ComCap Beauty Overview December 2016

CONFIDENTIAL
Beauty industry – ComCap
discussion materials
December 2016
Complete presentation at: https://goo.gl/803d34

CONFIDENTIAL
2
We are pleased to present our 2017 beauty industry overview
 In the following slides we have synthesized our views on the key themes in the beauty industry, which remains one of
the most attractive CPG industries globally
 With strong tailwinds for growth from emerging markets, mix shift to premium products, and a wave of new entrants
and disruptors, the industry is undergoing a tectonic shift - this is prime time to network in support of fundraising and
commercial partnerships with established and emerging industry players to help you to achieve your objectives
 ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key
subsectors including B2C ecommerce, B2B SaaS, B2B services for retail (IT and marketing services, fulfillment and
logistics and call center), payments, marketplaces and digitally native brands
 Headquartered in San Francisco, our firm works with mid-cap public companies on buyside initiatives, and with
public and private growth companies on equity financings and strategic M&A
 In addition to being the only boutique focused exclusively on disruptive commerce models, we differentiate by bringing
bulge bracket techniques to emerging models, a strong and uncommon buyside/strategy practice, deep understanding
of industry drivers and synergy analyses, deep relationships across the sector and worldwide coverage with closed
transactions in the United States, Japan, China, the ASEAN region, Western and Eastern Europe and Latin America
 In this deck, we have provided a brief overview of our firm, as well as our latest perspectives on the beauty industry
overall
 If you'd like to connect with us over the phone and/or meet in person to discuss your strategic initiatives, please
contact either Aron, Steve or Uren:
Aron Bohlig
Managing Partner
M: 415-235-8270
E: aron@comcapllc.com
Steve Terry
Managing Director
M: 415-971-3794
E: steve@comcapllc.com
Uren Dhanani
Associate
M: 512-590-4989
E: uren@comcapllc.com

CONFIDENTIAL
3
Index
ComCap overview2
Beauty industry overview1
Appendix A: Select company profiles3
Appendix B: Trading comparables, private placements and precedents4

CONFIDENTIAL
Beauty industry overview
4
1

CONFIDENTIAL
5
Beauty industry – Key themes for 2017
Large growth opportunity for mass beauty products in emerging countries with a growing middle class
and premium beauty products in developed countries
Disruptors include startups as well as non-beauty retailers entering the beauty market organically
and inorganically
Instore model + online model is more effective than just ecommerce online model, giving
traditional players like ULTA and Sally Beauty an edge over ecommerce-pure play players
'Fast-fashion' model for beauty is gaining increasing popularity with the younger generation
Shop-in-shop concept is gaining momentum within the beauty industry
Consolidation continues with drive to attain scale, new capabilities, and entry into new
geographies
Investors continue to deploy meaningful capital in the industry at the early stages, growth stages and into
public equity markets
Huge ecommerce "replenishment" opportunity for global players (which fulfillment companies can
help serve with online and offline models)
5
4
8
7
1
2
3
6

CONFIDENTIAL
6
Beauty companies are well positioned with strong underlying
growth factors
Beauty ecommerce has major room to grow Global growth in premium cosmetics market
Source: Euromonitor International Source: ULTA investor presentation
Luxury market continue to see strong growth
Source: Deloitte & Touche
WW middle class growing significantly
Source: OECD Development center
Beauty ecommerce as % of total beauty retail
Middle class consumer spending
Outer ring: 2030E in trillions, USD; Inner ring: 2009 in trillions, USD
$108
$112
$116
$121
$126
2015 2016 2017 2018 2019
(In $bn)
9.5%
6.5%
5.2%
4.5% 4.5%
1.0%
0.5%
Asia
Pacific
North
America
Western
Europe
Australasia Eastern
Europe
Latin
America
Middle
East
and Africa
%ratioofinternetretailing
Asia Pacific
$32.9
+571%
growth
$4.9
$11.1
Europe
$8.1$5.6
North America
Sub-Saharan Africa $0.6
$0.4
$0.9
$2.2Middle East and
North Africa
$3.3
Central/
South America
$1.5
$5.5
8.2%
33.4%
9.4%
6.6%
9.8%
22.6%
7.6% 7.8%
Top 100 China/Hong Kong US Other Countries
Performance by country
FY 13 luxury goods sales growth FY 11-13 net sales CAGR
1

CONFIDENTIAL
7
Global cosmetics market overview
4.9% 5.0%
2.9%
1.0%
4.2%
4.6% 4.6%
3.8%
3.6%
3.9%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Growth of the worldwide cosmetics market from 2006 – 2015
(Estimated annual growth rate, as %)
Main worldwide players
(2015 sales, in billions of USD)
Breakdown of the worldwide cosmetics market – Geographic
Zones (%)
Breakdown of the worldwide cosmetics market – Product
Categories (%)
$7.4
$11.0
$19.8
$21.7
$29.9
36.2%
24.0%
20.2%
10.5%
6.0%
3.0%
Asia Pacific
North America
Western Europe
Latin America
Eastern Europe
Africa, Middle East
36.1%
22.9%
17.3%
12.2%
10.4%
1.1%
Skin Care
Haircare
Make-up
Fragrances
Hygiene Products
Other

CONFIDENTIAL
Pure Play Beauty Player
Non Pure Beauty Player
Skin Care Focused Players in Beauty
Represents revenue related to beauty
segment
8
Top players in the beauty industry today
Global Beauty (1) FY 16 Net Sales (USD Bn)
Notes:
1) Global Beauty defined as Fragrances, Color, Skin, Retail Hair Coloring & Styling, Salon Hair
2) Coty reflects pro forma for annualized Hypermarcas Beauty Business revenues as well as the “P&G Beauty Brands” excludes the
Excluded Brands and the Divested Brands
3) Revlon pro Forma for pending acquisition of Elizabeth Arden, expected to close by the end of 2016
Source: Coty Presentation, CapIQ
Coty + P&G Beauty Brands
(combined revenue is $9b)
Revlon +
Elizabeth Arden

CONFIDENTIAL
Source: Company data, press releases, Capital IQ, Crunchbase and Pitchbook
TotalFundsRaised
`
Disruptors include startups…
$5m
$50m
$15m
$10m
$100m
$150m
$200m+
Seed
Fragrance E-tailer General Brands Skin Care Platform Hair Care Subscription
2
9

CONFIDENTIAL
10
…as well as non-beauty retailers entering the beauty market
organically and inorganically
Retailers Key steps to focus on the beauty market
• In 2013, the company acquired DermStore Beauty Group, to expand in the evolving online beauty market
• In 2014, the company upped its beauty ante, adding brands like Vichy and Laneige to the usual drugstore
suspects
• Target started its own ‘Beauty Trial Box Service’ that consists of 10 trial products per month
• In 2016, the company expanded its beauty offering with four exclusive new brands
─ Added a nail polish collection from Defy & Inspire and three different bath and body ranges: Mayfair
Soap Foundry, Marlowe and You Are amazing
• Has started a “concierge service” where customers can shop online for beauty products and speak
directly with Beauty Stylists and Advisors
• The customers can even choose three free samples with their purchases online
• The company is currently expanding their beauty supply line
• In March 2015, the company acquired Bluemercury, a luxury beauty retailer and spa, for $210m to
broaden the department’s customer base
─ The chain features in-house spas and carries high-end beauty and health brands, as well as M-61, a
proprietary skincare brand
• Partnered with Sephora under which Sephora stores will be placed within J.C. Penney locations. The
Sephora brand will assist in increasing sales for existing J.C. Penny customers as well as attract new
customers
• The partnership was a part of the strategy to turn J.C. Penny profitable in 2016
• In April 2016, the company established 28 Sephora stores and planned to establish another 30 Sephora
openings for mid-June, 2016
• In September 2015, The Honest Co. established Honest Beauty, a complete range of cosmetics & skin
care. In February 2016, Honest Beauty expanded distribution with Ulta Beauty
• In August 2016, the company launched Honest Beauty Haircare which is available on honestbeauty.com
& ulta.com

CONFIDENTIAL
11
Online sales supplement in-store experience
 Beauty shopping remains a
predominantly offline experience,
with buyers continuing to prefer the
in-store experience with “interest in
discovery, trial and newness”
─ The "test-and-trial" nature of
beauty products prompts first-
time buyers to head to a brick-
and-mortar shop instead of
ordering online
 Retailers like ULTA and Sephora
are the biggest beneficiaries of this
prevailing customer preference, as
they primarily focus on an in-store
experience and use e-commerce to
complement it
 This customer preference is
unfavorable for online retailers like
Amazon who specialize in
“replenishment” orders
 Prestige beauty brands have
managed to keep pricing and
distribution on a fairly short leash as
they keep product availability
exclusive to certain merchants
Source: ULTA investor presentation
3
 Many online players are applying a “shop within a shop”
strategy, as well as setting up their own “digital hubs” at
prominent retailers
 A great example is Pinrose, a fragrance startup, that has set up
digital hubs at Sephora and Nordstrom's, which feature a quiz
(iPad app) from Pinrose to help buyers find the right fragrance.
Pinrose’s quiz is also integrated into Sephora’s website as a part
of their partnership

CONFIDENTIAL
12
Many large transactions highlight increasing consolidation
Deal RationaleConsideration MultiplesDate AnnouncedBuyerTarget
 Enhance leadership position: 43 P&G
beauty brands merged into Coty,
transforming it into one of the world’s leading
beauty companies
US$14.8bn NAJul 9, 2015
 Expand into new geographies: Dollar
Shave Club will be able to expand faster into
new geographies and improve its distribution
abilities in existing markets
US$1.0bn LTM Rev $152.0m: 6.6xJul 20, 2016
 Expansion of capabilities: Merger of the
two companies will create a multi-brand,
global beauty enterprise and tremendous
opportunity for long-term growth and value
creation
US$905.4mJun 16, 2016
 Strengthen the market position: This
acquisition further enhanced L’Oréal’s roster
of American brands which included (at the
time of the acquisition) Maybelline NY,
Kiehl’s, Essie, Urban Decay and Clarisonic
US$500.0mJun 18, 2014
 Expand product-line: L'Oréal acquired IT
Cosmetics to add more than 300 skin-care
and makeup products to its line-up and
strengthen its business in parts of Asia and
Latin America
US$1.2bnJul 22, 2016
 Expansion of capabilities: The acquisition
will strengthen its position in the professional
hair market through GHD’s line of products.
The deal also made Coty one of the world’s
largest beauty groups, with a global portfolio
of brands such as Rimmel, Wella, Clairol and
CoverGirl Cosmetics
US$511.8mOct 17, 2016
Source: CapIQ, Press
LTM Rev $949.5m: 0.9x
LTM EBITDA ($6.9m): nm
NTM Revenue: 0.9x
NTM EBITDA: 22.3x
LTM Rev $72.0m: 6.9x
LTM Rev $182.0m: 6.6x
NA
Recent M&A activity in the beauty space4

CONFIDENTIAL
13
Shop-in-shop concept is gaining momentum within the
beauty industry
Retailers and
Brand owners
Description
• In 2006, Sephora partnered with J.C. Penny – under the partnership agreement Sephora established its
stores within J.C. Penney locations
─ Currently, there are Sephora locations in over 574 JCPenney stores across the country. Sephora
utilizes a smaller footprint than a standard store, each unit is located in the centre of the JCPenney
store and features the standard Sephora look and beauty assortment
─ Sephora inside JCPenney features products from more than 200 beauty brands. Also features its own
collection of makeup, skincare, tools and accessories
─ It also has a Beauty Studio, Sephora’s exclusive destination for free one-on-one beauty sessions with
its experts
• Bonobos, partnered with Nordstrom in 2012 to transform their online store into specialty shops within 20
Nordstrom locations
• This has proved to be a great way for online only brands to test the waters of a brick and mortar concept,
allowing consumers to interact with their products
• In October 2016, Knot Standard, a men’s apparel firm established a shop-in-shop inside Bloomingdale’s
• The company also has expanded to include a virtual studio that allows men to digitally create and
visualize custom suits, blazers and pants in 3-D form. The touchscreen is available inside Bloomingdale’s
• In January 2016, Bluemercury a US luxury beauty retail chain, established a shop-in-shop at Macy’s
─ It offers exclusive brands, M-61 and Lune+Aster, and hair and make-up advice from top experts in the
fields of skincare, hair, makeup from various brands
• In March 2016, Macy’s acquired Bluemercury for $210m
“Shop-in-Shop model” is where a brand owner or retailer takes space in another retailer's store and fits it
out to provide selling space dedicated to that secondary company's products. Brand manufacturers are
rethinking ways to reach consumers directly and retailers are permitting them to make a clear brand and
price statement at the point of purchase. Key examples are:
5

CONFIDENTIAL
14
'Fast-fashion' model for beauty is gaining increasing
popularity with the younger generation
Key features:
• Constant changes in the line of products to increase the customer visit in the stores
• Rapid response to latest consumer trends
• Reduction in the marketing budget and mark-up to reduce the cost of the product
Declining Unit
Prices
Rising Volumes Fast Fashion
Pure
Players
6
Fast
Fashion

CONFIDENTIAL
1%
3% 3%
7% 7%
5%
12%
17%
Haircare Deodorant Men's
Grooming
Bath and
Shower
Fragrances Cosmetics Skincare Sets and
Kits
15
Presence of a significant “replenishment” opportunity
 While online retailers like Amazon have not been able to topple large players such as ULTA and Sephora due to continuing
customer preference for instore retail, they have made significant inroads for beauty and personal care product replenishment
and refills
Prime disruption categories for replenishment
 The “replenishment model” opportunity has also given birth to highly successful startups such as Dollar Shave Club and Harry’s
 With low but meaningfully growing online beauty sales, online beauty etailers have a significant advantage to offer refill /
replenishment options which can be fulfilled by 3rd party ecommerce fulfillment players such as PFSWeb and Transcosmos
Daily Essentials Beauty
E-Commerce Penetration of Personal Care and Beauty Sub-Categories – US, 2013
Source: Euromonitor, AT Kearney
Where online US consumers shop online for personal care and beauty products
18% 19% 20% 23%
24%
35%
18% 22% 25% 25% 27% 28%
32%
42%
73%Traditional beauty players Mass retailers
7

CONFIDENTIAL
Retailers
and
Salons
Beauty Products
Manufacturers
Multi-category
retailers
Perfumes
Conglomerates
with beauty
segment
Cosmetics
Hair
solutions
16
Strategic investors in the beauty space
Note: All the companies selected has a market of over $500m and the transaction values of over $250m
8

CONFIDENTIAL
17
Financial and corporate investors landscape
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Corp.
VC
International
Investors with beauty investments

CONFIDENTIAL
$4,611 $4,649 $4,552 $4,395 $4,349
$7,904
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
2012A 2013A 2014A 2015A 2016E 2017E
Revenue (In $m)
18
e.l.f and Coty: case studies highlight public market opportunity for
cosmetics and beauty industry
 The company was established in 2004 as J.A. Cosmetics, later it
was renamed in 2016 as e.l.f beauty
 In 2014, TPG Growth acquired a majority stake in the company
 In the 2016 IPO, the company issued 8.3 million shares at a price of
$17.00 per share
─ The shares are issued at a price of $17.00, above the indicated
range of $14.00 and $16.00
─ The proceeds will be used to repay the existing indebtedness of
approx. $204m and for general corporate purposes
$83
$121
$145
$191
$227
$280
$0
$50
$100
$150
$200
$250
$300
2012A 2013A 2014A 2015A 2016E 2017E
Revenue (In $m)
Source: CapitalIQ, Press Releases
Note: Coty financials not pro forma for P&G Beauty Brands merger
Sep’16: Raised $141.7m from
gross proceeds through issue
of an IPO
 Founded in 1904 by Francois Coty, who sold fragrances to Paris
department stores
─ It is a global leader in fragrances, with the number two position
in hair and number three in color cosmetics
 In the 2012 IPO, the company issued 57.1 million shares at a price
of $17.50 per share
─ The shares are issued at a price of $17.50, between the
indicated range of $16.50 and $18.50
─ The shares offered was sold by existing Coty stockholders, and
Coty did not receive any of the proceeds of the offering
• In October 2016, Coty merged with P&G Specialty Beauty
Business. It expects to achieve total cost savings of approx.
$750m, or 16%1 of acquired revenues
Jul’ 12: Raised $1.0bn from gross
proceeds through an issue of an IPO
Oct’ 16: merged with P&G Specialty
Beauty Business

CONFIDENTIAL
19
Sub-verticals within beauty have a varied trading multiples range
1.3x
1.5x
1.7x
1.6x
2.2x
3.6x
1.4x
1.6x
1.9x
1.9x
2.4x
2.6x
0.0x 1.0x 2.0x 3.0x 4.0x
Retailers
and Salons
Beauty Products
Manufacturer
Perfumes
Cosmetics
Conglomerates
with Beauty
segment
Hair Solutions
CY16 CY17
Revenue multiples1
Source: Capital IQ
Note: (1) Median revenue multiples as of 11/01/16

CONFIDENTIAL
ComCap overview
20
2

CONFIDENTIAL
21
Why ComCap?
 Who is ComCap?
− eCommerce-focused boutique, 100% focused on the eCommerce value chain
− Proven team with background at Credit Suisse, UBS, J.P. Morgan, with 50+ years of experience
− Senior execution, no bait-and-switch, but with a strong bench team for support
− We are small, so we must be selective, working only on the best probability engagements, but
working ferociously to achieve a great outcome
− We do deals where we add unique value – not untargeted auctions to test the market
 How do we differentiate?
− Vertical focus enables deep understanding of your value proposition
− Unique synergies identification and advocacy process – based on bottoms up revenue and profit
analysis of the value of entering new geographies, new verticals for strategic investors / buyers
− Huge network among strategics in the US, Europe and Asia
− 50% of our transactions are cross border (active in the US, Asia, Europe and LatAm)
− New market entry experience on buyside
 Win-win proposal and differentiated proposition for our clients
− While we may charge premium pricing, we offer greater levels of service than other firms, and
our client references will attest to this

CONFIDENTIAL
22
ComCap – A leading boutique at the intersection of Capital
and Commerce
Value
Proposition
Unique, Focused, Global, Strategy and Investment Banking Boutique
Recent transactions completed or underway in the United States, Japan, China, Singapore, Argentina, UK, Sweden, Belgium,
France, Germany
$2bn revenue Japanese ecommerce BPO co.
#3 Russian Internet company
#1 UK Internet company
Multiple private B2B ecommerce systems integrators
Selected
ComCap
Clients
#1 Asian ecommerce B2B company
$200mm rev US public company
Multiple US and EU private equity funds
Many ecommerce SaaS companies
Google
eBay
Previous
Clients
Dice.com
Internet Brands
Yahoo
Digital River
Selected Team
Members
Sakshi Goel
Associate
Back office
Team
Shiv Ng
PPG
Sabhi Muhammed
Analyst
Cindy Lang
Administration and Ops
Experience
Education
Location
Aron Bohlig
Managing Partner
21 years
Credit Suisse
Become, Nortel
Wharton MBA
San Francisco
Mr. Bohlig is a registered representatives of and Securities and Investment Banking Services are offered through BA Securities, LLC Member FINRA SIPC.
ComCap and BA Securities, LLC are separate and unaffiliated entities
Fermin Caro
Vice President
12 years
Credit Suisse
Yale MBA
San Francisco
Uren Dhanani
Associate
6 years
UBS, DaVita
McCombs School
of Business
San Francisco
David Yom
Associate
9 years
J.P. Morgan,
Deutsche Bank
Georgia Tech MBA
San Francisco
Alex Martin
Associate
9 years
Credit Suisse
Richard Ivey School
of Business
San Francisco
Steve Terry
Managing Director
20 years
Credit Suisse
Battery Ventures
Robertson Stephens
McCombs School
of Business MBA
San Francisco

CONFIDENTIAL
Selected ComCap transactions & recent mandates
US Europe Asia
Strategic
Advisory
Sep 2013 Mar 2013
Merger with
Strategic
Advisory
Mar 2013
Feb 2015
$45,000,000
Financing
$20,000,000
Series B
Financing
Aug 2015
Sole Advisor to
PFSweb
Sep 2014
Acquisition of
European
eCommerce
SaaS
Dual Track
Process
Pending
Sole advisor to
transcosmos
Mar 2016
Acquisition of
stake in
Project El Dorado
LatAm Buyside
Pending
Project Tango
DNVB (clothing)
Equity Financing
Pending
Project Orion SaaS
Dual Track Process
Pending
Project Nitro
$100m
Financing Pending
Acquisition of
$55,000,000
Sole Advisor to
PFSweb
Jun 2015
Acquisition of
Sole Advisor to
PFSweb
Jun 2015
Sole Advisor to
PFSweb
Sep 2014
Acquisition of
$62,500,000
Debt Financing
Sep 2015
$14,690,000
Acquisition of
stake in
Sole Advisor to
transcosmos
May 2013
Acquisition of
20% stake in
Sole Advisor to
transcosmos
Jul 2013
23
Strategic equity
investment from
Aug 2016
Sole Advisor
Oct 2015
Project Titan
$200,000,000
Acquisition

CONFIDENTIAL
24
ComCap helps DynamicAction raise $15m Strategic Round
• DynamicAction (DnA) is a San Francisco based SaaS predictive
analytics platform for retailers
• DnA’s solution leverages >600 algorithms to provide large retailers with
big data insights, derived from $12bn in annual GMV (2nd only to
Amazon), and proscribe prioritized actions related to critical issues that
are largely not visible today - across primarily merchandising, site
operations and customer interactions
• Marquee retailers in the US, UK and Europe such as Victoria’s Secret,
Abercrombie, American Eagle Outfitters, Brooks Brothers, Eddie Bauer,
Cole Haan, Otto Group, Tesco, and El Corte Ingles achieved >20% Y/Y
growth in profit during the 4Q (the most important season for retailers)
• At the time of the transaction, DnA surpassed its 2016E target revenue
and had visibility into >70% of its 2017E target standalone revenue
(112% including its weighted pipeline)
• The round valued DnA at 7.3x 2017E target standalone revenue and
5.3x 2017E revenue (including synergies)
ComCap process differentiation
ComCap successfully executed a capital raise and partnership with committed resources to accelerate
growth and realize material revenue synergies
• Extensive pre-transaction engagement to optimize company’s
positioning emphasizing first mover advantage and
differentiation
• Process designed to engage with key strategics and targeted
private equity players on a global basis
• Created detailed analysis of historical financials to support key
value drivers, customized for each strategic investor, and
detailed synergy models to gain commercial buy-in
• Aggressively engaged with commercial and strategic investment
teams to foster commitment to and consideration for synergies
in the valuation rationale
• Accenture’s retail practice corroborated the commercial opportunity
and, along with the strategic investment, committed to accelerating
DnA’s penetration of the largest retailers worldwide.
• Synergies to DnA are expected to contribute 33% in incremental
annualized revenues vs. DnA’s 2017E standalone revenues
$5
$9
$23
$0
$3
$9
$5
$12
$33
$0
$10
$20
$30
$40
2016E 2017E 2018E
DnA Standalone DnA Synergies
5.3x
Multiple
DnA revenue ramp including synergies ($m)
implies a ‘17 multiple in-line with vertical SaaS leaders

CONFIDENTIAL
ComCap helps drive global eCommerce outsourcing expansion
through $15mm equity investment
Global outsourcing leader with premier client base, seeks
expansion via digital services & new geographies
• Based in Tokyo, founded in 1985, (TSE: 09715) since 1997
• $1.5B in sales, ~16,000 employees, ~ 800 clients
• Leading BPO, contact center, digital marketer w. Asia expertise
• Proactively sought to meet clients’ Int’l. expansion needs
• Identified eCommerce as next evolution in outsourced services
25
International outsourced eCommerce with robust
capabilities and iconic global brands
• Based in Texas, founded in 1994, IPO 1999 on NASDAQ:
PFSW
• $250M in sales, 1,400 employees, >60 brand name clients
• Best in class provider of end-to-end eCommerce outsourcing
• Established operations in N. America and Europe
• Seeking strategic partners to achieve a global solution
Capabilities
Capabilities
Clients Clients
Working with fifteen different strategic partners over four months, ComCap brought together a large
strategic and a best-of-breed point provider to create a best-in-class, end-to-end, global solution

CONFIDENTIAL
26
$45m investment from Bridgepoint Development Capital for
Trustly
• Trustly is a Stockholm-based online payment services provider
(PSP)
• At the time of the transaction, Trustly processed payments of
€1.1bn p.a., implying year-on-year growth in excess of 100%
• Trustly's proprietary and scalable PSP technology platform
integrates any payment method and offers instant pay-ins and
pay-outs, based on online banking epayments
• Trustly's instant pay-ins and pay-outs are used by leading
merchants across a variety of segments, such as Peer-to-Peer
Marketplaces (Blocket, part of Schibsted), Sharing Economy
(Tripwell), Travel (Logitravel), Electronics (Samsung), Daily
Deals (Groupon), Financial Services (Western Union), Gaming
(bwin.party) and e-Wallets (PayPal)
ComCap Process Differentiation
ComCap successfully executed a capital raise to fuel Trustly’s European expansion
• Extensive pre-transaction engagement to optimize company’s
PR strategy and corporate positioning
• Process designed to engage with key strategics and private
equity players on a global basis
• Created detailed financial and operational model to enable
counterparties to construct own “what if” and scenario analyses
• Aggressively bid European and US private equity firms against
each other to optimize valuation and size of secondary
component
• Minimized period of exclusivity to optimize competition on
economics and lower deal risk
$45,000,000
Financing
Feb 2015
• Bridgepoint is an International private equity firm focused on
investing in leading middle market businesses
• Bridgepoint Development Capital ('BDC') focuses on buyouts
and growth capital investments, typically in businesses with an
enterprise value between $25m and $150m

CONFIDENTIAL
Appendix A: Select company profiles
27
3

CONFIDENTIAL
28
Company Overview Management Team
Manish Taneja, Co-founder and CEO: Manish has an investment
banking, private equity and growth equity background, with work
experience at Lehman Brothers, Avendus Capital and Fidelity
Rahul Dash, Co-founder: Dash previously served as Senior Manager
of Strategy and Development of Tata Power Company. Prior, he served
as TAS Manager at Tata Chemicals
Suyash Katyayani, Co-founder and Head of Technology: Suyash
previously co-founded VidyaCenter. Prior, he served as Software
Engineer at OnMobile
Amit Kumar, Head of Mobile: Kumar has previously served as Lead
Android Engineer at TapCibo
Arvind Sudarshan, Business Development Head
Source: Company website, Crunchbase, Pitchbook
Founded: 2012 Status: Private
Employees: 130 HQ: Mumbai, India
Company Overview: Purplle is an online beauty portal with three
distinct business units: an ecommerce marketplace for beauty
products, a nascent but growing booking service for salons and spas,
and a beauty content and discovery portal.
The content and discovery portal includes user-generated content
(majority of their content is user-generated) and professional content
such as articles and videos for specific products, personalized
recommendations, buying guides and look books.
The company generates revenue through selling products online,
selling site sponsorships and display advertisements to global brands
seeking to develop relationships with affluent Indian women and over
time booking salon appointments.
Key Facts Financing Summary
• Currently, the company has over 600 brand partners and 40+ seller
partners, with the best-selling categories being (in descending
order): hair, perfume, make-up, skin and body
• The company does not take ownership of inventory but does offer
‘warehousing services’ for merchants
• In 2016, the company used the funds for technology enhancement
and expansion. Is also focusing on strengthening beauty discovery,
create deeper salon integration and expand supply to include
exclusive brands & its own labels
• The company lists 13,546 salons and spas over 10 cities, including
Delhi and the National Capital Region, Pune, Kolkata, Lucknow and
Bengaluru
Purplle Overview https://purplle.com
Date Round Type Amount
Jan 2015 Series A $5.0m
Aug 2013 Seed na
Key investors: Blume Ventures, Brand Capital, Chennai Angels,
IvyCap Ventures, JSW Ventures, Mumbai Angels

CONFIDENTIAL
29
Mayvenn Overview https://welcome.mayvenn.com
Employees: 160+ HQ: Oakland, CA
Company Overview: Mayvenn enables Hair Stylists to sell products
directly to their clients without the upfront costs and burdens of
having inventory.
The company’s model sets each stylist up with marketing materials
and a webstore to sell what is promised to be reliable hair quality at
a lower cost and the opportunity to make a commission on every
piece of hair purchased. Most hair extensions are imported to the
US. from Asia and the Indian subcontinent and then sold to small
corner beauty stores.
The company had grew to 30,000 stylists in 2015 and carries roughly
50 different products. It has raised funds to expand web
infrastructure and supply chains, and expanding its product line
Diishan Imira, Co-founder & CEO: Imira previously Network Founder –
Mayvenn at 500 Startups. Prior, he served as Consultant of Business
Advisory Services at Ernst & Young
Taylor Wang, Co-founder & COO: Wang currently serves as Network
Founder at 500 Startups. Previously, he founded and served as CEO of
Groop Swoop. Prior, he served as Assistant Producer at ZooKazoo and
product Manager at Rocket Science Kids
Kathleen Utecht, Observer: Utecht currently serves as Managing
Partner at Core Innovation Capital. He currently serves as Observer at
Mosaic; Director of the Board at Mirador Tech; Venture Investor at
PayJoy and Director of the board of Maker's Row
Kelsey Elliott, Growth Marketing Lead: Elliott previously served at
StoryWorth, Delightful, and Bookboard
Key Services Key Clients
• Provide web and mobile point-of-sale applications that allow salons
and stylists to retail products without having to buy or hold inventory
• The company offers offline-to-online retail solution for the salon
industry
• Partners with hair salons and stylists to sell its products
• The company provides each stylist with their own personalized e-
commerce site, handles the fulfilment, provides a product
satisfaction guarantee and provides them with marketing tools
• It lets stylists serve as the salespeople and distribution channels by
selling the extensions to their own customers
• Also offers 15-20% commissions and includes an individual website
where stylists can direct clients to purchase the hair.
Source: Company data, press releases
Date Round Type Amount Post Valuation
Aug 2015 Series B $3.0m na
Jun 2015 Series A $10.0m $62.0m
Apr 2013 Seed $3.0m na
Key investors: 500 Startups, Andreessen Horowitz, Bradley C.
Harrison, Core Innovation Capital, Cross Culture Ventures, Impact
America, Jimmy Iovine, LaunchCapital, Scout Ventures, Serena
Williams, Silicon Badia, Steve Stoute, TEEC Angel Fund, Trinity
Ventures

CONFIDENTIAL
30
Frank Kang, Co-founder and CEO: Frank previously served as Global
Partnership Head at Ticketmonster. Prior he served as COO at
Livingsocial Malaysia
Christopher Cynn, Co-founder and COO: Christopher previously co-
founded and served as Director at Ticketmonster. Prior, he served as
Consultant at CGI
Jae Yoon Kim, Co-founder and CFO: Jae previously served Associate
at Providence Equity Partners. Prior, he served as Analyst at Lazard
Pieter Eynde, Head of Online Marketing: Pieter previously served as
Head of Marketing at FALCON Agency
Dave Chang, Business Development Head: Dave previously served
as Advisor at Pestle & Mortar Clothing
Employees: 40 HQ: Seoul, Korea
Company Overview: Althea is a provider of an online platform for
Korean beauty products. The company provides skincare, makeup,
cleanser & pack and mask products through its ecommerce platform.
It offers the latest Korean beauty products, trends and lifestyle through
its ecommerce platform to consumers in Southeast Asia. The
company plans to create a brand focusing on trendy items and market
products that have not been yet introduced.
It has an office in Kuala Lumpur, Malaysia, but exports all products
directly out of Korea and is mainly focused on Southeast Asia. Althea
also plans to introduce its own label products by early 2017. The
company may also raise additional funds to bring its own brand to
market.
• It sells to consumers in Korea, Indonesia, Thailand, Malaysia,
Singapore and Philippines with plans to enter Southeast Asia’s
other major markets such as Hong Kong, Taiwan and Vietnam in
2017
─ Later it plans to expand in China, the US, Australia and
European Union
• The company has reported an annualized sales of $12m with over
20% of month-of-month sales
─ It has a product margin of over 45% and plans to launch its
mobile app in December 2016
─ In 2016, the company had 500,000 monthly unique visitors
─ Raised funds for market expansion and invest in marketing &
logistics
Althea Overview https://althea.kr
May 2016 Series A $3.5m
Oct 2015 Seed na
May 2015 Seed na
Key investors: 500 Startups, Cherubic Ventures, Mirae Asset
Venture Investment, POSCO Venture Partners, Tekton Ventures,
Bon Angels

CONFIDENTIAL
31
Joseph Terzi, Co-founder & Co-CEO: Previously, Joseph co-founded
Genus Web, a computer Software company
Morris Sutton, Co-founder & Co-CEO: Morris serves as the CEO of
the company since its establishment
Gregory Kopyltsov, CTO: Gregory currently also serves as Lead
Developer at Genus Web. Previously, he was Web Developer at
Quantum Networks
Courtney Jerden, COO: Courtney previously worked as EVP at the
company. Previously, she was Business Development Manager at
Lifebooker and Business Development & Product Manager at MRV
Alexa Macchia, Business Development Manager: Alexa previously
served as an Intern at Prime Time Marketing
Employees: 70+ HQ: New York, NY
Company Overview: PRIV is a mobile and web platform that sends
vetted personal trainers, yoga instructors, masseuses, spray-tanning
specialists, hairstylists, and manicurists to the users' door.
It solves the operational complexity of the service business by keeping
all platform engineering in-house. The company offers deliver a range
of beauty and wellness services on demand and on location.
Downloading the app is free and all prices include tip. Services include
hair, makeup, nails, spray tanning, massage , fitness and men's
grooming.
Its main aim is to provide services that were once only accessible to
the wealthy at an affordable cost. The prices of the services are
comparable to those at a city salon or gym .
• The company allow customers to book appointments for blowouts,
makeup and even personal training in the comfort of their own
homes with the touch of an app
• Business model: Most stylists are freelancers or work in their off-
hours, and the parent company collects commissions of about 20%
in some cases
• The company has a network of over 3,000 professionals globally
across 4 cities, New York, Los Angeles, Austin and London
• In 2014, the company reported that it experienced a revenue
growth of about 63% each month since its launch.
─ Approximately half of the clientele have made return
appointments so far
• The freelancers are closely monitored by the in-house team
through a rating service that runs for both clients and professionals
PRIV Overview www.gopriv.com
Nov 2014 Seed $3.0m
Key investors: Warburg Pincus, Midi Capital

CONFIDENTIAL
32
• The company experienced massive organic growth, with more than
$1 billion dollars worth of appointments booked in 2015, (up from
~$400m in 2014, ~$100m in 2013), with 7 million consumers
• Relying on almost 100% word of mouth since its 2011 launch, the
platform has already fuelled over $2 billion in booked services and
serviced more than 44 million appointments
• The company’s business model is charging professionals a fee for
extra services such as marketing, email reminders for customers,
customer support, and payments
• Currently, over 350,000 beauty professionals in nearly 16,000 cities
use the platform
─ It operates in 16,000 cities, with 30% of the country’s hairstylists
signed up. In five years, the startup has processed $3 billion of
business
Jul, 15 Series B $25.0m
Jan, 14 Series A $10.2m
Feb, 13 Seed $5.5m
Jul, 11 Seed $0.7m
Key investors: Lightspeed Venture Partners, Lowercase Capital,
500Startups , Fosun Kinzon Capital, Cowboy Ventures, AFSquare,
Ashton Kutcher, Base Ventures, Dave Morin, FF Angel, Garrett
Camp, Justin Mateen, Kevin Colleran, Point Nine Capital, Slow
Ventures
StyleSeat Investor Overview www.styleseat.com
Employees: 90+ HQ: San Francisco, CA
Company Overview: StyleSeat is a provider of an online booking
platform for beauty and wellness services.
Its platform enables independent hair stylists, manicurists, and
masseuses to showcase their work, connect with new and existing
clients, and build their business; and clients to discover new services
and providers, and book appointments online. The company also
provides mobile platform for booking beauty and wellness
appointments.
In January 2016, the company has acquired BeautyBooked to expand
its roots with independent hair and makeup stylists to more
established salons. This deal will increase the company’s market
share in top metro markets including New York City and Los Angeles
Melody McCloskey, Co-founder & CEO: Previously she served as
Manager of Online Content at Current TV. Melody was named by Fast
Company as one of its Most Creative People in Business 2014
Dan Levine, Co-founder & CTO: Dan previously served as VP of
Digital Product Development at EMI Music. Prior, he served as a
Director of Online Software Engineering and Platform Development at
Current TV. He has also worked as Lead Developer at Stickam, Captara
and DTI Services
Yulie Kim, VP of Product: Yulie held several product leadership
positions at eBay where her teams delivered many of eBay's top
revenue-driving product releases
April Chang, VP of Engineering: April previously worked at Eventbrite,
PayPal and Yahoo!

CONFIDENTIAL
33
StyleSeat Investor Overview (cont’d)
Strategy Overview
• Funds raised: In July 2015, the company raised funds to hire more
staff, add services for professionals and customers, and expand
globally
─ The company is moving toward a business model which
generates revenue by driving referrals to service providers. Up
until now the company primarily charged for premium services
• Expansion strategy: Plans to expand into spa business
─ StyleSeat has been testing out an integration with popular
appointment software Booker that makes the company’s back-
end tools available to 90% of U.S. salons
─ Also testing a payment system that could help recover revenues
lost due to appointment cancellations by making customers pay
a percentage of the cost of the booked service if they miss their
appointment
• Focus through acquisition: the company focuses on becoming
an OpenTable for the entire beauty industry
─ Through the acquisition of BeautyBooked, it will have access to
BeautyBooked's partnerships, including its bookings
collaboration with Allure magazine
─ BeautyBooked, a search and booking platform with over 1,000
high-end beauty and wellness outposts on its roster
• Others: For a 50% cut of each new client’s first appointment as a
referral fee, StyleSeat takes over much of the admin work
associated with running and growing a business off a hairstylist’s
hands. The company guarantees each customer 70% revenue
growth in 15 months
• Key competitors include Lifebooker, MyTime, StyleSquad and
Beautified
UI Snapshots

CONFIDENTIAL
34
Francisco Gimenez, CEO: Francisco previously served founded
SmartRatings.com. Prior, he served as VP at PriceGrabber.com and VP
of Corporate Banking at California CommerceBank
Tamim Mourad, Co-founder: Tamim also co-founded Busker Media.
Previously he served as General Partner at PG Ventures
Cory Rosenberg, Co-founder: Cory previously served as Partner at
PG Ventures
Graham Jones, COO: Graham previously served as Advisory Board
Member at Goodzer and HeyKiki. Prior, he served as General Manager
at PriceGrabber.com
Aaron Chan, VP of Technology: Aaron previously served as Director
of Backend Applications at PriceGabber.com
Employees: 50+ HQ: Culver City, CA
Company Overview: eSalon is a manufacturer and seller of hair care
and beauty products. The company's hair care and beauty products
brings personalized beauty services to its clients, making the high-end
salon experience accessible and affordable for everyone.
It develops a completely personalized hair colour solutions for home
use. It brings high-quality, personalized beauty solutions to each client,
making the high-end salon experience accessible and affordable to all.
Also offer The Match-Up, a 3-product bundle subscription, as well as
salon-grade products to shop individually. The company determine the
right colour match and suggest similar tones that might work before
shipping a box. In 2015, the company had reported revenues of $30m
representing an over 76.6% as compared to 2014
eSalon Overview www.esalon.com
Apr 2016 Later Stage $12.1m
Jan 2011 Early Stage na
Key investors: Juvo Capital
• The company has around 162,000 active subscribers in around 20
different countries and has formulated around 135,000 unique hair
colour formulations to cater for each client’s different hair needs
and differences
• In April 2015, the shipped more than 2 million “Made for You” hair
colour orders since its launch in 2010
• Since, 2011, the company’s revenue has grown at a CAGR of
192.5%
• eSalon ships the matching hair colour, developer, colour-safe
shampoo and conditioner, non-latex gloves, stain guard and stain
remover
• The platform upsells additional products that can be added to
the clients order, such as a super-stylin’ puffy shower cap or a
professional hair colour toolkit, complete with clips, hair painting
brush, bowl and timer

CONFIDENTIAL
35Source: Company data, press releases
Company Profile Capabilities
Birchbox
Provider of subscription-based service for beauty products
Founded: 2010 www.birchbox.com
Employees: 300+ Funds Raised: $87.0m
HQ: New York, NY
Latest Financing Round: $15.0m
Latest Financing Valuation: N/A
Services offered:
 Provides monthly delivery of beauty samples that are personalized to a user's hair, skin
and style types. Its samples include products for skin, hair and makeup
Key facts:
 Birchbox currently has over a million subscribers and more than 800 brand partners
 In October 2014, Birchbox partnered with Soldsie to launch their first Instagram shop
 The company has operations in the United Kingdom, France, Spain, and Belgium
 It sends its subscribers a box of four to five selected samples of makeup, or other
beauty related products
 The company does about $200m in annual revenue. Sales grew more than 20% in the
first half of 2016
Glossybox
Provider of a monthly beauty box for women
Founded: 2011 www.glossybox.com
Employees:150 Funds Raised: $72.1m
HQ: Berlin, Germany
Services offered:
 The company provides an online subscription service, delivering high-end beauty
products directly to its users’ doorstep
 Provides mixture of high-end, niche and trend brands of decorative and care cosmetic
Key facts:
 The company has presence in 10 countries
 The pricing plans are as follows: 3-month plan (£9.5 per month) , 6-month plan (£9 per
month) , monthly plan (£10 per month) and 12 month plan (£8.5 per month)
Julep Beauty
Provider of an omnichannel beauty brand
Founded: 2007 www.julep.com
Employees: 201 Funds Raised: $69.1m
HQ: Seattle, WA
Services offered:
 The company offers toxin-free nail paints, color cosmetics and skincare products under
its own brand
Key facts:
 The company promotes its products free of fumes and toxins
 Julep launch products first through its Mavens online subscription community, and then
expanded distribution to Julep.com, Sephora, QVC, and Nordstrom
 In 2016, Julep’s best-selling products were carried at 250 Ulta Beauty stores. By the
end of 2016, that number will expand to 300 of the national beauty-retailer chain’s 886
stores. At Ulta locations, Julep will have a bay displaying 57 of its top-selling products
 The company is a first full-stack beauty brand, controlling every aspect of product
development ranging from concept and testing, to rapid manufacturing and distribution
Select company profiles

CONFIDENTIAL
Beauty Noted
A platform focused on personal beauty stylists
Founded: 2012 www.beautynoted.com
HQ: Menlo Park, CA
Latest Financing Valuation: $10.9m
Services offered:
 Provides advices, tips and recommendations about makeup products, skincare
products, eyelashes and use of other makeup products & relevant issues
Key facts:
 A professional beauty stylist provides worthy advice about use of makeup products
 The site enables women to discover, share, and purchase the best products for them
Memebox
Provider of an online subscription service for a wide range of
beauty products
Founded: 2012 www.memebox.com
HQ: San Francisco, CA
Services offered:
 Provides exclusive curated boxes, Korean beauty products
Key facts:
 Memebox has offices in Seoul, Shanghai, Hong Kong, Singapore, and Taiwan
 It is one of the fastest growing beauty ecommerce companies in the world and
concentrate its product offerings around a rising global trend: Asian Beauty & Culture
 The company is a full-stack, vertically integrated beauty brand portfolio and platform,
that manages 100% fulfillment in every market
 Plans to create a synergistic ecosystem through our “O2O” (online to offline) strategy
that drives online customers to offline storefronts from our online platforms (and vice
versa from offline to online)

CONFIDENTIAL
Madison Reed
Provider of products for the home hair-care market
Founded: 2013 www.madison-reed.com
Employees: ~70 Funds Raised: $42.6m
HQ: San Francisco, CA
Services offered:
 The company delivers hair care products including permanent hair color, hair gloss,
color reviving gloss, root touch up, nutrient-rich shampoo and conditioner, hair
accessories, color
Key facts:
 The company is backed by leading investors such as Norwest Partners, True
Ventures, Comcast Ventures and Maveron
 Winner of NaturallyCurly.com Editors’s Choice 2014 Award
 The company created the first ever smart 6-free permanent hair color: free of
ammonia, parabens, resorcinol, PPD, phthalates and gluten.
Walker & Company Brands
Developer of beauty products for men and women. The
company’s flagship brand is Bevel, a shaving products
company for men
Founded: 2013 www.beautynoted.com
Employees: 30+ Revenue: N/A
HQ: Palo Alto, CA Funds Raised: $33.3m
Services offered:
 The company features a line of products including a shaving system specifically made
to make shaving simple for men with sensitive skin
Key facts:
 In September, the company raised $24.0m of Series B venture funding in a deal led by
Lead Institutional Venture Partners The company will use fund to accelerate
development of new products, establish new distribution channels and to reinvest in
team growth
 The company is known for its health and beauty products for people of color, including
the extremely well-received Bevel razor
 More than 95% of its customers continue to come back each month

CONFIDENTIAL
Appendix B: Trading comparables, private
placements and precedent transactions
38
4

CONFIDENTIAL
39
Consolidated comparable companies
Source: Capital IQ
Note: (1) Average revenue multiples as of 11/01/16
(US$ million, except per share amounts)
Trading Performance FD Capitalization Operating Statistics
Stock Equity Enterprise Value / Y/Y Rev. Growth
Price Market Enterprise P/E Multiples CY16 / CY17 / EBITDA Margin %
Company (FYE) High Value Value LTM CY16 CY17 CY16 CY17 LTM CY16 CY17 CY15 CY16 CY16 CY17
Retailers and salons 77% $6,425 $6,878 1.7x 1.8x 1.4x 12.2x 9.8x 15.9x 51.0x 35.4x 0.4% 14.9% 12.5% 12.8%
Beauty Products Manufacturer - diverse categories 82% $9,842 $10,205 2.6x 2.6x 2.4x 14.8x 13.1x 26.2x 45.4x 22.8x 11.6% 9.7% 15.5% 16.6%
Perfumes 87% $420 $414 1.8x 1.7x 1.6x 12.6x 11.5x 30.7x 26.0x 23.5x 8.4% 4.5% 13.4% 14.0%
Conglomerates with beauty segment 88% $88,287 $93,679 3.0x 3.0x 2.8x 13.5x 12.2x 24.5x 22.7x 20.2x 4.2% 8.0% 22.5% 22.8%
Cosmetics 69% $1,031 $1,033 3.6x 2.5x 1.8x 13.3x 10.5x 29.9x 26.9x 8.7x 26.0% 20.2% 14.5% 18.5%
Hair Solutions 80% $1,619 $1,539 2.8x 2.8x 3.6x 14.9x 18.0x 23.3x 23.6x 10.4x 14.4% 11.9% 17.7% 20.2%
Mean 81% $17,937 $18,958 2.6x 2.4x 2.3x 13.6x 12.5x 25.1x 32.6x 20.1x 10.8% 11.5% 16.0% 17.5%
Retailers and salons 78% $3,725 $5,417 1.4x 1.4x 1.3x 8.8x 8.5x 15.9x 36.2x 29.1x 0.0% 4.5% 15.5% 15.4%
Beauty Products Manufacturer - diverse categories 88% $2,014 $3,373 1.7x 1.6x 1.5x 13.0x 12.0x 29.5x 25.7x 21.3x 8.2% 8.4% 15.5% 17.7%
Perfumes 89% $228 $240 2.0x 1.9x 1.7x 12.6x 11.7x 30.7x 26.9x 24.5x 8.4% 3.7% 15.0% 15.8%
Conglomerates with beauty segment 92% $50,957 $61,432 2.5x 2.4x 2.2x 12.7x 11.4x 25.9x 21.2x 19.4x 2.9% 6.8% 21.8% 20.7%
Cosmetics 73% $257 $226 1.9x 1.9x 1.6x 13.1x 9.9x 33.5x 27.0x 4.6x 22.6% 19.2% 14.3% 16.2%
Hair Solutions 88% $471 $433 2.7x 2.6x 3.6x 12.5x 18.0x 27.8x 22.6x 9.2x 15.4% 11.9% 19.0% 20.2%
Median 88% $1,242 $1,903 2.0x 1.9x 1.7x 12.7x 11.5x 28.7x 26.3x 20.3x 8.3% 7.6% 15.5% 16.9%
%52W Revenue EBITDA
Public Comparable Mean
Public Comparable Median

CONFIDENTIAL
40
Trading comparable companies 1
Company (FYE) 11/1/2016 High Value Value LTM CY16 CY17 CY16 CY17 LTM CY16 CY17 CY15 CY16 CY16 CY17
Retailers and Salons
ULTA Salon, Cosmetics & Fragrance, Inc. (US) $240.18 86% $14,980 $14,676 3.4x 3.7x 2.6x 21.9x 14.5x NM 36.2x 29.1x 0.0% 42.9% 17.1% 18.1%
Regis Corp. (US) $12.35 68% $570 $541 0.3x 0.3x 0.3x 6.0x 6.3x NM 102.2x 63.4x (1.5%) (2.8%) 5.0% 5.0%
Sally Beauty Holdings Inc. (US) $25.53 78% $3,725 $5,417 1.4x 1.4x 1.3x 8.8x 8.5x 15.9x 14.6x 13.5x 2.5% 4.5% 15.5% 15.4%
Mean 77% $6,425 $6,878 1.7x 1.8x 1.4x 12.2x 9.8x 15.9x 51.0x 35.4x 0.4% 14.9% 12.5% 12.8%
Median 78% $3,725 $5,417 1.4x 1.4x 1.3x 8.8x 8.5x 15.9x 36.2x 29.1x 0.0% 4.5% 15.5% 15.4%
Beauty Products Manufacturer - diverse categories (skin care, makeup, fragrance, and hair care products)
L'Oreal SA (FR) $180.22 92% $100,860 $101,242 3.6x 3.5x 3.4x 16.5x 15.4x 30.5x 25.7x 24.0x 4.4% 5.1% 21.4% 21.8%
The Estée Lauder Companies Inc. (US) $86.30 89% $31,610 $32,466 2.9x 2.9x 2.7x 15.0x 13.6x 30.0x 24.8x 21.9x 1.8% 8.4% 19.2% 19.5%
Amorepacific Corp. (KR) $314.84 81% $20,237 $20,265 4.2x 4.0x 3.4x 21.5x 17.7x NM 32.6x 25.6x 24.8% 17.7% 18.6% 19.2%
Beiersdorf AG (DE) $87.85 88% $19,925 $18,016 2.5x 2.4x 2.3x 14.2x 13.3x 30.6x 27.2x 25.3x 3.3% 4.3% 16.9% 17.3%
Shiseido Company, Limited (JP) $25.52 88% $10,188 $9,951 1.1x 1.2x 1.1x 14.5x 11.4x NM 32.8x 33.2x 0.8% 8.4% 8.3% 9.8%
AmorePacific Group (KR) $131.44 84% $9,758 $10,674 1.9x 1.8x 1.5x 8.7x 7.4x NM 33.1x 26.1x 25.3% 18.0% 20.2% 20.4%
Coty Inc. (US) $22.43 71% $7,545 $11,445 1.3x 1.3x 1.4x 6.7x 6.7x NM NM NM (0.5%) (9.7%) 19.5% 21.6%
KOSE Corp. (JP) $82.77 64% $4,722 $4,091 1.7x 1.7x 1.5x 10.4x 8.6x 25.5x 22.9x 20.0x 19.8% 12.4% 16.6% 18.0%
Edgewell Personal Care Company (US) $74.75 85% $4,407 $5,590 2.4x 2.4x 2.3x 12.6x 12.0x 29.1x 21.1x 19.5x (2.3%) 2.9% 19.1% 19.5%
Emami Limited (IN) $18.58 99% $4,218 $4,304 10.3x 10.9x 8.8x 42.0x 30.9x NM 66.4x 39.2x 3.8% 24.2% 26.1% 28.5%
Avon Products Inc. (US) $6.39 92% $2,793 $4,687 0.8x 0.8x 0.8x 9.1x 8.1x 31.9x 44.5x 17.1x NM 2.9% 8.9% 9.7%
Oriflame Holding AG (CH) $37.06 98% $2,014 $2,059 1.6x 1.5x 1.4x 12.9x 11.1x 33.4x 24.8x 20.4x 6.4% 8.6% 11.4% 12.2%
Revlon, Inc. (US) $33.35 88% $1,751 $3,373 1.8x NA NA NM NM 19.5x 0.0x 0.0x NA NA NA NA
Korea Kolmar Co., Ltd. (KR) $71.61 76% $1,511 $1,501 2.9x 2.6x 2.2x 18.5x 15.1x NM 28.3x 22.6x 26.5% 20.7% 14.1% 14.3%
e.l.f. Beauty, Inc. (US) $25.54 88% $1,133 $1,596 7.5x 7.0x 5.7x 32.5x 27.0x NM 104.9x 75.7x 18.8% 23.3% 21.6% 21.1%
Mandom Corp. (JP) $46.85 93% $1,095 $858 1.2x 1.2x 1.1x 9.3x 7.7x 25.3x 19.9x 20.0x 19.1% 7.7% 12.7% 14.2%
Bajaj Corp Limited (IN) $6.03 88% $890 $842 6.4x 6.4x 5.6x 20.5x 17.2x 32.1x 23.2x 20.8x NA 15.1% 31.3% 32.5%
Safilo Group S.p.A. (IT) $10.56 81% $662 $777 0.6x 0.6x 0.6x 8.0x 8.8x 18.0x 23.8x 34.7x (0.8%) (4.2%) 7.1% 6.7%
TONYMOLY Co.,Ltd. (KR) $33.75 47% $397 $350 1.7x 1.6x 1.3x 15.8x 12.0x 34.1x 24.3x 19.0x 20.1% 16.3% 9.8% 11.1%
Able C&C Co. Ltd. (KR) $18.51 55% $279 $185 0.5x 0.5x 0.4x 6.6x 5.6x 18.2x 14.7x 12.2x 10.1% 7.9% 7.3% 8.1%
Ales Groupe (FR) $13.15 72% $191 $242 0.9x 0.9x 0.9x 13.1x 12.5x 38.7x 29.9x 24.4x 1.4% 4.5% 6.9% 6.9%
HABA Laboratories Inc. (JP) $30.45 73% $120 $116 0.8x 0.8x NA 5.6x NM 9.6x 328.3x 0.0x 22.4% NA 14.5% NA
Nippon Shikizai, Inc. (JP) $12.95 95% $68 $95 1.0x 1.1x NA 11.0x NM 12.5x NM 0.0x 27.6% NA 10.3% NA
Mean 82% $9,842 $10,205 2.6x 2.6x 2.4x 14.8x 13.1x 26.2x 45.4x 22.8x 11.6% 9.7% 15.5% 16.6%
Median 88% $2,014 $3,373 1.7x 1.6x 1.5x 13.0x 12.0x 29.5x 25.7x 21.3x 8.2% 8.4% 15.5% 17.7%
%52W Revenue EBITDA
Source: Capital IQ
Note: (1) Average revenue multiples as of 11/01/16; 2) Coty financials are based on pro-forma basis for P&G Selected Brands acquisition and includes ComCap assumptions

CONFIDENTIAL
41
Perfumes
Inter Parfums Inc. (US) $32.20 92% $1,000 $971 2.0x 1.9x 1.7x 12.6x 11.1x 33.1x 28.4x 24.5x NM 7.8% 15.0% 15.8%
Jacques Bogart SA (FR) $14.54 89% $228 $240 2.1x 2.0x 2.0x 12.6x 11.9x 28.3x 22.7x 20.9x 13.6% 3.7% 16.3% 16.6%
Ulric de Varens S.A. (FR) $4.21 80% $33 $30 1.2x 1.1x 1.1x 12.8x 11.7x NM 26.9x 25.0x 3.3% 2.1% 8.9% 9.5%
Mean 87% $420 $414 1.8x 1.7x 1.6x 12.6x 11.5x 30.7x 26.0x 23.5x 8.4% 4.5% 13.4% 14.0%
Median 89% $228 $240 2.0x 1.9x 1.7x 12.6x 11.7x 30.7x 26.9x 24.5x 8.4% 3.7% 15.0% 15.8%
Conglomerates with beauty segment
Johnson & Johnson (US) $115.34 91% $315,556 $299,243 4.2x 4.1x 4.0x 11.8x 11.1x 27.0x 17.2x 16.1x 2.9% 4.9% 35.0% 35.7%
The Procter & Gamble Company (US) $86.85 96% $232,410 $251,182 3.8x 3.8x 3.7x 14.7x 14.0x 26.6x 22.7x 20.9x (2.4%) 2.7% 26.2% 26.8%
Unilever PLC (GB) $42.11 90% $119,552 $133,033 2.5x 2.3x 2.2x 13.2x 12.1x 25.7x 20.7x 18.8x (1.7%) 6.8% 17.7% 18.1%
Colgate-Palmolive Co. (US) $70.99 94% $63,099 $68,495 4.5x 4.5x 4.3x 15.3x 14.3x 28.2x 24.7x 22.5x (4.0%) 4.3% 29.0% 29.8%
Henkel AG & Co. KGaA (DE) $128.34 95% $50,957 $50,645 2.5x 2.5x 2.2x 13.0x 11.7x 26.0x 21.5x 19.5x 5.1% 9.2% 18.9% 19.1%
Christian Dior SE (FR) $194.48 94% $34,873 $61,432 1.5x 1.5x 1.4x 6.1x 5.9x 22.9x 18.4x 16.0x 3.7% 7.2% 23.7% 23.2%
L Brands, Inc. (US) $66.50 66% $19,017 $23,464 1.9x 1.9x 1.8x 8.9x 8.7x 15.8x 17.5x 16.2x 0.0% 6.9% 21.8% 20.7%
LVMH Moët Hennessy Louis Vuitton S.E. (FR) $182.49 95% $91,720 $99,356 2.5x 2.4x 2.3x 10.4x 9.7x 23.7x 20.2x 18.5x 6.9% 5.8% 23.2% 23.4%
LG Household and Health Care, Ltd. (KR) $737.09 70% $10,806 $11,361 2.2x 2.1x 1.9x 12.7x 11.4x 26.9x 22.9x 20.1x 18.3% 9.9% 16.7% 16.9%
Kao Corporation (JP) $51.00 81% $25,133 $23,913 1.7x 1.7x 1.6x 9.9x 9.3x 22.6x 21.2x 19.4x 16.8% 4.3% 16.9% 17.3%
Godrej Consumer Products Limited (IN) $23.59 92% $8,034 $8,345 6.1x 6.2x 4.9x 32.6x 25.7x NM 42.8x 33.9x 1.0% 25.8% 19.0% 19.2%
Mean 88% $88,287 $93,679 3.0x 3.0x 2.8x 13.5x 12.2x 24.5x 22.7x 20.2x 4.2% 8.0% 22.5% 22.8%
Median 92% $50,957 $61,432 2.5x 2.4x 2.2x 12.7x 11.4x 25.9x 21.2x 19.4x 2.9% 6.8% 21.8% 20.7%
%52W Revenue EBITDA
Source: Capital IQ

CONFIDENTIAL
42
Cosmetics
Kobayashi Pharmaceutical Co. Ltd. (JP) $52.65 98% $4,230 $3,645 2.6x 3.2x 2.5x 18.1x 15.4x 33.5x 28.6x 27.1x 1.3% 25.0% 17.6% 16.5%
Natura Cosméticos SA (BR) $9.10 86% $3,917 $4,627 1.9x 1.9x 1.7x 11.4x 9.1x NM 42.9x 17.8x 22.6% 13.4% 16.7% 18.3%
Nu Skin Enterprises Inc. (US) $59.98 91% $3,355 $3,258 1.5x 1.4x 1.4x 9.4x 8.7x 28.0x 18.4x 16.0x 0.1% 4.6% 15.4% 15.9%
Cosmax, Inc. (KR) $101.74 59% $916 $1,107 2.0x 1.7x 1.3x 19.3x 14.1x 39.5x 31.3x 22.0x 43.7% 27.5% 8.8% 9.4%
Chlitina Holding Limited (KY) $4.29 35% $341 $241 1.7x 1.7x 1.7x 5.7x 5.0x 11.3x 13.6x 9.3x 4.9% 1.4% 30.2% 34.3%
Cosmecca Korea Co., Ltd. (KR) $57.38 78% $306 $317 2.8x 2.3x 1.6x 18.5x 12.4x NM 25.5x 16.7x 67.2% 44.0% 12.2% 12.6%
Dr. Wu Skincare Co., Ltd. (TW) $6.65 62% $305 $251 7.6x 7.0x NA NM NM NM 30.1x 0.0x 36.6% NA 0.0% NA
Hankook Cosmetics Co., Ltd. (KR) $13.06 85% $210 $193 1.8x NA NA NM NM NM 6.5x 0.0x NA NA NA NA
COSON Co., Ltd. (KR) $11.75 50% $204 $210 18.4x NA NA NM NM NM NM 0.0x NA NA NA NA
Neopharm Co Ltd (KR) $25.50 71% $185 $174 5.1x 4.1x 3.1x 14.8x 10.7x NM 58.8x 0.0x 37.0% 33.5% 28.0% 29.0%
Coreana Cosmetics Co., Ltd. (KR) $5.28 51% $168 $170 1.5x NA NA NM NM NM NM 0.0x NA NA NA NA
Ivy Cosmetics Corporation (JP) $55.44 75% $110 $115 2.5x 2.3x NA 16.0x NM NM NM 0.0x 18.2% NA 14.3% NA
Genic Co., Ltd. (KR) $14.98 46% $97 $97 1.2x 1.1x 1.0x 9.2x 8.5x NM 13.7x 12.4x 39.8% 12.0% 12.0% 11.6%
C'bon Cosmetics Co.,Ltd. (JP) $21.16 85% $90 $64 0.5x 0.5x NA 11.1x NM 37.3x NM 0.0x 14.9% NA 4.6% NA
Mean 69% $1,031 $1,033 3.6x 2.5x 1.8x 13.3x 10.5x 29.9x 26.9x 8.7x 26.0% 20.2% 14.5% 18.5%
Median 73% $257 $226 1.9x 1.9x 1.6x 13.1x 9.9x 33.5x 27.0x 4.6x 22.6% 19.2% 14.3% 16.2%
Hair Solutions
Marico Limited (IN) $4.14 90% $5,336 $5,208 5.7x 5.7x 4.8x 32.7x 25.4x NM 41.6x 18.5x 0.5% 17.0% 17.3% 19.1%
Milbon Co. Ltd. (JP) $45.17 93% $740 $690 2.5x 2.4x 2.3x 11.5x 10.7x 27.8x 24.2x 23.0x 26.3% 6.8% 21.1% 21.3%
Cota Co., Ltd. (JP) $11.93 86% $202 $176 2.9x 2.8x NA 13.5x NM 30.1x 20.9x 0.0x 17.6% NA 20.6% NA
Artnature, Inc. (JP) $6.00 52% $199 $80 0.2x 0.2x NA 1.8x NM 12.0x 7.8x 0.0x 13.3% NA 11.6% NA
Mean 80% $1,619 $1,539 2.8x 2.8x 3.6x 14.9x 18.0x 23.3x 23.6x 10.4x 14.4% 11.9% 17.7% 20.2%
Median 88% $471 $433 2.7x 2.6x 3.6x 12.5x 18.0x 27.8x 22.6x 9.2x 15.4% 11.9% 19.0% 20.2%
%52W Revenue EBITDA
Source: Capital IQ

CONFIDENTIAL
43
Recent beauty private placements
Closed Deal LTM
Date Investor Company Value ($m) EV /
Revenue
1-Aug-16 Accel Partners, Alven Capital Partners and group BirchBox 15.0 0.7x
26-Jul-16 Comcast Ventures, Norwest Venture Partners and group Madison Reed 26.4 4.3x
11-Jul-16 JSW Ventures Purplle 6.0 na
27-Apr-16 Fullshare Holdings Hin Sang Group (International) Holding Co. Ltd. (SEHK:6893)12.9 0.4x
18-Apr-16 Forerunner Ventures; Sherpa Ventures and group Curology, Inc. 15.0 na
6-Apr-16 Jilin Jian Yisheng Pharmaceutical; Yiren Tongxin Investment; and group Jilin Zhonghan Yisheng Hancan Cosmetics Co., Ltd.14.8 0.8x
16-Feb-16 Hale BioPharma Ventures, Longwood Fund and group Colorescience 6.5 na
13-Nov-15 Andreessen Horowitz, Azure Capital Partners and group Julep Beauty 7.0 3.5x
26-Oct-15 PremjiInvest Hygienic Research Institute Pvt. Ltd. 33.3 0.6x
28-Sep-15 500 Startups, Aaron Batalion, Andreessen Horowitz, and group Walker & Company 24.0 na
16-Sep-15 Alicorp Holdco España Alicorp Argentina S.C.A. 25.0 na
10-Sep-15 Norwest Venture Partners; Comcast Ventures and group Madison Reed, Inc. 16.1 na
1-Sep-15 The Windquest Group AOBiome, LLC 15.0 na
22-Jul-15 KT&G Corporation Somang Cosmetics Co., Ltd. 42.5 na
13-Jul-15 TheFaceShop Le Groupe Fruits & Passion inc. 15.6 na
18-Jun-15 500 Startups, Andreessen Horowitz and group Mayvenn 10.0 na
16-Jun-15 Kaszek Ventures, Tiger Global Management Beleza Na Web 30.0 3.3x
15-Jun-15 Technology Crossover Ventures; Venrock and group Dollar Shave Club, Inc. 90.7 1.4x
18-May-15 CITIC Capital Partners; New Alliance Capital KanS 64.5 na
8-Apr-15 Crescent HydePark, Milestone Capital China and group Lili & Beauty 100.0 na
15-Dec-14 TPG Growth Counter Brands, LLC 21.3 na
8-Dec-14 Sequoia Capital China Hanhoo 16.2 na
24-Nov-14 Wellington Management Group; Tiger Global Management HF Global, Inc. 75.6 na
22-Oct-14 Novacap; EDC Equity and group Knowlton Development Corporation 147.2 na
9-Sep-14 Longwood Founders Management Colorescience, Inc. 15.0 na
19-Aug-14 Rhone Capital Elizabeth Arden, Inc. 50.0 0.0x
31-Jul-14 Technology Crossover Ventures; Venrock and group Dollar Shave Club, Inc. 50.0 2.5x
22-Jan-14 Highland Capital Partners; Tiger Global Management and group HF Global, Inc. 122.5 na
8-Jan-14 Piper Jaffray, Polaris Partners and group Living Proof 75.0 na
2-Dec-13 LMN VC Restorsea 44.2 na
3-Oct-13 Battery Ventures; Venrock and group Dollar Shave Club, Inc. 13.2 na
15-Aug-13 Sequoia Capital Vini Cosmetics Private Limited 17.9 na
3-Jun-13 ChrysCapital CavinKare Pvt. Ltd. 44.1 na
13-Feb-13 Polaris Partners; Leerink Swann & Company and group Living Proof, Inc 30.0 na
Median 1.1x
Note: Highland Capital Partners; Tiger Global Management and group invested in HF Global twice in 2014 but considered only one
Considered transactions over$10m

CONFIDENTIAL
44
Recent beauty precedent M&A transactions
Closed Enterprise
Date Acquirer Target Value ($m) EV /
Revenue
EV / EBITDA EV /
Revenue
EV / EBITDA
9-Jul-15 Coty Inc. (NYSE:COTY) P&G Beauty Brands 14,814.6 - - - -
2-Jun-16 Johnson & Johnson Consumer Companies Vogue International LLC 3,300.0 - - - -
22-Jul-16 L'Oreal SA (ENXTPA:OR) It Cosmetics, LLC 1,200.0 6.6x - - -
20-Jul-16 Unilever PLC (LSE:ULVR) Dollar Shave Club, Inc. 1,000.0 6.6x - - -
23-Mar-11 Colgate-Palmolive Europe Sarl Unilever plc, Global Sanex Business 949.0 3.6x - - -
16-Jun-16 Revlon Consumer Products Corp. Elizabeth Arden, Inc. 864.2 0.9x - 0.9x 22.3x
14-Oct-11 OOO Unilever Rus Concern Kalina, OAO 794.8 2.1x 11.6x 1.8x 12.5x
14-Aug-14 Cosmax BTI, Inc. (KOSE:A044820) Cosmax, Inc. (KOSE:A192820) 788.0 - - 1.9x 17.0x
15-Aug-13 L'Oreal SA (ENXTPA:OR) Magic Holdings International Limited 719.2 3.3x 21.2x 2.6x 14.2x
5-Aug-13 Revlon Consumer Products Corp. The Colomer Group Spain, S.L. 656.6 - - - -
19-Nov-13 Domtar Inc. Laboratorios INDAS S.A.U. 574.9 - - - -
17-Oct-16 Coty Inc. (NYSE:COTY) Jemella 511.8 - - - -
16-Dec-15 Lancy Company Limited (SZSE:002612) L&P Cosmetic Co., Ltd. 510.1 - - - -
18-Jun-14 L'Oreal SA (ENXTPA:OR) NYX, Los Angeles, Inc. 500.0 6.9x - - -
3-Jul-12 Albea Services S.A.S. Rexam PLC, Cosmetics, Toiletries And Household Care Products Business 459.0 - - - -
28-Sep-16 Puig S.L. Grupo Granado SA 439.9 0.2x - - -
21-Sep-15 Symrise AG (XTRA:SY1) Pinova Holdings, Inc. 417.0 1.5x 11.2x - -
16-Nov-12 Allergan, Inc. SkinMedica, Inc. 375.0 - - - -
2-Jun-14 Henkel AG & Co. KGaA (DB:HEN3) Kenra Limited and Alterna Holdings Corp. and Sexy Hair Concepts, LLC 367.3 1.9x - - -
15-Jul-11
Valeant International Bermuda; Valeant
Pharmaceuticals North America LLC Ortho Dermatologics, Inc. 346.1 2.4x - - -
17-Oct-13 L'Oreal SA (ENXTPA:OR) Decléor S.A. and Carita International SA 311.0 2.3x - - -
30-Nov-11 POLA Orbis Holdings, Inc. (TSE:4927) Jurlique International Pty. Limited 299.4 3.3x - - -
16-Aug-12 Yves Rocher sa Kosan Kozmetik Pazarlama Ve Ticaret A.S. 294.1 2.9x - - -
4-Jul-16 Sulzer, Ltd. (SWX:SUN) GEKA GmbH 289.8 1.7x - - -
27-Jan-14
CCMP Capital Advisors, LP; Stockton Road Capital,
LLC Jamieson Laboratories Ltd. 270.8 - - - -
19-Jan-12 Baring Private Equity Asia Magic Holdings International Limited 258.1 1.7x 8.8x 1.4x 7.2x
7-Oct-14 Coty Inc. (NYSE:COTY) Bourjois S.A.S., Bourjois SARL, Bourjois B.V. and Bourjois Limited 246.0 - - - -
27-Dec-11 Earth Chemical Co., Ltd. (TSE:4985) Bathclin Corporation 238.8 1.5x - - -
24-Sep-15 Soulbrain Co.,Ltd. (KOSDAQ:A036830) Genic Co., Ltd. (KOSDAQ:A123330) 230.8 4.1x 34.5x 3.1x 16.2x
26-Apr-12 L'Oreal SA (ENXTPA:OR) Cadum International S.A. 225.8 2.9x 12.2x - -
1-Jun-11
Godrej Consumer Products Limited
(NSEI:GODREJCP) Darling Group Holdings 218.8 1.0x - - -
9-Jul-15 Alliance Boots Holdings Limited Liz Earle Beauty Co. Limited 215.4 - - - -
28-Jun-11 Puig-Exea Corporation; Sabadell Capital Laboratoires Dermatologiques d'Uriage S.A. 201.1 2.0x - - -
7-Dec-15 Han Bul Cosmetics Co., Ltd. Neopharm Co Ltd (KOSDAQ:A092730) 200.3 7.3x 29.6x - -
2-Feb-16 Church & Dwight Co. Inc. (NYSE:CHD) Spencer Forrest, Inc. 175.0 5.8x - - -
23-Dec-11 Perfumania Holdings, Inc. (NasdaqCM:PERF) Parlux Fragrances Inc. 165.6 1.3x 47.3x - -
17-Mar-14 KOSE Corp. (TSE:4922) Tarte, Inc. 144.4 - - - -
8-Dec-12 WIPRO UNZA Holdings Pte Ltd L.D.Waxson (S) Pte Ltd. 144.0 2.1x - - -
20-Dec-12 Natura Cosméticos SA (BOVESPA:NATU3) Aesop Retail Pty Ltd 114.5 - - - -
30-Mar-12 OOO Estel Kosmeticheskoe Ob'edinenie Svoboda, Oao 109.2 - - - -
20-Jan-14 HF Global, Inc. Feintechnik GmbH Eisfeld 100.0 - - - -
12-Oct-11 Edmond de Rothschild Investment Partners, S.A.S. Maesa 91.2 0.9x 10.1x 0.9x 9.0x
30-May-11 POLA Orbis Holdings, Inc. (TSE:4927) H2O Plus, LLC 91.0 - - - -
26-Jul-11 Wet Wipes International s.r.o. Unilever Cr, Spol. S R.o., Factory in Nelahozeves 89.4 - - - -
17-Aug-15 NBTY (2015) Limited Dr Organic Limited 85.8 - - - -
6-Sep-12 Markwins International Corporation Physicians Formula Holdings Inc. 77.2 0.8x 8.1x - -
1-Sep-15 Fosun International Limited (SEHK:656) AHAVA Dead Sea Laboratories Ltd 73.8 1.6x - - -
2-Jul-12 Revlon, Inc. (NYSE:REV) Bari Cosmetics, Ltd., Certain Assets 66.2 - - - -
4-Aug-11 Church & Dwight Co. Inc. (NYSE:CHD) Vivalis Ltd, BATISTE Brand 64.8 3.2x - - -
15-Jan-15 Orkla ASA (OB:ORK) Cederroth AB 61.7 - - - -
16-Dec-14 MW Legal 36 Sp. z o.o. Global Cosmed S.A. (WSE:GLC) 61.6 1.3x 17.4x - -
31-May-12 Elizabeth Arden, Inc. New Wave Fragrances, Global Licenses And Certain Assets For Ed Hardy, True Religion And BCBGMAXAZRIA60.1 - - - -
4-Apr-16 PDC Brands Original Additions (Beauty Products) Ltd 52.8 0.9x - - -
12-Jun-12 Elizabeth Arden, Inc. Give Back Brands LLC, Global Licenses and Assets for Justin Bieber and Nicki Minaj Fragrance Brands51.1 - - - -
Median 2.1x 12.2x 1.8x 14.2x
LTM NTM
Note: Includes OOO Unilever Rus acquisitions of 82% stake in Concern Kalina, OAO
Considered transactions over $50m

CONFIDENTIAL
45
Quarterly volume of beauty M&A transactions
1
3 3
5
2
3
4
3
0 0
2 2
3
2
1
2
1
0
6
2
1
3
4
1
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
0
1
2
3
4
5
6
7
TransactionsValue($m)
NumberofTransactions
Number of transactions Total Value ($m)
Note: 4Q16 represent deals till October 30, 2016 and the selected transactions are over $30m

CONFIDENTIAL
46
Quarterly volume of beauty private placements
1 1 1
2 2
0
3
4
0
5
6
2
1
3 3
0
0
50
100
150
200
250
300
350
0
1
2
3
4
5
6
7
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16*
TransactionsValue($m)
NumberofTransactions
Number of transactions Total Value ($m)
Note: 4Q16 represent deals till October 30, 2016 and the selected transactions are over $10m

ComCap Beauty Overview December 2016

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (15)

Similar to ComCap Beauty Overview December 2016

Similar to ComCap Beauty Overview December 2016 (20)

Recently uploaded

Recently uploaded (20)

ComCap Beauty Overview December 2016