ComCap Beauty Overvie...Revlon + Elizabeth Arden. CONFIDENTIAL 9 Boom in make-up market Penetration...

CONFIDENTIAL

Beauty industry – ComCap

discussion materials

June 2017

Complete presentation at: https://goo.gl/803d34

CONFIDENTIAL

2

We are pleased to present our 2017 beauty industry overview In the following slides we have synthesized our views on the key themes in the beauty industry, which remains one of the

most attractive CPG industries globally

With strong tailwinds for growth from emerging markets, mix shift to premium products, and a wave of new entrants and

disruptors, the industry is undergoing a tectonic shift - this is prime time to network in support of fundraising and

commercial partnerships with established and emerging industry players to help you to achieve your objectives

ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key subsectors

including B2C ecommerce, B2B SaaS, B2B services for retail (IT and marketing services, fulfillment and logistics and call

center), payments, marketplaces and digitally native brands

Headquartered in San Francisco, our firm works with mid-cap public companies on buyside initiatives, and with public

and private growth companies on equity financings and strategic M&A

In addition to being the only boutique focused exclusively on disruptive commerce models, we differentiate by bringing

bulge bracket techniques to emerging models, a strong and uncommon buyside/strategy practice, deep understanding of

industry drivers and synergy analyses, deep relationships across the sector and worldwide coverage with closed

transactions in the United States, Japan, China, the ASEAN region, Western and Eastern Europe and Latin America

In this deck, we have provided a brief overview of our firm, as well as our latest perspectives on the beauty industry overall

If you'd like to connect with us over the phone and/or meet in person to discuss your strategic initiatives, please contact

either Aron, Steve or Fermin:

Aron Bohlig

Managing Partner

M: 415-235-8270

E: [email protected]

Steve Terry

Managing Director

M: 415-971-3794


Fermin Caro

Director

M: 650-743-7825


CONFIDENTIAL

3

Index

ComCap overview2

Beauty industry overview1

Appendix: Trading comparables, private placements and precedents3

CONFIDENTIAL

Beauty industry overview

4

1

CONFIDENTIAL

Investors continue to deploy meaningful capital in the industry at the early stages, growth stages and into

public equity markets

5

Beauty industry – Key themes for 2017

Large growth opportunity for mass beauty products in emerging countries with a growing middle class

and premium beauty products in developed countries

Disruptors include startups as well as non-beauty retailers entering the beauty market organically

and inorganically

Instore model + online model is more effective than just ecommerce online model, giving

traditional players like ULTA and Sally Beauty an edge over ecommerce-pure play players

'Fast-fashion' model for beauty is gaining increasing popularity with the younger generation

Shop-in-shop concept is gaining momentum within the beauty industry

Consolidation continues with drive to attain scale, new capabilities, and entry into new

geographies

Korean brands have had a growing influence on the global beauty market, leading to a K-Beauty trend

Huge ecommerce "replenishment" opportunity for global players (which fulfillment companies can

help serve with online and offline models)

5

4

8

7

1

2

3

6

9

CONFIDENTIAL

6

Beauty companies are well positioned with strong underlying

growth factors

Beauty ecommerce has major room to grow Global growth in premium cosmetics market

Source: Euromonitor International / Fung Global Retail & Technology Source: ULTA investor presentation

Luxury market continue to see strong growth

Source: Bain & Company

WW middle class growing significantly

Source: Global Economy and Development

Internet Sales as estimated % of total beauty and

personal care sales, 2016

$108

$112

$116

$121

$126

2015 2016 2017 2018 2019

(In $bn)

6.4%

18.1%

10.6%7.7%

4.6% 4.2%

7.3%

19.7%

11.1%

8.1%

4.8% 4.5%

World China UK US France Germany

167153

173192

212 218 224

251 249

2008 2009 2010 2011 2012 2013 2014 2015 2016

1

0

1,000

2,000

3,000

4,000

5,000

6,000

2015 2020 2025 2030

North America Europe

Central and South America Asia Pacific

Sub-Saharan Africa Middle East and North Africa

(In million)(In EUR million)

CONFIDENTIAL

7

Global cosmetics market overview

5.0%

2.9%

1.0%

4.2%

4.6% 4.6%

3.8%3.6%

3.9%

4.0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Growth of the worldwide cosmetics market from 2007 – 2016

(Estimated annual growth rate, as %)

Main worldwide players

(2016 sales, in billions of USD)

Breakdown of the worldwide cosmetics market – Geographic

Zones (%)

Breakdown of the worldwide cosmetics market – Product

Categories (%)

$7.1

$11.1

$17.6

$20.5

$28.0

36.9%

24.8%

19.2%

10.2%

6.0%2.9%

Asia Pacific

North America

Western Europe

Latin America

Eastern Europe

Africa, Middle East

36.3%

22.9%

18.2%

12.0%

10.5%

Skin Care

Haircare

Make-up

Fragrances

Hygiene Products

Source: L'Oréal Annual Report 2016

CONFIDENTIAL

28.6

11.39.0 8.1 7.4

5.8 5.0 4.4 4.3 4.0 3.8 3.8 3.6 3.5 3.0 2.5 2.5 2.3

Pure Play Beauty Player

Non Pure Beauty Player

Skin Care Focused Players in Beauty

Represents revenue related to beauty

segment

8

Top players in the beauty industry today

Global Beauty (1) FY 16 Net Sales (USD Bn)

Notes:

1) Global Beauty defined as Fragrances, Color, Skin, Retail Hair Coloring & Styling, Salon Hair

2) Coty reflects pro forma for annualized Hypermarcas Beauty Business revenues as well as the “P&G Beauty Brands” excludes the

Excluded Brands and the Divested Brands

3) Revlon pro Forma for pending acquisition of Elizabeth Arden, expected to close by the end of 2016

Source: Coty Presentation, CapIQ

Coty + P&G Beauty Brands

(combined revenue is $9b)

Revlon +

Elizabeth Arden

CONFIDENTIAL

9

Boom in make-up market

Penetration rates still relatively modest in few geographical areas

(% of women who use at least one lip make-up product per year)Women’s global spending on makeup compared to clothing

(YoY growth)

In all geographic zones, the make-up market is growing faster than the cosmetics market

X6 Western

Europe

X2 North

America

X2 New

Markets

Makeup is the most dynamic category in

all sectors

Luxury

Mass- Market

Professional

4.0%

5.0%

3.4%3.7% 3.9%

3.2%

4.9% 5.2% 5.1% 4.9%

6.4%7.2%

2011 2012 2013 2014 2015 2016

Womens wear Color cosmetics

68.0%

28.0%

60.0%

50.0%

US China France Brazil

Source: L'Oréal Annual Report 2016, Press

CONFIDENTIAL

Source: Company data, press releases, Capital IQ, Crunchbase and Pitchbook

To

tal F

un

ds

Ra

ise

d

`

Disruptors include startups…

$5m

$50m

$15m

$10m

$100m

$150m

$200m+

Seed

Fragrance Men’s shaving &

groomingGeneral Brands Skin Care PlatformHair Care

2

10

SubscriptionSalon

CONFIDENTIAL

11

…as well as non-beauty retailers entering the beauty market

organically and inorganically

Retailers Key steps to focus on the beauty market

• In 2013, the company acquired DermStore Beauty Group, to expand in the evolving online beauty market

• In 2014, the company upped its beauty ante by adding new brands to the usual drugstore suspects

• Target started its own ‘Beauty Trial Box Service’ that consists of 10 trial products per month

• In April 2017, the company announced to remodel its stores; the stores will offer a better display of its

apparel, home and beauty departments

• In 2016, the company expanded its beauty offering with four exclusive new brands

─ Added a nail polish collection from Defy & Inspire and three different bath and body ranges: Mayfair

Soap Foundry, Marlowe and You Are amazing

• Has started a “concierge service” where customers can shop online for beauty products and speak

directly with Beauty Stylists and Advisors

• The customers can even choose three free samples with their purchases online

• Announced plans to establish Natural Beauty Outposts at 46 brick-and-mortar location

• The company is currently expanding their beauty supply line

• In March 2015, the company acquired Bluemercury, a luxury beauty retailer and spa, for $210m to

broaden the department’s customer base

─ The chain features in-house spas and carries high-end beauty and health brands, as well as M-61, a

proprietary skincare brand

• Partnered with Sephora under which Sephora stores are placed within J.C. Penney locations. The

Sephora brand assist in increasing sales for existing J.C. Penny customers as well as attract new

customers

• The partnership was a part of the strategy to turn J.C. Penny profitable in 2016

• In 2017, JC Penney announced plans to establish 70 new in-store Sephora shops and expand 32 of the

current shops by 50%.

• In September 2015, The Honest Co. established Honest Beauty, a complete range of cosmetics & skin

care. In February 2016, Honest Beauty expanded distribution with Ulta Beauty

• In August 2016, the company launched Honest Beauty Haircare which is available on honestbeauty.com

& ulta.com

CONFIDENTIAL

12

Amazon witnesses a 47% growth in sales as compared to 2%

growth in the total US beauty market

Skincare was one of the major growth drivers in the total market along with cosmetics, but actually

experienced a decline in the prestige category

− This indicates that consumers are spending more on expensive beauty products for cosmetic reasons,

not because of health and dermatology

Skincare was the real MVP for Amazon’s Beauty product group, revealing key ways Amazon differs from the

total market in this segment:

─ dermatological beats cosmetic, prestige does not drive growth and skincare outpaces cosmetics by a

wide margin

─ Men’s products are a key driver in beauty sales

Amazon’s success in the beauty product group comes from the sale of a very large volume of small,

inexpensive items.

$56.2bn

Total Value of the

U.S. Beauty market

(2015)

$2.5bn

Amazon’s Total

Beauty Sales

(2016)

2%

YoY Sales

2014 2015 2015 2016

47%

YoY Sales

Total US Beauty Market Amazon 2016 Beauty Salesvs

CONFIDENTIAL

13

Online sales supplement in-store experience

Beauty shopping remains a

predominantly offline experience,

with buyers continuing to prefer the

in-store experience with “interest in

discovery, trial and newness”

─ The "test-and-trial" nature of

beauty products prompts first-

time buyers to head to a brick-

and-mortar shop instead of

ordering online

Retailers like ULTA and Sephora

are the biggest beneficiaries of this

prevailing customer preference, as

they primarily focus on an in-store

experience and use e-commerce to

complement it

This customer preference is

unfavorable for online retailers like

Amazon who specialize in

“replenishment” orders

Prestige beauty brands have

managed to keep pricing and

distribution on a fairly short leash as

they keep product availability

exclusive to certain merchants

Source: ULTA investor presentation

3

Many online players are applying a “shop within a shop”

strategy, as well as setting up their own “digital hubs” at

prominent retailers

A great example is Pinrose, a fragrance startup, that has set up

digital hubs at Sephora and Nordstrom's, which feature a quiz

(iPad app) from Pinrose to help buyers find the right fragrance.

Pinrose’s quiz is also integrated into Sephora’s website as a part

of their partnership

CONFIDENTIAL

14

Many large transactions highlight increasing consolidation

Deal Rationale

Source: CapIQ, Press

Recent M&A activity in the beauty space

Enhance leadership position: 43 P&G

beauty brands merged into Coty, trans-

forming it into one of the world’s leading

beauty companies

Expand into new geographies: Dollar

Shave Club will be able to expand faster into

new geographies and improve its distribution

abilities in existing markets

Expansion of capabilities: Merger of the

two companies will create a multi-brand,

global beauty enterprise and tremendous

opportunity for long-term growth and value

creation

Expand product-line: L'Oréal acquired IT

Cosmetics to add more than 300 skin-care

and makeup products to its line-up and

strengthen its business in parts of Asia and

Latin America

Strengthen the market position:

Strengthen the leadership position of Estee

Lauder in cosmetics and increase the

Company’s consumer reach in the specialty-

multi channel

Expansion of capabilities: The acquisition

will help the company to enhance its position

in the Chinese marketplace. It’s Skin will also

take responsibility for, and ownership of,

Habul’s R&D center and production facilities

in both Korea and China including a plant

currently being built in China

Consideration

US$14.8bn

US$1.0bn

US$905.4m

US$1.2bn

US$1.4bn

US$385.6m

Date Announced

Jul 9, 2015

Jul 20, 2016

Jun 16, 2016

Jul 22, 2016

Nov 14, 2016

Feb 20, 2017

Target Buyer Multiples

NA

LTM Rev $152.0m: 6.6x

LTM Rev $949.5m: 0.9x

LTM EBITDA ($6.9m): nm

NTM Revenue: 0.9x

NTM EBITDA: 22.3x

LTM Rev $182.0m: 6.6x

NA

LTM Rev $270.8m: 0.3x

LTM EBITDA $84.5: 0.8x

4

CONFIDENTIAL

15

Shop-in-shop concept is gaining momentum within the

beauty industry

Retailers and

Brand owners

Description

• In 2006, Sephora partnered with J.C. Penny – under the partnership agreement Sephora established its

stores within J.C. Penney locations

─ Sephora inside JCPenney features products from more than 200 beauty brands. Also features its own

collection of makeup, skincare, tools and accessories

─ It also has a Beauty Studio, Sephora’s exclusive destination for free one-on-one beauty sessions with

its experts

─ In 2017, JC Penney announced plans to establish 70 new in-store Sephora shops and expand 32 of the

current shops by 50%.

─ Also launched a same-day, click-and-collect option for online purchases of Sephora products through

JC Penney.

• Bonobos, partnered with Nordstrom in 2012 to transform their online store into specialty shops within 20

Nordstrom locations

• This has proved to be a great way for online only brands to test the waters of a brick and mortar concept,

allowing consumers to interact with their products

• Peach & Lily is an online e-commerce website that specializes in Korean beauty products

• Peach & Lily established its first shop-in-shop at Macy’s and has recently established its second store in

2016

• In January 2016, Bluemercury a US luxury beauty retail chain, established a shop-in-shop at Macy’s

─ It offers exclusive brands, M-61 and Lune+Aster, and hair and make-up advice from top experts in the

fields of skincare, hair, makeup from various brands

• In March 2016, Macy’s acquired Bluemercury for $210m

“Shop-in-Shop model” is where a brand owner or retailer takes space in another retailer's store and fits it

out to provide selling space dedicated to that secondary company's products. Brand manufacturers are

rethinking ways to reach consumers directly and retailers are permitting them to make a clear brand and

price statement at the point of purchase. Key examples are:

5

CONFIDENTIAL

16

'Fast-fashion' model for beauty is gaining increasing

popularity with the younger generation

Key features:

• Constant changes in the line of products to increase the customer visit in the stores

• Rapid response to latest consumer trends

• Reduction in the marketing budget and mark-up to reduce the cost of the product

Declining Unit

PricesRising Volumes Fast Fashion

Pure

Players

6

Fast

Fashion

CONFIDENTIAL

1%3% 3%

7% 7%5%

12%

17%

Haircare Deodorant Men'sGrooming

Bath andShower

Fragrances Cosmetics Skincare Sets andKits

17

Presence of a significant “replenishment” opportunity

While online retailers like Amazon have not been able to topple large players such as ULTA and Sephora due to continuing

customer preference for instore retail, they have made significant inroads for beauty and personal care product replenishment

and refills

Prime disruption categories for replenishment

The “replenishment model” opportunity has also given birth to highly successful startups such as Dollar Shave Club and Harry’s

With low but meaningfully growing online beauty sales, online beauty etailers have a significant advantage to offer refill /

replenishment options which can be fulfilled by 3rd party ecommerce fulfillment players such as PFSWeb and Transcosmos

Daily Essentials Beauty

E-Commerce Penetration of Personal Care and Beauty Sub-Categories – US, 2013

Source: Euromonitor, AT Kearney

Where online US consumers shop online for personal care and beauty products

18% 19% 20% 23%24%

35%

18% 22% 25% 25% 27% 28%32%

42%

73%Traditional beauty players Mass retailers

7

CONFIDENTIAL

18

Approach to Korean Beauty for the US market:

• The go-to-market strategies: include rethinking

formulation if required and tailoring packaging,

branding and marketing to match the regions

requirements

• The trends: Skin care is the main focus area of the

K-beauty. Earlier the K-beauty was 7-9 step ritual but

now tending towards efficiency and efficacy.

• The Innovations: K-beauty is very innovative and

other skin brand can easily follow the K-brans

The Korean beauty brands have

adopted a “fast fashion” product

development cycle and gained

recognition for innovative formulas,

ingredients, manufacturing processes

and packaging

Embraced the digital transformation

age and have taken advantage of the

cultural influence of the Korean wave

to come up with innovative marketing

strategies

Fast to adopt in-store technologies

Certain Korean beauty start-ups have

emerged that have brought Korean

beauty products overseas with e-

commerce

Leveraging the growing influence of

digital media to engage with

customers

According to the Korean Customs

Service, exports of Korean cosmetics

have been increasing by an average

of 36.9% every year since 2011, and

reaching $2.5bn in 2015

Country GDP (PPP)

In bn

R&D

As a % of GDP

GERD (PPP)

In bn

United States 17,460 2.78% 485.39

China 17,630 1.95% 343.78

Japan 4,807 3.40% 163.44

Germany 3,621 2.85% 103.20

Korea 1,786 3.60% 64.30

India 7,277 0.85% 61.85

France 2,587 2.25% 58.21

Russia 3,258 1.50% 53.52

Source: Fung Global Retail & Tech, Industrial Research Institute

8

Korean brands have had a growing influence on the global

beauty market, leading to a K-Beauty trend

CONFIDENTIAL

Retailersand

Salons

Beauty Products Manufacturers

Multi-category retailers

Perfumes

Conglomerates with beauty

segment

Cosmetics

Hair solutions

19

Strategic investors in the beauty space

Note: All the companies selected has a market of over $500m and the transaction values of over $250m

9

CONFIDENTIAL

$4,611 $4,649 $4,552 $4,395

$5,403

$7,523

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

2012A 2013A 2014A 2015A 2016A 2017E

Revenue (In $m)

20

e.l.f and Coty: case studies highlight public market opportunity for

cosmetics and beauty industry

Source: CapitalIQ, Press Releases

Note: Coty financials not pro forma for P&G Beauty Brands merger

Founded in 1904 by Francois Coty, who sold fragrances to

Paris department stores

─ It is a global leader in fragrances, with the number two

position in hair and number three in color cosmetics

In the 2012 IPO, the company issued 57.1 million shares at a

price of $17.50 per share

─ The shares are issued at a price of $17.50, between the

indicated range of $16.50 and $18.50

─ The shares offered was sold by existing Coty stockholders,

and Coty did not receive any of the proceeds of the offering

• In October 2016, Coty merged with P&G Specialty Beauty

Business. It expects to achieve total cost savings of approx.

$750m, or 16%1 of acquired revenues

Jul’ 12: Raised $1.0bn from gross

proceeds through an issue of an IPO

Oct’ 16: merged with P&G Specialty

Beauty Business

The company was established in 2004 as J.A. Cosmetics, later it

was renamed in 2016 as e.l.f beauty

In 2014, TPG Growth acquired a majority stake in the company

In the 2016 IPO, the company issued 8.3 million shares at a price of

$17.00 per share

In March 2017, the company has raised gross proceeds of $225.3m

by offering 8.3 million shares at a price of $27 per share. The amount

raised will be used for working capital and general corporate

purposes

As of April 20, 2017, the company is trading at 6.2x LTM revenue,

and has an enterprise value of $1.3bn

$83

$121$145

$191

$230

$291

$350

$0

$50

$100

$150

$200

$250

$300

$350

$400

2012A 2013A 2014A 2015A 2016A 2017E 2018E

Revenue (In $m)

Sep’16: Raised $141.7m from

gross proceeds through issue

of an IPO

Nov’ 16: raised an additional amount of

$1.1bn

CONFIDENTIAL

21

Financial and corporate investors landscapeUS

Stage

agnostic

Buyout /

Alternate

Early

stage

Late

stage

Corp.

VC

International

Investors with beauty investments

CONFIDENTIAL

22

Sub-verticals within beauty have a varied trading multiples range

2.0x

2.9x

4.5x

11.7x

6.1x

8.8x

2.1x

3.5x

6.2x

13.6x

7.0x

9.4x

0.0x 5.0x 10.0x 15.0x

Perfumes

Retailersand Salons

Cosmetics

Conglomerateswith Beauty

segment

Hair Solutions

Beauty ProductsManufacturer

CY16 CY17

Revenue multiples1

Source: Capital IQ

Note: (1) Max revenue multiples as of 07/19/2017

CONFIDENTIAL

ComCap overview

23

2

CONFIDENTIAL

24

Why ComCap?

Who is ComCap?

− eCommerce-focused boutique, 100% focused on the eCommerce value chain

− Proven team with background at Credit Suisse, UBS, J.P. Morgan, with 50+ years of experience

− Senior execution, no bait-and-switch, but with a strong bench team for support

− We are small, so we must be selective, working only on the best probability engagements, but

working ferociously to achieve a great outcome

− We do deals where we add unique value – not untargeted auctions to test the market

How do we differentiate?

− Vertical focus enables deep understanding of your value proposition

− Unique synergies identification and advocacy process – based on bottoms up revenue and profit

analysis of the value of entering new geographies, new verticals for strategic investors / buyers

− Huge network among strategics in the US, Europe and Asia

− 50% of our transactions are cross border (active in the US, Asia, Europe and LatAm)

− New market entry experience on buyside

Win-win proposal and differentiated proposition for our clients

− While we may charge premium pricing, we offer greater levels of service than other firms, and

our client references will attest to this

CONFIDENTIAL

Value

Proposition

Unique, Focused, Global, Strategy and Investment Banking Boutique

Recent transactions completed or underway in the United States, Japan, China, Singapore, Brazil, Argentina, UK, Sweden, Belgium, France, Germany

$2B revenue Japanese ecommerce BPO co.

#3 Russian Internet company

#1 UK Internet company

Multiple private B2B ecommerce systems integrators

Selected

ComCap

Clients

#1 Asian ecommerce B2B company

$200M rev US public company

Multiple US and EU private equity funds

Many ecommerce SaaS companies

Previous

Clients

Selected

Team

Members

Fermin Caro

Director

Aron Bohlig

Managing PartnerSteve Terry

Managing DirectorMatt Nemer

Managing DirectorSwetha Vijay

Director

Experience

14 years

Credit Suisse

SVB Capital

23 years

Credit Suisse

Become, Nortel

20 years

Credit Suisse

Battery Ventures

Robertson

Stephens

20 years

Wells Fargo

Thomas Weisel

9 years

DBS, Deloitte

Avista/Houlihan

Lokey

Education

Yale MBAWharton MBA McCombs School

of Business MBA

Vanderbilt IIM Ahmedabad

MBA

Location San FranciscoSan Francisco San Francisco San Francisco Singapore

ComCap – A leading boutique at the intersection of Capital and

Commerce

25

Sakshi Goel

AssociateBack office

Team

Shiv Ng

PPGSabeeh MohsanAnalyst

Charlotte Brook

Administration and Ops

Rajani Vadapalli

Associate

Dhawal Chotai

Analyst

CONFIDENTIAL

26

Matt Nemer: unique perspective as only lead equity research

analyst covering offline and online retail

Matt Nemer has 15+ years of experience covering retail

and digital commerce at Wells Fargo Securities, Thomas

Weisel Partners, and DLJ

He was the first and only retail analyst to cover physical

retail with pure play ecommerce, video commerce, and

marketplaces

Matt has been a regular contributor on CNBC,

Bloomberg, and the WSJ

Matt is in regular dialogue with C-level executives at the

major retailers

Retail coverage experience

eCommerce &

Marketplaces

Broadlines Hardlines

IPO experience

CONFIDENTIAL

US 27

Selected ComCap transactions & recent mandates

Europe Australia Asia

Strategic Advisory

Sep 2013 Mar 2013

Merger with

StrategicAdvisory

Mar 2013

Feb 2015

$45,000,000

Financing

$20,000,000

Series B Financing

Aug 2015

Sole Advisor to PFSwebSep 2014

Acquisition of

Sole advisor to transcosmos

Mar 2016

Acquisition of stake in

Project Perseus

$80,000,000

Capital raise for

Australian tech

company

Project Orion SaaS

Dual Track Process

(equity financing

and sale)

Acquisitions of

DNVBs (group

consolidation)

Acquisition of

$55,000,000

Sole Advisor to PFSwebJun 2015

Acquisition of

Sole Advisor to PFSwebJun 2015

Sole Advisor to PFSwebSep 2014

Acquisition of

$62,500,000

Debt Financing

Sep 2015

$14,690,000Acquisition of

stake in

Sole Advisor to transcosmos

May 2013

Acquisition of 20% stake in

Sole Advisor to transcosmos

Jul 2013

Strategic equity

investment from

Aug 2016

Sole AdvisorOct 2015

Project Titan $200,000,000Acquisition

Mar 2017In process In processIn process

Latin America


Dec 2016




CONFIDENTIAL

28

Transcosmos case study – stock price increase following

ComCap-advised strategic investments

Source: Transcosmos’ investor portfolio presentation

Series of

strategic

investments

advised by

ComCap, post-

engagement

http://transcosmos.com/transcosmos investment portfolio_20170310.pdf

CONFIDENTIAL

$672.0

$340.6

$99.4 $89.6 $61.8 $42.6 $38.9 $26.8 $19.5 $19.0 $18.9 $15.9 $14.0 $13.4 $9.6 $9.4 $9.4 $8.5 $6.9 $5.7 $5.0 $3.2

Retail Ecommerce Sales Worldwide – 2015 (In $bn)

29

ComCap - active in 13 countries, including 11 of the top 22

global ecommerce markets

CONFIDENTIAL

30

ComCap helps DynamicAction raise $15m Strategic Round

• DynamicAction (DnA) is a San Francisco based SaaS predictive

analytics platform for retailers

• DnA’s solution leverages >600 algorithms to provide large retailers with

big data insights, derived from $12bn in annual GMV (2nd only to

Amazon), and proscribe prioritized actions related to critical issues that

are largely not visible today - across primarily merchandising, site

operations and customer interactions

• Marquee retailers in the US, UK and Europe such as Victoria’s Secret,

Abercrombie, American Eagle Outfitters, Brooks Brothers, Eddie Bauer,

Cole Haan, Otto Group, Tesco, and El Corte Ingles achieved >20% Y/Y

growth in profit during the 4Q (the most important season for retailers)

• At the time of the transaction, DnA surpassed its 2016E target revenue

and had visibility into >70% of its 2017E target standalone revenue

(112% including its weighted pipeline)

• The round valued DnA at 7.3x 2017E target standalone revenue and

5.3x 2017E revenue (including synergies)

ComCap process differentiation

ComCap successfully executed a capital raise and partnership with committed resources to accelerate

growth and realize material revenue synergies

• Extensive pre-transaction engagement to optimize company’s

positioning emphasizing first mover advantage and

differentiation

• Process designed to engage with key strategics and targeted

private equity players on a global basis

• Created detailed analysis of historical financials to support key

value drivers, customized for each strategic investor, and

detailed synergy models to gain commercial buy-in

• Aggressively engaged with commercial and strategic investment

teams to foster commitment to and consideration for synergies

in the valuation rationale

• Accenture’s retail practice corroborated the commercial opportunity

and, along with the strategic investment, committed to accelerating

DnA’s penetration of the largest retailers worldwide.

• Synergies to DnA are expected to contribute 33% in incremental

annualized revenues vs. DnA’s 2017E standalone revenues

$5$9

$23

$0

$3

$9

$5

$12

$33

$0

$10

$20

$30

$40

2016E 2017E 2018EDnA Standalone DnA Synergies

5.3x

Multiple

DnA revenue ramp including synergies ($m)

implies a ‘17 multiple in-line with vertical SaaS leaders

CONFIDENTIAL

ComCap helps drive global eCommerce outsourcing expansion

through $15mm equity investment

Global outsourcing leader with premier client base, seeks

expansion via digital services & new geographies

• Based in Tokyo, founded in 1985, (TSE: 09715) since 1997

• $1.5B in sales, ~16,000 employees, ~ 800 clients

• Leading BPO, contact center, digital marketer w. Asia expertise

• Proactively sought to meet clients’ Int’l. expansion needs

• Identified eCommerce as next evolution in outsourced services

31

International outsourced eCommerce with robust

capabilities and iconic global brands

• Based in Texas, founded in 1994, IPO 1999 on NASDAQ:

PFSW

• $250M in sales, 1,400 employees, >60 brand name clients

• Best in class provider of end-to-end eCommerce outsourcing

• Established operations in N. America and Europe

• Seeking strategic partners to achieve a global solution

Capabilities

Capabilities

Clients Clients

Working with fifteen different strategic partners over four months, ComCap brought together a large

strategic and a best-of-breed point provider to create a best-in-class, end-to-end, global solution

CONFIDENTIAL

32

$45m investment from Bridgepoint Development Capital for

Trustly

• Trustly is a Stockholm-based online payment services provider

(PSP)

• At the time of the transaction, Trustly processed payments of

€1.1bn p.a., implying year-on-year growth in excess of 100%

• Trustly's proprietary and scalable PSP technology platform

integrates any payment method and offers instant pay-ins and

pay-outs, based on online banking epayments

• Trustly's instant pay-ins and pay-outs are used by leading

merchants across a variety of segments, such as Peer-to-Peer

Marketplaces (Blocket, part of Schibsted), Sharing Economy

(Tripwell), Travel (Logitravel), Electronics (Samsung), Daily

Deals (Groupon), Financial Services (Western Union), Gaming

(bwin.party) and e-Wallets (PayPal)

ComCap Process Differentiation

ComCap successfully executed a capital raise to fuel Trustly’s European expansion

• Extensive pre-transaction engagement to optimize company’s

PR strategy and corporate positioning

• Process designed to engage with key strategics and private

equity players on a global basis

• Created detailed financial and operational model to enable

counterparties to construct own “what if” and scenario analyses

• Aggressively bid European and US private equity firms against

each other to optimize valuation and size of secondary

component

• Minimized period of exclusivity to optimize competition on

economics and lower deal risk

$45,000,000

Financing

Feb 2015

• Bridgepoint is an International private equity firm focused on

investing in leading middle market businesses

• Bridgepoint Development Capital ('BDC') focuses on buyouts

and growth capital investments, typically in businesses with an

enterprise value between $25m and $150m

CONFIDENTIAL

33

ComCap helps drive global ecommerce outsourcing expansion

through $15mm equity investment




• $1.5B in sales, ~16,000 employees, ~ 800 clients



• Identified ecommerce as next evolution in outsourced services

International outsourced ecommerce with robust

capabilities and iconic global brands

• Based in Texas, founded in 1994, IPO 1999 on NASDAQ:

PFSW

• $250M in sales, 1,400 employees, >60 brand name clients

• Best in class provider of end-to-end ecommerce outsourcing

• Established operations in N. America and Europe

• Seeking strategic partners to achieve a global solution

Capabilities

Capabilities

Clients Clients

Working with fifteen different strategic partners over four months, ComCap brought together a large

strategic and a best-of-breed point provider to create a best-in-class, end-to-end, global solution

CONFIDENTIAL

34

ComCap helps drive capital and business alliance with

Infracommerce




• $1.9B in sales, ~18,000 employees



• Identified ecommerce as next evolution in outsourced services

An e-commerce one-stop services provider with a

focus on Brazil

• Based in São Paulo, Brazil; founded in 2012

• GMV of $25M+ in 2015, 400 employees

• Offers extensive e-commerce related services. A market leader

in Brazil and expanded its sales channel into Mexico

• Plans to enter into Argentina, Columbia, Chile and Peru from

after 2017

Clients Clients

ComCap successfully executed the alliance to enhance e-commerce one-stop services capability in Latin America by

delivering superior products and services to consumers in countries including Brazil and Mexico

Rationale

• Through the alliance with Transcosmos, Infracommerce planned to offer its client companies’ superior products to consumers across Latin American

countries, focusing on Brazil

─ Integrated Transcosmos’s proven operational know-how on “Global E-Commerce One-Stop Services” with the service capabilities that

Infracommerce owns

• Infracommerce has a wealth of know-how and insights regarding the Brazil’s complicated regulations and offers optimum solutions for all businesses

and products

─ Offers comprehensive support ranging from developing e-commerce websites, shop management, online marketing, fulfilment, payment as well as

CRM and customer care

─ Aimed to make a huge contribution to international clients to expand into the Latin American market

─ The amount raised will be used to speed up the internationalization and facilitate omni-channel scale

CONFIDENTIAL

35

PFSW case study – stock price increase following 1 equity

investment & 4 acquisitions

0

2

4

6

8

10

12

14

16

18

May

-01-

2013

Jun-

01-2

013

Jul-0

1-20

13

Aug

-01-

2013

Sep-

01-2

013

Oct

-01-

2013

Nov

-01-

2013

Dec

-01-

2013

Jan-

01-2

014

Feb-

01-2

014

Mar

-01-

2014

Apr

-01-

2014

May

-01-

2014

Jun-

01-2

014

Jul-0

1-20

14

Aug

-01-

2014

Sep-

01-2

014

Oct

-01-

2014

Nov

-01-

2014

Dec

-01-

2014

Jan-

01-2

015

Feb-

01-2

015

Mar

-01-

2015

Apr

-01-

2015

May

-01-

2015

Jun-

01-2

015

Jul-0

1-20

15

Aug

-01-

2015

Sep-

01-2

015

Oct

-01-

2015

Nov

-01-

2015

Dec

-01-

2015

Jan-

01-2

016

Feb-

01-2

016

Source: Capital IQ as of Feb 2, 2016

ComCap’s role

• Developed acquisition strategy in terms of services offered (system integrators, creative agencies, marketing agency,

technical agencies, etc.), geographical reach (Europe, Asia, North America) and technology platform partnership

(Demandware, Magento, and Hybris)

• Reached out to a variety of lenders including asset management firms, hedge funds, and strategic investors, resulting in a

$14.7m investment from Japanese ecommerce solutions provider Transcosmos

• Managed and executed deal from submitting an LOI package to negotiating deal structure and terms to conducting due

diligence calls on the acquisition target’s top clients

• Improved PFSweb’s geographical presence and service offering in Europe, resulting in cross-selling opportunities with its

newly acquired subsidiaries and access to marquee European clients in retail and luxury

Transcosmos made a $14.7m

equity investment in PFSweb

Closing stock price: ($4.34 as

of 5/15/2013)

PFSweb acquired LiveAreaLabs

Closing stock price: ($10.64 as of

9/23/2014)

PFSweb acquired REV Solutions

Closing stock price: ($5.09 as of

9/4/2014)

PFSweb acquired MODA

Closing stock price: ($13.74 as

of 6/15/2015)

PFSweb acquired CrossView

Closing stock price: ($12 as of

8/5/2015)

CONFIDENTIAL

ComCap’s current thematic focus areas

Theme Description Select companies

Digitally Native Vertical

Brands (DNVBs)

D2C digitally native brands covering clothing, accessories, personal care,

home and kitchen, furniture, and other consumer-focused products.

Beauty, health and

wellness

Universe of beauty companies, including product manufacturers, retailers,

disruptors and new entrants.

AnalyticsFocus on disruptors in the analytics space focused on ecommerce,

logistics, retail, predictive, payment, risk and marketing

Personalization Emerging players in the ecommerce personalization space

Marketing Suites Emerging platforms in the digital marketing space

Mobile

Focused on mobile solution providers optimizing the mobile experience

from desktop-to-mobile website conversions, targeted mobile marketing, to

simplifying the mobile checkout experience.

FintechRetail and commerce-related disruptors in the fintech universe. Current

focus areas include payments, risk analytics, false declines and retail POS.

Outsourcing and

service providers

Companies that provide outsourcing and end-to-end ecommerce services,

such as contact centers, platform, marketing, photo services, logistics,

warehousing etc.

System IntegratorsFocus on large SIs covering multiple platform as well as smaller SIs

covering just one or a handful of platforms.

Ecommerce SaaS Emerging and disruptive SaaS businesses in the ecommerce sector.

Other (IoT, SMB, POS)We are constantly evaluating new themes and evolving our focus. Other

categories currently include logistics, shipping, IoT, and SMB.

3

6

CONFIDENTIAL

Appendix: Trading comparable’s, private

placements and precedent transactions

37

3

CONFIDENTIAL

38

Trading comparable companies

Source: Capital IQ

Note: (1) Average revenue multiples as of 07/19/2017

(US$ million, except per share amounts)

Trading Performance FD Capitalization Operating Statistics

Stock Equity Enterprise Value / Y/Y Rev. Growth

Price Market Enterprise P/E Multiples CY16 / CY17 / EBITDA Margin %

Company (FYE) High Value Value LTM CY16 CY17 LTM CY16 CY17 LTM CY16 CY17 CY15 CY16 CY16 CY17

Retailers and salons 73% $6,929 $7,336 1.6x 1.6x 2.0x 10.6x 10.7x 11.5x 11.1x 18.6x 22.4x 13.0% 10.7% 12.6% 17.0%

Beauty Products Manufacturer - diverse categories 80% $11,309 $11,818 2.6x 2.6x 2.6x 16.4x 16.5x 15.2x 26.8x 30.5x 25.3x 14.3% 14.1% 14.6% 15.8%

Perfumes 89% $464 $459 1.8x 2.0x 1.8x 16.0x 17.2x 15.1x 33.2x 31.3x 18.5x 8.8% 20.1% 11.7% 12.3%

Conglomerates with beauty segment 93% $102,753 $109,222 4.0x 4.1x 3.7x 18.0x 13.8x 12.5x 27.7x 27.0x 24.2x 4.9% 9.4% 22.3% 22.8%

Cosmetics 77% $1,064 $1,072 2.6x 2.8x 2.4x 17.4x 18.7x 12.7x 27.3x 25.1x 15.1x 22.2% 20.3% 15.6% 19.5%

Hair Solutions 91% $1,883 $1,813 3.2x 3.3x 4.5x 15.9x 16.5x 23.0x 24.6x 25.9x 18.7x 6.2% 16.3% 18.4% 19.9%

Median 84% $20,734 $21,953 2.6x 2.7x 2.8x 15.7x 15.6x 15.0x 25.1x 26.4x 20.7x 11.6% 15.1% 15.9% 17.9%

Mean 84% $20,734 $21,953 2.6x 2.7x 2.8x 15.7x 15.6x 15.0x 25.1x 26.4x 20.7x 11.6% 15.1% 15.9% 17.9%

Retailers and salons 64% $3,522 $448 1.1x 1.1x 2.0x 7.4x 7.5x 11.5x 14.8x 18.6x 26.4x 11.5% 30.9% 15.9% 17.0%


Perfumes 88% $204 $231 1.9x 2.1x 1.8x 16.8x 17.8x 15.1x 33.2x 33.4x 26.1x 8.8% 20.1% 11.8% 12.3%


Cosmetics 73% $278 $259 1.8x 2.0x 1.6x 17.7x 20.0x 13.0x 24.3x 28.7x 20.1x 21.9% 19.3% 13.5% 15.8%

Hair Solutions 93% $562 $507 2.9x 3.1x 4.5x 13.6x 14.3x 23.0x 25.4x 22.1x 14.0x 6.2% 16.3% 20.5% 19.9%

Median 86% $1,047 $477 1.9x 2.1x 2.1x 15.1x 15.9x 14.1x 26.8x 26.7x 23.5x 10.2% 17.8% 15.7% 16.9%

Mean 83% $10,451 $12,859 2.1x 2.2x 2.5x 14.3x 15.2x 15.1x 25.7x 26.0x 22.3x 11.2% 17.9% 16.2% 17.0%

Retailers and salons 90% $17,661 $17,190 3.4x 3.5x 2.9x 18.6x 19.8x 16.2x 11.1x 18.6x 34.3x 23.7% 20.8% 17.9% 18.1%


Perfumes 100% $1,142 $1,107 2.0x 2.1x 2.0x 18.4x 19.5x 17.6x 34.8x 37.0x 29.4x 11.2% 31.9% 14.8% 15.5%


Cosmetics 97% $4,772 $4,170 5.6x 6.2x 4.5x 30.0x 32.8x 19.4x 38.4x 42.9x 34.2x 38.7% 46.9% 33.8% 34.6%

Hair Solutions 94% $6,233 $6,153 6.7x 7.0x 6.1x 34.2x 35.2x 31.3x 35.4x 48.2x 46.9x 9.3% 19.3% 21.4% 20.3%

Median 98% $11,947 $11,671 6.2x 6.6x 5.3x 32.1x 26.3x 18.5x 35.1x 45.4x 39.2x 17.8% 26.3% 26.2% 26.4%

Mean 97% $85,852 $84,449 6.8x 7.0x 6.0x 34.4x 27.3x 21.6x 31.7x 40.5x 41.6x 21.9% 28.6% 25.6% 26.1%

Public Comparable Max

Public Comparable Mean

Public Comparable Median

%52W Revenue EBITDA

CONFIDENTIAL

39

Trading comparable companies 2


Source: Capital IQ





Company (FYE) 7/18/2017 High Value Value LTM CY16 CY17 LTM CY16 CY17 LTM CY16 CY17 CY15 CY16 CY16 CY17

Retailers and Salons

Ulta Beauty, Inc. (US) $284.71 90% $17,661.27 $17,189.55 3.4x 3.5x 2.9x 18.6x 19.8x 16.2x NM NM 34.3x 23.7% 20.8% 17.9% 18.1%

Regis Corporation (US) $10.24 66% $472.97 $424.63 0.2x 0.2x NA 5.9x 4.8x NM NM NM NM NM NM 5.0% NM

Sally Beauty Holdings, Inc. (US) $19.13 62% $2,651.30 $4,392.40 1.1x 1.1x 1.1x 7.4x 7.5x 6.9x 11.1x 18.6x 10.5x 2.2% 0.7% 14.9% 15.9%

Mean $104.69 73% $6,929 $7,336 1.6x 1.6x 2.0x 10.6x 10.7x 11.5x 11.1x 18.6x 22.4x 13.0% 10.7% 12.6% 17.0%

Median $5.75 64% $3,522 $448 1.1x 1.1x 2.0x 7.4x 7.5x 11.5x 14.8x 18.6x 26.4x 11.5% 30.9% 15.9% 17.0%

Max $284.71 90% $17,661 $17,190 3.4x 3.5x 2.9x 18.6x 19.8x 16.2x 11.1x 18.6x 34.3x 23.7% 20.8% 17.9% 18.1%






Beauty Products Manufacturer - diverse categories (skin care, makeup, fragrance, and hair care products)

L'Oréal S.A. (FR) $210.66 97% $117,783.73 $117,191.51 4.1x 4.3x 3.8x 19.2x 20.4x 17.1x 36.6x 29.7x 27.0x NM 13.4% 21.1% 22.2%

The Estée Lauder Companies Inc. (US) $96.99 99% $35,676.00 $37,748.00 3.3x 3.3x 3.1x 16.0x 17.1x 15.6x 31.9x 24.6x 26.8x 2.8% 7.5% 19.4% 19.8%

Amorepacific Corporation (KR) $280.65 72% $18,196.15 $17,295.97 3.4x 3.7x 3.3x 19.3x 20.2x 19.2x NM 38.4x 31.8x 15.8% 10.7% 18.2% 17.4%

Beiersdorf Aktiengesellschaft (DE) $107.58 98% $24,401.65 $22,230.07 2.9x 3.1x 2.8x 16.8x 17.8x 15.8x 35.6x 27.8x 28.7x NM 12.0% 17.5% 17.6%

Shiseido Company, Limited (JP) $36.00 97% $14,377.15 $14,758.05 1.9x 2.0x 1.7x 21.6x 22.6x 17.3x NM 40.7x 52.3x NM 17.1% 9.0% 10.0%

AmorePacific Group (KR) $120.72 79% $9,284.29 $10,215.47 1.7x 1.8x 1.6x 9.1x 9.4x 8.6x NM 42.5x 34.3x 15.6% 12.1% 19.5% 19.1%

Coty Inc. (US) $19.14 64% $14,309.83 $21,172.43 3.3x 3.9x 2.4x 21.4x 25.1x 14.6x NM 21.3x 23.2x 26.4% NM 15.6% 16.6%

KOSÉ Corporation (JP) $115.44 97% $6,584.97 $5,958.86 2.5x 2.7x 2.3x 14.5x 16.7x 13.2x 32.7x 27.5x 30.4x 11.8% 19.5% 16.2% 17.1%

Edgewell Personal Care Company (US) $77.25 88% $4,435.79 $5,662.39 2.4x 2.4x 2.4x 13.1x 12.9x 12.3x 26.3x NM 19.9x NM NM 18.6% 19.7%

Emami Limited (IN) $16.95 87% $3,846.36 $3,860.28 9.8x 9.4x 8.8x 35.4x 30.3x 29.4x NM NM 45.5x 8.3% 6.4% 31.1% 30.1%

Avon Products, Inc. (GB) $3.48 50% $1,530.67 $3,327.97 0.6x 0.6x 0.6x 7.8x 7.3x 6.6x 12.5x NM 15.1x NM 3.4% 8.1% 8.8%

Oriflame Holding AG (CH) $39.74 90% $2,164.27 $2,264.64 1.6x 1.7x 1.5x 14.1x 15.5x 11.9x 28.7x 48.4x 21.6x 0.2% 17.1% 11.1% 12.4%

Revlon, Inc. (US) $23.05 61% $1,203.31 $3,813.21 1.5x 1.6x NA 12.5x 10.7x NM 26.2x 25.8x 0.0x 21.9% NM 15.2% NM

Kolmar Korea Co., Ltd. (KR) $66.70 71% $1,407.46 $1,503.59 2.4x 2.7x 2.0x 18.9x 21.3x 16.1x 34.7x 31.1x 24.2x 21.8% 35.8% 12.7% 12.4%

e.l.f. Beauty, Inc. (US) $26.60 82% $1,214.75 $1,387.22 5.8x 6.0x 4.8x 38.6x 38.3x 22.1x NM NM 60.8x 19.9% 26.8% 15.8% 21.6%

Mandom Corporation (JP) $54.57 97% $1,275.73 $1,048.38 1.5x 1.6x 1.4x 10.6x 11.4x 10.1x 31.4x 17.9x 24.9x 8.3% 10.1% 13.9% 14.2%

Bajaj Corp Limited (IN) $5.81 86% $857.03 $804.95 6.5x NA 5.9x 19.7x NM 18.2x 30.0x 48.6x 22.3x NM NM NM 32.5%

Safilo Group S.p.A. (IT) $7.26 64% $454.74 $508.91 0.4x 0.4x 0.4x 6.2x 6.5x 9.8x 25.0x NM NM NM NM 5.9% 4.0%

TONYMOLY Co.,Ltd. (KR) $18.20 54% $320.98 $307.18 1.5x 1.6x 1.4x 22.1x 19.3x 21.8x NM 27.6x 18.7x 3.6% 13.2% 8.2% 6.4%

Able C&C Co., Ltd. (KR) $23.39 77% $386.83 $287.82 0.8x 0.8x 0.7x 11.2x 11.8x 9.9x 26.5x 20.1x 20.6x 4.1% 9.3% 6.8% 7.4%

Alès Groupe S.A. (FR) $14.91 95% $216.41 $269.81 1.0x 1.1x 1.0x 16.3x 17.3x 14.0x NM 19.3x 27.5x NM 10.9% 6.2% 6.9%

HABA Laboratories,Inc. (JP) $33.53 85% $131.91 $123.95 0.9x 0.9x NA 6.0x 5.2x NM 13.5x 28.0x 0.0x 17.3% NM 17.2% NM

Nippon Shikizai Inc. (JP) $8.02 63% $42.02 $72.42 0.8x 0.8x NA 6.9x 6.0x NM 10.5x NM 0.0x 36.8% NM 13.3% NM

Mean $61.16 80% $11,309 $11,818 2.6x 2.6x 2.6x 16.4x 16.5x 15.2x 26.8x 30.5x 25.3x 14.3% 14.1% 14.6% 15.8%

Median $33.53 85% $1,531 $3,328 1.9x 1.9x 2.1x 16.0x 16.9x 15.1x 28.7x 27.8x 24.5x 15.6% 12.1% 15.4% 16.9%

Max $280.65 99% $117,784 $117,192 9.8x 9.4x 8.8x 38.6x 38.3x 29.4x 36.6x 48.6x 60.8x 36.8% 35.8% 31.1% 32.5%

%52W Revenue EBITDA

%52W Revenue EBITDA

CONFIDENTIAL

40


Source: Capital IQ







Perfumes

Inter Parfums, Inc. (US) $36.65 88% $1,142.32 $1,106.73 2.0x 2.1x 2.0x 12.8x 14.3x 12.6x 31.7x 33.4x 29.4x 11.2% 8.2% 14.8% 15.5%

Jacques Bogart S.A. (FR) $13.02 79% $204.02 $230.71 1.9x 2.1x 1.6x 16.8x 17.8x 17.6x 34.8x 23.5x 26.1x 6.4% 31.9% 11.8% 9.0%

Ulric de Varens SA (FR) $5.78 100% $45.58 $40.80 1.6x 1.6x NA 18.4x 19.5x NM NM 37.0x 0.0x NM NM 8.4% NM

Mean $18.48 89% $464 $459 1.8x 2.0x 1.8x 16.0x 17.2x 15.1x 33.2x 31.3x 18.5x 8.8% 20.1% 11.7% 12.3%

Median $13.02 88% $204 $231 1.9x 2.1x 1.8x 16.8x 17.8x 15.1x 33.2x 33.4x 26.1x 8.8% 20.1% 11.8% 12.3%

Max $36.65 100% $1,142 $1,107 2.0x 2.1x 2.0x 18.4x 19.5x 17.6x 34.8x 37.0x 29.4x 11.2% 31.9% 14.8% 15.5%






Conglomerates with beauty segment

Johnson & Johnson (US) $136.43 100% $367,519.23 $360,883.23 5.0x 5.0x 4.8x 14.4x 14.5x 13.5x 28.0x 21.0x 19.2x 2.6% 5.1% 34.7% 35.3%

The Procter & Gamble Company (US) $89.42 97% $228,701.88 $246,506.88 3.8x 3.8x 3.8x 13.8x 13.9x 14.3x 25.2x 28.5x 22.5x NM 0.3% 27.2% 26.3%

Unilever PLC (GB) $54.58 98% $154,569.27 $169,258.66 2.9x 3.0x 2.7x 17.3x 18.1x 14.3x 34.0x 26.0x 22.5x NM 12.5% 16.8% 18.9%

Colgate-Palmolive Company (US) $75.92 98% $67,059.59 $72,382.59 4.8x 4.8x 4.7x 16.3x 16.4x 16.0x 29.3x 24.1x 26.0x NM 2.4% 29.1% 29.1%

Henkel AG & Co. KGaA (DE) $140.50 97% $56,606.89 $58,162.50 2.7x 2.9x 2.5x 13.9x 15.3x 12.9x 27.1x 25.7x 21.3x 0.6% 16.5% 19.2% 19.6%

Christian Dior SE (FR) $285.87 99% $51,356.52 $77,320.23 1.6x 1.7x 1.6x 6.8x 7.2x 6.6x 30.1x 23.4x 19.8x 11.1% 7.8% 23.7% 24.2%

L Brands, Inc. (US) $53.46 67% $15,334.64 $19,526.64 1.6x 1.6x 1.6x 7.7x 7.6x 8.3x 15.2x 15.6x 16.5x 3.5% NM 20.3% 18.7%

LVMH Moët Hennessy Louis Vuitton S.E. (FR) $259.44 97% $130,372.30 $135,926.11 3.2x 3.4x 2.9x 14.3x 15.2x 12.2x 33.2x 25.6x 24.3x 2.5% 16.6% 22.5% 24.1%

LG Household & Health Care Ltd. (KR) $874.11 83% $12,814.25 $13,142.82 2.4x 2.6x 2.4x 14.2x 15.6x 14.1x 27.3x 31.2x 25.4x 11.8% 9.8% 16.6% 16.7%

Kao Corporation (JP) $61.36 95% $30,246.84 $29,154.02 2.2x 2.3x 2.2x 13.1x 14.0x 12.5x 28.1x 28.1x 24.5x 2.0% 6.8% 16.6% 17.4%

Godrej Consumer Products Limited (IN) $14.83 97% $15,703.10 $19,174.10 13.4x 13.6x 11.7x 66.6x NM NM NM 47.8x 44.1x 5.7% 16.2% 18.6% 20.2%

Mean $185.99 93% $102,753 $109,222 4.0x 4.1x 3.7x 18.0x 13.8x 12.5x 27.7x 27.0x 24.2x 4.9% 9.4% 22.3% 22.8%

Median $89.42 97% $56,607 $72,383 2.9x 3.0x 2.7x 14.2x 14.8x 13.2x 28.1x 25.7x 22.5x 3.0% 8.8% 20.3% 20.2%

Max $874.11 100% $367,519 $360,883 13.4x 13.6x 11.7x 66.6x 18.1x 16.0x 34.0x 47.8x 44.1x 11.8% 16.6% 34.7% 35.3%

%52W Revenue EBITDA

%52W Revenue EBITDA

CONFIDENTIAL

41


Source: Capital IQ







Cosmetics

Kobayashi Pharmaceutical Co., Ltd. (JP) $61.04 97% $4,772.48 $4,169.70 3.0x 3.2x 3.0x 20.7x 21.7x 19.3x NM 28.7x 34.2x 15.7% 4.7% 14.7% 15.8%

Natura Cosméticos S.A. (BR) $7.97 73% $3,429.55 $4,064.42 1.7x 1.7x 1.6x 9.7x 10.4x 9.1x 24.6x 19.3x 24.0x 21.9% 3.3% 16.0% 17.8%

Nu Skin Enterprises, Inc. (US) $63.82 97% $3,372.27 $3,453.42 1.5x 1.6x 1.5x 10.1x 10.3x 10.1x 21.6x 21.2x 20.5x NM 2.4% 15.2% 15.1%

Cosmax, Inc. (KR) $104.86 67% $1,053.77 $1,251.48 1.8x 2.0x 1.5x 22.5x 23.1x 19.4x NM NM 33.2x 38.7% 31.2% 8.6% 7.8%

Chlitina Holding Limited (KY) $4.62 73% $363.45 $278.01 2.8x 2.7x 2.5x 10.1x 8.2x 7.9x 23.9x 10.3x 19.8x NM 6.6% 32.6% 31.7%

Cosmecca Korea Co., Ltd. (KR) $61.77 84% $329.85 $288.61 1.8x 2.1x 1.4x 18.8x 21.9x 13.4x NM 4.5x 23.3x NM 46.9% 9.6% 10.7%

Dr.Wu Skincare Co., Ltd. (TW) $6.05 70% $277.35 $218.41 5.6x 6.2x 4.5x 16.6x 18.2x 13.0x 35.6x 33.2x 20.6x 35.3% 37.0% 33.8% 34.6%

Hankook Cosmetics Co., Ltd. (KR) $16.52 80% $265.47 $240.36 1.5x 1.8x NA 9.9x 14.8x NM 19.7x NM 0.0x NM NM 12.1% NM

COSON Co., Ltd. (KR) $10.88 64% $191.21 $219.05 2.9x 3.2x NA 23.9x 25.9x NM NM NM 0.0x 31.1% NM 12.3% NM

NeoPharm Co., Ltd. (KR) $29.30 81% $212.20 $190.76 5.0x 5.4x 4.1x 19.5x 21.9x 14.8x 38.4x NM 22.0x 15.2% 31.0% 24.7% 27.9%

Coreana Cosmetics Co., Ltd. (KR) $5.72 72% $181.58 $187.05 1.7x 1.8x NA 30.0x 30.2x NM NM 32.3x 0.0x NM NM 6.0% NM

Ivy Cosmetics Corporation (JP) $72.19 69% $277.72 $284.04 4.7x 5.5x NA 26.2x 32.8x NM NM 42.9x 0.0x 22.7% NM 16.7% NM

Genic Co., Ltd. (KR) $11.46 52% $77.68 $87.91 1.1x 1.2x 1.0x 14.1x 11.2x 7.1x NM 33.7x 13.4x 18.9% 19.3% 10.5% 13.9%

C'bon Cosmetics Co.,Ltd. (JP) $22.27 93% $95.11 $68.36 0.6x 0.6x NA 11.9x 11.2x NM NM NM 0.0x 0.4% NM 5.6% NM

Mean $34.18 77% $1,064 $1,072 2.6x 2.8x 2.4x 17.4x 18.7x 12.7x 27.3x 25.1x 15.1x 22.2% 20.3% 15.6% 19.5%


Max $104.86 97% $4,772 $4,170 5.6x 6.2x 4.5x 30.0x 32.8x 19.4x 38.4x 42.9x 34.2x 38.7% 46.9% 33.8% 34.6%






Hair Solutions

Marico Limited (IN) $4.83 94% $6,232.79 $6,153.45 6.7x 7.0x 6.1x 34.2x 35.2x 31.3x NM 48.2x 46.9x NM 13.3% 19.8% 19.6%

Milbon Co.,Ltd. (JP) $55.56 94% $909.60 $870.78 3.3x 3.5x 3.0x 16.0x 16.6x 14.6x 35.4x 24.6x 27.9x 9.3% 19.3% 21.3% 20.3%

Cota Co., Ltd. (JP) $11.46 92% $175.53 $142.61 2.4x 2.6x NA 11.1x 12.0x NM 25.4x 19.7x 0.0x 3.1% NM 21.4% NM

Artnature Inc. (JP) $6.49 85% $215.12 $85.53 0.2x 0.3x NA 2.3x 2.3x NM 13.1x 11.0x 0.0x NM NM 11.1% NM

Mean $19.59 91% $1,883 $1,813 3.2x 3.3x 4.5x 15.9x 16.5x 23.0x 24.6x 25.9x 18.7x 6.2% 16.3% 18.4% 19.9%


Max $55.56 94% $6,233 $6,153 6.7x 7.0x 6.1x 34.2x 35.2x 31.3x 35.4x 48.2x 46.9x 9.3% 19.3% 21.4% 20.3%

%52W Revenue EBITDA

%52W Revenue EBITDA

CONFIDENTIAL

Beauty Quarterly Global Financing History$33

$13

$38

$115

$68

$53

$88

$55

$175

$363

$100

$273

$36

$248

$318

$54

$77

$55

$139

$131

$99

17

14

18

22

20

23

2122

24

28

25

40

21

23

44

36

40

24

33

28

38

0

5

10

15

20

25

30

35

40

45

50

$-

$50

$100

$150

$200

$250

$300

$350

$400

Q1'12

Q1'13

Q1'14

Q1'15

Q1'16

Q1'17

Disclosed Funding ($M) Deals

Q1 ‘12 – Q1 ‘17

Note: CB Insights

CONFIDENTIAL

Beauty Annual Global Financing History

$200 $264

$912

$656

$403

$101

$340

71

86

117

124125

44

149

0

20

40

60

80

100

120

140

160

$-

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2012 2013 2014 2015 2016 2017 YTD

Disclosed Funding ($M) Deals

(Full-year Run-Rate)

(Full-Year run Rate)

2012-2017 YTD (4/19/17)

Note: CB Insights

CONFIDENTIAL

44

Beauty Annual Financing History by Category

36 45

55 50

56

17

21

22

30

29

29

7

8

14

17 27

29

8

1

8

11

8

4

0

20

40

60

80

100

120

140

2012 2013 2014 2015 2016 1Q'17

Packaged Goods eCommerce Platforms Salons On Demand

Note: CB Insights

CONFIDENTIAL

45

Beauty Annual Financing History by Category

Note: CB Insights

Fra

gra

nces

CONFIDENTIAL

46

Recent beauty private placements

Note: Highland Capital Partners; Tiger Global Management and group invested in HF Global twice in 2014 but considered only one

Considered transactions over$10m

Closed Deal LTM

Date Investor Company Value ($m) EV /

Revenue

22-Oct-14 Novacap; EDC Equity and group Knowlton Development Corporation 147.2 na

22-Jan-14 Bullish, Lakestar, Highland Capital Partners, SV Angel, Thrive Capital, Tiger Global Management, Harrison Metal, Grace Beauty Capital, Andrew Mitchell Harry's 122.5 na

22-Jan-14 Highland Capital Partners; Tiger Global Management and group HF Global, Inc. 122.5 na

14-Sep-15 TPG Growth and Sherpa Capital IPSY 100.0 na

8-Apr-15 Crescent HydePark, Milestone Capital China and group Lili & Beauty 100.0 na

15-Jun-15 Technology Crossover Ventures; Venrock and group Dollar Shave Club, Inc. 90.7 1.4x

7-Jul-15 Bullish, Wellington Management Harry's 75.6 na

24-Nov-14 Wellington Management Group; Tiger Global Management HF Global, Inc. 75.6 na

19-Nov-14 Bullish, Thrive Capital, Lakestar, BoxGroup, SV Angel, Red Swan Ventures, Highland Capital Partners, Tiger Global Management, Grace Beauty Capital Harry's 75.0 na

8-Jan-14 Piper Jaffray, Polaris Partners and group Living Proof 75.0 na

9-Aug-16 Altos Ventures, Cota Capital, Cowboy Ventures, Formation Group, FundersClub, Goodwater Capital, Mousse Partners, Pear Ventures Memebox 66.0 na

18-May-15 CITIC Capital Partners; New Alliance Capital KanS 64.5 na

15-Dec-16 Altos Ventures, Cota Capital, Cowboy Ventures, Formation Group, FundersClub, Goodwater Capital, Mousse Partners, Pear Ventures Memebox 60.0 na

21-Apr-14 Viking Global Investors, First Round Capital, Accel Partners, Consigliere Brand Capital, Aspect Partners, Glynn Capital Management, Slow Ventures,

TriplePoint Venture Growth BDC Corp and Comcast Ventures

BirchBox 60.0 na

14-Jun-17 Viking Global Investors Yes To 56.0 na

19-Aug-14 Rhone Capital Elizabeth Arden, Inc. 50.0 0.0x

31-Jul-14 Technology Crossover Ventures; Venrock and group Dollar Shave Club, Inc. 50.0 2.5x

14-Apr-17 Beautiful Color Pte. Ltd Clio Cosmetics Co., Ltd. (KOSDAQ:A237880) 49.9 0.3x

2-Dec-13 LMN VC Restorsea 44.2 na

3-Jun-13 ChrysCapital CavinKare Pvt. Ltd. 44.1 na

22-Jul-15 KT&G Corporation Somang Cosmetics Co., Ltd. 42.5 na

26-Oct-15 PremjiInvest Hygienic Research Institute Pvt. Ltd. 33.3 0.6x

16-Jun-15 Kaszek Ventures, Tiger Global Management Beleza Na Web 30.0 3.3x

13-Feb-13 Polaris Partners; Leerink Swann & Company and group Living Proof, Inc 30.0 na

8-Jun-17 L Catterton IL Makiage 29.0 na

16-Sep-15 Alicorp Holdco España Alicorp Argentina S.C.A. 25.0 na

13-Jul-15 Fosun Kinzon Capital, Lightspeed Venture Partners, Cowboy Ventures, Slow Ventures, FF Angel LLC StyleSeat 25.0 na

30-Nov-16 Index Ventures, IVP (Institutional Venture Partners) Glossier 24.0 na

28-Sep-15 500 Startups, Aaron Batalion, Andreessen Horowitz, and group Walker & Company 24.0 na

15-Dec-14 TPG Growth Counter Brands, LLC 21.3 na

3-May-17 Knight Therapeutics (Barbados) Inc. Synergy CHC Corp. (OTCPK:SNYR) 20.0 na

5-Apr-16 Palamon Capital Partners Feelunique.com 20.0 na

24-Jan-17 LDC Rush Hair 19.9 na

15-Aug-13 Sequoia Capital Vini Cosmetics Private Limited 17.9 na

30-Jan-15 Formation 8, Goodwater Capital, AME Cloud Ventures, Pear Ventures, Y Combinator, Winklevoss Capital, Cowboy Ventures, Altos Ventures, Fenox

Venture Capital, Tekton Ventures, Boon Hwee Koh, FundersClub, Bobby Yazdani, Noosheen Hashemi, HKB Capital, Amasia

Memebox 17.5 na

8-Dec-14 Sequoia Capital China Hanhoo 16.2 na

10-Sep-15 Norwest Venture Partners; Comcast Ventures and group Madison Reed, Inc. 16.1 na

13-Jul-15 TheFaceShop Le Groupe Fruits & Passion inc. 15.6 na

25-Oct-16 Launch Angels Madison Reed 15.0 na

1-Aug-16 Accel Partners, Alven Capital Partners and group BirchBox 15.0 0.7x

18-Apr-16 Forerunner Ventures; Sherpa Ventures and group Curology, Inc. 15.0 na

1-Sep-15 The Windquest Group AOBiome, LLC 15.0 na

9-Sep-14 Longwood Founders Management Colorescience, Inc. 15.0 na

6-Apr-16 Jilin Jian Yisheng Pharmaceutical; Yiren Tongxin Investment; and group Jilin Zhonghan Yisheng Hancan Cosmetics Co., Ltd.14.8 0.8x

3-Oct-13 Battery Ventures; Venrock and group Dollar Shave Club, Inc. 13.2 na

9-Feb-17 na Madison Reed 13.0 na

27-Apr-16 Fullshare Holdings Hin Sang Group (International) Holding Co. Ltd. (SEHK:6893)12.9 0.4x

19-Jan-17 na COSON Co., Ltd. (KOSDAQ:A069110) 12.9 0.2x

12-Sep-16 Techpro Ventures Private Limited; TVS Capital Funds Limited Nykaa 12.3 na

22-Feb-17 na Function Inc 12.0 na

1-Jul-14 Paul Pressler, Pear Ventures, Formation 8, Goodwater Capital, Altos Ventures, Winklevoss Capital, Fenox Venture Capital, Tekton Ventures, Cowboy

Ventures, Accelerate Fund, Y Combinator, FundersClub, Suleman Ali, Signatures Capital

Memebox 11.9 na

8-Jan-14 Lightspeed Venture Partners, Lowercase Capital, AFSquare, Justin Mateen, Base Ventures, Slow Ventures, Kevin Colleran, FF Angel StyleSeat 10.2 na

23-Mar-17 Trinity Capital Investment Madison Reed 10.0 na

18-Jun-15 500 Startups, Andreessen Horowitz and group Mayvenn 10.0 na

22-May-14 Grace Beauty Capital, Andrew Mitchell Harry's 10.0 na

Median 0.7x

CONFIDENTIAL

47

Recent beauty precedent M&A transactions

Note: Includes OOO Unilever Rus acquisitions of 82% stake in Concern Kalina, OAO

Considered transactions over $50m

Closed Enterprise

Date Acquirer Target Value ($m) EV /

Revenue

EV / EBITDA EV /

Revenue

EV / EBITDA

9-Jul-15 Coty Inc. (NYSE:COTY) P&G Beauty Brands 14,814.6 - - - -

2-Jun-16 Johnson & Johnson Consumer Companies Vogue International LLC 3,300.0 - - - -

14-Nov-16 The Estée Lauder Companies Inc. (NYSE:EL) Too Faced Cosmetics, LLC 1,450.0 - - - -

22-Jul-16 L'Oreal SA (ENXTPA:OR) It Cosmetics, LLC 1,200.0 6.6x - - -

9-Jun-17 Natura Cosméticos The Body Shop International 1,119.1 - - - -

20-Jul-16 Unilever PLC (LSE:ULVR) Dollar Shave Club, Inc. 1,000.0 6.6x - - -

23-Mar-11 Colgate-Palmolive Europe Sarl Unilever plc, Global Sanex Business 949.0 3.6x - - -

16-Jun-16 Revlon Consumer Products Corp. Elizabeth Arden, Inc. 864.2 0.9x - 0.9x 22.3x

14-Oct-11 OOO Unilever Rus Concern Kalina, OAO 794.8 2.1x 11.6x 1.8x 12.5x

14-Aug-14 Cosmax BTI, Inc. (KOSE:A044820) Cosmax, Inc. (KOSE:A192820) 788.0 - - 1.9x 17.0x

28-Apr-17 - Clio Cosmetics 746.3 4.2x 37.7x 3.3x 19.7x

15-Aug-13 L'Oreal SA (ENXTPA:OR) Magic Holdings International Limited 719.2 3.3x 21.2x 2.6x 14.2x

5-Aug-13 Revlon Consumer Products Corp. The Colomer Group Spain, S.L. 656.6 - - - -

19-Nov-13 Domtar Inc. Laboratorios INDAS S.A.U. 574.9 - - - -

13-Mar-17 - CavinKare Pvt. Ltd. 566.7 - - - -

21-Apr-17 Leaf & Vine Co., Ltd. Able C&C Co., Ltd. (KOSE:A078520) 551.1 1.5x 21.5x 1.3x 17.9x

17-Oct-16 Coty Inc. (NYSE:COTY) Jemella 511.8 - - - -

16-Dec-15 Lancy Company Limited (SZSE:002612) L&P Cosmetic Co., Ltd. 510.1 - - - -

18-Jun-14 L'Oreal SA (ENXTPA:OR) NYX, Los Angeles, Inc. 500.0 6.9x - - -

3-Jul-12 Albea Services S.A.S. Rexam PLC, Cosmetics, Toiletries And Household Care Products Business 459.0 - - - -

28-Sep-16 Puig S.L. Grupo Granado SA 439.9 0.2x - - -

21-Sep-15 Symrise AG (XTRA:SY1) Pinova Holdings, Inc. 417.0 1.5x 11.2x - -

20-Feb-17 It'S SKIN Co., Ltd. (KOSE:A226320) Han Bul Cosmetics Co., Ltd. 385.6 0.3x 0.8x - -

16-Nov-12 Allergan, Inc. SkinMedica, Inc. 375.0 - - - -

2-Jun-14 Henkel AG & Co. KGaA (DB:HEN3) Kenra Limited and Alterna Holdings Corp. and Sexy Hair Concepts, LLC 367.3 1.9x - - -

15-Jul-11

Valeant International Bermuda; Valeant

Pharmaceuticals North America LLC Ortho Dermatologics, Inc. 346.1 2.4x - - -

24-Apr-17 Leaf & Vine Co., Ltd. Able C&C Co., Ltd. (KOSE:A078520) 344.7 0.9x 13.2x 0.8x 11.4x

17-Oct-13 L'Oreal SA (ENXTPA:OR) Decléor S.A. and Carita International SA 311.0 2.3x - - -

30-Nov-11 POLA Orbis Holdings, Inc. (TSE:4927) Jurlique International Pty. Limited 299.4 3.3x - - -

16-Aug-12 Yves Rocher sa Kosan Kozmetik Pazarlama Ve Ticaret A.S. 294.1 2.9x - - -

4-Jul-16 Sulzer, Ltd. (SWX:SUN) GEKA GmbH 289.8 1.7x - - -

10-Nov-16 Acasta Enterprises Inc. (TSX:AEF) Apollo Health And Beauty Care Corporation 289.2 - - - -

27-Jan-14

CCMP Capital Advisors, LP; Stockton Road Capital,

LLC Jamieson Laboratories Ltd. 270.8 - - - -

19-Jan-12 Baring Private Equity Asia Magic Holdings International Limited 258.1 1.7x 8.8x 1.4x 7.2x

7-Oct-14 Coty Inc. (NYSE:COTY) Bourjois S.A.S., Bourjois SARL, Bourjois B.V. and Bourjois Limited 246.0 - - - -

27-Dec-11 Earth Chemical Co., Ltd. (TSE:4985) Bathclin Corporation 238.8 1.5x - - -

24-Sep-15 Soulbrain Co.,Ltd. (KOSDAQ:A036830) Genic Co., Ltd. (KOSDAQ:A123330) 230.8 4.1x 34.5x 3.1x 16.2x

17-Feb-17 It'S Hanbul Co., Ltd. (KOSE:A226320) Han Bul Cosmetics Co., Ltd. 233.5 0.8x 2.6x - -

26-Apr-12 L'Oreal SA (ENXTPA:OR) Cadum International S.A. 225.8 2.9x 12.2x - -

1-Jun-11

Godrej Consumer Products Limited

(NSEI:GODREJCP) Darling Group Holdings 218.8 1.0x - - -

9-Jul-15 Alliance Boots Holdings Limited Liz Earle Beauty Co. Limited 215.4 - - - -

28-Jun-11 Puig-Exea Corporation; Sabadell Capital Laboratoires Dermatologiques d'Uriage S.A. 201.1 2.0x - - -

7-Dec-15 Han Bul Cosmetics Co., Ltd. Neopharm Co Ltd (KOSDAQ:A092730) 200.3 7.3x 29.6x - -

2-Feb-16 Church & Dwight Co. Inc. (NYSE:CHD) Spencer Forrest, Inc. 175.0 5.8x - - -

23-Dec-11 Perfumania Holdings, Inc. (NasdaqCM:PERF) Parlux Fragrances Inc. 165.6 1.3x 47.3x - -

17-Mar-14 KOSE Corp. (TSE:4922) Tarte, Inc. 144.4 - - - -

8-Dec-12 WIPRO UNZA Holdings Pte Ltd L.D.Waxson (S) Pte Ltd. 144.0 2.1x - - -

20-Dec-16 Groupe Rocher Sabon 129.0 - - - -

20-Dec-12 Natura Cosméticos SA (BOVESPA:NATU3) Aesop Retail Pty Ltd 114.5 - - - -

30-Mar-12 OOO Estel Kosmeticheskoe Ob'edinenie Svoboda, Oao 109.2 - - - -

20-Jan-14 HF Global, Inc. Feintechnik GmbH Eisfeld 100.0 - - - -

12-Oct-11 Edmond de Rothschild Investment Partners, S.A.S. Maesa 91.2 0.9x 10.1x 0.9x 9.0x

30-May-11 POLA Orbis Holdings, Inc. (TSE:4927) H2O Plus, LLC 91.0 - - - -

26-Jul-11 Wet Wipes International s.r.o. Unilever Cr, Spol. S R.o., Factory in Nelahozeves 89.4 - - - -

17-Aug-15 NBTY (2015) Limited Dr Organic Limited 85.8 - - - -

6-Sep-12 Markwins International Corporation Physicians Formula Holdings Inc. 77.2 0.8x 8.1x - -

1-Sep-15 Fosun International Limited (SEHK:656) AHAVA Dead Sea Laboratories Ltd 73.8 1.6x - - -

2-Jul-12 Revlon, Inc. (NYSE:REV) Bari Cosmetics, Ltd., Certain Assets 66.2 - - - -

4-Aug-11 Church & Dwight Co. Inc. (NYSE:CHD) Vivalis Ltd, BATISTE Brand 64.8 3.2x - - -

15-Jan-15 Orkla ASA (OB:ORK) Cederroth AB 61.7 - - - -

16-Dec-14 MW Legal 36 Sp. z o.o. Global Cosmed S.A. (WSE:GLC) 61.6 1.3x 17.4x - -

31-May-12 Elizabeth Arden, Inc. New Wave Fragrances, Global Licenses And Certain Assets For Ed Hardy, True Religion And BCBGMAXAZRIA60.1 - - - -

4-Apr-16 PDC Brands Original Additions (Beauty Products) Ltd 52.8 0.9x - - -

12-Jun-12 Elizabeth Arden, Inc. Give Back Brands LLC, Global Licenses and Assets for Justin Bieber and Nicki Minaj Fragrance Brands51.1 - - - -

Median 2.0x 12.7x 1.6x 15.2x

LTM NTM

CONFIDENTIAL

48

Quarterly volume of beauty M&A transactions

1

3 3

5

2

3

4

3

0 0

2 2

3

2

1

2

1

0

6

2

1

3

4 4

3

4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

0

1

2

3

4

5

6

7

Tra

nsactio

ns V

alu

e ($

m)N

um

ber

of

Tra

nsacti

on

s

Number of transactions Total Value ($m)

Note: 4Q16 represent deals till March 31, 2017 and the selected transactions are over $30m

CONFIDENTIAL

49

Quarterly volume of beauty private placements

1 1 1

2

4

3

5 5

1

5

10

1 1

4 4

3

5

4

0

50

100

150

200

250

300

350

400

0

2

4

6

8

10

12

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Tra

nsactio

ns V

alu

e ($

m)N

um

ber

of

Tra

ns

acti

on

s

Number of transactions Total Value ($m)

Note: 4Q16 represent deals till October 30, 2016 and the selected transactions are over $10m

ComCap Beauty Overvie...Revlon + Elizabeth Arden. CONFIDENTIAL 9 Boom in make-up market Penetration...

Documents

Transcript of ComCap Beauty Overvie...Revlon + Elizabeth Arden. CONFIDENTIAL 9 Boom in make-up market Penetration...