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奢侈品市场：2018年迎并购热潮欧洲交易量领跑全球（英文版）（40页）.pdf

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奢侈品市场：2018年迎并购热潮欧洲交易量领跑全球（英文版）（40页）.pdf

1、Fashion given that, luxury companies are seeking for digital startup/companies to exploit synergies. Digital penetration will lead to physical disruption; the classical store will inevitably change from point of sales to point of touch. The consensus is that forecast returns will range from 21 to 30

2、%. According to respondents in 2019, 43% will probably invest in disruptive technologies in order to benefit from potential synergies. Internet of Things, Big Data 2) Still pending The analysis considers both closed and announced deals during 2018 Source: Elaboration on Deloitte intelligence data Fa

3、shion 2) Restaurants was not included in last years survey Source: Elaboration on Deloitte survey Expected new investments in 2019 Most attractive sectors for investors (percentage of respondents) Change in 2018-19 (percentage points) 22 Fashion Apparel & Accessories and Selective Retailing industri

4、es are expected to guarantee highest IRR. Key findings On average, funds expect an IRR from their investments ranging from 21% to 30%, while 11% forecast a higher performance (30%). Lower expected rates of return for Watches & Jewellery do not play a major role in investors strategies, due to the lo

5、wer volatility of this segment. Apparel & Accessories and Selective Retailing are expected to guarantee investors a higher IRR. Source: Elaboration on Deloitte survey 9% 73% 18% App & Acc 100% Cos & Fra 18% 73% 9% 100% Total F&L 28% 61% 11% 100% 30%21% - 30%0% - 20%Change in 2018-19 (percentage poin

6、ts) Wat & Jew 40% 40% 20% 100% Sel Ret 10% 65% 25% 100% -1 +1.7 Furniture 25% 62% 13% 100% -0.3 70% 28 Fashion & Luxury Private Equity and Investors Survey 2019 | Private Equity and Investors Survey 2019 Return expected from new investments IRR expected from new F&L investments Breakdown by target c

7、ompany size (percentage) Respondents confirm the existence of a correlation between a target firms size and the expected rate of return from investment. A return greater than 20% is more likely from small and medium-sized companies. Source: Elaboration on Deloitte survey Target Turnover Size (percen

8、tage) Expected IRR (percentage) 24% 20% 5% 75% 76% 15% 54% 31% 20% Big company ( $250m) Medium company ($50 - $250m) Small company (20%, causing also a high competition in investing in the F&L sector for the incoming years. 29 Fashion & Luxury Private Equity and Investors Survey 2019 | Private Equit

9、y and Investors Survey 2019 Disruptive technologies in Fashion & Luxury Impact of disruptive technology based on portfolio type (percentage) Fund likelihood of Investment in disruptive technologies firms (percentage) 43% of respondents will probably invest in disruptive technologies in order to bene

10、fit from potential synergies and pursue an omni-channel strategy. Internet of Things will have the largest impact on investors portfolios according to respondents in 2019, followed by Big Data & Analytics and Artificial Intelligence. 100% Internet of Things Big Data & Analytics Artifi cial Intellige

11、nce Health Tech RoboticsOther1Total PLG Personal Luxury Goods (PLG) Other luxury sectors 16% 15% 14% 12% 11% 32% 100% Internet of Things Big Data & Analytics Artifi cial Intelligence BlockchainRoboticsOtherOther luxury sectors 18% 17% 17% 12% 7% 29% Will probably invest in disruptive technologies 43

12、% 57% Note: 1) Other includes wearables, fintech and others Source: Elaboration on Deloitte survey Key findings The disruptive technologies considered to be of most impact on portfolios relevant to Personal Luxury goods are: Internet of Things (16%), Big Data & Analytics (15%), Artificial Intelligen

13、ce (14%), Healthtech (12%) and Robotics (11%). Considering other luxury sectors, the main disruptive technologies perceived by F&L investors are: Internet of Things (18%), Artificial Intelligence (17%), Big Data & Analytics (17%), Robotics (12%) and Blockchain (7%). 31 Fashion & Luxury Private Equit

14、y and Investors Survey 2019 | Private Equity and Investors Survey 2019 Note: 1) Other investors: family offices, luxury holdings and sovereign wealth funds Source: Elaboration on Deloitte survey Funds key features 90% of survey participants are small-medium Private Equity Funds. In 11% of cases, the

15、y hold a portfolio of net assets greater than $1bn. Profile of survey respondents Fund strategy Fund core industries Private Equity Fund Other types 100% 11% 11% 63% 15% 10% 11% 63% 16% 100% % of respondents % of respondents % of respondents Other Venture Capital Growth Buyout Other Healthcare Indus

16、trial Retail, Consumer & Leisure Fashion & Luxury $1 bn $501m - $1 bn $100m - $500m 25% of AuM) Majority Equity stakeDuration 5 yearsMinority Change in 2018-19 (percentage points) Medium focus (5% - 25% of AuM) Low focus ($250m) represent 15% of the average portfolio. Source: Elaboration on Deloitte

17、 survey Average turnover of F&L assets in investors portfolio (percentage of respondents) 15% 0% 9% 38% 38% 9% 100% Large assets Medium assets Small assets76% 15% 0% $25 m $25m - $50m$51m - $100m$101m - $250m$251m - $500m$501m - $1BTotal F&L investors 37 Fashion & Luxury Private Equity and Investors

18、 Survey 2019 | Glossary Glossary Main terms and abbreviations Personal Luxury Goods Personal Luxury Goods include the following sectors: Apparel & Accessories, Cosmetics & Fragrances and Watches & Jewellery App&Acc Abbreviation for Apparel & Accessories AuM Acronym for Assets Under Management CAGR A

19、cronym for Compound Annual Growth Rate Cos&Fra Abbreviation for Cosmetics & Fragrances F&L Abbreviation for Fashion & Luxury IRR Acronym for Internal Rate of Return PE Acronym for Private Equity PLG Acronym for Personal Luxury Goods RoW Acronym for Rest of the World Sel Ret Abbreviation for Selectiv

20、e Retailing Wat&Jew Abbreviation for Watches & Jewellery 38 Fashion & Luxury Private Equity and Investors Survey 2019 | Glossary Contacts Deloitte Fashion & Luxury LeadersDeloitte Financial Advisory & Corporate Finance contacts EMEA Fashion & Luxury Leader Patrizia Arienti parientideloitte.it China

21、Tian Bing Zhang France Benedicte Sabadie bsabadiefauredeloitte.fr Germany Philip Beil pbeildeloitte.de Italy Claudio Bertone cbertonedeloitte.it Giovanni Faccioli gfacciolideloitte.it China Ivan Man Kit Wong .hk France Lisa Lauv llauvdeloitte.fr Lucile Regnault lregnaultdeloitte.fr Germany Karsten H

22、ollasch Khollaschdeloitte.de Italy Elio Milantoni emilantonideloitte.it Tommaso Nastasi tnastasideloitte.it Luxemburg Nick Tabone ntabonedeloitte.lu Singapore Jiak See Ng Spain Tomas De Heredia tdeherediadeloitte.es Switzerland Stephan Bruecher sbruecherdeloitte.ch Andreas X Gehre angehredeloitte.ch

23、 UK Richard Lloyd-Owen rlloydowendeloitte.co.uk Victoria Kisseleva vkisselevadeloitte.co.uk USA Lorin DeMordaunt Japan Jun Matsuo jmatsuotohmatsu.co.jp Spain Fernando Pasamon fpasamondeloitte.es Switzerland Karine Szegedi kszegedideloitte.ch UK Ian Geddes igeddesdeloitte.co.uk USA Jean-Emmanuel Bion

24、di This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this communication, rendering professional advice or services. Before making any decision or takin

25、g any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this communication. Deloitte refers to one or more of Deloitte Touche

26、 Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see for a more detailed description of DTTL and its member firms. 2019 Deloitte Italy S.p.A. Deloitte Creative Team - Italy | SG.094.19

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奢侈品市场：2018年迎并购热潮欧洲交易量领跑全球（英文版）（40页）.pdf

奢侈品市场：2018年迎并购热潮欧洲交易量领跑全球（英文版）（40页）.pdf