Consumer M&A activity continued to surge with the highest valuations not seen since the economic downturn of 2008 and over $137 billion in total transaction value. Consumer confidence continued to rise, with U.S. retail sales increasing by 4.2% in 2017, bolstered by one of the strongest holiday seasons in recent years. Despite its challenges, the apparel sector could be seen as experiencing a year of growth. Read the apparel report for an in-depth analysis of the global industry, focusing on themes, issues, and opportunities impacting the sector and its performance. We hope you will find this report, and the other reports to follow, a useful source of information.
Duff & Phelps Quarterly Apparel Report - Spring 2018 aims to identify trends and provide insights across the apparel sector, including in-depth analysis of the global industry, focusing on key themes, issues and opportunities.
Apparel Quarterly Update - Late Fall 2017Duff & Phelps
Consumer M&A activity continues to surge with over $25 billion of transaction value completed in Q3 2017 alone. Similarly, valuations reached levels that haven't been seen since the economic downtown of 2008. This activity is underpinned by the strength of the debt capital markets where middle-market debt multiples have increased to almost 6x EBITDA. Within Consumer, the Active Apparel and Footwear index garnered the highest valuations at 12.6 times last 12 months’ (LTM) EBITDA. Read the report for more detail on current market conditions, trends and transaction activity.
Target Corporation Consulting Project - Growth through acquisition. Interim report.
University of Michigan, Ross School of Business, MO 470, Winter 2015.
• P&G net sales remain flat at $16.9bn in Q2 2017
• Tesco most improved supermarket in customer satisfaction survey
• Product Of The Year Winners provide insights on key shopper trends for 2017
• Cadbury agrees sponsorship deal with Premier League
• Travel division drives growth at WH Smith but high street stores struggle
• UK toy market rose by more than 6% in 2016
• Inflation hits 30-month high to squeeze spending power, Asda Income Tracker says
• Unilever’s Q4 figures come in below estimates and warns of further tough times ahead
• Tesco agrees £3.7bn deal to acquire Booker
• Consumer confidence rises at quickest rate since August
• Consumers’ preference for new experiences over new products will drive technology growth in packaging
Duff & Phelps Quarterly Apparel Report - Spring 2018 aims to identify trends and provide insights across the apparel sector, including in-depth analysis of the global industry, focusing on key themes, issues and opportunities.
Apparel Quarterly Update - Late Fall 2017Duff & Phelps
Consumer M&A activity continues to surge with over $25 billion of transaction value completed in Q3 2017 alone. Similarly, valuations reached levels that haven't been seen since the economic downtown of 2008. This activity is underpinned by the strength of the debt capital markets where middle-market debt multiples have increased to almost 6x EBITDA. Within Consumer, the Active Apparel and Footwear index garnered the highest valuations at 12.6 times last 12 months’ (LTM) EBITDA. Read the report for more detail on current market conditions, trends and transaction activity.
Target Corporation Consulting Project - Growth through acquisition. Interim report.
University of Michigan, Ross School of Business, MO 470, Winter 2015.
• P&G net sales remain flat at $16.9bn in Q2 2017
• Tesco most improved supermarket in customer satisfaction survey
• Product Of The Year Winners provide insights on key shopper trends for 2017
• Cadbury agrees sponsorship deal with Premier League
• Travel division drives growth at WH Smith but high street stores struggle
• UK toy market rose by more than 6% in 2016
• Inflation hits 30-month high to squeeze spending power, Asda Income Tracker says
• Unilever’s Q4 figures come in below estimates and warns of further tough times ahead
• Tesco agrees £3.7bn deal to acquire Booker
• Consumer confidence rises at quickest rate since August
• Consumers’ preference for new experiences over new products will drive technology growth in packaging
Thanks everyone that attended the Business Ignite meetup at Launch Workplaces in Tysons and Gaithersburg.
Effective Marketing Techniques That Work
Marketing is probably one of the most difficult, yet necessary, aspects of any business. It's often critical to the survival of a company, yet so few business owners or entrepreneurs understand how to plan and implement effective marketing techniques for their companies.
Join Hector Del Castillo as he hosts an information session to discuss the benefits and core skills you will acquire by attending an upcoming workshop to learn effective marketing techniques for small businesses and startups.
This session provides business owners tips to help increase brand awareness, drive more traffic to your website, and gain new customers.
Learn why Marketing is the new Sales for many tech small businesses and startups.
Workshop: Powerful Marketing Techniques To Grow Your Business
Thursday, August 20th, 6 to 9 p.m.
Launch Workplaces - Tysons
Learn More: http://bit.ly/pmktg815
Workshop: Building Your Own Business Plan
Saturday, August 29th, 9 a.m. to 1 p.m.
Launch Workplaces - Tysons
Learn More: http://bit.ly/bizignt829
Business Ignite Series: Creating Your Own Personal Brand
Tuesday, September 1, 7 - 8:30 p.m.
Launch Workplaces - Tysons
Learn More: http://bit.ly/bizignt901
IMC 610 Integrated Marketing Communication Plan for KmartStephanie Marchant
Integrated Marketing Communications plan for Kmart. The target audience of female shoppers between the ages of 18 and 45 is the focus of the proposed campaign and a great deal of research has been completed to identify and utilize Kmart’s strengths, weaknesses, opportunities and threats to prepare a plan most beneficial to the organization. Objectives and tactics have been designed to fall in line with Kmart’s mission and values. This detailed plan includes marketing, creative, media, and public relations strategies, as well as direct marketing and sales promotions suggestions. A comprehensive budget and media plan flowchart map out the campaign and the proposed measurement and evaluation plan will assess the campaign upon completion.
This Public Relations Plan was developed for a class that was part of West Virginia University's Integrated Marketing Communications Master's degree program.
Duff & Phelps has published the third edition of its report on Celebrity Brand Values in India, Rise of the Millennials: India’s Most Valuable Celebrity Brands 2017.
• Nisa announces sector leading social media presence
• SPAR confirms tie-up with Holland & Barrett
• Morrisons announces another round of price cuts
• Sainsbury's delivers encouraging 2015/16 results
• Grocery market growth stalls in April Kantar data
• Whole Foods Market set to expand price and promotional investments
• Reflecting on Asda's tie-up with James Martin
• Morrisons delivers further LFL growth in Q1
• More brands on Aldi’s shelves in Europe
• Price of some everyday groceries now 40% cheaper than a year ago
As Big As You Want | Ryan Moor from Ryonet | PrintHustlers Conf 2019Printavo
Ryan Moor has been involved with Printavo since the early days. A stalwart advocate for the industry, Ryan Moor has grown Ryonet from a side hustle on eBay into a giant distributor, manufacturer, and organizer for the entire screen printing industry.
Ryan discusses the Blue Oceans that Ryonet took advantage of, the struggles that have happened along the way, and the two types of people that need to come together for a business to really succeed.
Watch his presentation in full here: https://www.youtube.com/watch?v=LTcLyP4zzE0
A huge thanks to Ryan for joining us at PrintHustlers Conf 2019!
Thanks everyone that attended the Business Ignite meetup at Launch Workplaces in Tysons and Gaithersburg.
Effective Marketing Techniques That Work
Marketing is probably one of the most difficult, yet necessary, aspects of any business. It's often critical to the survival of a company, yet so few business owners or entrepreneurs understand how to plan and implement effective marketing techniques for their companies.
Join Hector Del Castillo as he hosts an information session to discuss the benefits and core skills you will acquire by attending an upcoming workshop to learn effective marketing techniques for small businesses and startups.
This session provides business owners tips to help increase brand awareness, drive more traffic to your website, and gain new customers.
Learn why Marketing is the new Sales for many tech small businesses and startups.
Workshop: Powerful Marketing Techniques To Grow Your Business
Thursday, August 20th, 6 to 9 p.m.
Launch Workplaces - Tysons
Learn More: http://bit.ly/pmktg815
Workshop: Building Your Own Business Plan
Saturday, August 29th, 9 a.m. to 1 p.m.
Launch Workplaces - Tysons
Learn More: http://bit.ly/bizignt829
Business Ignite Series: Creating Your Own Personal Brand
Tuesday, September 1, 7 - 8:30 p.m.
Launch Workplaces - Tysons
Learn More: http://bit.ly/bizignt901
IMC 610 Integrated Marketing Communication Plan for KmartStephanie Marchant
Integrated Marketing Communications plan for Kmart. The target audience of female shoppers between the ages of 18 and 45 is the focus of the proposed campaign and a great deal of research has been completed to identify and utilize Kmart’s strengths, weaknesses, opportunities and threats to prepare a plan most beneficial to the organization. Objectives and tactics have been designed to fall in line with Kmart’s mission and values. This detailed plan includes marketing, creative, media, and public relations strategies, as well as direct marketing and sales promotions suggestions. A comprehensive budget and media plan flowchart map out the campaign and the proposed measurement and evaluation plan will assess the campaign upon completion.
This Public Relations Plan was developed for a class that was part of West Virginia University's Integrated Marketing Communications Master's degree program.
Duff & Phelps has published the third edition of its report on Celebrity Brand Values in India, Rise of the Millennials: India’s Most Valuable Celebrity Brands 2017.
• Nisa announces sector leading social media presence
• SPAR confirms tie-up with Holland & Barrett
• Morrisons announces another round of price cuts
• Sainsbury's delivers encouraging 2015/16 results
• Grocery market growth stalls in April Kantar data
• Whole Foods Market set to expand price and promotional investments
• Reflecting on Asda's tie-up with James Martin
• Morrisons delivers further LFL growth in Q1
• More brands on Aldi’s shelves in Europe
• Price of some everyday groceries now 40% cheaper than a year ago
As Big As You Want | Ryan Moor from Ryonet | PrintHustlers Conf 2019Printavo
Ryan Moor has been involved with Printavo since the early days. A stalwart advocate for the industry, Ryan Moor has grown Ryonet from a side hustle on eBay into a giant distributor, manufacturer, and organizer for the entire screen printing industry.
Ryan discusses the Blue Oceans that Ryonet took advantage of, the struggles that have happened along the way, and the two types of people that need to come together for a business to really succeed.
Watch his presentation in full here: https://www.youtube.com/watch?v=LTcLyP4zzE0
A huge thanks to Ryan for joining us at PrintHustlers Conf 2019!
This report marks the 20th year of identifying
the 250 largest retailers around the world and
analyzing their performance across geographies,
sectors, and channels.
Over the last 20 years we have seen a seismic shift
in retail and the customers that retailers serve.
Consider that in 1997, the inaugural year of this report,
today’s average Amazon Prime customer was just
16 years old, AOL was pioneering social media, and
handheld virtual pets were the hottest-selling toys.
Today, handheld (or wearable) digital devices are
ubiquitous and a younger, social customer has come of
age. We are living in an era where customers are in the
driver’s seat more than ever before and they are craving
authenticity, newness, convenience, and creativity. We
are living in the customer-driven economy.
Black Friday is a critical event in the retail calendar in MENA. This event which was first launched by Souq (now Amazon) as a 3-day online only event has now expanded to over six weeks of Q4. The event has been so popular that ~20% of annual online retail sales happen during the Black Friday sale period.
Patrick Dolan (Speaker) President & COO, IAB
In February the IAB released its second annual “IAB 250 Direct Brands to Watch” report identifying the top direct-to-consumer brands that are disrupting their industries and driving positive change in the U.S. consumer economy. This session will provide a deep dive into the report’s findings including emerging trends in marketing, advertising and data usage as well as ways traditional brands can leverage new techniques to drive growth.
Industry Insights into the Retail Sector 2017Sukhjeeven Nat
Santander was featured in Retail Week with a Q&A discussing what's coming up for 2017 in retail. If you'd like to see how we are supporting our customers as they navigate the key trends, you can download the article here.
A Christmas Story: Content marketing for digital success in a multicultural w...Axonn Media
Multicultural content marketing is the most effective way for brands to engage local audiences in the international market. This is especially true for companies expanding their operations to countries where English isn’t the main language spoken.
This white paper, a joint project between Axonn Media and EnVeritas Group, looks at how brands can drive increased sales in non-English markets in retail’s busiest period and the rest of the year.
Speaking about the power of multicultural content marketing, Head of European Content at NewsReach Frank Hartkopf said: “The time of one-size-fits-all marketing is over. Brands need to take advantage of the power of multicultural content marketing in order to break into new markets and improve their global reputation and credibility.”
Eric Ingrand, EnVeritas Group Vice President of Content Marketing EMEA, added: “Publishing content in multiple languages for a variety of markets requires digital agility. But it is an incredibly powerful way of reaching out to new audiences. Large or small, companies with an international reach need multicultural content marketing to succeed in the digital age.”
Highlights from the white paper include:
* An interview with Expedia brand Hotels.com’s marketing managers Michael Korkia and Malte Bunjes. They explain how adapting their content to provide users an authentic local experience pays off when it comes to conversion.
* An insight piece by Robert Rose from the Content Marketing Institute analysing how Coca-Cola uses content to connect with its global audience not just during the festive season but throughout the year.
* Commentary from Essential Retail editor Ben Sillitoe about how UK retailers such as Marks & Spencer are breaking into European and emerging markets.
* Contributions from people all over the world to show how retailers and locals approach Christmas in countries such as Finland, China, Russia and South Africa.
Karen Webber, Marketing Director at Axonn Media, commented: “We wanted to produce a white paper that conveys our shared passion for multicultural content marketing through superb opinion pieces, strong case studies and really useful, practical tips for retailers.”
“The next few months are of crucial importance to these brands, and we hope our white paper can help them drive increased sales through multicultural content marketing.”
2019 The annual report on the world's most valuable and strongest apparel brands.
Nike continues to dominate as the world’s most valuable apparel brand, with a brand value of US$32.4billion
+ Zara and Adidas move up the ranks as H&M’s brand value decrease pushes it down to 4th place
+ Uniqlo is the fastest-growing apparel brand in the top 10, up a whopping 48% year on year
+ Rolex is the strongest brand in the sector, posting an elite AAA+ brand strength rating
+ Luxury brands account for 7 out of the top 10 strongest apparel brands, showing importance of brand strength in the segment
How can hospitalist programs manage the ongoing shift to value-based care, along with operating costs and the challenges of managing, recruiting and retaining high-quality physicians? Read the report to find out.
Capital Markets Insights – Late Fall 2018Duff & Phelps
What’s been an increase in growth and acquisition-related financings and recapitalization transactions? Read the fall edition of Duff&Phelps’ Capital Markets Insights.
Read Duff & Phelps’ detailed synopsis of the latest news and publications issued by France’s AMF affecting the asset management industry during the third quarter of 2018.
Healthcare Services Sector Update – October 2018Duff & Phelps
healthcare m&a advisory, best performing sectors in healthcare, healthcare services industry, m&a advisors in healthcare industry, Healthcare Services Index
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Medical Device Contract Manufacturing Update – Fall 2018Duff & Phelps
The global medical devices contract manufacturing market was valued at $70 billion in 2017, and is forecasted to increase to $115 billion in 2022, a compound annual growth rate (CAGR) of 9.5%. Read the Medical Device Contract Manufacturing Update Report for market trends impacting the contract manufacturing organizations (CMO).
The Duff & Phelps cost trend update is now available for both the Construction Cost and Equipment Cost indices. This trend update dates back to 2015 and shows how the last four years has been relatively stable for construction after a decade of volatility, while the equipment cost indices continues to show moderate year-on-year changes. Please be reminded that these indices are just average indicators of change and they are not absolutes. Duff & Phelps advises that after five to seven years, you should establish a new replacement cost basis by using a qualified valuation professional. Please contact Brad Schulz at Duff & Phelps to discuss establishing a new replacement cost basis.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Hedge Fund and Private Equity Fund - Structures, Regulation and Criminal RisksDuff & Phelps
Duff & Phelps Managing Directors Ann Gittleman and Norman Harrison discussed structures, regulation and criminal risks in hedge fund and private equity fund at the Annual FBI conference in Washington, D.C. Read more in this report.
Food and Beverage M&A Landscape - Summer 2018Duff & Phelps
M&A deal activity in the food and beverage industry remains active, with more than 270 deals closed over the last twelve-month (LTM) period ended July 31, 2018. Mega-sized deals continued to make headlines, with several North American transactions closing at multibillion values since our Spring 2018 report. The largest transaction seen was the merger between Keurig Green Mountain Inc. and Dr. Pepper Snapple Group, at a value over $25 billion. Other large transactions include, Conagra Brands’ $10.9 billion acquisition of Pinnacle Foods Inc., a manufacturer and distributor of branded convenience food products in North America, as well as General Mills’ acquisition of Blue Buffalo Pet Products, Inc., a natural pet food company for $8.0 billion.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
2. Duff & Phelps Apparel Quarterly Update | Winter 2018
1
About Our Practice
Duff & Phelps' Consumer Group is among the most active middle-market
advisors, providing sell side, buy side and capital raising services for clients
worldwide. With expertise in consumer, food, restaurant, apparel and retail
sectors, our professionals have executed over 100 industry transactions
over the past 10 years.
Additionally, we expanded the West Coast office by adding Brian Little, a
Managing Director within Corporate Finance, enhancing Duff & Phelps’
Consumer M&A efforts, and furthering its coverage in the Apparel and
Footwear industry.
Our Team
Corporate Finance
Transaction Advisory Services
Edward Mielke
Managing Director
+1 212 450 2876
ed.mielke@duffandphelps.com
Myron Marcinkowski
Managing Director
(678) 916-2500
myron.marcinkowski@duffandphelps.com
Raphael Newman
Managing Director
(212) 871-2000
raphael.newman@duffandphelps.com
Joshua Benn
Head of Consumer
+1 212 450 2840
joshua.benn@duffandphelps.com
Brian Little
Managing Director
+1 310 598 4358
brian.little@duffandphelps.com
Valuation Services
Proven
Execution
100+ Consumer M&A and Capital Raise transactions
over the past 10 years
Deep Sector
Expertise
Category focus drives thought leadership and builds
invaluable relationships with buyers and investors alike
Customized
Approach
Successful track record of premium value transactions
driven by hands-on execution and creativity
Experienced
Team
Over 30 bankers dedicated exclusively to the Consumer
sector within the U.S. alone
Global
Platform
Over 2,500 employees across 70 offices in 20 countries,
with an extensive presence in the U.S., Europe and Asia
#1 Ranked for U.S. and global Fairness Opinions for 2017.1
#4 Middle-Market M&A Advisor over the past five years.2
See page 25 for data sources
Jared Brenner
Vice President
+1 310 598 4368
jared.brenner@duffandphelps.com
Henry Wells
Head of UK M&A Advisory
+44 (0)20 7089 4876
henry.wells@duffandphelps.com
3. Duff & Phelps Apparel Quarterly Update | Winter 2018
2
Executive Summary
Despite its challenges, the apparel sector could be seen as
experiencing a year of growth. In the face of industry-specific
headwinds (see: retail), political uncertainty, and a competitive global
marketplace, the market still persevered.
Brands have attempted to adapt — with varying degrees of success
— to meet the demands of an increasingly fickle and discerning
consumer, while navigating a rapidly evolving retail landscape. A
national downsizing of brick-and-mortar retail doors has presented
challenges for traditional wholesalers, while rising customer
acquisition costs have led digitally native brands to reconsider their
direct-to-consumer strategies. And yet, the sector experienced growth.
From an M&A perspective, Consumer transactions continue to surge
— over $137 billion of transaction value in 2017 alone — with
valuations we have not seen since the economic downtown of 2008.
Consumer confidence continues to climb, now exceeding pre-
recession levels. The bull market of eight-plus years surged forward
again, with the S&P 500 rising 8.2% last quarter.
We believe uncertainty within the current market created
opportunities for companies that are nimble and well-capitalized:
opportunities to problem-solve through a convergence of innovation,
human capital and technology. We are excited for these opportunities
and for brands that are affecting change, and look forward to sharing
our thoughts with you.
Our Quarterly Apparel Report is intended to provide insights into all
things related to the Apparel sector. Our market update provides an
in-depth analysis of the global industry, focusing on themes, issues
and opportunities impacting the sector and its performance.
We hope you will find this report, and other reports that follow, useful
sources of information.
T h e T i m e s T h e y A r e a - C h a n g i n ’ T a b l e o f C o n t e n t s
Executive Summary3
2017 – A Year In Review4
Trends and Insights5
Recent Apparel M&A Activity7
Eye on Retail10
Public Comparables11
Selected Duff & Phelps’ Apparel and
Accessories Transactions23
Source: S&P Global Market Intelligence
4. Duff & Phelps Apparel Quarterly Update | Winter 2018
3
2017 - A Year In Review
We continued our run with the bulls: the stock market surpassed all-
time highs and posted strong gains over the course of the year. The
continuation of the bull market bode well for subsectors — the
Consumer Discretionary sector outpaced the S&P 500 by nearly 2%.
Despite strong performance overall, retail stocks generally struggled
as investors carefully watched the industry transformation underway.
In the United States, retail sales grew 4.2% in 2017, backed by
strong consumer confidence and rising levels of disposable income.
While online purchases helped drive retail sales growth, traditional
retailers experienced one of the strongest holiday seasons in years.
Retailers continue to adapt their business models in this evolving
environment. Amidst nearly 7,000 store closures4, retailers were
committed to investing in technology, experimenting with innovative
retail experiences and fortifying their online presence.
Businesses appealed to consumer preferences by: incorporating
aspects of product customization to appeal to more millennials;
expanding their athleisure assortment to benefit from positive market
growth; and broadening their product assortment to capture
underserved markets, including plus-size, which represents a nearly
$20 billion opportunity5.
Whether companies grew organically, merged or conducted strategic
acquisitions, a spirit of adaptation pervaded the retail market in 2017.
This update highlights four key trends impacting the apparel sector
which will likely continue in 2018: adapting business models of
traditional retailers, digitally native brands pivoting to offset customer
acquisition costs, the use of big data to drive sales, and consumer
engagement through content.
With continued revenue growth and improving EBITDA margins,
investors will be carefully watching capital investments throughout
the year and tracking their success.
S u m m a r y 2 0 1 7 B y T h e N u m b e r s
Stocks continued to climb, with the S&P 500
increasing by 19.4%
U.S. retail sales grew by 4.2%
Valuations increased as EBITDA multiples for
Branded Apparel and Fashion grew by 1.9x
Transaction value for Apparel M&A exceeded
$5.0 billion, up 32% year-over-year
$
1
$
See page 25 for data sources Source: S&P Global Market Intelligence
5. Duff & Phelps Apparel Quarterly Update | Winter 2018
4
Trends and Insights
Retailers continue to embrace technology to win over customers, including
innovative solutions ranging from virtual reality showrooms to augmented
reality.
Retailers are focused on creating enhanced in-store experiences and
strengthening local marketing efforts to help offset store closures and draw
foot traffic. Companies, including Nordstrom, are reimagining the traditional
retail experience with small format stores that feature experiential services
like personal styling, in-store bars and manicures.
Digital Native Brands Comes to Life
1 2Brick and Mortar: Getting the Customer Back
As customer acquisition costs (CAC) continue to rise, digitally native brands are
opening physical locations with favorable unit economics that support in-store
customer acquisition, helping reduce CAC costs.
82% of mobile users search for a local business online6 and 18% of
local searches lead to a sale within 24 hours7
E-commerce/digital influences up to 56% of in-store purchases8 and
50% of millennials prefer going to stores9
86% of all millennials use their phones while shopping in stores10
86% of shoppers like “experience stores,” where they can test
products in the store but buy via mobile or online13
The pop-up store phenomenon now accounts for approximately $10
billion in sales annually12
Online-only retailers that open a store see an increase in sales of 5
to 8 times11
Personal Styling
e.g., Nordstrom
Augmented Reality
e.g., Tommy Hilfiger
Smart Mirrors
e.g., Uniqlo
Experiential Services
e.g., Frank & Oak
Showrooms
e.g., Bonobos
Experiences
e.g., Kanuk
Acquisition of costly, price-focused new customers has left its scar on online retail,
with many brands instead choosing to try out brick-and-mortar, where lease costs
are much more predictable and far less volatile. These store locations provide a
platform to strengthen branding and enhance customer satisfaction by providing a
seamless omni-channel experience and exciting customer experiences.
See page 25 for data sources
6. Duff & Phelps Apparel Quarterly Update | Winter 2018
5
Trends and Insights
Big Data = Big Sales Content is King
3
Engagement, rather than promotion, has become the core marketing objective,
giving rise to content that exhibits elements of sincerity, peer and influencer
recommendations, and brand values.
Instagram continues to be a key marketing channel for brands with sponsored
posts more than doubling in 201717. However, with increased competition for
views, brands are testing various approaches to differentiate their online marketing
and drive consumer engagement. Sephora has increasingly found that turning to
micro-influencers has successfully helped it create more meaningful and diverse
content, and has increased consumer engagement. Other brands like Nike have
encouraged engagement through product customization on Instagram with its
PhotoiD microsite.
4
In-store analytics offers a $61 billion value stake for retail in
201814
85% of retail customer interaction will be managed and tracked
by Artificial Intelligence by 202015
Versace targeted and scored website visitors in real time based
on their purchases, yielding a 35% increase in online sales and
a 300% increase in average order value16
72% of millennials report buying fashion and beauty products
based on Instagram posts20
54% of consumers would consider ending their relationship with
a retailer if they are not given tailor-made and relevant content19
From complex algorithms analyzing online activity to smart fit mirrors in stores,
companies are increasingly relying on analytics and machine learning to help
drive sales.
By building out customer profiles based on shopping patterns, companies can
create a curated customer experience across its platforms and develop a rich
understanding of trends. Analyzing data from multiple site and store visits allows
retailers to discover valuable insights into each customer’s personal style,
preferences and fit. Using data, retailers can react to individual customer demands.
Sales
New Customers
Incremental Sales
Inspire Frequent
Visits
Increased Customer
Satisfaction
Predict Demand
Improved Inventory
Management
Shopping Habits
Days/Times
Frequency
Channels
Customer Info
Products Viewed
Sizes Bought
Style Trends
Customer Spending
Fit
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
85 87
103 107 121 126 134 142 139 147 161 171Sponsored Instagram Posts (Millions)
Businesses are making $6.50 for every dollar spent on
influencer marketing18
Source: “Influencer Marketing Trends You Must Know In 2018.” January 15, 2018. Klear.
See page 25 for data sources
7. Duff & Phelps Apparel Quarterly Update | Winter 2018
6
Recent Apparel M&A Transaction Activity
May 2017
was acquired by
June 2017
was acquired by
July 2017
was acquired by
May 2017
was acquired by
June 2017
was acquired by
June 2017
received an
investment from
May 2017
was acquired by
August 2017
was acquired by
October 2017
received an
investment from
October 2017
received an
investment from
August 2017
was acquired by
August 2017
was acquired by
October 2017
was acquired by
Company
Management
August 2017
was acquired by
November 2017
IPO
January 2018
received an
investment from
December 2017
was acquired by
October 2017
was acquired by
December 2017
received an
investment from
January 2018
received an
investment from
December 2017
received an
investment from
January 2017
was acquired by
April 2017
was acquired by
April 2017
was acquired by
January 2017
was acquired by
February 2017
was acquired by
February 2017
was acquired by
March 2017
was acquired by
Apparel and Fashion Active Apparel and Footwear RetailAccessories
Sectors
8. Duff & Phelps Apparel Quarterly Update | Winter 2018
7
Transaction Spotlight: Walmart’s e-Commerce Spree
Walmart has aggressively pursued channel expansion through multiple acquisitions
Ent. Value: $50 million
Online retailer of indie
and vintage-inspired
women’s clothing
March 2017
Mono-Brand Multi-Brand Marketplace
Ent. Value: $310 million
High-end, online, men’s
clothing brand
June 2017
Ent. Value: $70 million
Online retailer of
footwear, clothing
and accessories
January 2017
Ent. Value: $51 million
Online retailer of
outdoor recreation
apparel and gear
February 2017
Ent. Value: $3.3 billion
Online shopping
marketplace
August 2016
▪ To help it compete in the online apparel market, Walmart has completed five acquisitions totaling $3.9 billion since mid-2016, adding both talent and brands to its
growing online business
▪ While its long-term strategy remains unclear, these acquisitions provide access to high-profit categories, new customer demographics and more affluent shoppers
▪ By leveraging its massive brick-and-mortar store base, Walmart will be able to significantly drive sales growth further enhancing its omni-channel strategy
▪ Walmart will leverage
ModCloth’s fun and
expressive style and
tight customer
community to build a
strong millennial
customer base
▪ Complementary
brand to Walmart’s
other e-commerce
sites
▪ Walmart will use its
subsidiary, Jet.com,
to help Bonobos sell
to a wider audience
online
▪ Bonobos’ team will
help shape Walmart
online, especially in
leading its collection
of exclusive online
brands
▪ The acquisition
allows Walmart to
compete with
Amazon, which owns
26% of the online
shoe sales market
▪ ShoeBuy suppliers
are now able to sell
their products on
Jet.com, expanding
the company’s
product offering and
customer base
▪ Like ModCloth,
Moosejaw has a
strong millennial
customer base that
Walmart hopes to
absorb
▪ Walmart gains the
experience of another
well-established e-
commerce player,
this time in the active
outdoor category
▪ This deal combines
Walmart’s retail
expertise, purchasing
scale, sourcing
capabilities,
distribution footprint,
and digital assets
with Jet.com’s team,
technology and
business
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., The Deal, The Wall Street Journal)
9. Duff & Phelps Apparel Quarterly Update | Winter 2018
8
Transaction Spotlight: Action Sports Apparel
Action Sports Apparel M&A has seen an increase in activity
▪ Despite a challenging environment in action sports, interest in the sector remains strong with investments focused on global expansion and operational
efficiencies
December 2017
Boardriders is a manufacturer of
action sports apparel, footwear and
accessories under the Quicksilver,
Roxy and DC Shoes brands
▪ The transaction creates the
world’s leading action sports
company, generating
combined revenue of over $2
billion
▪ The transaction is expected to
engender deeper partnerships
with customers and suppliers
and streamline operations
with synergies of $50 million
to $100 million
Billabong International
manufactures boardsports apparel,
accessories, watches and
backpacks
October 2017
Supreme New York is a designer of
skateboarding-inspired streetwear
and other apparel
The Carlyle Group is an American
multinational private equity,
alternative asset management and
financial services corporation
▪ Proceeds from the transaction
will be used to fund additional
expansion in Asia, particularly
in China, Korea and Hong
Kong, where Supreme has yet
to open stores
November 2017
HUF Holdings LLC operates
boutique skateboard and apparel
stores offering streetwear, footwear
and outerwear
TSI Holdings is a Japanese
manufacturer and distributor of
apparel brands including Rebecca
Minkoff
▪ The transaction helps TSI
diversify outside women’s
apparel and enter the growing
streetwear market
▪ There are clear operating
synergies with HUF’s sole
distributor in Japan, a wholly
owned subsidiary of TSI
Holdings
July 2017
K2 Sports winter sports division
includes brands such as K2, Ride,
Völkl, Marker, Dalbello, Madshus,
Line, Full Tilt, Atlas, Tubbs, and BCA
Kohlberg & Company is a private
equity firm that focuses on
leveraged buyout transactions
▪ Newell Brands chose to divest
its winter sports division,
following the acquisition of
Jarden
▪ Kohlberg will seek to unlock
each brand’s full potential and
bring authentic lifestyle
experiences to the global
outdoor sports enthusiast
community
Billabong International was
acquired by Boardriders
The Carlyle Group acquired a
51% stake in Supreme
TSI Holdings Co. acquired a 90%
stake in HUF Holdings
Kohlberg & Company acquired K2
Sports’ Winter Sports Division
Ent. Value: $227 millionEnt. Value: $1.1 billion Ent. Value: $70 millionEnt. Value: $240 million
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., The Deal, The Wall Street Journal)
10. Duff & Phelps Apparel Quarterly Update | Winter 2018
9
(40.0%)
(30.0%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
Mass/Club Department Off-Price
Specialty Retail S&P 500
2010 2011 2012 2013 2014 2015 2016 2017
5.5%
6.8%
3.4% 3.4%
2.4% 2.5%
3.7%
4.9%
Eye on Retail
Indexed Stock Price Performance
See page 25 for data sources
Sector index weight based upon company market capitalization at valuation date.
Index constituents for Mass/Club, Department, Off-Price and Specialty Retail are
listed on pages 17-19.
• In 2017, retail sales improved by 4.2%3, backed by strong
consumer confidence and rising levels of disposable income
– Holiday sales increased by 4.9% year-over-year21
• The over-stored retail industry continues to streamline its store
base with an emphasis on online sales growth
– After closing 7,000 stores in 20174, closures are expected to
continue throughout 2018 with major retailers already planning
to close an additional 3,600 stores across the United States
this year22
• Retail stocks were down overall, but rallied in the second half of
the year
– Mass/Club and Off-Price benefited from value-conscious
consumers, while declining mall foot traffic resulted in subdued
results for Department Stores and Specialty Retail
• Retailers continue to embrace new ways of doing business and
are re-engineering consumer engagement by blending physical
and digital experiences
• Moving into 2018, retailers will likely to continue to invest in online
initiatives to help improve sales and to make strategic acquisitions
to add valuable e-commerce expertise
Rebounding Holiday Sales (YoY Increase)
Holiday sales are on the
up-and-up
Source: Mastercard SpendingPulse Report. January 2018.
Source: S&P Global Market Intelligence
11. Duff & Phelps Apparel Quarterly Update | Winter 2018
10
8.8%
12.0%
5.9%
0.9%
6.4%
9.5%
18.6%
8.9%
3.6%
(5.2%)
(0.2%)
5.6%
2.7%
(3.0%)
8.3%
2.3%
4.6%
2.1%
37.4%
9.6%
7.0%
5.1%
3.9%
7.3%
5.8%
7.6%
6.6%
3.4%
1.5%
2.8%
3.5%
1.3%
(2.3%)
5.6%
1.0%
2.1%
2.1%
26.4%
16.3%
6.6%
13.2%
12.7%
17.8%
10.8%
23.4%
14.4%
11.8%
10.6%
7.5%
14.4%
8.0%
7.0%
13.9%
7.0%
7.0%
9.7%
14.2%
(0.8%)
0.5%
(0.0%)
0.1%
(1.1%)
0.8%
0.7%
0.0%
(0.6%)
(1.8%)
(1.1%)
0.5%
(0.9%)
(0.5%)
0.4%
(1.9%)
(0.2%)
(0.7%)
(0.1%)
0.7%
0.7%
0.5%
0.2%
0.2%
1.0%
0.5%
0.5%
0.4%
0.8%
1.7%
0.4%
0.0%
(0.8%)
0.1%
(0.5%)
0.0%
0.2%
(0.2%)
Operational Benchmarking
Sector index weight based upon company market capitalization at valuation date.
Source: S&P Global Market Intelligence; index constituents on pages 13-20.
Year-Over-Year Revenue Growth
2017E 2017E Change 2018E Change
While overall revenue increased year-over-year in 2017, it came at the expense of some
EBITDA margin erosion for retailers. However, this is estimated to improve in 2018.
2017E 2018E
EBITDA Margin
Active
Contemporary
Basic
Diversified
Accessories
Footwear
Luxury
Total
Contemporary
Women’s
Men’s
Kids/Tween
Footwear
Department Stores
Off-Price
Sporting Goods
Mass/Club
Total
Online Retail
WholesaleApparelRetail
13. Duff & Phelps Apparel Quarterly Update | Winter 2018
12
Public Apparel and Fashion Valuations
Source: S&P Global Market Intelligence as of Dec. 31, 2017.
Represents most actively traded public Apparel and Fashion companies
($ in millions, except per share data) Stock Enterprise Value as a Multiple of 2017E
Price 1 Yr % of Market Enterprise Revenue EBITDA EBITDA
31-Dec-17 Stock Perf. 52 Wk High Value Value 2017E 2018E 2017E 2018E Margin
Active Apparel
NIKE, Inc. $62.55 24.7% 96.0% $102,051 $100,373 2.89x 2.71x 19.4x 17.7x 14.9%
Lululemon Athletica Inc. 78.59 20.9% 98.1% 10,640 9,989 3.80x 3.41x 17.1x 14.8x 22.2%
Moncler S.p.A. 31.32 59.1% 98.1% 7,976 7,830 NM 4.81x 16.4x 14.3x 33.6%
Under Armour, Inc. 14.43 (50.3%) 46.5% 6,127 6,938 1.41x 1.35x NM 19.7x 6.4%
Columbia Sportswear Company 71.88 24.9% 99.1% 5,023 4,622 1.89x 1.80x 14.4x 13.1x 13.1%
Canada Goose Holdings Inc. 31.66 NM 98.9% 3,411 3,599 NM NM NM NM 20.2%
Lands’ End, Inc. 19.55 29.0% 78.8% 628 1,027 0.75x 0.74x 18.6x 15.4x 4.0%
Median 24.8% 98.1% $6,127 $6,938 1.89x 2.25x 17.1x 15.1x 14.9%
Mean 18.0% 87.9% $19,408 $19,197 2.15x 2.47x 17.2x 15.8x 16.3%
Contemporary Apparel
G-III Apparel Group, Ltd. $36.89 24.8% 97.1% $1,811 $2,469 0.88x 0.80x 12.6x 10.7x 7.0%
Guess?, Inc. 16.88 49.2% 92.2% 1,389 1,216 0.52x 0.50x 8.3x 6.9x 6.3%
Vince Holding Corp. 6.19 (84.7%) 14.2% 72 133 NM NM NM NM NM
Median 24.8% 92.2% $1,389 $1,216 0.70x 0.65x 10.4x 8.8x 6.6%
Mean (3.6%) 67.8% $1,090 $1,273 0.70x 0.65x 10.4x 8.8x 6.6%
Basic Apparel
Hanesbrands Inc. $20.91 (0.3%) 81.3% $7,623 $11,219 1.74x 1.69x 10.7x 10.2x 16.3%
Gildan Activewear Inc. 32.38 20.7% 96.3% 7,098 7,724 2.83x 2.69x 13.3x 12.4x 21.3%
Delta Galil Industries Ltd. 34.38 7.5% 96.4% 874 1,065 0.78x 0.72x 9.2x 7.7x 8.4%
Delta Apparel, Inc. 20.20 (2.6%) 86.1% 147 239 0.63x NM 9.6x NM 6.6%
Median 3.6% 91.2% $3,986 $4,395 1.26x 1.69x 10.1x 10.2x 12.3%
Mean 6.3% 90.0% $3,936 $5,062 1.49x 1.70x 10.7x 10.1x 13.2%
Diversified Apparel
V.F. Corporation $74.00 42.8% 98.3% $29,241 $32,078 2.65x 2.41x 16.9x 15.3x 15.7%
PVH Corp. 137.21 52.3% 98.3% 10,555 13,336 1.52x 1.45x 11.9x 10.6x 12.8%
Ralph Lauren Corporation 103.69 17.5% 98.3% 8,428 7,696 1.24x 1.26x 8.0x 8.5x 15.5%
Oxford Industries, Inc. 75.19 27.4% 98.3% 1,266 1,332 1.23x 1.18x 9.6x 8.9x 12.8%
Perry Ellis International, Inc. 25.04 0.5% 96.3% 392 431 0.49x 0.48x 7.2x 6.7x 6.8%
Median 27.4% 98.3% $8,428 $7,696 1.24x 1.26x 9.6x 8.9x 12.8%
Mean 28.1% 97.9% $9,976 $10,975 1.43x 1.36x 10.7x 10.0x 12.7%
14. Duff & Phelps Apparel Quarterly Update | Winter 2018
13
Source: S&P Global Market Intelligence as of Dec. 31, 2017.
Represents most actively traded public Footwear companies
Public Footwear Valuations
($ in millions, except per share data) Stock Enterprise Value as a Multiple of 2017E
Price 1 Yr % of Market Enterprise Revenue EBITDA EBITDA
31-Dec-17 Stock Perf. 52 Wk High Value Value 2017E 2018E 2017E 2018E Margin
Footwear
NIKE, Inc. $62.55 24.7% 96.0% $102,051 $100,373 2.89x 2.71x 19.4x 17.7x 14.9%
Adidas AG 200.95 13.0% 83.3% 40,760 40,843 1.59x 1.41x 13.9x 11.6x 11.5%
PUMA SE 438.28 46.9% 92.4% 6,548 6,309 1.27x 1.11x 16.7x 12.8x 7.6%
Skechers U.S.A., Inc. 37.84 53.9% 97.2% 5,997 5,394 1.32x 1.18x 12.1x 9.7x 10.9%
Wolverine World Wide, Inc. 31.88 46.5% 99.5% 3,050 3,513 1.49x 1.53x 11.6x 10.8x 12.8%
Steven Madden, Ltd. 46.70 30.6% 98.2% 2,760 2,623 1.70x 1.61x 12.8x 12.1x 13.3%
Deckers Outdoor Corporation 80.25 44.9% 99.1% 2,565 2,500 1.38x 1.36x 10.4x 9.4x 13.3%
Caleres, Inc. 33.48 3.0% 97.5% 1,439 1,626 0.59x 0.57x 7.9x 7.4x 7.5%
Crocs, Inc. 12.64 84.3% 94.8% 881 885 0.87x 0.87x 15.7x 10.6x 5.5%
Median 44.9% 97.2% $3,050 $3,513 1.38x 1.36x 12.8x 10.8x 11.5%
Mean 38.6% 95.3% $18,450 $18,230 1.46x 1.37x 13.4x 11.4x 10.8%
15. Duff & Phelps Apparel Quarterly Update | Winter 2018
14
Public Accessories Valuations
Source: S&P Global Market Intelligence as of Dec. 31, 2017.
Represents most actively traded public Fashion Accessories companies
($ in millions, except per share data) Stock Enterprise Value as a Multiple of 2017E
Price 1 Yr % of Market Enterprise Revenue EBITDA EBITDA
31-Dec-17 Stock Perf. 52 Wk High Value Value 2017E 2018E 2017E 2018E Margin
Accessories
Luxottica Group S.p.A. $61.42 1.8% 89.9% $29,388 $30,686 2.81x 2.67x 13.2x 12.3x 21.3%
The Swatch Group AG 407.77 27.7% 95.9% 21,057 20,071 2.45x 2.22x 13.2x 10.6x 18.5%
Tapestry, Inc. 44.23 30.5% 90.5% 12,578 13,596 2.62x 2.29x 12.1x 10.1x 21.7%
Pandora A/S 108.94 (22.9%) 72.4% 11,942 12,879 3.50x 3.09x 9.4x 8.7x 37.4%
Michael Kors Holdings Limited 62.95 46.5% 97.9% 9,573 9,395 2.07x 1.93x 9.4x 9.2x 22.1%
Fossil Group, Inc. 7.77 (70.0%) 28.4% 377 706 0.26x 0.26x 7.3x 6.2x 3.5%
Movado Group, Inc. 32.20 14.3% 95.5% 739 613 1.11x 1.07x 8.6x 8.5x 13.0%
Safilo Group S.p.A. 5.72 (40.1%) 56.8% 359 494 0.39x 0.36x 8.1x 6.5x 4.8%
Median 8.1% 90.2% $10,757 $11,137 2.26x 2.07x 9.4x 9.0x 19.9%
Mean (1.5%) 78.4% $10,752 $11,055 1.90x 1.74x 10.2x 9.0x 17.8%
16. Duff & Phelps Apparel Quarterly Update | Winter 2018
15
Public Luxury Valuations
Source: S&P Global Market Intelligence as of Dec. 31, 2017.
Represents most actively traded Luxury companies
($ in millions, except per share data) Stock Enterprise Value as a Multiple of 2017E
Price 1 Yr % of Market Enterprise Revenue EBITDA EBITDA
31-Dec-17 Stock Perf. 52 Wk High Value Value 2017E 2018E 2017E 2018E Margin
Luxury
LVMH Moët Hennessy Louis Vuitton S.E. $294.67 37.9% 94.2% $147,919 $154,594 3.02x 2.76x 12.3x 11.1x 24.6%
Christian Dior SE 365.69 54.6% 97.3% 65,701 94,371 1.82x 1.70x 8.0x 7.0x 22.6%
Kering SA 471.90 87.5% 96.2% 59,590 65,875 3.57x 3.24x 16.5x 14.3x 21.6%
Hermès International Société 535.84 15.4% 95.3% 55,990 53,112 NM NM NM 19.5x 37.3%
Compagnie Financière Richemont SA 90.60 33.7% 95.5% 51,176 45,760 3.44x 3.15x 14.7x 12.7x 23.4%
Tiffany & Co. 103.95 37.1% 98.3% 12,919 12,997 3.13x 2.98x 12.9x 12.6x 24.4%
Burberry Group plc 24.22 22.6% 88.5% 10,153 9,276 2.49x 2.38x 11.4x 10.8x 21.9%
Hugo Boss AG 86.12 28.8% 88.9% 5,943 6,124 1.87x 1.75x 10.2x 9.4x 18.3%
TOD’S S.p.A. 73.13 1.2% 82.5% 2,420 2,470 2.13x 2.02x 12.8x 11.8x 16.7%
Median 33.7% 95.3% $51,176 $45,760 2.75x 2.57x 12.5x 11.8x 22.6%
Mean 35.4% 93.0% $45,757 $49,398 2.68x 2.50x 12.3x 12.1x 23.4%
17. Duff & Phelps Apparel Quarterly Update | Winter 2018
16
Public Retailer Valuations
Source: S&P Global Market Intelligence as of Dec. 31, 2017.
Represents most actively traded public Apparel, Footwear and Accessories retailers
($ in millions, except per share data) Stock Enterprise Value as a Multiple of 2017E
Price 1 Yr % of Market Enterprise Revenue EBITDA EBITDA
31-Dec-17 Stock Perf. 52 Wk High Value Value 2017E 2018E 2017E 2018E Margin
Contemporary Retail
The Gap, Inc. $34.06 56.1% 96.7% $13,244 $13,139 0.84x 0.84x 6.8x 6.9x 12.3%
Lululemon Athletica Inc. 78.59 20.9% 98.1% 10,640 9,989 3.80x 3.41x 17.1x 14.8x 22.2%
Urban Outfitters, Inc. 35.06 23.1% 97.8% 3,795 3,467 0.96x 0.93x 8.4x 8.1x 11.4%
Guess?, Inc. 16.88 49.2% 92.2% 1,389 1,216 0.52x 0.50x 8.3x 6.9x 6.3%
Express, Inc. 10.15 (5.7%) 86.8% 780 649 0.30x 0.31x 4.5x 4.2x 6.8%
Median 23.1% 96.7% $3,795 $3,467 0.84x 0.84x 8.3x 6.9x 11.4%
Mean 28.7% 94.3% $5,970 $5,692 1.28x 1.20x 9.0x 8.2x 11.8%
Women’s Retail
L Brands, Inc. $60.22 (3.9%) 88.0% $16,998 $22,050 1.76x 1.73x 9.7x 9.7x 18.1%
Ascena Retail Group, Inc. 2.35 (62.0%) 35.6% 450 1,692 0.26x 0.28x 3.3x 3.2x 7.8%
Aritzia Inc. 10.12 (27.5%) 69.2% 1,126 1,188 2.13x 1.76x 12.1x 9.7x 17.6%
Chico’s FAS, Inc. 8.82 (36.6%) 56.9% 1,127 1,014 0.45x 0.46x 4.3x 4.5x 10.3%
J.Jill, Inc. 7.80 0.0% 54.2% 341 562 0.82x 0.77x 5.2x 5.0x 15.6%
Vera Bradley, Inc. 12.18 3.9% 94.9% 432 339 0.75x 0.82x 6.3x 7.3x 11.8%
Francesca’s Holdings Corporation 7.31 (59.5%) 37.5% 264 245 0.52x 0.49x 4.3x 3.6x 12.2%
The Cato Corporation 15.92 (42.9%) 50.8% 385 170 0.20x 0.22x 4.7x 4.1x 4.3%
New York & Company, Inc. 2.86 26.0% 95.7% 183 126 NM NM NM NM NM
Destination Maternity Corporation 2.97 (42.6%) 50.5% 43 83 NM NM NM NM NM
Christopher & Banks Corporation 1.27 (45.7%) 52.5% 48 30 0.08x 0.08x NM 3.8x (2.8%)
Median (36.6%) 54.2% $385 $339 0.52x 0.49x 4.9x 4.5x 11.8%
Mean (26.4%) 62.3% $1,945 $2,500 0.77x 0.73x 6.2x 5.6x 10.6%
18. Duff & Phelps Apparel Quarterly Update | Winter 2018
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Public Retailer Valuations (cont’d)
Source: S&P Global Market Intelligence as of Dec. 31, 2017.
Represents most actively traded public Apparel, Footwear and Accessories retailers
($ in millions, except per share data) Stock Enterprise Value as a Multiple of 2017E
Price 1 Yr % of Market Enterprise Revenue EBITDA EBITDA
31-Dec-17 Stock Perf. 52 Wk High Value Value 2017E 2018E 2017E 2018E Margin
Men’s Retail
Tailored Brands, Inc. $21.83 (10.1%) 83.3% $1,075 $2,425 0.75x 0.75x 6.8x 6.8x 11.0%
Destination XL Group, Inc. 2.20 (48.2%) 51.2% 107 183 0.39x 0.37x 9.7x 5.0x 4.0%
Median (29.1%) 67.2% $591 $1,304 0.57x 0.56x 8.3x 5.9x 7.5%
Mean (29.1%) 67.2% $591 $1,304 0.57x 0.56x 8.3x 5.9x 7.5%
Kids/Tween Retail
Carter’s, Inc. $117.49 38.3% 98.8% $5,560 $6,142 1.81x 1.71x 11.8x 11.2x 15.3%
The Children’s Place, Inc. 145.35 46.0% 98.5% 2,528 2,312 1.24x 1.22x 9.1x 8.5x 13.5%
Median 42.1% 98.7% $4,044 $4,227 1.52x 1.46x 10.5x 9.9x 14.4%
Mean 42.1% 98.7% $4,044 $4,227 1.52x 1.46x 10.5x 9.9x 14.4%
Footwear Retailers
Foot Locker, Inc. $46.88 (32.3%) 60.2% $5,682 $4,918 0.63x 0.64x 5.1x 5.3x 12.3%
Caleres, Inc. 33.48 3.0% 97.5% 1,439 1,626 0.59x 0.57x 7.9x 7.4x 7.5%
DSW Inc. 21.41 (1.5%) 93.2% 1,713 1,383 0.49x 0.49x 5.2x 5.0x 9.5%
Genesco Inc. 32.50 (47.7%) 49.5% 647 823 0.29x 0.29x 4.8x 4.7x 6.0%
Boot Barn Holdings, Inc. 16.61 32.7% 93.9% 443 681 1.02x 0.95x 11.1x 9.8x 9.1%
Shoe Carnival, Inc. 26.75 0.4% 94.3% 453 432 0.42x 0.43x 6.8x 6.6x 6.2%
The Finish Line, Inc. 14.53 (19.9%) 76.0% 586 509 0.28x 0.28x 5.0x 5.7x 5.6%
Median (1.5%) 93.2% $647 $823 0.49x 0.49x 5.2x 5.7x 7.5%
Mean (9.3%) 80.7% $1,566 $1,482 0.53x 0.52x 6.5x 6.4x 8.0%
Sporting Goods Retailers
Dick’s Sporting Goods, Inc. $28.74 (44.8%) 51.1% $3,087 $3,496 0.40x 0.40x 4.7x 5.3x 8.7%
Hibbett Sports, Inc. 20.40 (45.3%) 52.7% 389 334 0.35x 0.35x 4.5x 4.6x 7.8%
Big 5 Sporting Goods Corporation 7.60 (53.4%) 43.4% 163 209 0.21x 0.20x 4.7x 4.7x 4.4%
Median (45.3%) 51.1% $389 $334 0.35x 0.35x 4.7x 4.7x 7.8%
Mean (47.8%) 49.1% $1,213 $1,346 0.32x 0.32x 4.6x 4.9x 7.0%
19. Duff & Phelps Apparel Quarterly Update | Winter 2018
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Public Retailer Valuations (cont’d)
Source: S&P Global Market Intelligence as of Dec. 31, 2017.
Represents most actively traded public Apparel, Footwear and Accessories retailers
($ in millions, except per share data) Stock Enterprise Value as a Multiple of 2017E
Price 1 Yr % of Market Enterprise Revenue EBITDA EBITDA
31-Dec-17 Stock Perf. 52 Wk High Value Value 2017E 2018E 2017E 2018E Margin
Department Stores
Macy’s, Inc. $25.19 (25.3%) 69.2% $7,672 $13,450 0.54x 0.56x 4.5x 5.3x 12.1%
Kohl’s Corporation 54.23 15.7% 94.7% 9,111 12,924 0.68x 0.68x 5.5x 5.6x 12.3%
Nordstrom, Inc. 47.38 2.3% 94.2% 7,893 9,959 0.65x 0.64x 6.2x 6.3x 10.4%
Hudson’s Bay Company 8.99 (13.8%) 84.0% 1,643 5,519 0.47x 0.46x 15.6x 12.2x 3.0%
J. C. Penney Company, Inc. 3.16 (62.0%) 35.9% 985 5,300 0.42x 0.43x 5.7x 5.7x 7.5%
Sears Holdings Corporation 3.58 (61.5%) 25.0% 385 4,835 0.30x 0.35x NM NM (3.6%)
Dillard’s, Inc. 60.05 (3.6%) 72.0% 1,711 2,413 0.38x 0.39x 5.2x 5.4x 7.3%
The Bon-Ton Stores, Inc. 0.34 (76.7%) 22.4% 7 1,146 NM NM NM NM NM
Stage Stores, Inc. 1.68 (56.2%) 36.5% 46 285 NM NM NM NM NM
Median (25.3%) 69.2% $1,643 $5,300 0.47x 0.46x 5.6x 5.6x 7.5%
Mean (31.2%) 59.3% $3,272 $6,203 0.49x 0.50x 7.1x 6.8x 7.0%
Off-Price Retail
The TJX Companies, Inc. $76.46 3.5% 94.5% $48,346 $47,700 1.34x 1.27x 9.9x 9.6x 13.5%
Ross Stores, Inc. 80.25 23.5% 98.5% 30,667 29,919 2.13x 2.03x 12.7x 12.1x 16.7%
Burlington Stores, Inc. 123.03 45.2% 99.3% 8,397 9,645 1.60x 1.50x 14.1x 12.8x 11.3%
Stein Mart, Inc. 1.16 (78.3%) 20.6% 56 193 NM NM NM NM NM
Median 13.5% 96.5% $19,532 $19,782 1.60x 1.50x 12.7x 12.1x 13.5%
Mean (1.5%) 78.2% $21,866 $21,864 1.69x 1.60x 12.3x 11.5x 13.9%
Mass/Club
Wal-Mart Stores, Inc. $98.75 46.6% 98.6% $292,535 $338,550 0.68x 0.66x 10.2x 10.0x 6.7%
Costco Wholesale Corporation 186.12 22.4% 95.3% 81,726 81,597 0.61x 0.58x 14.5x 13.6x 4.2%
Target Corporation 65.25 (5.8%) 87.9% 35,468 45,374 0.63x 0.63x 6.9x 6.8x 9.2%
Big Lots, Inc. 56.15 14.1% 93.3% 2,360 2,674 0.51x 0.51x 6.4x 6.4x 7.9%
Median 18.2% 94.3% $58,597 $63,486 0.62x 0.61x 8.5x 8.4x 7.3%
Mean 19.3% 93.8% $103,022 $117,049 0.61x 0.60x 9.5x 9.2x 7.0%
20. Duff & Phelps Apparel Quarterly Update | Winter 2018
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Public Retailer Valuations (cont’d)
Source: S&P Global Market Intelligence as of Dec. 31, 2017.
Represents most actively traded public Apparel, Footwear and Accessories retailers
($ in millions, except per share data) Stock Enterprise Value as a Multiple of 2017E
Price 1 Yr % of Market Enterprise Revenue EBITDA EBITDA
31-Dec-17 Stock Perf. 52 Wk High Value Value 2017E 2018E 2017E 2018E Margin
Online Retail
Amazon.com, Inc. $1,169.47 56.0% 96.4% $563,535 $582,411 3.29x 2.54x NM 22.6x 10.8%
Alibaba Group Holding Limited 172.43 96.4% 89.9% 442,426 438,165 NM NM 28.1x 20.1x 45.4%
eBay Inc. 37.74 27.1% 96.1% 39,422 43,390 4.54x 4.22x 12.6x 11.6x 35.9%
Rakuten, Inc. 9.17 (9.5%) 73.4% 12,399 15,282 1.83x 1.60x 8.9x 9.1x 20.6%
Zalando SE 52.97 21.6% 94.9% 13,102 11,698 2.17x 1.70x NM 27.3x 6.0%
Wayfair Inc. 80.27 129.0% 95.3% 7,050 6,850 1.48x 1.15x NM NM (1.6%)
ASOS Plc 90.76 35.3% 99.9% 7,560 7,343 2.64x 1.99x NM 28.7x 6.5%
YOOX Net-A-Porter Group S.p.A. 34.97 8.1% 84.4% 4,687 4,630 1.84x 1.53x 22.7x 17.2x 8.1%
boohoo.com plc 2.55 39.9% 57.3% 2,921 2,767 4.13x 2.68x NM 28.8x 9.8%
Overstock.com, Inc. 63.90 265.1% 77.3% 1,599 1,559 0.86x 0.84x NM NM 0.4%
Median 37.6% 92.4% $9,979 $9,521 2.17x 1.70x 17.7x 21.3x 8.9%
Mean 66.9% 86.5% $109,470 $111,410 2.53x 2.03x 18.1x 20.7x 14.2%
21. Duff & Phelps Apparel Quarterly Update | Winter 2018
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5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
17.0x
Apparel and Fashion Footwear Accessories Luxury
12.6x
11.8x 11.8x
12.5x12.3x
11.4x
10.1x
11.2x
10.1x
10.5x
9.4x
10.8x10.7x
12.5x
9.6x
11.4x
12.7x
13.4x
10.2x
12.3x
2013 2014 2015 2016 2017
Mean: 11.7xMean: 11.9xMean: 11.7x
Historical Public Apparel Trends
Enterprise Value as a Multiple of EBITDA(1)
(1) Index calculation excludes any companies with non-meaningful trading multiples
Source: S&P Global Market Intelligence. Represents most actively traded public Apparel, Footwear, Accessories and Luxury companies
Mean: 10.2x
22. Duff & Phelps Apparel Quarterly Update | Winter 2018
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5.0x
7.0x
9.0x
11.0x
13.0x
15.0x
17.0x
Mass/Club Department Stores Off-Price Specialty Retail
8.9x
7.6x
9.7x
8.9x
9.6x
8.5x
10.1x
8.6x
8.9x
7.0x
9.5x
7.4x
8.9x
7.0x
11.2x
7.4x
9.5x
7.1x
12.3x
7.1x
2013 2014 2015 2016 2017
Mean: 10.6xMean: 9.2x
Historical Public Retailer Trends
Enterprise Value as a Multiple of EBITDA(1)
Mean: 7.4x Mean: 7.9x
(1) Index calculation excludes any companies with non-meaningful trading multiples
Source: S&P Global Market Intelligence. Represents most actively traded public Apparel, Footwear, Accessories and Luxury retail companies
23. Duff & Phelps Apparel Quarterly Update | Winter 2018
22
Selected Duff & Phelps’Apparel andAccessoriesTransactions
*Transactions completed by professionals of Duff & Phelps Securities, LLC while at previous firms
Transaction Advisory Sell Side Advisor
Buy Side Advisor
has acquired
Sell Side Advisor
has been acquired by
has received a significant
investment from
Financial and tax due diligence
Solvency Opinion
J. Crew Group, Inc., a
portfolio company of TPG
Capital and Leonard Green
& Partners, has completed a
leveraged dividend
recapitalization transaction
Financial Advisor
The Eileen Fisher, Inc.
Employee Stock Ownership
Plan has acquired a minority
interest in Eileen Fisher, Inc.
Financial and tax due diligence
Transaction Advisory
has received a significant
investment from
Sell Side Advisor*
has received a significant
investment from
Sell Side Advisor
Exclusive financial advisor to
Most Retail Group
Most Retail Group has been
acquired by Levi Strauss & Co.
has been acquired by
DR Capital
Sell Side Advisor*
has received a significant
investment from
Sell Side Advisor*
has received a significant
investment from
Private Placement*
has been recapitalized by
Private Placement
has completed a debt financing
transaction with
Sell Side Advisor*
has been acquired by
a portfolio company of
Solvency Opinion
a portfolio company of
Leveraged dividend
recapitalization