• Kate Chang

UPDATE #9 - Milan Meetings Update

From August 10 to 31st, our team successfully held a series of meetings in Milan, as we briefed in our last update. During this nearly 3-week period, there were roughly 1,600 people who came to Milan to meet with our team. This included several hundred owners of fabric and leather suppliers and factories, who personally came from Spain, Portugal and from all regions of Italy, and other European countries, and also hundreds of brands as well, hailing from France, the UK, Portugal, Spain, the Nordic countries, other parts of Europe and of course, including from various regions of Italy. I was personally very touched, because a lot of people took the risk of COVID-19, to travel in this sensitive period, just to meet with us, and for this, I want to express a real and heartfelt gratitude for the effort made.


At the same time, during the meetings, I have to acknowledge that some participants waited at the venue for a very long time, for some, even up to 4 hours and on average, around 1-2 hours, for their allotted meetings to start. This situation, also was because we didn’t do a good enough job in our preparatory work, and this was an error on our part. I want to hereby express my sincere apologies, for this long wait as well.


This series of meetings was very successful and as a team, we achieved our goal to establish strong mutual intentions to cooperate with these factories and suppliers, many with decades, some with generations, up to 60 or 70 years or even longer, of history in their industry, producing for high quality brands like Gucci, Armani, Dolce and Gabbana, and etc. These Italian, Portuguese, and Spanish factories and suppliers very clearly told us, that they are ready to fully match our requirements, and are willing to match our requests when it comes to costs, in order to enter the China and Far East market together in the most advantageous position, and they are ready to jump into this vast market and compete. They expressed that they have the confidence that they can reach high quality, and low costs - to help YMYX very quickly conquer the market, and conduct broad and far-reaching sales. They have also agreed fully to our business strategy and together we reviewed our several hundred existing brand partners that we’ve already confirmed. They felt that among these, there were many that they felt were worth their time and effort, to cooperate and grow with, no matter if it’s in relation to growing in Asia, or even in Europe, too. At the same time, suppliers were very enthusiastic in providing very flexible and advantageous prices and giving our partner brands even more choices from their database and archives, as well as new collections. At the conclusion of these meetings, they have declared their strong determination, and eagerness, to cooperate with us, and soon, we will enter our selection and evaluation phase, for each of these potential partners.


For each of the brands that we work with, we will allocate one of their styles to potential partner factories to create one realised piece, in order to evaluate and ensure the potential partners’ production quality, speed, service quality and of course, including the competitiveness on the price.


At the same time, in the course of creating this sample, we also can understand whether or not the factory or supplier will have a very smooth communication, and strong enthusiasm toward the mutual work, and whether or not they really do have the experience, to get it done.


YMYX will take the role of facilitating and lubricating the conversations as much as possible between the brand, factory and supplier, so that when it comes to their communication it can be smooth, and help the cooperation reach an even greater scale. In the course of creating this first samples, this initial work will establish a credible and operative system, and adjust the expectations of each side, from the brand, factory to the supplier, and including YMYX, such that the entire process will be adapted to reach the optimal efficiency and status. This way, in the not so distance future, when COVID-19 has stabilised, we can very quickly enter the market.


We are fully confident toward this, because we have the enthusiasm of our manufacturing partners, enthusiasm of our supplier partners, and their efforts, too, and the enthusiasm of our partner brands, to act as our support. Our partner brands are clamouring to face the market soon, full of anticipation; and as a result, we also believe that with this enthusiasm, the cooperation will reach smooth and successful heights.


We believe that in the course of all of this, there will definitely be problems, but as long as we can mutually accept and understand the other parties involved, I firmly believe, that there are always more solutions to be found than problems to be faced. At the same time, everyone who has come to our meetings, understands that even though the China market is starting to recover, the situation hasn’t fully returned to normal, including the situation surrounding logistics and customs, things are not much improved, and the customs clearance and inspection speed is still very delayed and slow. At the same time, many factories and suppliers, including both those from Italy and Portugal, and other regions, haven’t fully come back online from their long hiatus. So for all of us, we understand this situation, and with patience, we hope that in the near future we will see a resolution come soon. After COVID-19 is controlled, things can gradually get better with the confirmation of a functioning vaccine, society will slowly but surely return to the days of freedom.


Together with these participants in our meetings, we have all felt that we are already starting to feel Spring finally approaching.


Hereby, I want to once again thank all the participants, from the brand owners, to factories and suppliers for their presence once more. Enthusiasm, and passion, are the foundations of any success; and you ventured to Milan to meet us, despite the risk of COVID-19 looming and essentially with real potential risk to your own lives, and this proves that our project’s strategy has been fully appreciated and understood by each of you, and you do believe, that this way of working, can bring you success.


From our side, we will return this effort with even more passion, and load your anticipation and energy, and effort into our “engines”, so that we can reach that success. The success of YMYX, will be the success of our brand partner, our factory partner and our supplier partner as well.


After these meetings, we are partners, and we are all in the same boat.


We must and we need, to use one really united and strong force, to carve out our space in this future unknown market. The future is full of hope and full of challenge, as long as we can approach this effort with mutual understanding and acceptance, we trust that any challenge that does appear will grow light and insignificant under our focused and united effort.


Best,


Kate Chang

CEO

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