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The Luxury Global Consumer lnsight

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True-Luxury Consumers talk to y y ou today

Core luxury Consumers population base for:
• Identification of general trends
• Definition of global segments

Aspirational luxury Consumers population for:
• Understand how many of them can be turned into core
luxury Consumers
• Estimate Core luxury market future growth

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The Luxury Global Consumer lnsight

  1. 1. True-Luxury Global Consumer Insight Antonio Achille, Partner & Managing Director
  2. 2. True-Luxury Global Consumer Insight we will address 5 "W" questionswe will address 5 W questions Why now? What makes our study unique? d. Where will growth come from? What makes our study unique? Inc.Allrightsreserved g What will it take to win luxury Consumer? tonConsultingGroup, Which luxury segments will drive growth? ht©2014byTheBost What's in for you? 20140124 Final Document FINAL SENT.pptx Copyrigh 1
  3. 3. Organic growth: 2 / 3 of next decade growthOrganic growth: 2 / 3 of next decade growth Last decade growth components2 Upcoming decade growth components2 20% 40% d. 20% 100% 40% 25% 100% Inc.Allrightsreserved 35% 25% 25% 15% tonConsultingGroup, Price Total growth Traditional Markets1 25% Emerging markets Volume Volume Total growth Traditional markets1 20% PriceEmerging markets ht©2014byTheBost growthMarkets markets Organic growth (LFL) 40% Retail expansion . 60% growthmarkets markets Organic growth (LFL) 65% Retail expansion . 35% 20140124 Final Document FINAL SENT.pptx Copyrigh 2 1. Europe (Italy, France, UK, Germany, Spain, Nordics), US and Japan; 2. Referred to personal luxury (apparel, accessories, hard luxury, Perfume & Cosmetics) Source: Bernstein / BCG analysis 40%60% 65%35%
  4. 4. Consumer discontinuities to impact 100 €Bn industry investments per yearindustry investments per year Industry investments (2014, €Bn) Intensity of discontinuity Example of discontinuity Made-In 30-351 • For 80% of Consumers "Made In" is keyProduction d. 15-202 • Friends' opinions impact on 50% of purchases 70% f C d t Advocacy Inc.Allrightsreserved 25-303 • 70% of Consumer are advocate • Fom monolithic Mono-brand Store experience tonConsultingGroup, 10-154 store to diversified concepts • 50+% sales influenced by digital experience Digital i t ti ht©2014byTheBost ~100 €Bn 10 15 • Digital in-store immersioninteractions 20140124 Final Document FINAL SENT.pptx Copyrigh 3 Source: BCG 2013 specific survey 1. Made-In calculated as 30% of COGS (with COGS industry avg. at 35-40% of revenues) 2. Advocacy calculated on marketing investments (industry avg. 6-8% of revenues), 3. Calculated sum of yearly rent for all stores (industry avg. 20% of retail revenues), plus refurbishment and key money where applicable for new stores 4.Calculated as digital strategy and platform investments (industry avg. 5% of revenues) 00 €
  5. 5. The CONSUMER eraThe CONSUMER era +ConsumerDesign +Brand +Retail d. g Inc.AllrightsreservedtonConsultingGroup, '80s '90s '00s 2014 next decade ht©2014byTheBost • Style & Design for elites • Temple of desire • The emerging of global brands • Retail as part of brand experience • "Real estate rush" • Consumer: engine of top line and margin growth 20140124 Final Document FINAL SENT.pptx Copyrigh 4 Source: BCG 2013 specific survey
  6. 6. True-Luxury Global Consumer Insight we will address 5 "W" questionswe will address 5 W questions Why now? What makes our study unique? d. Where will growth come from? What makes our study unique? Inc.Allrightsreserved g What will it take to win luxury Consumer? tonConsultingGroup, Which luxury segments will drive growth? ht©2014byTheBost What's in for you? 20140124 Final Document FINAL SENT.pptx Copyrigh 5
  7. 7. True-Luxury Consumers talk to you todayy y y Cluster Sample (#) Avg. yearly spend including cars1(K€) Ultra Beyond money Core 60 K€ 130 K€ Avg 30K€ ~10K d. Very high High luxury 10 K€ 3 K€ Avg. 30K€ ~10K Inc.Allrightsreserved Aspirational ~5 K<2K€ tonConsultingGroup, Prospects ~25 K- ~30K ht©2014byTheBost Rest of the world 20140124 Final Document FINAL SENT.pptx Copyrigh 6 1.Cars & Yacht Source: BCG Analysis world Focus of analysis
  8. 8. One of a kind study: our approachOne of a kind study: our approach ~10 K Consumers Core Core luxury Consumers population base for: • Identification of general trends d. luxury g • Definition of global segments Inc.Allrightsreserved Aspirational luxury Consumers population for: ~30 K ConsumersAspirational tonConsultingGroup, • Understand how many of them can be turned into core luxury Consumers ht©2014byTheBost • Estimate Core luxury market future growth 20140124 Final Document FINAL SENT.pptx Copyrigh 7 Source: BCG ad hoc luxury survey
  9. 9. All luxury categories in scope: our actual sample spent ~230 M€ in luxury goods last yearspent 230 M€ in luxury goods last year Luxury market (€B) 1 500 Personal luxury (285 €B) Experiential luxury (445 €B) Cars & Yacht (320€B) Others (270 €B) d. 5070 150 320 1,500 1,000 1,320 ( ) P&E 1 Market: 730 €B Inc.Allrightsreserved 335 60 50 1,000 500 730 €B tonConsultingGroup, 60 5040120 60 65 0 ht©2014byTheBost TotalOtherArtsTechno- logy Cars & Yacht Hotel & Exclusive vacations Food & Wine Furnit- ures CosmeticWatch & jewellery Apparel2Acces- sories Covered in the Global Luxury Consumer Insight 20140124 Final Document FINAL SENT.pptx Copyrigh 8 1.Personal and Experiential luxury Note: Some numbers are rounded. Source: BCG 2013 specific survey, BCG-IPSOS market research Covered in the Global Luxury Consumer Insight
  10. 10. Mapped Consumers opinion on 100+ luxury brandspp p y d.Inc.AllrightsreservedtonConsultingGroup,ht©2014byTheBost 20140124 Final Document FINAL SENT.pptx Copyrigh 9 Source: BCG 2013 specific survey Note: Including: cars, hotel, furniture & design, sunglasses (not exhaustive)
  11. 11. Sounding board of WW leading brands to ensure robustness and actionability of the insightrobustness and actionability of the insight d.Inc.AllrightsreservedtonConsultingGroup,ht©2014byTheBost 20140124 Final Document FINAL SENT.pptx Copyrigh 10 Source: BCG 2013 specific survey
  12. 12. True-Luxury Global Consumer Insight we will address 5 "W" questionswe will address 5 W questions Why now? What makes our study unique? d. Where will growth come from? What makes our study unique? Inc.Allrightsreserved g What will it take to win luxury Consumer? tonConsultingGroup, Which luxury segments will drive growth? ht©2014byTheBost What's in for you? 20140124 Final Document FINAL SENT.pptx Copyrigh 11
  13. 13. 380M Luxury Consumers to become 440M by 2020 with P&E market growing from today 730 to 880 Bn€with P&E market growing from today 730 to 880 Bn€ Cluster 2013 # (M) Bn(€)1 2020 # (M) Bn(€)1 Core Ultra Beyond 2 4 # (M) Bn(€) 40 80 3 6 # (M) Bn(€) 60 110 d. luxury Very high High 9 17 90 50 12 21 115 60 Inc.Allrightsreserved Total Core lux. 32 Aspirational 260 42 345 tonConsultingGroup, Aspirational 350 470 400 535 ht©2014byTheBost Total Luxury Consumers1 ~380 ~730 ~440 ~880 20140124 Final Document FINAL SENT.pptx Copyrigh 12 1. Including experiential and personal luxury, excluding cars Source: BCG Analysis
  14. 14. Core Luxury Consumers growth at value led by US, China and EuropeUS, China and Europe P&E1 Luxury market growth by country (€Bn) 34527 400 y g y y ( ) Core luxury +85€Bn d. 34527 3515 35 260 300 luxury Inc.Allrightsreserved Aspirational 200 65% tonConsultingGroup, 0 100 ht©2014byTheBost 0 2020Others2Middle East EuropeChinaUS2013 9 5 6 1 21 42# of Core 20140124 Final Document FINAL SENT.pptx Copyrigh 13 1. Personal & Experiential Luxury market; 2. Including Japan, S. Korea, Russia, Brazil and RoW Source: BCG Analysis 1,8 1,1 0,6 0,2 6,3 10 # of Consumers New core
  15. 15. Aspirational Consumers growth at value led by China, US and EuropeChina, US and Europe P&E1 Luxury market growth by country (€Bn) 535941016 600 y g y y ( ) Core luxury +65€Bn d. 4101626 470 400 y Inc.Allrightsreserved 200 80%Aspirational tonConsultingGroup, 0 ht©2014byTheBost 0 2020Others2Middle East EuropeUSChina2013 51 107 95 11 136 400# of Aspirational 20140124 Final Document FINAL SENT.pptx Copyrigh 14 1. Personal & Experiential Luxury market; 2. Including Japan, S. Korea, Russia, Brazil and RoW Source: BCG Analysis 51 107 95 11 136 400 15 10 6 1 22 50 # of Consumers Aspirational New Aspirational
  16. 16. Disaffection ~1M core luxury consumers impacted with 4Bn€ luxury spend at riskimpacted with 4Bn€ luxury spend at risk 1.0M Disaffected Passport: Key demos Shopping relevance 7% 6%6%8% 8 d. Top countries A 45 50 # of consumers1 Current value1 1.0 M 8 Bn€ Inc.Allrightsreserved Age % Woman 45-50 49% Value at risk Current avg. lux. spend1 4 Bn€ (50%+) 8K€ tonConsultingGroup, % Woman % with bachelor or higher degree 49% 88% Current avg. lux. spend Most trusted source of info 8K€ In store advice ht©2014byTheBost % with HH income in top 20% 100% 20140124 Final Document FINAL SENT.pptx Copyrigh 15 1. 2013 value Note that disaffected are current luxury consumers expected to decrease their spend on luxury Source: BCG ad hoc luxury study
  17. 17. True-Luxury Global Consumer Insight we will address 5 "W" questionswe will address 5 W questions Why now? What makes our study unique? d. Where will growth come from? What makes our study unique? Inc.Allrightsreserved g What will it take to win luxury Consumer? tonConsultingGroup, Which luxury segments will drive growth? ht©2014byTheBost What's in for you? 20140124 Final Document FINAL SENT.pptx Copyrigh 16
  18. 18. What it will take to win Luxury ConsumersWhat it will take to win Luxury Consumers 1 "Made In" still rocks 2 Made In still rocks The Advocacy era 3 d. Man: what a surprise The Advocacy era 4 Inc.Allrightsreserved Intrinsic values rebound Man: what a surprise 5 Global Consumer: catch me if you can tonConsultingGroup, 6 Global Consumer: catch me if you can DOS is dead long life to DOS ht©2014byTheBost 7 Di it l " h i li ti " DOS is dead, long life to DOS 20140124 Final Document FINAL SENT.pptx Copyrigh 17 Digital "physicalization"
  19. 19. Luxury: the art of balancing Intro and Extro values 1 Luxury: the art of balancing Intro and Extro values Intro values Extro values Quality Intro values Adorned aesthetics Brand visibility Extro values Exclusivity d. Craftsmanship Timeless Being Cool/Sexy Customization Inc.AllrightsreservedtonConsultingGroup,ht©2014byTheBost 20140124 Final Document FINAL SENT.pptx Copyrigh 18
  20. 20. Intro values roaring, also in China and S. Korea 1 Intro values roaring, also in China and S. Korea "What is luxury to you?" % f d t 1 17% 25% 27% 27% 28% 31% 31% 32% 17% • Adorned aesthetics Extro values % of respondents1 d. 27% 27% 28% 31% 31% 32% 39% Intrinsic Avg. 73% • Brand visibility • Customization • Being Cool/Sexy Inc.Allrightsreserved 83%83% 69%72%73%73%75% 61% 69%69% • Quality Intro values tonConsultingGroup, 61% y • Exclusivity • Craftsmanship • Timeless ht©2014byTheBost USUK ItalyJapanChina BrazilFranceRussia 20140124 Final Document FINAL SENT.pptx Copyrigh 19 1. Respondents where asked to rank the top three values: the graph represent the value ranked as the most important Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  21. 21. Quality and Exclusivity leading 1 Quality and Exclusivity leading "What is luxury to you?" USTotal Japan Brazil RussiaChinaS. KoreaEU 41 Intro values Extro Values d. Quality 57 58 68 55 45 63 40 61 % of respondents Inc.Allrightsreserved Craftsmanship 30 Exclusivity 35 28 36 43 22 32 25 34 59 27 26 12 38 33 46 tonConsultingGroup, Adorned aesthetics 31 Timeless 29 34 27 24 44 37 37 17 18 34 37 33 11 36 23 ht©2014byTheBost Customization 13 Brand 19 12 22 8 11 12 11 7 38 16 11 24 23 22 16 20140124 Final Document FINAL SENT.pptx Copyrigh 20 Note: Multiple answer possible; 1. IT, FR, DE, UK Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Being Cool/Sexy 12 9 7 16 20 8 21 15
  22. 22. From values to purchase drivers: key for brands to place their bets in time 1 key for brands to place their bets in time Declared relevance1 Purchase driver2 Upcoming High relevance as value, low impact d. Actual Expected p as purchase driver Inc.Allrightsreserved Established Same relevance as value and as tonConsultingGroup, Fading Actual Expected purchase driver ht©2014byTheBost g Low relevance as value, still high impact as purchase driver 20140124 Final Document FINAL SENT.pptx Copyrigh 21 Note: 1. "What is luxury to you?"; 2. "Which are the key elements that you value the most when you purchase luxury products?" Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) ExpectedActual p
  23. 23. Brand visibility still strong as purchase driver but expected to decrease, strong impact on China? 1 Emerging expected to decrease, strong impact on China? Total Emerging Markets China d. % of respondents Inc.Allrightsreserved 13 PP 16 P.P. 32 P.P. tonConsultingGroup, 32% 19% 37% 21% 43% 11% 13 P.P. ht©2014byTheBost Actual purchase driver2 Declared Value1 Actual purchase driver2 Declared Value1 Actual purchase driver2 Declared Value1 20140124 Final Document FINAL SENT.pptx Copyrigh 22 Note: 1. "What is luxury to you?"; 2. "Which are the key elements that you value the most when you purchase luxury products?" Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  24. 24. Simplicity is the new sexy 1 Emerging Simplicity is the new sexy Total Emerging Markets South Korea d. % of respondents Inc.Allrightsreserved 11 P.P. 11 P.P. 29 P.P. tonConsultingGroup, 42% 31% 41% 30% 46% 17% ht©2014byTheBost Actual purchase driver2 Declared Value1 Actual purchase driver2 Declared Value1 Actual purchase driver2 Declared Value1 20140124 Final Document FINAL SENT.pptx Copyrigh 23 Note: 1. "What is luxury to you?"; 2. "Which are the key elements that you value the most when you purchase luxury products?" Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  25. 25. Exclusivity strong as a value and expected to grow as a purchase driver, with great relevance for Russia 1 Emerging as a purchase driver, with great relevance for Russia Total Emerging Markets Russia d. % of respondents Inc.Allrightsreserved 11 P.P. 12 P.P. 16 P.P. tonConsultingGroup, 24% 35% 28% 40% 30% 46% ht©2014byTheBost Actual purchase driver2 Declared Value1 Actual purchase driver2 Declared Value1 Actual purchase driver2 Declared Value1 20140124 Final Document FINAL SENT.pptx Copyrigh 24 Note: 1. "What is luxury to you?"; 2. "Which are the key elements that you value the most when you purchase luxury products?" Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  26. 26. ~25% of luxury brands at risk of losing exclusivity 1 25% of luxury brands at risk of losing exclusivity "Which are the brands you think are losing exclusivity?" 15% 25% % of top brands analyzed d. 10% Inc.Allrightsreserved 100% 75% tonConsultingGroup,ht©2014byTheBost Brands risking to lose exclusivity3 Brands not at riskBrands already losing exclusivity2 Total brand1 20140124 Final Document FINAL SENT.pptx Copyrigh 25 1. Analysis on top brands included in the survey with at least 200 respondents purchasing their products 2.Brands losing exclusivity: brands with at least 100 respondents declaring that the brand is losing exclusivity 3. Brands with 50 to 100 respondents declaring that the brand is losing exclusivity Note: for the entire analysis considered only brands with at least 200 respondents purchasing their products: ~100 brands Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  27. 27. What it will take to win Luxury ConsumersWhat it will take to win Luxury Consumers 1 2 "Made In" still rocks 3 Made In still rocks The Advocacy era d. 4 Man: what a surprise The Advocacy era Inc.Allrightsreserved Intrinsic values rebound 5 Man: what a surprise Global Consumer: catch me if you can tonConsultingGroup, 6 Global Consumer: catch me if you can DOS is dead long life to DOS ht©2014byTheBost 7 Di it l " h i li ti " DOS is dead, long life to DOS 20140124 Final Document FINAL SENT.pptx Copyrigh 26 Digital "physicalization"
  28. 28. "Made In" rocks in all geographies with emerging markets the most sensitive 2 markets the most sensitive "Do you check where luxury products you buy are made in?" No % of respondents d. No Avg. 78% Inc.Allrightsreserved Yes 87% tonConsultingGroup, 71% ht©2014byTheBost 20140124 Final Document FINAL SENT.pptx Copyrigh 27 Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  29. 29. "Made In Italy" outperforms "Made In France" and is first for all categories except watches & cars 2 is first for all categories except watches & cars % over "Made In" respondents "Which country of manufacturing do you consider the best for Luxury?" 40 60 ~3x % over Made In respondents ~5x~3x d. 20 40 44 17 Inc.Allrightsreserved 0 91417 "Made in" "Made in"Ranking "Made in""Made in" tonConsultingGroup, Italy France #1 #1 #2 #2 Clothing Accessories1 Ranking Germany #4 #4 Switzerland #8 #7 ht©2014byTheBost #1 #1 #2 #2 Accessories Jewelry Watches #2 #4 #4 #4 #3#1 #3 #7 20140124 Final Document FINAL SENT.pptx Copyrigh 28 Cars #2 #5 Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Note: 1. Accessories include handbags, shoes and sunglasses #1#8
  30. 30. "Made In Italy" outperforms "Made In France" from US to Far East; China and Brazil where closer 2 US to Far East; China and Brazil where closer "Which country of manufacturing do you consider the best for Personal Luxury1?" "Made In France""Made In Italy"% of respondents1 d. +4 2x +7.7x 1 2 +2.4x +2.6x+4.8x +5.9x Inc.Allrightsreserved 63% 68% 60%61% +4.2x 1.4x 1.2x tonConsultingGroup, 8% 63% 12% 49% 24% 34%38% 47% 11% 21% 51% 24% 60%61% 13% ht©2014byTheBost 8% US Citizen 12% ChineseGerman 11% JapaneseSouth Korean BritishRussian Brazilian "Made in Italy" clear winner Close competition 20140124 Final Document FINAL SENT.pptx Copyrigh 29 1. % over "Made In" respondents with focus on Personal Luxury including handbags, shoes and clothing Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) "Made in Italy" clear winner Close competition
  31. 31. What it will take to win Luxury ConsumersWhat it will take to win Luxury Consumers 1 2 "Made In" still rocks 3 Made In still rocks The Advocacy era d. 4 Man: what a surprise The Advocacy era Inc.Allrightsreserved Intrinsic values rebound 5 Man: what a surprise Global Consumer: catch me if you can tonConsultingGroup, 6 Global Consumer: catch me if you can DOS is dead long life to DOS ht©2014byTheBost 7 Di it l " h i li ti " DOS is dead, long life to DOS 20140124 Final Document FINAL SENT.pptx Copyrigh 30 Digital "physicalization"
  32. 32. Word of Mouth is a key influence lever 3 Word of Mouth is a key influence lever "Which of the following has an impact on your purchase decision?" Different WoM influence across markets W M ( h i l)S i l di % of respondents d. Store windows 39% WoM &Social M.2 44%32% 11% Magazines1 50% 45%46% 48% 61% 14% WoM (physical)Social media A 44% Inc.Allrightsreserved TV & Movies 24% Brands websites 34% Store windows 39% 9% 8% 9% 11% 38% 12% 38% 15% 40% 12% 43%44%45%46% 17% Average 44% tonConsultingGroup, Events 20% Invitations 22% 9% 26% 26% 15% 28% 32% 35%37% 29% 39% 48% ht©2014byTheBost Seen wore 13% Celebrities 20% 17% 26% 22% 28% 20140124 Final Document FINAL SENT.pptx Copyrigh 31 1 Including fashion, lifestyle and other magazines and newspapers 2. Respondent influenced by Social media and other Websites but not by physical Word of Mouth Note: multiple choices possible; Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  33. 33. 2 out of 3 luxury Consumers are active advocates. Quality and design key to activate them 3 Quality and design key to activate them " Please indicate the reason why you have recommended this brand" " Have you recommended a brand in the last 12 months?" % of Advocates respondents d. 28% Non advocates Superior style/design 31% Superior quality1 38% Inc.Allrightsreserved 41% Advocates when prompted Superior value for money 19% Admired when wearing it 21% tonConsultingGroup, prompted 72% Wide assortment of products 15% Identification with this brand 16% p y ht©2014byTheBost 31% Advocates spontaneously Wide assortment of products 15% 15%Excellent service 20140124 Final Document FINAL SENT.pptx Copyrigh 32 Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Luxury consumers
  34. 34. Omni-media key to stay closer to a Consumer who has multiple points of influence 3 who has multiple points of influence "Which of the following usually has an impact on your purchase decision?" USTotal Japan BrazilRussia China S. KoreaEU 41 d. Word of Mouth & 44 Magazines 50 % over respondents 40 48 49 48 26 41 43 51 61 65 44 50 46 50 Inc.Allrightsreserved Brands websites 34 Store Browsing 39 Social Media 44 30 44 40 40 48 34 35 44 26 37 38 43 46 30 61 16 34 44 46 29 46 tonConsultingGroup, 22 Brands websites 24 Invitations TV & Movies 34 26 20 30 27 16 34 17 16 35 27 23 37 15 33 46 16 23 16 20 52 46 ht©2014byTheBost 20Celebrities Events 20 18 12 13 13 11 11 24 32 42 27 25 12 33 30 20140124 Final Document FINAL SENT.pptx Copyrigh 33 Note: multiple answer possible; 1. IT, FR, DE, UK Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Seen wore 13 13 21 7 12 10 17 9
  35. 35. What it will take to win Luxury ConsumersWhat it will take to win Luxury Consumers 1 2 "Made In" still rocks 3 Made In still rocks The Advocacy era d. 4 Man: what a surprise The Advocacy era Inc.Allrightsreserved Intrinsic values rebound 5 Man: what a surprise Global Consumer: catch me if you can tonConsultingGroup, 6 Global Consumer: catch me if you can DOS is dead long life to DOS ht©2014byTheBost 7 Di it l " h i li ti " DOS is dead, long life to DOS 20140124 Final Document FINAL SENT.pptx Copyrigh 34 Digital "physicalization"
  36. 36. Men over-proportionally contributing to future growth also expanding into woman categories 4 growth also expanding into woman categories Total Emerging marketsMature markets "Which was your last purchase for yourself 1? " Total % of man respondents1 Emerging marketsMature markets d. Today 10 Years ago Inc.Allrightsreserved 90 77 80 67 69 72 80 Other tonConsultingGroup, 917 109 Handbags Jewelry3 11 6 7 5 47 5 ht©2014byTheBost 15 21 11 10811 917 P&C g 57 102 Total Jewelry2, Handbags, P&C 23% 20% 28%33% 20%31%10% 20140124 Final Document FINAL SENT.pptx Copyrigh 35 1. Excluding gifts and purchases explicitly required by others; 2. Total of Jewelry, handbags and P&C 3. Watches excluded Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) +13 P.P.
  37. 37. Gift represents ~30% of core luxury spend: 7 gifts out of 10 made by men 4 7 gifts out of 10 made by men "Who was the recipient of your last purchase?"o as t e ec p e t o you ast pu c ase Last purchase % of total respondents on last purchase Gift by type Gift by gender of giver d. p y yp Business 19% Women 31% g Inc.Allrightsreserved Self Purchase 72% Personal tonConsultingGroup, Gift Personal 81% Men 69% ht©2014byTheBost Gift 28% 20140124 Final Document FINAL SENT.pptx Copyrigh 36 Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  38. 38. Best gentleman are in S. Korea, Russia and UK 4 Best gentleman are in S. Korea, Russia and UK Men's gift by country1 Business 4%50 60 % men's gifts over last purchase1 Business gift sudden shrink in China due to ti ti li i Leisure Business d. 4% 6% 40 50 2% anti-corruption policies A 36% Inc.Allrightsreserved 9% 3% 3% 4% 4% 8% 20 30 2% 49% Avg. 36% tonConsultingGroup, 10 20 29% 19% 24% 32% 26% 33% 29% 37% 34% ht©2014byTheBost 0 JapanChinaFranceBrazilUSItalyUKRussia 20140124 Final Document FINAL SENT.pptx Copyrigh 37 1 Includes gift for personal and for business reasons Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  39. 39. What it will take to win Luxury ConsumersWhat it will take to win Luxury Consumers 1 2 "Made In" still rocks 3 Made In still rocks The Advocacy era d. 4 Man: what a surprise The Advocacy era Inc.Allrightsreserved Intrinsic values rebound 5 Man: what a surprise Global Consumer: catch me if you can tonConsultingGroup, 6 Global Consumer: catch me if you can DOS is dead long life to DOS ht©2014byTheBost 7 Di it l " h i li ti " DOS is dead, long life to DOS 20140124 Final Document FINAL SENT.pptx Copyrigh 38 Digital "physicalization"
  40. 40. 50% of luxury spending made out of the home country 5 home country "How much have you spent out of your home country in last 12 months?" % of total luxury expenditure d. Avg Inc.Allrightsreserved 39%43%51%52%54% 43% 32% 41%2 Avg. 45% tonConsultingGroup, JapanRussiaChinaBrazil Average USAvg. EU country ht©2014byTheBost Average spend abroad (K€/Year1) (cars excluded) 4.1 4.06.8 2.32.1 5.7 3.5 20140124 Final Document FINAL SENT.pptx Copyrigh 39 1. Average spend abroad of a single Consumer per year. Includes all respondents ; 2. Mainly within Europe Note: EU includes Italy, France, UK and Germany Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Spend abroad Spend in home country
  41. 41. Opportunity driving spend abroad for emerging countries. EU & US citizen looking for experience 5 countries. EU & US citizen looking for experience Emerging Avg EU "What is your main reason for buying outside your home country?" Emerging countries L i th % of respondents spending abroad 50% or more of total luxury expenditure Avg. EU country1USJapan d. Broader selection (items & brands) 41% Lower prices than home country 42% 23% 32% 24% 27% 26% 45% Inc.Allrightsreserved Tax refunds advantage 21% Prefer to buy in the country of origin of the brand 25% ( ) 15% 20% 21% 22%24% 20% tonConsultingGroup, M f ti h t lli 25% It’s part of travelling experience 37% g 43% 44% 55% 32% 32% 26% ht©2014byTheBost Enjoy superior customer experience 23% More free time when travelling 25% 44% 16%19% 32% 15% 26% 20140124 Final Document FINAL SENT.pptx Copyrigh 40 Note: 1. IT, FR, DE, UK Source:BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Opportunity driven reasons Experience driven reasons
  42. 42. Brands need to be known before to get on the shopping list of luxury globetrotters 5 shopping list of luxury globetrotters Brazil South KoreaRussiaChina Japan " When you are abroad, how do you select the brands to purchase? " Brazil % of respondents spending abroad 50% or more of total luxury expenditure South KoreaRussiaChina Japan Brands popular/ visible d. Brands I buy in m co ntr 35 Brands popular/ visible in my country 48 21 38 27 35 23 47 26 26 Inc.Allrightsreserved Global Brands seen in medias 33 in my country 46 33 36 17 tonConsultingGroup, Brands with attractive stores in isited co ntries 25 Brands got to know on-line 29 34 25 29 22 25 17 20 14 ht©2014byTheBost Brands popular in visited countries 24 stores in visited countries 25 20 22 15 20140124 Final Document FINAL SENT.pptx Copyrigh 41 1. Europe and US not included as significant part of their purchases abroad are on a regional base Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Brand selected during travel Brand selected before traveling
  43. 43. Traditional hubs capture 70+% of luxury travelers but top European destinations losing share 5 but top European destinations losing share "In which city have you bought in the past 12 months?" "In which city do you plan to buy in the next 12 months?"past 12 months? next 12 months? Excluding Consumers in their home country1Excluding Consumers in their home country1 d. 26%Paris Singapore 72% Inc.Allrightsreserved 24%Milan Moscow Milan still strong but losing h tonConsultingGroup, 22%London 21%New York Macau share ht©2014byTheBost 21%New-York 17%Hong Kong Paris, London & NY 20140124 Final Document FINAL SENT.pptx Copyrigh 42 17%Hong-Kong Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Milan
  44. 44. What it will take to win Luxury ConsumersWhat it will take to win Luxury Consumers 1 2 "Made In" still rocks 3 Made In still rocks The Advocacy era d. 4 Man: what a surprise The Advocacy era Inc.Allrightsreserved Intrinsic values rebound 5 Man: what a surprise Global Consumer: catch me if you can tonConsultingGroup, 6 Global Consumer: catch me if you can DOS is dead long life to DOS ht©2014byTheBost 7 Di it l " h i li ti " DOS is dead, long life to DOS 20140124 Final Document FINAL SENT.pptx Copyrigh 43 Digital "physicalization"
  45. 45. DOS and Department Stores confirmed as key shopping destinations. Online already relevant 6 shopping destinations. Online already relevant "Where have you mainly purchased your luxury goods in the past 12 months?" USTotal Japan BrazilRussia China S. KoreaEU 41 d. Dep. store / Malls 27 22 % over respondents 36 33 26 32 35 21 Inc.Allrightsreserved D t f 15 DOS 22 14 25 6 18 15 25 17 25 21 22 8 29 11 21 tonConsultingGroup, Multi-brand 14 Duty free 15 17 14 6 14 9 15 16 17 9 21 6 29 13 11 ht©2014byTheBost 7 Off-price Online 15 8 14 8 18 5 13 4 12 6 10 8 14 8 26 20140124 Final Document FINAL SENT.pptx Copyrigh 44 Note: 1. IT, FR, DE, UK Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) 7 Off price outlet 8 8 5 4 6 8 8
  46. 46. DOS: one size does not fit all 6 DOS: one size does not fit all EmergingMature "Which characteristics should your ideal store have?" Small / Intimate Large Emerging marketsmarkets d. Specialized per category Multiple categories Inc.Allrightsreserved Located in most excl. areas Up-coming trendy locations tonConsultingGroup, Limited digital in store Immersive digital exp. F ll Li ht ht©2014byTheBost From my International Sales assistant Full support Light support Sales assistant 20140124 Final Document FINAL SENT.pptx Copyrigh 45 country International Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) Brand temple VIP Room
  47. 47. Mature markets recipe: intimate experience for senior, large flagship for younger generations 6 senior, large flagship for younger generations "Which characteristics should your ideal store have?" Gen Y & Gen. Z Silver & Baby Boomers Gen. X Small / Intimate Large d. Specialized per category Multiple categories Inc.Allrightsreserved Located in most excl. areas Up-coming trendy locations tonConsultingGroup, Limited digital in store Immersive digital exp. F ll Li ht ht©2014byTheBost From my International Full support Light support Sales assistant Sales assistant 20140124 Final Document FINAL SENT.pptx Copyrigh 46 Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) country International
  48. 48. Emerging markets recipe: high consistency on store preferences, but on sales staff support 6 store preferences, but on sales staff support "Which characteristics should your ideal store have?" Gen Y & Gen. Z Silver & Baby Boomers Gen. X Small / Intimate Large d. Specialized per category Multiple categories Inc.Allrightsreserved Located in most excl. areas Up-coming trendy locations tonConsultingGroup, Limited digital in store Immersive digital exp. F ll Li ht ht©2014byTheBost From my International Full support Light support Sales assistant Sales assistant 20140124 Final Document FINAL SENT.pptx Copyrigh 47 Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) country International
  49. 49. What it will take to win Luxury ConsumersWhat it will take to win Luxury Consumers 1 2 "Made In" still rocks 3 Made In still rocks The Advocacy era d. 4 Man: what a surprise The Advocacy era Inc.Allrightsreserved Intrinsic values rebound 5 Man: what a surprise Global Consumer: catch me if you can tonConsultingGroup, 6 Global Consumer: catch me if you can DOS is dead long life to DOS ht©2014byTheBost 7 Di it l " h i li ti " DOS is dead, long life to DOS 20140124 Final Document FINAL SENT.pptx Copyrigh 48 Digital "physicalization"
  50. 50. Use of digital as an information source different across generations 7 different across generations Why do you use digital beyond purchasing? Price & % of respondents2 Senior generations d. 15% 14% 67% 60% 42% 35% 34% Access to brand content Price and products comparison Products Inc.Allrightsreserved 9% 11% 11%12% 17% 19% 20% 11% 9% 14% 15% Follow / influence trends Interaction with brand (support, dialogue, recognition) Brand &Trends tonConsultingGroup, 9% 11% 12%8% 9% 7% 9% Feedback sharing Opinion sharing G ti Z 9% G ti Y 9% G ti X 8% B b b 5% Sil 6% 2% 5% Social Media Younger ht©2014byTheBost Generation Z (18-20 years) Generation Y (21-35 years) Generation X (36-50 years) Baby boomer (51-67 years) Silver (67+ years) Younger generations 20140124 Final Document FINAL SENT.pptx Copyrigh 49 Note: Respondents purchasing Online or Researching Online and Purchasing Offline 2. Up to 2 answers possible, index value represented Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  51. 51. E-commerce key in US and Brazil with mobile commerce gaining share 7 commerce gaining share "Which device did you use to purchase online?" 15 % of respondents pure online buyers (purchasing online and researching online)1 d. 2%10 9% 11%11% Inc.Allrightsreserved 5% 2% 1% 3% 5 5%5%5% 7%8% 9% Average 7% tonConsultingGroup, 9% 6% 7% 7% 5% 4% 3% 4% 3% 2% 1% 2% 1% 1% 1% 5 Laptop Smartphone & Tablet 3% 4% ht©2014byTheBost 2% 0 Laptop ChinaRussiaFranceItalyJapanSouth Korea UKBrazilUS 20140124 Final Document FINAL SENT.pptx Copyrigh 50 1. Does not include respondents purchasing online that went in a store to see the product before purchasing it Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  52. 52. Channels are blurring with online influencing over 50% of total luxury purchases 7 over 50% of total luxury purchases "Where have you bought the last item purchased? Where have you researched it?" 53%% of last purchase for each respondent 100 d. 60 80 38 8 Inc.Allrightsreserved 47 100 20 40 8 7 tonConsultingGroup, 0 20 TotalResearched OnlineResearched inPure OnlinePure in Store ROPO ht©2014byTheBost Purchased OfflineStore Purchased Online 20140124 Final Document FINAL SENT.pptx Copyrigh 51 Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  53. 53. Emerging markets the most into immersive digital experience, mature markets less interested in 7 experience, mature markets less interested in "Should your ideal store have limited or immersive in-store digital experience?" 18 24 28 24 34 3531 Limited digital % over respondents d. 28 34 37 39 39 36 35 25 31 Limited digital in store Inc.Allrightsreserved 69 55 53 46 4444 Indifferent tonConsultingGroup, 46 44 37 35 33 29 28 44 JapanUKFranceUSItalySouthBrazilRussiaChina Immersive digital in store Digital self navigation ht©2014byTheBost JapanUKFranceUSItalySouth Korea BrazilRussiaChina Augmented reality Digital sales supp. • Pick-up • Share • Archive • .... g g 20140124 Final Document FINAL SENT.pptx Copyrigh 52 Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  54. 54. True-Luxury Global Consumer Insight we will address 5 "W" questionswe will address 5 W questions Why now? What makes our study unique? d. Where will growth come from? What makes our study unique? Inc.Allrightsreserved g What will it take to win luxury Consumer? tonConsultingGroup, Which luxury segments will drive growth? ht©2014byTheBost What's in for you? 20140124 Final Document FINAL SENT.pptx Copyrigh 53
  55. 55. The genesis of segments: From the "crowded" world of luxury to 12 segments Absolute Luxurer "Luxury is my commodity" Status Seeker "I show then I exist" world of luxury to 12 segments y Megacitier "The world is my city" #LITTLEPRINCE "I am to cool for school" gments d. Experiencer "Luxury is real only when shared" SocialWearer "Green carpet" lobalseg Inc.Allrightsreserved Fashionista "In fashion I trust" Classpirational "I saw it on my boss" G tonConsultingGroup, TimelessProper "Fashion passes, style remains" OmniGifter "Oh darling" Gender pecific ht©2014byTheBost style remains L I "Well I can but do Ri h U t t "Luxury I am G sp ntry cific 20140124 Final Document FINAL SENT.pptx Copyrigh 54 Luxe Immune Well, I can, but do I want?" Rich Upstarter x y coming" Coun spec
  56. 56. 8 Global segments accounting for 80% of Core luxury market, 3 of them for 50%+luxury market, 3 of them for 50% Country specific Gender specific Global segments (gender / geography balanced) d. Absolute  luxurer Megacitier Experien  cer Fashionista Status  Seeker # Little  Prince Social Wearer Classpira tional Timeless Proper Omni Gifter Luxe Immune Rich Upstarter 2.1 2.3 2.7 2.7 2.2 1.5 0.7 3.1 2.5 2.0 1.5 1.3(M) nt Inc.Allrightsreserved 2.1 2.3 2.7 2.7 2.2 1.5 0.7 3.1 2.5 2.0 1.5 1.3 8% 9% 11% 11% 9% 6% 3% 13% 10% 8% 6% 6% (M) (%) Segmen size1 tonConsultingGroup, 29 17 12 8 8 10 14 3 8 10 4 4 61 38 33 21 16 15 10 10 21 19 6 5 (K€) (Bn€) ntAvg. Spend ht©2014byTheBost 61 38 33 21 16 15 10 10 21 19 6 5 24% 15% 13% 8% 6% 6% 4% 4% 8% 8% 2% 2% (Bn€) (%) Curren value 20140124 Final Document FINAL SENT.pptx Copyrigh 55 1.Does not include cars Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries) counting for 50%+ of lux. market
  57. 57. Are you able to follow your Consumers across their lifecycle?their lifecycle? • Luxury becomes like breathing, spend increase Absolute Luxurer Luxury Spend Megacitier • Reduced materialism and b eat g, spe d c ease • Exclusivity the key driver d. E i Reduced materialism and interest in personal luxury • Sharing becomes the priority Inc.Allrightsreserved Average Experiencer tonConsultingGroup, Fashionista #LITTLE PRINCE • Strong detachment and low interest into luxury • Reduced spend ht©2014byTheBost Age20-30s 30-40s 40-50s LuxeImmune educed spe d 20140124 Final Document FINAL SENT.pptx Copyrigh 56 g Most likely Less likely Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  58. 58. In the US, most relevant segments are the Experiencer and the Luxe-ImmuneExperiencer and the Luxe Immune Experiencer 16% How to reach them TimelessProper 13% Luxe-Immune 15% Experiencer 16% 19 45Magazines TV & Movies % of respondents Avg 50% 24% d. Fashionista 10% OmniGifter 13% 45 43 25 Store WoM & Social media Celebs & Events 34% 44% 39% Inc.Allrightsreserved Status Seeker 7% Classpirational 7% Absolute luxurer 8% 22Special events What they buy 22% tonConsultingGroup, #LITTLEPRINCE 4% Megacitier 5% Status Seeker 7% % of respondents 82 68Clothing Accessories Avg 68% 84% ht©2014byTheBost Rich Upstarter 0% SocialWearer 2% 58 64 55 82Accessories Food & Wine Hard luxury P&C % 54% 61% 45% 20140124 Final Document FINAL SENT.pptx Copyrigh 57 Source: BCG ad hoc luxury survey 70 58 Vacations Food & Wine 48% 45%
  59. 59. In the EU, most relevant segments are the Absolute Luxurer and the ExperiencerAbsolute Luxurer and the Experiencer Absolute luxurer 16% How to reach them Fashionista 12% Experiencer 15% Absolute luxurer 16% 26 51 TV & Movies Magazines % of respondents Avg 50% 24% d. TimelessProper 11% OmniGifter 11% 36 46 38 Store WoM & Social media Celebs & Events 34% 44% 39% Inc.Allrightsreserved Megacitier 6% Status Seeker 7% Classpirational 9% 30Special events What they buy 22% tonConsultingGroup, #LITTLEPRINCE 5% Luxe-Immune 6% Megacitier 6% % of respondents 94 87 Accessories Clothing Avg 68% 84% ht©2014byTheBost Rich Upstarter 0 SocialWearer 3% 70 80 71 94 Food & Wine Hard luxury P&C Accessories % 54% 61% 45% 20140124 Final Document FINAL SENT.pptx Copyrigh 58 Source: BCG ad hoc luxury survey 48%87 70Food & Wine Vacations 45%
  60. 60. In China, most relevant segments are the Fashionista and the Rich UpstarterFashionista and the Rich Upstarter Fashionista 18% How to reach them Megacitier 15% Rich Upstarter Fashionista 18% 17% 27 59 TV & Movies Magazines % of respondents Avg 50% 24% d. Classpirational 10% Status Seeker 11% 38 46 45 Store WoM & Social media Celebs & Events 34% 44% 39% Inc.Allrightsreserved #LITTLEPRINCE 4% SocialWearer 5% TimelessProper 7% 22Special events What they buy 22% tonConsultingGroup, Experiencer 4% OmniGifter 4% #LITTLEPRINCE 4% 68% % of respondents 85 71 Accessories Clothing Avg 84% ht©2014byTheBost Luxe-Immune 0 Absolute luxurer 3% 40 59 59 85 Food & Wine Hard luxury P&C Accessories 84% 54% 61% 45% 20140124 Final Document FINAL SENT.pptx Copyrigh 59 Source: BCG ad hoc luxury survey 42 40 Vacations Food & Wine 48% 45%
  61. 61. True-Luxury Global Consumer Insight we will address 5 "W" questionswe will address 5 W questions Why now? What makes our study unique? d. Where will growth come from? What makes our study unique? Inc.Allrightsreserved g What will it take to win luxury Consumer? tonConsultingGroup, Which luxury segments will drive growth? ht©2014byTheBost What's in for you? 20140124 Final Document FINAL SENT.pptx Copyrigh 60
  62. 62. So what's in for you?So what s in for you? • 2 / 3 of the next decade growth will be organic (today markets, today stores) Key take- aways • Consumer discontinuities will impact 100 €Bn industry investments. • 380 M luxury Consumers to become 440; total market to increase by 150 €Bn of which 78 €Bn made by additional 10 million core luxury Consumers d. aways y y • Socio demos no longer predictive of core luxury Consumer behaviors: 12 unique segments entering your stores with different expectations Inc.Allrightsreserved • Growth is there but there will be winners and losers. Actions required include a tonConsultingGroup, Call for set of commercial lever – Retail: country and generation customization – Quality and Exclusivity as Brand life insurance ht©2014byTheBost action – Advocacy a key pillar of an effective Omni-media strategy – Digital: from brick to digital and back again • "Made In Italy" an asset to build on for the long term growth 20140124 Final Document FINAL SENT.pptx Copyrigh 61 • "Amazonization" of Brand assets: consumer knowledge will make the difference Source: BCG 2013 specific survey (10.000 core luxury Consumers in 10 countries)
  63. 63. Antonio Achille Partner and Managing Director - MilanPartner and Managing Director - Milan Antonio Achille is a Partner and Managing Director in the Milan office. He is a leader of the Consumer & Retail practice of the firm, with a particular focus on Luxury Good and Fashion. For 20 years, he has been advising National and International Groups on issues that include corporate strategy, growth acceleration, clients strategic segmentation, organization redesign and Post Merger Integration. In the Luxury and Fashion sector his experience includes apparel, accessories, selective fragrances, jewelry/hard luxury and experiential luxury. The geographical scope of his work includes most of the developed and emerging key luxury markets (Europe, North America, Greater China, Turkey, Korea, Middle East ….). He has developed an extensive knowledge on the Global Luxury Consumer and he is responsible for the database that provides a comprehensive view on over 40.000 consumers from 20 countries, developed in cooperation with Altagamma, the trade association for the Italian luxury industry. The actionable insights based on the depth analysis of this database are presented aty g p y p the event “True-Luxury Global Consumer Insight”. In addition he chairs the annual Luxury Summit, one of the most valued discussion forum for the sector He is also member of the Scientific Committee of one the first Italian master on Luxurysector. He is also member of the Scientific Committee of one the first Italian master on Luxury. Antonio is extensively quoted, as Luxury and Consumer expert, in Italian and International media, such as "Il sole 24 ore", "La Repubblica", "Il Corriere della Sera", CNBC, FashionIllustrated,… 62Antonio Achille altagamma.pptx Prior to joining BCG he worked for Arthur D. Little. He graduated magna cum laude from the “Università L. Bocconi” of Milan where he holds a degree in Business Administration.
  64. 64. About BCG and its Luxury Fashion & Beauty practiceAbout BCG and its Luxury Fashion & Beauty practice The Boston Consulting Group (BCG) is a global management consulting firm and the world’s l di d i b i t t W t ith li t f th i t bli d tleading advisor on business strategy. We partner with clients from the private, public, and not- for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. O t i d h bi d i i ht i t th d i f i d k t d. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 81 offices in 45 countries. Inc.AllrightsreservedtonConsultingGroup, Within the Firm, The Luxury, Fashion and Beauty practice, with more that 200 experts worldwide, advises Brands and Retail bringing together the experience of its centres of competence located in all key must be geographies for the sector: Milan, Ney York, Paris, Shanghai, Hong Kong and Tokyo. ht©2014byTheBost BCG Luxury, Fashion and Beauty team has a deep and relevant experience driving profitable growth with leading Brands and Retail companies, from strategy to marketing and operations, and a unique point of view on consumer segmentation. 20140124 Public Slides SENT.pptx Copyrigh 63
  65. 65. BCG contactsBCG contacts For a copy of BCG "True-Luxury Global Consumer Insight" or to schedule an interview with Antonio Achille, please contact: d. INTERNATIONAL PRESS: Inc.Allrightsreserved INTERNATIONAL PRESS: • Marie Karlbom email: Karlbom.Marie@bcg.com or +39.02.65599389 tonConsultingGroup, ITALIAN PRESS: ht©2014byTheBost • Francesco Guidara email: Guidara.Francesco@bcg.com or +39.02.65599704 • Marco Micheli email: Micheli.Marco@bcg.com or +39.02.65599216 20140124 Public Slides SENT.pptx Copyrigh 64

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