Duty free newcomer Wangfujing to support Hainan IEDB’s China International Consumer Products Expo

CHINA. Wangfujing Group Co, the long-established department store operator and newcomer to the duty free channel, is to participate in the pioneering China International Consumer Products Expo to be held in Hainan province on 7-10 May.

The event is being organised by Hainan International Economic Development Bureau (Hainan IEDB).

As reported, Wangfujing Group was granted a duty free licence in June 2020 by the Ministry of Finance. The following month it announced the creation of a wholly owned subsidiary duty free company, Beijing Wangfujing Duty Free Management Co Ltd, with registered capital of RMB500 million (US$72 million).

Wangfujing is planning several new stores, including one in the upcoming CNY50 billion (US$7.4 billion) Universal Beijing Resort. The spectacular attraction, owned by NBCUniversal and Beijing Shouhuan Cultural Tourism Investment and operated by Universal Parks & Resorts, is set to open in May. The group has also been eyeing opportunities in Hainan’s burgeoning offshore duty free market.

Wangfujing Chairman Du Baoxiang met Hainan IEDB Director General Han Shengjian in Beijing on 8 January for an in-depth exchange about the Expo.

Hainan IEDB Director General Han Shengjian said that the event, themed ‘Opening up China and Hainan first’, will be critical in enhancing Hainan’s status as an international tourism consumption centre. It will be an important national-level exhibition for international brands, accelerate the repatriation of overseas consumption by Chinese citizens, and drive the upgrading of domestic retail, he pledged.

Chairman Du Baoxiang pledged that Wangfujing Group, as a large-scale well-known state-owned commercial retail group and a duty free operating enterprise, will fully respond to the central government’s call to actively participate in the construction of Hainan Free Trade Port and contribute to the development of Hainan.

At the same time, the Group is very optimistic about the pioneering Expo platform, he said. Wangfujing plans to leverage its resources and strong procurement capability to participate in all aspects of the Expo. It plans to bring management and purchasing representatives from 60 stores (including the duty free team) to meet and negotiate with global brands.

Wangfujing Group, founded in 1955, is one of China’s largest retail groups in China and much loved by Chinese consumers. Its current network covers seven major economic regions in China, and over 70 stores of various types, including department stores, shopping malls, outlets, supermarkets, and (from this year) duty free.

The news adds to a growing wave of support for the event. As reported earlier this week, China’s leading travel retailer, China Duty Free Group, will bring management and procurement teams from 200 stores to the Expo. On the same day, it was confirmed that Japanese beauty house Shiseido would participate, joining a line-up that includes Fancl, Rémy Cointreau, Pernod Ricard, Asiaeuro International Beverage China (a subsidiary of Thaibev Group), Blackmores (a leading Australian health supplements company), Red Bull Thailand, and Kirin to confirm their presence at the showpiece event.

Note: To find out more about the China International Consumer Products Expo, please contact Ruslan Tulenov, Global Media Officer & Supervisor, Hainan Provincial Bureau of International Economic Development.

Email: lusilan@investhainan.cn
WeChat: Ruslan24
Global Investment Service Hotline: +86 4008413413

Website: www.investhainan.cn