29.08.2019
 Louis Vuitton The japanese Essay

Around the world Luxury Markets Monitor

Springtime 2012 Upgrade

Milan, seventh May 2012

This information can be confidential and was prepared by Bain & Company solely for the use of the client; it is far from to be counted on by simply any 3rd party without Bain's prior crafted consent

2011: a new peak for luxury goods intake

WORLDWIDE PERSONAL LUXURY INDUSTRY EVOLUTION (1995-2011E, €B) September 11 SARS $/€ Subprime & Asia financial crisis earthquake Socio-Economic Turbulent flow

191 169 159 147 128 108 77 85 92 96 133 133 128 136 167 153 173

+10% +13%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2006 2006 3 years ago 2008 2009 2010 2011E

2

Holiday season confirmed good

PERSONAL LUXURY GOODS MARKETPLACE BY ONE FOURTH HOLIDAY SEASON • Another solid holiday season

€173B

4, eight

4, 8

3, your five

4, 7 €191B

- Shoppers have been completely lured with doorbuster bargains weeks ahead of time - High footfall in department stores

• Asian market driving development, especially China and tiawan and Hk

+10%

• Mature market segments keeping pace

- US positive results, record of Black Friday retail revenue - First signals of slow down in Italy and Spain

2010 Q1

QoQ 12% progress

Q2

12%

Q3

8%

Q4 2011E

10%

• Boom of on-line sales starting from The fall of

3

2011: No indications of slow down to get the booming Asian market, and older markets exhibiting real strength WORLDWIDE PERSONAL LUXURY ITEMS MARKET SIMPLY BY AREA YoY ‘10 compared to ‘09 YoY ‘11E versus ‘10 @K @K

+13%

+8%

+10% +10% +27% +2%

+13%

Rest of Globe Asia-Pacific The japanese

+16% +28% ±0%

+9%

+11%

+21%

+29%

-6%

+4%

Unites states

+16%

+10%

+9%

+12%

Europe

+10%

+4%

+7%

+10%

5

2011: The rebound of hard luxury is the key factor to market growth WORLDWIDE PERSONAL LUXURY ITEMS MARKET SIMPLY BY CATEGORY

YoY ‘10 vs ‘09

+13%

YoY ‘11E vs ‘10

+10% +3% +19%

Fine art de la table Hard Luxurious Perfume and Cosmetics

+2% +23%

+6%

+4%

Equipment

+17%

+13%

Apparel

+12%

+8%

a few

2012: Industry outlook is extremely positive irrespective of socioeconomic uncertainty 2012 PROGRESS RATES BY REGION WORLDWIDE MARKET DEVELOPMENTS • In 2012, market will keep growing, influenced by rising markets -Not only China but as well Latin America, especially Brazil and Mexico

Europe Unites states Japan

ex girlfriend or boyfriend China

+2+2- 4% +5+5- 7% +0+0 -2%

Asia Pacific +14-16% +14China ROW +18+18-22% +5+5- 7% +6+6- 7% @K

• Question mark on Euro local consumption, especially in Italia and Spain • Retail remains crucial, although edge growth will slow down • Hard High-class and Add-ons outperforming other categories

6

Key individuals of luxurious goods industry growth this year

•Product types Product

-Hard and very soft accessories Hard winning classes -Apparel pressurized Apparel nonfrom non-luxury sectors

•Geographies Geographies

-Italy, The japanese: local Italy, consumption battling across the board -Europe, US: solid Europe, energy -China: still engine of the China: expansion, but constant market growth -India: fresh acceleration India:

•Luxury sections Luxury

-Absolute Absolute -Absolute Absolute -Absolute! Absolute!

several

Dichotomic functionality in fully developed markets

SELL-OUT RETAIL SPRING/SUMMER ‘12 SELL-IN FALL/WINTER ‘12 • Double-digit negative revenue campaign intended for wholesale channel in all groups, deeply influenced by overall macroeconomic crisis

Italia

• Good signals of slow down in local consumption in particular in the wholesale funnel (Multi-brand specialised retailers) • Chinese and Asian goes maintaining momentum in crucial touristic metropolitan areas

Japan

• Flat performance of shops in January and Feb • High retail efficiency in Mar vs . last year when Tokyo stores were partially shut down after the earthquake

• Sell-in campaign lined up with market trend • Male industry gaining share across classes

Europe, US

• Solid sell-out tendency for US luxurious department stores: +8% Jan-March as opposed to 2011 • Positive results of European stores thanks to solid affluence of...