Moen Wu Yongjie: Chinese bathroom is painful and happy

Wu Yongjie, President of Moen Asia Pacific

Bathroom Happiness Index Survey: "We are hurt and happy"

[Reporter]: Hello, Mr. Wu! The environment is changing this year, and many people are talking about the word "happiness." How did you interpret the word? In 2012, the happiness index of Chinese sanitary ware is high?

[Wu Yongjie]: If we look at the happiness index, happiness is actually difficult to quantify, so it is difficult to give accurate scores. It can only be said that Chinese sanitary ware is "painful and happy." What does pain mean? I feel that the Chinese market is changing rapidly. Coupled with fierce competition, pressure has become the norm. Therefore, every brand and every company in China is often in painful changes and adjustments. But at the same time, I feel that the market is very big and consumers are constantly maturing. This also brings many opportunities to companies with strong knowledge and strong execution. As long as you do well, you can achieve good growth every year. Therefore, in fact, this part of the company is also very happy.

The Chinese sanitary ware industry may be in an adjustment period at present, and external pressure is great, but I personally feel that there are many opportunities. It is only under this pressure that you will continue to introduce new strategies and practices to meet more market needs. We are really hurt and happy.

Relatively speaking, the US market is very mature and very stable, unlike the Chinese market, which is so fast and significant. Of course, there are not so many opportunities. In China, things that haven't appeared three years ago have become mainstream since three years, so companies need to constantly adjust themselves to adapt to this market.

In the context of this year's market, many people are talking about adjustments. Frankly speaking, I value continuity rather than adjustment. We attach great importance to the expansion of channels this year, first of all in the breadth. I will move the focus of expansion to second- and third-tier cities. Now there is a lot of room for growth in the second and third-tier markets, so we will increase our efforts, sales outlets and channels accordingly. Will penetrate more into this part of the market. Secondly, the outlets are opened more densely. Take Shanghai as an example. In fact, there are many decoration markets that we have not covered. We hope to achieve comprehensive coverage of outlets. In addition, we hope that through the new terminal VI image, consumers will have a new experience for our brand. Finally, we will continue to increase cooperation with large domestic real estate developers, because the proportion of hardcover houses is getting higher and higher, the ongoing regulation will accelerate the reshuffle of the industry, and good real estate companies will become stronger and stronger, so we This piece of cooperation must be strengthened. Therefore, this year is a continuation, not an adjustment. As I just said, the Chinese market is too big and there are many opportunities.

2012 sanitary industry annual hot words: "innovation" and "experience"

[Reporter]: I know that after the spring of this year, you have traveled through many countries and have seen many markets. What is your biggest feeling in a circle?

[Wu Yongjie]: Moen has been in China for 16 years. In the past ten years, no matter whether the external environment is good or not, whether it is the Asian financial crisis or the global economic downturn, our annual investment in China is still increasing. Big, because we are very optimistic about the long-term development of the Chinese market. Therefore, we will not change our confidence in the Chinese market because of macroeconomic adjustments, slow recovery in the US market, or the impact of real estate market regulation.

The market in China is too big, and the distribution of market share is very scattered. From this perspective, the market is challenging and risky, but there are opportunities. This year is not the best year, but it will not be the worst year. Therefore, we will not reduce the investment in the Chinese market, whether it is past, present or future. Everything we do shows Moen's confidence in the Chinese market.

China is still a very promising market and a big market. External factors are beyond the control of brands and companies. What we can control is the execution of our own strategies and strategies, so this is what we must do in the future. So, if you ask me, go through so many countries, so many markets, what is the biggest experience? I think that China has great potential. The key is how do you do it yourself?

[Reporter]: What do you think will be the hot words of the sanitary industry this year? How to interpret these hot words?

[Wu Yongjie]: This year is more about innovation and experience. This is an eternal topic, and this year is no exception. The continuous introduction of innovative products and ideas is the key to future survival. Three days ago, we launched Montion Sense, a new inductive faucet product in the United States, which can solve the problem that the surface of the product is dirty and easy to leave. We also plan to introduce the Chinese market this year, which is also a new market and consumers. Experience.

Counter-trend investment to enhance the advantage of "combination boxing"

[Reporter]: In recent years, the sanitary ware industry has developed very rapidly. As a brand that consumers are very concerned about, what new ideas, new technologies and new products Moen brought in 2012?

[Wu Yongjie]: Moen's most important concept is to provide consumers with reliable products and experiences. Moen will insist on innovation this year. First, it will launch a patented valve core in the Chinese market, which has been developed in the United States for many years. Patented spool. The biggest feature is that the hand feels particularly good and the service life will be longer. Second, our new shower technology, with low water pressure and multiple points, low water pressure and multi-point use, can enjoy a better shower experience. Last year we entered a new area - bathroom cabinets, this year we will also recommend new products, with special emphasis on the storage function, and provide a more comfortable feeling in the use of customers. Finally, we will also focus on the precision thermostat, which is very small and can guarantee the safety of the bathroom.

In the field of bathroom cabinets, we are newcomers, but we have achieved stable sales, unlike a newcomer, the results achieved in the past 9 months are still satisfactory. We emphasize the environmental protection and storage functions of the materials. In China, we have always insisted that the leading business is our core business. We will continue to increase the research and development and investment in leading products and continuously introduce new leading products. At the same time, based on the understanding and research of the market, we have been expanding into related fields. For example, in China, our kitchen sinks, hardware pendants, and bathroom cabinets are also doing very well.

In the future, we will also consider entering more fields. We are not entering for entry. We have conducted a very detailed market survey for each new field. Only when it is determined that it can provide a good solution for consumers will it really enter. Entering each field, the preparation period and the gestation period will be different, depending on the complexity of the field and its own understanding and grasp of the field.

[Reporter]: More and more consumers have begun to pay attention to the process of home purchase, and put forward higher requirements for the consumer experience. How is the company doing in terms of experiential services? What more exciting and innovative consumer experiences will the consumer bring to the future?

[Wu Yongjie]: Actually, I feel that the consumer experience has changed a lot during the entire purchase process. As the industry matures, consumers are becoming more aware of the product. This year, Moen will focus on several efforts: First, the store, launched the third generation image at the end of last year, the first store in July, the current 40 or 50 stores have adopted the new VI. The new VI features a more modern decoration style, a brighter environment, and a real-life design. It adds a lot of live water products to the consumer, allowing consumers to use our products and experience them in person. Our products, with such modern design and bright design, can inspire consumers to inspire the kitchen and bathroom decoration, let them find the feeling of use in advance, it should be said to better meet the needs of consumer experience.

The second is that in terms of e-commerce, online shopping demand is increasing, and consumer online shopping experience is also a lot, so for kitchen and bathroom products, it is also a relatively large development space in the future. We have begun to increase this in this year. We have also established our own flagship store to provide more product information and more standardized price information. In the new channel, regulate the behavior of the merchants, so that consumers have a more secure shopping environment.

[Reporter]: Ok, thank you, Mr. Wu.