Suning announces EUR 15 bn global procurement spend during CIIE
Suning held its Global Supply Chain Summit at the China International Import Expo
SHANGHAI, Nov. 8, 2018 /PRNewswire/ -- Suning Holdings Group ('Suning'), the commercial giant ranked second among the top 500 non-state-owned enterprises in China, has announced that the scale of its global procurement has now reached almost EUR 15 billion.
The milestone was revealed during the China International Import Expo (CIIE) in Shanghai - the first import-themed expo being held by the Chinese government this week. Suning chose the occasion to host its own '2018 Suning Global Supply Chain Summit'.
Suning's event, held on 6th November, saw key figures from the retail industry and government discuss the opportunities presented by China's move to boost overseas imports. The country is projected to import products and services worth over USD 10 trillion in the next five years.
Suning alone plans to import goods worth a further EUR 10 billion in the coming years. The business forecasts that more than 5,000 overseas brands will be introduced into the lucrative domestic market through Suning's smart retail platform and its global supply chain.
Zhang Jindong, Chairman of Suning Holdings Group, said, "Building the win-win and complementary strategic relationship with mutual trust with more and more global business partners is an essential path for the company's future development."
Suning is positioning itself as the best partner of retail channels in China. The group's smart retail subsidiary, Suning.com, is listed on the Fortune Global 500 and is the largest O2O retailer in China. It now has over 10,000 stores in more than 600 cities and earlier this year was ranked China's most valuable brand in the retail industry, with a brand value of 230.628 billion RMB.
Sun Weimin, Deputy Chairman of Suning.com, told the audience, "The consumption upgrade in China is becoming the new impetus of growth in the global consumer market. After 40 years of reform, China is further opening its market, to increase overseas supply and meet these evolving domestic consumption trends."
Suning took a 500-strong purchasing and sourcing team to CIIE where it explored partnerships with overseas brands from Europe, Japan, Australia and North America. Seven of its existing partners attended CIIE as guests: Whirlpool, A.O. Smith, Rinnai, Noritz, ANCO, Ariston and Metcash.
Suning also brought Italian Football Club Internazionale Milano S.p.A., commonly referred to as Inter, and LAOX, one of the largest duty-free shopping corporationsin Japan, to exhibit at CIIE. Since its 2016 acquisition by Suning, Inter achieved partnerships with several influential brands including China Unicom, Beko and Maotai and is aiming to engage with more consumer brands and fans in the local market.
Other speakers at the 2018 Suning Global Supply Chain Summit included Jin Hong, Deputy Minister of Ministry of Commerce Trade Development Council (China); Gonca Yilmaz Batur, Deputy Minister of the Turkish Ministry of Trade; Nora K. Terrado, Deputy Minister of Philippine Ministry of Industry and Trade; Jorge O'Ryan, Director of Prochile; Ottenberg Karsten, Chairman of Directors Board, CEO of BSH Home Appliance; Rebecca Wang, Vice President of Nestle Great China; and Robert Coviello, Asia Executive Director of Bunge Limited.
Earlier this month, Suning.com revealed it had generated operating revenues totaling RMB 172.97 billion (USD 24.79 billion) during the first three quarters of 2018, up 31.15% year-on-year. Suning Group has annual revenues of RMB 557.9 billion (approximately EUR 69 billion).
About Suning
Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan respectively. In 2018, Suning Holding ranked second among the top 500 non-state-owned enterprises in China with annual revenue of 80.85 billion USD (557.88 billion RMB). With the mission of "Leading the Ecosystem across Industries by Creating Elite Quality of Life for All", Suning has strengthened and expanded its core business through eight vertical industries: Suning.com, Logistics, Financial Services, Technology, Real Estate, Sports, Media &Entertainment, and Investment, among which Suning.com is listed on the 2017 and 2018 list of Fortune Global 500. www.suningholdings.com
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