Historical Background

In 1985, the then National Cottage Industry Development Authority (NACIDA) (thru the effort of Ms.
Modesta Baluyot) under the Department of Trade & Industry (DTI) gathered the five (5) groups of
jewellers in Meycauayan to unite them under one group. With 34 chartered members, the group was
finally organized under the name, Meycauayan Jewelry Industry Association, Inc. (MJIA) on August 20,
1985 for the purpose of developing the jewelry industry in Meycauayan, thus, making it the center of
jewelry making not only in Central Luzon but also of the whole Philippines. It was registered with
Securities and Exchange Commission on November 20, 1986 with SEC Registration No. 136608 as a non-
profit organization. Since then, its has grown into a strong, cohesive and unified organization with 113
members.

The first president of the association, Mr. Justiniano de Guzman, did his best to unite manufacturers,
retailers, suppliers and traders in Meycauayan. His efforts were fruitful. Unfortunately, Mr. De Guzman
has to quit the presidency due to health reasons.

In 1990, being the vice-president, Mrs. Cecilia Ramos, took the presidency. Aide from continuing the
thrust and objective of her predecessor, Mrs. Ramos injected ideas and value to the membership to
make the association more united and strong.

During her incumbency, Ms. Ramos led MJIA membership into various projects, program and activities.
Technology mission were conducted in Baguio, Paracale, Camarines Norte, and Acoje mining to learn
filigree making, antiques/ethic design production and jade lapidary.

In the 12th day of January 1990, MJIA launched two giant project: Alahas Gawang Meycauayan and
MeycauayanJewelryMakingTrainingCenter or MJMTC.

MJIA was granted a seed fund of P 318,721.75 by the Department of Trade & Industry and P 72,000.00
by the Provincial Government of Bulacan for the establishment and operation of the first and only
jewelry making training center in the Philippines, MJMTC. To date MJMTC has graduated 1,942 trainees
for long term courses and 1,500 for short term course who are now employed in various jewelry shops
not only in Meycauayan but also throughout the country and abroad. This MJMTC project has been
awarded as the most Outstanding Kabisig Project in Region III during Kabisig Assembly held on June 11,
1991 at Philippine International Convention Center. Her Excellency Former President Corazon C. Aquino
awarded a presidential trophy and P 100,000.00 cash prize to MJIA.

The objective of the project known as Alahas Gawang Meycauayan is to prove that Meycauayan can
produce world class products. The collection (reproduction of Philippine Antique Jewelries in gold and
silver) was exhibited at the 12th Manila FAME Gift & Housewares Market Week held at Philippine
International Convention Center last October 26-30, 1990. The associations selected jewelry collection
was awarded the most coveted Katha Award for Best Production Design. It was such a wonderful feat of
having won such prestigious award on its debut in National Exhibition like the Manila FAME, to the envy
of others who had been aspiring for the award for quite a long time.

Last June 6, 1990, a cooperative was organized by Mrs. Cecilia Ramos, the Meycauayan Jewelry Industry
Multi Purpose Cooperative or MJIMPCI (who first prospect name was Kooperatiba ng Mag-aalahas sa
Meycauayan). Its was established to form a primary non-agricultural multi-purpose cooperative whose
objectives and purposes are: 1) to create funds in order to grant loans for productive and providential
purposes to its members; 2) to provide goods, services and other requirements of the members. Now,
MJIMPCI has granted 87 loan applications amounting P 2,7000,000.00.

MJIA represented by RICELS JEWELLERY owned by Mrs. Ramos joined Fine Jewelry selling Mission a) to
Osaka in September 1990 b) Tokyo International Gift Show in September 1991. The main objective of the
participation is just to observe the market but resulted to actual sales and appreciation for jewelries
made in Meycauayan, Bulacan Philippines. This was the association first attempt to penetrate the export
market, which has proven that Meycauayan made jewelry has potential in the export market.

The association initiated dialogues with the Bureau of International Revenue, thus softening the Bureaus
stand against jewellers in Meycauayan. It entered also into a comprise agreement with the BIR last
February 1989 that 1) cleared some of its members of its tax liabilities from 1980-1985; 2) generated
additional revenue to the government; 3) resulted to a true classification of Meycauayan jewellers. The
continuing dialogues with the BIR has paved the way for the resolution of the industry status as an
underground industry into a more legitimate status in the future.

In 1991, another association was organized by MJIA for the purpose of extending financial assistance to
the members. It was registered at SEC in May 15, 1991 under the name of Meycauayan Mutual
Guarantee Association, Inc. or MMGA. MMGA is created by Cottage Enterprise Finance Program (CEFP)
of DBP. The goal of CEFP is to give borrower access to credit financing with minimum collateral. MMGA is
composed of 30 selected members of MJIA. Mrs. Ramos was elected Chairman and Mrs. Modesta Rubio
as President.

In 1992, there was a re-organization in the leadership of MJIA. Mrs. Cecilia Ramos was elected Chairman
of the Board while Mrs. Araceli Sarabia was elected President of MJIA.

In the same year, MJIA started lobbying for the passage of RA 8502. MJIA approached Congressman
Angelito Sarmiento of 4th District of Bulacan to file it bill. In 1998, Republic Act 8502 was passed. It is
known as the Jewelry Industry Development Act of 1998. MJIA has played a very important role in the
passage of this bill into law through its participation in several technical committee meetings in the
Senate and Lower House hearings, and in talking to several legislators and their relatives to fast track its
passage.

In 1995, MJIA submitted a project proposal to DOST Secretary William Padolina entitled Common Service
Facility for jewellers Philippine Jewelry Center (PJC). The proposal was approved and granted MJIA P 10
M for the construction of the building of the PJC. Groundbreaking was held last January 29, 1996 and the
first floor was blessed in 1997.

Last November 1995, MJIA organized the First Philippine Jewelry Convention and Exhibition, the only
convention and exhibition attended by almost all jewelry associations in the Philippines, all government
agencies and some non-government organization like Philippine Exporters Confederation, Inc.
(Philexport), Philippine Chamber of Commerce & Industry (PCCI), etc.

From January to April 1996, MJIA conducted series of Industry Capability Build-Up Program or ICBP
Trainings such as Capability of Association to Develop Doable Corplan (P1), Capability to Undertake
Training Analysis (P2), Capability to Organize Training Program & Develop Training Design & Material
(P4), Capability to Have Pool of Capability Trainor (P5), Capability to Conduct Training (P6), Capability to
Evaluate Training Program Design of evaluation System for Training Effectiveness (P7), and Capability to
Conduct Trade Testing (P10) making MJIA 90.50% capable under the ICBP program of Technical Education
& Skill Development Authority (TESDA). MJIA is the only association with its member as participant that
completed ICBP program of TESDA. It is also the first association that tapped the said program in Region
III.

It was also in 1996, that a Memorandum of Agreement has been signed for putting up of Philippine
Jewelry Center (PJC) with the following: 1) 4th Congressional District (Cong. Angelito Sarmiento) to
source funds for the construction of PJC; 2) National Youth Manpower Consultancy (NMYC) now TESDA
(Director General Jo D. Lacson) to purchase tools, equipments and machineries for PJC and to Develop
MJIA capability in the management of the center; 3) Provincial Government (Governor Roberto
Pagdanganan) to provide 1,000 sq. m. lot for the construction of PJC and to allot regular/ annual
financial support for maintenance and operation of PJC; 4) Meycauayan Government (Mayor Eduardo
Alarilla) to help source out fund for PJC construction and allot regular/ annual financial support for
maintenance and operation of PJC and 5) Department of Trade & Industry (DTI) (Regional Director Oliver
Butalid) to prepare project proposals needed and to source out funds for training and seminar.

It was also in 1996, MJIA drafted its strat plan for year 1996-2000 to achieve its vision and missions. It
got 37 projects to accomplish on or before year 2000.

From 1996-1997, MJIA lobbied hard to really make Meycauayan the center for jewelry industry in the
Philippines. In 1997, President Fidel V. Ramos signed the Memorandum of Agreement No. 447 approving
and adapting the Industry Development Plan of the Philippines (IDPP) submitted and recommended by
Industry Development Council to promote the global competitiveness of industries. This is the first
industry development plan taken in the Philippines. Meycauayan was chosen to be one of the nine (9)
clusters namely: Maribeles, Bataan for FoodCity, Cebu for Custome Jewelry, Davao for FruitCenter,
MarikinaCity for Foot Wear, Pampanga or Bulacan for Garments & Textile, General Santos for FishCenter,
Clark for CyberCity, Subic for InternationalFinanceCenter and Meycauayan, Bulacan for Fine Jewelry. The
reasons for choosing the Meycauayan as one of the clusters are a) one of the more organized existing
industry cluster with an active industry association the MJIA; b) existence of Philippine Jewelry Center
(PJC), which provide industry services that includes marketing, business center, Consultancy and training,
and plus modern tool and equipments for common use.

In April 1998, MJIA through it Chairman Cecilia Ramos became the president of Federated Association of
Industries in Region III, which is composed of 13 associations in the region. This confirms that MJIA
leadership is already recognized region-wide.

In December 1998, MJIA members: Mrs. Cecilia Ramos, Mr. Felix Zamora, Mr. Charlie Aquino, Mrs. Nene
del Rosario and Mrs. Modesta Rubio were included in the book published by University of the
Philippines-Institute for small Scale Industries (UP-ISSI) entitled Dreamer, Doers, Risktakers:
Entrepreneurial Case Stories. This case catalogue is a detailed life story of 24 successful entrepreneur in
the Philippines. The book focused on entrepreneur affiliated with industry associations and who have
received one or another some form of assistance from UP-ISSI.

In 1991, Mr. Peter Zuiga was elected as President and Mrs. Cecilia Ramos was re-elected as Chairman
again.

Last May 12, 1999, MJIA conducted Sectoral Forum in cooperation with the Department of Science &
Technology-Industrial Technology Development Institute to introduce Auto-Faceter Machine. It was
created and researched by Metal Industry Researched and DevelopmentCenter or MIRDC in cooperation
with Mines and Geosciences Bureau or MGB under the umbrella project entitled: Design and
Fabrication of complementary equipment for the Gemstone Cutting and Polishing Machine. It is a new
innovative machine that can cut gem. On the said sectoral forum also, the lahar gem was introduced in
varied colors.

In November 1999, MJIA launched the 1st Philippine Fine Jewelry Design Competition (PFJDC) in
cooperation with Product Development & Design Center of the Philippines (PDDCP). Lastly 2nd
Philippine Fine Jewelry Design Competition launch last October 1, 2000. The Objectives are: to promote
the excellence in design and craftsmanship of Philippine jewelry; to promote utilization of indigenous
materials as component or in combination with other material for fine jewelry; to tap and seek the
cooperation of the jewelry manufacturers in developing the advancement of the design profession that
will benefit the industry; to create consumer awareness and interest in purchasing locally made jewelry;
to create existing and innovative quality jewelry that will suit the taste of domestic and international
market; and to provide an opportunity for recognizing the students talent and creativeness in the
development of new design concept for the fine jewelry industry. This is the first fine jewelry design
competition that allows the use of raw materials other than diamonds. This competition is a yearly
project of MJIA and PDDCP. Now, PFJDC is the longest running design competition in the |Philippines.

Last July 2001, MJIA submitted a project proposal to Asia Invest AIBPFTA and was approved 2006. The
project will extend technical assistance to the Meycauayan Jewelry Industry Association, Inc. (MJIA),
Philippine Jewelry Center (PJC) and to a selected 15 member-companies of MJIA. The project aims to
promote and established business cooperation / alliances / partnership with EU companies. Under this
project, a cadre of local experts will be trained to maintain the technological development program of
the jewelry industry and upgrade the level of technology in jewelry making. The project will be
implemented in six phases namely: Phase I aims to improve management, technical and marketing
aspects of the Philippine Jewelry Center through European consultancy services; Phase II aims to
improve and upgrade production management and standards; Phase III and Phase IV involves technical
skills training and jewelry design respectively. Skills trainings include the transfer of the most modern
technology in goldsmithery, vacuum casting, surface finishing, stone setting and engraving. Phase V
involves consultancy and trainings supplemented by a study mission to EU. The final phase will assess
the impact of the technical assistance to the MJIA-PJC and to some selected 15 member-companies
through evaluation and assessment and sharing of experiences. MJIA is the only association in the
Philippines granted this fund amounting to P 4,219,864.66 but MJIA has to raise same amount for the
project to push through.

At present, MJIA is a member of Board of Investments Technical Committee; Bulacan Area Productivity
Council (BAPC); Bulacan Chamber of Commerce and Industry; Bulacan Tourism Council; Bureau of
Product Standard Technical Committee; Exporters Confederation of the Philippines; Federated
Association of Industries in Region III; Philippine Exporters Confederation, Inc.; Philippine Chamber of
Commerce and Industry; Provincial Competency Assessment and Certification Committee Bulacan;
Regional Provincial Competency Assessment and Certification Committee; Small and Medium Enterprises
Development Council Bulacan (SMED) and TESDA Technical Committee on Training.

Presently, there are 135 members in the roll, but the leadership is optimistic to gather more members.
With the privileges afforded the members, exposures of their product to international market, jewellers
in Meycauayan has no choice but to join the bandwagon, and be popularly known in the country via
Meycauayan Jewelry Industry Association, Inc.

Article - February 2014

A multifaceted future: The jewelry industry in 2020

By Linda Dauriz, Nathalie Remy, and Thomas Tochtermann

Article

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The trends that have unfolded in the apparel sector over the last three decades appear to be playing out
in the jewelry sector, but at a much faster pace.

The jewelry industry seems poised for a glittering future. Annual global sales of 148 billion are expected
to grow at a healthy clip of 5 to 6 percent each year, totaling 250 billion by 2020. Consumer appetite for
jewelry, which was dampened by the global recession, now appears more voracious than ever.

But the industry is as dynamic as it is fast growing. Consequential changes are under way, both in
consumer behavior as well as in the industry itself. Jewelry players cant simply do business as usual and
expect to thrive; they must be alert and responsive to important trends and developments or else risk
being left behind by more agile competitors.

To chart the most likely course of the jewelry sector, we analyzed publicly available data, studied
companies annual reports, and interviewed 20 executives at global fine-jewelry and fashion-jewelry
companies and industry associations. Our research indicates that five trends that shaped an adjacent
industryapparelover the past 30 years are becoming evident in the jewelry industry as well, and at a
much faster pace: internationalization and consolidation, the growth of branded products, a
reconfigured channel landscape, hybrid consumption, and fast fashion. In this article, we discuss how
these trends could affect the future of jewelry and what jewelry companies should do to prepare.

Internationalization of brands and industry consolidation

In the 1980s, national apparel brands were the clear leaders in their respective markets: C&A in
Germany, for example, and Marks & Spencer in the United Kingdom. Today, many national brands have
been outpaced by international brands such as Zara and H&M. Others have built or expanded their
international presence. Hugo Bosss sales outside Germany, for example, grew from 50 percent of its
total sales in 1990 to more than 80 percent today. Apparel has become a truly global business.

We expect jewelry to follow a similar path. Today, the jewelry industry is still primarily local. The ten
biggest jewelry groups capture a mere 12 percent of the worldwide market, and only twoCartier and
Tiffany & Co.are in Interbrands ranking of the top 100 global brands. The rest of the market consists of
strong national retail brands, such as Christ in Germany or Chow Tai Fook in China, and small or midsize
enterprises that operate single-branch stores.
Our interviewees expect that a handful of thriving national or regional jewelry brands will join the ranks
of top global brands by 2020Swarovski is an oft-cited example. In addition, some local brands will
almost certainly become known globally as a result of industry consolidation: international retail groups
will acquire small, local jewelers. Some industry observers project that the ten largest jewelry houses will
double their market share by 2020, primarily by acquiring local players. And if the apparel industry does
indeed hold any lessons for the jewelry industry, incumbent jewelry houses will soon be fighting bidding
wars against private-equity players with deep pockets.

The apparel industry is about ten times the size of the jewelry industry as measured in annual sales, but
the average M&A deal value in apparel (12 billion) is almost 20 times that in jewelry (700 million). That
said, average deal value in jewelry has been risingby a compound annual growth rate of 9 percent
between 1997 and 2012, compared with 5 percent in apparel. Recent deals include British company
Signet Jewelerss 2012 acquisition of US-based retailer Ultra Diamonds and the Swatch Groups
acquisition of Harry Winston in January 2013.

Growth of branded jewelry

Branded items already account for 60 percent of sales in the watch market. While branded jewelry
accounts for only 20 percent of the overall jewelry market today, its share has doubled since 2003
(Exhibit 1). All executives we interviewed believe branded jewelry will claim a higher share of the market
by 2020, but their views differ on how quickly this shift will occur. Most expect that the branded segment
will account for 30 to 40 percent of the market in 2020.

Exhibit 1

Branded jewelry is on the rise.

In our research, we identified three types of consumers driving the growth of branded jewelry:

new money consumers who wear branded jewelry to show off their newly acquired wealth (in contrast
to old money consumers, who prefer heirlooms or estate jewelry)
emerging-market consumers, for whom established brands inspire trust and the sense of an upgraded
lifestylea purchasing factor quoted by 80 percent of our interviewees

young consumers who turn to brands as a means of self-expression and self-realization

In the past, most of the growth in branded jewelry came from the expansion of established jewelry
brands, such as Cartier and Tiffany & Co., and new entrants such as Pandora and David Yurman. By
contrast, future growth in branded jewelry is likely to come from nonjewelry players in adjacent
categories such as high-end apparel or leather goodscompanies like Dior, Herms, and Louis Vuitton
introducing jewelry collections or expanding their assortment.

Every jewelry company should seek to strengthen and differentiate its brands through unique, distinctive
designs. The trend toward branded jewelry will be especially hard on small artisans, who dont have the
marketing muscle of the large jewelry groups. One option for smaller players would be to seek
distribution through ventures like Cadenzza, Swarovskis chain of curated multibrand jewelry stores
featuring well-known luxury brands as well as up-and-coming designers.

Reconfiguration of the channel landscape

In all major markets over the past decade, online sales of apparel have grown at double-digit rates; in
the United Kingdom, for instance, online sales now account for 14 percent of total apparel sales, up from
approximately 1 percent in 2003.1 Our analysis suggests online jewelry sales are only 4 to 5 percent of
the market today, with substantial variations across regions, brands, and types of jewelry. Our
interviewees believe this numberat least for fine jewelrywill reach 10 percent by 2020 and wont
grow much beyond that. Their rationale: most consumers prefer to buy expensive items from brick-and-
mortar stores, which are perceived as more reliable and which provide the opportunity to touch and feel
the merchandisea crucial factor in a high-involvement category driven by sensory experience. As for
fashion jewelry, our interviewees predict a slightly higher online share of sales, in the neighborhood of
10 to 15 percent by 2020. The bulk of these sales will come from affordable branded jewelry, a
somewhat standardized product segment in which consumers know exactly what theyre getting.

Jewelry manufacturers can use digital media as a platform for conveying information, shaping brand
identity, and building customer relationships. According to a recent McKinsey survey, two-thirds of luxury
shoppers say they engage in online research prior to an in-store purchase; one- to two-thirds say they
frequently turn to social media for information and advice.
The offline landscape is also evolving. In apparel, monobrand stores have been gaining ground at the
expense of mail-order players and some multibrand boutiques; department-store sales are stagnating
(Exhibit 2). The same is happening in jewelry. Pandora, for example, quadrupled the size of its store
network in just four yearsfrom 200 locations in 2009 to more than 800 in 2012. In 1990, there were
just 2 Swarovski boutiques; by 2012, there were 860.

Exhibit 2

The channels that are gaining share in jewelry are also winning in apparel.

Jewelry players might consider focusing on mono- brand retail, which gives them more control over their
brands, closer contact with consumers, and higher margin potential. Another potentially promising
channel is multibrand boutique chains that provide a carefully curated assortment of brands and
products as well as a unique shopping experiencewhich is what the aforementioned Cadenzza store
concept aims to provide. To achieve sufficient margins, however, such concepts may need to operate on
a global scale.

Polarization and hybrid consumption

In apparel, both the high and low end of the market are growingwhile the middle market stagnates.
High-end apparel players have been able to create a substantial premium: our analysis shows that a
Gucci suit that cost 1,200 in 2000 now sells for 1,700, rather than the 1,300 one would expect based
on inflation. At the same time, mass-market prices have dropped: an H&M suit that cost 106 in 2000
now sells for 103, not the 119 that inflation rates would lead us to expect.

In part, this development has been brought on by consumers tendency to trade up and down at the
same time. The jewelry industry is starting to see evidence of this hybrid consumption. One of our
interviewees observed that in some parts of the world, more people are trading up from what some
consider to be the standard one-carat diamond engagement ring to two, three, or four caratswith five-
or even six-digit price tags. At the lower end of the market, however, department stores and other
general retailers are waging price wars.

Furthermore, the previously clear-cut boundaries between fine jewelry (characterized by the use of
precious metals and stones) and fashion jewelry (typically made of plated alloys and crystal stones) are
starting to blur. For example, fine jewelry used to be almost exclusively a gift purchase, but todays
consumers are buying higher-end items for themselves. Some fine jewelry is available at bargain prices:
Tchibo in Germany sells gold diamond rings starting at 99. On the flip side, brands such as Lanvin and
Roberto Cavalli sell fashion jewelry for thousands of euros.

Industry insiders expect that segments will increasingly be defined by price points and brand positions
rather than purchase and wearing occasions. One of our interviewees put it as follows: We encourage
our customers to layer and mix high and low price points, and just go for itto do what theyre doing
with apparel. In this spirit, actress Helen Hunt paired $700,000 worth of Martin Katz jewelry with an
H&M dress at the Academy Awards in 2013.

In light of this trend, fine jewelers might consider introducing new product lines at affordable prices to
entice younger or less affluent consumers, giving them an entry point into the brand. Alternatively, fine-
jewelry players could decide to play exclusively in the high end and communicate that message strongly
through its advertising, in-store experience, and customer service. A brand like Harry Winston, for
instance, is very clear about what it stands for; a lower-priced offering would be dissonant with its image
and dilute its brand.

Fashionability and acceleration

Over the last two decades, fast fashion has revolutionized the apparel industry. This trend is
characterized by two factors.

The fashionability of everyday apparel

Clothes inspired by haute couture are now available at bargain prices faster than ever before
sometimes within days of a fashion show. Mass-market retailers sell items that look like theyre fresh off
the catwalks of Paris, Milan, London, and New York. Additionally, large retailers are teaming up with top
designers: Gap worked with Stella McCartney, for instance, and H&M with Karl Lagerfeld. There is also a
constant information feedback loop from the stores and the streets that helps manufacturers and
retailers reflect the latest trends in their merchandise. Zara, for instance, has reporting systems that
allow store staff to regularly send feedback to headquartersanything from the sleeves on this jacket
are too long to our customers dont like to wear yellow.
An acceleration of supply-chain processes

Fast-fashion players have dramatically shortened time to market: new products can go from concept to
shelf in a month. Stores receive a continuous stream of fresh merchandiseas many as 12 themes each
year.

Fast fashion started in the affordable-clothing segment in the mid-1990s, led by the likes of H&M, Zara,
and Topshop. It has recently spread to higher-end brands: Coach, Diesel, and Juicy Couture, to name a
few, have introduced flash programs and a greater number of collections per year.

Fast fashion is well established in developed marketsin the United Kingdom, for instance, it already
accounts for 25 percent of apparel sales and its growth may be flatteningbut it has just arrived on the
scene in emerging markets and will almost certainly experience explosive growth there. The combined
market share of fast-fashion players in China totals only about 3 percent today, but the number of Zara
stores in China grew 60 percent every year between 2007 and 2012, compared with only 3 percent in the
United Kingdom.

Fine jewelry has so far been immune to the effects of fast fashion, but the same cant be said of the
fashion-jewelry market. An example of fashionability: H&M, as part of its guest-designer collaborations,
introduced a flamboyant jewelry-and-accessories collection by Vogue Japan editor Anna Dello Russo in
December 2012, with item prices ranging from 20 to 300. And an example of acceleration: Beeline, a
German branded-jewelry player, is adding hundreds of new items to its assortment every monthan
unheard-of pace in an industry where two collections per year is standard.

In the fast-fashion world, flexible companies with adaptive business systems reap disproportionate
rewards. Innovative jewelry players will emulate fast-fashion apparel companies: they will react to trends
quickly and reduce their product-development cycle times. Doing so will require closer collaboration
with partners along the entire value chain, from suppliers to designers to logistics providers.

The evolution of the apparel industry provides an interesting template for how the jewelry industry
might develop. To what degree the two industries will mirror each other remains to be seen, but it
seems likely that the jewelry market of 2020 will be highly dynamic, truly globalized, and intensely
competitive. Those jewelry companies that can best anticipate and capitalize on industry-changing
trendsparticularly the five described abovewill shine brighter than the rest.

To read more about issues critical to retailers and consumer-packaged-goods leaders globally, download
the second issue of McKinseys Perspectives on retail and consumer goods (PDF2,477KB).

About the author(s)

Linda Dauriz is a principal in McKinseys Munich office, Nathalie Remy is a principal in the Paris office,
and Thomas Tochtermann is a director in the Hamburg office.

The authors wish to thank Ewa Sikora for her contributions to this article.