Scot M. Karstens - Managing Director of Asian Architectural Coatings and President of China Resources Coatings Group (right)
Derrick Tay LingKuan Zheng Lingguang - President of Asia Pacific (left)
Reporter: First of all, I would like to ask, why did VALSPAR put the fourth flagship store in Suzhou? What kind of expectations are there for the Suzhou market?
Xianghe Furniture City official website recommended search reading: green home improvement environmental protection coating
Scot: Suzhou is a fast-growing city. For us, Suzhou is also a very important market. Before we did some research and found that Suzhou consumers are very strong in the pursuit of fashion and personalization, so we believe that the VALSPAR brand is very suitable to enter such a market at this time. We hope that in terms of color, in terms of coating technology, Suzhou consumers will be able to decorate their home environment more fashionable, more unique and more colorful.
Reporter: Thank you, can you describe the blueprint for your future in China?
Derrick: Globally, in the four areas of coatings, we are involved in Valspar, industrial coatings, food packaging related industries, wood paints, and of course consumer paints. China accounts for 27% of our global business, and now we are ranked third in China's coatings industry; for the Chinese market vision, we hope that one day, China's leading boss. Global Valspar annual sales are $4 billion.
Reporter: The competition in China's coatings market is very fierce. Now Suzhou has Dulux, Nippon, and there are many competitors in the country. Would you like to ask, what kind of market strategy will you adopt? What brand advantages do you face in the face of segmented market services?
Scot: We are always looking for differentiation in the Chinese market, not only in terms of products and technology, but also in retail and brand experience, seeking to differentiate with competitors. We combine global technology with local experience, such as market experience and services. Just now we have said that differentiation, when consumers make the purchase decision, we will also provide them with a series of services to help them finally choose a coating product that suits their personality and reflects their living conditions.
Derrick: Valspar is a company with more than two hundred years of history, so our technology is very mature. We are already in third place in China, not starting from scratch, and many regions are already in the first place. Why are we doing very well in so many places? First, our service is better than others; second, our products, many products are zero VOC. Of course, the most important thing is our distributor. In Suzhou, we cooperate with Daiwei. I believe that our cooperation will soon become the first place in the Suzhou market.
Reporter: In the Suzhou exhibition hall, how many colors can you choose from consumers?
Derrick: The Valspar showroom may be a little different from conventional paint because we built a color platform that provides color consultation, design, and concept realization for consumers. When consumers need color choices, we have an online configuration system, you can enter the home environment into the computer system, according to your requirements, we can provide the color that customers need. It is our color that has broken the concept of quantitative quantification, but to meet the needs of consumers with a conceptualization of requirements, which is a color problem.
Also, Mr. Zheng also said that we will differentiate ourselves from our competitors with safer, more environmentally friendly, more energy-efficient and more innovative products. To be the first, we must be quality with our competitors. There is a big difference in the concept of color and sales, and the satisfaction of color, to ensure that our products are moving from the third to the first, because our goal is to always be the first.
Derrick: Our energy-saving products can achieve energy savings in both interior and exterior walls. After expert verification, its energy saving rate can reach 6%-8% on the inner wall; 15%-25% on the outer wall, which can reduce energy and energy consumption; at the same time, it can make our home in the winter. It will feel warmer and cooler in the summer.
Scot: This energy-saving product is in fact another example of Valspar's combination of leading global technology with local market characteristics. It can be seen in China that our buildings are of cement concrete structure, which is different from the United States and other parts of the world. This structure will accelerate the exchange of indoor and outdoor heat energy. We bring Valspar's world-leading technology to China, combined with an understanding of the local market, specifically for Chinese buildings, which are cement structures, which have developed this energy-saving product that blocks energy indoors and outdoors. The exchange has achieved energy-saving effects and created an indoor environment that is warm in winter and cool in summer.
Derrick: I just mentioned the test by experts. This test was done at Tongji University. The test process and the test results are documented.
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