Download PDF Current State of the Industry In 2023, the fashion industry faced persistent and deepening challenges. At a regional level, the US and Europe witnessed slow growth, while China’s strong performance at the start of the year faded in the second half. Weaker demand affected both the luxury and Read more…
Download PDF Introduction On April 3rd, 2023, L’Oréal agreed to buy Australian high-end cosmetics brand Aesop from its Brazilian owner, Natura & Co, for an enterprise value of $2.5bn. The transaction is still subject to regulatory approvals and is expected to close in Q3 2023. This deal is widely considered Read more…
Download PDF Introduction Once seen as too unpredictable, consumer brand leveraged buyouts have grown in popularity over the past two decades. Fashion cycles and shifts in consumer preferences increase the risk of such buyouts, as cash flow generation is, in general, less certain. Yet deals such as Permira’s acquisition of Read more…
Download PDF Introduction The second biggest cosmetics company by revenue in the world, Estée Lauder [NYSE: EL] has announced on November 15 that it has signed an agreement to buy the fashion house Tom Ford brand for $2.8bn making it the largest acquisition within the luxury world this year. The Read more…
Download PDF LVMH (MC.PA) Market Cap as of 30th April 2021 – €315.40bn Tod’s (TOD.MI) Market Cap as of 30th April 2021 – €1.30bn Introduction On April 23rd the news broke that the luxury-powerhouse LVMH has acquired a 6.8% stake in Italian shoe and leather goods producer Tod’s. This increases Read more…
Aston Martin Lagonda Global Holdings Plc (AML: GB) – market cap as of 8/10/2018: €3.6bn Introduction Aston Martin Lagonda Global Holdings Plc, one of the world’s leading manufacturers of luxury sports cars, completed its Initial Public Offering on the London Stock Exchange on October 3rd, 2018. The issue price of Read more…
Michael Kors Holdings Limited (NYSE:KORS) – market cap as of 02/10/2018: USD9.954bn Gianni Versace SpA Introduction On September 25, 2018 the handbag maker Michael Kors Holdings Limited signed an official agreement to purchase all of the outstanding shares of the Italian fashion house Gianni Versace SpA for a total Read more…
Semyrhamis SA—private investment company LVMH Moet Hennessy Louis Vuitton SE (MC: PAR)—market cap as of 29/04/2017: €114.85bn Christian Dior SE (CDI: PAR)—market cap as of 29/04/2017: €45.48bn Introduction On April 25, 2017, it was announced that Semyrhamis SA, a company owned by the Arnault family, had made a public takeover Read more…
Samsonite Market Cap: $24.43bn (as of 12/03/2016) Tumi Market Cap: $1.83bn (as of 12/03/2016) Introduction Last week, the world’s biggest luggage company, Samsonite, zipped up a deal to acquire luxury rival Tumi for around $1.8bn. This acquisition will be the largest one for Samsonite since its IPO in 2011. After Read more…
[edmc id= 3236]Download here the Ferrari Pitch[/edmc] After having covered the IPO of Ferrari (https://bsic.it/wanna-flawless-ferrari-52-now-feasible/) in detail a couple of weeks ago, we are now trying to identify RACE’s market positioning in terms of multiples. The structure of the analysis is as follows: firstly, we plot Ferrari’s positioning against major automakers Read more…
Apple Inc.; Market Cap. (as of 13/03/2015): $719.88bn A Record Company Apple is a company of excesses. With fiscal reports exceeding even bullish estimates more often than not, the Cupertino-based company has become synonymous with exuberance. In its most recent quarterly earnings, Apple reported $18bn of net profit, setting a Read more…
Moleskine is the manufacturer and distributor of numerous branded accessories, including the famous notebooks used by several writers and artists, like Hemingway and Van Gogh. In particular, the company operates three business lines: a) Paper products b) Writing, travelling & reading collections c) Digital services. Paper items have been the Read more…
The Blackstone Group AUM (as of 01/03/14): $66bn (Private Equity only) Versace Market Cap (as of 01/03/14): N/A (€1bn EV) When Gianni Versace was shot and killed in 1997, the homonymous company he founded was left in the hands of his sister and relatives. Donatella, Allegra and Santo split the Read more…
Since the beginning of the year, a sector rotation seems to have started: cyclical stocks, especially those that are more exposed to Europe, have taken advantage of the improvement of the general feeling, while non-cyclical securities have experienced a general downturn. Among the latter category, luxury stocks (that have outperformed Read more…
After analyzing Moncler’s fundamentals last week (https://bsic.it/2013/11/30/piazza-affari-revival-moncler-ipo/), in this article we want to provide a more practical description of how it would be possible to profit from the hottest IPO of the year on Borsa Italiana. We have investigated three different ways of benefitting from Moncler’s IPO: • Underwrite the Read more…