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【英文】德勤报告:2019年全球时尚及奢侈品行业私募基金和投资者调研Fashion & Luxury Private Equity and Investors Survey 2019(39P)

英文研究报告 2019-08-05 42 管理员

The Fashion & Luxury industry proved to be fertile  soil for M&A activities with #265 deals registered in  2018, presenting a significant increase of #47 deals  compared to the previous year. Personal Luxury Goods  deals have increased (+11 deals versus 2017) with  Cosmetics & Fragrances (17% of total) growing by #16  deals, while both Watches & Jewellery (11%) and Apparel  & Accessories (28%) decreased by #1 and #4 deals  respectively. The Hotels sector, which represents 28%  of total, was the best segment in terms of deals growth  with respect to the previous year, increasing by #29.  M&A deals volumes in other sectors increased, with  activity in Cruises (+3 deals), Restaurant & Pubs (+3) and  Yachts (+1) growing compared to the previous year. The  average deal value has shown flat at $233m in 2018,  with just a $3m increase from 2017. M&A deals in Europe strongly increased (+41 deals),  whilst North America and Asia-Pacific remained flat. Luxury Automotive deals were present only in China  during 2018, driven by the very active electric car’s  industry.


Within its Private Equity Survey, Deloitte  focuses on understanding investors’  perceptions of the potential growth in  the F&L market in coming years. The  consensus view is that major players  in Personal Luxury Goods (PLG) are  projected to achieve 1.1 times their  2018 sales index by 2021 (~ +4% CAGR  2018-21), while other Luxury sectors are  expected to achieve 1.2 times their value  (~ +6% CAGR 2018-21). Within the next three years, investors  forecast that the F&L industry will  continue to grow by 5-10% annually.  Digital Luxury Goods, Cosmetics &  Fragrances and Furniture are projected  to outperform strongly, growing by  more than 10% per year. Apparel &  Accessories, Hotels and Restaurants  are consolidating (with expected annual  growth of 5-10%). A decrease is expected  in Cars and Private Jets, while Yachts,  Jewellery and Selective Retailing are  forecast to stay flat.


70% of funds are considering investing  in an F&L asset in 2019, with notable  interest rising in: Apparel & Accessories  (where 79% intend to invest), Cosmetics  & Fragrances (79%), Furniture (57%),  Watches & Jewellery (36%), Selective  Retailing (29%).  Interest across categories is increasing  compared to previous year, mostly  noticeable at Selective Retailing and  Cosmetics & Fragrances. Interest  however in Digital Luxury Goods  decreases, despite positive market  growth expectations. Both current investors and newcomers  are more attracted to consolidated  sectors within the F&L industry (such as  Apparel & Accessories and Cosmetics  & Fragrances) where market knowledge  is widespread. Newcomers seem more  interested in experiential luxury.  With respect to 2018, the continuous  consolidation of the F&L industry is  moving investments towards smallersized companies (+10 percentage  points), where investors plan to  boost performance by implementing  internationalization, performance  improvement and digital strategy design  (which grew by 20 percentage points).  Digital disruptions, such as Artificial  Intelligence (AI), Robotics and Big Data  & Analytics enable companies to keep  pace with the virtual customers; 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.

【英文】德勤报告:2019年全球时尚及奢侈品行业私募基金和投资者调研Fashion & Luxury Private Equity  and Investors Survey 2019(39P)

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资源名称:【英文】德勤报告:2019年全球时尚及奢侈品行业私募基金和投资者调研Fashion & Luxury Private Equity  and Investors Survey 2019(39P)


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