Fashion companies in Italy (2010-2015) Report compiled by Mediobanca - - PowerPoint PPT Presentation
Fashion companies in Italy (2010-2015) Report compiled by Mediobanca Research Area Presentation available for download free of charge from www.mbres.it Milan, International Press Association, 23 February 2016 Contents 1. Global scenario 2.
Milan, International Press Association, 23 February 2016
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1. Global scenario 2. Italian fashion seen by the Mediobanca Research Area 3. The Italian fashion “Top15" 4. The 143 Italian fashion companies 5. 9M 2015 6. Between luxury and Formula 1 7. The companies behind the brands 8. What are our cousins up to?
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(1-2% at constant exchange rates),
Of which: Leather goods 65bn +4% Clothing 54bn +2% Jewellery and watches 52bn +1% Beauty products and perfumes 45bn +2% Of which: Europe 76bn +2% Americas 72bn +3% Asia-Pacific 47bn +1% Japan 18bn +2%
Source: Bain & C. Fondazione Altagamma, Worldwide Luxury Market Monitor, October 2014 and 2015
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In Europe, the decrease in purchases by residents was offset by the continuing expansion of tourist shopping, which was more than half of the total. Chinese buyers accounted for approximately 36% of the total tax free shopping market, up 16% with respect to 2013, offsetting the decrease in spending by the Russians down 10%, still in second position with 9%. Also in Italy the Chinese were the top spenders with 32% of the tax-free shopping (with Milan as the favourite destination followed by Rome) ahead of the Russians (13%) and the Americans (8%).
Tax-free shopping in the first nine months 2015: +26% in Europe +19% in Italy
Source: data compiled by Global Blue, October 2015.
Tax-free shopping in Europe is estimated at around €48bn in 2015 and is mainly concentrated in four Countries, i.e. France, Germany, U.K. and Italy, which represent overall 74% of the European market.
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Source: Bain & C. Fondazione Altagamma, Worldwide Luxury Market Monitor, October 2014 and 2015.
Single-brand stores accounted for 53% of the luxury market: the top players are committed to strengthening the mono- brand retail segment, including through direct sales (flagship stores), in the most prestigious locations. This allows for enhanced image control and service quality and support for price positioning on the market, increasing the perception of exclusivity and aesthetic-aspirational value by the buyer.
Fashion retail: Wholesale: wholesale via third-party distributors Retail: own monobrand or third-party licencees
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Source: Bain & C. Fondazione Altagamma, Worldwide Luxury Market Monitor, October 2014 and 2015
Global on-line sales in 2014 were around €12bn: this is the sales channel expected to grow faster with the highest growth estimates for 2015, up 40% (reaching approximately 7% of the total value of the luxury market from the current 5%). Global sales in airports were approximately €11bn and they are expected to grow by another 29% in 2015, to reach approximately 6% of the total value of the market from the current 5%. Global outlet sales accounted for approximately €19bn and they are expected to grow by another 35% in 2015, to reach approximately 10% of the total value of the market from the current 9%.
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“143 Italian fashion companies (Top15 included) with sales
Sector
59 clothing
32 leather goods
20 textile
11 gold and jewellery
5 eyewear
16 retailing
Where
56 North West
55 North East
32 Rest of Italy
Ownership
99 Italian
44 non-Italian (18 French)
Sixteen are listed on the stock market “Top15”: economic analysis of Top15 Italian fashion Groups per sales (Clothing-Eyewear-Leather goods) between 2010 and 2014 (included first nine months 2015).
Who they are
Armani
Benetton (SpA)
Calzedonia
D&G
Lir (Geox)
Luxottica
Max Mara
Moncler
OTB (Diesel)
Prada
Safilo
Salvatore Ferragamo
Tod’s
Valentino
Zegna
Seven are listed on the stock market
Two are international-owned: Valentino (Qatar) and Safilo (Dutch holding company)
“I’m here but you can’t see me”: Gucci and Bottega Veneta (Kering Group)
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Kpi (key performance indicators): Top15, Italian fashion companies and manufacturing companies
% sales 2014-10 Italian fashion companies grow more than manufacturing. Top15 and fashion companies better than manufacturing for sales, margins and employment. 30.8 26.0 34.2 27.7 25.1 22.7 16.3 14.1 14.0 Net sales Ebit Employees Top15 Italian fashion Italian fashion companies Large Italian manufacturing a (net of Chrysler's effect)
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KPIs (key performance indicators): Top15, Italian fashion companies and manufacturing companies
What most clearly distinguishes fashion companies from large Italian manufacturing companies is their financial structure. They are more capitalized and “liquid”. 12.3 9.3 6.0 23.4 36.8 140.4 118.2 73.7 50.8 Top15 Italian fashion Italian fashion companies Large Italian manufacturing EBIT margin (2014 %) Borrowings/equity (2014 %) Liquidity/borrowings (2014 %)
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7,652 3,552 2,535 1,847 1,536 1,321 1,310 1,296 1,210 1,179 1,045 966 934 721 694 Luxottica Prada Armani Calzedonia OTB (Diesel) Ferragamo Max Mara Benetton (SpA) Zegna Safilo D&G Tod's Lir (Geox) Valentino Moncler
Net sales 2014 (€m)
Gucci (net sales 2014: €3,497m) and Bottega Veneta (net sales 2014: €1,131m), Kering Group. Aggregate turnover €27.8bn (up 5.6% on 2013 and up 30.8% on 2010) Benetton Group: €1,633m
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12.7 8.8 2.9 2.8 0.6 Clothing Eyewear Leather goods Shoes Royalities and other revenues
Net sales 2014 (€ bn e % of total)
46% 32% 11% 10% 1%
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75,575 30,705 11,962 8,112 7,663 7,609 6,286 5,670 4,294 4,239 4,113 3,764 3,011 2,477 1,407 Luxottica Calzedonia Prada Armani Zegna Safilo OTB (Diesel) Max Mara D&G Tod's Lir (Geox) Ferragamo Benetton (SpA) Valentino Moncler
Employees (average number) in 2014
Aggregate labour force: 176,887 staff (up 9% on 2013 and up 34.2% on 2010) Gucci (labour force 2014: 9,623 staff) and Bottega Veneta (labour force 2014: 3,212 staff), Kering Group. Benetton Group: 9,429 staff
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80.3 73.1 72.6 63.6 58.7 57.7 55.7 55.2 48.5 47.7 44.9 34.0 22.9 9.0 1.1 56.3 Luxottica Ferragamo Zegna Prada Safilo Valentino Armani D&G OTB (Diesel) Moncler Tod's Max Mara Lir (Geox) Benetton (SpA) Calzedonia Top15
% non-Europe net sales, 2014
Top15: European net sales €12.1bn, non-European €15.7bn
European net sales: up 4.6% on 2013 and up 14.9% on 2010 Non-European net sales: up 6.4% on 2013 and up 46.4% on 2010
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20.7 20.8 11.3 15.9 20.3 12.6 8.9 9.3 17.0 6.3 18.1
6.9 9.6 8.9 12.8 9.5 29.8 19.9 18.6 16.3 15.6 15.3 10.1 8.1 7.6 6.8 6.5 5.4 2.3 0.9
12.3 9.3 Moncler Prada Ferragamo Armani Tod's Luxottica Zegna Max Mara Calzedonia Safilo D&G Valentino OTB (Diesel) Lir (Geox) Benetton (SpA) Top15 Fashion companies 2010 2014
ebit margin, 2010 and 2014
Boom in ebit margin in 2010-14: Moncler, Valentino and Ferragamo. In 2010 Prada, Moncler and Tod’s ranked first, with EBIT more than 20%. Ferragamo, which ranked third in 2014, had come in eighth in 2010.
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37.8 31.6 26.0 20.0 17.8 16.0 10.5 9.3 6.4 6.4 5.9 5.4 3.0 1.7
13.1 12.7 50.6 45.1 20.1 17.7 13.6 15.0 7.8 7.3 4.6 4.2 3.4 5.5 0.5 0.6
13.0 10.0 Ferragamo Moncler Armani Prada Tod's Luxottica Zegna Calzedonia Max Mara Safilo D&G Valentino OTB (Diesel) Lir (Geox) Benetton (SpA) Top15 Fashion companies Roi 2014 Roe 2014 Ferragamo and Moncler the best for ROI and ROE. Armani third, Prada fourth. Top15 better than Italian fashion companies.
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1.9 2.0 4.4 11.9 12.2 12.3 15.1 17.3 18.7 23.6 25.8 28.0 28.1 50.0 55.8 23.4 36.8 Armani Max Mara Tod's OTB (Diesel) D&G Benetton (SpA) Lir (Geox) Prada Valentino Calzedonia Safilo Ferragamo Zegna Luxottica Moncler Top15 Fashion companies
The financial structure of the Top15 was even more solid than the 143 fashion companies, with financial debt in 2014 representing just 23.4% of equity (down from 35.3% in 2010). Best of all: Armani, Max Mara and Tod’s.
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2,502.2 1,921.6 461.8 360.0 298.6 192.3 136.2 135.6 67.7 58.9 52.6 44.9 35.2 28.9 15.2 118.2 73.7 Max Mara Armani Tod's D&G Lir (Geox) Zegna OTB (Diesel) Prada Ferragamo Luxottica Moncler Valentino Safilo Benetton (SpA) Calzedonia Top15 Fashion companies
% liquidity on borrowings, 2014
The fashion Top15 had €5.9bn liquidity in 2014, down from €3.7bn in 2010. The Top15 had the highest ratio of cash to financial debt: at 118.2% in 2014, liquidity was 1.2 times the level of debt (below 100% in 2010). Best performers: Max Mara and Armani.
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2.4 2.5 5.8 13.9 16.4 18.8 19.8 25.2 27.4 29.7 33.7 74.9 78.6 1,277.9 42.4 63.3 Armani Max Mara Tod's D&G Lir (Geox) Benetton (SpA) OTB (Diesel) Prada Calzedonia Ferragamo Zegna Safilo Valentino Luxottica Moncler Top15 Fashion companies
% borrowings on tangible equity, 2014
3,770.7 Even if we look at equity excluding intangible assets (almost half of which consists of the brand value), the balance sheets of the Top15 seems more solid than the average of the Italian fashion companies: 42.4% against 63.3% in 2014. Best performers: Armani and Max Mara, together with Tod’s. Moncler and Luxottica appear to be more fragile, being the only ones with financial debt exceeding tangible equity (respectively 38 and 13 times).
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POS (direct and indirect) and their geographical location, 2014
1) Directs.
2,704 1,225 643 629 525 340 325 172 518 477 373 594 298 164 232 134 2,186 748 270 35 227 176 93 38 Armani Geox Ferragamo Prada Zegna D&G Tod's Moncler Total Direct Indirect 20.3 62.9 24.4 36.1 36.6 31.0 33.5 52.2 42.3 3.6 24.7 17.5 21.7 27.9 5.5 10.4 37.4 33.5 50.9 46.4 41.7 41.1 61.0 37.4 Armani (1) Geox Ferragamo Prada Zegna D&G Tod's Moncler (1) Europe (%) Americas (%) Asia-Africa (%)
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“TopModa” and stock market
Market capitalization of industrial companies (MTA market) down 2.8% in 2014-13 and up 20.8% in 2015-
Market capitalization (1) End 2010 End 2013 End 2014 End 2015 € mln € mln € mln € mln Luxottica Group (2) 10,542 18,509 21,446 15.9 29,140 35.9 Prada (3) n.q. 13,883 13,285
7,321
Salvatore Ferragamo (4) n.q. 4,653 3,432
3,697 7.7 Moncler (5) n.q. 3,860 2,761
3,241 17.4 Tod's 2,266 3,705 2,201
2,248 2.1 Geox 888 686 697 1.6 1,063 52.5 Safilo Group 752 1,059 670
678 1.2 Total n.c. 46,355 44,492
47,388 6.5 Total net of Prada (6) n.c. 32,472 31,207
40,067 28.4
(1) Calculated excluding own shares. (2) Listed on NYSE too. (3) Listed only in Hong Kong since 2011. (4) Listed since 2011. (5) Listed since 2013.
% change 2015-14 % change 2014-13
(6) Calculated excluding Prada, listed in Hong Kong. Percentage on total Italian industrial capitalization was 10.7% in 2014 and 11.4% in 2015.
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Net sales in %, 2014
Clothing 41.5 Leather goods 21.9 Eyewear 16.8 Retail 10.9 Jewellery 3.9 Tessile 5.0 Paese
France 18 USA 4 Spain 3 Holland 3 UK 3 Germany 2 Japan 2 Qatar 2 Switzerland 2 Australia 1 Denmark 1 India 1 Sweden 1 Thailandia 1 Total 44 North West 31.5 North East 48.2 Centro, Sud e Isole 20.3 Italian
74.8 Foreign
25.2
The “Top15" equals 54% of fashion Italian manufacturing companies’ net sales and 72% of profits.
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24,116 12,750 9,730 6,337 2,924 2,241 43,486 14,612
58,098
56.6 70.1 90.2 11.1 65.8 40.5 68.1 36.3 60.1 Clothing Leather goods Eyewear Retail Textile Jewellery Italian
Foreign
Fashion companies
Net sales (€m) and exports %, 2014
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% non-domestic net sales, 2010 and 2014
72.5 61.4 60.6 49.3 29.1 5.6 58.0 26.8
50.3
90.2 70.1 65.8 56.6 40.5 11.1 68.1 36.3
60.1
Eyewear Leather goods Textile Clothing Jewellery Retail Italian
Foreign
Fashion companies 2010 2014
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% change 2014-2010
50.8 40.0 28.0 23.8 23.8 16.3 30.3 26.9
27.7
Jewellery Leather goods Eyewear Clothing Textile Retail Foreign
Italian
Fashion companies
Net sales
26.4 8.2
6.0 7.5 9.5 13.4
2.6
Jewellery Leather goods Eyewear Clothing Textile Retail Foreign
Italian
Fashion companies
Domestic net sales
110.2 60.0 59.3 42.2 34.3 132.3 76.7 49.0
52.6
Jewellery Leather goods Eyewear Clothing Textile Retail Foreign
Italian
Fashion companies
Export net sales
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% change 2014-2010
137.3 60.1 53.1 36.9 3.4
35.7 23.0 25.1 Jewellery Textile Eyewear Leather goods Clothing Retail Foreign
Italian
Fashion companies
Ebit
36.1 27.1 20.7 10.9 2.9 0.0 24.2 16.6 22.7 Leather goods Clothing Eyewear Retail Textile Jewellery Italian
Foreign
Fashion companies
Dipendenti
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ROE %, 2014
Leather goods Clothing Eyewear Textile Jewellery Retail Total 2010-2014 Profits fashion companies (€m) 4,737 4,663 2,717 477 171 38
12,803
16.9 13.8 12.2 7.8 6.1 0.7 10.1 9.5 10.0 Leather goods Jewellery Eyewear Clothing Textile Retail Italian
Foreign
Fashion companies 2010 2011 2012 2013 2014 Total Profits fashion companies (€m) 2,251 2,598 2,802 2,273 2,879
12,803
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Debt equity ratio (borrowings as % of equity), 2014
26.6 31.4 36.7 48.9 61.2 94.0 33.2 55.7 36.8 Clothing Leather goods Textile Eyewear Jewellery Retail Italian
Foreign
Fashion companies
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Clothing Leather goods Eyewear Retail Textile Jewellery Total Liquidity (€m) 2014 4,579 1,702 1,636 449 395 58
8,819
Liquidity % of borrowings, 2014
111.4 80.6 66.5 52.3 26.2 18.7 89.1 25.8 73.7 Clothing Leather goods Textile Eyewear Retail Jewellery Italian
Foreign
Fashion companies
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Plants’ average age, in years, 2014
6.2 8.9 9.0 10.9 11.2 19.7 8.6 12.0 9.0 9.2 Leather goods Eyewear Clothing Retail Jewellery Textile Italian
Foreign
Fashion manufacturing companies Fashion companies
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R&S-Unioncamere scoring based exclusively on financial and general data; expression of earnings/ financial solidity, 2014
69.2 23.1 7.7 Investment grade (>= BBB-) Middle class (>=BB- <BBB-) Fragile class (<BB-) Quota % per classe di merito School reports for Fashion top15 even better: all INVESTMENT GRADE class.
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% changes net sales, at current and constant exchange rates, 9m 2015/ 9m 2014
25.2 17.9 10.6 6.5 6.2 6.1 1.2 11.8 17.0 5.0 1.0 1.1 0.6 3.9
2.0 Moncler Luxottica Safilo Ferragamo Tod's Geox Prada Total % change net sales 9m 2015-9m 2014, at current exchange rates % change net sales 9m 2015-9m 2014, at constant exchange rates Outlook positive on 2015, including as a result of exchange
.o.Y ., up 2% at constant exchange rates. The seven listed companies of the fashion Top15 account for 59% of the aggregate sales of the Top15 and 32% of the aggregate sales of the total Italian fashion manufacturing companies
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“E-commerce appears to be gaining the upper hand, especially between young women aged between 20 and 40 years, and will dominate the fashion world again in 2016. Increasingly women are buying online, because the promotions are much more frequent than they are in the actual stores: you can buy more, for less. The online world is more immediate, just a click away, and is influenced by fashion bloggers who have links with the e-commerce world. In Italiy the fashion e-commerce world posted 36% growth in 2015 (source: ContactLab and SAP hybris). All this has meant that increasingly young women are moving in this area, often avoiding shopping trips and traditional buying methods. Young women in particular will be increasingly affected by the internet, fashion influencers and low-cost brands, but high fashion will prove resilient, both among Italians who are attached to their brands and among tourists and due to exports by Italian fashion designers who never disappoint expectations.”
Trends and predictions from the world wide web
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Companies Ownership % change net sales 2014-10 Net sales 2014 (€m) Profits as % of 2014 net sales Brands (indicative) 1 INTS ITALIA International/ Spanish (1) 535.3 110 13.0 Desigual 2 ROMAN STYLE International/ French (2) 471.0 119 6.6 Brioni 3 CELINE PRODUCTION International/ French (3) 282.2 110 5.2 Céline 4 # STEFANO RICCI Italian 231.0 154 15.4 Stefano Ricci 5 MANUFACTURE DE SOULIERS LOUIS VUITTON International/ French (3) 220.2 181 3.2 Louis Vuitton 6 CAPRI English Private fund 204.3 191 11.0 Alcott - Alcott Los Angeles - Gutteridge dal 1878 7 # CAPITOLONOVE Italian 174.0 234 1.3 PittaRosso 8 # Q YOOX NET-A- PORTER GROUP International/ Swiss (4) 144.7 524 2.6 Vari 9 BOTTEGA VENETA International/ French (2) 127.6 270 4.9 Bottega Veneta 10 # VICINI Italian 119.8 157 14.0 Vicini - Vicini Tapeet - Giuseppe Zanotti Design (cont'd)
Growth in 2014-10 sales more than twice average for Italian fashion companies
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Companies Ownership % change net sales 2014-10 Net sales 2014 (€m) Profits as % of 2014 net sales Brands (indicative) 11 LAMIPEL Italian 113.8 103 0.1 Lamipel 12 # DAFIN Italian 96.5 207 1.7 Dani 13 # GIVI HOLDING Italian 87.7 549 3.1 Versace - Gianni Versace - Versace Collection - Versus Versace - Versace Jeans - Young Versace 14 # ECUADOR Italian 82.6 186 11.4 Imperial - Please - Dixie 15 SICREM - SOCIETA' INDUSTRIALE CREMONESE International/ Austrian (5) 81.7 101 2.9 Sicrem 16 # MARCOLIN French Private fund 76.1 362 0.1 Marcolin - WEB - National + Vari in licenza 17 # Q BRUNELLO CUCINELLI Italian 74.8 356 9.3 Brunello Cucinelli - d'Avenza 18 # FURLA Italian 74.1 262 7.0 Furla 19 # Q PRADA Italian 73.5 3,552 12.7 Prada - Miu Miu - Church's - Car Shoe 20 TESSILQUATTRO Italian 72.3 122 1.2 (cont'd)
Growth in 2014-10 sales more than twice average for Italian fashion companies
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Companies Ownership % change net sales 2014-10 Net sales 2014 (€m) Profits as % of 2014 net sales Brands (indicative) 21 # RENATO CORTI Italian 71.4 142 12.5 Renato Corti 22 H & M HENNES & MAURITZ International/ Swiss 71.3 639 3.7 H&M - COS - & Other Stories - Cheap Monday - Monki - Weekday - H&M Home 23 # F.LLI CAMPAGNOLO Italian 71.3 125 1.2 CMP - Maryplaid - Maryhome - FC F.lli Campagnolo - Disegna - Melby - Nucleo 24 # Q SALVATORE FERRAGAMO Italian 70.8 1,321 11.9 Ferragamo - Salvatore Ferragamo – under licence: Emanuel Ungaro 25 CONCERIA PASUBIO Italian 69.9 220 5.3 Pasubio Leather 26 # CIRO PAONE Italian 67.2 107 3.5 Kiton - Carlo Barbera - Sartorio - Svevo - K punto rosso 27 OBER ALP Italian 64.8 142 2.9 Salewa - Dynafit - Pomoca - Wild Country - in licenza: Speedo - Fischer -Löffler - Halti - Barts - Armada - Rip Curl
28 # CALZEDONIA HOLDING Italian 63.8 1,847 4.5 Calzedonia - Intimissimi - Tezenis - Falconeri - Signorvino (wineries) - Cash & Carry by Calzedonia Group (POS) 29 # Q MONCLER Italian 61.9 694 18.8 Moncler 30 # GIORGIO ARMANI Italian 59.7 2,535 10.3 Giorgio Armani - Armani Collezioni - Giorgio Armani Privé - Emporio Armani - AJ|Armani Jeans - EA7 - A|X Armani Exchange - Armani Junior - Giorgio Armani Beauty - Armani/Casa (cont.)
Growth in 2014-10 sales more than twice average for Italian fashion companies
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North West 26.4 North East 35.8 Rest of Italy 37.8
Companies Ownership % change net sales 2014-10 Net sales 2014 (€m) Profits as % of 2014 net sales Brands (indicative) 31 FAEDA Italian 59.0 151 3.0 Faeda 32 ALCANTARA Estero-Giappone (6) 56.1 122 11.7 Alcantara # Consolidated balance-sheet data. Renato Corti: unconsolidated data in 2010. Q listed on stock market. Prada is listed in Hong Kong. 1) Company owned by Abasic S.L. (Barcelona) which in 2014 posted €963m (up 244% on 2010). 2) Company owned by Kering group. 3) Company owned by LVMH group. 4) Since 5 October 2015, following merger of YOOX with The Net-A-Porter Group (Richemont), taking on the new name of YOOX Net-A-Porter Group, the company is owned as to 25% of the voting rights by the Richemont group and as to 6% each by Renzo Rosso and Federico Marchetti. 5) Company owned by Glanzstoff Industries GmbH. 6) Company owned as to 70% by Toray Industries (JP) and as to 30% by Mitsui&Co. (JP).
Growth in 2014-10 sales more than twice average for Italian fashion companies
% net sales, 2014
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% change in turnover, actual and at constant exchange rates, 9M 2015/ 9M 2014
19.9 14.4 11.8 16.3 9.4 2.0 YOOX Net-A-Porter Group Brunello Cucinelli Total "Top7listed" % change net sales 9m 2015-9m 2014, at current exchange rates % change net sales 9m 2015-9m 2014, at constant exchange rates
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Comparison with top seven listed
Boom in stock market performance by YOOX Net-A-Porter Group in 2015 (YOOX merged with The Net-A-Porter Group,
Market capitalization (1) End 2010 End 2013 End 2014 End 2015 € mln € mln € mln € mln YOOX Net-A-Porter Group 493 1,885 1,145
2,948 157.5 Brunello Cucinelli (2) n.q. 1,748 1,242
1,105
Total "Top7listed" n.c. 46,355 44,492
47,388 6.5 Total "Top7listed" net of Prada (3) n.c. 32,472 31,207
40,067 28.4
(1) Calculated excluding own shares. (2) Listed since 27th Aprile 2012. (3) Calculated excluding Prada, listed in Hong Kong.
% change 2014-13 % change 2015-14
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Company Net sales 2014 (€ mil.) Brands (indicative) 1 LUXOTTICA GROUP 7,652 Arnette - ESS - K & L Eyewear - Luxottica - Mosley Tribes - Oakley - Oliver Peoples - Persol - Ray-Ban - Sferoflex - Vogue Eyewear - Alain Mikli - Sunglass Hut + Vari in licenza 2 PRADA 3,552 Prada - Miu Miu - Church's - Car Shoe 3 GIORGIO ARMANI 2,535 Giorgio Armani - Armani Collezioni - Giorgio Armani Privé - Emporio Armani - AJ|Armani Jeans - EA7 - A|X Armani Exchange - Armani Junior - Giorgio Armani Beauty - Armani/Casa 4 CALZEDONIA HOLDING 1,847 Calzedonia - Intimissimi - Tezenis - Falconeri - Signorvino (enoteche) - Cash & Carry by Calzedonia Group (punti vendita) 5 BENETTON (Gruppo) 1,633 United Colors of Benetton - Sisley - Sisley Young - Undercolors of Benetton 6 OTB 1,536 Diesel - 55 DSL - Diesel Black Gold - Marni - Maison Margiela - Viktor & Rolf - Staff International - in licenza: John Galliano - Dsquared2 - Hello Kitty - Just Cavalli - Marc Jacobs - Vivienne Westwood 7 GRUPPO COIN 1,514 Coin - Coincasa - OVS - OVS Kids - Upim - Excelsior Milano - Luca D'Altieri - BluKids - Iana - Cosi - Eat's - LDA Upper Casual - Koan - Anisette - JCT & Co. - JCT Junior + Vari 8 SALVATORE FERRAGAMO 1,321 Ferragamo - Salvatore Ferragamo - in licenza: Emanuel Ungaro 9 MAX MARA FASHION GROUP 1,310 Max Mara - Sportmax - Weekend by Max Mara - Max&Co - Marella - i Blues - Pennyblack
10 ERMENEGILDO ZEGNA HOLDITALIA 1,210 Ermenegildo Zegna - Z Zegna - Agnona (cont'd)
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Company Net sales 2014 (€ mil.) Brands (indicative) 11 SAFILO GROUP 1,179 Carrera - Polaroid - Safilo - Smith - Oxydo + Vari in licenza 12 D & G 1,045 Dolce & Gabbana 13 DECATHLON ITALIA 1,039 Vari + Artengo - Domyos - Fouganza - Kipsta - Inesis - Kalenji - Newfeel - Geologic - Tribord - Quechua - Wed'ze - B'twin - Simond - Caperlan - Solognac - Oxelo - Aptonia - Orao - Nabaiji 14 TOD'S 966 Tod's - Hogan - Fay - in licenza: Roger Vivier 15 LIR 934 Geox - Diadora 16 VALENTINO FASHION GROUP 721 Valentino - Valentino Garavani - RED Valentino - in licenza: M Missoni 17 ZARA ITALIA 705 Zara 18 MONCLER 694 Moncler 19 MIROGLIO 656 Motivi - Oltre - Fiorella Rubino - Elena Mirò - Luisa Viola - Per Te by Krizia - Caractère
20 LVMH ITALIA 653 Louis Vuitton - Dior - Fendi - Berluti - Céline - Donna Karan - Nowness- Emilio Pucci - Givenchy - Kenzo - Loewe - Marc Jacobs - Stefano Bi - Thomas Pink - Bulgari - Arnys - Loro Piana (cont'd)
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Company Sector Net sales 2014 (€ mil.) Brands (indicative) 21 H & M HENNES & MAURITZ ABB 639 H&M - COS - & Other Stories - Cheap Monday - Monki - Weekday - H&M Home 22 ENGIFIN ABB 585 Filodoro - Golden Lady - Omsa - Philippe Matignon - Hue - SiSi - No nonsense - golden point 23 TEDDY ABB 550 Terranova - Calliope - Rinascimento - Kitana - Miss Miss 24 GIVI HOLDING ABB 549 Versace - Gianni Versace - Versace Collection - Versus Versace - Versace Jeans - Young Versace 25 YOOX NET-A-PORTER GROUP DIS 524 Vari 26 GUCCI LOGISTICA PCA 513 Gucci - Alexander McQueen 27 LORO PIANA ABB 506 Loro Piana - The Gift of Kings - Tasmanian - Zelander - Loro Piana The Wave - Wish - Cashmere Wish - Loro Piana Zibeline - Zelander Flower - Denim Flower - Loro Piana Baby Cashmere - Pecora Nera - The Lotus Flower - Storm System - Loro Piana Zenit 28 TCA - TRATTAMENTI CENERI AUROARGENTIFERE GIO 422 29 CISALFA SPORT DIS 410 Vari + Cisalfa Sport - Longoni Sport - Germani Sport - Best Company 30 LA RINASCENTE DIS 405 Vari (cont'd)
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Company Net sales 2014 (€ mil.) Brands (indicative) 31 ROLEX ITALIA 402 Rolex - Tudor 32 DE RIGO 369 Police - Lozza - Sting - Sting Xs + Vari in licenza 33 MARCOLIN 362 Marcolin - WEB - National + Vari in licenza 34 PIAZZA ITALIA 356 Piazza Italia 35 BRUNELLO CUCINELLI 356 Brunello Cucinelli - d'Avenza 36 COSMO 349 globo + Vari 37 TECNICA GROUP 331 Tecnica - Nordica - Blizzard - Lowa - Rollerblade - Bladerunner - Moon Boot - Dolomite
38 COMPAR 330 Vari + Bata - Weinbrenner - North Star - Bubblegummers - Bata City - Bata Superstore
39 MARZOTTO - MANIFATTURA LANE GAETANO MARZOTTO & FIGLI 318 Marzotto Tessuti - Guabello - Marlane - Fratelli Tallia di Delfino - Estethia | G.B. Conte - Tessuti di Sondrio - NTB Nuova Tessilbrenta - Redaelli Velluti - Linificio e Canapificio Nazionale - Lanerossi Coperte - Ratti - Redaelli 1893 - Niedieck - Girmes 40 GEFIN - GRUPPO ETRO 314 Etro + Vari 41 FENDI 313 Fendi ROMA (cont'd)
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Company Net sales 2014 (€ mil.) Brands (indicative) 136 CIRO PAONE 107 Kiton - Carlo Barbera - Sartorio - Svevo - K punto rosso 137 LISA HOLDING 107 Lisa 138 ZEIS EXCELSA 104 Dirk Bikkembergs - Cult - Docksteps - Sonora - Virtus Palestre - in licenza: Merrell - Samsonite Footwear - Patrizia Pepe 139 CARIAGGI LANIFICIO 104 Cariaggi 140 LAMIPEL 103 Lamipel 141 BALDININI 103 Baldinini 142 CHAMPION EUROPE 102 Champion 143 SICREM - SOCIETA' INDUSTRIALE CREMONESE 101 Sicrem 144 GRUPPO TESSILE MONTI 100 Tessitura Monti dal 1911 - Tessitura Monti India - S.I.C. Tess. dal 1924 - Aurora Apparel - Laguna Clothing 145 RATTI 100 Ratti + Vari in licenza
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“French fashion companies” aggregate
29 companies (including the Fashion Top10) with 2014 sales of at least €100m, analysed between 2010 and 2014.
Sector
16 clothing
3 leatherwear
8 textiles
1 gold and jewellery
1 eyewear French “Fashion Top10”: economic analysis of the top ten groups by sales (clothing-textiles-leatherwear) between 2010 and 2014
Who they are:
Christian Dior (LVMH) (main brands: Bulgari since 2011, Loro Piana since 2013, Pasticcerie Cova since 2013, Fendi since 2001, Emilio Pucci since 2000, Céline, Donna Karan, Marc Jacobs, Kenzo, Givenchy) (Q)
Kering (main brands : Gucci since 1999, Bottega Veneta since 2001, Brioni since 2012, Pomellato since 2013, YSL, Alexander McQueen, PUMA) (Q)
Chanel International
Hermès International (Q)
Devanlay (Lacoste)
Etam Developpement (Q)
Damartex (Q)
Promod
Orchestra Prémaman (Q)
Chargeurs (Q) Seven listed (Q)
French fashion (indicative)
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30,984 10,038 6,186 4,119 1,329 1,220 682 567 513 478 Christian Dior (LVMH) Kering Chanel Hermès Devanlay (Lacoste) Etam Developpem ent Damartex Promod Orchestra Prémaman Chargeurs
2014 sales (€m)
Aggregate sales of €56.1bn Comparison: Italian Top10 fashion companies’ 2014 aggregate sales: €23.4bn
€10,828m in Fashion & Leather segment €3,973m in Wines & Spirits segment €3,916m in Perfumes & Cosmetics segment €2,782m in Watches & Jewellery segment The remainder is strictly distribution Christian Dior: 55% of French Fashion Top10 revenues Luxottica: 33% of Italian Fashion Top10 revenues
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% chg. sales 2014-10 and 2014-13 compared: Italian fashion companies and French fashion companies
Growth by French fashion companies slightly outpaced that posted by their Italian counterparties between 2010 and 2014. But Italian fashion has gained ground in the last year. 27.7 5.8 30.8 2.2 % change net sales 2014-10 % change net sales 2014-13 Italian fashion companies French fashion companies
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% chg. sales 2014-10 and 2014-13 compared: Italian fashion Top10 and French fashion Top10
33.7 4.5 32.7 4.1 % change net sales 2014-10 % change net sales 2014-13 Top10 Italian fashion Top10 French fashion
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KPIs (key performance indicators) compared: Italian fashion Top10 and French fashion Top10, in % 2014
24.8 107.2 35.5 41.5 Borrowings/equity Liquidity/borrowings Top10 Italian fashion Top10 French fashion Italian Top10 are more capitalized and much more “liquid”.
Liquidity 2014 Top10 Italy: 4.6mld (+76% sul 2010) Top10 France: 7.2mld (+22% sul 2010),
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30,984 10,038 7,652 6,186 4,119 3,552 2,535 1,847 1,536 1,329 Christian Dior (LVMH) Kering Luxottica Chanel Hermès Prada Armani Calzedonia OTB (Diesel) Devanlay (Lacoste)
Sales: 75% France, 25% Italy Aggregate sales: €69.8bn
2014 sales (€m)