1、Luxury Brands 1Where next for luxury brands? Risks, challenges and opportunities in a post-pandemic world2 Getting any of these issues wrong can seriously damage a companys image. Because of their status, luxury brands may be held to higher account for their actions than other businesses. Reputation

2、 is not a single risk but a risk of risks, a complex matrix of issues that needs to be handled with care which may contribute to the perception in our survey that such risks are more difficult to manage. Looking to a brighter future despite challenges When: July to August 2021 Who: 100 decision make

3、rs, including C-suite, directors of finance, risk, HR, marketing, corporate communications Where: France, U.S., Switzerland, Italy, UK, China, Japan, Germany, Spain, Hong Kong, Turkey and Greece Sectors: Jewellery and watches, range of luxury goods, clothing and footwear, bags and accessories, cosme

4、tics, fine art, luxury vehicles Size: 50% of brands valued up to $250 million, 36% were between $250 million to $5 billion and 14% were over $5 billionAbout our surveyAfter one of the most disruptive periods in recent history, luxury brands are gradually shaking off the dust and starting to look for

5、ward again. But what will the new normal look like? What are the trends that will shape the future? And which risks should brands look out for as they scan the changed horizon post-pandemic? To find out more about where the sector is headed, we asked decision makers in luxury brands around the world

6、 about their risks, opportunities and challenges over the coming years. Confidence is slowly returning We found that luxury brands are confident about the future despite current headwinds. A large majority think their business will be more profitable in the near term. While the pandemic has accelera

7、ted the pace of digitalisation in the industry, there is no rush to abandon physical stores. Most participants said they did not expect the proportion of sales made online to increase in the next five years. But brands say they do face an increasing challenge in engaging with younger, more socially-

8、minded consumers, and will need to step up their digital experience to reach these Millennial and Generation Z consumers. Brands face a complex web of risksOur survey shows decision makers feel intense pressure not only to reduce their environmental impacts but also to demonstrate good governance pr

9、actice. Business travel risks also rank highly, perhaps reflecting a nervousness about returning to the skies post-pandemic. The need to protect customer data against increasing risk of cyber-crime is a major concern, while supply chain management and trade issues, including Brexit and looming tarif

10、f wars, are also high on the list of future risks and challenges. Luxury Brands 3Key findingsTheres a disconnect between risks and insurance cover 54% of brands named directors and officers liability among their biggest risks, but only a third (37%) said they have specific insurance for this. Theres

11、 a similar disconnect for business travel and environmental risks. Luxury brands are optimistic about the futureDespite global challenges from COVID-19 to trade wars, 70% believe luxury brands will increase in profitability over the next two years. The shift to online sales may be peakingWhile almos

12、t 40% see the rise of online sales as an opportunity, the vast majority do not see it as a replacement for instore sales in future 81% predict that online sales, as a proportion of total sales, will stay the same. Brands are embracing tech that enhances the customer experience and facilitates sales

13、for example, buy-now pay later payment models were named as a top business opportunity by 44% and pay-by-link or other alternative payment methods by 38%.Digital will continue to grow as a business enabler The pandemic still looms large in peoples thinking50% named health as among the main risks to

14、financial success. When asked about their biggest challenges, 34% cited managing the return to the office, 33% remote working, and 30% a shift away from luxury following the pandemic. Directors and officers are feeling exposedD&O was named by 54% as one of the top risks to financial success, which m

15、ay indicate that luxury brand directors are feeling exposed at a time of increasing uncertainty and scrutiny. Reputation is key, but the risks are difficult to manage75% of our respondents said reputation is critical to a luxury brands success, but 72% think it is more difficult to manage than other

16、 risks. ESG risks are starting to be addressed by luxury brands Almost two thirds (66%) are implementing a formal process to manage ESG risks, which everyone is trained in. However, very few (4%) are measuring this, suggesting many may not be keeping pace with ESG risks as they change and develop. G

17、overnance tops the list of ESG concernsAlmost 70% listed board composition and audit committee structure among their top five environmental, social and governance (ESG) risks, followed by biodiversity, climate change and deforestation (52%), and water management and water scarcity (50%). COVID-19 th

18、rew huge curveballs at luxury brands. It cut off travel to the major cities where their stores are located, with around 1 billion fewer international travellers in 2020 than in 2019.1Stores, trade shows and catwalk events closed, meaning sales of luxury goods and experiences shrank by around 20% in

19、2020.2 Many retailers have been shedding staff, unsure if or when life will return to normal. Sales will bounce back quicklyHowever, despite these headwinds, sales are expected to exceed pre-pandemic levels by 2022.3 This optimism is reflected in our survey, with 70% of decision makers saying they e

20、xpect the next two years to be more profitable than before. This is perhaps not surprising as the sector survived previous shocks, such as the global financial crisis, in reasonably good shape. Online evolution not revolutionWhat is more unexpected, given the flight from city centres and relentless

21、digitalisation, is the fact that more than 80% of respondents think online as a proportion of total sales will not grow over the next five years.Its a reflection of the difference that marks the luxury sector out. In their need to preserve brand values of timeless quality and authenticity, luxury br

22、ands tend to buck trends seen elsewhere, with physical stores still seen as an integral part of the luxury experience. However, the luxury market is changing and brands will need to respond to key consumer trends to stay relevant and continue to grow in an increasingly uncertain future. 4 Luxury mar

23、kets are resilient but exposed to change 1 https:/www.unwto.org/news/2020-worst-year-in-tourism-history-with-1-billion-fewer-international-arrivals2 https:/ https:/luxe.digital/business/digital-luxury-trends/luxury-future-trends/Luxury Brands 5Five market trends to watch Digitalisation while most sa

24、les will continue in-store, brands need to harness the power of digital to inspire and motivate customers, speak to a younger demographic, and support a seamless and frictionless customer experience.Sustainability socially-minded consumers want to know more about the products they buy, from sourcing

25、 of materials to climate impacts. Brands may need to consider supporting reuse and resale of their products. Personalisation digital native consumers want content and experiences that are customised around their preferences, as well as more bespoke made-to-order options. The rise of in-country sales

26、 limitations on travel are likely to continue, so there will be less focus on selling to tourists and more on selling to people in their own countries. A return to core values brands are refocusing on their roots of quality, craftsmanship, design, and attention to detail to reassert their uniqueness

27、 and authenticity. 0%20%40%60%80%100%Much better than nowBetter than nowSame as nowWorse than nowMuch worse than nowTotal1%69%30%Expected profitability of luxury brands sector over the next two years0%20%40%60%80%100%IncreaseStay the sameDecrease10%81%9%Expected online sales as a proportion of total

28、 sales6 Brands face a daunting list of challenges Luxury brands cited a long list of business challenges and reputational pitfalls in the coming years. Economic uncertainty and trade volatility: Top of the concerns is global economic uncertainty, named by 40% of respondents. The impact of the pandem

29、ic is compounded by global trade challenges, including the fallout from Brexit (33%) and U.S. tensions with China (29%).Appealing to younger consumers: Engaging with younger, more socially-minded consumers is a top challenge for 36% of respondents. This underlying issue may be linked to concerns abo

30、ut sustainability (33%) and a shift away from luxury goods post-pandemic (30%) reflecting a new generation of consumers who may be less focused on the trappings of material wealth. Digitalisation and cyber crime: Almost 30% feel pressure to move from being digitally-enabled to adopt a more digital-f

31、irst approach to business. Coupled with the rise of online sales, this may also lead to increased threat from cybercrime, cited by 35% as a major challenge. The changing workplace: Managing the return to in-person working is a concern for 34% and remote working for 33%. This is particularly challeng

32、ing for a sector dependent on physical stores. but also opportunities for growthOpportunities lie within the major challenges if the industry can get their approach right. Engaging with young consumers: 32% see an opportunity to position themselves well with younger consumers, for example by embraci

33、ng issues such as sustainability (33%). Some brands are embracing the used market, which many younger consumers see as a key badge of sustainability, and are making marketing arrangements with resellers.4Embracing the power of digital: The rise of online retail is welcomed by 39%, while new payment

34、methods, such as buy now, pay later (44%) and pay-by-link or other alternative payment methods (38%) were cited by respondents as having potential to increase sales. Finding the positives post-pandemic: We found 41% of our respondents think the working-from-home revolution could potentially expand t

35、heir talent pool. More than a third (35%) saw the potential in continuing with adaptations made to their business during the pandemic.4 https:/ https:/ fashion house Burberry broadcast its Spring/Summer 2021 show on Twitch the first luxury retailer to livestream a fashion show on a live video stream

36、ing service typically used by gamers.5Luxury Brands 70%5%10%15%20%25%30%35%40%45%Global economic challengesEngaging with younger more socially minded consumersCyber securityManaging the return to in-person workingThe UKs departure from the EUManaging remote workingSustainabilityA general shift away

37、from luxury goods and experiences following the global pandemicAdapting to a more digital-first approachTrade tariffs and sanctions with ChinaIncreasing territorialismRestrictions on international travelRestrictions on retailTotal40%36%35%34%33%33%33%30%29%29%27%24%24%Biggest challenges facing brand

38、s0%5%10%15%20%25%30%35%40%45%Buy-now-pay-later payment modelsIncreased talent pool thanks to boost in remote workingAccelerated uptake of online retailPay by link or other alternative payment methodsContinuing with adaptations to business made in response to the pandemicEmbracing sustainabilityEngag

39、ing with younger more socially minded consumersFace-to-face retail reopeningContinued or increasing Chinese marketConsumers choosing luxury goods and experiences following the global pandemicDigital transformation44%41%39%38%35%33%32%32%30%23%24%Biggest opportunities for brand *Please note participa

40、nts could select more than one option for this question *Please note participants could select more than one option for this question Theres a disconnect between risks and insurance solutionsWe found that brands often do not have specific insurance in place to cover the areas they have identified as

41、 their biggest risks to financial success. While 54% said directors and officers (D&O) liability was among their top risks, and 53% environmental, only a third indicate that they have specific insurance in place (D&O 37%; environmental 31%). This may reflect a perception that specific solutions are

42、hard to find or are missing 43% of respondents said their main difficulty in managing risks was a lack of appropriate solutions. Our survey also pointed to a lack of board buy-in (42%), lack of risk management tools to manage risk (42%), and gaps in knowledge and understanding about the risks (39%)

43、as among the major challenges to addressing risks. Risk is increasingly personal for directors The focus on D&O indicates concern among executives that they could be held personally responsible for a growing range of potential management failures or liability claims. This is likely to increase as re

44、gulatory changes continue to expand the scope of individual directors responsibilities (see Understanding and mitigating your risks, page 9). Its also interlinked with a number of other risks that ranked highly in our survey. For example, directors may fear being held responsible for a regulatory br

45、each, named by 40% as a top concern, or the consequences of a cyber security incident (36%). Brands face growing environmental scrutiny Environmental risks were named by 53% of our respondents as among their top concerns. This reflects the growing consciousness of issues such as climate change, sust

46、ainability and social responsibility, not just among consumers, but also investors and regulators. Brands face increasing pressure and scrutiny in these areas and need to demonstrate good practice and ensure this is carried through their supply chain (see Brands are defined by how they manage ESG ri

47、sks page 11).Global operations increase exposuresIn a globalised market, executives are increasingly travelling in emerging countries, where they may face increased risks, from medical emergencies to kidnapping, theft and extreme weather events. This may explain why business travel ranks so highly a

48、mong risks to financial success, named by 53% of respondents.Likewise, as supply chains in the luxury sector become longer and more complex, they are more vulnerable to costly disruption named by 48% among their top risks. We saw the impact of this during the pandemic with border closures and transp

49、ort disruption. 8 Luxury Brands 90%Business travel riskEnvironmental riskHealth riskSupply chain and infrastructure riskProduct recall riskRegulatory riskSocial riskExport riskCyber riskReputational risk54%53%50%48%41%40%38%27%Terrorism and political violence21%53%39%36%10%20%30%40%50%60%Greatest ri

50、sks to brands financial success 2%3%0%10%20%30%40%50%60%70%80%90% 100%Supply chainCyberProduct recallDirectors And OfficersExportBusiness travelEnvironmentalReputationalTerrorism and political violenceCovered by specific insuranceNo specific insurance. Risk covered by other insuranceNo specific insu

51、rance. Not sure if covered by other insuranceNo specific insurance. Risk NOT covered by other insuranceNot applicable44%28%25%1%2%42%40%12%42%35%14%37%27%27%35%32%26%34%33%22%31%38%26%29%34%25%9% 5%12%4%2%9%6%6%1%11%5%10%14%60%Approach to insurance for risks0%Lack of insurance solutions to address t

52、hese risksLack of board buy-inLack of risk management tools and insightLack of knowledge and understanding of these risksLack of budget43%42%39%37%42%20%40%60%Challenges to addressing these risksUnderstanding and mitigating your risksInsights and tips from Willis Towers Watson specialists:“Directors

53、 can be held personally responsible for an increasing range of issues, from cyber security and data loss consistently named as top risks in the annual Willis Towers Watson D&O Liability survey to financial audits and environmental protection. The threat of insolvency, which hung over some luxury bra

54、nds during the pandemic, may also have led to directors feeling more exposed. In insolvency cases, directors duties are owed to creditors, leaving them open to large potential claims. Regulatory regimes are also tightening. Weve seen an increasing trend to hold directors accountable for matters whic

55、h might previously have been focused on the company. Changes planned in the UK to restore confidence in corporate reporting will increase the obligations on directors. Also in the pipeline is increased mandatory reporting of climate impacts and risks in financial statements.Unfortunately, simultaneo

56、usly with these higher exposures (and, in part, because of them), D&O insurance has become more expensive, leading some companies to reduce their cover. So what can directors do to protect themselves?The first step is to carry out a detailed assessment of their exposures. They need to be aware, not

57、only of their current responsibilities, but also of what is coming down the road. The best defence is to get ahead of rule changes before they happen and take appropriate action early for example, in financial reporting, make sure that you have systems in place to gather the information required rat

58、her than leaving it to next year.”Angus Duncan, Executive Director, D&O RiskWillis Towers WatsonDirectors and Officers*Please note participants could select more than one option for this question *Please note participants could select more than one option for this question 10 6 https:/ brands tend t

59、o collect large amounts of personally identifiable information as part of providing a tailored experience for customers. This can increase their exposure to reputational damage if they fail to protect this information. Historical data breaches involving payment card information of retail customers h

60、ave resulted in exorbitant losses for specialty retailers. The worst of these data breaches have resulted in losses well above $100 million in breach expense and liability settlements. In the meantime, ransomware attacks are becoming more sophisticated. The average ransom payment increased by 171% t

61、o USD 312,493 from 2019 to 2020.6 To counter these threats, luxury brands should implement robust controls, including multi-factor authentication (MFA) for both remote and privileged access; securing open RDP ports; deploying effective endpoint detection and response solutions; and employing effecti

62、ve backup strategies such as encryption, segregation and regular testing.”Rob Barberi, Director, FINEX Cyber Security and Professional RiskWillis Towers WatsonCyber security“Supply chain risks can be greater for luxury brands simply because of the value and sensitivity of materials being processed,

63、from gems to rare skins. A failure in the chain can not only impact production but also on reputation if sourcing is not seen to be ethical. For these reasons, brands have taken greater control over their supply chains in recent years, owning everything from factories to cashmere farms. However, the

64、y have less control over their goods in transit, particularly on the road. Shipments worth millions make attractive targets for thieves and counterfeiters. Theft of original designs or new collections might also seriously damage a brands ability to trade. Key mitigation measures include avoiding unn

65、ecessary stops and increasing overnight security. One option is to rent secure parking bays, which allow drivers to park inside a motion sensor secure unit instead of an open truck stop.”Alessandra Capua, Fine Art, Jewellery and Specie Lead, Italy and EuropeWillis Towers WatsonSupply chain“Increasin

66、g regulatory scrutiny, complex supply chains and changing technology can lead to an increase in the occurrence and severity of product recalls. Errors can affect even the most prestigious, global manufacturers and brands. Product recall insurance has traditionally not been mandated for many luxury p

67、roducts because of their low risk to health and low claims history. However, this is changing and brands are under more pressure to include it in their cover. For any products that could pose a risk to the health and safety, there is no substitute for rigorous quality control and testing. Scanning,

68、x-rays and old-fashioned sniff tests are all important risk mitigations. Brands should also make sure that they test the materials and components they buy in, and audit their suppliers.” Louise Dorrian, Head of Product RecallWillis Towers WatsonProduct recall“Although luxury brands often have a smal

69、ler environmental footprint than most consumer goods brands, they may be held to a higher standard because their goods are luxuries, not necessities. Brands need to make sure that their products are sustainably sourced for example, making sure that tanneries do not cause air pollution, or that cloth

70、ing factories use water responsibly to reduce impacts on local communities and wildlife. Some brands, such as those connected with animal skins, also need to pay close attention to ethical concerns about how their products are produced.Whatever the risks they face, brands should make sure they have

71、crisis response plans in place to manage them. They should build this into their business continuity plan, so they know exactly what to do and who to call when an incident happens. They should also map their risk exposures against their insurance, and consider getting specific policies for any risks

72、 not already covered.There can be the perception that environmental insurance is expensive and difficult to obtain. Brands should investigate whether it is more cost effective to offload these risks to an insurer versus retaining them on the balance sheet.”Joanna Newson, Environmental BrokerWillis T

73、owers WatsonEnvironmentalLuxury Brands 117 https:/www.gov.uk/government/consultations/mandatory-climate-related-financial-disclosures-by-publicly-quoted-companies-large-private-companies-and-llpsBrands are defined by how they manage ESG risksWe asked respondents to tell us which environmental, socia

74、l and governance (ESG) issues posed the greatest risks with some surprising results.Governance of audit committees and the make-up of the board of directors emerged as the top concern, cited by 69% of respondents. A little further down came issues such as lobbying and political contributions (41%),

75、whistle blower schemes (32%), and gender, race and diversity (30%).This highlights the degree to which the governance side of ESG now defines the ethos, ethics and reputation of modern brands, going to the heart of their values and how their business is run. Luxury brands need to keep watch on every

76、 front, both internally and externally, to make sure their high standards are being maintained.The concern around governance may also reflect tighter scrutiny of ESG reporting and auditing for example mandatory climate reporting in financial statements is due to come into force in the UK in 2023.7 C

77、limate, waste and water are top environmental concerns The top environmental risks were biodiversity and climate change (52%), waste management and water scarcity (50%), reflecting the processes used in the manufacture of luxury goods, as well as the impact of transportation. Increasingly, brands ha

78、ve been investing in green technologies to reduce these impacts and many now report on each of these indicators annually, helping to drive improvements.Brands feel confident about social responsibility There was less concern among our respondents about social issues. Only 23% of respondents named hu

79、man rights as a top ESG risk, while 18% cited labour standards and 26% community relations. This may indicate that the luxury sector is less exposed to bad practice by suppliers, given that many brands either own or closely control the factories and workshops where their products are made. Most have

80、 a formal process to manage ESG risks We also asked brands about the processes they have in place to manage ESG risks. We found that most brands have a process in pace, with two thirds (66%) implementing a formal process at enterprise level in which everyone is trained. However, very few (4%) are me

81、asuring this, suggesting the majority may not be fully keeping pace with these risks as they change and develop. 12 In a 2020 survey by Globescan, 74% of Generation Z consumers claimed to have made some or major changes to be more environmentally friendly.88 https:/ committee structure and board com

82、positionBiodiversity, climate change and deforestationWaste management and water scarcityLobbying and political contributionsWhistleblower schemesGender, race, and diversityPollution and carbon emissionsData protection and privacyEmployee engagementEnergy efficiencyCommunity relations69%52%50%41%32%

83、30%29%28%27%24%Executive compensationHuman rightsLabour standards24%24%Bribery and corruption0%27%22%23%26%26%18%10%20%30%40%50%60%70%80%ESG factors posing the greatest risk for brand0%20%40%60%80%100%Informal process that everyone is asked to followFormal process that everyone is trained in and ask

84、ed to useFormal process that everyone is trained in, asked to use, and that is measured and evolves30%66%4%Approach to managing ESG risks*Please note participants could select more than one option for this question Luxury Brands 13Reputation risks are hardest to manageReputation is named by only 27%

85、 of respondents in our survey as among their top risks. However, a large majority (75%) say that reputation is critical to a luxury brands ability to make money and almost two-thirds (64%) think luxury brands are more exposed to reputational risks than other sectors.Theres a disconnect here that sug

86、gests brands are unsure how to assess the risks they face and how to manage them effectively. Almost three-quarters (72%) of decision makers think that reputation risk is more difficult to manage than other risks.A crisis can come from anywhere This is understandable given that reputational risks ca

87、n come from across a spectrum of activities. It is intrinsic to most of the biggest risks cited by our respondents, including environmental 53%, supply chain 48%, product recall 41%, and cyber 36%. Problems in any of these areas can quickly impact on overall brand reputation and may require a crisis

88、 management response, with serious consequences if things go wrong. Worryingly, 65% of respondents say that their organisation struggles to quantify reputational risk a key requirement before you can start to manage the risks effectively. Only 29% said they had any specific insurance that covered th

89、eir reputational risks.How to mitigate your reputation risksElevate responsibility to board level Recognise that reputational risk is not like any other. It is a compound risk and needs to be treated as a business-wide strategic issue, managed at an enterprise level. Know your supply chainMake sure

90、you have full transparency across your supply chain and are sure about all the materials used in your products so that customers can have confidence in what theyre buying.Stay on top of social mediaA bad social media post can devalue your brand instantly. Real-time monitoring, such as that provided

91、by Polecat, and well-prepared crisis communications procedures will leave you better equipped to respond. Measure and monitor risk Tools that are driven by data, ideally with a real-time intelligence-led dashboard of reputation risks, can help you track and anticipate threats to you, your stakeholde

92、rs and industry. Willis Towers Watson and Polecat have developed a risk monitoring tool powered by artificial intelligence (AI) linked to crisis management response. Be reputation risk ready Willis Towers Watson offers a Reputational Risk Readiness Review, which can help you clarify your reputationa

93、l risks, identify the potential impacts, map any gaps in your mitigation measures, and prioritise the matters of greatest concern using our Rep Quantified tool. We also offer Reputational Crisis Insurance specifically designed to help companies understand and manage the risk of reputational damage.0

94、%Reputation is critical to a luxury brands ability to make moneyReputational risk is more difficult to manage than other risksMy organisation monitors and measures reputationUltimate responsibility for reputational risk should lie with the CEO/MDSocial media has increased the potential for reputatio

95、nal risk to affect my organisationMy organisation struggles to quantify reputational riskLuxury brands are more exposed to reputational risk than other businessesMy organisation uses quality reputational risk advice75%72%68%66%65%64%10%20%30%40%50%60%70%80%90% 100%68%62%Views on reputational risks f

96、or luxury brands*Please note participants could select more than one option for this question 14 Luxury brands are resilient, but face a growing slate of risksLuxury brands are yet again proving their resilience, bouncing back from the pandemic, just as they did from the financial crisis a decade ag

97、o. But while the road ahead is clearer, theres a growing list of risks and challenges that could make for a bumpy ride over the next few years. The impact of the pandemic will continue to reshape buying and travel habits. Luxury brands will need to reach out to younger customers and provide a more s

98、eamless experience on and offline.Issues such as cyber security and environmental protection will only continue to rise up the agenda, adding to a slate of risks that will need to be managed, all with the potential for reputational damage. Now, as life seems set to get back to some kind of normality

99、, its a good time to take stock and reassess the critical issues in your business, where you need to focus, how you can manage the key risks you face, and where you might need more protection. Willis Towers Watson offers a range of insurance and consultancy solutions that can support you through thi

100、s process, helping you quantify, mitigate and transfer your risk, while protecting your reputation. Luxury Brands 15Survey sample and methodologyOur survey was carried out by our partner Coleman Parkes Research in July and August 2021, using a mixture of phone interviews and web-based survey forms.

101、We received 100 responses from senior decision makers within luxury retail brands based in Europe, the U.S. and Asia. FranceTotal0%5%10%15%20%25%30%35%40%United StatesSwitzerlandItalyUKChinaJapanGermanySpainAnother country(Incl. Turkey, Hong Kong, Greece)29%18%13%12%9%7%4%5%2%1%Country0%Chief Human

102、Resource OfficerHead of HRFinance DirectorHead of MarketingChief Marketing Officer (CMO)Chief Risk Officer (CRO)Chief Financial Director (CFO)Head of Corporate Comms21%17%12%10%8%14%5%10%15%20%25%Head of RiskCEOOwner4%4%8%1%1%Job title0%Jewellery and watchesA range of luxury goodsClothing and footwe

103、arBags and accessoriesCosmetics and fragrancesFine artLuxury vehicles35%31%17%2%2%23%1%5%10%15%20%25%30%35%40%Luxury retail goods0%20%40%60%80%100%Lead decision makerPart of the decision-making teamKey influencer9%70%21%Responsibility0%up to $250 million$250 million to $500 million$500 million to $1

104、 billion $1 billion to $5 billion$5 billion plus50%15%12%14%9%10%20%0%30%40%50%60%Annual revenue for last financial yearAbout Willis Towers WatsonWillis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path

105、for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals.

106、 Our unique perspective allows us to see the critical intersections between talent, assets and ideas the dynamic formula that drives business performance. Together, we unlock potential. Learn more at . 2021 Willis Towers Watson. All rights reserved.FPS 2245473 WTW20708/09/Willis Towers Watson offer

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111、cific advice from an appropriate professional. Some of the information in this publication may be compiled from third party sources we consider to be reliable, however we do not guarantee and are not responsible for the accuracy of such. The views expressed are not necessarily those of Willis Towers Watson. Copyright Willis Towers Watson 2021. All rights reserved.