Global Retail Undervalued based on future growth

JD.com

Market Cap: US$40.5b

Operates as a supply chain-based technology and service provider in the People’s Republic of China and Europe.

Zhejiang China Commodities City Group

Market Cap: CN¥71.0b

Through its subsidiaries, develops, manages, and operates an online trading platform service in China.

El Puerto de Liverpool. de

Market Cap: Mex$147.8b

Operates a chain of department stores primarily in Mexico.

Lithia Motors

Market Cap: US$5.7b

Operates as an automotive retailer in the United States, the United Kingdom, and Canada.

MINISO Group Holding

Market Cap: US$4.7b

An investment holding company, engages in the retail and wholesale of design-led lifestyle and pop toy products in Mainland China, the rest of Asia, North and Latin America, Europe, and internationally.

Wuchan Zhongda GroupLtd

Market Cap: CN¥26.8b

Provides bulk commodity supply chain integration services in China and internationally.

Victoria's Secret

Market Cap: US$3.5b

Operates as a specialty retailer of women’s intimate, and other apparel and beauty products worldwide.

Takashimaya Company

Market Cap: JP¥550.1b

Engages in the department stores, corporate, and mail order business in Japan.

Signet Jewelers

Market Cap: US$3.2b

Operates as a diamond jewelry retailer in the United States, Canada, the United Kingdom, and Republic of Irland.

American Eagle Outfitters

Market Cap: US$2.7b

Operates as a multi-brand specialty retailer in the United States and internationally.

RH

Market Cap: US$2.5b

Operates as a retailer and lifestyle brand in the home furnishings market in the United States, Canada, the United Kingdom, Germany, Belgium, and Spain.

Modivo

Market Cap: zł7.9b

Engages in the retail sale of footwear and other products in Poland, Central and Eastern Europe, and Western Europe.

Luk Fook Holdings (International)

Market Cap: HK$13.6b

An investment holding company, engages in sourcing, designing, wholesaling, trademark licensing, and retailing various gold and platinum jewelry, and gem-set jewelry products in Hong Kong and internationally.

SILICON2

Market Cap: ₩2.3t

Engages in the distribution of cosmetics products worldwide.

Chongqing Department StoreLtd

Market Cap: CN¥9.8b

Operates department stores, shopping centers, supermarkets, and electrical appliances stores in the People's Republic of China.

Foschini Group

Market Cap: R22.9b

Operates retail stores in South Africa and internationally.

Sally Beauty Holdings

Market Cap: US$1.3b

Operates as a specialty retailer and distributor of professional beauty supplies.

Douglas

Market Cap: €1.1b

Douglas AG retails beauty products in Europe.

Motus Holdings

Market Cap: R20.3b

Provides automotive mobility solutions in South Africa, the United Kingdom, Australia, and internationally.

PT. Mitra Adiperkasa

Market Cap: Rp20.0t

Engages in the retail trade of clothing, accessories, bags, and sports equipment in Indonesia, Vietnam, the Philippines, Thailand, and internationally.

Hyundai Department Store

Market Cap: ₩1.7t

Operates various department stores, outlets, and duty-free shops in South Korea.

Map Aktif Adiperkasa

Market Cap: Rp17.8t

Operates as a sporting goods retailer in Indonesia.

ATRenew

Market Cap: US$1.0b

Operates pre-owned consumer electronics transactions and services platform in the People’s Republic of China.

Upbound Group

Market Cap: US$1.0b

A technology and data-driven company, provides financial solutions in the United States, Puerto Rico, and Mexico.

IDOM

Market Cap: JP¥125.5b

IDOM Inc. purchases and sells used cars in Japan and internationally.

World

Market Cap: JP¥112.2b

Through its subsidiaries, plans, manufactures, retails, sells, and imports/exports apparel and fashion products in Japan and internationally.

Auto Partner

Market Cap: zł2.4b

Imports and distributes parts for passenger cars, delivery vans, and motorcycles in Poland.

Betterware de MéxicoP.I. de

Market Cap: US$619.7m

Operates as a direct-to-consumer selling company in the United Staes and Mexico.

Matas

Market Cap: DKK 3.9b

Operates a chain of retail stores that offer beauty, personal care, health and wellbeing, and household products in Denmark.

EEKA Fashion Holdings

Market Cap: HK$4.6b

An investment holding company, engages in the design, promotion, marketing, retail, and wholesale of self-owned branded ladies’ wear products in the People’s Republic of China.

Hyundai Home Shopping Network

Market Cap: ₩889.9b

Operates as an online shopping company in South Korea.

B&S Group

Market Cap: €492.4m

Distributes consumer goods worldwide.

Grupo SBF

Market Cap: R$2.7b

Grupo SBF S.A. retails and wholesales sports and leisure products in Brazil.

Samse

Market Cap: €406.0m

Distributes construction materials and tools in France.

SMCP

Market Cap: €402.1m

Operates as an apparel and accessories retail company in France and internationally.

Aspirasi Hidup Indonesia

Market Cap: Rp6.5t

Engages in the retail of home improvement products in Indonesia.