Better living 2017 - Groupe SEB
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better living
2017
THE GROUP 01
CONTENTS
Our mission _1
Our values _2
Our strategy _4
Chairman’s message _6
Words from the Executive Committee _8
Board of Directors _10
An unrivalled brand portfolio _12
Professional coffee, a new market _14
2017 in figures _18
2017 in facts _20
Innovation to make a difference _22
International market, local expertise _30
A highly performing industry _40
A responsible and inclusive Group _48
Overview of stakeholders _66
2017 in shares _68
TO MAKE CONSUMERS’
EVERYDAY LIVES EASIER
AND MORE ENJOYABLE
TO CONTRIBUTE TO
BETTER LIVING,
ALL AROUND THE WORLD
•B
y creating new products and
services to make consumers’
domestic lives more pleasant,
harmonious and fulfilling;
•B
y offering solutions to meet
their existing needs and anticipate
their personal expectations
and desires.
Our mission
02
02 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
Our values
THE GROUP 03 For 160 years, Groupe SEB has been determined and enthusiastic in pursuing its ambition: to be THE world reference in small domestic equipment. To achieve this, it relies on a long-term vision based on its five fundamental values: GROUP SPIRIT ENTREPRENEURIAL DRIVE PASSION FOR INNOVATION RESPECT FOR PEOPLE PROFESSIONALISM Embodying the philosophy of a responsible, inclusive company committed to the public good, these values are shared by all our employees, all around the world. They enable the Group to face the challenges of its environment with peace of mind and make the most of the opportunities of a growing market.
02
04 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
Our strategy
THE GROUP 05 PRIORITISING GROWTH •B y resolutely implementing a strong and differentiating innovation policy, enabling us to offer products and services that fit in perfectly with consumer expectations. •B y drawing on the strength and the complementary nature of our brands, which allow us to cover all market segments, from entry level to premium products. •B y managing a clear sales approach, well segmented by distribution channel, by brand and by country, and by developing trust-based relationship with our retailers. •B y pursuing a unique international growth strategy, in mature countries as well as in emerging markets, aiming for local leadership. MONITORING COMPETITIVENESS • T hrough the permanent and responsible adaptation of our industrial facilities, by developing best practices and implementing a rigorous quality control system at a very early stage in the process. • T hrough the strict daily management of our organisation, infrastructure and costs. • T hrough the constant optimisation of our supply chain. BEING RESPONSIBLE •B y ensuring the Group’s ethical principles are respected. •B y pursuing a responsible employment policy. •B y developing territories and community commitment. •B y creating sustainable innovations to meet consumer needs. •B y reducing our environmental impact.
02
06 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
Chairman’s
Message
“
THE GROUP 07
Our 2017 performance stands as proof of the
relevance of our business model, the robustness
of our fundamentals, the continuous improvement
of our competitiveness and the outstanding
commitment of all our employees.
2017: ANOTHER GREAT YEAR
Groupe SEB once again posted an excellent year
in 2017. Sales amounted to nearly €6.5 billion,
Obviously, considerable work still remains to be
done, and some projects will take time to deliver
their full potential. But, as with Supor 10 years
”
up 30%, with a €1.15 billion contribution to ago, we are confident in our ability to take best
Group revenue from WMF in its first year of advantage of this transformative acquisition.
consolidation. Our organic growth, at +9.2%,
was vigorous and driven by all our geographic STEPPING UP IN 2018
regions and product families. In a probably more challenging general envi-
Our Operating Result from Activity rose by more ronment, and bearing in mind the demanding
than 30%, our net income by 45%, and we ended comparison basis set by the Group, including
the year with a net debt/adjusted EBITDA ratio of WMF, we have begun 2018 with great determina-
2.4. WMF’s performance was consistent with our tion and a two-fold objective.
expectations, generating an accretion of 22% on Firstly, in a Small Domestic Equipment market
net earnings per share. The ambitious objectives that we believe should remain buoyant, we
we had set for ourselves in 2017 have thus been aim to continue the Group’s profitable growth
exceeded. These results should, furthermore, be within its former scope by leveraging our main
viewed in the light of high comparatives, as 2015 strategic pillars: innovation, the power of our
and 2016 were already excellent years. They brands, a multi-channel distribution, global
stand as proof of the relevance of our business presence and our competitiveness.
model, the robustness of our fundamentals, the Secondly, we will continue to integrate WMF,
continuous improvement of our competitiveness by intensifying the projects initiated in 2017 and,
and the outstanding commitment of all our in particular, by implementing the investment
employees, whom I would like to thank at and acceleration plans in the professional coffee
this point. business while at the same time taking actions to
boost profitability in Small Domestic Equipment.
PROMISING START OF WMF WITHIN THE GROUP This will enable us to start generating tangible
2017 was also a year of transformation for the synergies in line with our objectives for 2020.
Group with the integration of WMF. Substantial Against this backdrop, Groupe SEB in 2018 aims
work was already carried out to implement new to achieve further organic sales growth, improve
organizations - now operational -, harmonize its Operating Result from Activity and continue
processes, pool certain central functions to reduce its indebtedness.
and start unlocking synergies in purchasing,
the supply chain and manufacturing. Value
accretive projects were launched, with the first
concrete initiatives aimed at developing the
Consumer business - including in particular
a strengthened strategy in the high-end segment
Thierry DE LA TOUR D’ARTAISE
– and activating the acceleration program in Chairman and Chief Executive Officer
Professional Coffee. We are aligned with our
roadmap and all the teams, on both sides, are
mobilized in a spirit of constructive cooperation,
to seize the many opportunities arising from this
exciting project.
02
08 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
“
2017: an excellent
vintage and a year
of transformation for the Group
with the integration of WMF.
” Thierry DE LA TOUR D’ARTAISE
Words from the
Chairman and CEO
Executive Committee
Groupe SEB is ingrained in the everyday lives of consumers all over
the world. It maintains a close interaction with them through direct
sales, e-commerce, communities, social networks and connected
Bertrand NEUSCHWANDER
products. This proximity enables us to collect, analyse and exploit
Chief Operating Officer
increasingly relevant data, so that we can optimise our innovation
and communication policy, including towards WMF’s professional
customers.
Vincent LÉONARD Harry TOURET
Senior Executive Vice-President Senior Executive Vice-President
Finance Human Resources
2017 was to a very large extent devoted to “anchoring” WMF within 2017 was a year marked by the integration of WMF, initiated through
Groupe SEB, including harmonising accounting principles, quickly many projects involving functions and business units. Cross-cultural
introducing performance management tools and centralising training was organised gathering Groupe SEB and WMF senior
corporate functions such as treasury and financing, taxation, internal management to improve mutual understanding and accelerate struc-
auditing and legal affairs. Our priorities now are to leverage synergies tural integration. All Human Resources processes are now in place at
and continue to reduce the Group’s debt. WMF and cooperation between the teams has progressed significantly.THE GROUP 09
Stéphane LAFLÈCHE Philippe CREVOISIER
Executive Vice-President Executive Vice-President
Industrial Operations Products and Innovation
Groupe SEB proudly claims its status as a responsible manufacturer, The small domestic equipment market is undergoing rapid develop-
combining its powerful and flexible industrial tool, its specific techno- ment and transformation. To keep abreast of these changes, we must
logical skills, its global performance management, its ability to capi- look at consumers’ lifestyles, which are now permanently connected,
talise on human added value, the priority given to health and safety in and gain a deeper understanding of their needs and aspirations.
the workplace... Building on these initiatives, which are now also being This will allow us to further accelerate our global innovation process,
rolled out at WMF sites, the Group has enhanced its competitiveness incorporating WMF, while maintaining the pioneering spirit that has
and laid the foundations for the “factory of the future”. driven the Group from the very start.
Cyril BUXTORF Luc GAUDEMARD
Executive Vice-President Executive Vice-President
EMEA Americas
The arrival of WMF within the Group in 2017 resulted, amongst other New types of purchasing behaviour and the blurring of boundaries
things, in the takeover of the small domestic equipment business between brick-and-mortar retail and e-commerce have led us to
by SEB subsidiaries in all markets except Germany, Austria and rethink our interaction with consumers over the past few years, in
Switzerland. This strengthens our position and opens up bright order to improve, or even magnify, their purchasing experience.
prospects in the high-end segment. Anchoring its presence in this This ambitious objective requires impeccable execution, both in stores
promising sector, the Group now has Premium brand teams dedicated (increasingly connected and intelligent) and on line, with outstanding,
to the All-Clad, Lagostina, WMF and Silit brands in key markets. customized products and services.
Frédéric VERWAERDE Vincent TAI
Executive Vice-President Executive Vice-President
Asia Asia
Replaces Frédéric
Verwaerde
Asia represents the largest growth potential for the Group and our Supor has had a decade of outstanding performance within
current organisation allows us to pursue our profitable growth and Groupe SEB and has considerably strengthened its positions
market share gains in China, accelerate our progress in South-East in the Chinese market. And the story continues. It’s up to us
Asia and fully exploit the potential of our two mature cornerstones, to seize the amazing opportunities generated by Supor’s
Japan and Korea. I was lucky enough to be entrusted with developing expertise in innovation in order to enrich our product offer
this promising zone and the adventure has turned out to be an exciting by adapting it to the lifestyles of Asian consumers. This will
one. Now I am happy and proud to pass over to Vincent Tai. allow us to intensify our presence and gain access to the full
potential of other Asian markets.02
10 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
Board
of
Directors
The SEB S.A. Board of Directors is a collective body that represents all shareholders;
its activities are guided by the best interests of the company and the Group.
It determines strategic orientation and makes decisions about Group management
structures and acquisitions. It also carries out any audits or verifications it considers necessary.
At its meetings, it is informed about business operations and the performance of
the Group, as well as any developments in the market and the competitive landscape.
Tribute
to Emmanuel LESCURE
Our Honorary Chairman, Emmanuel
A
s of the end of 2017, when various Lescure, passed away on 1 April 2017
changes were introduced, the Board in Selongey. He was 87 years old and
is made up of 14 members with 4-year he had devoted his entire career to
mandates: the Chairman and Chief Executive Groupe SEB.
Officer, Thierry de La Tour d’Artaise, 7 board Having graduated from the HEC
members representing the Founder group, business school, he started working
for Seb as a representative in 1951 and went on to play an
4 independent board members (in compliance
important role in the history of the company as a key player
with the AFEP-MEDEF corporate governance
in the success of the flagship Super Cocotte pressure
regulations) and 2 employee board members, cooker, launched in 1953. He managed the Group’s
both nominated in 2017. The percentage of development, including the acquisitions of Tefal and Calor,
female representation on the Board is 46%. and contributed towards its globalisation with the takeover
of Rowenta.
Thanks to their diversity and the complementary Chairman of the Group from 1976 until 1990 when he
nature of their profiles (specialists in retail, retired, he worked towards its extraordinary expansion
communication, finance, managers of French and remained dedicated to maintaining its continuity
and international companies, Group employees), throughout his life. A marketing man who was passionate
members can draw on their respective skills to about the Group, Emmanuel Lescure was a very caring
bring a broader vision to the Board. manager focus on guaranteeing that the values initiated by
the Group’s founders were respected.
The Board of Directors met 6 times in 2017. He was a knight of the French Légion d’honneur.
The Group pays tribute not only to a great captain of
industry and a visionary, but also to an exceptional man
with strong convictions and values.THE GROUP 11
THE AUDIT COMMITTEE is in charge of examining the company’s annual and half-year accounts. It ensures that the
procedures for identifying, evaluating and dealing with the main risks faced by the Group are applied correctly and keeps
the Board of Directors informed. It participates in the appointment of statutory auditors and ensures their independence.
It met on 3 occasions in 2017.
THE NOMINATIONS AND REMUNERATION COMMITTEE (NRC) makes recommendations on the composition of the Board
and is involved in the preparation of succession planning. It proposes the policy for the remuneration of executive officers
and the introduction of performance share plans. It makes recommendations on questions of governance and ethics,
examines the Group’s sustainable development policy and keeps the Board informed. It held 3 meetings in 2017.
1 THIERRY DE LA TOUR D’ARTAISE
Member of the Founder group.
Chairman and Chief Executive Officer of SEB S.A. Aged 63.
FAMILY SHAREHOLDERS
1 2 FÉDÉRACTIVE*
Member of the Founder group, shareholder investment holding company,
represented by Sarah CHAULEUR. Aged 46.
Member of the NRC, represented by Pascal GIRARDOT. Aged 63.
3 DELPHINE BERTRAND*
FÉDERACTIVE
Member of the Founder group, member of FÉDÉRACTIVE.
Aged 53.
4 HUBERT FÈVRE
Member of the Founder group, member of FÉDÉRACTIVE.
Member of the Audit Committee. Aged 53.
2 3 4
5 CÉDRIC LESCURE
Member of the Founder group, member of FÉDÉRACTIVE.
Aged 50.
6 VENELLE INVESTISSEMENT
Member of the Founder group, a family holding company,
4
represented by Damarys BRAIDA.
Member of the NRC. Aged 50.
VENELLE
INDEPENDENT 7 WILLIAM GAIRARD
5 BOARD MEMBERS 6 Member of the Founder group, member of VENELLE INVESTISSEMENT.
Aged 37.
6 8 JÉRÔME LESCURE
Member of the Founder group, member of VENELLE INVESTISSEMENT.
WOMEN
Member of the Audit Committee. Aged 57.
6 INDEPENDENT SHAREHOLDERS
MEETINGS EN 2017
9 YSEULYS COSTES
7 8 Independent Director.
Member of the Audit Committee.
Aged 45.
10 FFP – INVEST
A holding company listed on the Paris stock exchange and majority-held
by the Peugeot family group, represented by Bertrand FINET.
Independent Director.
Member of the NRC. Aged 52.
11 FONDS STRATÉGIQUE DE PARTICIPATIONS
9 10 11 Represented by Catherine POURRE.
Independent Director.
President of the Audit Committee. Aged 61.
12 JEAN-NOËL LABROUE*
Independent Director.
President of the NRC. Aged 70.
EMPLOYEE SHAREHOLDERS
12 13 14 13 LAURENT HENRY
Employee board member. Aged 51.
* Renewal proposed at the AGM of 16 May 2018 14 BRIGITTE FORESTIER
Employee shareholder board member. Aged 47.02
12 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
Groupe SEB’s multi-brand strategy enables it to operate in global and local markets
over the long term, while remaining as close as possible to consumers. It has the widest
portfolio of brands in the Small Domestic Equipment industry, enriched in 2016 by the
acquisition of WMF, which boosts its presence in the premium segment and opens the
doors to the professional market. The Group’s 29 brands are the pillars of its growth
strategy and are now organised into three main subsets.
An unrivalled
brand portfolio
CORE BRANDS, with a strong reputation CORE BRANDS
in their regional or global markets, offer
products that support consumers’ everyday WORLDWIDE
lives. Complementing each other and
fulfilling specific needs, they each have
well-defined identities and values, which are
expressed through the range, features,
product design and communications.
PREMIUM BRANDS are aimed at the most LOCAL
demanding consumers, with well-adapted
positioning, designs and marketing methods.
PROFESSIONAL BRANDS have a global
vocation and focus on the professional coffee
and hotel and catering sector.
PREMIUM BRANDS
PROFESSIONAL BRANDSTHE GROUP 13
Increasingly digital brands
Groupe SEB’s digitalisation strategy not only concerns connected products and an
increase in online sales; it also supports brand positioning and communication.
The platforms, websites and social networks of the four core global brands have
therefore been reviewed. Launched in 2015, this project has now been completed
and the new brand platforms are operational.
Creation of a Premium sales force
The acquisition of WMF at the end of 2016 allowed the Group to significantly strengthen its presence in the premium segment,
with total sales of some €600 million. With our All-Clad, Lagostina, Silit and WMF brands, we target the most demanding
consumers by offering them very high-quality products, guaranteeing the ultimate culinary experience.
This new approach to the high-end segment is served by the creation of premium sales teams in all the major markets or by
the reinforcement of existing teams, particularly in France, Italy, Spain, Central Europe and China.02 14 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
THE GROUP 15
Professional
coffee,
a new market02
16 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
With the acquisition of WMF in 2016, Groupe SEB enriched its portfolio with two
very appealing brands, WMF and Schaerer, and became the world leader
in the fast-developing market for professional coffee machines.
PROVEN EXPERIENCE the world. This led WMF to adapt A DUAL OBJECTIVE: COFFEE
Since its first model was launched its machines and equip them with QUALITY, MACHINE RELIABILITY
in 1927, WMF has built up 90 years numerous functions to offer a This demanding market requires
of expertise in professional coffee personalised response to multiple machines capable of preparing
machines. 1969 marked the start consumer demands. 150 to 1000 cups of coffee a day,
of a new phase, with the design and
launch of the world’s first automatic
coffee machine. The era of special-
ity coffees began in the 1980s and
WMF contributed its technologi-
cal expertise by offering machines
with exceptional functions that could
prepare a variety of superior qual-
ity coffees (cappuccino, macchiato,
latte etc.). With coffee consumption
outside the home growing steadi-
ly, the professional coffee market
underwent rapid expansion all overTHE GROUP 17
depending on their size. This means
the products play a key role in cus-
tomers’ profitability: any downtime
or faults have a big impact on their
business and must be avoided or
dealt with rapidly. Going beyond the
excellence of its machines, WMF
proposes dedicated after-sales
service, with 600 highly qualified
technicians in Europe ready to pro-
vide training, maintenance and
repairs within the shortest possible
time frames.
AN ECLECTIC CUSTOMER
PORTFOLIO
Germany is the leading, histor-
ic market for WMF, with further
expansion into the rest of the world
(Austria, Japan, China, USA, Unit-
ed Kingdom, etc.). Over the past
10 years, the company has been
INNOVATIVE FUNCTIONS to develop models such as Presto,
AND SERVICES t h e b e st - s e l l i n g p ro fe ss i o n a l
WMF has two factories, one in Geis- coffee machine in the world, and
lingen in Germany, which manufac- Espresso Concept, launched in
tures WMF coffee machines, and 2016, which is the first hybrid coffee
the other in Zuchwil in Switzerland, machine combining automatic
where machines are produced f u n c t i o n s w i t h c l a ss i c I ta l i a n
under the Schaerer brand. Research filter holders. Groupe SEB not only
and development takes place at intends to maintain WMF’s strong
both sites, right alongside the approach to innovation; it also aims
production facilities. This proximity to roll it out more widely to guaran-
between innovation and industri- tee the international development
alisation has allowed the company of the Professional Coffee business.
broadening its field of activity, which
was initially centred on traditional
catering outside the home (restau- AN ENTRY POINT INTO CATERING EQUIPMENT
rants, hotels, etc.), to include new
The second line of business for WMF in the professional market involves supplying the
formats such as local shops (bakers,
catering industry with cutlery, tableware and buffet items under the WMF and Hepp
convenience stores, etc.), service
brands, both of which benefit from a strong reputation
stations, airports and well-known
among target customers. Germany is currently the main
fast food chains. Cruise companies market for this business sector, with luxury hotels as its
are another important market, with key target customer base.
many luxury American cruise liners In 2017, this business achieved sales of E72 million.
equipped by WMF. Finally, more
and more companies offer coffee
machines for employees’ use in their
relaxation areas.02
18 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
SALES OPERATING RESULT
FROM ACTIVITY
E6,485 million NET INCOME
+29.7% E661 million
+9.2% LFL* +30.8% E375 million
€678 million before +45%
including WMF sales:
one-off impacts
€1,151 million, +5.5% of WMF PPA**, +34.2%
NET FINANCIAL
DEBT 31/12 OPERATING
CASHFLOW
E1,905 million E322 million
down €114 million
vs. 31/12/2016
2017
in
figures
CHANGE IN SALES CHANGE IN OPERATING CHANGE IN NET DEBT
IN € MILLIONS RESULT FROM ACTIVITY AND DEBT RATIOS
IN € MILLIONS IN € MILLIONS AT 31/12
4,770 5,000 6,485 428 505 678**/661 316 2,019 1,905
2.8***
2.4
1.1
1.0
0.6
0.2
2015 2016 2017 2015 2016 2017 2015 2016 2017
Net debt / adjusted EBITDA
Net debt / equity
*LFL = like-for-like (constant exchange and consolidation scope)
**Excluding one-off impacts of WMF’s purchase price allocation
***Net debt/Proforma adjusted EBITDA (with WMF)THE GROUP 19
BREAKDOWN OF THE GROUP’S SALES BY GEOGRAPHICAL ZONE CHANGE IN SALES 2016 / 2017
IN € MILLIONS
Other Asian countries 5,000 6,485
9%
Western Europe
43% +1,121
China
+462 -98
20%
South America
6% Organic Currency Consolidation
growth effect scope
North America Other EMEA countries +9.2% -2.0% effect*
10% 12% +22.5%
2016 2017
*Excluding SUPOR reclassification of -e74 million
CONSTRUCTION OF OPERATING RESULT FROM ACTIVITY
IN € MILLIONS
505 594 678 661
+80 -32
-70
+133 +94 -17
-22
-10
Volumes Price mix Cost of sales Growth Commercial Currencies Consolidation One-offs
drivers and scope PPA
administrative effect
expenses
2016 2017 2017 2017
LFL before PPA
one-offs
WORDS FROM VINCENT LÉONARD
In 2017, Groupe SEB combined renewed improvement in its performance over its former scope with a promising start for WMF, consolidated
since 1 January 2017.
The 9.2% organic revenue growth should be seen in the perspective of a demanding historical base, whilst the contribution of €1,151 million
from WMF represents an increase of more than 5% thanks to strong momentum in professional coffee.
The Operating Result from Activity (ORfA) for 2017 was €661 million, up 31%. This included Groupe SEB’s Operating result from activity
(excluding WMF) of €583 million, up 15%, and WMF’s ORfA of €95 million, a 12% improvement, excluding the non-recurring impacts of
the PPA amounting to - €17 million. Excluding these effects, the Group’s Operating Result from Activity is
therefore €678 million. Excluding WMF, our operating margin reached almost 11%, reflecting the significant
gains made over the past few years.
This progress is reflected in the net profit of €375 million, an increase of 45%.
Helped by strong generation of operating cash at €322 million, the Group has initiated the process of debt
reduction it has set itself and ended 2017 with a net debt / adjusted EBITDA ratio of 2.36.
Vincent LÉONARD
Senior Executive Vice-President, Finance02
20 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
2017
in
facts
Club des Trente prize for
the best financial transaction
In May, the Club des Trente, which brings together Financial
Directors from the largest French groups, awarded its 2016
prize for the best financial transaction in the mergers &
acquisitions category to Thierry de La Tour d’Artaise. The award
recognises Groupe SEB for its acquisition of WMF in Germany.
With this prize, the Club des Trente aims to demonstrate how
finance and financial markets can help ambitious industrial
strategies, which are compatible with sustainable development
objectives.
Innovation Prize at the 2017 Digital Trophy for Best Investor Relations by a CEO
Transformation awards At Forum IR, the annual French meeting of investor
relations professionals held last December, Thierry de La Tour
At the second Digital Transformation awards, Groupe SEB won one
d’Artaise received the trophy for Best Investor Relations by a CEO.
of four “Innovation Prizes”. Organised by the French professional
This is the seventh time in nine award ceremonies that the
journal Solutions Numériques, these trophies reward companies
Group’s Financial Communications and Investor Relations have
that have used digital solutions
received an award at Forum IR.
to re i n ve n t o r t ra n s fo r m t h e i r
organisation, products or business
model, leading to internal progress,
accelerated growth and advantages
for customers.
Successful new bond issue
In May 2017, Groupe SEB successfully issued bonds worth
500 million euros, maturing in 7 years and bearing interest at
a rate of 1.5%. This allows Groupe SEB to further reinforce its
debt architecture.
Opening of Itatiaia
The new Itatiaia site is a
project that was launched in
2016 in a modern industrial
park in the state of Rio de
Janeiro in Brazil. It is the
new base for industrial and
logistics activities, which
used to be located around
São Paulo.THE GROUP 21
Groupe SEB returns
to the Maison & Objet exhibition
Benefiting from the expansion of our premium
portfolio of brands and the introduction of a dedicat-
ed sales team, Groupe SEB’s return to the Maison &
Objet exhibition in Paris in September, for the first
time since 2010, was a great success. A 200m² stand in
the exhibition’s Cook&Share section, offering product
demonstrations and workshops with chefs, enabled
us to show off four of our brands: Lagostina, WMF,
Emsa and Kaiser. A biannual professional trade show
welcoming 65,000 visitors, Maison & Objet was an
opportunity for Groupe SEB to make close and privi-
leged contact with retailers and, of course, take orders.
EMSA,
centre of
expertise for
Schaerer celebrates its 125th anniversary
Groupe SEB’s professional coffee brand, originally from Switzerland and a
kitchenware
member of the WMF Group since 2006, celebrated its 125th anniversary last With the acquisition of EMSA in 2016, Groupe
August with two days of festivities dedicated to its partners, customers and SEB gained a powerful portfolio of brands in two
its 250 employees and their families. The programme for the celebrations kitchenware segments, in which it previously had
included a factory visit at the company headquarters in Zuchwil, workshops little or no presence: food storage and vacuum
on water quality and digital solutions and a preview of the limited edition flasks. Initially concentrated in Germany, Europe
Schaerer Coffee Art Plus machine. and the Middle East, EMSA
is starting to expand
wo r ld wi d e , se lli n g i ts
products under the Tefal
brand. At the same time,
Groupe SEB is benefiting
from the expertise and
Acquisition strong growth potential of
EMSA, which has become
of Swizzz Prozzz its kitchenware centre of
I n J u n e , G ro u p e S E B p u r s u e d expertise for all its brands.
its development in kitchenware by
acquiring the Swiss company Swizzz
Prozzz, which specialises in mini hand
choppers with high-performance
multi-blade systems. Simple, easy to
use, affordable and complementing the
Group’s existing ranges, Swizzz Prozzz
products have been sold until now under
licence through various kitchenware brands and
have achieved great success; business represents pro forma annual revenue
of around €10 million.2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
Innovation
to make a
difference
Innovation is at the heart of Groupe SEB’s strategy. Creating value
for its retail clients, it is a source of progress and satisfaction for
consumers. It generates profitable growth for the Group, allowing
it to reinvest in innovation programmes and therefore generate a
virtuous circle.02
24 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
PRODUCTS AND SERVICES
Current lifestyles require a strong pace for innovation, in line with the Group’s policy.
With this in mind, we aim to provide progress and better living through a dynamic
approach to products and innovative solutions. Here are a few examples...
rotation speed of the blades and
Triplax Pro geometry pulverise the
cells of fruit and vegetables into
particles that are twice as small
as those produced by traditional
blenders. Another new launch worth
mentioning: the Moulinex Personal
blender is compact and practical,
allowing preparations to be blend-
ed in a transportable bottle on the
go. This travelling blender leads to
inroads for further innovative tech-
nological applications designed to
meet new uses.
NEW MOMENTUM IN IRONING A FULL RANGE OF BLENDERS
In the steam generator market seg- TO MEET GLOBAL DEMAND
ment, Groupe SEB innovates across Shortage of time, combined with
all types of product, from entry level the popularity of healthy, tasty food
to premium. Versions without boil- with plenty of fruit and vegetables,
ers are enjoying great success. Fas- is boosting the Group’s sales in the
teo and Liberty from Tefal and Easy blenders sector. The Group is ensur-
Steam from Rowenta: these af- ing it can achieve its
fordable products are particularly ambitions by devel-
popular with consumers who like a oping a full range,
traditional iron and are looking for which is both well
the efficiency of a steam generator a d a p te d to m a r -
in a compact appliance. High-end, ke t d e m a n d a n d RECOGNITION FOR VACUUM
the Pro Express Ultimate model suitable for world- CLEANER PERFORMANCE
has been extremely well received, wide deployment. Well-known for offering the best
thanks to its new design, power In 2017, the Group balance between eco-performance
and exclusive limescale collector, launched its Ultra and silence, Groupe SEB goes be-
which is ten times better than the Blend high-perfor- yond the requirements of the new
competition. mance blenders: European Union energy labelling
two high-speed for cylinder vacuum cleaners, which
blenders, a cooking stipulates a maximum of 900 watts
one and one which and a noise level restricted to 80
i s s e l f - c le a n i n g . decibels. The leader in cylinder
The extremely high vacuum cleaners, Rowenta standsINNOVATION 25
out once again this year with the basket, a mincer and a mini-reser- launch of more accessible products
launch of the Silence Force Cyclonic voir. A cake-making kit will be intro- such as Chef. The acceleration in
AAAA, the quietest bagless vacuum duced in 2018. sales is particularly strong in South-
cleaner, rated A in all four perfor- East Asia, South-Korea and Japan.
mance criteria. The brand is also TEFAL RIDES THE WAVE Of particular note this year is a
launching the new Airforce 360 ver- OF INDUCTION strong surge in stone and copper
satile stick vacuum cleaner, as well Always on the lookout for new effect induction products, to which
as robot vacuum cleaners. trends, Groupe SEB reaps the re- the Group is responding with the
The new launches have amassed wards of its multi-material approach launch of new ranges.
some prestigious awards in 2017: (stainless steel, aluminium etc.),
Stiwa “GUT” in Germany for the which has helped to reinforce its
Xtrem Power Cyclonic 4A bagless global leadership. Tefal has achieved
cylinder vacuum cleaner; “Sehr a record year with more than 45
GUT” in ETM magazine in Germany million parts made in Rumilly,
for the Air Force 360, which also reflecting the industrial power
achieved the best score (5 stars) of the Group. This growth is pre-
in the lesnumeriques.com test dominantly driven by the induction
in France. market, in which the brand is per-
forming extremely well, with the
COMPANION, THE VERSATILE leading Expertise range and the
COOKING FOOD PROCESSOR
The range was enhanced in 2017
with Companion XL, featuring a BODY PARTNER, CONNECTED SCALES WHICH MONITOR BODY SHAPE
three-litre bowl, the largest availa- With its unique shape sensor connected to a fun body shape monitoring application,
ble on the market! The i-Companion Body Partner allows users to precisely measure the evolution of their body shape.
and i-Companion XL ranges have The device, launched in France and Turkey
been updated with voice commands under the Tefal brand, is the only one to
and an audio recipe feature on the include a system for measuring different
app... very convenient when you parts of the body (arms, waist, hips,
have your hands full or covered in thighs and calves). Associated with
flour! The entire Companion uni- diagnostic scales, to analyse and mo-
verse is expanding, with a wide offer nitor body composition, and a mobile
of accessories: after the addition application, Body Partner allows users
of a second bowl in 2015, 2017 saw to set themselves objectives and moni-
the launch of a large external steam tor their progress on a daily basis.02
26 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
AT THE INTERSECTION OF SKILLS
Part of the Group’s DNA for a long time, innovation is everyone’s business
and it relies in particular on a rich community of 1,300 employees focussing
on benefits for the consumer.
PROTECTING AND DEFENDING
PROPERTY
Industrial property, a true guardian
of innovation, plays a major role in
terms of protection and defence.
It interferes with all R&D players,
validating the innovative nature of
their work and protecting innovations,
from the design stages to commer-
cial exploitation. In 2017, its scope
was extended to include EMSA, and
the team is also working with indus-
trial property experts at WMF.
UNDERSTANDING EXPECTATIONS
The development of a well-adapted
range of products essentially relies
on considering markets at an early
stage, guaranteeing a good under-
standing of consumers, wherever
they may be in the world. In view of
this, Groupe SEB has a selection of
strategic marketing tools that it rolls
out. Each year, 50 or so exploratory
A SPIRIT OF SHARING core technologies, solutions and studies relating to 30 to 40 products
AND OPENNESS products, and Design teams, which are carried out, in order to gain a
Innovation is part of Groupe SEB’s specialise in aesthetics and ergo- better understanding of consumer
DNA. It is the result of multidis- nomics. Going beyond this internal expectations and the market. These
ciplinary work involving Strategic organisation, the Group also relies studies deliver a better perception
Marketing teams, whose role is to on partnerships with major com- of current major trends, a definitive
ensure a good understanding of panies, start-ups, research centres view of how domestic equipment
markets; R&D teams, which develop and universities. This openness to is used and an analysis of brand
external expertise allows the Group performance and penetration by
to benefit from skills that have not category and product. Together, they
been developed internally to nurture lead to the identification of needs
SEB LAB, A BOOST TO INNOVATION its approach to innovation. that have not yet been addressed,
opening up new ground. They are
In 2014, Groupe SEB launched its own SEB supplemented by studies throughout
Lab. This company fab lab, based at the Ecully the entire product development pro-
headquarters since 2016, allows innovation cess and subsequent testing once
teams to organise working sessions on pro-
the product has been launched on
jects, ranging from the initial idea for the
the market.
product/service to the creation of a prototype
and user tests, and to develop projects that are
still in the early stages of maturity or outside
the Group’s usual activities.INNOVATION 27
2017 INVESTMENTS: €225 MILLION
542 PATENTS REGISTERED WORLDWIDE
€10 MILLION INVESTED IN INTELLECTUAL PROPERTY
GROUPE SEB IN THE TOP 20
FILERS OF PATENTS IN FRANCE
As a complement to these stud- that we can serve them better in the In France, the SEB&YOU community
ies, social listening was increased future. This approach is very useful of consumers, set up in December
significantly in 2017. This practice in countries where it is difficult to go 2015, now includes 3,300 people
consists in a constant watch and and meet consumers. It was used, working together with the Group
“listening to” conversations on for example, to help develop the on innovation and product devel-
social networks, in order to harvest new brand identity for Rowenta: two opment issues and helping to arbi-
and analyse data supplied by users. years of online conversations were trate between various proposals for
The objective is to take consumer analysed in order to understand designs, colours, names etc. Given
requirements into account based on consumers’ habits and their percep- the success of this system, there are
what they express spontaneously, so tion of the brand. plans to roll it out gradually to other
countries worldwide.
DESIGN, CREATING EXPRESSION FOR THE BRAND
Design is a key element of innovation; it helps to crystallise and structure Research and Development work on solutions that are
attractive and appealing to consumers and users, while maintaining the coherent expression of our brands, which is crucial to
preserve their strength and recognition.
Designers work on both products and services, including digital applications for our growing
number of connected solutions, such as recommending a recipe based on a user’s profile and
preferences. Their approach is based on and fuelled by an in-depth analysis of needs and trends
in terms of usage, ergonomics and human-machine interaction, as well as colours, materials,
shapes, looks... in order to come up with suitable propositions for tomorrow’s world.”
Kim Helmbold
Design Director02
28 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
AN OPEN INNOVATION POLICY
The innovation process at Groupe SEB focuses heavily on collaborative approaches,
both external and internal.
MORE THAN 1,500 PROJECTS side Plume Labs, a specialist in pro- lives significantly. The approach can
RECEIVED IN 2017 cessing exterior air quality data, to either be spontaneous, or it could be
44 COMPANIES FINANCED develop the Intense Pur Air Con- a response to an invitation to tender
SINCE 2011 nected by Rowenta. This air purifier, launched by the Group’s innovation
which is connected to an application, teams for specific requirements that
will be able to warn users 5-6 hours have been identified.
in advance of the air quality forecast
in their area so that it can be activat- OPENNESS WITHIN THE GROUP AS
ENRICHING PARTNERSHIPS WITH ed remotely if required. WELL!
START-UPS In September 2017, SEB Lab
Through SEB Alliance, its invest- launched the first edition of its ALL
ment fund, Groupe SEB supports Innovators Challenge for employees
innovative companies by forging at the Group’s headquarters. This
R&D partnerships with them. The participatory approach to innovation
targeted companies are start-ups FOODLE, A COLLABORATIVE aims to get employees involved in its
with strong technological content PLATFORM FROM SEB AND ORANGE dynamic product strategy. Out of the
in three key areas: the connected The collaborative platform Foodle 63 ideas received, 6 were selected
world, well-being and sustainable is the first concrete development by employees and a special jury.
development. In France in 2017, SEB resulting from a shared investment They have now been developed and
Alliance acquired holdings in Feeli- in a kitchen ecosystem. Aiming to prototyped before being put forward
green, a specialist in connected cos- maintain its focus on small kitchen to a new jury in April 2018.
metics, and the Cathay Innovation equipment and recipes, the Group
investment fund. began a partnership with Orange
At the same time, the Group relies to develop and deploy the tech-
on the expertise of start-ups de- nical part of the platform. Foodle
veloping innovative processes. For allows each user to receive auto-
example, in 2017 it worked along- matic recipe suggestions from part-
ner chefs or bloggers, by entering
their preferences and their Groupe
SEB products.
INNOVATE WITH GROUPE SEB
Always on the look-out for new
ideas, in 2013 the Group set up
a portal dedicated to collecting
innovative suggestions from outside
the Group. Innovate with Groupe
SEB is open to all inventors of prod-
ucts, services or technologies with
the potential to change consumers’INNOVATION 29 CREATION OF A GLOBAL INNOVATION CENTRE In 2018, 230 research, marketing and design employees work alongside one another at the global innovation centre for small electrical appliances in Ecully. Until mid-2017, they were distributed across three different sites: two in the Lyon region for personal care and home care and the third in Selongey, specialising in kitchen electrics. Bringing all the expertise, skills and tools from the entire innovation chain together at one site allows the Group to optimise its innovation process and become more effective and agile, so that it can always stay in line with the goal of value creation. Effective
2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
International
market, local
expertise
Present in more than 150 countries worldwide,
Groupe SEB combines local expertise
with an international approach. Brands, products and
services respond consistently to the demands of
their markets, adapting to suit consumer expectations.02
32 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
International
EMEA
EUROPE
Home cleaning beats all the records
Outstanding performance in the home cleaning category means that 2017 will go down in the
record books. With its full range of vacuum cleaners – from cylinders with bags to cyclonics
and newly launched addition to the range, the versatile Air Force 360 – Groupe SEB has
consolidated its leading position in several countries and is gaining market share in Europe.
In addition to successful introductions in Hungary and
Russia, the Group achieved strong growth of more than 30%
in Turkey. The Group is ensuring it has the means to sustain this kind of
success in Europe, made possible by strong investments in marketing
and 360° advertising campaigns.
Launched during the first quarter
of 2018 in Europe, the Smart Force
range of robot vacuum cleaners MORE THAN 1 MILLION
will provide the Group with new VACUUM CLEANERS PRODUCED
opportunities for growth and further AT THE VERNON SITE IN 2017
enrich its home cleaning range.
ROMANIA TURKEY
TEFAL, pancake factory INGENIO reorganises Turkish kitchens
In a highly competitive market, the launch of the Ingenio
range is opening up new perspectives in Turkey. Backed
by a multichannel
advertising campaign,
it has made quite
an entrance. The
removable handle,
Tefal reinforced its presence in Romania by
launching its “Fabrica de cl tit ” campaign last which can be used
March. The brand’s pancake pans and frying pans for frying pans and
were celebrated with a comprehensive special saucepans, makes
operation focusing on a popular dish synonymous cookware items easy to
with conviviality in Romania – pancakes. Beyond
a major poster campaign and promotions with
store and more versatile
retailers, Tefal also deployed a high-impact digital (hob, oven, fridge, table,
communications approach. Drawing on partnerships etc.). A genuine growth
with well-known brand ambassador bloggers and driver for the Group,
a strengthened presence on social networks, the
Ingenio is experiencing
campaign reached more than two million people.
This large-scale operation demonstrates the rapid success in the
sustained activation dynamic in the Romanian Turkish market.
market, which has enabled the Group to increase its
cookware sales by 30% over the past three years.INTERNATIONAL 33
GERMANY
COOK 4 ME, backed by a chef
The Krups range of small electrical appliances
has chosen its brand ambassador: Steffen
Henssler. This famous German chef with
a crowd-pleasing sense of humour, who
presents a number of TV cookery shows,
has demonstrated Krups products in 24
German towns and cities with
a spectacular show.
This was a great PR
campaign, resulting
in very strong growth
in sales for Cook 4 Me.
EGYPT
Groupe SEB strengthens its position
Groupe SEB has signed with its long-standing partner in Egypt, the Zahran
family, an agreement on the merger of small electrical appliances and
cookware businesses with a view to reinforcing its local manufacturing base
in Egypt to serve the local and export markets.
Founded in 1967, Zahran Group is the leading cookware manufacturer in
Egypt. It has two industrial sites and 11 Zahran-branded stores and employs
over 700 people. Since 1973, it has been manufacturing and marketing
cookware under the Tefal and Zahran brands in Egypt.
With a view to strengthening the current collaboration, Groupe SEB and
the Zahran family decided to form a new entity, Groupe SEB Egypt Zahran.
This new company aims at stepping up sales growth in Egypt and taking full
advantage of the strong potential of the domestic market; by capitalising on
the relationship of trust built over many years with Zahran.
B E LG I U M - F R A N C E
CALOR celebrates its 100th birthday!
During September and October, Groupe
SEB Belgium and Groupe SEB France
celebrated Calor’s centenary with a
number of consumer campaigns. As well
as achieving strong visibility for the brand
at points of sale, Calor has launched an
editorial platform called “Le Style c’est
vous”, with Karine Ferri as ambassador
and co-editor of the website. The platform
offers beauty tips and advice and a series
of articles by Karine Ferri, providing a look
back over 100 years of style. A highlight of
these anniversary celebrations was Calor’s
invitation to its most loyal end-consumers
to BHV Marais (Paris) for an exceptional day
out including various events: fashion show,
make-up and hair styling workshops,
round table discussions and a photo studio
with top celebrities!02
34 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT International
EMEA
SWEDEN
OBH,
a very masculine attraction
Having made its name thanks to the
quality of its haircare products, OBH
Nordica has entered a new personal care
category: male beauty. Supported by six
influential Swedish bloggers, the full
range of hair trimmers has benefited
from a major digital communications
strategy. An immediate success for the
brand.
EUROPE
26 MILLION
That’s the number of Dolce Gusto coffee machines
sold under the Krups brand since their launch in
2007. An international success story for the Group
in partnership with Nestlé, the various models
have taken pride of place in the kitchens of coffee
lovers.
UNITED KINGDOM
Having turned toast into a work of art,
Tefal is developing a new kind of breakfast,
this time paying tribute to historic British
WMF joins the Group’s subsidiaries monuments. To promote the Avanti Classic
2017 was the first year of consolidation for WMF, collection and
its unique design,
with in particular the gradual takeover of the
operational management of the WMF Consumer
business by Groupe SEB market companies. This Tefal toasts
allows Groupe SEB and WMF teams to pool their
knowledge of local markets and their expertise in Stonehenge,
Blackpool Tower
the premium market, so that the WMF brand can
be developed with the level of discipline required
by its positioning and in accordance with its and the iconic
communications platform.
Only the sales office for the Germany-Austria- telephone box.
Switzerland region remains in the hands of teams
working under WMF management in Geislingen,
in order to maintain the existing expertise in this
key territory, guarantee continuity of service
for WMF customers and strengthen the many
long-term relationships.INTERNATIONAL 35
Mass retail, specialist shops, traditional networks, e-commerce, small shops,
teleshopping... the Group’s strategy targets all relevant distribution channels to reach
a wide range of consumers, with a sales policy adapted to the specific requirements
of each channel. The network of own-brand stores, which are both a showcase and
a special opportunity for close contact with customers, is another brick
in an organisation flexibly adapted from one country to another.
1,200 7% 50 MILLION VISITORS A YEAR,
STORES OF GROUP SALES WITH 15% MAKING A PURCHASE
Consumer
-friendly
A NETWORK PROMOTING AGILE MANAGEMENT WMF, A POWERFUL NETWORK
IMAGE AND SALES TO BOOST EFFICIENCY Own brand stores are WMF’s primary
Over the years, thanks to its acquisitions, This network is adapted to suit market distribution channel and represent 25% of
Groupe SEB has constructed a vast store requirements and benefits from a flexible consumer sales in Germany, Austria and
network worldwide. The Group’s own management approach: store openings to Switzerland. Most of the 193 stores are
stores provide a showcase, boosting seize opportunities, closing shops that are in Germany and Austria. They stand out
its image and providing consumers not profitable enough, relocating where thanks to their parquet flooring and light
with access to its products and brands. necessary and optimising the range. wooden furniture and they use a black
Above all, however, they are about much Particular attention is paid to the visual and white colour scheme to highlight the
more than just sales, offering a genuine appeal and ergonomics of sales outlets, premium positioning.
opportunity for direct contact with which are regularly renovated and
consumers, helping us to understand modernised. In Turkey, for example,
sales trends and identify consumers’ where the Group has a network of
expectations and desires. 146 Tefal Home & Cook stores, interior
fittings and decor are redesigned to
satisfy customers as much as possible
and maximise performance.02
36 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
International
Americas
BRAZIL C O LO M B I A
Colourful ROCHEDO
A successful launch for the colourful Viva Rochedo
range! Saucepans and serving dishes with a design
inspired by street art transform every meal into a
masterpiece. Rochedo promotes healthy and tasty
home cooking with its products, inspiring people
to travel with its simple slogan: Eat well, live well,
travel always... Viva Rochedo!
Dream workshops by Imusa
The brands Imusa and Samurai support the social integration of poor
communities with sustainable programmes and projects, enhancing personal
development and encouraging healthy eating. The “Taller de Sueños”
foundation, set up in February, has introduced cookery workshops open
to everyone, with thirty or so people making simple meals using local
ingredients. Since better living also involves opportunities for learning, the
institution has committed itself to providing lessons for coffee professionals
and partnerships with local companies to interact with schools. Some of the
Group’s employees have volunteered to get involved in this project, which
helps to improve the everyday lives of struggling Colombians.
MEXICO
Become a chef with T-FAL
T-Fal is the exclusive partner of the most popular cookery programme in
Mexico: Masterchef. Throughout the 19 weeks of the competition, candidates
cooked using the Group’s products, giving themselves the best chances of
success. Supplemented by TV ads presented by Chef Betty, the presenter
of the show and a local star, as well as by products stamped
with the show’s logo, the campaign has provided the
brand with incredible visibility, reaching more than
20 million television viewers and the same number
of internet users. An exceptional partnership,
leading to exceptional sales…
BLENDER SALES
UP 70% !INTERNATIONAL 37
USA
New from KRUPS
Last February, Krups announced the extension of its presence to include mass retail (Walmart, Target etc.), brick-and-mortar
and e-commerce. To mark this event, employees at one of the big name stores were invited to test the new Krups range of
kitchen electrics (coffee makers, coffee grinders, kettles, toasters, waffle makers, fryers, electric beaters etc.) and to give
their opinions on the retailer’s e-commerce site, playing the role of brand ambassadors.
USA NORTH AMERICA
WMF at Tim Hortons
In the war between the big names in take-
away coffee, it’s always worth having the best
on your side. That’s why Tim Hortons decided
on an association with WMF. The Canadian
restaurant chain, which specialises in coffee
and doughnuts, decided to equip its outlets
in Canada with the latest WMF professional
coffee machines. This means it can offer its
customers a wide range of exceptionally high-
quality drinks, from espresso to cappuccino.
All-Clad takes a road-trip
All-Clad accompanied chef Hugh Acheson
on his road trip to mark the launch
of his new book, “The Chef
& The Slow Cooker”. In 25
cities from the East to the
West Coast of the United
States, the chef promoted
All-Clad slow cookers with
demonstrations and sales of
the dishes he prepared.02
38 2017 BUSINESS AND SUSTAINABLE DEVELOPMENT REPORT
International
Asia
KOREA
An everyday ideal home
To mark the 20th anniversary of its presence in Korea, Tefal launched a website set up like
an ideal home, in which consumers can discover the brand’s products and their features in
each room. Short, original videos bring to life the vacuum cleaner in the living room and the
hairdryer in the bathroom. In May, Groupe SEB Korea went even further by building its ideal
home in the centre of Seoul. More than 700 professionals, journalists and retail specialists
were invited to explore this temporary structure and discover the vast portfolio of innovative
Tefal products, which make everyday lives easier.
AUSTRALIA SOUTH-EAST ASIA
Trend laboratory Upswing in online sales
To introduce new product categories to the
Australian market and test their potential for
Groupe SEB has gradually tightened its ties
success, Groupe SEB chose an original distribution with Lazada, the leader in online sales in
South-East Asia. Thanks to their local
channel, which has proved its worth: teleshopping.
In association with the famous Australian TV channel
TVSN, or Television Shopping Network, Tefal has
been able to demonstrate the ingenuity of its linen
partnership, online sales have grown rapidly
care and cookware products to local customers. in Malaysia and Thailand. As Asian consumers
prefer to buy their products on the net,
Choosing the teleshopping route is about testing the
temperature of the market before launching sales
through more traditional distribution channels. Groupe SEB completed its distribution network
in these markets, whilst maintaining its historic
partnerships with traditional customers.You can also read
