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    Global Economic Layout: European Luxury Industry Faces "Big Shuffle"

    2019/5/2 14:34:00 9002

    GlobalEconomicLayoutLuxuryIndustryShuffle

    Global economic layout: European luxury industry faces "big shuffle"

    With the globalization of the market and the increasing strength of the Internet, the European luxury industry is facing a turning point.

    Amazon and Alibaba are seen as a major threat to the industry.

    Thelios, a high-end eyeglasses factory under LVMH, is located in the deep part of Dolomites, Dolomites mountain, Italy.

    Lu Wei Ming Xuan's glasses business

    Lu Wei Ming Xuan, the world's largest luxury sales group, used the beautiful white steel factory building in 17 years.

    But the demand for high-end glasses, such as CELINE's C eyed sunglasses, priced at 400 euros, means that CEOGiovanni Zoppas is already planning to double the existing plant size by line.

    "We expect that in the near future, the entire glasses industry can achieve the annual growth rate of 4-5%."

    Zoppas told the financial times, who recently interviewed him.

    He expects that "large-scale mergers and acquisitions" will reshuffle the whole fashion glasses industry: the 150 glasses brands will be merged to less than 20.

    Its Louis Weedon, LouisVuitton, Dior and CELINE brands are expected to become the big winners in the reshaping of the industry structure, Dior.

    Looking ahead to the prospect of Lu Wei Ming glasses business, we can see a great change in the global luxury industry, and Europe has become an indisputable leader in the luxury industry.

    Growth momentum of luxury industry in Europe

    In recent years, the growth of European luxury goods industry is quite different from that of 10 years ago: ten years ago, when the financial crisis raged around the world, the price and price of luxury goods plummeted. The most pessimistic view in the whole industry was that most consumers would look forward to the Louis Weedon handbag priced at 2000 euros, not to mention Gucci sports shoes, which cost 700 euros.



    According to Bain Bain &Co, the global luxury industry is three times the size of 1996.

    Bain predicts that the total sales of the global luxury goods industry will reach 280 billion euros in 2018, and total sales in 2025 will increase to 390 billion euros.

    In recent years, the industry's fast growing "meritorious service" is Chinese buyers, especially those born in China after the millennium.

    Indeed, millennial generation is the "big hero" of the luxury industry in the past two years. They contributed four to 60% of the sales of famous luxury brands such as Louis Weedon, Gucci (Gucci) and Cartire (Cartier), and RBC analyzed Lash Rogerio Fujimori (RogerioFujimori).

    He added that China's millennial generation of young people contributed a larger share of luxury sales.

    The US tax cuts are equally important because it greatly improves the spending power of the wealthy Americans.

    Not long ago, the US fashion brand MichaelKors bought Italy brand Versace (Versace) for $2 billion 120 million, highlighting the ambition of us luxury brands to enter the European luxury market.

    The purchase price of MichaelKors is 22 times the gross profit of Versace, which is much larger than that of American fashion brand Tapestry (formerly known as Coach). Last year, it bought another US brand KateSpade at a price of 9 times gross profit.

    The fatal challenge of European luxury market

    But behind the spotlight is the radical change in the industry pattern that is emerging: the fatal weakness of Europe's thriving luxury market.

    The globalisation of luxury demand and the "spoiler" of technology forces, such as online shopping and social media, have helped consumers speed up the trend of fashion.

    Just like the merger and reorganization of the high-end eyewear industry, the big reshuffle of the luxury industry is making the stronger stronger because it has strong capital, online and offline, "seize the market place" and win more market share from the minority brands, while the latter are striving to pform their business models, Fujimori said.

    The trigger of the Sino US trade war and the attendant concern about the reduction of purchasing power in the Chinese market will accelerate the stronger trend of the stronger.

    Not long ago, worried about the escalation of Sino US trade war, luxury shares were sold out by the market. MorganStanley brokerage division lowered the luxury stock rating to "reduction".

    "The substantial slowdown in China's economy is the biggest risk facing the luxury sector, which stresses that the valuation of the luxury sector is too high," Morgan Stanley wrote in a summary.

    "When the economic situation is not very prosperous, luxury consumers will shop more than three stores, while brands with more exclusive sales channels and superior brands will always stand out."

    Fujimori, an analyst with Royal Bank of Canada, said.

    One of the recent fruits of European luxury market is the three luxury luxuries, Kering and Richemont, which become real pnational operators. The boundaries between countries become increasingly irrelevant.

    Mergers and acquisitions are increasing

    The headquarters of Lu Wei Mo Xuan and Kai Yun are all located in Paris, and its headquarters are located in Switzerland, but most of their products are manufactured throughout Europe, and their stores are all over the world.

    Of course, these big groups have always adopted European creative talents.

    The less obvious impact of the above trend is the increasing number of mergers and acquisitions. The reason is that the independent brands are competing for the "good fortune" of the powerful fashion giant when valuations are at their all-time highs. Since the Bulgari sold the same brand to Lu Wei Mun 10 years ago, there are few such acquisitions in the Bvlgari family.

    In addition to Versace, family brand Missoni sold a minority stake to Italy private equity company in July last year, and Dries VanNoten, the designer, sold most of its shares to Puig, Spain's fashion brand (Dries).

    The three sellers insisted that they would never sell their shareholdings.

    Florence shoe brand Salvatore Ferragamo and Italy famous leather goods brand Tod 's, which owns RogerVivier and Hogan, is likely to be Prada (Prada).

    Ferruccio Filagem (FerruccioFerragamo) is the chairman of the Ferragamo group and a direct descendant of his large family. He once admitted that he had approached private companies and French fashion giant, but reiterated that he would not sell shares in family businesses.

    Tod s DiegoDella Valle, a joint owner of Diego DiegoDella and Prada Bertelli, has also ruled out the possibility of selling family businesses.

    But bankers and luxury industry executives say that the fashion brand's current mode pformation fails, and the acquirer's offer is likely to be sold with reluctantly.

    Diego Della Valle sold his other asset (his stake in NTV of the high-speed rail company) to 2 billion euros last year, and he has said before that he will never "cut love".

    The "big shuffle" of this luxury industry has spread to a wide range and has created new fashion tycoons.

    Caire DeBenedetti, CO director of European purchasing department at Carlyle, said: "Marco:

    "There will always be winners and losers in this industry. Some brands are now unknown, but one day they may grow into fashion giants. This is my business opportunity."

    De Benedetti said.

    Carlyle recently invested in the Venice leisure brand GoldenGoose and established a joint venture with Italy private equity fund Investindustrial to enter the luxury design industry.

    The bigger question for bankers is whether there are public mergers and acquisitions comparable to the Gucci bidding war in the late 90s, such as mergers and acquisitions that have long been popular with Burberry and Chanel (Chanel), and even in the anecdotal alliance between the cloud and the Alex to compete with Louis.

    "Luxury brand valuations are at historically high levels, which may give the merger" a splash of water, "but the fashion giant has a huge amount of cash in excess of 30 billion euros.

    Luigi de Vicki, President of Citibank and investment banking Europe (LuigideVecchi), said he had made plans in the sale of Louis and Luxottica to Essilor, a giant in the optometre industry. He revealed this in a meeting of the financial times in May.



    Large mergers and acquisitions will consolidate the dominance of European luxury goods industry, but the power of mergers and acquisitions will undoubtedly come from outside pressure, especially the threat of large technology companies.

    Internet giants become a threat

    In an event organized by the financial times three years ago, John Rupert, President of JohannRupert, once said that he was worried that the overall strength of the European luxury industry would be overtaken by Amazon, Google and Alibaba (Alibaba).

    He then appealed to Lu Wei Ming Xuan to open up the sales platform of YooxNet-a-Porter, a luxury electronics giant, to beat the Alibaba and Amazon, which is a luxury online sales industry, but his proposal is unsupported.

    So, this year, YNAP bought it.

    At the same time, as Farfetch and London electric Matches.com listed in New York, competition among European luxury electric providers is becoming increasingly fierce.

    However, executives acknowledge that high-tech companies in the United States and China will really jeopardize the dominance of European luxury goods industry if they enter the luxury online sales industry.

    So far, Amazon has not yet entered the luxury industry.

    However, CarrieBarber, head of New York branch of Credit Suisse, insists that Amazon can make good products if it chooses to give priority to the development of luxury goods. Babu,

    Luxury industry executives agree that Alibaba is the biggest threat to the industry.

    Alibaba launched the Tmall luxury Channel LuxuryPavilion last year, and entered the luxury industry directly. This online platform is targeted at luxury buyers.

    Devecchi summed up the reasons why the luxury industry was worried: he pointed out that European luxury brands, the highest valuation price in history (the total market capitalization of all luxury listed companies last weekend was US $500 billion) was only comparable to the market value of Alibaba, but only half of the market value of apple.

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