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GlobalPowersofLuxuryGoods2015Engagingthefutureluxuryconsumer4GlobalPowersofLuxuryGoods2015ContentsIntroduction1Globaleconomicoutlook2Engagingthefutureluxuryconsumer8GlobalPowersofLuxuryGoodsTop10014Top100highlights20Top1022Geographicanalysis24Productsectoranalysis30Newcomers34Fastest2036M&Aactivity38Qratioanalysis44Studymethodologyanddatasources49Contacts501GlobalPowersofLuxuryGoods2015DeloitteToucheTohmatsuLimited(DTTL)ispleasedtopresentthe2ndannualGlobalPowersofLuxuryGoods.Thisreportidentifiesthe100largestluxurygoodscompaniesaroundtheworldbasedonpubliclyavailabledataforthefiscalyear2013(encompassingcompanies’fiscalyearsendedthroughJune2014).Thereportalsoprovidesanoutlookontheglobaleconomy;ananalysisofmarketcapitalizationintheluxurygoodsindustry;alookatmerger&acquisitionactivityintheindustry;andadiscussiononengagingthefutureluxuryconsumer.2GlobalPowersofLuxuryGoods2015Theglobaleconomyinearly2015offersluxurypurveyorsbothcauseforcelebrationandconcern.Onthecelebratoryside,somekeymarketsareshowingsignsofgreaterstrength.TheUSeconomyisclearlyperformingbetterthaninrecentyears,withemploymentgrowthupconsiderablyandassetpriceshavingstrengthenedsubstantially.InEuropeandJapan,moreaggressivemonetarypoliciesareboostinggrowthaswellasassetprices.Ontheotherhand,China’seconomycontinuestodecelerate,evenasthegovernmenttakesstepstoboostcreditmarketactivity.IntwoofthethreeotherBRICs,RussiaandBrazil,circumstanceshaveconspiredtocreateaweakeconomicenvironment.Inaddition,theuncertaintyofcurrencyvolatilityismakingitdifficultforcompaniestoplanforthefuture.Whatfollowsisalookattheglobaleconomyandthepotentialimpactonluxurygoodscompanies.CurrenciesUSdollarOneofthebigstoriesin2014andearly2015hasbeenthesharpriseinthevalueoftheU.S.dollaragainstmostothermajorcurrencies.Therewereseveralreasonsforthis.Amongthemwerethedeclineinthepriceofoil;fastereconomicgrowthintheU.S.;expectationsofhigherU.S.interestrates;andweakgrowthcombinedwithmoreaggressivemonetarypolicyinEurope,China,andJapan.Therisingdollarhasmanyeffects.First,itisdisinflationaryintheU.S.byreducingimportprices.ThiswillprovidetheFederalReservewithmoretimebeforeitmustraiseshortterminterestrates.Second,arisingdollarisinflationaryforeveryoneelse.ThatwillbegoodforEuropeandJapan,whereinflationiswaytoolow.ItGlobaleconomicoutlookwillbeaprobleminmanyemergingmarkets.Indeedseveralhaveraisedshortterminterestratesinordertostabilizetheircurrenciesandfightinflation,leadingtoslowergrowth.Third,arisingdollarcouldbeproblematicforcompaniesinemergingcountriesthathavedollar-denominateddebts.Thevolumeofsuchdebthasquadrupledinthelastsevenyears.Goingforward,whileitisnearlyimpossibletoaccuratelypredictexchangerates,itdoesseemlikelythatthedollarwillcontinuetofaceupwardpressures,atleastin2015.EuroTheintroductionofafarmoreaggressivemonetarypolicybytheEuropeanCentralBank(ECB)hasputdownwardpressureontheeuro.BondyieldsinEuropehavebeensuppressedandinvestors,seekingyield,havesoldeurosandpurchasedU.S.dollars.TheeffectofadecliningeurohasbeentoboostthecompetitivenessofEuropeanexports.This,inturn,hascausedinvestorstopushupequitypricesofEuropeancompanies.Moreover,thecheapereuro,byraisingimportprices,ishelpingtheECBtofightdeflation.SwissfrancItisrarethatSwitzerlandtopstheworld’seconomicnews,butthatwascertainlythecaseatthestartof2015.First,alittlebackground:ThreeyearsagotheSwissNationalBank(SNB),whichisSwitzerland’scentralbank,imposedacaponthevalueoftheSwissfrancinordertopreventasharprisethatwouldkillSwissexports.Priortothat,therehadbeenconsiderableupwardpressureonthefrancwithglobalinvestorsseeingitasasafe-havenassetatatimeofturmoilinEurope.Thecap,at1.2francspereuro,requiredthattheSNBcontinuallysellfrancs(purchaseeuros)inorderpreventariseinthevalueofthefranc.Yettheproblemwithdoingsoisthatitcanultimatelyleadeithertoconsumerpriceinflationorassetpriceinflationbyincreasingthesupplyoffrancs.Whileneitherofthesehappened,theSNBworriedthatthesituationwouldbecomeunsustainablewhentheECBstartedtoimplementquantitativeeasing(QE),whichitdidinMarch2015.TheSNBsurmisedthatsuchactionwouldprobablymeanmoredownwardpressureontheeuro,therebynecessitatingmoreeuropurchasesbytheSNBandmoreSwissmoneysupplygrowth.Therefore,inanticipationofQE,theSNBinJanuaryremovedthecaponthevalueofthefranc,stunningglobalfinancialmarkets.Immediately,thevalueofthefrancsoaredasmuchas40percentagainsttheeurobeforesettlinginatagainofroughly15percent.Toeasethepain,theSNBcutitsbenchmarkinterestrates.Moreover,thesafehavennatureofSwitzerlandhasrenderedbondyieldsnegative.ForSwitzerland,theriseinthevalueofthefrancmeanslesscompetitivenessforSwissexport-orientedcompanies.Itwillmeanhigherpricespaidbycustomersand/orlowerprofitmarginsforSwisscompanies.Theresultwillbeslowereconomicgrowththanwouldotherwisehavebeenthecase.ItwillalsoboostthecompetitivenessofcompaniesbasedintheEurozonethatcompetewithSwisscompanies.ForSwissconsumers,theriseinthevalueoftheircurrencymeansgreaterpurchasingpowerasimportsbecomecheaper.Whenitcomestoluxurygoods,thesituationisabitlessclear.Consumersofluxuryproductsaren