Managing Director of Valspar Coatings and President of Asia Pacific
Reporter: As the sixth largest paint manufacturer in the world , Valspar has flagship stores in Shanghai, Changsha, Chengdu and Suzhou. What is the reason for this Valspar paint flagship store to be located in Wuhan?
DERRICK: Actually, we are the first in the east in China. We are gradually developing from the east to the west. This is also in line with the Chinese government, which is the policy of developing our west. We also hope that we will paint all of us. Products bring us consumers in the west, and Wuhan is also a central point of China. We change this to see that this is a central point connecting China's east and south to the west and north. In fact, there are many kings in ancient China. Wuhan is chosen as an important strategic base for them, so we believe that Wuhan is a very important market for us. Of course, if we are from a new base, we may be able to use Wuhan as a central point to radiate to other regions. This is to show that Wuhan is a very important strategic market.
SCOT: At the same time, we also see that Wuhan is an economically developed city. We see Wuhan's economic activity. Its entire city is very dynamic, and its development is more and more mature, and the requirements for coatings are getting higher and higher. We also hope that through our high-quality products, through our marketing philosophy, through the power of color, Wuhan's requirements for high quality, not only product requirements but also color requirements, bring consumers home. demand.
DERRICK: Actually, we also mentioned the ranking of Valspar in the coatings industry. It should be said that Valspar actually mentioned it just last year. Wuhan is our important strategic market. We see this place in Wuhan. Very important.
Reporter: After entering the Wuhan market, Valspar Coatings is going to use which marketing channels to open the market as a market?
SCOT: In Wuhan, we also know this market very well. There are also many competitive brands in this market. What we need to do is to bring consumers a difference. It is the difference between our products and services. Our competitive brands are Differentiated, mainly through the different retail experience we bring to consumers, with some design experience to achieve our differentiation. Everyone should see it at our Valspar retail store today. Under our color, there are more than 1,600 colors. On this platform, there are also many tools, which can then bring different color experiences to consumers. Today The opening of the flagship store is the flagship store of Valspar. It will be based on this and cover more areas in Wuhan, so that more consumers can experience the retail experience and color experience we just mentioned. At the same time, we also Continuously introduce new products, and then more to meet the different needs of consumers.
DERRICK: On the basis of these, I have some supplements. We are determined to be one of the best coating companies. Providing the best services and products to consumers is a basic job for us. Our products have also been recognized by a large number of architects, designers and developers. This is also a strategy and a strategy for us to open up the market in China. It is also one of the strategies we have brought to consumers. A differentiated competitive taste and retail experience is combined with a color experience.
Reporter: You have already talked about it. I know very well about the Wuhan market. So, what is the capacity of the Wuhan market now? Our brand in Wuhan, probably can account for a large proportion, is the annual sales? The entry of Valspar will bring much change to the coatings market in Wuhan, including changes in the market and changes in consumers?
SCOT: Because the China Resources brand is the first to settle in, we are also very familiar with the Wuhan market. We also have good partners here. We have accumulated many years of experience in China Resources. As a high-end brand, Valspar enters this market to meet the high-end consumers and different needs of coatings. In addition to the requirements for quality requirements, we have requirements for home protection, as well as environmental protection, color and other requirements. In addition to quality, we have more experience. We also hope to cooperate with the two brands, Valspar and China Resources, and rely on the experience of China Resources to let Ascott occupy some seats.
Reporter: Our products just said that we should position ourselves as a high-end brand. When we first opened the business, we also talked about some experiences in color. I would like to ask, I just said that there are more than 1,700 colors in color. I just asked about the store. Inside, (the clerk said color) there are about 3,000 kinds, so what are the characteristics of color itself? The second problem is that, so far, our product is on the Wuhan side, there are some excellent places in the quality, what is the quality of this product, please do some detailed interpretation of the product itself.
SCOT: First of all, answer the question about color. In our flagship store, there are almost 1600 colors in color. In fact, the color can be unlimited. We only use these 1600 colors as the base. When consumers make decisions, Sometimes, I feel that I can't start because there is too much information and color to choose from, and the color of Valspar means that each color has a story, and we believe that everyone has their own story behind them. How do you choose the color of the consumer in so many colors? Our store has its own tools, and the store also has employees who will help consumers, which is the color that best reflects his own personality. At the same time, in the products we provide, we usually paint the paint on the wall, and we will not replace it for a while. The consumers choose their own color. The products we provide are hoped that it can be For a long time, every time it looks like it has just been brushed.
In fact, consumers choose paints to beautify furniture, and one is to show their own different styles of furniture. We have to meet the needs of consumers, color is part, and on the other hand, the products and qualities just mentioned are solved. In terms of this, it is mainly combined with our global core technology. Through our technology research and development, we provide us with a very safe, then environmentally friendly, odorless or low volatile product under the sun. It won't fade, and the wall of the face will be inadvertently soiled. It can be scrubbed with water. It is such a durable product to meet the needs of consumers.
DERRICK: I want to add two points. One is about safety. Valspar is the only company in the United States that has been experienced by a respiratory doctor. Because children are susceptible to sensitivity and asthma, some substances that breathe in, He will definitely have an asthma problem. This is a message we want to share with you. We are the only brand in the United States. The doctor also recognizes that it is a very safe product that has no effect on the respiratory system.
The other is in terms of quality. In terms of energy conservation, I also want to emphasize that we are in China. Tongji University has given us an experiment and test. It can effectively achieve energy-saving effects both internally and externally. The result of the test is internal energy. Save 15% and save 20% on external structure. Our protection scheme has a very high protection in addition to beautifying furniture. The energy saving is also very high. Our products use very good technology and do a lot in research and development. Research and development of new products. Then we talk about energy saving, our products are experimentally proven, we have an energy consumption in the room, it can achieve the effect of warm winter and cool summer, whether in winter or summer, organize indoor and outdoor temperature conversion So, it achieved the effect of warm winter and cool summer.
SCOT: Actually, I just talked about energy-saving products. This product was developed in the R&D center of our country for the Chinese market. Because we use the materials for construction in China, we know very well that most of the buildings in China are It is a concrete structure, which means that our coatings are different from the substrate. We are not reducing the burden. A research and development product in the United States is taken directly. All based on our understanding of this market, one for consumers. Understand, and then do product development, but for the market's research and development. In addition, he wants to talk about the paint on the external wall. The material is made of ceramic, but there will be waste generated from the whole ceramic. Now everyone sees it is very similar to our marble, but it is replaced with paint to replace this natural Stone, or this kind of ceramic, makes it reduce waste generation, and our products are completely safe, it should be said to be a green product.
Reporter: I want to ask a corporate strategy. Now the shot is not a European debt crisis that has had a lot of impact on the world, and now emerging markets are also moving closer to China, or this global trend for Valspar in overseas markets. Will it have any effect?
DERRICK: This is a very good question. First of all, let me explain to you, in Valspar, our business is divided into four categories, one is consumer paint, it is mainly to buy a house with us, related to the lifeline of consumers to buy a house, the second is industrial coatings. It is supplied to some manufacturers of heavy machinery, as well as our containers, as well as coils, which are used for factory buildings, and the third category is food packaging, including Coca-Cola, which I spend in the world. The paint on the Coke cans purchased by Valspar is the coating of Valspar. In this market share, we are quite high. The fourth category is wood products. We can be proud to say that we are the leader in China. As I mentioned earlier, there is now a very big financial crisis in Europe and America. Although there has been a financial crisis, people always drink, drink cola, drink beer. We are very stable in this field. The market gives us more flexibility. It is not that the financial crisis has no effect on us. It is only one aspect. The impact, but on the other hand is very stable, and when we are developing a business, we also think of how to achieve a balance point, how to balance, how to optimize this combination. Just now, we said that in terms of transportation, we can be proud and proud to tell you that Valspar is the only coating company in the world, providing water-based container equipment for containers. It is an emerging business. We can also see from this business. By then, its growth momentum is very fast.
So I also answered this gentlemanâ€™s question just now. In the financial crisis, different categories will have a certain balance. One business will be affected, but in another business, and in the US market, We are consumer product coatings, we have two channels to sell our consumer coatings, one is a completely new product used in new buildings, on the other hand we also have a lot of shares in the US through DIY channel. Maybe when the economy is not good, there are fewer people buying new houses, and the chances of buying new houses are also falling. After a period of time in the United States, he will make a renovation of the wall of the house, he will go to the supermarket, like In a store like B&Q, I paint it myself. On the one hand, there is influence. On the other hand, we still see what kind of trend. Then in Asia, everyone here can tell us that the strategy is caused by the financial crisis, but you Which one can say that there is no interest in this market in Asia? It should be no, all companies are paying attention to this emerging market in Asia. We can see consumers in China, their requirements for coatings are getting higher and higher, and all products are getting higher and higher, they hope to be able to buy them. The highest quality product, just saw a message in the Shanghai Daily, luxury goods purchase in China accounted for 30% of the world, it has replaced Japan, becoming the world's largest consumer of luxury goods, so the quality of Chinese consumers And then the demand for products is getting higher and higher, then in the Asia Pacific region, our sales account for about 27% of global sales, so the share is very large.
Then we are also in emerging markets such as India, China, and Australia. We are able to see that the business is constantly growing and growing. This trend has been mentioned in China, and the more Chinese consumer standards The higher the level, the higher the standard of living, so they have higher and higher requirements for product quality. They have a very high level of life, as well as experience and so on. Requirements, and our products are able to meet this increasingly high demand of consumers, and this demand is becoming more and more complex.
Reporter: As a president of China Resources Coatings Group, what do you think China Resources Coatings should play in the role of China Resources Coatings in the role of Valspar in the Chinese market?
SCOT: That's it. This question is related to the previous question. It should be said that more than 10 years ago, we are the current CEO of Valspar. He is the president of the Asia Pacific region in the Asia Pacific region. He is in the Asia Pacific market. I understand very well, and because of this understanding, in 2006, Valsparâ€™s strategy was China Resources Coatings. He was interested in the status of China Resourcesâ€™ brand in China, and also the future development of China Resourcesâ€™ brand in the Chinese market. Capabilities, in the past 20 years, China Resources has laid a very good foundation in China. After Valspar came in, we hoped that we could use the platform that China Resources had previously played to make more brands of Valspar. More products are introduced into more markets. We don't mean to use a brand to meet the needs of individual consumers, but to use different brands to meet more consumer needs, while China Resources and Valspar The brands are actually a state of strong alliance, each with its own strength. China Resources has a very strong network platform on the Chinese side.
In addition to our products and sales network, we are in the talents, the market, as well as our R&D and operation. On the Chinese side, China Resources is also in the past 20 years. Then we have many foundations. From this foundation, we A strategic development can be made in China.
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