2019年全球时尚及奢侈品行业私募基金和投资者调研.pdf
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1、Fashion&Luxury Private Equity and Investors Survey 2019Global reportContentsPreface and methodology 4Key takeaways 7M&A Deal Monitor 2018 9Private Equity and Investors Survey 2019 17Glossary and contacts 374Fashion&Luxury Private Equity and Investors Survey 2019|Preface and methodologyPrefaceDuring
2、2018,Fashion&Luxury(F&L)grabbed the attention of PE funds and Investors.Some have raised special vehicles to be on top of trends and to recognise the best assets in the industry.Valuations have grown high and this has shone the spotlight on the F&L industry,despite market challenges such as disrupti
3、ve technologies and new competitive landscapes.PE funds and Investors have faced increasing competition from strategic buyers,that pursue strong buy-and-build strategies to consolidate their businesses and to survive market transformation.Competition has also extended geographically,with increased i
4、nterest from Asia and Middle East.In this context,global investors interested in the Fashion&Luxury industry are reviewing their expectations and strategies for the next years.In order to analyse and measure market trends and expectations on M&A activities,Deloitte has launched the fourth edition of
5、 the“Global Fashion&Luxury Private Equity and Investors Survey”.5Fashion&Luxury Private Equity and Investors Survey 2019|Preface and methodologyMethodology and contentsThe study considers more than ten sectors of the F&L industry,of which three are Personal Luxury Goods.ContentsGeoScopeData sourceRe
6、marksPrimarydata levelFull secondary dataFull primary dataNew sectorGlobalGlobalThe survey targeted senior members within investment funds,with a substantial knowledge of the F&L industryNews and reportsfrom major media providers Investor pressreleasesCompany pressreleases Online survey basedon Comp
7、uter AssistedWeb Interviewing(CAWI)Interviews with PrivateEquity funds topmanagement F&L market outlookExit and investmentstrategies in 2019 Investors currentportfolio of F&L assets Size of M&A deals by F&Lsector Target company profilesInvestor profiles Analysis of global dealsSectors coveredPrivate
8、 Equity andInvestors Survey 2019M&A Deal Monitor 2018Market segmentationAbsoluteAspirationalAccessibleFashionPersonal Luxury GoodsApparel&Accessories FurnitureLuxuryHotelsLuxuryCruisesLuxury RestaurantsDigital LuxuryGoodsPrivateJetsYachtsLuxuryCarsElectricCarsCosmetics&Fragrances Watches&Jewellery A
9、spirationalFashionAbsolutePrice point analysisLuxuryConsumers perceptionPrimarydata level7Fashion&Luxury Private Equity and Investors Survey 2019|Key takeawaysKey takeawaysM&A Deal Monitor 20182018 Global M&A deal overview The Fashion&Luxury industry proved to be fertile soil for M&A activities with
10、#265 deals registered in 2018,presenting a significant increase of#47 deals compared to the previous year.Personal Luxury Goods deals have increased(+11 deals versus 2017)with Cosmetics&Fragrances(17%of total)growing by#16 deals,while both Watches&Jewellery(11%)and Apparel&Accessories(28%)decreased
11、by#1 and#4 deals respectively.The Hotels sector,which represents 28%of total,was the best segment in terms of deals growth with respect to the previous year,increasing by#29.M&A deals volumes in other sectors increased,with activity in Cruises(+3 deals),Restaurant&Pubs(+3)and Yachts(+1)growing compa
12、red to the previous year.The average deal value has shown flat at$233m in 2018,with just a$3m increase from 2017.M&A deals in Europe strongly increased(+41 deals),whilst North America and Asia-Pacific remained flat.Luxury Automotive deals were present only in China during 2018,driven by the very act
13、ive electric cars industry.Top deals in 2018Acquisitions in Automotive,Hotels and Apparel&Accessories sectors drove numbers in 2018:Beijing Electric Vehicle Ltd.by BAIC BluePark New Energy Technology Ltd.(3.6B$for 100%)Belmond Ltd.by LVMH(3.3B$for 100%)Gianni Versace SpA by Michael Kors Holdings Lim
14、ited(2.1B$for 100%)Other relevant acquisitions in 2018 involved Cruises,Yachts and Furniture companies:Silversea Cruises Ltd.By Royal Caribbean Cruises Ltd.(1.5B$for 67%)Boat Holdings,LLC by Polaris Industries Inc.(717M$for 100%)Ekornes ASA by Qumei Investment AS(700M$for 100%)M&A features and strat
15、egiesOf the M&A deals completed,56%were carried out by Strategic investors(vs.47%in 2017),with a strong increase in 2018 in terms of number of deals compared to 2017(+42 deals).Financial investors,involved in 44%of the total,increased only slightly the number of deals(+5 YoY).Strategic sellers were
16、involved in 57%of the transactions(vs.63%in 2017).Generally,bidders investments focused on a buyout strategy(38%of the times,+3 deals vs.2017).8Fashion&Luxury Private Equity and Investors Survey 2019|Key takeawaysPrivate Equity and Investors Survey 2019Fashion&Luxury market outlookWithin its Private
17、 Equity Survey,Deloitte focuses on understanding investors perceptions of the potential growth in the F&L market in coming years.The consensus view is that major players in Personal Luxury Goods(PLG)are projected to achieve 1.1 times their 2018 sales index by 2021(+4%CAGR 2018-21),while other Luxury
18、 sectors are expected to achieve 1.2 times their value(+6%CAGR 2018-21).Within the next three years,investors forecast that the F&L industry will continue to grow by 5-10%annually.Digital Luxury Goods,Cosmetics&Fragrances and Furniture are projected to outperform strongly,growing by more than 10%per
19、 year.Apparel&Accessories,Hotels and Restaurants are consolidating(with expected annual growth of 5-10%).A decrease is expected in Cars and Private Jets,while Yachts,Jewellery and Selective Retailing are forecast to stay flat.Investors positive consensus regarding both Asia and the Middle East has c
20、ontinued in 2019 as the forecast continues to see these regions stimulating the growth of the F&L industry.Expectations for North America are positive(5-10%annual growth),but sentiment has decreased compared to 2018.Finally,sentiment regarding Europe,Latin America and Japan has changed compared to t
21、he previous year,but the regions are forecast to develop relatively stable.2019 exit strategyThe report considers potential strategies investors will undertake in 2019 to enhance or disinvest their Fashion&Luxury portfolios.About 43%of funds are considering divesting an F&L asset in 2019,resulting i
22、n an increase from the previous year(+8.2 percentage points).Generally,an investors exit is motivated by an opportunity for high returns,the closing of the investment period,market trends mismatches or concerns related to the shrinking of multiples.2019 investment strategy70%of funds are considering
23、 investing in an F&L asset in 2019,with notable interest rising in:Apparel&Accessories(where 79%intend to invest),Cosmetics&Fragrances(79%),Furniture(57%),Watches&Jewellery(36%),Selective Retailing(29%).Interest across categories is increasing compared to previous year,mostly noticeable at Selective
24、 Retailing and Cosmetics&Fragrances.Interest however in Digital Luxury Goods decreases,despite positive market growth expectations.Both current investors and newcomers are more attracted to consolidated sectors within the F&L industry(such as Apparel&Accessories and Cosmetics&Fragrances)where market
25、 knowledge is widespread.Newcomers seem more interested in experiential luxury.With respect to 2018,the continuous consolidation of the F&L industry is moving investments towards smaller-sized companies(+10 percentage points),where investors plan to boost performance by implementing internationaliza
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