2016年全球奢侈品力量英文版

1GlobalPowersofLuxuryGoods2016GlobalPowersofLuxuryGoods2016Disciplinedinnovation2GlobalPowersofLuxuryGoods2016ContentsForeword1Top100quickstats2Globaleconomicoutlook4Disciplinebydesign:luxury’snewnormal7Top1014Top100highlights16GlobalPowersofLuxuryGoodsTop10018Geographicanalysis24Productsectoranalysis32Newcomers38Fastest2040M&Aactivity42Studymethodologyanddatasources48Endnotes50Contacts51Luxurygoodsinthisreportfocusesonluxuryforpersonaluse,andistheaggregationofdesignerapparelandfootwear(ready-to-wear),luxurybagsandaccessories(includingeyewear),luxuryjewelleryandwatchesandpremiumcosmeticsandfragrances.1GlobalPowersofLuxuryGoods2016WelcometothethirdGlobalPowersofLuxuryGoods.Thereportexaminesandliststhe100largestluxurygoodscompaniesglobally,basedontheconsolidatedsalesofluxurygoodsinfinancialyear2014(whichwedefineasfinancialyearsendingwithinthe12monthsto30June2015).Italsoprovidesanoutlookontheglobaleconomy;ananalysisofmergerandacquisitionactivityintheindustryanddiscussesthekeyforcesshapingtheluxurymarket.Theworld’s100largestluxurygoodscompaniesgeneratedsalesof$222billioninfinancialyear2014,3.6percenthigheryear-on-year.TheaverageluxurygoodsannualsalesforaTop100companyisnow$2.2billion.Thegloballuxurygoodssectorisexpectedtogrowmoreslowlyin2016,ataratemanyretailersmayfinddisappointing.ThegrowthrateisslowinginimportantmarketssuchasChinaandRussia,althoughsomemarketscontinuetoperformwellandtherearepocketsofopportunityacrosstheglobe.IndiaandMexicoforexamplearegrowingquickly,andtheMiddleEastoffersfurthergrowthpotential.Thereisashiftintheluxurypath-to-purchase.Empoweredbysocialnetworksanddigitaldevices,luxurygoodsconsumersaredictatingincreasinglywhen,whereandhowtheyengagewithluxurybrands.Theyhavebecomebothcriticsandcreators,demandingamorepersonalisedluxuryexperience,andexpecttobegiventheopportunitytoshapetheproductsandservicestheyconsume.Keyfindingsfromthereportinclude:•Disciplinebydesign:luxury’snewnormal–Wearenowenteringthesecondhalfofthe‘decadeofchange’,whichisexpectedtobecharacterisedbydiscipline.•Demandforluxurygoodsisstillgrowingprofitablydespiteeconomicchallenges.•Italyisonceagaintheleadingluxurygoodscountryintermsofnumberofcompanies.Wehopeyoufindthisreportinterestinganduseful,andwelcomeyourfeedback.PatriziaArientiEMEAFashion&LuxuryLeaderDeloitteToucheTohmatsuLimitedForeword2GlobalPowersofLuxuryGoods20163GlobalPowersofLuxuryGoods201611.4%0.8xUS$2.2billion3.6%compoundannualgrowthrateinluxurygoodssales,2012-2014compositenetprofitmargincompositeassetturnoveraverageluxurygoodssalesofTop100luxurygoodscompaniescompositereturnonassetsminimumsalesrequiredtobeonTop100listaggregatenetluxurygoodssalesofTop100inUS$economicconcentrationofTop10compositeyear-over-yearluxurygoodssalesgrowth6.1%US$222billion47.9%9.0%Top100quickstats$191million4GlobalPowersofLuxuryGoods2016GlobaleconomicoutlookInthepastyearthevalueoftheUSdollarhasrisenagainstmostmajorcurrencies,drivenbylowoilprices,therelativestrengthoftheUSeconomy,expectationsoftighterUSmonetarypolicy,andtheeasingofmonetarypolicyinEuropeandJapan.Forluxurygoodscompanies,thestrengthofthedollarhasmeantincreasedpurchasingpowerforUSconsumersandhigherimportpricesforconsumersinothercountries,especiallythoseinemergingmarkets.However,thedollarhasretreatedsincethestartof2016,providingrelieftoemergingmarketsthathadboostedtheirowninterestratesinresponsetodollarstrength.Fortheworld’sleadingluxurygoodscompanies,lowoilpriceshavemostlybeengoodnews.Lowerfuelcostshavetranslatedintoincreasedpurchasingpowerforconsumersandhigherreal(inflation-adjusted)wagesinmostmajormarkets.Ontheotherhand,thesharpdeclineincapitalspendingbyenergycompanieshashadanegativeimpactonbusinessinvestmentintheUS,Canada,andothermajoroilproducingcountries.Lowoilpriceshavealsoresultedinweakeconomicgrowthinanumberofoil-exportingcountries,suchasCanada,Russia,VenezuelaandMalaysia.Thegloballuxurygoodssectorisexpectedtogrowmoreslowlyin2016,ataratemanyretailersmayfinddisappointing.ThegrowthrateisslowinginimportantmarketssuchasChinaandRussia,althoughsomemarketscontinuetoperformwellandtherearepocketsofopportunityacrosstheglobe.IndiaandMexicoforexamplearegrowingquickly,andtheMiddleEastoffersfurthergrowthpotential.EuropeTheEuropeanluxurygoodsmarkethasbouncedbacksincethedifficultdaysof2012-2014butnationaleconomiesarerecoveringatdifferentrates.Overall,marketgrowthisslowbutsteady,withbothdomesticshoppersandwealthytouristscautiousaboutspending.Entry-levelproductsandaffordablebrandsaresettodowell,andthenewercategoryofwearabletechnology,withproductssuchasApple’sHermèssmartwatchmakinganimpactamongthesuper-rich,isalsogainingtraction.RussiaDuetoeconomicdifficultiesinRussia,includingtheeffectofsanctions,salesofluxurygoodsfellsignificantlyin2015asconsumerstightenedtheirbelts.Intheforeseeablefuture,thisstagnationinthemarketisexpectedtocontinue.UnitedKingdomWealthytouristsfromtheMiddleEast,China,theUS,andRussiacontinuetodriveasignificantpartofthedemandintheUK’sluxurygoodsmarket.Itisthereforeamarketexposedtotheriskofeconomicandpoliticaldevelopmentsinthos