2019年全球时尚及奢侈品行业私募基金和投资者调研（英文）-德勤-2019.7-39页_2mb

Deloitte Fashion & Luxury Private Equity and Investors Survey 2019 Summary

Core Content

The Deloitte Fashion & Luxury Private Equity and Investors Survey 2019 provides an in-depth analysis of M&A activities and investment trends in the Fashion & Luxury (F&L) industry. It highlights the growth of the sector, the role of strategic and financial investors, and the evolution of investment and exit strategies across different regions and sectors.

Main Viewpoints

M&A Deal Monitor 2018

• In 2018, there were 265 M&A deals in the F&L industry, a 47 deal increase from 2017.
• Personal Luxury Goods (PLG) accounted for 55% of all deals, with Cosmetics & Fragrances showing the highest growth at +16 deals.
• Hotels was the top growing segment with +29 deals, followed by Cruises, Restaurants, and Yachts.
• The average deal value remained flat at $233m in 2018.
• Europe saw the strongest increase in M&A activity, while North America and Asia-Pacific remained relatively stable.

Private Equity and Investors Survey 2019

• Investors expect the F&L industry to grow by 5–10% annually over the next three years.
• Cosmetics & Fragrances, Digital Luxury Goods, and Furniture are projected to grow more than 10% annually.
• Apparel & Accessories, Hotels, and Restaurants are expected to grow between 5–10% annually.
• Cars and Private Jets are forecast to decline, while Yachts, Watches & Jewellery, and Selective Retailing are expected to remain stable.
• Asia and Middle East are expected to drive growth, while Europe, Latin America, and Japan are forecast to remain stable.

Investment and Exit Strategies

• 43% of funds are considering divesting an F&L asset in 2019, up by +8.2 percentage points from 2018.
• The main drivers for exits are high returns and market trends mismatches.
• Trade sales are the most common exit method, with 33% of investors paying more than 10x EBITDA multiple.
• 70% of funds are planning to invest in F&L assets in 2019, with Apparel & Accessories and Cosmetics & Fragrances showing the highest interest.
• Digital Luxury Goods interest declined, despite positive growth expectations.
• Internationalization and Performance improvement are the main growth strategies, with Digital strategy design also gaining prominence.

Key Sectors

• Apparel & Accessories, Cosmetics & Fragrances, Watches & Jewellery, and Furniture are the most attractive sectors for investors.
• Selective Retailing and Digital Luxury Goods are less attractive, with the latter showing a significant decline in interest.
• Hotels and Restaurants are seen as experiential luxury segments, especially by new investors.

Deal Characteristics

• The majority of deals in 2018 involved smaller-sized firms (0–50m), accounting for 65% of all transactions.
• Majority stakes are still the most common investment type, with a 23% increase in the percentage of majority stakes in 2018.
• Management Buyout (MBO), Expansion capital, and Leverage Buyout (LBO) are the preferred deal strategies.
• Senior debt remains the primary funding source, though Shareholders' loan is increasing in popularity.

Key Information

• Total M&A Deals in 2018: 265
• Growth in PLG Deals: +11 deals (2018 vs. 2017)
• Growth in Cosmetics & Fragrances Deals: +16 deals
• Growth in Hotels Deals: +29 deals
• Average Deal Value in 2018: $233m
• Increase in Strategic Investors: +42 deals (2018 vs. 2017)
• Percentage of Strategic Investors: 51%
• Percentage of Financial Investors: 44%
• Percentage of Funds Considering Divestment in 2019: 43%
• Expected IRR Range for 2019 Investments: 21–30%, with 11% expecting more than 30%
• Growth in Digital Strategy Design: +20 percentage points from 2018
• Increase in Minority Stakes: From 19% to 25%

Summary Table