LVMH-Hermès Timelinearijanhorvat.com/wp-content/uploads/2018/07/... · Focuses on strengthening...
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2002 Jan. 2011
Dec. 2011
Sep. 2012
Dec. 2010Nov. 2011 Jul. 2012
LVMH acquired 4.9% through subsidiaries
LVMH continue buying equity
derivatives
2007
Oct. 2010 Hermès creates private
holding company
LVMH acquired a cumulative 14.2 %
stake
LVMH not allowed to buy out minority Hermès
shareholders
AMF announces investigation of LVMH
LVMH raises stake to 22.6%
Hermès filed a criminal complaint
against LVMH in Paris court
LVMH announces complaint against
Hermès
Oct. 2012 Jul. 2013
Jul. 2013 Sep. 2013
AMF found evidence of “wrongdoing” by
LVMH
AMF said LVMH secretly bought shares
to build a stake
May 2013
Jun. 2013 AMF ruled to penalize
LVMH with a $10.4 million fine
Hermès files lawsuit, seeking cancellation of
equity
LVMH increased its stake in Hermès to
23.1 %
LVMH announced that it would not appeal
the AMF ruling
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
LVMH-Hermès Timeline 2
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Our Recommendation
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Retain Stake in Hermès, Venture in eCommerce
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
Hold 23.1% stake in Hermès for high
price or until lawsuit requires
LVMH to relinquish shares
Expand operations in increasingly opportunistic eCommerce
markets
Our Recommendation
31.21% Increase in equity stake from
2010-2013
Chinese eCommerce market
expanded 66.5% from 2011 to 2012
1 - Gain Asian eCommerce market share, development of mobile App
2 - Ease tensions, earn investment income on 23.1% stake
3 - Leverage market share in eCommerce & increased income, outperform luxury brands in near future
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Financial Breakdown
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Key Financial Information
The following information assesses the viability of acquiring Hermès:● By our valuation, Hermès is worth €27,856 million.● Key figures:
○ EV/EBITDA = 39.20○ EV/Sales = 6.61○ P/E Ratio (Sep 2013) = 38.31
● Hermès is expensive compared to its competitors○ Therefore it may be expensive for LVMH to acquire
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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Valuation of Hermès Acquisition
● The main method used was Discounted Cash Flow valuation
NPV = €5,865.27IRR = 2.74%
MIRR = 2.60%Simple Payback = 16.295 years
● The WACC used was very low: 1.178%● On paper, the acquisition is profitable.● However, financial and qualitative synergies are unrepresented in the
above figures.
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
Selected Data
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Expansion into Asian eCommerce Market
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
Chinese eCommerce
Market expanded
66.5% in 2012
Expanding Mobile Apps
accounted for 53.6% of total
sales
Average money spent by consumer
increased 25% in 2012
Chinese eCommerce market will
overtake American
market
Few main competitors
have Chinese
eCommerce campaigns
High promise of sales and profitability
Expansion into increasingly popular purchasing medium of eCommerce through website
Utilize Mobile App to market to increasingly mobile market
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Synergy Analysis
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“The Selective Retailing Houses in the LVMH group all share a single objective: transform shopping into a unique experience. With specialist product selection, upgrading of stores and services,
constant innovation, digitalization and personalization of relationships, customers are the key drivers for their daily activities.”
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
Selective Retailing LVMH 10
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● Same product collections are sold worldwide
• Vertical Integration-Control quality & cost of RM
Sourcing
Production
● No Marketing Department● No Brand Ambassadors (as
opposed to LVMH)
Zero Marketing
● Limited online presence with directly operated stores-Control level of client care
● Increased stores while decreasing distribution through 3rd party
Distribution• Controls 80% of sold products, only
selecting subcontractors in segments they lack expertise
• On avg. 15 hours for a single Kelly/Birkin handbag
Hermès Operating Model
Consistency
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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“The quality is in the eye and the hand of the artisan.”
- Axel Dumas, chief operating officer
Hermès Philosophy
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● Labeled as one of the world’s most innovative companies ○ Innovation maintains the interest of their customer base and protects
their intellectual property○ Recruits craftsmen through partnerships with schools and puts
emphasis on cultural training
● Focuses on family ties ○ Hermès family shareholders hold about 73.4 percent of the company○ Created a family holding company, H51, to secure 50.2% of shares for
the next 20 years (2011)
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
Hermès Culture 13
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● This social commentary gives insight as to how the Hermès views their company
culture in comparison to that of LVMH
● How accurate is this analysis?
"There is a part of our world that is playing on abundance, on glitz and glamour. And there is
another part that is concentrated on refinement, basically making beautiful objects. It's not
a financial fight, because we would lose that. It's a cultural fight.”
- Patrick Thomas, executive chairman
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
Hermès Culture 14
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“The mission of the LVMH group is to represent the most refined qualities of
Western "Art de Vivre" around the world. LVMH must continue to be synonymous
with both elegance and creativity. Our products, and the cultural values they
embody, blend tradition and innovation, and kindle dream and fantasy.”
LVMH Mission
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LVMH Culture
● 1987 merger between Moët Hennessy and Louis Vuitton began the LVMH empire of luxury goods
○ “Inherited a long history, deeply rooted traditions, and a unique combination of internationally
renowned brands.”
● Culture revolves around the ideas of CEO, Bernard Arnault○ Gained over 60 brands for LVMH through his emphasis on dozens of strategic acquisitions○ Visionary, bold, and innovative
● Hermès dismisses Arnault, and LVMH, of being brash and uncultured
○ American-style entrepreneurship, creating a sprawling luxury empire
○ Does this align with how LVMH views its own culture?
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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01
02
04
03
Be creative and innovative
Aim for product excellence
Bolster the image of our brands with passionate determination
Act as entrepreneurs
05 Strive to be the best in all we do
LVMH Values
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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Geographic Diversity
Multiple Brands with strong potential
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
LVMH Strengths
Diversified Retail Channels 3,384 store operations
Diversified luxury portfolio
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● Accounts receivables increased by 9.5% indicating higher credit sales
● Increasing accounts receivable reflects inefficient credit management
● Ineffective in converting short term assets into sales
● Consistent decline in current asset turnover for FY 2013 from 1.2 to 1.1 --> cannot generate high sales through conversion of assets
LVMH
Increasing
Trade
Receivables
Decline in
Current
Asset
Turnover
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
LVMH Weaknesses
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Her
mès
Directly Operated Stores Franchise Stores Duty Free Third Party
Designs 100% Products Manufactures 80% of
ProductsMarkets 57% of Products
Industrial Subsidiaries
Leather/SkinOther Suppliers
SilkVarious Suppliers
Watch MovementsVarious Suppliers
Hermès Sellier John Lobb Shoes
JewelryVarious Subcontractors
Perrin Ateliers Sports Soie
La Montre Hermes
Comptoir Nouveau De La Perfumerie
Cristalleries De Saint-Louis Puiforcat Orfevre Porcelaine Perigod
Perfume, RawVarious Suppliers
Porcelain, RawVarious Suppliers
Ready to Wear French & Italian Subcontractors
Hermès Customers
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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1 Growth Prospects: E-RetailAs a new form of retail emerges, Hermès has great opportunity to expand digitally and reach a wider customer base
2 Changing Dynamics of Global Fashion Market
3 Strategic Acquisition
The global apparel and accessories markets in the recent past have witnessed a paradigm shift, inclining more towards increased product differentiation and catering to a diverse, more aware and a demanding customer base.
2014 Feb: New Partnership with Marco De Vincenzo through a Joint enter2013 Nov: Established Helios (cosmetics and research center)
Focus on development of new processes and to secure new patents
4 Strategic InitiativesAimed at enhancing its business operations and existing product line
LVMH Opportunities
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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Counterfeit Goods
Governmental Regulations
LVMH Threats
Intense Competition
Constant need to maintain quality and customer loyalty
Profusion of imitative products
Extensive gov. regulations at national & state level
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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Hermès Strengths
Robust FacilitiesDiversified Product Portfolio
Operational Facility
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
● Network of -> 323 exclusive stores + 205 directly operated stores.
● 45 production units – 34 in France and 39 elsewhere (UK, Switzerland, Italy and one in the USa)
● From 2011 – 2012 increase of 22.6% in revenue (2.8M Euros)
● Increased operating Margin 2011 – 2012 (32.10% to 31.15%)
● Tanning, dyeing, exotic skins, leather good, equestrian items, ready to wear, accessories, jewelry, tableware, perfumes, watches, silk, textiles, luggage, diaries
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Liquidity
Hermès Weaknesses
Declining Liquidity Position
Facing difficulty in:1. Fulfilling its
operational 2. Working capital
needs
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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Total Liquidity
Increment in current liabilities is relatively
higher than increment in current assets
Liabilities Assets
Net
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Hermès Opportunities
New Business InitiativesNew product launches : Bleus d’Ailleurs porcelain, Tie 7 tie, Roulis bag, Berline bag, Toolbox 33 bag, iPad station, Un Jardin sur le Toit fragrance, Jewellery: exceptional creations, and Arceau Le temps suspendu watch.
Store ExpansionFocuses on strengthening and the expansion of its business operations through the addition of new store
E-RetailingAs a new form of retail emerges, Hermès has great opportunity to expand digitally and reach a wider customer base
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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Hermès Threats
Highly Competitive Environment
Counterfeit Goods
With global annual sales of around $500 billion, the sales of counterfeit goods are expected to cross $2 trillion in sales by 2026
Changing Consumer Demands
With its core business being beauty and beauty related products, the changing customer spending patterns will pose a major challenge to the company
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
Key competitors include Chanel S.A, LVMH Moet Hennessy Louis Vuitton SA, Gucci Group NV
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Family-owned
Hands-on production
Elite customer base
Authentic
Love of craftsmanship
Corporate
Upper-class customer base
Diverse portfolio of luxury goods
Cultural Comparison
Hermes LVMH
High-end luxury
European culture
Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
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Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
Breakdown of Revenue by Product Line: Hermès 28
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Key Takeaways
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The acquisition has a positive return, but it is very expensive.
The financial pros are potentially outweighed by the qualitative
cons.
Due to the culture
difference, corporate
structure and lack of synergy
we do not recommend the
acquisition of Hermès.
Key Takeaways
Wait until stock price is at its highest.
Sell stock
Invest that money into E-Commerce
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Overview Our Recommendation Financial Breakdown Synergy Analysis Key Takeaways
InsightsAction Plan
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Appendix
Austin Consulting Group
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Return to Valuation
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Return to Valuation
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Return to Valuation
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Return to Valuation
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Return to Valuation
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LVMH 2014 Total: 22.1%Hermes 2014 Total: 2.2%
Global Company Shares 37
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