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1、Disclosures second, developing a seamless omnichannel shopping experience; and third, increasing our investments in digital communications.” (Chiara Tosato, General Manager and Digital Director, Prada 08/09/2017) Digital Luxury distribution is at an Inflection Point: Luxury brands are embracing digi
2、tal in China Exane BNP Paribas | RETAIL EVOLUTION 2018 3 Source: Luxury daily, , digiday Digital Luxury distribution is at an Inflection Point: We record a sharp ecommerce acceleration in the USA Exane BNP Paribas | RETAIL EVOLUTION 2018 4 Digital luxury accounted for 9% of the market in 2017 It is
3、projected to exceed 25% in 2025E Styles available for purchase online (including Pre-Order, US, FW17/18 vs. FW16/17) Source: Contactlab analysis, Exane BNP Paribas FW16/17FW17/18 y/y chg (%)GroupDeltaas % of totalas % of total Dolce Not adjusted for multiple locations in shop in shop / department st
4、ores 2013201520172013-2015 CAGR2015-2017 CAGR2015-2017 % GROWTHTory Burch5912314944%10%11%Michael Kors24848256639%8%34%Coach744712786-2%5%30%Lancel1459174-21%-10%-7%TOTAL ASPIRATIONAL1,1961,4081,5759%6%68%Cline10416125724%26%39%Saint Laurent10015618825%10%13%Bottega Veneta22028531614%5%13%Dior216200
5、197-4%-1%-1%Herms3053153082%-1%-3%Chanel3313613384%-3%-9%TOTAL HIGH-END1,2761,4781,6048%4%51%Prada26437538219%1%3%Gucci4205035059%0%1%Louis Vuitton4754734730%0%0%Burberry4444664612%-1%-2%TOTAL MEGA-BRAND1,6031,8171,8216%0%2%Balenciaga91971253%14%11%Chlo1351411682%9%11%Fendi2102212273%1%2%Dunhill1621
6、22126-13%2%2%Miu Miu12518317621%-2%-3%Shanghai Tang4143302%-16%-5%Marc Jacobs2152461497%-22%-40%TOTAL CHALLENGERS9791,0531,0014%-3%-21%TOTAL SOFT-LUXURY5,0545,7566,0017%2%100%Retail network evolution (# of POS) The store as a point of physical distribution is yesterdays story Exane BNP Paribas | RET
7、AIL EVOLUTION 2018 8 4%5%6%7%8%9%10%11%12%1999200020012002200320042005200620072008200920102011201220132014201520162017Vacancy Rates in US Shopping Malls Source: Reis, Datastream 0%5%10%15%20%25%200320042005200620072008200920102011201220132014201520162017ChinaUSOnline Sales as a % of Total Retail Sal
8、es Source: Euromonitor The future store will be a point of discovery (1) Monobrand Retail as DNA Exane BNP Paribas | RETAIL EVOLUTION 2018 9 Starbucks Roastery in Shanghai The future store will be a point of discovery (2) Multi-brand The Department Store / Shopping Mall as Curator Exane BNP Paribas
9、| RETAIL EVOLUTION 2018 10 Harrods A “closed distribution loop” becomes vital Showrooming is OK, if you then capture purchases online Exane BNP Paribas | RETAIL EVOLUTION 2018 11 Wise luxury brands will work to build mono-brand website traffic and sales Exane BNP Paribas | RETAIL EVOLUTION 2018 12 S
10、ource: Exane BNP Paribas 1) Luxury brands need to have e-commerce capabilities - there is no Plan B Hence the investments are already in the BS and the P Paris, France +33; Frankfurt, Germany +49; Geneva, Switzerland +41; Madrid, Spain +34; Milan, Italy +39; New York, USA +1; Singapore +65; Stockhol
11、m, Sweden +46. Important notice: Please refer to our complete compliance page available on http:/ that includes Exanes policy for managing conflicts of interest, Rating definitions and complete disclosures per company. Exane is independent of BNP Paribas (BNPP) and the agreement between the two comp
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