Chengan (Global Name: Taeltech) Partners With Odakyu Department Store to Serve Chinese at Home

STOCKHOLM,June 10,2020 -- Odakyu Department Store,Tokyo's iconic 16-level department store,has finalized its agreement with Chengan (below referred to as `Taeltech'),the safe-product ecosystem ensuring verifiable product authenticity to consumers in over 500 cities in China. Through the Taeltech Ecosystem,Odakyu Department Store will provide the Chinese market with a wide variety of Japanese and international products,including Japanese accessories,fashion products,cosmetics and more.

The agreement allows the Japanese retailer to gain a foothold in the Chinese market through the Taeltech Ecosystem. Counterfeit goods are an ongoing issue in China,so each Odakyu product is protected with Taeltech's Smart Packaging anti-counterfeit technology when sold through the Taeltech Marketplace. Taeltech has also created a dedicated `Odakyu Zone' in their Marketplace,which will function as an extension of the department store experience for customers who have returned home. In the coming months Department Store staff will hand out Marketplace loyalty cards,to guide customers to the `Odakyu Zone' after leaving the physical store.

In addition,Odakyu Department Store will give Taeltech extensive promotional opportunities in prime locations within the department store,with special deals catered to Chinese tourists visiting Japan once inbound tourism accelerates again.

Those purchasing Tael protected Odakyu Department Store products can utilize their smartphones to verify authenticity while earning Taeltech loyalty points,called shijifen,in the process.

Shuji Kawate,Business Department General Manager of Odakyu Department Store,commented:

"Odakyu Department Store has roughly 50M visitors per year,a yearly revenue of nearly one billion US dollars and is directly connected to Shinjuku Station,the world's busiest railway station. Considering the fact that most of our inbound tourism revenue is generated by Chinese tourists,we saw a unique business opportunity,as well as a potential to provide the best customer service,in this partnership with Chengan by catering to their continued needs,thus expanding the department store experience into China in the future. It is for this reason that we have chosen Chengan as our partner."

Alex Busarov,Chengan (Taeltech) CEO,commented:

"Not only does this partnership give Chinese consumers the opportunity to order high quality and verifiable authentic Odakyu Department Store products from their homes,in the future it also introduces the Tael Ecosystem to Chinese tourists within Japan,connecting our target market both domestically and internationally. With the majority of Japan's overseas visitors hailing from China,this is a golden opportunity for both parties."

This partnership follows multiple recent Taeltech developments with other leading Japanese companies,including Rakuten and MUFG.

About Odakyu Department Store

The Odakyu Department Store is one of the largest in Asia and part of the conglomerate Odakyu Electric Railway Group which connects Shinjuku,the largest shopping town in Japan and Hakone,an extremely popular tourist spot among foreigners. Due to its direct connection to the Shinjuku transportation hub,the department store is a landmark for inbound and outbound tourists and travelers.

About Taeltech

Taeltech's Marketplace provides consumers in China with verifiable authentic consumer goods through state-of-the-art RFID/NFC & blockchain technology. Underpinned by a unique incentive system,Taeltech's databank also helps brands generate rich consumer insights that enable them to build authentic relationships with these consumers. The Ecosystem currently has over 50,000 active users across every region in China. Learn more on www.Taeltech.com.

Press Contact

Kasper Rasmussen

Kasper@taeltech.com

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Press release (PDF)