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Luxury Goods Retailing - Global - September 2010

This report differs from other Mintel retail reports in that it looks primarily at companies involved in design, manufacturing and distribution, rather than just traditional retailing. The consolidated revenues from these companies (and our market size – see definition below) therefore include elements of retail turnover, wholesale sales to franchisees and concessionaires plus income from licence agreements. Sometimes the last of these is included in wholesaling activities.

The report includes profiles of the top seven luxury operators by turnover including the major ‘multi-branded’ houses LVMH, Richemont and the Gucci Group, along with Polo Ralph Lauren. The other three in our top seven are beauty operators Estée Lauder, Shiseido and L’Oréal. The last two also have mass-market operations but in the case of L’Oréal we have been able to hone in on its luxury division. But Shiseido does not split this out separately and so it appears higher up our rankings than it would do otherwise.

We have also profiled a selection of nine other luxury players: Valentino Fashion Group, Tiffany &Co, Burberry, Hermès, Prada, Giorgio Armani, Bulgari, Christian Dior Couture, and Swatch (luxury division) providing a good spread of interest in terms of product categories and geographic markets.

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Table of contents

  1. Market in Brief

    • Economic and luxury goods outlook
      • Luxury market prospects
        • Who’s innovating
          • The competitive landscape
          • Report Scope

            • Company coverage
              • Terms and definitions
                • Luxury goods – a definition
                  • Market size – Mintel definition
                    • Market size at retail selling prices
                      • Exchange rates
                        • Figure 1: US dollar to euro exchange rates, 2005-09
                      • Regions
                        • Product categories
                          • Technical notes
                            • Financial definitions
                              • Abbreviations
                              • Broader Market Environment

                                • Key points
                                  • Past the worst?
                                    • Europe struggling
                                      • Better news in the Far East
                                        • Russia growing, Japan in decline
                                          • South America growing too
                                            • Stock markets – some recovery after the sharp falls
                                              • Figure 2: Major stock market developments, 2008-10
                                            • Problem of banking bonuses
                                              • Strong euro, weak dollar – mixed news for luxury groups
                                                • Figure 3: Major exchange rate developments, 2002-10 (July)
                                              • Luxury and the tourist
                                                • Figure 4: Outbound tourism, China, Japan, India, 2004-09
                                              • Underlying growth in numbers of wealthy people
                                                  • Figure 5: World: High Net Worth Individuals, 2005-09
                                              • Global Luxury Goods Market

                                                • Market size
                                                  • Mintel model
                                                    • Economic climate slows growth
                                                      • Winners and losers
                                                        • Figure 6: Global luxury goods: Estimated market size by major player, 2005-09
                                                      • Market size at retail selling price
                                                        • Market shares
                                                          • Figure 7: Global luxury goods: Estimated market shares of major players, 2005, 2007 and 2009
                                                        • Market size by region
                                                          • Europe still the largest region
                                                            • China drives Asia-Pacific
                                                              • Americas hit by heavy destocking in the US
                                                                • UAE key to the ‘other’ region
                                                                  • Figure 8: Global luxury goods: Estimated market size by region, 2005-09
                                                                • Market size by channel
                                                                • Market Forecasts and Outlook

                                                                  • Forecasts
                                                                    • A period of uncertainty
                                                                      • Sales retreat in 2009
                                                                        • Rebound accelerates in early 2010 but will soften in the back half
                                                                          • The shape of recovery
                                                                            • Figure 9: Global luxury goods: Estimated market size at retail selling prices, 2006-12
                                                                          • Key regions
                                                                            • Europe
                                                                              • Americas
                                                                                • Non-Japan Asia-Pacific
                                                                                  • Japan
                                                                                    • What’s next?
                                                                                      • Latest fashion trends favour luxury
                                                                                        • Anti-bling, anti-extravagance
                                                                                          • ‘Quieter’ goods - responding to consumer sentiment
                                                                                            • But is their universal resonance?
                                                                                              • Customised design
                                                                                                • Differentiation
                                                                                                  • Leveraging local craftsmanship
                                                                                                    • New segments
                                                                                                      • Youth unemployment
                                                                                                        • Men only
                                                                                                          • Corporate activity
                                                                                                            • E-commerce potential
                                                                                                              • Coy over the detail
                                                                                                                • Cross channel experience will improve
                                                                                                                  • New initiatives
                                                                                                                    • Reaching out globally
                                                                                                                      • Mobilising the smart phone
                                                                                                                      • Channels of Distribution

                                                                                                                        • Introduction
                                                                                                                            • Figure 10: Channels of distribution: Strengths and weaknesses by store-based channel
                                                                                                                          • Directly-operated stores
                                                                                                                            • Outperforming through the downturn
                                                                                                                              • Creative development
                                                                                                                                • Benefits seen to outweigh the risks
                                                                                                                                  • Franchises – quick route into newly emerging markets
                                                                                                                                    • Concessions
                                                                                                                                      • Licensing
                                                                                                                                        • Online – poised to take off?
                                                                                                                                          • Pure players lead the way
                                                                                                                                            • High barriers to entry or just excuses?
                                                                                                                                              • Luxury houses respond belatedly to consumer needs
                                                                                                                                                • Gucci ahead of its multi-brand peers
                                                                                                                                                  • But could this be about to change?
                                                                                                                                                    • Exclusive experience
                                                                                                                                                    • Fashion and Leather Goods

                                                                                                                                                      • Market size
                                                                                                                                                        • Gaining market share
                                                                                                                                                          • Figure 11: Global luxury goods: Estimated fashion and leather goods market, 2005-09
                                                                                                                                                        • Leading players
                                                                                                                                                          • Figure 12: Global luxury cosmetics and perfumes market: Estimated market shares of leading brands, 2005, 2007 and 2009
                                                                                                                                                        • Fashion/clothing
                                                                                                                                                          • Key developments
                                                                                                                                                            • Richemont
                                                                                                                                                              • Gucci Group (PPR)
                                                                                                                                                                • Christian Dior/LVMH
                                                                                                                                                                  • Burberry
                                                                                                                                                                    • Key trends
                                                                                                                                                                      • What’s next?
                                                                                                                                                                        • 2010/11: Seismic shift in womenswear
                                                                                                                                                                          • Menswear
                                                                                                                                                                            • Leather goods and accessories
                                                                                                                                                                              • Key developments
                                                                                                                                                                                • Christian Dior
                                                                                                                                                                                  • LVMH
                                                                                                                                                                                    • Gucci Group
                                                                                                                                                                                      • Richemont
                                                                                                                                                                                        • Burberry
                                                                                                                                                                                          • Hermès
                                                                                                                                                                                            • Key trends 2009
                                                                                                                                                                                              • What’s next?
                                                                                                                                                                                              • Perfumes and Cosmetics

                                                                                                                                                                                                • Market size
                                                                                                                                                                                                  • Losing market share
                                                                                                                                                                                                    • Figure 13: Global luxury goods: estimated Perfumes and cosmetics market, 2005-09
                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                      • Figure 14: Global luxury cosmetics and perfumes market: Estimated market shares of leading brands, 2005, 2007 and 2009
                                                                                                                                                                                                    • Skincare
                                                                                                                                                                                                      • Key developments
                                                                                                                                                                                                        • Key trends
                                                                                                                                                                                                          • What’s Next: Anti-ageing at a price
                                                                                                                                                                                                            • Fragrance
                                                                                                                                                                                                              • Key developments
                                                                                                                                                                                                                • Key trends
                                                                                                                                                                                                                  • What’s next
                                                                                                                                                                                                                    • Colour cosmetics
                                                                                                                                                                                                                      • Key developments
                                                                                                                                                                                                                        • Key trends
                                                                                                                                                                                                                          • What’s next?
                                                                                                                                                                                                                          • Jewellery and Watches

                                                                                                                                                                                                                            • Market size
                                                                                                                                                                                                                              • Losing market share
                                                                                                                                                                                                                                • Figure 15: Global luxury goods: estimated jewellery and watches market, 2005-09
                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                  • Figure 16: Global luxury jewellery and watches market: Estimated market shares of leading brands, 2005, 2007 and 2009
                                                                                                                                                                                                                                • Key developments
                                                                                                                                                                                                                                  • Rising prices
                                                                                                                                                                                                                                    • Brands becoming more vertical
                                                                                                                                                                                                                                      • Change in movement supply
                                                                                                                                                                                                                                        • Innovation over fashion
                                                                                                                                                                                                                                          • His and her watches
                                                                                                                                                                                                                                            • Ethical issues
                                                                                                                                                                                                                                              • Watch collaborations
                                                                                                                                                                                                                                                • More single brand boutiques
                                                                                                                                                                                                                                                  • 2009 Jewellery Trends
                                                                                                                                                                                                                                                    • Leading players’ innovations
                                                                                                                                                                                                                                                      • Richemont
                                                                                                                                                                                                                                                        • Tiffany
                                                                                                                                                                                                                                                          • Christian Dior/LVMH
                                                                                                                                                                                                                                                            • Hermès
                                                                                                                                                                                                                                                              • Gucci Group
                                                                                                                                                                                                                                                                • What’s next?
                                                                                                                                                                                                                                                                • Regional and Country Analysis - Introduction

                                                                                                                                                                                                                                                                  • Brazil

                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                      • Luxury goods market
                                                                                                                                                                                                                                                                        • Figure 17: Brazil: Number of high net worth individuals, 2006-09
                                                                                                                                                                                                                                                                      • Key developments
                                                                                                                                                                                                                                                                        • São Paulo starts to become saturated
                                                                                                                                                                                                                                                                          • Progress stalls through the global recession
                                                                                                                                                                                                                                                                            • Rio and Brasilia next up
                                                                                                                                                                                                                                                                              • Reasons to be cheerful
                                                                                                                                                                                                                                                                                • But protectionist taxes also impede development
                                                                                                                                                                                                                                                                                  • Teaming up with local players
                                                                                                                                                                                                                                                                                    • Brand presence
                                                                                                                                                                                                                                                                                      • Figure 18: Brazil luxury goods market: Presence of selected luxury brands, Summer 2010
                                                                                                                                                                                                                                                                                    • SWOT
                                                                                                                                                                                                                                                                                      • Strengths
                                                                                                                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                                                                                                                          • Opportunities
                                                                                                                                                                                                                                                                                            • Threats
                                                                                                                                                                                                                                                                                            • China

                                                                                                                                                                                                                                                                                              • Background
                                                                                                                                                                                                                                                                                                • Luxury goods market
                                                                                                                                                                                                                                                                                                  • Figure 19: China: Number of high net worth individuals, 2006-09
                                                                                                                                                                                                                                                                                                • Key developments
                                                                                                                                                                                                                                                                                                  • Brand presence
                                                                                                                                                                                                                                                                                                    • SWOT
                                                                                                                                                                                                                                                                                                      • Strengths
                                                                                                                                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                                                                                                                                          • Opportunities
                                                                                                                                                                                                                                                                                                            • Threats
                                                                                                                                                                                                                                                                                                            • Europe

                                                                                                                                                                                                                                                                                                              • Background
                                                                                                                                                                                                                                                                                                                • High Net Worth Individuals
                                                                                                                                                                                                                                                                                                                  • Figure 20: Europe: Number of high net worth individuals, 2005-09
                                                                                                                                                                                                                                                                                                                • Luxury goods market
                                                                                                                                                                                                                                                                                                                  • Key developments
                                                                                                                                                                                                                                                                                                                    • West meets East
                                                                                                                                                                                                                                                                                                                      • Problems after the downturn
                                                                                                                                                                                                                                                                                                                        • Private ownership
                                                                                                                                                                                                                                                                                                                          • SWOT
                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                  • India

                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                      • Luxury goods market
                                                                                                                                                                                                                                                                                                                                        • Figure 21: India: Number of high net worth individuals, 2006-09
                                                                                                                                                                                                                                                                                                                                      • Key developments
                                                                                                                                                                                                                                                                                                                                        • Still in its infancy – but longer term prospects look good
                                                                                                                                                                                                                                                                                                                                          • Investors have put India on hold
                                                                                                                                                                                                                                                                                                                                            • Lack of quality space arrests development too
                                                                                                                                                                                                                                                                                                                                              • Cultural challenges too
                                                                                                                                                                                                                                                                                                                                                • Shopping overseas
                                                                                                                                                                                                                                                                                                                                                  • Brand presence
                                                                                                                                                                                                                                                                                                                                                    • Figure 22: India luxury goods market: Presence of select luxury brands, Summer 2010
                                                                                                                                                                                                                                                                                                                                                  • SWOT
                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                                                                                                                                          • Japan

                                                                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                                                                              • Luxury goods market
                                                                                                                                                                                                                                                                                                                                                                • Key developments
                                                                                                                                                                                                                                                                                                                                                                  • Luxury out, thrifty in
                                                                                                                                                                                                                                                                                                                                                                    • Parasites; good for the sector, bad for society
                                                                                                                                                                                                                                                                                                                                                                      • Rise of the mass-market brands
                                                                                                                                                                                                                                                                                                                                                                        • A helping hand from a large neighbour
                                                                                                                                                                                                                                                                                                                                                                          • SWOT
                                                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                                                  • Russia

                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                      • High Net Worth Individuals
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 23: Russia: Breakdown of population by average monthly income per capita, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 24: Russia: Number of high net worth individuals, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                      • Luxury goods market
                                                                                                                                                                                                                                                                                                                                                                                        • Key developments
                                                                                                                                                                                                                                                                                                                                                                                          • SWOT
                                                                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                                                                  • USA

                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                      • Luxury goods markets
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 25: US: Number of high net worth individuals, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                      • The US and the rest of the world
                                                                                                                                                                                                                                                                                                                                                                                                        • First in, first out
                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                            • Pent up demand
                                                                                                                                                                                                                                                                                                                                                                                                              • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                  • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                    • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                      • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                      • Armani

                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 26: Armani: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 27: Armani Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 28: Armani: Sales by region and sales, by brand, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 29: Armani: Sales growth by region and product, 2007-08
                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 30: Armani: Outlets, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 31: Armani: Outlets by brand, 2008 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 32: Armani: Brands, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                            • Bulgari

                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 33: Bulgari: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                • 2009 was characterised by strategic restructuring
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Future strategy builds on past strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Restructure of brand stores
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Plan to double accessories business
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Five year record
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 34: Bulgari SpA: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                            • 2009 results
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 35: Bulgari SpA: Operating income and operating margin, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Revenues by product category
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 36: Bulgari SpA: Net revenue by category, 2005 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Revenues by region
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 37: Bulgari SpA: Net revenue by region, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Interim results 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 38: Bulgari SpA: Revenue by product category, interim period, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 39: Bulgari SpA: Outlet numbers 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Uber-luxury positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expanding product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Burberry

                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 40: Burberry: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Taking control in China
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clear aims
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Desirability outweighs tougher market conditions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Corporate culture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail-led model
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Vulnerability?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Five-year record
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 41: Burberry Group: Financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 2009/10 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Q1 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Revenues by channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 42: Burberry Group: Revenue by channel, 2005/06 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Revenues by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 43: Burberry Group: Revenue by regional destination, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Directly-operated retail network
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 44: Burberry retail division: directly-operated outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail and franchise outlets by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 45: Burberry Group: Directly-operated and franchise outlets by region, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning/target audience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 46: Burberry Group: retail/wholesale revenue by product category, 2008/09 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product pyramid and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 47: Burberry Group: Product pyramid
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 48: Burberry Group: Websites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Christian Dior Couture

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 49: Christian Dior couture: Share of global luxury goods market, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ownership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • 2009 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 50: Christian Dior Couture: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 51: Christian Dior Couture: Total revenue, by business sector, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 52: Christian Dior Couture: Retail revenue, by geographic region, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 53: Christian Dior Couture: Outlet numbers, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 54: Christian Dior Couture: Store coverage by geographic region, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning and values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Estée Lauder Companies

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 55: Estée Lauder: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 56: Estée Lauder: Group financial performance, by region, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • By region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 57: Estée Lauder: Group sales, by region, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • By product area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 58: Estée Lauder: Group financial performance by product area, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 59: Estée Lauder: Group sales by product category, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 60: Estée Lauder, net sales by distribution channel, 2004/05 and 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 61: Estee Lauder, brand portfolio, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 62: Estée lauder websites, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Gucci Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 63: Gucci Group: share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Holding its nerve through the downturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Too ‘Gucci-centric’?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Commitment to other brands?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Stepping up investment in physical stores…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • … and online boutiques
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 64: Gucci Group: Financial data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Performance by region – China drives growth in emerging markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 65: Gucci group: Share of group sales by region, 2006 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Performance by brand – still heavily dependent on Gucci profits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 66: Gucci group: Relative sales importance by brand division, 2005 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gucci – 2009 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 67: Gucci group: Gucci division - turnover by product category and region, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bottega Veneta – 2009 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 68: Gucci group: Bottega Veneta division - turnover by product and region, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Yves Saint Laurent – 2009 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 69: Gucci group: Yves Saint Laurent division - turnover by product and region, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Other brands – 2009 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 70: Gucci group: Other brands division - turnover by product and region, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Group interims 2010 – building on the late 2009 rebound
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 71: Gucci group: Interim sales and profit, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 72: Gucci Group: Directly-operated stores by brand, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 73: Gucci Group: Directly-operated stores by brand and region, 2008 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning and brand essence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 74: Gucci Group: Brand essence and positioning, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product offer – stretching the brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 75: Gucci group: main product categories by brand, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 76: Gucci Group: Group websites, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hermès International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 77: Hermès: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 2009 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 78: Hermès: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 79: Hermès: Share of group sales by region, 2005 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales by product category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 80: Hermès: Sales by major product category, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • H1 2010 sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 81: Hermès: Stores by region, June 2008 and January 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 82: Hermès: Product breakdown, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • L’Oréal (Luxury Division)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 83: L’Oréal luxury division: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • YSL Beauté acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Group results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 84: L’Oréal: Sales by division, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Luxury division – a good track record
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • But under pressure in 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 85: L’Oréal Luxury division: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales by region and product area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 86: L’Oréal Luxury division: Sales by region and product area, 2008 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 87: L’Oréal Luxury division: Sales breakdown, by geographic region, 2005 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 88: L’Oréal Luxury division: Sales breakdown, by product area, 2005 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • First half 2010 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product offer and major lines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 89: L’Oréal: Luxury brands, product offer and major lines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 90: L’Oréal luxury brands: e-commerce offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • LVMH Holding

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 91: LVMH: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Adapting in the downturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 2010 rebound
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Staying true to its values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Driving the business for the longer term
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stack’s may pave the way to further e-commerce investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Group financial data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 2009 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 92: LVMH: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 93: LVMH: Relative sales importance, by division, 2005 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 94: LVMH: Relative profit importance by division, 2005 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rest of Asia and Other markets drive revenue growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 95: LVMH: Group sales by region, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 96: LVMH: Fashion & leather goods division’s sales breakdown, by region, 2001 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 97: LVMH: Perfumes and cosmetics division sales, by region, 2001 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 98: LVMH: Watches and jewellery division sales, by region, 2001 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 99: LVMH: Sales growth by division and region, 2008-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Star brands underpin performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 100: LVMH: Performance by luxury brand, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 2010 interims – building on the late 2009 rebound
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 101: LVMH: Sales by luxury division, interim period, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store development accelerates in most regions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 102: LVMH: Group outlet numbers, by region, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store developments by luxury brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 103: LVMH: Outlet data by luxury brand, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning and brand essence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 104: LVMH: Brand positioning/essence, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 105: LVMH: Main products categories by brand, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Prada

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 106: Prada Holding NV: Group share of global luxury market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strength in its brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Debt to impact on expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • IPO or takeover?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 107: Prada Holding NV: Financial data, 2006/07-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Asia-Pacific gains share of sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 108: Prada Holding NV: Estimated sales by region, 2007/08 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Prada
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Miu Miu
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Luna Rossa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Church’s Shoes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Polo Ralph Lauren

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 109: Polo Ralph Lauren: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 110: Polo Ralph Lauren: Group Financial performance, 2005/6-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 2009/10 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 111: Polo Ralph Lauren: Turnover, by region, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • First quarter 2010/11 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 112: Polo Ralph Lauren: Outlet numbers, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Wholesale distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Richemont

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 113: Richemont Group: Group share of global luxury market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A robust, diversified and innovative portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tapping into the right markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Taking more control
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Buying into e-commerce knowledge and skills
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 2009/10 a challenging year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 114: Richemont Group: Financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Performance by geographic region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 115: Richemont Group: Sales performance by region, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 116: Richemont group: Sales by region, 2006/07 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Performance by business segment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 117: Richemont Group: Financial performance by business segment, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 118: Richemont group: Sales by business segment, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Performance by product type
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 119: Richemont Group: Sales by product line, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 120: Richemont Group: sales mix by product line, 2005/06 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Performance by brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 121: Richemont Group: performance by brand, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio/distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 122: Richemont Group: Number of outlets, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Distribution developments by brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 123: Richemont Group: Distribution developments by brand, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into the aspirational Chinese market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 124: Richemont Group: Number of outlets in Greater China, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market positioning and brand essence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 125: Richemont group: Brand positioning/essence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 126: Richemont Group: Product offer, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 127: Richemont Group: Brand websites, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shiseido

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 128: Shiseido: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 129: Shiseido: Financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 130: Shiseido: Sales by region, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 131: Shiseido: Financial performance, by geographic segment, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Japan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Overseas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 132: Shiseido, main product lines, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Swatch

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 133: Swatch Group: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 134: Swatch group: Net sales by division, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 135: Swatch Group: Watch brands and retail interests, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tiffany & Co

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 136: Tiffany & Co: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Geographical rebalancing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Greater format flexibility
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online a major growth area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Diversification still eludes Tiffany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 137: Tiffany & Co: Financial data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Q1 2010/11 highlights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Turnover by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 138: Tiffany & Co: retail turnover by region, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 139: Tiffany & Co: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 2010/11 planned openings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market positioning/brand values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 140: Tiffany & Co: Sales mix, by category, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Advertising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Valentino Fashion Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 141: Valentino: Share of global luxury goods market, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 142: Valentino Fashion Group: Financial performance, 2004, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 143: Valentino: Boutiques, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 144: Valentino Fashion Group: Outlets 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 145: Valentino: Principal brands, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 146: Hugo Boss: Principal brands, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Luxury Goods Retailing - Global - September 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            US $1,721.51 (Excl.Tax)