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Global Powers of Luxury Goods 2020 The new age of fashion and luxuryContents Foreword 3 Quick statistics 4 The new age of fashion and luxury 5 Top 10 highlights 17 Top 100 24 Geographic analysis 31 Product sector analysis 37 New entrants 42 Fastest 20 43 Study methodology and data sources 45 Endnotes 47 Contacts 50Welcome to the seventh edition of Global Powers of Luxury Goods. At the time of writing, the COVID-19 pandemic has inflicted many losses: human, social and economic. What we are now experiencing is an unprecedented moment of crisis in modern history. However, it is during uncertain times that companies often come up with new ideas, converting the crisis into an opportunity, and adopting a long-term vision of future challenges. This prolonged disruptive situation is creating profound changes in consumer behavior and how companies are responding to these changesprompting a debate about the future of the fashion and luxury industry. There is a general feeling of rethinking luxury and driving it in new directions, considering which business models will be feasible and more relevant in the new normal. Tradition and responsiveness, two elements that have always characterized luxury companies, will both be required to face great challenges in the post-COVID environment. We see the pandemic acting as a divider between the old way of doing business and the new scenario that is taking shape, characterized by changing consumer behavior. Hence, in this report, we talk about a new age for fashion and luxury and will explore the main trends that will drive the industry in the coming months. The report also presents the 100 largest luxury goods companies globally, based on the consolidated sales of luxury goods in FY2019, which we define as financial years ending within the 12 months to 31 December 2019. Over the past year, the luxury goods market has increased its overall value, but registered a lower growth rate. Among the causes impacting growth in FY2019, the effect of protectionist policies and trade restrictions might be the most important, with big luxury goods markets such as China and the United States both registering lower year-on-year growth. The worlds Top 100 luxury goods companies generated revenues of US$281 billion in FY2019, up from US$266 billion in the previous year (an increase of US$15 billion), and achieved annual growth of 8.5% on a currency-adjusted composite basis, lower than the previous years 9.6%. From the FY2019 data we can see a general shift toward concentration in the industry. For the first time in seven editions, the Top 10 luxury companies contributed more than half of the total luxury goods sales of the Top 100 companies. For the third year in a row, the companies making up the Top 10 list stayed the same. Moreover, the multiple luxury goods product sector proved to be the top-performing sector in FY2019 with 12.8% sales growth, and contributed more than one-third of the total Top 100 luxury goods sales, although it comprises just 10 companies out of 100. The financial impact of the pandemic is yet to be assessed, and whether the concentration of the luxury industry will continue its trajectory is also an unknown question. We hope you find this report interesting and useful, and welcome your feedback. Patrizia Arienti EMEA Fashion and in 2017 it began a project to measure CO2 emissions generated by logistics operations in distributing its finished products. 28 Moncler has designed a carbon-neutral jacket made entirely from castor beans. Emissions generated during its manufacturing are offset using REDD+ certified projects to achieve carbon neutrality and preserve the Amazon rainforest. 29 The Prada Group considers sustainability as a pillar of its culture and a fundamental part of its strategy. The company joined the G7 fashion pact with the aim of reducing its impact on the climate, biodiversity and oceans. The company has policies for improving energy efficiency, using renewable energy sources and reducing waste. In partnership with Aquafil, it launched a pioneering project called Re-Nylon: a sustainable line of iconic Prada bag silhouettes made of a unique new regenerated nylon ECONYL. In 2019, the company was also the first in the luxury goods industry to arrange a Sustainability Linked Loan with Crdit Agricole this facility loan includes an annual pricing adjustment arrangement for rewarding the achievement of sustainability targets by the borrower. In 2020, it arranged a similar ESG loan with the Japanese bank Mizuho. 30 Ermenegildo Zegna uses Techmerino a material developed by the company itself, to create its collections, including Techmerino Wash and this makes luxury goods, handbags and watches in particular attractive to personal collectors and a secondhand market. In times of uncertainty luxury collectibles are considered a secure longer- term investment. 11 Global Powers of Luxury Goods 2020 | The new age of fashion ad luxuryVirtual initiatives to get close to customers during the global lockdown Digitalization is fueling major industry opportunities across the value chain In order to track continually-evolving consumer behavior, luxury brands are developing an appetite for analyzing big data through artificial intelligence (AI) and augmented reality (AR) applications. As customers use more channels for purchasing, large fashion groups are seeking to develop more extensive client relationships by refurbishing retail stores and providing an omnichannel presence. Many fashion houses are now using a variety of channels to promote and display their new collections, engage customers and increase their loyalty, sometimes using endorsements from selected influencers. The global COVID-19 pandemic has been disruptive for the luxury industry, and has contributed to accelerating the adoption of technology to compensate for store closures and the consequent reduction in customer engagement due to lack of touchpoints. During the pandemic, social media has been used to obtain indicators of customer sentiment toward luxury brands. The ability to detect changes in sentiment enables companies to improve their understanding of the needs of their customer base and guide the creation of effective communication campaigns. LVMH has used social media for its various brands to tap into the interest of customers around the world through virtual escapades. Louis Vuitton has taken followers on a journey into the past with 1980s photos taken by French photographer Jean Larivire; while the Foundation Louis Vuitton launched a series of virtual exhibitions and a cultural agenda to entertain audiences in isolation or quarantine. 41 Burberry, in partnership with Google, recently launched an AR shopping tool that allows customers to experience and buy the brands products in its virtual shop. Through AR, products can be seen against other real-life objects, enabling the customer to get a better understanding of the items in a simulated in-store experience before deciding whether to buy. 42 Dolce and its in-store features include quick checkout and detailed product information. The model also includes Click only Swatch Group reported a fall in sales. Luxury goods sales YoY growth % FY2018 and FY2019 for Top 10 companies 20% 25% 15% 0% 10% 5% FY2018 FY2019 LVMH Kering Top 100 Este Lauder LOral Luxe Chanel Essilor- Luxottica 1 Chow Tai Fook PVH Swatch Richemont 9.6% 15.4% 3.1% 10.6% 15.5% 13.9% 10.7% 6.6% 23.2% 15.7% 8.5% 16.8% 8.5% 17.6% 10.4% 13.9% 9.8% -3.0% 6.0% 16.2% 8.6% Number of Top 10 luxury goods companies by country and product sector, FY2019 Clothing and footwear Bags and accessories Cosmetics and fragrances Jewelry and watches Multiple luxury goods Top 10 China 1 1 France 1 2 3 Italy 1 1 Switzerland 2 2 United Kingdom 1 1 United States 1 1 2 Top 10 1 1 2 3 3 10 19 Global Powers of Luxury Goods 2020 | Top 10 highlights Global Powers of Luxury Goods 2020 | Top 10 highlights1 LVMH LVMH consolidated its position as the worlds leading luxury goods company, with personal luxury goods sales up 16.8% in FY2019 to US$37.5 billion. Strong organic growth was enhanced by favorable exchange rates. LVMH sales grew faster than both the composite Top 10 and the Top 100. All three LVMH luxury business segments continued their organic growth (constant scope of consolidation and constant currency). Sales in the fashion and leather goods segment soared, up by 20% year-on-year, with 3.8 billion of additional sales driven by the continuing momentum of LVMHs leading luxury brands Louis Vuitton and Christian Dior Coutureas well as by Loewe, Rimowa, Loro Piana and Fendi. At the end of 2019 this segment had over 2,000 stores, and the contribution of retail sales to fashion and leather goods revenue climbed to 71%. The perfumes and cosmetics segment contributed 20.4% of LVMHs personal luxury goods sales, and was 12% higher than the previous year, with significant revenue growth in Asia, particularly in China, despite competitive pressures. The Bvlgari and Hublot brands were the strongest contributors to the jewelry and watches segments 7% year-on-year sales growth. TAG Heuer continued its repositioning, and Asia and Europe were the most buoyant regions. Net profits rose again in all three personal luxury segments, with fashion and leather goods contributing nearly two-thirds of LVMHs Group profit from recurring operations. Louis Vuitton maintained its exceptional level of profitability, while continuing its ongoing investment policy. LVMH personal luxury goods M gains in market share in makeup were boosted by the success of ROUGE COCO FLASH and ULTRA LE TEINT; and growth in skincare was driven by SUBLIMAGE and LE LIFT. Geographically, Asia Pacific was again the main growth driver, after becoming Chanels biggest sales region in 2018. FY2019 sales were up by 14.7% to over US$5.4 billion. The company invested heavily in its boutique portfolio, including: the opening of a flagship boutique in Seoul; piloting an interactive video-tech solution in its high jewelry salon in Hong Kong for real-time connectivity with the jewelry creation team based in Paris; and continuing to develop its own fragrance and beauty retail network, which consisted of 144 boutiques around the world at the end of 2019. Chanel also continued to increase its investment in brand advertising, promotion and demonstration activities, up 7.1% to over US$1.7 billion. Chanels net profit margin increased for the fourth year in succession, to 19.6%. Chanels M Optical House, the leading optical retailer and wholesaler in the Ukraine (51% stake); German online eyewear retailer Brille24; and a partnership with Bass Pro in the United States to open around 160 Sunglass Hut shop-in-shops inside Bass Pro Shops and Cabelas stores. Its biggest deal was the acquisition of HALs 76.7% interest in global optical retailer GrandVision (annual revenue 3.7 billion), for 7.1 billion. This was announced in 2019 and completion is expected in 2020/21 after passing anti-trust scrutiny, since Luxottica is seeking to add Grandvisions 7,200 optical retail stores to its network. Despite some disputes between the two companies regarding Grandvisions business management during the COVID-19 crisis, EssilorLuxottica have confirmed that they still plan to complete the deal. 22 Global Powers of Luxury Goods 2020 | Top 10 highlights8 Chow Tai Fook Chow Tai Fook Jewellery Group regained eighth place on the Top 10 list in FY2019, with 13.9% growth in luxury sales. However, the sales recovery in H1 FY2019 weakened in H2, in a volatile economic environment. Mainland China sales were up 15.3%, with the strongest growth from wholesale sales to franchised stores, up 37.9% due partly to a net addition of 539 stores (22%). Revenue in Hong Kong SAR, Macau SAR and other markets rose by 8.4%, with retail revenue up 11.8%, but wholesale down nearly 32% due to lower sales in jewelry trading. All product categories reported growth, led by a 13.3% increase in sales of gold products, due to an increase in the average weight per product sold. In January 2020 Chow Tai Fook announced that it had acquired Enzo Jewelry, which it describes as “a colored gem specialist complementary to the Groups multi-brand strategy.” Enzo has around 60 points-of-sale in Mainland China. 73 Chow Tai Fooks FY2020 sales continued to weaken, down 0.6% in the first half of FY2020, due primarily to weak performance in Hong Kong SAR. Ongoing demonstrations and protests, and declining visitor numbers from Mainland China, led the company to plan the closure of about one in five of its Hong Kong stores, the majority of them in prime tourist areas. The problems multiplied in the second half of FY2020, due mainly to the impact of the COVID-19 pandemic in the fourth quarter of FY2020, and a surge in the international gold price that dampened retail demand for gold products. Group revenue for the full year ending 31 May 2020 was down 14.9%. 9 PVH Corp. US-based luxury goods company PVH Corp. regained its ninth position in the Top 10 list, with 9.8% FY2019 revenue growth from its Calvin Klein (8%) and Tommy Hilfiger (12%) brands. Tommy Hilfiger saw continuing strong performance across all regions and distribution channels, with online sales up by more than 20%. Both brands saw outstanding growth in Europe, with Tommy Hilfiger achieving revenues of US$2.2 billion and Calvin Klein reaching its US$1 billion target ahead of plan. Tommy Hilfiger also grew at a double-digit rate in China, due partly to purchases of franchisees businesses in several Tier 1 and Tier 2 cities. The Calvin Klein North America wholesale business achieved solid growth, particularly during the first half of F Y2019. PVHs 2018-19 luxury M but Calvin Klein sales were down by 1.7% (up 0.6% at constant currency), with weakness in its Asia sales. 10 Swatch Group Swatch Group dropped down the luxury goods ranking for the fourth year in succession, to tenth place, being overtaken by higher-growth companies. It was the only company in the Top 10 to record a FY2019 decline in luxury goods net sales, down 3.0%. The weakening of the US dollar, the euro and other currencies against the Swiss franc, and poor sales in Hong Kong SAR, had a negative impact on results. All other markets saw growth in the second half of the year. Swatch Groups worldwide retail network was reduced by about 60 stores year-on-year. Swatch Group had no significant M Licensed beauty Licensed brands including Giorgio Armani, Yves Saint Laurent, Valentino 12,334 12,334 17.6% n/a 12.9% 6 -1 Chanel Limited United Kingdom Chanel 12,273 12,273 10.4% 19.6% 12.5% 7 0 EssilorLuxottica SA Italy Ray-Ban, Oakley, Vogue Eyewear, Persol, Oliver Peoples; Licensed eyewear brands 10,624 19,463 6.0% 6.8% ne 8 1 Chow Tai Fook Jewellery Group Limited 周大福珠宝集团有限公司 China/HK SAR Chow Tai Fook, CHOW TAI FOOK T MARK, Hearts on Fire, Monologue, Soinlove 8,411 8,500 13.9% 7.0% 5.2% 9 1 PVH Corp. United States Calvin Klein, Tommy Hilfiger 8,076
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