FTZs nationwide, including Zhoushan, have been granted permission to offer the same expedited approval by centralising all the necessary testing agencies in one location.

    In China, only the very first shipment of non-special-use cosmetics undergoes this kind of testing. After that initial approval, all other testing is random in order to ensure that the quality of imported cosmetics is maintained. Alibaba emphasised that all required documentations and testing remains the same under the new scheme.

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  • US-China trade war escalates as new tariffs kick in

    US-China trade war escalates as new tariffs kick in

    The United States and China escalated their acrimonious trade war today, implementing punitive 25% tariffs on US$16 billion (RM65.6 billion) worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington.

    The world’s two largest economies have now slapped tit-for-tat tariffs on a combined US$100 billion of products since early July, with more in the pipeline, adding to risks to global economic growth.

    China’s Commerce Ministry said Washington was “remaining obstinate” by implementing the latest tariffs, which kicked in on both sides as scheduled at 12.01pm in Beijing (11.01pm Malaysian time).

    “China resolutely opposes this, and will continue to take necessary countermeasures,” it said in a brief statement, adding that Beijing will file a complaint over the latest tariffs with the World Trade Organisation.

    US President Donald Trump has threatened to put duties on almost all of the more than US$500 billion of Chinese goods exported to the US annually unless Beijing agrees to sweeping changes to its intellectual property practices, industrial subsidy programmes and tariff structures, and buys more US goods.

    That figure would be far more than China imports from the US, raising concerns that Beijing could consider other forms of retaliation, such as making life more difficult for American firms in China or allowing its yuan currency to weaken further to support its exporters.

    Economists reckon that every US$100 billion of imports hit by tariffs would reduce global trade by around 0.5%.

    The tariffs took effect amid two days of talks in Washington between mid-level officials from both sides.

    Washington’s latest tariffs apply to 279 product categories including semiconductors, plastics, chemicals and railway equipment that the Office of the US Trade Representative has said benefit from Beijing’s “Made in China 2025” industrial plan to make China competitive in high-tech industries.

    China’s list of 333 US product categories hit with duties includes coal, copper scrap, fuel, steel products, buses and medical equipment.

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  • BreadTalk high expectation on its tea brands

    BreadTalk high expectation on its tea brands

    Bakery franchise BreadTalk Group has brought two Shenzhen-based specialty tea brands – Nayuki and TaiGai – into Singapore.

    BreadTalk will operate and manage both brands in its joint venture with Shenzhen Pindao Food & Beverage Management. The agreement marks both tea brands’ first overseas stores, which will open this year. They enter a market in which tea drinks are an increasingly popular beverage product.

    Both the Shenzhen-based tea brands have been successful in China. TaiGai operates 60 stores on the Chinese mainland, while Nayuki has 100 new stores planned in China by end of this year – it made national news when it opened three stores within 33 days, earning it the label “veloci-tea”.

    Their signature offerings feature healthy tea options using mainly fresh fruits and premium-quality teas. While Nayuki is known for its “soft-euro bakes” cake products, TaiGai is best known for its signature fruit-blended milk cheese crowns, which it terms “fruity milky kisses”.

  • Inditex’s Uterqüe arrives in China in partnership with Tmall

    Inditex’s Uterqüe arrives in China in partnership with Tmall

    Zara sister label Uterque has opened a flagship on Alibaba’s Tmall to build brand awareness in China’s premium fashion market.

    Uterque has yet to open any physical stores in China, but the company’s parent Inditex says China is definitely on the radar in the near future.

    According to Alibaba Group news site Alizila, Uterque will continue its tradition of renewing the product selection in stores and online twice a week in China as well and customers of Tmall, Alibaba’s B2C marketplace, will have immediate access to all of the label’s newly launched clothes.

    “With the rapid growth of the market for high-end goods on Tmall, more and more premium fashion brands from Europe and North America have joined the platform, even opening a store on Tmall ahead of its brick-and-mortar roll-out,” said Anita Lyu, VP of Tmall Fashion.

    She said launching online in advance of opening physical stores helps brands understand the market first.

    “Through partnering with Tmall, brands can receive accurate feedback from Chinese users and leverage that to design an overall strategy that suits the China market,” Lyu said. “Meanwhile, tapping Tmall can help boost brand awareness and open up markets more quickly.”

    Inditex operates more than 7448 stores worldwide under eight brands, including Zara, Zara Home, Massimo Dutti, Bershka, Pull and Bear, Stradivarius, Oysho and Uterque. Uterque is the last to open an official store on Tmall.

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  • Estee Lauder Hong Kong, China show good numbers

    Estee Lauder Hong Kong, China show good numbers

    Cosmetics giant Estee Lauder says it achieved sales growth in every global market last financial year, led by strong double-digit increases in China and Hong Kong.

    Every single category posted growth as well.

    Globally, Estee Lauder sales reached $13.68 billion, a 16 per cent increase on last year.

    Operating income of $2.05 billion, was up 21 per cent from the prior year, while net earnings of $1.11 billion, was down 11 per cent.

    President and CEO Fabrizio Freda said the results reflect, in part, the company’s strategy to drive growth by targeting its investments to shifts in consumer and market dynamics across product categories, geographic regions, brands and distribution channels. That strategy positioned the company well for the resurgence in global prestige skin care growth as well as the strong increase in demand among Chinese consumers.

    “Sales climbed in virtually all our brands and we hit milestones along the way. Among the top four brands, our flagship Estee Lauder brand achieved record global sales and grew 22 per cent in constant currency, demonstrating the amazing equity of the brand. La Mer became the fourth brand in our portfolio to contribute well over $1 billion in net sales, and we increased sales at Mac and Clinique globally.”

    He said product innovation and creativity were strong across brands and boosting investment in digital advertising helped accelerate sales growth.

    Freda concluded: “In fiscal 2019, we will continue to create products that appeal to a more diverse and growing middle class around the world.”

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