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Australia ecomm retail speech january 2014 king & wood mallesons mark schaub

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Mark Schaub - King & Wood Mallesonsn ...

Mark Schaub - King & Wood Mallesonsn
Mark, a Shanghai based partner at King & Wood Mallesons will lead a spirited discussion on the retail opportunity in China. He has been based in Shanghai for 20 years and specialises in retail.

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  • General Page|Top Intro
  • General Page|Top Intro
  • General Page|Top Intro
  • General Page|Side Intro
  • Useful Slide|KWM
  • Useful Slides|Office Contacts [ White ]

Australia ecomm retail speech january 2014 king & wood mallesons mark schaub Australia ecomm retail speech january 2014 king & wood mallesons mark schaub Presentation Transcript

  • WHY CHINA IS RELEVANT January 2014 KING & WOOD MALLESONS Sydney and Melbourne www.kwm.com |
  • THE CHANGING FACE OF CHINA www.kwm.com |
  • SHANGHAI 1987 www.kwm.com |
  • SHANGHAI 2013 www.kwm.com |
  • Shanghai Subway 1995 – 16.1 km Shanghai Railway Station Jinjiang Park www.kwm.com |
  • Shanghai Subway 2010 - over 420 km www.kwm.com |
  • Shanghai Subway 2020 - over 877 km www.kwm.com |
  • SHANGHAI USD 114.5 BILLION NEW YORK USD 78.2 BILLION www.kwm.com |
  • AS A MARKET “To Get Rich is Glorious” Deng Xiaoping  Retail sales increasing 18% annually  Rapidly increasing GDP per capita from GDP PP of USD 419 in 1992 to USD 4382 in 2012  China is moving from export led economic model to domestic consumption model  Taobao China’s No 1 online retailer sells 50,000 items per minute  China surpassed Japan in 2011 as world’s 2nd biggest economy  On 11 November 2012 Taobao sold USD 3 billion in a single day www.kwm.com |
  • CHINA VALENTINE’S DAY China’s Single’s Day which is on 11th November is the hottest online sales day of the year Taobao’s sales during the 24 hours of the 11th November developed as follows:  2009 Taobao sales RMB 100,000,000  2010 sales RMB 936,000,000  2011 sales RMB 5,200,000,000  2012 Taobao sales RMB 19,100,000,000 www.kwm.com |
  • On 11th November 2013 Taobao sold: RMB 35,000,000,000 www.kwm.com |
  • AS A COMPETITOR CHINA 2015 GREAT LEAP FORWARD  International retailers are increasingly 1) considering China as a market “sell from the source”; and 2) sourcing product in China  Recent trip to UK a number of retailers intend to use PRC to do fulfillment for Australia as for premium product the consumer experience waiting for 4-5 weeks in unacceptable  To date China’s large e-comm giants have concentrated solely on domestic market - one e-comm client has started work on English site and global sales strategy | www.kwm.com  Imagine if Taobao/T-mall come to6 6 Australia
  • AS AN INVESTOR/COLLABORATOR For many the only way to be really successful in China is to work with Chinese cash, contacts and operational know how to build their brand       When China first opened to foreign investment in the early 1990’s, many foreign investors rushed into China with cash and technology for manufacturing projects Today the world has changed – China is not only an importer of capital, but is an aggregator and exporter Private Equity, both foreign and Chinese, face pressure in finding viable projects – may neatly dovetail with foreign retailers/brand owners who are cash strapped or at least do not have sufficient economic muscle to roll out a retail strategy in a country with more than 150 cities over 1 million inhabitants For many foreign retailers/brand owners a serious China roll-out would result in 90% of their CAPEX being in China Many foreign brands even the largest ones rely on strong franchisees Major Chinese companies like Suning, Calxon, Wahaha, www.kwm.comare Fosun | looking for co-operation 13
  • BIGGEST MISTAKES www.kwm.com | 14
  • MISTAKE 1: NOT KNOW YOURSELF Think about your company. Think about your resources. Ask yourself the following questions:         Have you looked at China? Do you have the resources to do this by yourself? Am I prepared? Do I want a partner? How do I find the right partner? Can I trust my team? Do I have reasonable and achievable plans? Do I have a cost effective market entry strategy? www.kwm.com | 15
  • MISTAKE 2: CHINA IS SHANGHAI AND BEIJING Over 150 cities with population of at least one million Guangzhou 12 million New York City 8.3 million Shenzhen 10.5 million Paris 11.7 million London 8.5 million Chongqing 28.8 million Dongguan 8.2 million Madrid 3.2 million Los Angeles 3.8 million Berlin 3.5 million www.kwm.com | 24
  • BEYOND SHANGHAI & BEIJING PENETRATING 2 AND 3 TIER CITIES nd rd • Expanding beyond Shanghai and Beijing • HUGE customer base in 2nd and 3rd tier markets • Lower costs – leases, employees, overhead, etc. • Retail rent in 1st tier cities expensive on a global scale, and staff and other costs are still on the rise • Less competition from other retailers • Preferential treatment from local authorities • Easier to build brand awareness www.kwm.com |
  • MISTAKE 3: FAIL TO REGISTER TM If a Pirate registers “your trademark” then: You may be sued for infringement of trademark for sales within China You may be sued for manufacturing products with such trademark within China Your trademarked products may be seized by PRC Customs You may need to buy back for high price – see Apple purchase of IPAD TM www.kwm.com |
  • “People’s way of thinking is a battlefield. If we do not occupy it, our enemy will.” Mao Zedong, the most influential person in 20th century China MISTAKE 4: DO NOT REGISTER CHINESE TM www.kwm.com |
  • CHINESE NAME MATTERS Can You Strengthen a Foreign Brand Identity with a Chinese Name Run a search on Baidu.com with the brand’s English and Chinese name: The results will tell the answer Louis Vuitton Chinese name Hermes Ermenegildo Zegna 路易威登 English name Chanel 香奈儿 爱马仕 杰尼亚 • 3,580,000 • 17,500,000 • 29,600,000 • 49,900,000 • 8,460,000 • 17,200,000 • 819,000 • 3,060,000 www.kwm.com |
  • WHY CHINESE NAMES ARE IMPORTANT IN CHINA Viagra’s Chinese name 伟哥 (“Strongman”) 20,500,000 hits vs 万艾可 (wan ai ke) 2,150,000 hits www.kwm.com | 21
  • WHY CHINESE NAMES ARE IMPORTANT IN CHINA Product of current owner of trademark 伟哥 (“strongman”) Drug for erectile dysfunction www.kwm.com | 22
  • E-COMMERCE MISTAKE 5: E-COMMERCE The biggest booming sector NOT AS A PRIMARY  E-COMMERCE IS BOOMING IN CHINA  But it is different than the West  EASY TO DO:    Own online presence is straightforward and low cost to establish Add online presence to physical store Tmall is an option but should not be exclusive e-com channel  E-COMMERCE LEGAL ISSUES INCLUDE:    IP protection – first-to-file Privacy/Data protection – No explicit law prohibiting data collection E-contracts – Advertisements are not offers  PRC E-COMMERCE CHALLENGES:       Payment – COD and 3rd party payment companies Logistics – Difficulties in 2nd- and 3rd-tier cities Returns – Expect a lot of returns Social media – Restricted industry in China The Chinese consumer – Impatient, Indecisive, prefers COD payment Competition – FIERCE www.kwm.com | 23
  • CHINA E-COMMERCE = ALIBABA E-Commerce in China is dominated by the Alibaba Group. Unlike the West, Chinese Ecommerce developed during the same time as the development of Alibaba Group, so Chinese E-consumers are platform specific. Instead of searching for a product on Baidu or Google, most Chinese consumers will go directly to Taobao to conduct their search; therefore, traditional ways of driving traffic (including Search Engine Optimization) are not as effective in China. www.kwm.com | 24
  • ALIBABA DOMINATION BUSINESS One of the most popular B2B marketplaces worldwide. China’s leading on-line payment platform. Has over 600 million registered accounts and proceeds over 11 million transactions per day. CUSTOMER *As at Dec 2011 China’s on-line shopping leader. In Dec 2010, had more than 370 million registered users and 800 million listings. China Market Share Global Alexa Rank* 48.9% BUSINESS th 80 China Market Share 49% Global Alexa Rank* 97th Dedicated B2C platform. More than 30,000 Chinese and international brands 14th 62nd 90.3% Global Alexa Rank* 48.5% Global Alexa Rank* China Market Share China Market Share www.kwm.com | CUSTOMER
  • ALIBABA AT A GLIMPSE       Founded in 1999, headquartered in Hangzhou Ma (Jack) Yun is the Founder, Chairman, and CEO 2012 revenue = RMB 24 billion 24,000 employees In 2012, facilitated more sales (RMB 1.1 trillion) than eBay and Amazon combined Plans to open traditional brick and mortar retail outlets in partnership with Chinese real estate company Wanda www.kwm.com | 26
  • TAOBAO vs. TMALL Taobao is the largest consumer-to-consumer online shopping platform in China. The focus of Taobao is C2C and it allows the resale of products without any licensing requirements, as long as it does not violate Chinese law. The primary protection for brand owners on Taobao is to prevent infringers from using copyrighted pictures or trademarks.    Tmall can be distinguished from Taobao as a dedicated business-to-consumer online shopping platform that restricts its participants to actual brand owners or licensees. Therefore, Tmall is able to assure consumers that they are purchasing an authentic product.   Cannot use misleading words on Tmall such as “Nike-style” shoes. Tmall controls its vendors and requires them to show their business license, license agreements, and other documents to ensure authenticity. Taobao searches will include Tmall products, but not vice versa. Only Tmall flagship stores have the right to buy Taobao banners directing consumers to the store in a Taobao search. Tmall provides consumer information to store owners for both their own store and their sectors. www.kwm.com | 27
  • TMALL STATS    By using Taobao’s infrastructure and payment system Alipay, users are familiar with all services and trust the mechanism Tmall only accepts verified stores, so there’s a guarantee that products sold online are real Tmall launched a standalone iPhone app to enter the m-commerce market www.kwm.com | 28
  • TMALL THE VIRTUAL DEPARTMENT STORE     TMALL HAS RUN SINGLES DAY SALE IN PAST FOUR YEARS: 2009 SALES RMB 50 MILLION 2010 SALES RMB 936 MILLION 2011 SALES RMB 3.36 BILLION 2012 SALES RMB 19.1 BILLION  Tmall is currently China’s most popular B2C platform. Any product search performed within the Alibaba family including Taobao and eTao will direct customers to Tmall listed products. If a WFOE already operates a retail store during the establishment, then it can directly become a seller on Tmall without any additional government authorization. Tmall is more discerning than Taobao participating merchants are authenticated. Tmall has 150,000 merchants and 200,000 brands selling to 180 million customers. Many branded suppliers have set up flagship stores on Tmall. Gross sales for 2010 exceeded RMB 1 trillion, about three times more than its closest competitor, 360buy. Tmall dominates the B2C online retail market in China. www.kwm.com |
  • UNDERSTANDING TMALL STORE FORMATS FLAGSHIP STORE Owner of the store must be formal or exclusive representative of the brand SPECIALITY STORE Dealers with distribution rights without geographical restrictions in the Greater China region are eligible to open this type of store FRANCHISE STORE Franchisees with rights to distribute licensed product and valid license from Franchisor “MONOPOLIZED” STORE Merchants with two or more brands within one of TMall’s product categories can open this type of store. Only one “monopolized” store can be held per merchant per product category TMALL INSISTS ON ITS STANDARD TERMS AND CONDITIONS; LITTLE ROOM FOR NEGOTIATION. Perceived downsides include:     Concerns as to customer information Loss of control over branding Customer experience Captive retailers/brand owners www.kwm.com |
  • COSTS AND FEES And other requirements Costs and fees depend on the type of store and business you decide to open but as a guide:        Deposit of RMB 150,000 for Multi-brand stores Deposit of RMB 100,000 for a flagship store Deposit of RMB 50,000 for standard store Technical service fee of RMB 60,000 per year. 50% of the fee will be redeemed by reaching RMB 360,000 in sales and 100% after reaching RMB 1.2 million in sales Every transaction is subject to a 5% sales commission which is automatically deducted 0.5% Tmall consumer cash-back program in which all Tmall retailers must participate Contracts are signed and re-signed annually so there are no long term arrangements Three Rules of Tmall 1 Must allow consumers to return products within 7 days (if product is re-saleable) 2 Must provide return shipment within 72 hours of complaint being filed 3 Guarantee that products are genuine. If products are fake – WILL SHUT YOU DOWN! www.kwm.com | 31
  • DRIVING TMALL TRAFFIC    Organic search platform that will link to highest selling products Paid marketing through charges per sale, purchasing key words, pay per click, banners. Tmall special events (Singles Day sales, Christmas sales, etc.).   These events are generally free and only require following certain requirements to participate (Minimum inventory of products, free delivery, etc.) On a first come, first serve basis www.kwm.com | 32
  • FOREIGN BRAND OWNERS Tmall is actively trying to recruit foreign brands to its platform     Tmall understands that foreign brands are at a competitive disadvantage for decision making, especially in regards to special events, which are allotted on a first-come, first-serve basis. Tmall reserves 10 monthly banners specifically for foreign brand owners. The decision to award these banners is a holistic approach, but the key is the ability to drive traffic to Tmall and promote the Tmall brand along with your own. If you are hosting a large event and are willing to promote your Tmall store at that event, Tmall will be more inclined to provide you one of these banners. The Flagship stores are intended to also serve as marketing platforms to educate the consumer about your brand along with being a point of sale. BEING ABLE TO CROSS PROMOTE TMALL IS KEY! www.kwm.com | 33
  • HOW TO GET ONLINE 1) Must be registered and licensed in the PRC. Must have a trademark in Chinese characters from the Trademark Office. 2) Apply for enterprise Alipay account and pass seller authentication 3) Sign into online application page at: http://zhaoshang.tmall.com a) Pass the online Tmall entry test 4) Fill in company information online and accept Tmall online service terms, service agreement, and Alipay payment agreement 5) Upload brand logo; the logo must be the same as the one filed with the Trademark Office 6) Post your enterprise qualification and brand qualification to TMall for approval 7) Complete the payment of cash deposit and technology service fee within 15 days 8) List and upload products within 30 days 9) Go live with the store 10) Continue to comply with Tmall’s service standard including 7 days free return/exchange, formal sales receipt, and shopping points promotions www.kwm.com |
  • CLICKS WITHOUT BRICKS NOT EVEN HERE & SELLING Foreign retailers have already made headway into China without any directed presence. One client had over USD 60 million in gross sales without any physical stores, marketing or even a Chinese language website. For retailers who already manufacture in China, it may be more cost effective to retain a surplus of goods and outsource warehouse storage and logistics to 3rd party service providers instead of paying double duty by shipping manufactured goods out of China and back in again. At present many foreign retailers first export goods for sorting overseas – however, some face resistance from Chinese suppliers to adjust the supply relationship. In reality, normally not legal but for commercial reasons (i.e. VAT rebate, transfer pricing, maintain funds outside China, etc.). An initial step is to work with an e-commerce partner. www.kwm.com | 10
  • BRICKS AND CLICKS MOST FOREIGN RETAILERS WANT SOME PHYSICAL PRESENCE A Retail WFOE with established stores can have online sales via 3rd parties (e.g. Tmall) or via own website. Sales via own website require ICP license from Ministry of Industry and Information Technology (MIIT). An approved Retail WFOE does not need to apply for on-line sales as specific part of business scope. Develop an on-line mindset. View on-line presence as a complement to physical stores, not merely an add-on. A big loser will likely be the traditional department store – unless they have a flagship department store coupled with a massive on-line version. Trend will be for many retailers to have flagship stores for customer experience coupled with an on-message online presence and exposure to various portals such as T-Mall or 360. www.kwm.com | 14 14
  • IMPORTANCE OF A PHYSICAL STORE You still need a showroom BRAND RECOGNITION  Physical stores serve as a showroom for Chinese shoppers to test out products and ask questions. Even if they are no longer a point-ofsale in China, a physical presence is still extremely important to control and advertise your brand.  Physical stores in prime locations are similar to commercial advertising on television. Brand recognition decrease drastically when retailers are crammed into the same website. A physical presence allows consumers to distinguish your brand from competitors. Foreign products are perceived to be of higher quality than local products and a physical store than can provide a “brand experience” can further distinguish your product and maintain the perception of quality.  The physical store can provide a “brand experience” for your customers and help them identify with your brand. Both Apple and Starbucks are extremely successful foreign retailers who have utilized the “coolness” of their brand to create an experience for the Chinese consumer.  The physical store also reaffirms to the consumer that they are receiving authentic foreign products. It’s an alternative to being captive on Taobao/Tmall only.   It’s a way to connect the online experience with the real world.  MAINTAIN PERCEPTION OF QUALITY www.kwm.com | 37
  • ADDING BRICKS TO THE CLICKS HOW ANGRY BIRDS WENT FROM ONLINE GAME TO PHYSICAL RETAILER  Originally created as a game for the iPhone  Now, has expanded to clothing, toys and even amusement parks  ROVIO, the developer, expects its China revenue to triple in 2012, including opening a brand store in Shanghai selling licensed apparel and iPhone cases  Planned to open 25 stores in China in 2012  Also opening Angry Bird-themed amusement parks in China in several provinces. www.kwm.com | 38
  • MISTAKE 6: REAL ESTATE       For most e-commerce not enough – also need physical presence Stores increasingly concept or experience rather than mere sales In 1st tier cities premier landlords have leverage General term for leases (other than hyper-markets or flagship stores) is less than 3 years In case of a breach of short term lease by landlord there is little practical recourse by tenant Not uncommon for landlord to put in own similar shop in space afterwards www.kwm.com |
  • SUMMARY Main takeaways  China’s Retail market is booming. While the methods are changing (moving towards 2nd/3rd cities or e-commerce, China’s retail market is still going full speed ahead.  The importance of E-commerce. By utilizing e- commerce platforms, you can quickly establish distribution networks, and drastically improve your ability to expand to 2nd, 3rd (and beyond) tier markets.  Use Chinese local know-how and cash to roll out Your business will concentrate on brand/innovation, let Chinese partner worry about lease, staff, and local authorities  Keep the corporate DNA intact Your brand will always remain your most valuable asset www.kwm.com | 40
  • THE us apart DIFFERENCE KWM What sets RETAIL SPECIALISTS We are one of the only firms in China that specialize and focus on retail. We understand the nuances and particular issues affecting retailers and brand owners. This means we can anticipate problems before they arise. We are familiar with franchising, leasing, intellectual property, advertising, and all of the other particular issues specific to the retail sector With our 12 offices across Mainland China and Hong Kong, we can provide you on the ground support wherever you need it ROLL OUT With 12 offices across China we are where you are or plan to be. In addition we have worked on and helped develop successful roll out models for China. PRC EXPERTISE Not only has our team possess the expertise in China, we also understand the Chinese consumer and the way business is done. Our China expertise goes beyond just legal matters and we can assist you with all aspects of your China. We are the only international law firm that can practice PRC law – we stand by our advice. MORE THAN A LAW FIRM In addition to quality legal services we are able to provide clients with an all-round solution – we regularly work with e-comm firms; market entry specialists; brand consultants; Chinese investors; developers; local government. Our clients like having our involvement as a sounding board and facilitator. www.kwm.com |
  • KWM WORLDWIDE COVERAGE www.kwm.com | This graphic indicates the combined power and capability of the King & Wood Mallesons network.
  • KWM RETAIL MARK SCHAUB Partner Shanghai T +86 21 2412 6003 schaub@cn.kwm.com Mark specializes in foreign direct investment, M&A, outbound investment, compliance, intellectual property and retail. He has advised foreign investment projects in a wide variety of sectors including retail, power, media, internet, renewable energy, transportation, automotive and manufacturing. Transaction sizes have varied from USD 140,000 to USD 1 billion. He is familiar with China issues faced by companies of all sizes and also the issues Chinese companies face as they go overseas. Mark Schaub has been lead counsel for clients in acquisitions, M&A projects, outsourcing, technology licensing, compliance, restructuring, fraud investigations, distribution as well as providing day-to-day corporate advice. He is also the leader of the Retail practice group at King & Wood Mallesons; assisting different retailers and brand owners in setting up their operations in China and dealing with the many legal issues involved with navigating the maze of PRC regulations. Retailers/brand owners our team have assisted include the Kering Group, VF Corporation, Bjorn Borg, Brioni, Coach, Alfred Dunhill, Yihaodian, adidas, Versace, North Face, Kipling, Tesco, Walmart, Bvlgari, JYSK, Sainsbury’s, Loro Piana, Apple, Microsoft, Lotte, Aeon, Grand Optical, Bottega Veneta, Hasbro, Glamour Sales, Chanel, Armani, Alexander Wang, LVMH, Johnson & Johnson, Blackmores, PURE Group, Oroton, MCM and many, many more. Mark has lived in Shanghai since 1993 and has written two books on doing business in China. www.kwm.com | 43
  • KING & WOOD MALLESONS retail.pt@cn.kwm.com Retail Publications Retail Primer – Overview of PRC Market Entry Overview Market Entry – Franchises Roll Out – Expanding into 2nd tier cities and beyond 5. Roll Out – Chinese funding of Retail in China 1. 2. 3. 4. 6. Branding Primer – Branding and Trademarks in China 7. Branding – Why you need a Chinese brand 8. Branding – Common Mistakes by Foreign Companies 9. Sourcing Primer 10. E-Commerce Primer 11. 12. 13. 14. 15. Operational Primer Operational – Leases Operational – Compliance Operational – Privacy Operational – HR www.kwm.com |
  • KWM GLOBAL NETWORK Asia Beijing 40/F, Tower A, Fortune Plaza 7 Dongsanhuan Zhonglu, Chaoyang Beijing, 100020, PRC T +86 10 5878 5588 Beijing 20/F, East Tower World Financial Center 1 Dongsanhuan Zhonglu Chaoyang Beijing, 100020, PRC T +86 10 5878 5588 Chengdu 22/F, City Tower, 86 Section One, Renminnanlu, Chengdu, Sichuan, 610016, PRC T +86 28 8620 3818 Chongqing 1112 Metropolitan Tower, 68 Zourong Rd, Chongqing, 400010, PRC T +86 23 6371 5199 Guangzhou 55/F, Guangzhou International Finance Centre 5 Zhujiang Xi Road, Zhujiang New Town, Guangzhou, Guangdong, 510623, PRC T +86 20 3819 1000 Hangzhou D Region,12/F Euro America Center, No.18 Jiaogong Road, Hangzhou, Zhejiang, 310012, PRC T +86 571 5671 8000 Hong Kong 13/F Gloucester Tower The Landmark 15 Queen's Road Central T +852 3443 1000 Jinan 4/F, Int'l Business Center, 6 Liyang Ave., Jinan, Shandong, 250002, PRC T +86 531 8901 9600 Qingdao 10/F, Hisense Building, 17 Donghaixi Rd., Qingdao, Shandong, 266071, PRC T +86 532 8579 0008 Shanghai 17/F, One ICC, Shanghai ICC, 999 Huai Hai Road (M), Shanghai, 200031, PRC T +86 21 2412 6000 Shenzhen 28/F, Landmark, 4028 Jintian Rd., Futian District, Shenzhen, 518035, PRC T +86 755 2216 3333 Suzhou 601 Century Financial Tower 1 Su Hua Rd Industrial Park Suzhou Jiangsu 215021, PRC T +86 512 6292 7100 Tianjin 3101 Central Plaza, 188 Jiefang Rd., Heping District, Tianjin, 300042, PRC T +86 22 5887 8700 Tokyo (Japan) 11-28 Sogo Nagata-Cho Building Nagato-Cho 1 Chome Chiyoda-ku Tokyo, 100-0014 T +81 3 3508 5599 Australia Brisbane Level 33, Waterfront Place 1 Eagle Street QLD 4000 T +61 7 3244 8000 Canberra Level 5, NICTA Building 7 London Circuit ACT 2600 T +61 2 6217 6000 Melbourne Level 50, Bourke Place 600 Bourke Street VIC 3000 T +61 3 9643 4000 Perth Level 10, Central Park 152 St Georges Terrace WA 6000 T +61 8 9269 7000 Sydney Level 61, Governor Phillip Tower 1 Farrer Place NSW 2000 T +61 2 9296 2000 Europe Berlin Zoofenster, Hardenbergstraße 27 10623 Berlin T +30 88 71 71 50 Brussels Square de Meeûs 1 1000 Brussels T +32 2 511 5340 Frankfurt Atrium am Opernplatz Bockenheimer Anlage 46 60322 Frankfurt am Main T +49 69 50 50 32 500 London (UK) 10 Queen Street Place London EC4R 1BE T +44 20 7111 2222 Luxembourg 41 Boulevard Prince Henri L-1724 Luxembourg T +352 27 47 56 Madrid Calle de Claudio Coello, 37 28001 Madrid T +34 91 426 0050 Milan Corso G. Matteotti 3 20121 Milan T +39 02 36 57 57 01 Munich Karolinen Karree, Karlstraße 12 80333 Munich T +49 (0)89 89 0 81 0 Paris 92 avenue de Champs Elysees 75008 Paris T +33 1 44 346 346 Middle East Dubai Suite 303, Level 3 Park Place, Sheikh Zayed Road PO Box 24482 Dubai, United Arab Emirates T +97 14 328 9900 North America New York (USA) 42/F 444 Madison Ave New York NY 10022 T +1 212 319 4755 Silicon Valley (USA) 535 Middlefield Road, Suite 180 Menlo Park, CA 94025 T +1 650 858 1285 www.kwm.com | www.kwm.com | 45