The document discusses future trends in online retail and e-commerce by 2025. It notes that the threshold for what is considered a large online retailer has increased from €10 million in revenues in 2005 to €100 million in 2010 to over €1 billion currently. It predicts that dozens of players will have over €1 billion in revenues by 2025 and will aim for over €10 billion, seeking to become platforms. It also discusses how value pools in retail are shifting and the rise of vertical brands and marketplaces.

1. FUTURE RETAIL 2025
NOAH Conference, 10th November 2016,
London

2. GET YOUR TICKET TODAY!
www.noah-conference.com
2-3
Tempodrom, Berlin Old Billingsgate, London
NOV201722-23 JUN2017
SAVE THE DATE

3. The e-commerce Picture of the Year
Instore
Picking & Packing
for
Zalando

4. e-commerce now plays with the big guys
10 Mio. € 100 Mio. €
1 Mrd. €
bis 2005 bis 2010 bis 2015
# in 2005:
online retailers with € 10 m in
revenues were big
# in 2010:
the bar was raised to € 100 m
in revenues
# today: we look at € +1 bn
➱ More public companies
➱ More intern. / global players

5. e-commerce now plays with the big guys
10 Mio. €
100 Mio.
€
1 Mrd. €
bis 2005 bis 2010 bis 2015
thousands
# in 2005:
online retailers with € 10 m in
revenues were big
# in 2010:
the bar was raised to € 100 m
in revenues
# today: we look at € +1 bn
➱ More public companies
➱ More intern. / global players

6. e-commerce now plays with the big guys
10 Mio. €
100 Mio.
€
1 Mrd. €
bis 2005 bis 2010 bis 2015
thousands
# in 2005:
online retailers with € 10 m in
revenues were big
# in 2010:
the bar was raised to € 100 m
in revenues
# today: we look at € +1 bn
➱ More public companies
➱ More intern. / global players
hundreds

7. e-commerce now plays with the big guys
10 Mio. €
100 Mio.
€
1 Mrd. €
bis 2005 bis 2010 bis 2015
thousands
# in 2005:
online retailers with € 10 m in
revenues were big
# in 2010:
the bar was raised to € 100 m
in revenues
# today: we look at € +1 bn
➱ More public companies
➱ More intern. / global players
hundreds
dozens

8. e-commerce now plays with the big guys
10 Mio. €
100 Mio.
€
1 Mrd. €
bis 2005 bis 2010 bis 2015
thousands
# in 2005:
online retailers with € 10 m in
revenues were big
# in 2010:
the bar was raised to € 100 m
in revenues
# today: we look at € +1 bn
➱ More public companies
➱ More intern. / global players
hundreds
dozensONLINE
SPECIALISTS

9. The new billionaire club in e-commerce

10. The new billionaire club in e-commerce
# dozens of players with > 1
billion in revenues …
# aiming for +10 bn in
revenues and
# with the ambition to
become platforms
➱ Huge opportunities
➱ Major challenges

11. “And it’s still Day 1”

12. FUTURE RETAIL 2025 – more than retail
#1 SHIFTING VALUE POOLS
#2 VERTICAL BRANDS
#3 MARKETPLACES

13. © Oliver Wyman
Digitization breaks up the value chain
1. Concentrated value pools 2. Dispersed value pools 3. New ecosystems
PHYSICAL
GOOD
Services
Digital
content
Connec-
tivity
Apps
Com-
munity
PHYSICAL
GOOD
Services
Digital
content
Connec-
tivity
Apps
Com-
munity
PHYSICAL
GOOD
5% 80% 15%

14. 0
225
149
06
3
02
0
40
FASHION ADVICE
25
TOMORROW WE ARE TURNING INTO A SHOPPING CITY…
CO N N ECTI N G P EO P L E W I TH FA S H I O N
…

15. FUTURE RETAIL 2025 – more than retail
#1 SHIFTING VALUE POOLS
#2 VERTICAL BRANDS
#3 MARKETPLACES

18. FUTURE RETAIL 2025 – more than retail
#1 SHIFTING VALUE POOLS
#2 VERTICAL BRANDS
#3 MARKETPLACES

19. ?
?
? ? ?

20. PLATFORM
PLAYERS
FOOD
FMCG
INSPIRATION
NEW
BRANDS
NEW
SKILLS

21. “And it’s still Day 1”

22. The Global Online Retail Fund … #A14N9A
 Only public ecommerce
companies with a +20% growth
rate
 Category leaders
 Ideally founders-led
 plus: selective ecommerce
holdings
Global Online Retail Fonds – The Future of Retail 2025 (GLORE25)

24. Sven Rittau
CEO & Co-Founder K5 GmbH
E-mail: rittau@k5-gmbh.com
Mobile: +49 (0)177 273 64 84
Follow me on:
@svendimonaco

25. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
24 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
September 2015
December 2014
September 2014
October 2014
May 2014
Sale of a 70% stake in
to
Exclusive Financial Advisor to
Drushim and its Shareholders
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
Sale of controlling stake in
to
Exclusive Financial Advisor to
Facile.it and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE
September 2016October 2016
May 2016
Investment in
by
Financial Advisor to Oakley Capital
Exclusive Financial Advisor to
10Bis and its Shareholders
®
Marco Rodzynek
Managing Director & Founder
marco.rodzynek@noah-advisors.com
Jan Brandes
Managing Director
jan.brandes@noah-advisors.com
Justus Lumpe
Managing Director
justus.lumpe@noah-advisors.com
The NOAH Advisors Core Banking Team
Nikhil Parmar
Director
nikhil.parmar@noah-advisors.com
10Bis Drushim
Acquisition of a Majority Stake in
by
from
at a valuation of €300m
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership