2019年全球时尚及奢侈品行业私募基金和投资者调研英文德勤2019739页

Fashion&LuxuryPrivateEquityandInvestorsSurvey2019GlobalreportContentsPrefaceandmethodology4Keytakeaways7M&ADealMonitor20189PrivateEquityandInvestorsSurvey201917Glossaryandcontacts374Fashion&LuxuryPrivateEquityandInvestorsSurvey2019|PrefaceandmethodologyPrefaceDuring2018,Fashion&Luxury(F&L)grabbedtheattentionofPEfundsandInvestors.Somehaveraisedspecialvehiclestobeontopoftrendsandtorecognisethebestassetsintheindustry.ValuationshavegrownhighandthishasshonethespotlightontheF&Lindustry,despitemarketchallengessuchasdisruptivetechnologiesandnewcompetitivelandscapes.PEfundsandInvestorshavefacedincreasingcompetitionfromstrategicbuyers,thatpursuestrongbuy-and-buildstrategiestoconsolidatetheirbusinessesandtosurvivemarkettransformation.Competitionhasalsoextendedgeographically,withincreasedinterestfromAsiaandMiddleEast.Inthiscontext,globalinvestorsinterestedintheFashion&Luxuryindustryarereviewingtheirexpectationsandstrategiesforthenextyears.InordertoanalyseandmeasuremarkettrendsandexpectationsonM&Aactivities,Deloittehaslaunchedthefourtheditionofthe“GlobalFashion&LuxuryPrivateEquityandInvestorsSurvey”.5Fashion&LuxuryPrivateEquityandInvestorsSurvey2019|PrefaceandmethodologyMethodologyandcontentsThestudyconsidersmorethantensectorsoftheF&Lindustry,ofwhichthreearePersonalLuxuryGoods.•••••••ContentsGeoScopeDatasourceRemarks•Primarydatalevel•••••FullsecondarydataFullprimarydataNewsectorGlobalGlobalThesurveytargetedseniormemberswithininvestmentfunds,withasubstantialknowledgeoftheF&LindustryNewsandreportsfrommajormediaprovidersInvestorpressreleasesCompanypressreleasesOnlinesurveybasedonComputerAssistedWebInterviewing(CAWI)InterviewswithPrivateEquityfundstopmanagementF&LmarketoutlookExitandinvestmentstrategiesin2019Investors’currentportfolioofF&LassetsSizeofM&AdealsbyF&LsectorTargetcompanyprofilesInvestorprofilesAnalysisofglobaldealsSectorscoveredPrivateEquityandInvestorsSurvey2019M&ADealMonitor2018MarketsegmentationAbsoluteAspirationalAccessibleFashionPersonalLuxuryGoodsApparel&AccessoriesFurnitureLuxuryHotelsLuxuryCruisesLuxuryRestaurantsDigitalLuxuryGoodsPrivateJetsYachtsLuxuryCarsElectricCarsCosmetics&FragrancesWatches&JewelleryAspirationalFashionAbsolutePricepointanalysisLuxuryConsumers’perceptionPrimarydatalevel7Fashion&LuxuryPrivateEquityandInvestorsSurvey2019|KeytakeawaysKeytakeawaysM&ADealMonitor20182018GlobalM&AdealoverviewTheFashion&LuxuryindustryprovedtobefertilesoilforM&Aactivitieswith#265dealsregisteredin2018,presentingasignificantincreaseof#47dealscomparedtothepreviousyear.PersonalLuxuryGoodsdealshaveincreased(+11dealsversus2017)withCosmetics&Fragrances(17%oftotal)growingby#16deals,whilebothWatches&Jewellery(11%)andApparel&Accessories(28%)decreasedby#1and#4dealsrespectively.TheHotelssector,whichrepresents28%oftotal,wasthebestsegmentintermsofdealsgrowthwithrespecttothepreviousyear,increasingby#29.M&Adealsvolumesinothersectorsincreased,withactivityinCruises(+3deals),Restaurant&Pubs(+3)andYachts(+1)growingcomparedtothepreviousyear.Theaveragedealvaluehasshownflatat$233min2018,withjusta$3mincreasefrom2017.M&AdealsinEuropestronglyincreased(+41deals),whilstNorthAmericaandAsia-Pacificremainedflat.LuxuryAutomotivedealswerepresentonlyinChinaduring2018,drivenbytheveryactiveelectriccar’sindustry.Topdealsin2018AcquisitionsinAutomotive,HotelsandApparel&Accessoriessectorsdrovenumbersin2018:•BeijingElectricVehicleLtd.byBAICBlueParkNewEnergyTechnologyLtd.(~3.6B$for100%)•BelmondLtd.byLVMH(~3.3B$for100%)•GianniVersaceSpAbyMichaelKorsHoldingsLimited(~2.1B$for100%)Otherrelevantacquisitionsin2018involvedCruises,YachtsandFurniturecompanies:•SilverseaCruisesLtd.ByRoyalCaribbeanCruisesLtd.(~1.5B$for67%)•BoatHoldings,LLCbyPolarisIndustriesInc.(~717M$for100%)•EkornesASAbyQumeiInvestmentAS(~700M$for100%)M&AfeaturesandstrategiesOftheM&Adealscompleted,56%werecarriedoutbyStrategicinvestors(vs.47%in2017),withastrongincreasein2018intermsofnumberofdealscomparedto2017(+42deals).Financialinvestors,involvedin44%ofthetotal,increasedonlyslightlythenumberofdeals(+5YoY).Strategicsellerswereinvolvedin57%ofthetransactions(vs.63%in2017).Generally,bidders’investmentsfocusedonabuyoutstrategy(38%ofthetimes,+3dealsvs.2017).8Fashion&LuxuryPrivateEquityandInvestorsSurvey2019|KeytakeawaysPrivateEquityandInvestorsSurvey2019Fashion&LuxurymarketoutlookWithinitsPrivateEquitySurvey,Deloittefocusesonunderstandinginvestors’perceptionsofthepotentialgrowthintheF&Lmarketincomingyears.TheconsensusviewisthatmajorplayersinPersonalLuxuryGoods(PLG)areprojectedtoachieve1.1timestheir2018salesindexby2021(~+4%CAGR2018-21),whileotherLuxurysectorsareexpectedtoachieve1.2timestheirvalue(~+6%CAGR2018-21).Withinthenextthreeyears,investorsforecastthattheF&Lindustrywillcontinuetogrowby5-10%annually.DigitalLuxuryGoods,Cosmetics&FragrancesandFurnitureareprojectedtooutperformstrongly,growingbymorethan10%peryear.Apparel&Accessories,HotelsandRestaurantsareconsolidating(withexpectedannualgrowthof5-10%).AdecreaseisexpectedinCarsandPrivateJets,whileYachts,JewelleryandSelectiveRetailingareforecasttostay