経済危機にもかかわらず,宝石、高級服装、香水などの贅沢商品は利益の増大、LHMH( Moet & Chandon, Louis Vuitton, Dior, Kenzo, Givenchy, Loewe, Donna Karran)は2008年には171億9300万0000ユーロの売上を揚げ23億1800万0000ユーロの利益を挙げ、2011年には236億5900万0000ユーロの売上で30億6500万0000ユーロの利益をあげる
El lujo también triunfa en Bolsa
El valor de las grandes firmas del sector se dispara en los mercados
Fernando Barciela 30 DIC 2012 - 01:01 CET
The class also wins Bag
The value of large telcos market soars
Fernando Barciela 30 DIC 2012 - 01:01 CET
They say that in difficult times, companies are better withstand the difficulties which lie in a very cheap and very expensive as. This has been seen in the current crisis, the hardest ever recorded, in which the low cost or fast foodse have performed very well. Better still, however, have fared companies-jewelry luxury goods, fashion, perfume ... - that have broken sales records. "Their exposure to high-income people," said Laurent Belloni, co-manager of Pictet Premium Brands, "allowed greater increases and better margins than conventional consumption". An example is the world leader in luxury, LVMH (Moët & Chandon, Louis Vuitton, Dior, Kenzo, Givenchy, Loewe, Donna Karan ...). Your income, of 17.193 million euros in 2008, grew to 23.659 million in 2011, up 38%. And their benefits have not lagged behind, have soared since 2318 up to 3.065 million in the same period, in crisis!
LVMH is not alone. This last quarter, the results of the companies high-end products Michael Kors, Hermes, Burberry, HPV-have exceeded analysts' expectations. Richmont, world leader in jewelry and luxury watches, sales rose 29% in 2012, from 6892 to 8,867,000 euros. After off a cliff in 2007 and 2008, these values began a comeback that has left with long teeth more than one investor. No wonder that the values of these companies on the stock exchange have exceeded all forecasts. LVMH worth 41 euros in 2008, and now, 139; Bvlgari has gone from 4.6 to 12, and BMW, 20 to 73 euros.
"The industry now total 200,000 million dollars in capitalization" they say in Piquet. But the passion for these values can not be explained only by its sales. "These companies," says Belloni, "have also reduced costs and controlled inventory, now back to record operating margins, have abundant cash flow, strong balance sheets and no need for credit to finance growth." Hence, funds specializing in the luxury sector have become favorites of investors. Their behavior is outstanding. The Julius Baer Luxury Brands Fund has an annualized return of 22.3% over three years. The Amundi Global Luxury & Lifestyle Fund has a 14.1% in the same period. The Credit Suisse SICAV Luxury Goods Equity has accumulated 86.2% in three years. And Pictet Premium Brands has accumulated 73.5% since late 2009.
Sales and corporate profits have soared sector
What explains the commercial resilience of these companies? Two things, according to experts: one, that despite the crisis, neither Europe nor the United States
According Fabrizio Ferraro, IESE professor and organizer of the Luxury Industry Meeting in Barcelona, "Richmont benefited from the explosive growth of sales of high-end jewelry in Asia." Its sales in the region grew 46% in 2012. Asia, a year earlier accounted for 37.2% of its sales now exceed 42%. Although the sector's success may raise some moral reservations, especially as the crisis, this is an essentially European industry, very labor-intensive and export (wine, clothing, jewelry ...), which employs here millions of people. Although there have been powerful brands in the U.S., the bulk of large luxury ensigns, connected with tradition and history, are in Europe, which, according to Ferraro, "dominates in the higher segments."
The big question is if this race has its days numbered. Ferraro says no, that the market will "continue to grow in coming years, high-end and affordable luxury." One reason is that, despite the increases, these values are still cheap. Another, more decisive, that "luxury consumption" says Tomas Garcia-Purriños responsible for Cortal Consors funds (BNP), "is one of those megatrends that will be sustained over time." The multiplication of wealth of individuals, reflected in the new middle class and affluent in emerging countries, is only in its initial phase. "In a country like China, which grew by 9% to 1,300 million people, the possibilities are immense," continued Garcia-Purriños. A study by Julius Baer, luxury consumers will double by 2020. Families raise their status grow by 503% in Russia, 262% in China and 181% in India.
Its capitalization
stock market rises
to 200,000 million
Then there are the trips. More than half of these product purchase travelers. "In Barcelona, 75% of these purchases are made by tourists," says Ferraro. The Chinese, compulsive shoppers, are the first. "Spending by Chinese tourists overseas has quadrupled since 2000. In 2011 traveled abroad more than 70 million Chinese, 20% more than in 2010, "says Bellini. "They buy out because it is cheaper due to high import tariffs in China, thereby saving more than 40%."
Entering more luxury brands in stock and growth of clusters and Richmont LVMH brands as well as a new wave of mergers and acquisitions will further luster to the sector. "There are enough luxury companies on the stock market, but there are many out," says Ferraro, sure "there will be many IPOs in the coming years." Corporate operations to expand the brand portfolio, which began to take force in 2010 and 2011, with operations such as buying Hermes by LVMH or Valentino by the royal family of Qatar, will go to more.
The huge investments in marketing and financial muscle required shops and also small, with a single brand, find it hard to succeed in the stock market because of the volatility of the business. "Bernard Arnault, LVMH, could see that, to eliminate risks and make the sector attractive to investors, should have a large portfolio of brands," says Ferraro. The strategy to be followed by France's PPR, Gucci, Bottega Veneta, Yves Saint Laurent and Stella McCartney, and Richmont, to teach as Montblanc, Piaget and Cartier.
Finally, there are one or two things to remember: this is a sector where no matter the price, or better, the price should be high, leading, according Belloni, to "that these companies have a true power of taxation in prices. " As if this were not enough, it is not, we must not neglect what Julius Baer says in a study, that these products are superfluous, but necessary. Respond to basic instincts as "proof of status, self-esteem, passion and the need to show love and respect."
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