Shanghai China, 10 September 2019 -- Today, Avery Dennison Corporation (“Avery Dennison”) and Fung Group Explorium (“Explorium”) hosted a Cooperation Ceremony at Li & Fung Plaza in Shanghai, where the two companies signed an agreement on the development of an innovative ecosystem of the new retail and smart supply chains. The ceremony was graced with the presence of Danny Allouche, Vice President, Strategy and Corporate Development at Avery Dennison, Francisco Melo, Vice President and General Manager, Global RFID at Avery Dennison, Dominic Gates, President, LF Logistics Group and Stanley Lam, SVP at Fung Group Explorium and a number of industry professionals.
The Retail Lab co-created by Avery Dennison and Explorium relies on RFID technology to build a real retail store that can demonstrate application scenarios of cross-sector consumer goods, including but not limited to apparel & accessories, shoes & bags, home furnishings and food & beverages. The Lab aims to provide a well-rounded interactive digital product experience of how RFID technology takes the lead in the internet of things (“IoT”). By using RFID and big data analysis tools, the holistic solution can optimize the commodity circulation and sales procedures. This initiative will help lead the way in retail innovation, by gathering online and offline real-time data to tap into in a world where consumers demand truly personalized interactions.
As the largest UHF RFID partner in the world, Avery Dennison is committed to promoting the application of intelligent labels in all industries. The accuracy of data and inventory has played an important role in Omni Channel Retailing and improvement of customer experiences. Due to its unique identification methods and technical characteristics of RFID, it can bring significant advantages to retailers, suppliers and customers. RFID technology can help supply chains track goods more easily and fully automate the management of commodities. It also provides strong support to the establishment of a customer-oriented smart supply chain.
"We believe in a world where every item will have a digital identity and digital life. A world where provenance, authenticity, transparency and sustainability are seen as table stakes for a better world," said Francisco Melo, Vice President and General Manager of Global RFID at Avery Dennison. "We look forward to co-creating the Future of Smart Supply Chains with Fung Group, building on our joint expertise to drive digital innovation for the retail industry in China and beyond. "
As a trailblazing ecosystem platform, Explorium’s core lies with more than a century of Fung Group’s leadership in supply chain solutions, logistics and retail services, with the goal of building supply chains of the future by seamlessly integrating new technology applications with business model innovation, to transform and advance the supply chain and retail industries.
"In the era of a new economy, transformation and innovation of business models are inevitable. Only by maintaining the innovative momentum can traditional industries remain competitive in a sustainable way,“ said Stanley Lam, SVP of Explorium. “Working alongside ecosystem partners such as startups, venture capitalists, commercial enterprises, academic institutions and local governments, the Innovation Lab is a scalable platform dedicated to exploring the application of intelligent labels across different product sectors. The Lab looks for startups in line with the long-term strategic goals of Avery Dennison and Explorium, to collectively create the future of new retail and supply chains.”
"What you see today is the first phase of the Innovation Lab – the opening of the Retail Lab. In the near future, we plan to launch a Logistics Lab and a Manufacturing Lab, which will simulate the process of commodities from being manufactured, packaged and transported to being sold at a retail store. The other two labs will be essential to continuously vitalize the innovation process," commented Paul Wong, Innovation VP at Explorium.
The collaboration between these two notable industry leaders aims to develop a unique innovation ecosystem, a pioneering initiative in achieving a closed-loop verification platform, creating disruptive innovation models. To ride on the brink of a significant shift fueled by the innovation wave, this activity can provide a significant milestone moment for the corporate innovation ecosystem.