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1、Leap of LuxuryRenaissance in UncertaintyFigures,trends and actionsCLAUDIA DARPIZIO|FEDERICA LEVATONOVEMBER 15,2022BAIN-ALTAGAMMALUXURY GOODS WORLDWIDE MARKET STUDY FALL 2022 21STEDITION2022Year-over-year(21-22E)growthGlobal luxury markets fully recovering vs.2019,driven by personal and experience-ba

2、sed productsGlobal luxury markets(B|2022E)+19/21%vs.2021+8/10%vs.2019+11/13%KR E C A PCurrent FX-1%+95%+9%+11%+5%+9%+10%+325%+15%Constant FXvs.2019+3%-7%+26%+8%+7%+24%+12%-25%+26%+4/6%KLuxury cars hindered by continued supply chain disruptions,with car manufacturers increasing interest towards direc

3、t-to-consumer to enhance experience along the customer journeyLuxury yachts posting strong growth and record order level,with customers increasingly seeking enhanced connection with naturePrivate jets increasing demand after pandemic,with rising interest in flying private solutions,although with pot

4、ential emerging headwinds due to sustainability concernsFine art experiencing positive growth for both auctions and dealers,with rising importance of new art hubs in Asia and Europe,and the continuous expansion of cultural boundaries towards diverse artists(Women,African American,Gen Z)High-quality

5、design continuing its unparalleled growth,nurtured by consolidation of new post-pandemic living habits and unceasing desire for functionality,comfort and refined aestheticsWinegrowing as social activities revamp,yet partially jeopardized by temporary lockdowns in ChinaSpiritson positive trend,with s

6、tatus spirits confirming their relevance with younger audiences,and increasingly fluid consumption across sub-categoriesGourmet food and fine restaurants characterized by a continuous search for enhanced experiences(with locavore twist),pairing interest in at-home gourmet food with revamped out-of-h

7、ome(increasingly rural)fine diningLuxury hotelsaccelerated recovery as tourism further resumes,despite subdued business travel,with ability to deliver enhanced emotions(and connections)through human touch emerging as the new winning factorLuxury cruises recovering quickly on the wave of strong inter

8、est accrued during the pandemic,with highly dynamic offer in the ultra-luxury space,as hospitality players tap into the market while bridging the gap between cruises and private yachting LuxurytoysFine art&design furnitureFood&beverage experiencesOut-of-home experiences“Sortie du temple”Democratizat

9、ionChinese AccelerationCrisisRebootNew NormalCovid Crisis&reboundRenais-sance(?)After the V-shaped rebound in 2021,record year for personal luxury in 2022 despite TUNA(Turbulence-Uncertainty-Novelty-Ambiguity)T H E P E R S O N A L L U X U R Y G O O D S M A R K E T+26%+22%Current exch.ratesConstant e

10、xch.rates19 22E YoY21 22E YoY+22%+15%Current exch.ratesConstant exch.rates96 19 CAGR+6%2xvs 2021Outbreak ofRussiaUkraine WarFeb 22-TodayCovid-19 lockdowns in key Chinese citiesMar 22-Jun 22EU ease of Covid-19 measuresJun 2220th National Congress of the Chinese Communist PartyOct 22T H E P E R S O N

11、A L L U X U R Y G O O D S M A R K E T+15%vs 2021US midtermelectionsNov 22Market proving resilient also against plummeting macroeconomic indicatorsFY220,5xvs 2021-3p.p.vs 2021Q1Q2Q3Q4G L O B A L R E A L G D P G R O W T HI N F L AT I O NC O N S U M E R C O N F I D E N C E I N D E XP E R S O N A L L U

12、X U R Y G O O D S(Q o Qc h a n g e v s.2 1|Q 1 I n d e x e d=1 0 0)Strongthroughout the yearSlackeningquarter after quarterRising continuouslyLowest in historyTimeline of the yearCovid-19 savingsBoost in savings accumulated during covidYOLO cultureDesire for living(missed)experiences despite future

13、uncertaintyLuxury as an asset classPurchase of luxury products with investment purposes and resale opportunitiesTUNA resilienceReduced impacts of“TUNA”after 2008-09 crisisKNotes:9-months 2022 figures are actual numbers,Q4 refers to estimatesSource:IMF,World Bank,OECD Data T H E P E R S O N A L L U X

14、 U R Y G O O D S M A R K E TQ1Personal luxury goods market evolution by Q20212022Q2Q3Q4Q1Q2Q3Q4(%|vs 2019)(%|vs 2021)+24%+10%B E S T C A S EW O R S T C A S E+22%K+11%K+15%K+13%KNote:K:growth at constant exchange rates+22%+19%+24%+15%K+17%K+12%KFull-year market growth(2022E vs.2021)China recovering t

15、o 2021 levels benefitting from very limited lockdowns and a reinforced consumer confidenceContinued positive performance in US and Europe,delivering strong holiday seasonOngoing struggles in China(prolonged zero-Covid policy,stock market tensions,continued financial pressure on real estate)Initial m

16、aterial impacts of recession and continued inflation pressure affecting US and EUs affluent consumers spending behaviorSlower growth in China unable to recover to 2021 levelsLimited impact of recession in EU and US,despite all time low consumer confidenceHoliday Season hard to predict,due to strong

17、2021 comps,possible macroeconomic headwinds,China in gradual recovery2 0 2 3 O U T L O O KWhat should we expect in 2023?B e t t e r s c e n a r i oR e a l i s t i c s c e n a r i oPositive growth path in 2023,driven by China recovery and grip from Europe and Americas(although stabilizing)Overall gro

18、wth more severely impacted by a recession scenario in mature markets,while slower recovery in ChinaM a t u r e m a r k e t s (E u r o p e a n d A m e r i c a s)M.C h i n aB e t t e rR e a l i s t i cGrowth vs Last Year(current ex-change rate)+22%(+1 5%K)6/8%vs.20223/5%vs.2022Personal luxury goods ma

19、rket evolution scenarios(%|2022E and 2023F at constant exch.rates)Europe Real GDP growth 23F vs 22USAM.ChinaSource:IMFEurope and Americas to maintain positive growth(despite normalized vs.2022),luxury consumer confidence only marginally impacted by a potential recession scenarioLocal spending still

20、solid,with maintained extra-boost from tourismM.China(and Chinese)to fully recover by 1H23,thanks to a progressive and brisk lift of Covid-19 restrictions and a rapid rebound of consumer confidenceMacroeconomic slowdown,driven by high inflationary pressure and energy crisis,to potentially impact lux

21、ury customer spending more severely(particularly upper-middle class)in mature markets(Americas and Europe)Slower lift/removal of Covid-19 restrictions as well as challenged macroeconomic conditions will lead to local customers spending stay below 2021 level by the end of 2023A potential global reces

22、sion in 2023 will likely be different vs.2008-09 crisis.Luxury market and industry appear to be readier to cope with it2 0 2 3 O U T L O O KSo far sustained luxurypurchases(almost)everywhereInvestment approachImmediate impact(since Q3 2008)on luxury spendingLuxury shameImpact on luxury marketLuxury

23、marketLuxury industryWhy are the luxury market and industry more prepared now?Global downturnInternational(not global)Stock/credit market-drivenHyperinflation-driven Cross-industry crisis Financial crisis More customer-centricLarger consumer baseMulti-touchpoint(vs.siloed)and more concentrated2008-2

24、0092022-?How different was 2008-09 vs.todays crisis?5/7%After growth acceleration in 2022,and potential bumps along the route,solid fundamentals driving a brilliant midterm directionT H E P E R S O N A L L U X U R Y G O O D S M A R K E TPersonal luxury goods market evolution(B|20192030F)2,5x2020 LUX

25、URY MARKET22E-30F CAGR19-30F CAGR6/7%90020212022E2023F2030FThe rise of Post-streetwear in re-stocking the wardrobeLuxury renaissance unfolds despite global uncertainty2022Old continents leading,new markets surprisingStores win back their new rolePrecocious Gen Z ruling

26、.waiting for Gen AlphaExpanded customer base,yet elevated.and harder to winLuxury embracing ArtDiffused growth:the end of polarization?Investments for future growthNew confirmations,Old surprisesElevation across the boardWidespread growth,asking for widespread creativityof the market asks for evolut

27、ion amid disruption,adaptation amid uncertainty,spread of creativity in the basics.while new trends ariseSolid local consumption,yet polarized among brands icons still prevailing;smallaccessories(e.g.,textiles,fashion jewelry,small leather goods during Feng Shui dates)gaining relevanceResumption of

28、tourist influx(after country re-opening)providing extra growthGreater investments by brands to face fierce competition and nurture top customersStellar S.Korea,reducing gap vs.Japan:cross-category growth(yet,accessories overperforming);solid engagement across spending bands(from Elite to aspirationa

29、l consumers)SEA booming across the board Thailand leading(comp)and elevating(e.g.,high-end jewelry gaining traction)Weak Hong Kong and Macau,yet with limited impact on the whole area;Taiwan slowly in recoveryStellar S.Korea and Southeast Asia,strong Europe and US,while China remains challenged,affec

30、ted by lockdownsO L D C O N T I N E N T S L E A D I N G,N E W M A R K E T S S U R P R I S I N GStrong impacts from prolonged lockdowns(Q2),“freezing”consumer confidence and impacting all channels(online included)and categoriesGiant and established brands already over 2021 clienteling and“fierce”cust

31、omer intimacy paying offPositive rebound when and where restrictions are lifted yet not enough to offset Q2 haltBooming H1,across areas and categoriesGradual return to“traditional”luxury hubs,yet suburban areas now consolidated as new luxury epicenters Partial spending shift of American tourists ove

32、r“long”summer seasonSolid growth in LatAm:Mexico winning,Brazil followingSoftening of consumptions from HENRYs(High Earners,Not Rich Yet)individuals in H2Middle East still strong,thanks to locals andintra/extra-regional tourists:Dubai leading,Kuwait and Qatar gaining tractionSaudi softening from H2,

33、after booming 2021 back to travelling within region(Dubai)and in EuropeAustralia still affected by on-and-off lockdowns and lack of Asian tourismStrong growth everywhere and throughout the year thanks to local consumption and solid tourist comeback(from US and Middle East)Italy and France championin

34、g,surprising Turkey,UK and Spain following,Germany softening(from H2)Russian market almost zero,impacted by the suspension of operations after war outbreakAsiaEuropeAmericasRoWJapanM.China+14%+30%K+6%+26%K+35%+15%K+23%K+1%+95%-10%K+11%K+27%21 22E K Growth 21-22E(%)K:Growth at constant exchange rates

35、Note:RoW=Rest of the WorldMarket size 2022E(B)22E VS.19(%)Europe already beyond 2019 levels,thanks to strong locals and extra boost from intra/extra-regional touristswith remarkable summer season;Q4 stabilizing due to strong comp in 2021REAL-TERM TREND 22E vs.21O L D C O N T I N E N T S L E A D I N

36、G,N E W M A R K E T S S U R P R I S I N GQ 1Q 3Q 2Q 4Strong performance throughout the yearWith Americansdriving reboundTourist spending doubled in 2022 driven by intra-regional and international tourism Middle Eastern andUS customers leading,also thanks to super-dollarTouristsLocalsEurope personal

37、luxury goods market(B|2019 2022E)Sustained by strong local demand and revamped tourist spending50%50%Note:(*)Figures refer to completed transactions from Jan-Sep period for France,Italy,Spain and Germany and are based on a panel of selected personal luxury brands|Source:Elaboration on Global Blue da

38、tafrom transactions increasefrom higher spendingSpending of US tourists in Europe in 2022 vs 2019Spending per top clientL u x u r y G o o d s t a x-f r e e s h o p p i n g (*)Disruptions in physical distributionOverpressure of Asian-based supply chainO P E R AT I O N A LSoftening discretionary spend

39、ing in short-termPressure on top-of-the-pyramid consumers D E M A N DHigher regulatory scrutiny on businessesR E P U TAT I O N A LInternational tensions and sanctions Preference for“local”brands(guochao)B U S I N E S S (O V E R)E X P O S U R ERisk likelihood:LimitedRelevantREAL-TERM TREND 19-25FM.Ch

40、ina still challenged;expected to recover 2021 levels by mid-2023,depending on lift of zero-Covid measures.Some risks to be monitoredwith some potential risk factors to be monitoredChina will recover to 2021 level between H1 and H2 2023O L D C O N T I N E N T S L E A D I N G,N E W M A R K E T S S U R

41、 P R I S I N GLocals:Tourist flows:(expected to resume)No new China will rise in next 10 years,but other emerging consumers could represent new and significant pockets of growth for luxuryMid-and high-income consumers by countryx0,15x0,05Relative to Chinas increase 14-22CHINATop emerging countries w

42、ill add approx.70M mid-and high-income consumers,40%of Chinas increase in last decadeSOUTHEAST ASIAINDIAEMERGING AFRICAN COUNTRIESChina was the growth behemoth of last decadeFuture growth fragmented across emerging markets202220142030F20222030F20222030F2022x0,20+180MO L D C O N T I N E N T S L E A D

43、 I N G,N E W M A R K E T S S U R P R I S I N GEuropean,American and Other Asians reigniting luxury appetite;China(and Chinese)to remain fundamental in the long-termPersonal luxury goods market(B|2019-2030F)22E vs.1930F vs.22E22E vs.1930F vs.22EO L D C O N T I N E N T S L E A D I N G,N E W M A R K E

44、T S S U R P R I S I N GBy customer nationalityBy geographyREAL-TERM TREND 22E-30FNote:RoW=Rest of the WorldEven though times are troubled,the luxury market will flourish again as companies take a front seat in transforming the industry on behalf of the customerDelta 21-22ECAGR 22E-30F+20%+26%+19%+15

45、%+20%+40%Monobrand increasing its relevance in 2022,while online normalizing;jump of Travel Retail,although still far below pre-pandemic levelsPersonal luxury goods market by channel(B|20192030F)Travel retailDepartment storeSpecialtyOutletMonobrandOnlineS T O R E S W I N B A C K T H E I R N E W R O

46、L EBooming monobrand,thanks to fierce“back-to-stores”attitude and willingness to have physical interactionsOnline on a normalizing trend,with B outperforming indirect distributionDepartment stores recovering through a renewed value proposition for locals in US,while re-engaging with tourists in Euro

47、peRetail to dominate through a further reinforced role of monobrandOmnichannel development at a point of no return:online to consolidate its role as#1 channel for transactionsOutlet remaining key to engage with value-driven consumers as primary touchpoint with luxury and eventually up-trading to ful

48、l-price“Reinvented”department and specialty stores,increasingly shifting toward direct business for brandsTravel retail recovering to historical levelsREAL-TERM TREND 22E-30FIncreasingly blurring boundaries between monobrandand(direct)onlineThe dawn of luxurytrans-humanismFrom HUMANISMto TRANS-HUMAN

49、ISMCustomer intimacyProactive engagementRemote shoppingEnhanced customer careElevated CXEmpowered selling ceremonyMonobrandBMonobrandBOMNICHANNEL 3.0 enhanced with S T O R E S W I N B A C K T H E I R N E W R O L ENew Next Gens(Z and Alpha)will grow 3x faster vs.other generations until 2030,making up

50、 1/3 of the market22E vs.1930F vs.19Personal luxury goods market by generation(B|20192030F)REAL-TERM TREND 19-22E&19-30FGen Z age when they start buying luxury items vs.18-20 y.o.for MillennialsGen Alpha to behave in a similar wayG E N Z R U L I N G.W A I T I N G F O R G E N A L P H ATop customer ba

51、se expanding as well,hungry for unique products and money-cant-buy experiences,putting brands VIC strategies into overdriveTop customer incidence on total market(B|20212022E)Incidence on total market(#customers)TRENDAvg.spending1,5%2%vs 2019vs 2021E X P A N D E D A N D E L E V A T E D C U S T O M E

52、R B A S E40%of market value in 2022E35%of market value in 2021Dedicated product offerPersonalized,exclusive,highly creativeUnique distributionDedicated and selective touchpoints,exclusive formatsEnhanced and specific CXElevated,one-of-a-kindConsumers across the board increasingly knowledgeable and o

53、pinionated,heightening competition for loyalty and advocacyAWARENESSPURCHASELOYALTYCONSIDERATIONIncreasingly knowledgeableMore opinionatedIncrementally polarizedLessdependableTrendPre-covidTodayDuring covidDepending on brandADVOCACYLuxury industry NPS normalizing after unparalleled increase during C

54、ovid outbreakE X P A N D E D A N D E L E V A T E D C U S T O M E R B A S ELuxury customer today is Growth capped due to low product availability for top brands/pieces Relentless growth of top offer and iconic pieces All-generation purchase,with both investment and status as key purchasing driversWat

55、chesMarket size 2022E(B)Pretty much aligned overperformance of all categories,all well beyond 2019 levels;Leather goods,Hard luxury and Apparel leadingE L E V A T I O N -L U X U R Y E M B R A C I N G A R T;T H E R I S E O F P O S T-S T R E E T W E A RUnparalleled appetite for the category(vs.others)

56、due to huge efforts and investments from jewelry brandsUber-lux pieces overperforming,across geographies,together with iconic pieces/linesSolid growth offashion jewelry Make-up leading growth and fragrances following physical distribution supporting the rebound;high-end lines winning thanks to new l

57、aunches Lux skincare products now part of peoples“beauty routine”Travel retail in recovery(in the West),yet not back on track Post-streetwear emerging as new look,elevating streetwear and simplifying occasion-wear Restocking the wardrobe trend driving the recovery of the category Most impacted categ

58、ory by exchange rate(and weight of US players)Renewed interest in heels and formal shoes,now back to 2019 levels New casual/24-7 categories on the rise(e.g.,fubett,Wellington boots,.)+34-36%+39-41%+29-31%+15-17%+13-15%22E vs.21(%)Jewelry Iconic models andnew heroes remain main object of desire Brand

59、 signifier still relevant-whatever it is e.g.,shape,metalware,material,monogram,Small leather goods continue gaining traction less functional,more creativity loadedLeatherApparelShoesBeauty19-22+36-38%Market elevation happening throughout 2019-2022,yet with volumes holding(Leather goods example)%of

60、Leather market growth driven by price increase2019-22VOLUME EFFECTPRICE EFFECTMAIN DRIVERSMKT GROWTHNew normalSortie du temple&democratizationCrisisRebootCovid crisis&reboundRenaissance(?)Footprint and consumer base expansionPrice mix reductionVolumes reductionMarket polarization:price mixincreaseFo

61、otprint expansion yet LFL volumes downUnit price up and International pricing policiesUnit price upLuxury equation inconsistencies:volumes downVolumes up againRe-adjustment in price mix almost offsetting increase in unit priceChinese accelerationDeliberate(and effective)brands further elevation stra

62、tegy,from top to entry-offer,without damaging volume growth despite diffused scarcity2019-2150%2021-2270%-20-20-2022E2010-2014Top offer boost and price list increase partially offset by categorymix(towards entry items)Volumespushed by new customers“wave”E L

63、 E V A T I O N -L U X U R Y E M B R A C I N G A R T;T H E R I S E O F P O S T-S T R E E T W E A RLuxury watches rediscovered:from a challenged category to the new object of desireLimited product availability pushing demand even further on both primary and secondary markets(with speculative pressures

64、),especially for icons by established brands,yet the recent increasing offering is normalizing prices since H2 of 2022Solid during crisiswith further pushing desirability+4%CAGR 14-19S e c o n d h a n dF i r s th a n dLuxury watches market GMV(B|20142022E)UHNWI redirecting their unspent budget to ic

65、onic watches/unique pieces during/post-crisisSelf-indulgence for ultra-richGen Z and Millennials purchasing the category for investment purpose and resale opportunities,given its high resilience during crisisInvestments&resale for young+12/14%CAGR 19-22ECAGR 14 19CAGR 19 22EL U X U R Y A N D A R T C

66、 O N V E R G I N GLuxury embracing ArtArtfulT Otranscending from its original,towards broader ArtisanalF R O MB O U N D B YF O R MB O U N D B Y M E A N I N GMarkers of valueCraftmanshipImaginationAuthorityFunctionalSymbolicUniquenessHandmade creationsHero productsIcon(s)Masterpiece(s)LegitimacyWealt

67、h Elite CourtsCulturalElite Institutions L U X U R Y A N D A R T C O N V E R G I N GT H E R I S E O F P O S T-S T R E E T W E A RWhat comes after streetwear?The combination of here to stay streetwear elements,with other emerging traits exceeding its aesthetic Boundlessovercoming the traditional luxu

68、ry dichotomies by blurring its boundariesGender normsRadical fluidityUsage occasionsCreativity-driven,occasion-lessTraditional luxury perimeterShape inclusivity,sport inspirationElevatedoutstripping streetwear stylistic codes,to re-engage with heritage and new luxury canonsTechniquesBeyond jersey,ba

69、ck to tailoringand sartorial integration,with a casual twistMaterialsEmbracing performance-oriented and sustainable fabrics,leathers,componentsShapesbeyond t-shirts,hoodies and sneakers,exploiting new wardrobe staples(e.g.,fubett)throughAll winners!Luxury market is generating positive growth for 95%

70、of brands,as in the key growth periods of its historyG l o b a l p e r s o n a l l u x u r y g o o d s m a r k e t C A G R85%35%95%50%60%10%+7%-5%+9%-1%+5%-22%+22%P O L A R I Z A T I O N I S O V E R40%+1%Positive CAGRNegative CAGR%winnersCovid crisis&rebound2019-2021Sortie du temple democratization1

71、994-2007Chinese acceleration2010-2014Reboot2015-2016Crisis2008-2009New normal2017-2019Covid crisis2019-2020Renaissance(?)2021-2022EChinese accelerationReboot&New NormalCovid Crisis&ReboundCrisis-20-2022EBIT of selected personal luxury goods brands by era(%|2007 2022E)Spen

72、ding trend per key bucket(%revenues|2022E vs 2021)Players are investing in their growth(while facing inflation):profitability slightly decreasing after unprecedented increase in 2021I N V E S T M E N T S F O R F U T U R E G R O W T HHyperinflation and resumption of brands investments(i.e.,marketing,

73、renovations,IT,transformation costs)slightly driving down industry profitability in 2022Increase in prices and persistent shift to direct channelsLimited store openings butincrease in relocation and renovation expenses Overinvestment due to resumption of in-person initiatives(e.g.,fashion show,event

74、s)Increase in costs due to rise in energy prices,higher labor costs,end of favorable rent conditions and higher costs to run transformation programsRelatively constant incidence of digital investments,while increasing IT capex to enable ongoing business transformationGross marginCapEx(B&M and HQ)Mar

75、keting expensesOther OpexDigital Opex&CapExLuxury 2030 will expand beyond products and trading,with new tech-enabled profit poolsPersonal luxury goods market(B|2022E2030F)1%353B540-580BMetaverse and NFTsDigital twins,collectibles,NFTsNew products,services,and cultures,within the metaverseCommunities

76、 monetizationE.g.,virtual events,data monetization,affiliation with community and tribes(Media)contentsE.g.,film,music,art,In-house 2ndhand(Direct)control on second-hand market 3.0 experiencesVirtual stores,digital shopping assistants,ultra-luxury travel and hospitality B e yo n d p r o d u c t s (a

77、 n d t r a d i n g)P r o d u c t s L U X U R Y 2 0 3 0(Re)imagining the world:L U X U R Y 2 0 3 0Product/CreativityCreativity chainImpactCustomerTech&dataFrom the beginning via excellent products,through recent leveraging human-centricengagement,towards the futureacross domainsCultural avant-garde a

78、ndinsurgent excellenceBe driven by purposethrough a broader Elements of Value-driven proposition and expanded brand meaningL U X U R Y 2 0 3 0Master the customer journeyIntercept the winning portion of the customer base(across generations,nationalities,income,cultures,)and own its luxury journeyExce

79、l in omni-retail 3.0Constantly evolve solutions to stay at the forefront of industry and deliver superior CXBuild new marketsInvest in shaping the structure of emerging markets,to build early competitive advantage and grip on local consumersGrow beyond product tradingDevelop new tech-enabled revenue

80、 streams and profit poolsto complement pure product tradingRetool creativity chainEvolve supply chain towards 360integration,enhanced connection,and consolidated resilienceChampion impactTake a leadership role,to become the trailblazers for the whole fashion industryTech-upThink,act like a digital n

81、ative,and implement with agilityHow to win in the Future of Luxurywhile surfing the current uncertainty b r i n g i n g c u l t u r a l a v a n t-g a r d e a n d i n s u r g e n t e x c e l l e n c e t o n e w d o m a i n sp u s h i n g b u s i n e s s t r a n s f o r m a t i o nTHANK YOUOver the la

82、st 18 years,Federica has led more than 300 assignments in the fashion and luxury industry on issues relating to corporate and brand strategy,portfolio management,merchandising,retail and wholesale excellence,digital acceleration,millennial strategies,marketing and communication,and more.Alongside Cl

83、audia DArpizio,Federica is the co-author of the Bain Luxury Study,one of the most cited sources of market information in the luxury industry.Claudia has spent more than 25 years advising multinational luxury and fashion clients on everything from strategy and new product development to innovation an

84、d organizational change.She is the lead author of the Bain Luxury Study,one of the most cited sources of market information in the luxury industry.In 2009,Claudia was also recognized as one of the Top 25 Consultants in the World by Consulting Magazine.Claudia DArpizioPartner,Bain&Company Leader,Glob

85、al Fashion-Luxury Goods verticalFederica LevatoPartner,Bain&CompanyLeader,EMEA Fashion-Luxury Goods verticalClaudia DArpizio Partner(Milan)Email:Federica Levato Partner(Milan)Email:Filippo Prete Associate Partner(Milan)Email:Press Orsola Randi(Italy)Orsola.R or+39 340 408 2256 Gary Duncan(EMEA)Gary.

86、D or+44 7788 163791 Dan Pinkney(US)Dan.P or+1 646-562-8102For any questions or further discussion,please contact:For a copy of the study,please contact:Bain contactsBottom-upWe add brands individual retail values.Top-downIndustry-specific(e.g.,watches vs.beauty)data in the main geographical marketsC

87、omparison between market breakdown and turnover breakdown for key playersInterviews with industry experts(top management of brands,distributors,department stores,)Consistency check on the data and fine-tuningRevenues at retail value represent total sales valued at retail price.Each players consolida

88、ted sales are retailized through the following methodology:Methodology of the study.we cross-check resultsRevenues at retail equivalent valueBottom-up and top-down estimatesPlayer consolidated salesWholesaleLicensesRetailPlayer sales at retail valueWholesale at retail valueLicenses at retail valueRetailApplication of estimated markups by geography and categoryApplication of estimatedroyalty rates and markups by geography and product category