I-Bytes Retail & consumer goods Industry

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I-Bytes
Retail & Consumer Goods
June Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................19
3. Rewards and Recognition Updates...................................................................................................................36
4. Customer Success Updates................................................................................................................................45
5. Partnership Ecosystem Updates.......................................................................................................................48
6. Miscellaneous Updates.......................................................................................................................................62

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Financial, M & A Updates
Retail & Consumer Goods Industry

Financial, M&A Updates
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Dollar General Corporation (USA) Reports First Quarter 2020 Results
Highlights
• Dollar General Corporation Reports First Quarter 2020 Results
• Net Sales Increased 27.6%; Same-Store Sales Increased 21.7%
• Operating Profit Increased 69.2% to $866.8 million
• Diluted Earnings Per Share (“EPS”) Increased 73.0% to $2.56
• Cash Flows From Operations Increased 202.4% to $1.7 billion
• Company Issued $1.5 Billion of Senior Notes
• Board of Directors Declares second Quarter 2020 Cash Dividend
of $0.36 per share
• Company Provides Fiscal Year 2020 Financial Update
Executive Commentary
“These are certainly unprecedented times, and our hearts go out
to everyone who has been affected by the COVID-19 pandemic,
said Dollar General’s chief executive officer. We are very
grateful for those serving on the front lines, and particularly our
store associates, distribution center employees and private fleet
drivers for their incredible efforts. In the midst of a very
challenging operating environment, our team members have
been tirelessly committed to fulfilling the Company’s mission of
Serving Others, and we could not be more proud of how they
have responded to the needs of our communities. As a result of
their efforts, we are very pleased to report strong first-quarter
financial results.”
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Key Financial Highlights

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Costco Wholesale Corporation (USA) Reports Third Quarter and Year-To-Date
Operating Results For Fiscal 2020
Highlights
• Reported net income for the third quarter was $838 million, or $1.89 per share, which was negatively impacted by $283 million pretax, or
47 cents per diluted share, from incremental wage and sanitation costs related to COVID-19.
• Net income for the first 36 weeks was $2.61 billion, or $5.89 per diluted share, compared to $2.56 billion, or $5.79 per diluted share, last
year.
• Costco currently operates 787 warehouses, including 547 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the
United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 12 in Australia, two in Spain, and one each in Iceland, France, and China. Costco
also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.
• Net sales for the quarter increased 7.3 percent, to $36.45 billion from $33.96 billion last year.
• Net sales for the first 36 weeks increased 7.8 percent, to $110.94 billion from $102.90 billion last year.
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Barry Callebaut (Switzerland) to acquire GKC Foods in Australia
The Barry Callebaut Group, the world’s leading manufacturer of high-quality chocolate
and cocoa products, has signed an agreement to acquire GKC Foods Pty Ltd, a producer
of chocolate, coatings and fillings, serving many consumer chocolate brands in Australia
and New Zealand. This strategic acquisition establishes Barry Callebaut’s direct
presence and manufacturing capacity in the growing Australian market. The acquisition
of GKC Foods empowers the Group to expand its position in the industrial chocolate
market and to leverage its value-adding Gourmet & Specialties business in Australia and
New Zealand. Barry Callebaut will continue to work with local distributors across
Australia and New Zealand who have been importing and distributing its industrial and
Gourmet chocolate and cocoa products to the country since the 1970s. Australia and New
Zealand have an average chocolate consumption of approximately 5 kilograms per
capita, the highest per-capita chocolate consumption in Asia Pacific, according to
Euromonitor. In Australia, demand for chocolate has been on the rise – the chocolate
confectionery market in the country grew well above the global market according to
Nielsen
“We strongly believe in the growth opportunities of the Australian and New Zealand
chocolate confectionery markets. We already have the highest quality products today
and we will further grow our competitive advantage through the acquisition of, and
investment in, the best-in-class GKC Foods manufacturing facility in Australia.”
Said President of Barry Callebaut in Asia Pacific.
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Givaudan (Switzerland) completes the acquisition of the cosmetics business of
Indena
Givaudan announced that it has completed the acquisition of the cosmetics
business of Indena. Indena is a world leading company dedicated to the
identification, development and production of high quality active
ingredients derived from plants, for use in the pharmaceutical, health food
and personal care industries. With almost a century of botanical experience,
Indena has developed an extensive breadth of expertise in this field, while
ensuring biodiversity and protecting the ecosystem from uncontrolled
harvesting. Givaudan and Indena also signed a long term partnership
agreement under which Indena will continue to manufacture ingredients for
Givaudan, as well as providing innovation capabilities and other supporting
services. This partnership will allow both companies to enhance their
capabilities and to focus on their respective core competencies, a win-win
strategy to the benefit of customers and consumers.
President of Givaudan’s Fragrance Division says: “The acquisition of
the cosmetics business of Indena fits very well with our long term
strategy for Active Beauty. They have an excellent reputation in the
market, thanks to the quality of their ingredients, their strong focus on
innovation as well as the mastering of their supply chain. It offers Active
Beauty an expanded portfolio of plant-based ingredients that nicely
complement our current portfolio. We are very confident that the
acquisition will further enhance our position as a leading player in the
active cosmetic ingredients industry.”
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Givaudan (Switzerland) to acquire Alderys
Givaudan announced that it is to acquire Alderys. Founded in 2009, Alderys is an innovative
French biotechnology company headquartered in Orsay, France, employing 30 people.
Alderys develop innovative approaches to the biological engineering of valuable compounds
from renewable feedstock. The projects developed by Alderys are aimed at the chemical and
cosmetic industry sectors as well as nutrition. They are recognized for offering innovative
technological industrial solutions with high sustainability standards. While terms of the deal
have not been disclosed, Alderys’ business would have represented EUR 3 million of
incremental revenues to Givaudan’s results in 2019 on a proforma basis. Givaudan plans to
fund the transaction from existing resources. The planned acquisition remains subject to
formal approvals from the relevant regulatory authorities and the transaction is expected to
close in the second quarter of 2020. Givaudan is the global leader in the creation of flavors
and fragrances. In close collaboration with food, beverage, consumer product and fragrance
partners, Givaudan develops tastes and scents that delight consumers the world over. With a
passion to understand consumers’ preferences and a relentless drive to innovate, Givaudan is
at the forefront of creating flavours and fragrances that ‘engage your senses’. The Company
achieved sales of CHF 6.2 billion in 2019.
President of Givaudan’s Fragrance Division said: “The acquisition of Alderys aligns
with our long term strategy for Active Beauty and more specifically, their expertise in
biotechnology is fully complementary to our Fragrance and Active Beauty businesses. It
will allow us to expand our portfolio of natural and biosourced products, thanks to their
strong research and development bio-engineering platform. It will be an additional tool
to drive our future development and innovation in the active cosmetic ingredients space
and beyond. It will also reinforce Givaudan’s capabilities to support our customers in
developing sustainable, performant and safe products.”
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Glass fiber network GiessenlandenNet and KPN (China) will merge
Glass fiber network GiessenlandenNet and KPN will merge. KPN has taken over
100% of the shares in GiessenlandenNet BV as of 19 May 2020. The fiber optic
network comprises approximately 6,500 addresses in the municipality of
Molenlanden and more specifically in the former municipality of Giessenlanden.
KPN has the ambition to add 1 million fiber optic connections to the network until
the end of 2021. KPN does this by installing large-scale fiber optic networks itself
and where possible cooperating with parties who also want to install. Fiber optics
provides the best quality network. It is the most stable technology because it uses
light signals instead of power signals. As a result, the signal hardly loses any
speed along the way. Fiber also uses energy more efficiently. Data growth will
continue to increase enormously in the coming years, not only due to the
increasing use of the internet and the increasing number of devices, but also due
to gaming, virtual reality and artificial intelligence. These developments are made
possible with fiber optics.
Chairman of the GiessenlandenNet Foundation: “The unique feature of this
fiber optic network is that it has also been installed in rural areas. Thanks to
the principle of solidarity, in which we appealed to all residents to participate
- even if at that time they still had good internet via the copper cable - the
foundation was able to realize the fiber-optic network throughout the
municipality in collaboration with investors. With the takeover by KPN, a
good family man has been found for the network, so that continuity and
quality can be guaranteed”.
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Hormel Foods (USA) Reports Second Quarter Results
Highlights
• Volume of 1.2 billion lbs., up 4%; organic volume1 up 7%
• Record net sales of $2.4 billion, up 3%; organic net sales1 up 6%
• Pretax earnings of $286 million, down 10%; down 5% to adjusted pretax
earnings1 last year primarily due to lower investment income
• Operating margin of 12.1%, compared to 13.3% last year
• Effective tax rate of 20.6%, compared to 11.1% last year
• Diluted earnings per share of $0.42, down 19%; down 9% to adjusted
diluted earnings per share1 last year
• Cash flow from operations of $360 million, up 102%
• Operating free cash flow1 of $280 million, up 115%
“As a global branded food company, we play a critical role in providing
safe, high-quality food during this challenging time, said Chairman of
the board, president and chief executive officer. I am incredibly proud
of the heroic efforts of our production professionals, who have risen to
the challenge and continue to produce food with a sense of purpose and
pride. Our commitment is to ensure every Hormel Foods employee is
safe and healthy and can continue to meet the needs of our customers
and consumers.”
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The Home Depot (USA) Announces First Quarter Results
Highlights
• Reported sales of $28.3 billion for the first quarter of fiscal 2020, a 7.1
percent increase from the first quarter of fiscal 2019.
• Comparable sales for the first quarter of fiscal 2020 were positive 6.4
percent, and comparable sales in the U.S. were positive 7.5 percent.
• The Company incurred a total of approximately $850 million of pre-tax
expense, or approximately $640 million after tax, equaling $0.60 per
diluted share.
• Net earnings for the first quarter of fiscal 2020 were $2.2 billion, or $2.08
per diluted share, compared with net earnings of $2.5 billion, or $2.27 per
diluted share, in the same period of fiscal 2019.
• For the first quarter of fiscal 2020, diluted earnings per share decreased
8.4 percent from the same period in the prior year.
"As the COVID-19 pandemic evolved, we anchored to the core values
of our Company by focusing on two key priorities: working to ensure
the safety and well-being of our associates and customers, and
providing our customers and communities with essential products. We
took early and decisive action to intentionally limit customer traffic in
our stores which we believe had a significant impact to sales in many
markets, said Chairman, CEO, and president. Even with these actions,
the robust and flexible interconnected infrastructure that we have
invested in for over a decade allowed us to quickly adapt to changing
customer preferences and achieve strong sales performance in the
quarter."
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ITC (India) enters into a Share Purchase Agreement to acquire 100% equity share
capital of Sunrise Foods Private Limited
ITC Limited has entered into a Share Purchase Agreement to acquire 100% of the equity share capital of Sunrise Foods Private Limited, a
company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as
specified in the SPA. Sunrise is a clear market leader in eastern India in the fast-growing Spices category with a rich heritage and brand legacy
of over 70 years. Over the years, the brand has built a loyal consumer franchise, anchored on a differentiated product portfolio tailored to regional
tastes and preferences, both in the basic and blended spice segments. The proposed acquisition is aligned with ITC’s strategy to rapidly scale up
its FMCG Businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution
network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how. ITC’s Aashirvaad range of
spices is already a market leader in Telangana and Andhra Pradesh and the Company is one of India's leading producers and exporters of
high-quality food safe spices. The proposed acquisition will augment the Company’s product portfolio and is aligned to ITC’s aspiration to
significantly scale up its Spices business and expand its footprint across the country. The deep consumer connect and distribution strength of
SFPL in the focus markets, together with synergies arising out of the sourcing and supply chain capabilities of the Company’s Agri Business and
its pan-India distribution network, will provide significant value creation opportunities for the Company.
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JBS USA and Pilgrim’s invest more Than $200 Million in U.S. Corona virus
Response Efforts and Community Donations
JBS USA, an American-based food company and the majority shareholder of Pilgrim’s
Pride Corporation announced it is investing more than $200 million to support its team
members and local communities in the United States. JBS USA and Pilgrim’s have
adopted more than $100 million in enhanced safety measures to keep their workplaces
and team members safe, including increased sanitation and disinfection efforts, health
screening and temperature checking, team member training, physical distancing, reduced
line speeds and increased availability of personal protective equipment, including face
masks and face shields. The companies have hired more than 1,000 new team members
to conduct additional, around-the-clock sanitation and cleaning services, and to provide
education, training and enforcement of COVID-19 preventive measures. Consistent
with their ongoing sustainability and social responsibility efforts, JBS USAand Pilgrim’s
will invest more than $50 million in the local communities where their team members
live and work. The investment will include donations to alleviate food insecurity,
strengthen long-term community infrastructure and well-being, and support COVID-19
emergency response and relief efforts.
“Since the arrival of the global corona virus pandemic to the United States, our
priority has been and remains the safety of our team members providing food for all
of us, said JBS USA CEO. We recognize our responsibility as a food company during
this crisis and we have continuously evolved our operations, based on the latest
available guidance from experts, to improve our corona virus preventive measures.
We have already invested more than $100 million to enhance safeguards for our
workforce and more than $50 million to reward our team members with thank-you
bonuses. Today, we are also excited to reaffirm our long-standing commitment to the
rural towns and cities we call home across America.”
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L Brands (USA) Reports First Quarter 2020 Results
Highlights
• The company reported net sales of $1.654 billion for the first quarter ended May 2, 2020, compared to sales of $2.629 billion for the quarter ended May 4, 2019. Almost all of the
company’s stores have been closed since March 17 due to the COVID-19 pandemic.
• Total Bath & Body Works first quarter sales in the United States and Canada were $712.7 million compared to $870.7 million last year.
• Sales at the Bath & Body Works direct business, which remained open throughout the quarter, increased by 85 percent to $288.9 million compared to $156.4 million last year.
• Bath & Body Works first quarter store comparable sales increased 20 percent during the period in which stores were open.
• The company reported a loss per share of $1.07 for the first quarter ended May 2, 2020, compared to earnings per share of $0.14 for the quarter ended May 4, 2019.
• First quarter operating loss was $317.7 million compared to operating income of $153.3 million last year
• Net loss was $296.9 million compared to net income of $40.3 million last year.
• Adjusted first quarter loss per share was $0.99 compared to earnings per share of $0.14 last year
• Adjusted operating loss was $220.9 million compared to operating income of $153.3 million last year
• Adjusted net loss was $275.2 million compared to net income of $40.3 million last year.
• $96.8 million ($0.26 per share) non-cash pre-tax impairment charges related to certain Victoria’s Secret store assets, and
• A tax benefit of approximately $50.4 million related to the favorable resolution of certain tax matters.
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VF (USA) Reports Fourth Quarter and Full Year Fiscal 2020 Results
Fourth Quarter Fiscal 2020
• Revenue decreased 11 percent to $2.1 billion driven by lower consumer demand as a result of the COVID-19 outbreak and
related government actions and regulations.
• Gross margin decreased 150 basis points to 53.1 percent, primarily driven by elevated promotional activity to clear excess
inventory, partially offset by favorable mix shift toward higher margin businesses. On an adjusted basis, gross margin
decreased 100 basis points to 53.9 percent.
• Operating loss on a reported basis was $(257) million. On an adjusted basis, operating income decreased 51 percent to $87
million. Operating margin on a reported basis decreased to (12.2) percent. Adjusted operating margin decreased 350 basis
points to 4.1 percent.
• Earnings (loss) per share was $(1.22) on a reported basis. On an adjusted basis, earnings per share decreased 70 percent (down
69 percent in constant dollars) to $0.10.
Full Year Fiscal 2020
• Revenue increased 2 percent to $10.5 billion. Excluding the impact of acquisitions and divestitures and on an adjusted basis,
revenue increased 3 percent (up 4 percent in constant dollars), driven by VF's two largest brands, and our International and
Direct-to-Consumer platforms.
• Gross margin increased 70 basis points to 55.3 percent, including favorable mix shift toward higher margin businesses. On an
adjusted basis, gross margin increased 70 basis points to 55.5 percent.
• Operating income on a reported basis was $928 million. On an adjusted basis, operating income increased 4 percent (up 6
percent in constant dollars) to $1.345 billion. Operating margin on a reported basis decreased 280 basis points to 8.8 percent.
Adjusted operating margin increased 30 basis points to 12.8% percent.
• Earnings per share were $1.57 on a reported basis. On an adjusted basis, earnings per share increased 5 percent to $2.68.
“Through the first ten months of fiscal 2020 our business delivered results above our stated long-term growth objectives.
Then the world changed for all of us as a result of COVID-19, said Chairman, President and Chief Executive Officer.
From the early days of the outbreak VF has taken a people-first approach in our COVID-19 response, prioritizing the
health and safety of our people, while also protecting their financial well-being. As we've implemented measures to care
for and protect our people, we've also taken several key actions to advance our Enterprise Protection Strategy. These
prudent actions, most of which have been precautionary, have helped us preserve liquidity and given us more flexibility
to manage our global business operations through the prolonged crisis. Moving forward we're committed to using this
moment to set VF and our brands up for the next successful chapter in our 121-year history."
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Ross Stores (USA) Reports First Quarter Results
Highlights
• The Company reported a loss per share of ($0.87), versus earnings per share
of $1.15 for the prior year period.
• The net loss for the 2020 first quarter was $306 million, compared to net
income of $421 million last year.
• Total first quarter sales were $1.8 billion, down from $3.8 billion in the prior
year. Given that stores were open for less than seven weeks of the 13-week
period, the Company is not reporting comparable store sales.
• First quarter 2020 results also include a one-time, non-cash inventory
valuation charge of $313 million or $0.58 per share resulting from the
extended period of store closures.
Chief Executive Officer, commented, “Our first quarter results reflect the
unprecedented impact the COVID-19 pandemic has had on our business,
which led to the closure of all stores and our first quarterly operating loss
in more than 30 years. Operating margin for the period was negatively
affected by the significant revenue decline from stores being closed for
approximately half of the quarter and the aforementioned one-time,
non-cash inventory valuation charge.”
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Ahold Delhaize (USA) announces U.S. brand Food Lion has agreed to acquire 62
stores from Southeastern Grocers
Ahold Delhaize announces that Food Lion, its second largest brand in the United States, by sales, has agreed to purchase 62
BI-LO and Harveys Supermarkets from Southeastern Grocers. The stores are located in North Carolina, South Carolina and
Georgia and will be converted to Food Lion stores, as part of the brand's continued expansion in the southeast of the U.S. Food
Lion, based in Salisbury, N.C., operates more than 1,000 stores in 10 Southeastern and Mid-Atlantic States and employs more
than 77,000 associates. As part of the asset deal Food Lion expects to hire more than 4,650 associates to serve customers at the
62 acquired stores. This asset deal with Southeastern Grocers also includes the acquisition of an additional distribution center in
Mauldin, S.C. Both acquisitions are currently expected to close in the first half of 2021, subject to customary closing conditions.
Financial terms of the deal were not disclosed and Group financial guidance remains unchanged.
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PepsiCo (USA) Launches $7 Million Initiative to Help U.S. Communities
Hardest Hit By COVID-19
The PepsiCo Foundation launched an initiative to provide increased medical and economic
aid to communities of color across the country where the company has long worked. The $7
million initiative is a comprehensive project to support immediate relief and long-term
recovery. The program will provide $1 million each to the National Urban League and
UnidosUS to help feed families and seniors, increase medical care and testing, expand
access to government support and provide technology for remote education and work, with
a portion of the funds focused on post-recovery relief. An additional $5 million will go to
local nonprofit partners to provide support and services that meet the specific needs of Black
and Latino communities, including:
• COVID-19 testing and screening
• Access to affordable nutrition
• Healthcare services
• Education, job training and business resources
• Economic and childcare assistance
• Family and senior housing
"COVID-19 has once again put a spotlight on the deep-rooted health and economic
disparities that have long faced communities of color, said Chief Executive Officer,
PepsiCo Foods North America. In response to this, we're helping to provide immediate
relief and support long-term recovery for Black and Latino communities. But just as
these inequities existed well before corona virus, we will continue to do our part and be
a partner to these communities in the months and years ahead."
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Rakuten (Japan) Mobile Plans to Acquire Innoeye to Support Rakuten
Communications Platform Launch
Rakuten Mobile, Inc., Group Company of Rakuten, Inc., a global leader in internet services, announced that it plans to acquire Innoeye , an
engineering technology solutions company headquartered in Virginia, USA. Rakuten Mobile has already deployed Innoeye’s converged OSS, an
end-to-end platform process automation solution, to support the 4G/5G cloud platform for its network launch in Japan. Plans are also underway
to rollout this technology and expertise as part of the new Rakuten Communications Platform offering to be made available to telecom companies
and other enterprise customers around the world. Rakuten Communications Platform combines the technology blueprint and expert playbook of
the world’s first cloud native mobile network of Rakuten Mobile and its world-class partners to offer telecom companies and enterprises a way
to easily build and deploy fully cloud native network services at speed and low-cost. Rakuten Communications Platform contains all the elements
of the Rakuten Mobile network, including telco applications and software from multiple vendors, OSS and BSS systems handling customer
billing and activation systems, in addition to edge computing and virtual network management functions. Rakuten Communications Platform will
be made available with an app-store-like interface where customers can tailor the platform to their local requirements.
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Sojitz (Japan) Invests in Healthcare Startup Providing Telehealth Services
Sojitz Corporation has invested by way of third-party allocation of shares in a startup, Tetsuyu Healthcare Holdings Pte. Ltd. has developed a remote healthcare
system utilizing ICT and AI capabilities. The system was developed by integrating home healthcare management in Japan with advanced ICT and AI image
processing technology, and is already being offered in Singapore. It enables doctors, nurses, caregivers, and patients to connect with one another via video
conferencing, allowing clinical monitoring and consultations to be carried out remotely. The system also stores the patient’s daily health information and medical
records in the cloud, and utilizes AI technology to assess skin conditions and create treatment plans. This benefits patients who have conditions such as diabetic
ulcers and pressure injuries, and is currently being piloted with the University of Tokyo and other medical facilities, with the goal of early introduction to the
Japanese market. Sojitz aims to promote the introduction of this telehealth system not only in Japan, but also in China and Southeast Asia by utilizing its global
network. Furthermore, as part of its long-term growth strategy, Sojitz seeks to move into the primary care*3 industry and create new combined medical care and
ICT/AI business opportunities that leverage 5G through the new telehealth platform it has acquired from this investment. Moving forward, society will continue
to face challenges posed by escalating medical costs due to aging societies and changes in disease patterns, as well a lack of healthcare professionals and hospital
beds. Sojitz will continue to contribute to the development of healthcare to solve these issues by working with startup companies who offer promising
technologies and services in order to create and grow new global businesses, so that people around the world can lead healthy, happy, and fulfilling lives.
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Vipshop (China) Reports Unaudited First Quarter 2020 Financial Results
First Quarter 2020 Highlights
• Total net revenue for the first quarter of 2020 was RMB18.8 billions, as compared with
RMB21.3 billion in the prior year period, primarily attributable to soft consumer demand for
discretionary categories, delayed logistic services and slow response from the supply chain
during the COVID-19 pandemic.
• GMV for the first quarter of 2020 was RMB28.9 billion, as compared with RMB33.8 billion in
the prior year period.
• Gross profit for the first quarter of 2020 was RMB3.6 billion, as compared with RMB4.4 billion
in the prior year period.
• Net income attributable to Vipshop's shareholders for the first quarter of 2020 was RMB684.8
millions, as compared with RMB872.3 million in the prior year period.
• Non-GAAP net income attributable to Vipshop's shareholders for the first quarter of 2020
increased by 20.8% year over year to RMB986.1 million from RMB816.3 million in the prior
year period.
• The number of active customers for the first quarter of 2020 was 29.6 million, as compared with
29.7 million in the prior year period.
• Total orders for the first quarter of 2020 increased by 4% year over year to 121.7 million from
116.5 million in the prior year period.
Chairman and Chief Executive Officer of Vipshop, stated, "We are pleased to have delivered
resilient results for the first quarter of 2020, despite the negative impact from the COVID-19
pandemic on the Chinese economy and consumption in general during this quarter. Through
this difficult time, we have worked closely with our brand partners and logistics suppliers to
provide desirable products and reliable services to our customers. We are glad to see that
daily life in China has returned to normal, and as a result, our business has seen healthy
recovery since March. We believe that we are well positioned to gain share in the discount
retail market in China, and are committed to continuing to help our suppliers monetize on
their excess inventory effectively, while offering our customers the best deals, particularly in
our core categories."
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Solutions Updates

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Bunge Loders Croklaan (USA) introduces Sweetolin
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Solution Description
Confectionery players now have a solution at hand to achieve unprecedented levels of sugar reduction without the worry of compromising
on product taste. Bunge Loders Croklaan, a world leader in edible specialty oils and fats announces the launch of Sweetolin; a
patent-pending total fat system with solutions in confectionery coatings and fillings applications, enabling up to 50% sugar reduction in
the final product. Oils and fats play an instrumental role in retaining the consumer’s taste experience in sugar-reduced products. Sweetolin
is a total fat system that processes unique combinations of ingredients to preserve the overall taste and mouthfeel that sugar brings to a
final product. The integrated formula of ingredients supports each other in unlocking natural flavors for an optimal sweet taste experience.
Thanks to Sweetolin, the melting property of the final product is optimized, resulting in a higher sweet perception and experience without
any lingering off-taste while maintaining the texture and product performance. Developed by Bunge Loders Croklaan, the science behind
Sweetolin is backed by longstanding expertise and commitment to deliver innovative and tailor-made specialty fat solutions to global
food manufacturers. In-house lipid and application expertise enable smooth and effortless co-creation with customers while our global
footprint and integrated supply chain ensure continuous and uninterrupted supply.

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CPF (Thailand) launches COVID-19 relief projects worldwide
20
Charoen Pokphand Foods PCL, Thailand’s leading agro-industrial conglomerate and its operations worldwide have jointly launched a series of relieves
to alleviate impacts of the COVID-19 pandemic by supporting healthy meals and medical supplies to frontline staff, government, Thais and
communities in overseas. COVID-19 relief activities have been implemented by CPF’s volunteers across the world. CP Vietnam delivered food
products, protective masks, and face shield masks to support Royal Thai Consulate-General in Ho Chi Minh City in order to help Thai expats return
home. The Vietnam’s operation also gave away its products to frontline medical staffs as well as joined forces with other Thai companies to provide
monetary donation, foods, and medical equipment for vulnerable people. In the Philippines, the company donated 6,000 chickens to aid soldiers and
police officers working on the frontline. Moreover, the company provided rice, canned foods, and face masks to people in Samal, where CPF
Philippines’ aquaculture feed mill is located. In Europe, CP Russia’s volunteers have delivered food supplies to 800 Thais living in Moscow and Saint
Petersburg. This activity has received a lot of praises from Thai embassy in Russia. CPF’s operation in the United States joined forces with Royal Thai
Consulate-General in Chicago, Promwachirayan Temple and Thai community to provide CP ready-to-eat products to Thai people in Illinois and
Minnesota. Other overseas operations, including Malaysia, Laos, Cambodia, India, and Turkey, also supports food supplies and medical equipment to
governments and communities that affected by the corona virus pandemic.

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Coca‑Cola HBC (USA) brings the great taste of Costa Coffee to European
markets
21
Coca‑Cola HBC, one of the world’s largest bottling partners of The Coca‑Cola Company and Costa Coffee, which was
acquired by The Coca‑Cola Company early last year, have unveiled a new range of Costa Coffee products to enjoy at-home,
on-the-go and at-work. Launching in Bulgaria, Poland and Hungary, the range will soon be available in Greece, Switzerland,
Romania, Croatia, Slovenia, Ireland and Northern Ireland with more to come in 2020. Coca‑Cola HBC’s offering will consist
of a wide range of Costa Coffee blends and formats as well as best in class training, service and technical support. The full
range of Costa Coffee products will include whole beans, roast & ground coffee, coffee pods, Ready-To-Drink coffee and
self-serve barista-quality coffee on-the-go, via Costa Express machines. Although opening new franchise coffee shops is not
part of these plans, current Costa Coffee franchisees stores in some of these countries play an essential role in building and
strengthening brand recognition.

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Coty (USA) Announces the Launch of Kylie Skin in Europe
22
Coty Inc. announces the launch of Kylie Skin at Douglas, making one of the fastest-growing and most-engaged beauty brands on social media
available to customers in Europe. Douglas will offer six different products from the Kylie Skin line, including the Foaming Face Wash, Walnut
Face Scrub, Face Moisturizer, Eye Cream, Vanilla Milk Toner and Vitamin C Serum. All products are cruelty-free, vegan, gluten free, paraben and
sulfate free and suitable for all skin types. Coty is one of the world’s largest beauty companies with an iconic portfolio of brands across fragrance,
color cosmetics, hair color and styling, and skin and body care. Coty is the global leader in fragrance, a strong number two in professional hair
color & styling, and number three in color cosmetics. Coty’s products are sold in over 150 countries around the world. Coty and its brands are
committed to a range of social causes as well as seeking to minimize its impact on the environment. Kylie‎ Jenner is one of the world's
most-followed people on social media with a combined following of over 250 million users and counting. Featured as the youngest-ever self-made
billionaire on the cover of Forbes Self-Made Billionaire issue, August 2018, Kylie is a successful entrepreneur, beauty mogul, fashion designer,
author, TV personality and style icon. In November 2015, Kylie launched her cosmetics brand, Kylie Cosmetics, inspired by her love for makeup
and passion for business.

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Chex Mix (USA) unveils Chex Quest HD
23
Chex Mix is launching Chex Quest HD, a new, high-definition version of the fan-favorite video game, Chex Quest, available to play on the online
gaming platform, STEAM, for free. Fully premastered in all its original 1996 glory, Chex Quest now features modern additions, including local
split-screen multiplayer mode, five new playable members of the mighty Chex Mix Squadron and high-definition graphics. Unlock new
multiplayer mode and playable Chex Mix characters through unique codes found on specially marked bags of Chex Mix. Developed as the first
non-violent first-person shooter game built in Doom, Chex Quest has maintained a cult following and devoted fan base since its inception. To meet
demand for this game in the interim of an official re-launch, a community of volunteers worked together for more than 20 years to make updates
to the originals and develop a new version in a contemporary game engine. The passion and commitment of Chex Quest fans inspired Chex Mix
to reconnect with one of the original creators to finish the current iteration in Unreal and add four-player “Chexmatch” mode, either locally or via
STEAM’s Remote Play Together feature, while ensuring it kept the same, beloved characteristics that made it so popular originally. The new single
player Chex Quest game was built by Chuck Jacobi and the volunteer developers. Andrew Benson, who wrote music for the original games, also
contributed music. The cinematics and multiplayer capabilities of Chex Quest were built by the talented team at the indie game studio, Flight
School.

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KPN (China) introduces new generation modem with Wifi 6
24
KPN introduces the KPN Box 12, a new generation modem that is greener, faster and more user-friendly and also uses the latest WiFi
technology. KPN is the first telecom company in the Netherlands to integrate Wifi 6 technology in its own modem. The new modem is
equipped with Wifi 6, a new technology that has been available since last year and the successor to Wifi 5, which has been the standard for 5
years. It communicates smarter and more efficiently and works with all existing devices at the same time. This way, higher speeds and better
reaction speeds can be achieved with many more devices at the same time. The signal from other WiFi networks in the house or in the
neighborhood is much less affected. This makes online gaming, video calling and live TV streaming extra fluid. The new modem is more
user-friendly and environmentally friendly. It is user-friendly because it is pre-programmed to fit seamlessly into the KPN and Internet
network; wifi, tv and bells each have their own LED light. This makes it clear to see whether all services are working optimally. The modem
is greener because it uses less power. Through smarter data usage, the modem only communicates with devices when needed. Devices no
longer have to be switched on continuously but go to a standstill. Especially useful with battery operated devices that cannot be easily charged,
such as a smart doorbell or a sensor. The exterior of the modem is made of 100% recycled material.

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Fashion and Functionality with New Fabric Tech at H&M (Sweden)
25
H&M introduces new fabric technology that helps men stay cool when they’re looking sharp. COOLMAX® is a technical fabric that takes
moisture away from the body, keeping the wearer cool and dry. At H&M, COOLMAX® will be used for key summer styles that capture the
new smartness in menswear, as well as a selection of wardrobe essentials. It’s about effortless style with supreme function. This is men’s style
at its most functional: H&M’s pieces using COOLMAX® fabric are the answer to dressing for the heat every day of the week. It’s a collection
of pieces that give a fresh update to menswear classics, maxing on sharp personal style with a relaxed summer attitude. The key to
COOLMAX® is in the weave of the fabric itself, with fabric cross-sections that both moves moisture to the surface and allows air to pass
through. It’s a technical advance that’s part of the fabric, so it’ll keep working after every wash. For the menswear design team at H&M, it’s
a fresh chance to design pieces with smart style, even for the hottest days of the year. COOLMAX® fabric can be used in so many different
ways. Polo shirts have a circular zipper pull at the neck and ribbed collar with stripe detail: they look perfect with tailored joggers with a pleat
front to keep their sharp line. There’s also crewneck T-shirts, all in versatile shades like navy and beige. Tailoring is the essential trend in
menswear right now, and H&M’s two-button tailored slim-lapel jacket made with COOLMAX® fabric is the sharpest look for summer.

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JCPenney (USA) Unveils Linden Street Home™ Brand Bedding
Collection
26
JCPenney announced a significant enhancement to its home merchandise division with the launch of its Linden Street™ brand,
designed to make living comfortable – effortlessly. Defined by casual styles and quality craftsmanship, the Company’s new private
brand inspires customers to Renew. Ultra-soft and fuss-free, Linden Street bedding and sheets are made of 100 percent cotton and are
designed to be washed over and over again, getting even softer over time. The Linden Street artisan-inspired aesthetic features
soothing, neutral color palettes that effortlessly transition between seasons, and the perfectly imperfect appeal is easy to achieve
through the layering of products. The brand’s affordable pricing includes sheet sets starting at $40, and quilts and comforters ranging
from $90 to $220. JCPenney is on a mission to create more sustainable, responsibly sourced products manufactured in clean, healthy
environments – and the Linden Street bedding collections are a big step in that direction. Several products are OEKO-TEX®
Certified, meaning they’ve been tested and verified free from more than 300 harmful substances.

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Kroger Health (USA) Offers Free Telenutrition Service to Promote Healthy,
Affordable Eating
27
Kroger Health, the healthcare division of The Kroger Co. announced a free telenutrition service to help Americans shop for, prepare and enjoy healthy fresh and
non-perishable foods during the COVID-19 crisis. The free telenutrition service is the latest offering from Kroger Health'sFood as Medicine platform.
To help customers manage and navigate the new normal,Kroger Health's telenutrition service offers:
• A complimentary virtual consultation with a registered dietitian via a two-way video chat;
• Personalized support and plans for individuals and families — whether cooking for the first time, experiencing tighter budgets or navigating reduced access to fresh or
favorite foods;
• Management of food-related health concerns, including weight maintenance or loss, gastrointestinal conditions and eating disorders, and nutrition plans associated with
fertility, oncology and more.
The telenutrition service will remain free1 for all customers through the pandemic, including Medicare and Medicaid patients. Customers can schedule unlimited visits
with the code "COVID." Kroger Health, the healthcare arm of The Kroger Co., is one of America's leading retail healthcare organizations, with over 2,000 pharmacies
and 200 clinics in 35 states serving more than 14 million customers. their team of 22,000 healthcare practitioners - from pharmacists and nurse practitioners, to dietitians
and technicians – are committed to helping people live healthier lives. They believe in practicing at the top of their licenses and enabling "food as medicine" to help
prevent disease before it starts.

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Mondelēz International (USA) Announces Significant Packaging Innovation
with Philadelphia Packaging Set To Be Made With Recycled Plastic
28
Mondelēz International announced that Philadelphia cream cheese sold across Europe is to be made with recycled plastic packaging, starting from 2022. The iconic
brand will pioneer this packaging innovation, representing an important step in the company’s goal to reduce its impact on the environment and its commitment to
use 5% recycled content across all plastic packaging. As the first major cream cheese brand using recycled plastic in its packaging, Philadelphia will scale an
innovative technology that that keeps food safe and delicious but doesn’t end up in the environment, helping to advance a more sustainable future for plastic
packaging. The increased use of recycled plastic will drive demand for recycled material and significantly reduce the need to produce new virgin material,
supporting a so-called circular economy for plastic – a sustainable loop that keeps valuable materials in circulation and reduces waste. With every purchase and
recycling of Philadelphia products across Europe, consumers will play an important role in keeping plastic waste out of the environment and meaningfully
contribute to a more sustainable future for people and planet. Philadelphia’s commitment to advancing packaging innovation is part of Mondelēz International’s
long-term sustainability and well-being targets, which are focused on driving positive impact and meaningful change at scale. These commitments include
sustainably sourcing key materials, reducing the company’s environmental footprint and respecting the rights of all people across its value chain. Mondelēz
International is also a participant of the Ellen MacArthur Foundation's New Plastics Economy and a signatory of its Global Commitment, which unites more than
450 businesses, governments and other organizations behind a common vision of a circular economy for plastic, in which it never becomes waste or pollution.

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Calphalon (USA) Introduces Countertop Cooking Like Never Before with
New Performance Cool Touch Countertop Oven
29
Calphalon, a leader in premium cookware, bakeware, cutlery and small kitchen appliances, introduces the Performance Cool Touch
Countertop Oven to enhance countertop cooking for the at-home chef. The latest appliance from Calphalon is designed with an
innovative exterior that stays up to 75% cooler while cooking, for peace of mind in the kitchen. While the outside is now cooler, the
interior features advanced Quartz Heat Technology to deliver 40% more even heat for precise and consistent results. Countertop
cooking is more efficient than ever with this new appliance, preheating faster than a range oven and allowing you to start cooking or
baking at a moment's notice. From baking to roasting to broiling, the Performance Cool Touch Countertop Oven delivers perfection
in every serving with 12 different precision cooking functions. The unique step cook feature allows you to easily program
back-to-back cooking functions at once, for customized results and unattended cooking convenience. Effortlessly achieve crispiness
and texture, for example, when you program meat or fish to bake for 30 minutes, followed by broil for 5 minutes, without manually
switching functions.

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Nordstrom (USA) Just Launched Cloth Face Masks
30
Nordstrom is the latest retailer to add reusable face masks to its lineup. The department store recently released cloth
face masks on its website that are available for online purchase. The popular masks sold out in just one day and are
currently only available in white, but you can purchase all options at Nordstrom Rack. Made out of 100 percent cotton,
the pleated face masks have elastic ear loops covered in cloth for added comfort. You can grab a six pack of all-black
masks, all-white masks, or a mix of the two, for $24 — that means each one costs just $4. Ever since the CDC
recommended that all Americans wear face coverings to help slow the spread of coronavirus, many brands have
pivoted to producing them. From Gap to Etsy, you can find tons of reusable face masks online for your entire family.

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Morrisons Launches Vegan Essentials Food Box
31
Morrisons has launched a brand-new Vegan Essentials Food Box to help its vegan customers during the lockdown. The
food boxes are particularly helpful for those who are vulnerable or self-isolating and can’t leave the house. Created in
response to requests from customers following the launch of Morrisons other food boxes, the Vegan Essentials Food
Box is available for £35, including next-day delivery to your doorstep, and will feed two people for a week. Weighing
just less than 15kg and containing 23 different items, the box includes lentils, jackfruit, couscous, meat free sausages,
meat free mince, dairy free cheese and almond milk - as well as a mix of fresh fruit and vegetables. Lockdown has
meant that people are shopping differently so Morrisons has launched a number of different food boxes including a
Gluten Free Food Box, and British Farmers Food Box. The Vegan Essentials Food Box is the latest in the range to help
feed its vegan customers during the pandemic.

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Morrisons (UK) Launches Extra Large Fruit and Veg Box
32
Morrisons is launching an extra large box of fruit and veg to help customers’ access food more easily and to eat
healthily during the lockdown. The 11kg box will feature a collection of fruit and veg favourites. Each box contains
135 portions of fruit & veg - meaning a family can easily eat their 5-a-day during the course of a week. The boxes are
priced at £22 - which includes next-day delivery to your doorstep – meaning that those people who are vulnerable,
elderly or self-isolating do not need to leave their home. Typical boxes’ salad items will include; peppers, tomatoes,
lettuce and cucumber. Whilst vegetables may include; carrots, baking potatoes, onions,spinach, green beans and
mushrooms. And fruits could include; apples, bananas, grapes, satsumas, lemons and pineapple. Morrisons now
produces 30,000 food boxes a week. Customers can choose from ten varieties including; a Vegetarian Food Box,
Gluten Free Food Box, BBQ Food Box, Assorted Fish Box and British Farmers Food Box.

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Morrisons (UK) introduces 'Speedy Shopping' for basket customers
33
Morrisons is going to introduce Speedy Shopping for customers doing smaller ‘basket’shops at all of its stores - so that
they can get in and out more quickly. The new system will ensure customers wanting to shop for a small basket of
essentials will queue for less time outside of the store, and checkout quicker once inside. A new separate Speedy
Shopping lane will be introduced outside of Morrisons stores. Three Speedy Shopping customers will be invited in for
every Big Shop trolley shopper. Clear signage and Morrisons marshalls will help customers choose a Speedy Shopping
or Big Shop queue. Speedy shopping customers will pick up a shopping basket at the entrance and Big Shop customers
will pick up a shopping trolley. Inside Morrisons stores there will be dedicated Speedy Shopper checkouts - both
colleague-operated and self-scan. To increase the speed of payments for basket customers, more self-scan tills will be
turned into ‘card only’

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X5 Retail Group (Russia): Perekrestok.ru launches in Nizhny Novgorod
34
X5 Retail Group N.V., a leading Russian food retailer that operates the Pyaterochka, Perekrestok and Karusel chains, announces that its Perekrestok.ru online
supermarket has launched in Nizhny Novgorod. The region is the third one where the grocery delivery service is available following the Moscow metropolitan area
and St Petersburg. To handle online orders in Nizhny Novgorod, Perekrestok.ru opened its fifth dark store ahead of schedule. The dark store is located in a former
Karusel hypermarket on Moskovskoye Shosse that was shuttered as part of the chain' transformation process. The facility has a total area of 12,000 sq m and
storage capacity of 30,000 SKUs. The pilot run began in late May, nearly a month ahead of schedule. Currently 100 employees operate the dark store using 15
trucks and handle some 200 orders per day. After reaching full capacity, the store will be able to process up to 4,000 orders per day and will employ 800 workers
operating a fleet of 150 trucks. The launch of this new facility will increase the total capacity of Perekrestok.ru by 30%. The dark store opened earlier than planned
in response to growing demand for online purchases due to the COVID-19 pandemic. In late March, the number of online delivery requests in Nizhny Novgorod
surged by 30 times, according to Yandex Wordstat. In other regions where Perekrestok.ru operates, the number of online orders on peak days in March exceeded
16,000, with the average ticket rising to RUB 6,000 and the number of items on the ticket reaching 80, nearly double the previous average. Demand has remained
high, and in May Perekrestok.ru delivered an average of 11,000 orders per day.

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X5 Retail Group (Russia): Perekrestok express delivery now covers all
Moscow
35
X5 Retail Group N.V., a leading Russian food retailer that operates the Pyaterochka, Perekrestok and Karusel chains, announces the further
development of its online sales channels and the expansion of the pilot express delivery zone from Perekrestok supermarkets. After less than a
month of operation, the service now covers the entire territory of Moscow within the Moscow Ring Road, and has extended its order assembly
base from nine stores when it was launched to 46 supermarkets. In the context of safety measures related to COVID-19, this service enables
shoppers to replace their daily trips to the store with online orders that offer the assortment from the nearest Perekrestok supermarket, where orders
are assembled in-store. The average delivery time is less than 60 minutes, and around 400 orders are completed per day. Shoppers' most frequent
purchases include fresh fruits and vegetables, as well as dairy, with the typical check consisting of 14 items. The average weight of one order is
9.5 kg, and the average check is RUB 2,100. The service covers households near each participating supermarket; a courier usually needs to travel
around 1.6 km to reach the customer. The level of orders with no substitutions is currently 97%. While the pilot project has only been running for
less than a month, the service has achieved a fairly high level of customer satisfaction: repeat orders in May reached 60% and the average rating
in the app is 4 out of 5.

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BayWa AG (Germany) reorganizes agricultural business in northern and
eastern Germany
36
BayWa AG plans to reorganize its agricultural business in eastern Germany in order to increase its competitiveness in agricultural
trading in Germany. The planned restructuring will allow BayWa to enhance its effectiveness and the efficiency of its local
activities, thereby generally strengthening its marketing position in agricultural trading in Germany. As a result, farmers in
southern Germany will also benefit from a significantly optimized supply chain with connections to ports along the Baltic Sea.
Due to past developments, the regions in northern and eastern Germany have tremendous grain storage capacities that are no
longer needed, as recording volume in the region has been falling for years. The structure of agriculture in the north-east – which
differs greatly from the developments in regions with smaller operations, such as southern Germany – has led farms and other
agricultural businesses to increasingly set up their own storage and logistics capacities. As a result, they are taking on an ever
wider range of traditional trading functions for themselves and as a service for other agricultural operations. Climate change is
also having an additional limiting effect on recording volume in the north-east.
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Guanghui Automobile (China) won four grand prizes from Tianma Award of
Securities Times
37
Guanghui Automobile has made continuous progress in the capital market in the past year. Its outstanding innovations include the
Best Investor Relations Company Award, the Best Investor Relations Board Award, the Best Investor Relations Board Secretary
Award, and the Best New Media Operations Four major awards. This selection has been selected through six steps including
compliance and qualification screening, company declaration, institutional recommendation, online voting, jury evaluation and
exchange review, and finally stood out and produced the above four major awards. Among them, Guanghui Automobile won the Best
Investor Relations Company Award, Best Investor Relations Board Award, and Best New Media Operation Award, and Guanghui
Automobile Vice President and Board Secretary won the Best Investor Relations Secretary Award. Since its listing in 2015, Guanghui
Automobile has been strictly in accordance with the "Information Disclosure Management System" for information disclosure and
information confidentiality, to ensure that information disclosure is legal and compliant, timely, fair, true, accurate, and complete
disclosure of periodic reports, temporary announcements and Documents required by various exchanges.
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Dollar General (USA) among Forbes Magazine’s Top 25 Corporate Responders
38
Forbes magazine announced Dollar General was ranked among its top 25 corporate responders to meet the challenges presented
by the COVID-19 pandemic. This recognition reflects their mission of Serving Others alongside the Company’s thoughtful and
swift response to keep the health and safety of both employees and customers alike as their top priority. Dollar General
Corporation has been delivering value to shoppers for more than 80 years through its mission of Serving Others. Dollar General
Help’s shoppers save time. Save money. Every day!® by offering products that are frequently used and replenished, such as food,
snacks, health and beauty aids, cleaning supplies, basic apparel, house wares and seasonal items at everyday low prices in
convenient neighborhood locations. Dollar General operated 16,500 stores in 46 states as of May 1, 2020. In addition to
high-quality private brands, Dollar General sells products from America's most-trusted manufacturers such as Clorox, Energizer,
Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg's, General Mills, and PepsiCo.
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KPN (China) takes prestigious reputation award for the 3rd time
39
The RapTrak Company once again declares KPN to be the company with the best reputation in the Netherlands, within the Industry
Adjusted Ranking. The Reputation Awards are presented annually in response to the annual RepTrak® ranking conducted by The
RapTrak Company. This year, KPN once again received the honor of receiving the Special Achievement Award, which was adjusted
for the sector in which they operate. The Industry Adjusted Ranking is a separate category for which the reputation scores of thirty
companies in the Netherlands are weighted based on the sector in which the company operates. In this way, the scores of less popular
sectors are aligned with popular sectors. This is how you compare apples to apples. KPN is ranked tenth in the general ranking this
year. This is one place higher than last year and this is the first place in the top 10 of companies with the best reputation. In 2016 we
finished in fourteenth place. This year, KPN achieved tenth place in the overall ranking - one place higher than last year. So for the
first time we have broken into the top 10 companies with the best reputation. In 2016 we ended up in 14th place.
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KPN (China) named the most sustainable brand in the Dutch telecom sector
40
KPN has been named the most sustainable brand in the Dutch telecom sector by the Sustainable Brand Index. This is the
result of a large-scale survey by Sustainable Brand Index among 6,600 Dutch consumers who praised KPN for their
confidence and proof that KPN has sustainability and sustainable innovation high on the agenda. Sustainability has been
an integral part of KPN’s strategy for more than 10 years. For example, KPN has been using green energy exclusively
since 2011, has been climate neutral since 2015 and aims to be virtually circular by 2025. The Sustainable Brand Index is
the largest and leading research in Europe in the field of sustainability and consumer brands. In the Netherlands, the annual
survey among 6,600 consumers examines their perception of the sustainability of 175 well-known brands in the
Netherlands. Brands are independently selected based on market share, sales and general brand awareness.
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Ingredion Brazil Recognized for Supporting Employees during the Pandemic.
41
Ingredion Brazil Recognized for Supporting Employees during the Pandemic. As a global company, Ingredion has maintained its operational activities throughout the pandemic, ensuring deliveries
to customers, honoring established partnerships and supporting employees. The Company established a series of measures to help ensure continuity and production while keeping employees safe. For
employees essential to the continued manufacturing of products, measures were established to create peace of mind, security and the necessary infrastructure for a safe work environment.
With this premise, the Company initiated the following procedures:
• Employees are scanned with digital temperature meters before entering the facility. If an employee registers a fever of 100 degrees Fahrenheit (37.8 degrees Celsius) after two tests they are
accompanied by the occupational physician to receive medical assistance;
• Lunchtime has been extended, and the Company adopted individual cutlery and napkin packaging and increased spacing between chairs in the lunchroom as recommended by the World Health
Organization;
• The Company intensified it's already high-quality level of cleaning to three times a day and increased the points of alcohol in gel sanitizer;
• All employees who work in the operations of the manufacturing plants in Brazil during the pandemic received a one-time payment of R$400;
• The Company maintains a daily Crisis Committee, including the weekends, as well as daily communications on mental health, good practices, tips, courses and other topics;
• Food and dressing rooms are offered to truck drivers who go to the factories, all with maximum security; and
• The Company made a donation to the Global FoodBanking Network equivalent to 20 meals per employee – a total of 29,720 meals – in the region, as well as donating to local institutions and
hospitals.
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JCPenney (USA) Ranks in Top 50 Most Diverse U.S. Companies
42
JCPenney is excited to rank #41 on the DiversityInc Top 50 Companies for Diversity. The Company provides associates the
opportunity to get involved in personal and professional development through eight Business Resource Teams. The BRTs represent
communities including veterans, LGBTQ, African-American, and Hispanic identities, as well as groups passionate about
sustainability and women’s workplace equality. Additionally, the JCP Emerging Leaders program supports our company initiative to
develop strong, diverse leaders by offering associates of ethnic minority descent across the organization the opportunity to maximize
career success, accelerate their career, and prepare for potential advancement. JCPenney is also proud that its workforce is 80%
women, representing every level within the organization, and more than half of our associate population is minorities. As they focus
on the Plan for Renewal and build a results-minded culture at JCPenney, it’s humbling to be recognized for their I&D efforts – to
create a positive work experience, they want all of our associates to feel valued and respected for their unique contributions.
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Kao's Odawara Office (Japan) Is Awarded Business Location in Harmony with Nature
Third-party Certification from ABINC for Its Biodiversity-friendly Initiatives
43
The Odawara Office of Kao Corporation has had very positive evaluation of its biodiversity-friendly environmental protection initiatives by the
Association for Business Innovation in Harmony with Nature and Community and has now received Business Location in Harmony with Nature
certification. The Odawara Office is the third Kao business location to receive ABINC certification, following on from the Kashima Plant in 2015
and the Kawasaki Plant in 2018. ABINC certification is awarded based on third-party evaluation by ABINC for initiatives relating to the creation,
management, usage etc. of biodiversity-friendly green space by business enterprises, on the basis of the JBIB Guidelines for Sustainable Business
Sites and JBIB Land Use Score Card compiled by the Japan Business Initiative for Biodiversity. The Odawara Office began operation in 1969 as
a Kanebo Cosmetics plant. In 2014, the plant was restructured as an integrated facility that combined the R&D and manufacturing functions of the
Kao Group's cosmetics business. The Odawara Office is located 2.2 km to the northeast of Odawara Castle, with the Sakawa River to its east
providing superb water resources, in an area of great natural beauty that has many wild birds flying around. The site covers a total area of 60,797
m2, of which 9,146 m2 is green space.
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RB (UK) ranked in top 10% for workplace disclosure
44
RB was one of 118 companies which took part in the 2019 WDI survey and was ranked in the top 10% of
participants for disclosure/transparency. The Workforce Disclosure Initiative (WDI) encourages listed companies to
be more transparent about how they manage workers in their direct operations and supply chains. Backed by 140
investors with $14 trillion assets under management, it is organized by ShareAction, and promotes the provision of
good jobs and fair wages worldwide. It is the second time RB has taken part in the survey and the disclosure
requirements were higher than previously. For example, further supply chain information had to be provided.
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Constellation Brands (USA) and E. & J. Gallo Further Revise Wine and Spirits
Agreement In Connection With Federal Trade Commission Review Process
45
Constellation Brands, Inc., a leading beverage alcohol company, announced that it and E. & J. Gallo Winery have further revised their original
transaction to divest a portion of Constellation’s wine and spirits portfolio principally priced at $11 retail and below, including certain related
facilities located in California, New York, and Washington. The new agreement amends and restates the original agreement announced in April
2019 and the revised agreement announced in December 2019. Constellation’s Mission Bell facility and certain related real estate, equipment,
contracts, and employees are now excluded from the transaction. The revised agreement was amended to support Constellation’s production needs
following its decision to retain Cook’s California Champagne and J. Roget American Champagne. Excluding the Mission Bell facility and related
assets from the transaction results in an adjusted transaction price of approximately $1.03 billion, subject to closing adjustments, of which $250
million is an earn out if brand performance provisions are met over a two-year period after closing. The revised transaction is expected to close in
the second quarter of fiscal 2021 and is subject to FTC review and clearance. Constellation also expects to close its separate but related transaction
with Gallo to divest the New Zealand-based Nobilo Wine brand and related assets for $130 million, by the end of the second quarter of fiscal 2021,
subject to FTC review and clearance.
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Ingredion (USA) Invests in NorQuin Extending Plant-Based Protein Portfolio to
Globally Distribute Quinoa Flours with Exclusive Commercial Agreement
46
Ingredion Incorporated, a leading global provider of ingredient solutions to the food manufacturing industry, announced that it has entered
into an exclusive commercial agreement with Northern Quinoa Production Corporation to globally distribute and market NorQuin's quinoa
flours, which will be grown and milled in the Canadian plains. In addition to the commercial exclusivity, the Company has concluded a
financial agreement, which includes the option of a future equity investment in NorQuin. NorQuin, based in Saskatchewan Canada, is a
technology driven, vertically integrated supplier of quinoa and quinoa derivative products. It has been developing high-yielding, novel
varieties of quinoa for more than 20 years that are optimal for Canada’s growing regions. The Company only breeds non-GMO varietals with
strong yield and all crops can be traced back to the farm. These products will augment Ingredion's existing portfolio of pulse-based flours to
include quinoa-based flours for use in snacks, crackers, baked goods, as well as dairy and meat alternatives. Ingredion Incorporated
headquartered in the suburbs of Chicago is a leading global ingredient solutions provider serving customers in more than 120 countries. With
2019 annual net sales of more than $6 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added
ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets.
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JCPenney (USA) to Reduce Debt and Strengthen Financial Position through
Restructuring Support Agreement
47
J. C. Penney Company, Inc. announced that it has entered into a restructuring support agreement with lenders holding approximately 70% of
JCPenney’s first lien debt to reduce the Company’s outstanding indebtedness and strengthen its financial position. The RSA contemplates
agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness, provide
increased financial flexibility to help navigate through the Corona virus pandemic, and better position JCPenney for the long-term. To
implement the Plan, the Company filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of Texas, in Corpus Christi, TX. During this process, JCPenney will continue to be one of the
nation’s largest apparel and home retailers with an expansive footprint of hundreds of stores across the U.S. and Puerto Rico and a powerful
eCommerce site, jcp.com. JCPenney is welcoming customers back to select stores and continuing to offer its Contact-free curbside pickup
service at all open stores. At the same time, JCPenney’s eCommerce distribution centers continue to fulfill online orders and customer care
centers are answering inquiries as usual. The health and safety of associates, customers, and communities remains a top priority, and the
Company is gradually reopening stores and offices in a phased approach while following guidance from local and state orders.
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Marfrig and ADM (USA) Unveil PlantPlus Foods, a Joint Venture Offering Plant-Based
Food Products for Customers across North and South America
48
Marfrig and ADM announced an agreement to create PlantPlus Foods, a joint venture for the sale of plant-based food products across
South American and North American markets. Marfrig, one of the worlds’s leading beef producers and the world’s largest beef patty
producer, and ADM, a leading global nutrition company, already have a successful history working together to develop and produce
sustainable, plant-based foods in South America. Now, PlantPlus Foods will expand on that successful relationship. Marfrig will
initially own 70 percent of PlantPlus Foods, with ADM owning 30 percent. Marfrig will be responsible for production and
distribution, utilizing its facilities in South America, mainly in Várzea Grande, in the Brazilian state of Mato Grosso, and its facilities
in the United States. ADM will supply technical expertise, application development and an array of plant-based ingredients, flavors
and systems from its specialty protein complex in Campo Grande, Mato Grosso do Sul, and its network of U.S.-based ingredient and
flavor facilities, including its new pea protein plant in Enderlin, North Dakota. The joint venture will primarily focus on North and
South America, though it will have the ability to serve customers in other global markets.
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Evonik and Beiersdorf Engaging (Germany) in Joint Research to Turn Carbon Dioxide
into Care Products
49
Beiersdorf and Evonik have reached an agreement on a research partnership. Its aim is to develop sustainable raw materials for
care products, using carbon dioxide as the starting material. Beiersdorf is on the lookout for new sources of raw materials that will
also reduce the company’s carbon footprint. One option here is artificial photosynthesis technology. The idea: with the aid of
electricity from solar energy and bacteria, valuable raw materials are produced with water and CO2, drawing on natural
photosynthesis as a model. The joint research project of Evonik and Beiersdorf is being funded by Germany’s Federal Ministry
of Education and Research in the amount of around €1 million. With this research project, Beiersdorf and Evonik are partners in
the BMBF’s P2X II project launched in September 2019 as one of the projects of Kopernikus, one of the biggest German research
initiatives in the area of the energy transition. A total of 42 partners are involved in the P2X II project alone. The aim is to develop
processes that use renewable energy to produce high-quality products.
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BeApp Partners with Coca-Cola (USA) to Launch Coke Studio Sessions
50
BeApp, a new live music streaming platform, and Coca-Cola announced the launch of Coke Studio Sessions, an exclusive collaboration featuring a diverse line-up
of musical performances for fans to enjoy 60 consecutive days. Live performances from more than 100 artists across the globe, including Katy Perry, Anitta, DJ
Khaled, Bebe Rexha, Miguel, Cast of Hamilton and Steve Aoki will begin streaming today to refresh fans one virtual performance at a time and support the
International Red Cross and Red Crescent Movement. Coke Studio Sessions marks the official debut of #BeApp, the social live music streaming platform from
tech industry veterans Ray Smith and Ross Mason. #BeApp is an immersive, digital destination for fans to enjoy live music in a new way. Unlike other virtual
concert platforms, #BeApp will offer a variety of interactive features, including:
• In-App Sharing: Sharing feature will encourage fans to invite friends and family to join them during the livestream.
• Currency/Points: By continuously interacting and sharing through the app, fans will earn in-app points and currency that can be redeemed for prizes, functionality
upgrades and more.
• Prizes and Upgrades: Prizes include upgraded access to “front row seats,” artist shout-outs during the livestream and #BeApp swag.
• Front Row Seats: “Front row seats” offer fans a greater digital presence during the livestream, including having the user’s photo and name visible to all viewers.
• Donations: Fans will have the ability to make a donation to the International Red Cross and Red Crescent Movement to support Covid-19 relief efforts.
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Coty (USA) Announces Strategic Transformation and Definitive Agreement
with KKR on Wella
51
Coty and KKR have entered into a strategic transaction for Coty’s Professional and Retail Hair business, including the Wella, Clairol, OPI
and ghd brands , valuing the businesses at $4.3 billion on a cash- and debt-free basis. KKR will own 60% of this separately managed
entity and Coty will own the remaining 40%. As previously announced, KKR is investing $1 billion directly into Coty through the
issuance of convertible preferred shares.
The investment from KKR brings significant benefits to Coty:
• The additional liquidity, via the $1 billion convertible issuance coupled with the anticipated $2.5 billion in net cash proceeds at the
closing of the Wella deal, improve Coty’s leverage profile, providing the company with the flexibility to navigate through the current
challenges and continue investing in its brands.
• KKR is committed to bringing meaningful resources to Coty from day one, including adding one of the firm’s most experienced
investors to Coty’s Board, Partner and Head of KKR EMEA. KKR will also nominate a second Board member in the near term.
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Coty (USA) Announces Strategic Partnership with KKR
52
Coty Inc. announced a strategic partnership with global investment firm KKR which will provide the Company with an initial investment of
$750 million through the sale of convertible preferred shares to KKR. Additionally, Coty and KKR signed a Memorandum of Understanding
for the sale of a majority in Coty’s Professional Beauty and Retail Hair Businesses including the Wella, Clairol, OPI and ghd brands at a
contemplated enterprise value of $4.3 billion, or 12.3x 2019 EBITDA. Coty also announced its financial results for the third quarter of fiscal
year 2020, ended March 31, 2020, including comprehensive plans to reduce fixed costs by $700 million. Under the terms of the MOU, Coty
will carve out Wella into a standalone company in which KKR will acquire a 60 percent stake and Coty will retain the remaining 40 percent
interest. The contemplated majority divestment of Wella would result in Coty receiving additional cash proceeds of approximately $3 billion.
On signing of the Wella transaction,, KKR will also make an incremental convertible preferred investment of $250 million in Coty. Together
with the initial $750 million investment, these transactions will result in significant deleveraging of Coty’s balance sheet and position the
company for long-term growth and investment in its core portfolio. Coty’s mass beauty business in Brazil will remain a fully owned business
of Coty.
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H&M (Sweden) Team Up With Eyewear Brand Chimi for a Sunny Pastel
Menswear Collection
53
H&M announces collaboration with CHIMI, the Stockholm-based brand known for their colorful and creative
eyewear. The collection features unique sunglasses, but also stylish clothing and accessories – the first ever by CHIMI.
Retro-inspired silhouettes get a modern street wear update, while the signature color choices of CHIMI include a range
of edgy pastels and classic black. CHIMI x H&M collaboration is a capsule collection featuring three unique styles of
sunglasses, each made from chunky acetate. There is also a short-sleeved shirt, drawstring shorts and bucket hat in
linen-viscose blends and sporty polyesters, plus pool slides and a bag. Details such as wider shirt collars and slightly
higher hem on the shorts show a sense of playfulness while being fashion-forward. Designed together by H&M and
CHIMI, all pieces in the collection have the distinctive CHIMI color choice – pastel yellow, blue, pink and purple.
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H&M (Sweden) Collaborates With All-Female Surf Collective Women +
Waves for A Sustainable Swimwear Collection.
54
H&M is collaborating with an all-female surf community, to help empower and inspire togetherness amongst women all over the world.
Teaming up with Women + Waves, a collective founded in 2017 by Rachel Murphy and based in Cornwall, England, the swimwear
collection features designs with a subtle 1990s look and cuts for an active lifestyle. The collaboration is also the first foray into fashion
for Women + Waves, with pieces made from sustainably sourced materials, including recycled polyamide, recycled polyester and organic
cotton. With a range of modern swimwear, one-pieces, rash guards and a wetsuit in a high-quality natural rubber, the Women + Waves x
H&M collection performs equally well in the ocean and on land — it’s surf and style ready. Designed by a H&M in-house team in close
collaboration with Women + Waves, the collection’s overall silhouettes are strong and sleek in homage to surfing as an active sport and
the women it brings together. The whole collection is made from fabric blends with at least 50% sustainably sourced materials such as
recycled polyamide, recycled polyester and organic cotton. There are details such as zip openings, body-enhancing seams and secure
straps, while the colour palette of muted greens, soft yellow and black is cool and confidence-building, just like the women who are part
of the sisterhood of surf.
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H&M (Sweden) Teams Up With the UEFA Foundation for a Kids Collection
of Football Shirts
55
H&M are proud to announce a special football shirt collection for kids, with 100% of the profits going to the UEFA
Foundation for Children. By encouraging children to stay active and engage in the global aspect of the football,
H&M wants to also meaningfully contribute to their futures by donating the proceeds to a foundation that uses sport
to support humanitarian projects linked to children’s rights in areas such as health, education and integration. The
UEFA Foundation for Children was established in 2015 with the objective of helping children and safeguarding
their rights. Sport and football in particular, can provide support in the areas of health and children’s education, as
well as promoting access to sporting activity, facilitating children’s personal development and fostering the
integration of minorities.
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ITOCHU (Japan) Announces Establishment of Technology Ventures V
Venture Capital Investment Limited Partnership
56
ITOCHU Corporation announced that ITOCHU Technology Ventures, Inc., a subsidiary of ITOCHU that conducts the venture capital
business, established Technology Ventures V Venture Capital Investment Limited Partnership. The fund will be the largest-ever, at 10 billion
yen. ITOCHU will invest 2 billion yen, or one fifth of the total amount of committed capital, in TV5. ITOCHU has been investing in and
collaborating with startups, mainly those in their middle and later stages, taking advantage of its extensive network with startups in Japan and
overseas, including ITV. Recently, ITOCHU has invested in KAKEHASHI Inc., which provides medical SaaS, and Funds, Inc., which
operates an online market for funds for lending. ITOCHU also has made investment in Paidy Inc., which provides post-pay services, and
WingArc1st Inc., which helps companies with data utilization, equity-method affiliates. ITOCHU will continue seeking to help improve the
earnings strength of its portfolio companies and vitalize the overall economy by promoting collaboration with startups in various business
fields with a view toward the upcoming New Normal. Recently, startups have been playing an increasingly important role in creating new
industries and invigorating markets. Large companies are also accelerating their collaboration with startups for the purpose of innovating
existing businesses and creating new businesses, and their investment in startups is also trending higher.
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McCormick (Maryland) and Drew Barrymore Partner for #Tacos Together Live Virtual Event
on May 19th and $1 Million Donation to Provide Hunger Relief to Children in Need
57
McCormick® announced a partnership with actor, philanthropist, and mother, Drew Barrymore. The two are hosting an engaging
virtual taco night called #TacosTogether. A cultural phenomenon in their own right, tacos have long been a pop culture icon,
turning ordinary Tuesdays into celebrated Taco Tuesdays and remaining a family favorite no matter the occasion. Because the
dish can be enjoyed in so many ways – chicken, beef, shrimp, vegetarian, with or without guacamole, hard shell or soft tortilla –
McCormick and Drew are asking fans their favorite taco styles and toppings to pair with McCormick taco seasonings.
McCormick and Drew Barrymore will make a $1 million donation to No Kid Hungry to ensure children have reliable access to
food during this ongoing pandemic. McCormick & Company, Incorporated is a global leader in flavor. With $5.3 billion in annual
sales, the company manufactures markets and distributes spices, seasoning mixes, condiments and other flavorful products to the
entire food industry – retail outlets, food manufacturers and foodservice businesses. Every day, no matter where or what you eat,
you can enjoy food flavored by McCormick. McCormick Brings the Joy of Flavor to Life™.
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Pernod Ricard (France) announces partnership with the United Nations’
EducateAll platform
58
Pernod Ricard announces partnership with the United Nations’ EducateAll platform to provide free sustainable and responsible bartending
training online - one of many commitments in its “2030 Sustainability & Responsibility Roadmap - Good Times from a Good Place” Pernod
Ricard has announced today the launch of free online sustainable and responsible bartending training modules. The courses are accessible to
all legal-drinking-aged adults, through the EdApp mobile learning platform, as part of the EducateAll initiative in collaboration with
UNITAR. EducateAll is a global initiative designed to democratize learning and increase global access to high-quality adult education. The
joint initiative of UNITAR and EdApp has established a free global course library, already hosting approximately 50,000 lessons daily. The
COVID-19 crisis has hit the hospitality industry hard. It is a time to prepare the future we wish to achieve, one that is prosperous for the planet,
its people and its communities. Solidarity, sustainability and responsibility will be paramount. It is in this spirit that UNITAR and EdApp have
gotten involved in this online training. The course is available worldwide and targets both bartenders and bar owners to educate them on
sustainable and responsible practices for the greener and more inclusive ‘The Bar World of Tomorrow.’
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Procter & Gamble (USA) and Cargill collaborate to bring nature-powered
innovation, fueling the future for more sustainable products
59
An innovation developed in the corporate R&D labs at P&G that converts lactic acid into bio-based acrylic acid could be a helpful
step to shift everyday goods to be made from annually renewable crops. P&G has granted Cargill an exclusive license that allows
Cargill to further develop and commercialize this technology, so that it can ultimately be incorporated in a range of applications
from superabsorbent polymers in absorbent hygiene products to thickeners in household paints and beyond. The use of bio-based
acrylic acid is estimated to reduce greenhouse gas emissions and contribute to greener products for years to come – something
that is important to a range of stakeholders, including consumers and business leaders. P&G scientists were recently announced
as winners of the American Chemical Society 2020 Award for Affordable Green Chemistry for this groundbreaking proprietary
technology. While the conversion technology is considered a breakthrough, it will take several more years of development before
impacting consumer products in the marketplace.
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