Does the Luxury Goods sector speak Chinese?
|
|
- Imogene Maxwell
- 7 years ago
- Views:
Transcription
1 Does the Luxury Goods sector speak Chinese? The luxury goods sector went through a dramatic change during the last few years. Until the mid 90s, the luxury goods sector was an European affair. All the main brands were in the hands of Italian, French, UK or German designers / entrepreneurs. At the end of the 90s the entire luxury goods sector went through a huge consolidation process, driven mainly by a few large players building up a multi-brand/multi-product strategy. Several acquisitions took place in the accessories (Bottega Veneta and Segio Rossi acquired by Gucci), in the watches sector (Richemont acquisition of Jaeger Le Coutre, IWC and Lange Sohne brands) and many others always in the European region. No foreign buyer was allowed in the magic circle. The European and American markets were booming. The new economy created many new rich people able to sustain strong growth in the domestic markets for the luxury goods brands. The booming stock markets fueled strong purchases of luxury suits, cars, boats and no brand was developing eastern than the German borders, with the exception of the Japanese market which represented a large market in particular for accessories. The luxury goods sector was only temporarily affected by the burst of the bubble of the new economy and by dramatic events of the September 11 attacks recovering quite quickly a good growth pace, sustained by improved financial markets. Actually, as shown in the table below despite the overall economic downturn and the strong decrease in consumption expenditure in Europe and in the USA since the collapse of Lehman Brothers in 2008, the worldwide luxury goods industry has steadily grown over the past decade, showing resilience to the crisis and the negative events of the last few years. The sector is expected to grow from a total market of approximately 173bln sales in 2010 (excluding cars and boats markets) to approximately 212bln in Worldwide luxury goods spending (excluding boats and cars) 9/11 SARS outbreak Subprime & financial crisis High growth despite of global crisis E CAGR +28,7% E CAGR +17,7% E
2 But something has changed. The Western European and American economies have been severely affected by the financial crisis outburst in 2008, followed by the most recent crisis of the Euro due to the enormous debt incurred by some of the main European countries. Most European countries, with the exception of Germany, are reporting negative or very low growth rates of their GDP, with unemployment and bankruptcy rates at record highs. However the luxury goods industry is performing very well, with all the main brands reporting record revenues and profit growth. Where is this growth coming from? Who is fueling such an impressive growth to the luxury goods sector, which seems to be unaffected by the illness of its main domestic market? The new riches from the Far East and Middle East economies and Russia. In 2011, China, Hong Kong, Korea and Middle East demand of luxury goods continued to grow sharply, consolidating their presence in the global market place. Asia-Pacific Area (excluding Japan) confirmed its outstanding performance with the highest increase in sales (+2 vs. 2010). Year 2012 is estimated (actual numbers are not yet available) to be the third year in a row of double-digit growth for the luxury goods market (+10% vs. 2011): Asia has become and remains the major growth engine (estimates: +23% vs. 2011). Luxury goods total turnover geographic breakdown % 13% 33% 13% 26% 4% 39% 6% % 31% 192 9% 18% 31% 10% 10% 10% -9% 2 23% 10% 212 9% 20% 31% 38% 37% 37% 3 12% 4% E Europe Americas Asia-Pacific Japan Rest of the world This trend is also confirmed by the luxury spending as % of 2011 GDP: the most important Eastern countries have now reached or overtaken Italy, France and US, whose contribution in terms of production and consumption expenditures have been driving the luxury goods market for decades. 1,7% Luxury spending as a % of 2011 GDP 0,9% 0,7% 0,6% 0,6% 0,4% 0,4% 0,4% 0,4% 0,3% Hong Kong Italy South Korea China France UK Japan Russia US Germany
3 Asia Pacific region is the fastest growing geographical area, experiencing a CAGR of 46% between 2009 and 2012E. The region is expected to represent 20% of the global luxury goods demand in 2012 (excluding Japan), with 42bln in sales ( 35bln in 2011). Asia Pacific will continue to be the fastest growing geographical region also in the near future, with Altagamma 1 forecasting a CAGR in the range of 10% - between 2011 and The main growth driver in the Asia-Pacific region has been, and continues to be, the overall increase in demand for luxury goods in China, with a 20% growth estimate in Chinese GDP has been rapidly growing at nearly 10% per year. This has resulted in enhanced buying power and consumption expenditure of consumers in China, which is expected to further fuel the expansion of the Chinese and Asia-Pacific luxury goods market E Chinese market evolution 36% 12,5 20% 15,0 5,9 20% 7,1 30% 9, E CAGR +28,3% E Domestic sales of luxury goods in China have grown by a CAGR of 28,3% since 2009, and are estimated to exceed 15bln in 2012, accounting for approx. 3 of the total Asia-Pacific Area and 7% of the total global luxury goods sales. Altagamma forecasts that China will be the fastest growing market in Asia-Pacific (with an increase in sales of 1 to 20% between 2011 and 2014) and will become the third largest luxury goods market globally in the next five years. 1 Altagamma is an association of luxury goods players.
4 2012E Asia Pacific luxury goods market by country India 1,0 South Korea China 8,3 15,0 Taiwan Hong Kong 4,5 Thailand 7,9 1,4 Singapore 3,5 Japan 19,7 But what happened to the luxury goods magic circle? What happened to the European designers and luxury goods entrepreneurs? They discovered that the growth for their brands and for their businesses was not any longer restricted to their domestic and mature markets. The Japanese world, for decades the only one targeted marginally by the main European brands, was not any more alone. Tourists from China, Korea and other countries in the Far East as well as from the Middle East and Russia are flocking to Europe. They can benefit from a new and significant wealth driven by their growing economies and they have become heavy spenders on luxury goods. In Asia and Eastern Europe, new entrepreneurs as well as large domestic players in the retail industry are willing to financially support, and with local distribution expertise, the European brands in order to develop and strengthen new distribution channels in those growing countries. They have large financial resources and intend to leverage on the expertise and the heritage of the iconic European brands: a new win-win combination has arisen. European can offer the heritage, the expertise. They can bring know-how while Asian players can bring money, distribution capacity and, most of all, a window on a new fast growing market. So suddenly the magic circle has been opened to new comers. Asia Pacific area has become the strategic focus of many global luxury goods companies. Several European brands are raising new capital in order to expand their footprint in Asia while some took preparative steps. Foreign brands are seeking for new investors and partnerships with the aim of developing or strengthening their presence in the area and better understanding local needs and spending habits (i.e. Prada IPO on the Hong Kong Stock Exchange occurred in 2011). Many European companies have considered to or have already expanded their distribution network in the region through new mono brand stores: for instance, Ermenegildo Zegna has planned to open up to 30 stores in Asia in In details, China accounted for about 70% of the overall new store openings undertaken by the main luxury operators in Furthermore, Tod s has opened 38 new DOS in Asia since 2007, while Prada has enlarged its Asian network sharply after the IPO (Prada opened 16 new DOS in Asia (excl. Japan) in 2011, reaching a network of 115 stores in the area).
5 Other big players, such as Ferragamo, also considered to go public on an Asian Stock Exchange. Ferragamo eventually chose the Italian Stock Exchange, but previously sold an 8% stake to an Hong Kong tycoon Mr Peter Woo Kwong-ching. Gucci and Bottega Veneta expanded their network by opening more than 200 DOS in Asia since The companies, in the luxury goods sector, have opened their share capital to the new world. Some of the recent European luxury transactions have been performed by a Far East players, able to pay higher prices thanks to the foreseen important synergies and growth opportunities in their markets. These buyers know that the European market is really too sophisticated to be entered with their own products, so they try to buy local iconic brands in order to benefit from their existing know-how and expertise as well as strong brand awareness. Asian and Middle Eastern players with strong distribution network can leverage on the European premium brands to exploit the opportunity of extending / consolidating their presence in growing emerging markets. In 2011 Thai Company Central Retail Corporation completed the acquisition of the historical and well known Italian department store chain La Rinascente. Fung Brands, the Hong Kong investment firm, acquired Belgian luxury leather company Delvaux and most recently French fashion house Sonia Rykiel: Fung Brands strong distribution network will help these brands to become better known in the world s fastest growing luxury markets. It is a news of these days that Furla (the Italian hand bag manufacturer and retailer) opened its capital to Li & Fung. Also Middle Eastern businesses are pursuing the opportunity to expand through acquiring established European brands. In February 2011, Dubai retailer Paris Group bought Italian Fashion house Gianfranco Ferré with plans to invest up to 100m in the business post acquisition, the first wave of which will be used to pay down debts and open 50 Ferré stores worldwide. In July 2012, Qatar s Mayhoola for Investments acquired Valentino for approx. 700 mln. Benefiting from access to new funds, the Italian premium brand has launched a major international expansion plan, with new store openings in Asia, Europe and Middle East. In 2011, E-Land, the Korean conglomerate, acquired Mandarina Duck and Coccinelle (both advised by Vitale & Associati), two historical Italian leather goods brands. In year 2012, the famous Italian lingerie and luggage brand Yamamay/Carpisa (advised by Vitale & Associati), signed an agreement with the private equity arm of Banca Intesa for a minority stake disposal through a capital increase in order to fuel its international expansion plans. The table below show the recent M&A transactions with an Italian target. Most of the buyers are from the Far East region.
6 Selected deals in the Italian luxury personal goods industry Announced date Target company Target country Luxury category Bidder company Bidder country Deal value ( mln) EV/EBITDA Jul-12 Valentino Fashion Group S.p.A. Italy Apparel Mayhoola for Investments S.P.C. Qatar x Dec-11 Coccinelle S.p.A. Italy Accessories E-Land Co. Ltd South Korea x Nov-11 Colombo Via Della Spiga S.r.l. Italy Accessories Cheil Industries Inc South Korea 5 Nov-11 Brioni S.p.A. Italy Apparel PPR SA France x Nov-11 Gianmaria Buccellati S.r.l. Italy Watch & Jewellery Simest S.p.A. Italy Jul-11 Mandarina Duck S.p.A. Italy Accessories E-Land Co. Ltd South Korea 78 Jul-11 Braccialini S.r.l. (80% stake) Italy Accessories Braccialini Family; Cassa di Risparmio di San Miniato S.p.A.; NEM SGR S.p.A.; Sviluppo Imprese Centro Italia SGR; Equilybra capital partners S.p.A.; HAT Holding S.p.A. Italy x Jun-11 Moncler S.p.A. (4 stake) Italy Apparel Eurazeo SA France x May-11 La Rinascente S.r.l. Italy Retail Central Retail Corporation Ltd Thailand x May-11 Ballantyne (40% stake) Italy Apparel Mubadala Dubai Apr-11 Belstaff International Limited Italy Apparel Labelux Group GmbH Austria x Mar-11 Bulgari S.p.A. Italy Watch & Jewellery LVMH Moet Hennessy Louis Vuitton SA France 3, x Mar-11 Salvatore Ferragamo Italia S.p.A. (8% stake) Italy Apparel Peter Woo Kwong-Ching (private investor) Hong Kong Feb-11 Gianfranco Ferré S.p.A. Italy Apparel Paris Group International L.L.C. Nov-10 Gianfranco Ferré S.p.A. Italy Apparel Mar-09 Lario 1898 Calzaturificio S.p.A. Italy Apparel Cheil Industries Inc; Prodos Capital Management LLC; Salmar Shipping Sutor Mantellassi Luxury S.r.l. (E-Land Co. Ltd) United Arab Emirates South Korea; USA; Greece Italy x This recent trend, which is envisaged to continue at least in the foreseeable future, will probably make the sector even more global. As mentioned before a new win-win combination has arisen: new growth for the European brands and new expertise and heritage for the Far East in an industry were more and more Mandarin is going to be the most widely spoken language.
TOD S S.p.A. 2014 Group s sales totalled 965.6 million Euros in full year 2014, aligned with FY2013 turnover; +4.5% in the fourth quarter.
Sant Elpidio a Mare - January 22 nd, 2015 TOD S S.p.A. 2014 Group s sales totalled 965.6 million Euros in full year 2014, aligned with FY2013 turnover; +4.5% in the fourth quarter. The Board of Directors
More informationThe Board of Directors approved Tod s Group Q1 2015 Interim Report
Milan - May 13 th, 2015 TOD S S.p.A.: Sales growth: 1,5% in the first quarter of 2015 The Board of Directors approved Tod s Group Q1 2015 Interim Report Group s sales: 257.7 million Euros, +1.5% from Q1
More informationThe Future Growth of Stocks and Investments in Thailand
35 th Bangkok International Motor Show 2014 The Future Growth of Stocks and Investments in Thailand Mr. Charamporn Jotikasthira President The Stock Exchange of Thailand March 2014 I. SET: Overview The
More informationGlobal Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China
Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The
More informationLEATHER GOODS: PRELIMINARY DATA 2015
LEATHER GOODS: PRELIMINARY DATA 2015 In the first eight months of 2015, the foreign turnover continued to consolidate: from January to August, Euro 4.2 billion worth of products were exported, recording
More informationInvestor & Analyst Day. Milan, April 2 nd, 2014
Milan, April 2 nd, 2014 Speakers Patrizio Bertelli - CEO and Co-founder Donatello Galli - Group CFO Alessandra Cozzani - Group Investor Relations Director Lorenzo Panerai - Leather Goods Industrial Division
More informationThe rise of the cross-border transaction. Grant Thornton International Business Report 2013
The rise of the cross-border transaction Grant Thornton International Business Report 2013 Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL LTD When reflecting
More informationGroup S H1 2008 Results and Breakdown of Loss
Sant Elpidio a Mare August 28 th, 2008 TOD S S.p.A. Outstanding results in H1 2008: net income increased by 16.9% The Board of Directors approved the Group s H1 2008 results. At reported rates, Group s
More informationWORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019
WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019 Worldwide retail sales including in-store and internet purchases will surpass $22 trillion in 2015, up 5.6% from
More informationFor the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales. 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6%
Results highlights For the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6% % of Net sales 82.5% 82.7% +0.2 pp Operating profit 132.1 152.3
More informationTim Howkins, CEO. Steve Clutton, Finance Director
Tim Howkins, CEO Steve Clutton, Finance Director Highlights Revenue Revenue up 36% Earnings per share up 33% All parts of business contributed to growth Benefits of increased IT spend Proposed final dividend
More informationGroup Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014
Investor Day 2014 Group Financial Outlook and Strategy Mark Langer, CFO Paris, November 19, 2014 HUGO BOSS 19-Nov-14 2 Agenda Review of past financial performance Current trading update Financial implications
More informationMade in Greece. Having taken the Greek market by storm with its. Folli Follie makes a global statement
GREECE REPORT Folli Follie October/November 2005 Made in Greece Folli Follie makes a global statement By Martin Moodie Folli Follie is one of the luxury industry s most unlikely success stories the tale
More informationF i r s t - h a l f r e s u l t s. 30 July 2014
F i r s t - h a l f r e s u l t s 30 July 2014 Disclaimer This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information
More informationThe Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific
The Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific A Report by Research For Travel Ltd July 2012 Research For Travel Ltd The Impact of The European Crisis on Travel
More informationSTATS WINDOW. Retail industry
Volume 8, Issue 4, October 2015 STATS WINDOW The Pacific Business Review International has taken an initiative to start a section which will provide a snapshot of major Global & Indian economic indicators
More informationHow To Invest In Panin Life
June 4 th 2013 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Investment in an Indonesian Life Insurance Company, PT
More informationFerrari posted a record Q3 2015 performance
Ferrari posted a record Q3 2015 performance Shipments were 1,949 units, up 21% Net revenues were up 9% (3% at constant currencies) to Euro 723 million EBIT reached Euro 141 million, 610bps margin increase
More informationThe Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *
The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around
More informationRECOGNITION LIST. IVQs in Beauty Therapy (1123/8123) (6903/7903/8903)
RECOGNITION LIST RECOGNITION LIST City & Guilds is one of the world s leading vocational education businesses, with over 130 years of experience in designing qualifications and skills development solutions
More informationI am Takeshi Okazaki, Group Senior Vice President and CFO at Fast Retailing.
I am Takeshi Okazaki, Group Senior Vice President and CFO at Fast Retailing. I would like to run through Fast Retailing Group s business performance over the full business year through end August 2013,
More informationImportance of China for Mercedes-Benz Passenger Cars
Importance of China for Mercedes-Benz Passenger Cars Merrill Lynch, 17 May 2011 Klaus Maier President and CEO of Slide 1 Agenda 1 2 3 4 Mercedes-Benz Growth in China 2006-2011 Today's Importance of China
More informationWhy not Italy? Opportunities on Italian M&A market
Singapore, November 16 th 2013 Bocconi Alumni Asia Conference 2013 Eugenio Morpurgo Fineurop Soditic C.E.O. Fineurop Soditic S.p.A. Why not Italy? Opportunities on Italian M&A market Singapore 1 Opportunities
More informationGroup Time Trading - Profit and Loss
PRESS RELEASE FINANCIAL RESULTS * For the six months ended 30th September, 2011, the Group s existing businesses performed satisfactorily. Turnover increased by 28 per cent. to HK$1,857.0 million compared
More informationCOMPARATIVE ANALYSIS AND THE PLACE OF ROMANIA ON INSURANCE GLOBAL MARKET
Annals of the University of Petroşani, Economics, 13(2), 2013, 203-212 203 COMPARATIVE ANALYSIS AND THE PLACE OF ROMANIA ON INSURANCE GLOBAL MARKET ANA PREDA, MIRELA MONEA * ABSTRACT: The paper is centered
More informationHow international expansion is a driver of performance for insurers in uncertain times
How international expansion is a driver of performance for insurers in uncertain times Accenture Global Multi-Country Operating Model Survey May 2009 Copyright 2009 Accenture. All rights reserved. Accenture,
More informationFAST RETAILING DREAM
September 2, 2009 FAST RETAILING Business Strategy A look back and a look forward Tadashi Yanai Chairman, President and CEO, FAST RETAILING CO., LTD. 1 FAST RETAILING DREAM 2 Making a company for the future
More informationHERMES. Sustained sales growth in the 1 st half of the year + 12% at constant rates and + 8% at current rates
HERMES Sustained sales growth in the 1 st half of the year + 12% at constant rates and + 8% at current rates Paris, 18 July 2014 For the first half of 2014, the group s consolidated turnover is equal to
More informationMaking Leaders Successful Every Day
Making Leaders Successful Every Day Succeeding In Global ecommerce Forrester Research Benjamin Ensor Research Director, ebusiness & Channel Strategy March 13, 2013 For internal use only Agenda What s the
More informationCLARINS China commerce site adds to brand s momentum in China
An RIS News Case Study CLARINS China commerce site adds to brand s momentum in China Business Best known for luxury skin care products, CLARINS sells cosmetics in every country around the world through
More informationBest Timing for Year-end Sales Season!
GUIDE TO EXHIBIT Best Timing for Year-end Sales Season! Dates September 8(Mon) 3(Wed), 5 Venue Organiser Sunshine City Convention Center (Ikebukuro, Tokyo) Reed Exhibitions Japan Ltd. www.ijt.jp/en/autumn/
More informationOctober 2013 - Bottled Water Exports and Imports continue to grow!
October 13 - Bottled Water Exports and Imports continue to grow! Annualised exports for the year to October 13 continue an upwards climb following their break through NZD1m last month. Leading markets
More informationHong Kong: Hub Globale per il Made in Italy
Hong Kong: Hub Globale per il Made in Italy Logistics as a support to Made in Italy distribution Riccardo Fuochi Milano June 2013 1 OMLOG Group Om Log Group, is a leading Italian supply Chain and 3PLWorldwide
More informationAIM INVESTOR DAY 3 April, 2014
1 AIM INVESTOR DAY 3 April, 2014 2 MISSION Italia Independent Group has a clear mission: to develop the brand Italia Independent. The company heads a group active in the market of eyewear, lifestyle products
More informationInvestor s day. 15th June 2012
Investor s day 15th June 2012 2012 Highlight: Growth in Russia Moscow (6) Samara (2) Novosibirsk (1) Krasnodar (1) Rostov (1) Ufa (1) Yekaterinburg (1) 13 Stores in Russia since November 2012 Forecast
More informationMethorios Capital. Small Cap Conference. Milan, 29th November 2012 Borsa Italiana Palazzo Mezzanotte 11.30 Room Gialla
Methorios Capital Small Cap Conference Milan, 29th November 2012 Borsa Italiana Palazzo Mezzanotte 11.30 Room Gialla 2 Methorios Capital Group Business overview Key Numbers & Strategies 3 3 Overview Methorios
More informationHow does a venture capitalist appraise investment opportunities?
1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:
More informationBurberry Group plc. Second Half Trading Update
14 April 2016 Burberry Group plc Second Half Trading Update Highlights for the six months to 31 March 2016 Total revenue 1,410m, down 1% underlying Retail revenue 1,064m, unchanged year-on-year underlying
More informationHAS THE INSURANCE BROKERAGE MARKET PEAKED?
CORPORATE FINANCE TRANSACTION ADVISORY SERVICES HAS THE INSURANCE BROKERAGE MARKET PEAKED? by Arik Rashkes and Richard Forgione 2 OVERVIEW OF ECONOMIC CONDITIONS Improving economic conditions and asset
More informationLSEG Information Services Division. Investor and Analyst presentation. Mark Makepeace Group Director of Information Services, CEO of FTSE
LSEG Information Services Division Investor and Analyst presentation Mark Makepeace Group Director of Information Services, CEO of FTSE 1 Table of Contents SECTION 1) Introduction by Xavier Rolet (CEO,
More informationGlobal payments trends: Challenges amid rebounding revenues
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
More informationMeeting with Investors & Analysts. December 17 th, 2013
Meeting with Investors & Analysts December 17 th, 2013 9-Months 2013 - Results 9 Months - 2013 Revenues: 39,6 m (+16,2% vs. 9-months 2012) of which 54% International (vs. 40,1 m Full Year 2011) 26% Software
More informationProperty & Casualty: AXA Direct
Investor Day 4 December, 2013 Property & Casualty: AXA Direct Stéphane Guinet CEO, AXA Global Direct Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking
More informationAn Overview of Offshore RMB Market. Nov 2013
An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international
More informationIntelligent Flow Meter Market by type, by Technology, by Application and Geography - Global Trends & Forecasts 2014-2020
Brochure More information from http://www.researchandmarkets.com/reports/3098548/ Intelligent Flow Meter Market by type, by Technology, by Application and Geography - Global Trends & Forecasts 2014-2020
More informationBe ONE: Our strategy in the current environment. Guidance 2010
Results February January-December 25th, 2009 2010 1 Disclaimer This document contains additional non-compulsory forward-looking statements on intentions or expectations of the Company as of the date of
More informationInsurance. International expansion and Australia-based insurers: The race is on
Insurance International expansion and Australia-based insurers: The race is on Australia s insurance markets are tough due to their mature and competitive nature. However, they also boast stability and
More informationAnnual Shareholders Meeting 2016
Annual Shareholders Meeting 2016 Mark Langer (Chief Executive Officer) Stuttgart, May 19, 2016 HUGO BOSS May 19, 2016 2 2015 marks another year of growth for HUGO BOSS Sales and EBITDA before special items
More informationRC GROUP. Corporate Overview
RC GROUP Corporate Overview VISION & MISSION We, at RC Group aim to become the preferred Partner for Innovative, Customer driven, Value adding IT based business solutions and services in local and international
More informationGlobal Luxury B2C E-Commerce Snapshot 2014
Brochure More information from http://www.researchandmarkets.com/reports/2932975/ Global Luxury B2C E-Commerce Snapshot 2014 Description: The report Global Luxury B2C E-Commerce Snapshot 2014 reveals that
More informationRecent trends of dynamically growing and developing life insurance markets in Asia
Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign
More informationMS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery
MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015
More informationFLOW OF FUNDS REPORT IV TUYID Q1
FLOW OF FUNDS REPORT IV TUYID Q1 2014 January, 2014 Dear Readers, This volume of the Flow of Funds Report, which provides important insight about the inflow and outflow of funds, as well as investment
More informationChallenges for Capital Market Development in Asia
Challenges for Capital Market Development in Asia Osaka, 30 October 2014 Masamichi Kono Vice Minister for International Affairs President, Asian Financial Partnership Center Financial Services Agency,
More informationEXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014
EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 An overall look into fashion conversion performance across different countries, sectors and categories. OVERVIEW The fashion conversion benchmark
More informationInsurance Overview. Dan Bardin Prudential Corporation Asia November 2004
Insurance Overview Dan Bardin Prudential Corporation Asia November 2004 Introduction Since our last meeting 4 Years Of continued growth for Prudential Corporation Asia Of strengthening our position in
More informationASEAN Capital Market Integration and Lessons from the European Union
ASEAN Capital Market Integration and Lessons from the European Union 44 th IAFEI World Congress: Global Recovery Amidst Reforms Makati Shangri-la 16 October 2014 Thiam Hee Ng, Senior Economist Asian Development
More informationThe Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG
The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch
More informationHealth Care Worldwide
Health Care Worldwide Goldman Sachs - Leveraged Finance Healthcare Conference March 4, 2014 New York Goldman Sachs Leveraged Finance Conference, Fresenius SE & Co. KGaA Copyright, March 4, 2014 Page 1
More informationComparing Chinese Investment into North America and Europe
Comparing Chinese Investment into North America and Europe 1 EXECUTIVE SUMMARY Chinese outbound foreign direct investment (OFDI) has grown rapidly in recent years and is increasingly flowing to high-income
More informationVolkswagen Financial Services AG
Volkswagen Financial Services AG Klaus-Dieter Schürmann Member of the Board of Management Morgan Stanley 7 th Annual European Automotive Conference 29 June 2004 2 Volkswagen Financial Services AG Introduction
More informationUNIFE World Rail Market Study
UNIFE World Rail Market Study Status quo and outlook 2020 Commissioned by UNIFE, the European Rail Industry And conducted by The Boston Consulting Group 2 1 Executive Summary This is the third "World Rail
More informationFOSSIL GROUP, INC. REPORTS THIRD QUARTER 2014 RESULTS. Third Quarter Net Sales Increase 10% to $894 Million; Diluted EPS Increases 24% to $1.
FOSSIL GROUP, INC. REPORTS THIRD QUARTER RESULTS Third Quarter Net Sales Increase 10% to $894 Million; Diluted EPS Increases 24% to $1.96 Updates Full Year Guidance and Provides Fourth Quarter Guidance
More informationConsumer Credit Worldwide at year end 2012
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
More informationSeizing Opportunities in Asia and Beyond
Seizing Opportunities in Asia and Beyond Asia, the region of growth opportunities 30% Projected contribution from Asia (excluding Japan) to global GDP in 2020. Today, Asia is the world s fastest growing
More informationHong Kong. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations
July 212 Steven Sun* Equity Strategist The Hongkong and Shanghai Banking Corporation Limited +852 2822 4298 stevensun@hsbc.com.hk Roger Xie* Equity Strategist The Hongkong and Shanghai Banking Corporation
More informationResults presentation Six Months Ended 30 November 2006
Results presentation Six Months Ended 30 November 2006 Tim Howkins, CEO Steve Clutton, Finance Director Introduction Turnover up 44% Highlights Earnings per share up 43% All parts of business contributed
More informationPrivate Equity in Asia
Private Equity in Asia October 21 Asia private equity, in particular China, has increasingly attracted attention from institutional investors due to the region s faster economic recovery, greater growth
More informationINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013 HIGHLIGHTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013 TOTAL REVENUE UP 2% TO 78.1 MILLION (2012: 76.5 MILLION) Retail revenue up 6%, up 4% like-for-like
More informationCITIC 1616 Holdings Limited 中 信 1616 集 團 有 限 公 司
Holdings Limited 中 信 1616 集 團 有 限 公 司 (Stock Code: 1883) Annual Results Announcement for the year ended 31 December 29 11 Feb 21 Highlights for the Year Ended 31 December 29 Profit attributable to equity
More informationGroup Companies and Network
Annual Report 2009 By business segment as of March 31, 2009 Operations in Japan Corporate Financial Services Domestic Sales Administrative Headquarters Lending, Leasing, Other Financial Services Apr. 1964
More information2015 Growth in data center employment continues but the workforce is changing
Published in Conjunction with MARKET BRIEFING GLOBAL DATA CENTER EMPLOYMENT 2015 2015 Growth in data center employment continues but the workforce is changing Globally, the number of people working in
More informationFY2016 Annual Results Announcement For The Year Ended 31 March 2016
FY2016 Annual Results Announcement For The Year Ended 31 March 2016 Highlights For the year ended 31 March (million ) 2015 2016 Change Net sales 1,177.9 1,282.7 +8.9% Gross profit 963.2 1,061.5 +10.2%
More informationPierre-André Terisse Chief Financial Officer. Société Générale The Premium Review Paris December 4 th, 2013
Pierre-André Terisse Chief Financial Officer Société Générale The Premium Review Paris December 4 th, 2013 2 Disclaimer This document contains certain forward-looking statements concerning DANONE. Although
More informationZalando - Europe's market leader in fashion ecommerce. April 2013
Zalando - Europe's market leader in fashion ecommerce April 2013 Zalando is driving a mega trend, bringing fashion ecommerce to Europe Mega trend: Online fashion is the second wave of ecommerce, following
More informationNet sales Operating income Ordinary income Net income
MORITO CO., LTD. Financial Statement (Unaudited) For the Third Quarters of the Fiscal Year ended November 30, 2015 (Translated from the Japanese original) October 9, 2015 Corporate Information Code: 9837
More informationReport on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101
GERRY WEBER International AG Report on the first nine months of 2003/2004 Report on the nine-month period ended July 31, 2004 WKN: 330 410 ISIN: DE0003304101 The GERRY WEBER share: While the stock market
More informationhong kong offi ce Latitude N 22 16' 42" Longitude E 114 9 32"
hong kong offi ce 22 Latitude N 22 16' 42" Longitude E 114 9 32" Hong Kong Luxembourg, your entry point to Europe Ideally situated at the cross-roads between France, Belgium and Germany, Luxembourg is
More informationFOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.
FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.00 Fiscal Year 2014 Net Sales Increase 8% to $3.510 Billion;
More informationCrédit Agricole Asset Management Nextra: An ambitious European project in the Asset Management Industry. Press conference, Milan, January 10 th, 2006
Crédit Agricole Asset Management Nextra: An ambitious European project in the Asset Management Industry Press conference, Milan, January 10 th, 2006 Content Rationale of the deal Description of the transaction
More informationInsights from McKinsey s Asia-Pacific Payments Map
3 Insights from McKinsey s Asia-Pacific Payments Map The vast Asia-Pacific region accounts for nearly three-quarters of global payment transactions. It is only recently, however, that payments revenues
More informationFinancial Information
Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow
More informationP R E S S R E L E A S E
Hong Kong, May 22, 2013 Survey reveals corporate overdue payment in Asia Pacific region deteriorated in 2012 - Companies are less optimistic about recovery of global economy in 2013 A survey of corporate
More informationMONCLER S.P.A.: THE BOARD OF DIRECTORS APPROVES THE INTERIM REPORT AT 30 SEPTEMBER 2014 1 MONCLER, REVENUES UP 18% AT CONSTANT EXCHANGE RATES
MONCLER S.P.A.: THE BOARD OF DIRECTORS APPROVES THE INTERIM REPORT AT 30 SEPTEMBER 2014 1 MONCLER, REVENUES UP 18% AT CONSTANT EXCHANGE RATES Consolidated Revenues: 449.3 million euros, up 16% compared
More informationWELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.
WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform
More informationManagement Policies of Nippon Express. March 2007
Management Policies of Nippon Express March 2007 1. Our Group's Business Framework 1. Our Group's Business Framework Nippon Express Group Overseas Japan Asia-Oceania Europe Americas Domestic transport
More informationLong-term macroeconomic forecasts Key trends to 2050
A special report from The Economist Intelligence Unit www.eiu.com Contents Overview 2 Top ten economies in 5 at market exchange rates 3 The rise of Asia continues 4 Global dominance of the top three economies
More informationExpansion in Australia: Acquisition of MLC Life Insurance Business and Development of Partnership with National Australia Bank.
Expansion in Australia: Acquisition of MLC Life Insurance Business and Development of Partnership with National Australia Bank October 28, 2015 Deal outline Nippon Life to acquire
More informationASIAN PORTFOLIO INVESTMENT ADVISORY
ASIAN PORTFOLIO INVESTMENT ADVISORY This Asian Portfolio Investment Advisory service is set up to assist international financial advisory and planning organizations to create dedicated Asian investment
More informationFinancial Repression: A Driving Force for Mergers and Acquisitions?
Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past
More information2013FIRSTHALFRESULTS. JERÓNIMO MARTINS Strategic Overview
2013FIRSTHALFRESULTS JERÓNIMO MARTINS Strategic Overview Disclaimer Statements in this presentation that are forward-looking statements are based on current expectations of future events and are subject
More informationBond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank
Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration
More informationHighlights of 1H FY2015 Results. November 18, 2015
Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27
More informationGrant Thornton: Private equity in Asia Pacific set for buoyant growth
Press release Grant Thornton: Private equity in Asia Pacific set for buoyant growth 26 January 2015 Hong Kong Private equity firms based in the Asia-Pacific region are the most optimistic about deal activity
More informationSTAR CONFERENCE 2015 Milan
STAR CONFERENCE 2015 Milan Elica Corporation Today N#1 Player Worldwide in Hoods 2014 Turnover 391.9 M > 3500 Employees 2 19 Mln Hoods + Motors Cooking Net Sales: Own Brand 41% Client Brand 59 % 2 & 3
More informationCOMPUTER SOFTWARE/SERVICES AND ITeS EXPORTS
COMPUTER SOFTWARE/SERVICES AND ITeS EXPORTS OVERVIEW In recent times, Software development and information technology enabled services (ITeS) including business process outsourcing (BPO)/ knowledge process
More informationSalvatore Ferragamo S.p.A.
PRESS RELEASE Salvatore Ferragamo S.p.A. The Board of Directors approved the non-audited draft Company Statutory Financial Statements and the Consolidated Financial Statements for the Year 2014 Another
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More information