德勤报告：2019年全球时尚及奢侈品行业私募基金和投资者调研Fashion & Luxury Private Equity and Investors Survey 2019（39P）

Fashion & Luxury Private Equity and Investors Survey 2019Global report ContentsPreface and methodology 4Key takeaways 7M&A Deal Monitor 2018 9Private Equity and Investors Survey 2019 17Glossary and contacts 37 4Fashion & Luxury Private Equity and Investors Survey 2019 | Preface and methodologyPrefaceDuring 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 disruptive 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 interest 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 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 sourceRemarks•Primarydata level•••••Full 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 Computer 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 Equity andInvestors Survey 2019M&A Deal Monitor 2018Market segmentationAbsoluteAspirationalAccessibleFashionPersonal Luxury GoodsApparel &Accessories FurnitureLuxuryHotelsLuxuryCruisesLuxury RestaurantsDigital LuxuryGoodsPrivateJetsYachtsLuxuryCarsElectricCarsCosmetics &Fragrances Watches &Jewellery AspirationalFashionAbsolutePrice point analysisLuxuryConsumers’ perceptionPrimarydata level 7Fashion & 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 #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 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 compared to the previous year. The average deal value has shown flat at $233m in 2018, with just a $3m increase from 2017.M&A deals in Europe strongly increased (+41 deals), whilst North America and Asia-Pacific remained flat.Luxury Automotive deals were present only in China during 2018, driven by the very active electric car’s industry.Top deals in 2018Acquisitions in Automotive, Hotels and Apparel & Accessories sectors drove numbers in 2018: • Beijing Electric Vehicle Ltd. by BAIC BluePark New Energy Technology Ltd. (~3.6B$ for 100%)• Belmond Ltd. by LVMH (~3.3B$ for 100%)• Gianni Versace SpA by Michael Kors Holdings Limited (~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 10 0%)• Ekornes ASA by Qumei Investment AS (~700M$ for 10 0%) M&A features and strategiesOf 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 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 Equity S