Flaconi aims to become Europe’s leading e-commerce platform for beauty products in a market projected to exceed €30 billion, with over 25% of sales expected to be online by 2020. The company has shown significant growth, achieving over €40 million in revenues and over 100% CAGR, while maintaining strong customer engagement and operational efficiency. The premium beauty product market is expanding rapidly, with a notable shift from offline to online purchasing, presenting Flaconi with opportunities for further market expansion.

1. Opportunity to become Europe’s
Leading Platform for Beauty Products

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3. 1
Executive Summary
SOURCE: Flaconi; Euromonitor; Datamonitor; Parfümerie Verband; web research
Market size
>€30bn
2020e
Thereof online
>25%
2020e
Flaconi provides the unique opportunity to
develop the ‘Zalando for Beauty Products’ in
an >€30bn EU market
The premium beauty product market is
protected by selective distribution with only
3 relevant pure players (incl. Flaconi)
The industry generates up to 15 repurchases
per customer and year, >40% gross margin
and <3% customer returns
Flaconi achieves best in class marketing (CPO
below €3.8, conversion >6.5%) and operations
(Ø 4.5% out-of-stock visits, 65 days stock)

4. 2
Premium beauty product market in Europe is
big, growing & starting to move online
>€25bn market
for premium beauty
products1 in Europe
Up to
15 repurchases
for beauty products per year
in Germany
Average annual spend of
>€152 for fragrances
(€106 facial care, €124 body care)
in Germany
71% of women
use Perfume & Eau de Toilette
every day in Germany
Double digit
online growth
indicates an offline to online
shift is happening
1 Premium market defined as all premium brands, i.e. from players like L’Oreal, Estée Lauder, Shiseido, LVMH, P&G, Coty, Chanel, Hugo Boss among others; no white label drug store products
SOURCE: Euromonitor; Datamonitor; Douglas annual report; Parfümerie Verband; web research; Flaconi analysis
3.7% p.a. growth
of beauty market shows robust
industry trend

5. 3This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 3
€25bn market for premium beauty products grows by
3.7%, online market increased by >49% annually
Note: Beauty market defined by mass & premium products across all product categories. Premium market defined as all premium brands, i.e. from players like L’Oreal, Estée Lauder, Shiseido, LVMH, P&G,
Coty, Chanel among others
SOURCE: Euromonitor; Datamonitor; Douglas annual report; Parfümerie Verband; competitor interviews; competitive intelligence; web research; Flaconi analysis
106,766
78,441
25,14724,414
2013
23,201
101,642
2014
82,352
2015
113,268
2016e
87,36784,822
25,901
+3.7%
109,969
691
1,148
+49.1%
1,722
2,290
Premium market
Mass market
Online premium
market
European (online) market for beauty products
in € mn
3.0%
8.8%
Offline to online shift is
currently happening in the
premium beauty market

6. 4
Company fact sheet
Flaconi is becoming the leading eCommerce
Platform for Beauty Products in Europe
>€40mn
Revenues
LTM H1 2016
CAGR
>100%
Revenue H1
2016 LTM vs.
LTM at closing
# 2 DE
(after Douglas)
in 2017
Customers
>850k
Brands
>240
SKUs active
>15k
§ Traction in the market – >€40mn
revenues LTM H1 2016 & >100% CAGR
§ Wide reach – >850k unique customers
and 1.4mn+ orders
§ Full assortment – >240 brands &
>15k SKUs available in categories
fragrances, skin care, make-up, hair &
wellness products
§ Great customer experience – >65 net
promoter score (Ø 32 for retail in
2015)
§ Operational excellence – 4.5% out-of-
stock visits & <65 days inventory carry
§ Direct sourcing only – Flaconi sources
all products directly from brands1 (no
grey market products)
1 Including highly selectively distributed brands, e.g. Chanel, Estée Lauder, Shiseido, LVMH among others
SOURCE: Flaconi

7. 5This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 5
2009 2011 2010 2012
Flaconi is well positioned to become the ‘Zalando for
Beauty Products’
SOURCE: Zalando annual reports; Statista; Flaconi analysis
Revenue development Zalando vs. Flaconi year 1 to 6 after launch
indexed to 100% (year 3 after launch)
359
280
205
100
38
2
327
121
100
27
4
638
Zalando (DACH only)
Flaconi (DE only)
2011 2013 2012 2014 2013 2015 2014 2016e
ProSiebenSat.1
acquired Flaconi
2015
Zalando
Flaconi
Category
expansionLaunch
Media for equity
deal
Operational
excellence
§ Skin & hair care§ Fragrances § 2012/13 § 2014/15
§ Shoes § Fashion & sports § 2010/11 § 2012/13
Flaconi #2
online retailer for
premium beauty
products

8. 6This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 6
TV media support developed Flaconi’s brand
awareness to ~50% within 3 years
0
10
20
30
40
50
30.0%
2HY13
29.7%
1HY16
48.1%
2HY15
+62.0%
44.0%
1HY15
39.4%
2HY14
34.9%
1HY14
Awareness grew from 30% in 2HY13 to 48% in 1HY16
1 Top of mind awareness in on-site survey using structured questionnaire
SOURCE: Flaconi; SevenOne Media brand awareness survey 2016 (persons between 18-59 years; n = 1,002)
Brand awareness1
(in %)
2014 2015 20162013

9. 7This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 7
Startup Professionalization Scaling
30.7
2014 2016e
11.4
20122011 2017e
9.4
2.5
2015
0.4
2013
Launch
Flaconi is growing strongly since 2011 & now scaling
due to professionalization after P7S1 acquisition
SOURCE: Flaconi 7
in € mn
CAGR 14-16e:
>100%

10. 8This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 8
Basket size of returning customers (2HY14-2015)
in € per order
Returning customers buy Ø 3.4 times and their
basket size is >20% bigger than AOV
1 Extrapolated to full 12 month cohort 2 Expanding selection in hair care, skin care & make-up 3 Average order value (excl. taxes) 2015
SOURCE: Flaconi; order baskets and frequency of with at least 2 orders customers between 2HY14-2015
AOV3
€1.43
+14%
2HY15
61.20
1HY15
52.26
2HY14
53.56
2HY15
3.401
1HY15
3.13
2HY14
3.07
+11%
Orders by returning customers (2HY14-2015)
in # order of customers (cohort view)
Acquisition by
ProSiebenSat.1
Selection
expansion2

11. 9
Low competition in Germany as well as Europe due
to selective distribution system
Low competition
§ Selective distribution
system limits threat of new
entrants (‘Amazon protection’)
§ 3 domestic competitors:
Douglas, parfumdreams and
iParfumerie
§ 2 pure play EU competitors:
feelunique, lookfantastic
Limited digital capabilities
§ Scattered local retailers lack
skills to digitalize their
business
§ Focus on rather ‘bringing
store online’ than digital pure
play
§ Main competitor Douglas
focuses on brick & mortar
stores
Note: Online revenue only for Douglas
SOURCE: Flaconi
Offline
Low
budget
brands
Online
Premium
brands
Competition in domestic market

12. 10
Flaconi has opportunities to enter additional EU
markets organically & inorganically
Complexity
to enter
Easy
Difficult
Organic
M&A priorities
Low High
Market attractiveness
Beauty & care market
2015, in EUR bn.
Online growth beauty &
care, YoY 2015, in %
§ Competitive
intensity/rivalry
§ Product use
differentiation
§ Geographical
access (distance)
§ Market size (beauty & care) – total
§ Online penetration (beauty & care)
§ Market growth rate – online
§ Price positioning
§ Economic stability
Poland
+8.33.5
Austria
+9.41.5
Switzerland
+9.41.4
Netherlands
+9.7 3.1
Italy
+9.7
8.9
UK
+6.2
15.5
France
+4.1
12.6
Nordics
+9.3
5.8
Spain &
Portugal
+1.4
8.2
Organic growth focus
§ Media alliance partners
contacted for potential M4E
deals
M&A focus, potential targets
§ Nordics
§ UK
§ Further potential targets to be
screened
SOURCE: Flaconi; Euromonitor; web research

13. Daniel.Raab@7Commerce.de

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