As Fosun International’s Co-President, my major responsibilities nowadays focus on leading to build up Fosun’s Happiness Ecosystem. The year of 2019 marks my 21st year working at Fosun. In the past 21 years, I grew up with Fosun, serving the mission to deliver a better life for every family around the world. With continuous development, Fosun’s Happiness Ecosystem is now dedicated to global families by enhancing product strength, raising brand awareness and building an industrial group. As a main part of Fosun’s entire Ecosystem, our strategy concentrates on the “Happiness” industries and strive to serve family customers with “good products” in the Happiness Ecosystem.
During the 2019 Chinese Lantern Festival last February, we successfully hosted “the 24th Yu Garden Lantern Festival for Folk Art”. It has become one of Fosun’s iconic “good products” nowadays. Yu Garden Lantern Festival is winning more people's affections. The lantern settings are lively, much more catering into the younger generation’s understandings and interpretations of Chinese traditional cultures. The illuminated “God of Fortune” - pig zodiac statue shows how Shanghainese’s daily life has been upturning and progressing in the past 40 years. The new LED lights in Jiuqu Bridge (a walking bridge with zig zag path, meaning for the greatest fortune in life) and Huxin Pavilion are all decorated with spring colors. As the happiness ecosystem’s flagship asset, Yu Garden is committed to building a world-class industrial happiness group deeply rooted in Shanghai while conveying traditional eastern culture through high-quality assets and resources.
Amid our journey of inheriting and developing tradition culture, we also believe that in order to make global families happier, we must enhance globalization. Being a Shanghai-headquartered private enterprise, Fosun might not be the first Corporate China to enter into the global market, but should have been one of the fastest and the most stable globalization companies among its peers. From the initial strategy of “combining China’s growth momentum with global resources” to today’s “two-way interaction between China and the world”, Fosun has witnessed the robust economic growth of China in the past decades. Today, Fosun is playing well in the global economic arena.
At the beginning of 2010, former US Treasury Secretary John Snow, who used to working as a senior executive in both Fortune 500 enterprises and federal government, joined Fosun as a Board advisor. He shared his experience and made introductions to other global influential leaders for us. Fosun started to learn from world-class enterprises in various aspects, such as global investment, financing, operations and talent management through cooperation with global leading individuals and teams.
Later on, Fosun completed its first major overseas deal in Club Med. For Fosun, the French-based resort operator is a rare “global resource” perfectly in line with “China’s growth momentum”. Club Med began to turn losses into profits in the first year after Fosun’s investment, largely due to a significant 40% increase of Chinese customers. Since then, Club Med opened several resorts in China. In the following few years, its China development strategy continues to deliver excellent performances. And a more robust relationship with Fosun has empowered the French partner to benefit from synergy. China becomes its second largest market after France. In 2015, Fosun privatized Club Med as it had gained an insight into tourism.
With this successful case of “going global” and then “coming back to China”, Fosun embarks on its journey of overseas industrial integration. Apart from investment, Fosun has also opened offices all over the world, covering the US, the UK, France, Japan, Portugal, India and major African countries.
However, risk control is the key to Fosun’s globalization success as well. Therefore, while maintaining the development strategy for sustainable progress, Fosun is also following five principles in its global expansion:
Firstly, strict compliance with local laws and regulations is the bottom line. Fosun is never going to step across.
Secondly, Fosun is eager to not only combine China’s growth momentum with global resources, but also take the “two-way interaction between China and the rest of the world” to the next level.
Thirdly, globalization and localization must be fully combined to enable the “GloCal” strategy as we always champion. Meanwhile, in terms of performance review and promotions, Fosun provides the equal opportunities for its global workforce. Whoever makes contributions to the company can have access to the same career development opportunities.
Fourthly, Fosun should make full use of modern information technology to enable real-time communication to respond to our customers 24/7.
Last but not least, for Chinese enterprises, globalization is not just about doing business, it’s more about how to be a responsible global corporate citizen.
Against the backdrop of economic globalization, competition between Chinese and foreign companies will be inevitable, and only those with global competence can survive and thrive. However, China has the largest and most market potential in the world. The largest Chinese player in China is possible to become the future giant in the global marketplace as well. Fosun is equipped with the expertise in global industrial operation, allowing it to participate in the industry consolidation worldwide, and continue to explore the Chinese market by capitalizing on the rapid growth of Chinese consumers. This is one of Fosun’s core competitive edges in its engagement in globalization.
In response to the industrial trend, Fosun Tourism Group, also known as “FOLIDAY”, was officially incorporated in 2016. Foliday has brought a selection of leading global tourism brands to the home market. However, amidst the transition from traditional sightseeing to leisure tourism, Foliday will need to strengthen its capabilities of industry operation and further explore the “vacation” concept opportunities.
To meet global families’ demand for leisure tourism, FOLIDAY has made full arrangement across the industrial chain and integrated global resources. Atlantis Sanya, a resort developed by Fosun, began construction in 2014 and officially opened in 2018. Now it has become a premium one-stop entertainment and leisure destination operated by FOLIDAY. In addition to the introduction of world’s leading travel brands, the tourism unit has been incubating and growing its products in recent years. FOLIDAY’s business also includes the professional destination operator “Albion”, culture and entertainment event organizer “Fanxiu”, the international backup daycare center - “Miniversity”, the online travel agency “Foryou Travel”, as well as the global membership club - “Foryou Club” and etc. The synchronization of international brands and domestic brands has initially helped shape a strong ecosystem that has much to offer.
Through the access to global customers, FOLIDAY can guide international customers to its domestic business, balance the visitor traffic between low season and peak season, and tap into the more profitable outbound travel market.
FOLIDAY has successfully brought together the leading brands in niche market, setting up a barrier to competitors in the industry. Today, FOLIDAY has become an important part of the Happines Ecosystem, which is one of Fosun’s three strategic business units – Health, Happiness, and Wealth. It has also emerged as a global leader in family-focused leisure tourism. FOLIDAY was successfully listed on the main board of Hong Kong Stock Exchange at the end of 2018.
Fosun Fashion Group with the mission to “create a happier fashion life”, will adhere to the C2M model to connect customers and makers through supply chain restructuring. The group wants to achieve a global integration by focusing on digital intelligence and leveraging the growth momentum both at home and abroad. FOLIDAY strives to shape a widely recognized brand philosophy, making it a synonym for high-end, tailor-made and family-focused tourism experiences. Yu Garden is committed to leading the renaissance of Chinese culture and creating a world-class happiness and fashion industrial group with its roots in China.
In 2018, Fosun’s Happiness unit invested in a number of overseas companies including LANVIN, Wolford and Nature & Nature, and bought a stake in Belgium’s IGI. Looking ahead, we will continue to identify good products globally, explore high-growth regions for certain global industries, capture industry opportunities in regional markets, and match global resources with global markets.
In the new era of globalization, we are very excited to shape a dynamic organization that brings together our Happiness products from different units such as film and entertainment, fashion, Yu Garden, FOLIDAY, cosmetics, sports and gaming, covering all aspects of people’s life. We aspire to bring greater happiness to every family in the world by truly creating a Happiness Ecosystem.
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