Fashion is proving to be one of the most eagerly contested

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3 ANALYSIS Changi Fashion October/November 2006 Valiram makes its mark as fashion scene heats up at Changi Fashion contracts are always hotly sought after at Singapore Changi Airport, and the 2004 battle for T1 between DFS and King Power was one of the industry s most bitter contests of recent years. The recent T2 tender was no less eagerly contested, but few predicted the identity of the highest bidder. By Martin Moodie. Fashion is proving to be one of the most eagerly contested categories among the many tenders conducted by the Civil Aviation Authority of Singapore (CAAS) each year. Fashion and accessories are not only big and growing business but Singapore Changi s well-earned reputation as a prestigious hub makes the location one of the top international showcases for brands. Changi s fashion and accessories offer has proliferated in recent times too much so claim some critics. But the CAAS insists it is simply providing something for everyone and a price-point spectrum that attracts a broad traveller base. Luxury boutiques are important to the offer, it reckons, but so is a Tie Rack or a Giordano which will attract different budgets and ultimately grow penetration. The Changi fashion tenders therefore usually attract a diverse range of players the big international retailers such as DFS Group, King Power and Nuance-Watson (Singapore) but also a host of local companies. High-end brands such as Zegna see Changi as a key international shop window The most significant contracts are the anchor fashion concessions at T1 and T2. The former was surprisingly wrested from DFS Group by King Power in early 2004, a success that turned out to be anything but plain sailing for the Hong Kong travel retailer. It complained bitterly about alleged pressure by its rival on brands not to support the King Power opening and for months Singapore Changi T2 fashion bids DFS Venture Singapore, the incumbent, offered 35% of the total monthly gross sales or a minimum monthly guaranteed payment of S$980,000 per month, whichever is higher. Luxury Ventures offered 30% of total monthly gross sales for all non-sale merchandise, excluding watches and jewellery sold within the individual branded boutiques; 10% of total monthly gross sales for all watches and jewellery sold within the individual branded boutique; 10% of total monthly gross sales for all sale merchandise; [ non-sale merchandise is defined as any merchandise sold at full tag price and below a -20% discount; sale merchandise is defined as any merchandise with a -20% or higher discount on the tag price] or a minimum monthly guaranteed payment as follows: Year 1 S$1,200,000 Year 2 S$1,250,000 Year 3 S$1,300,026; whichever is higher. Nuance-Watson (Singapore) offered 30% of the total monthly gross sales or a minimum monthly guaranteed payment of S$760,000 per month plus 15% on incremental monthly gross sales in excess of S$2.8 million for Year 1, Year 2 and Year 3; plus 10% on incremental monthly gross sales in excess of S$2.1 million but less than or equal to S$2.8 million for Year 2 and Year 3 only, whichever is higher. 28 The Moodie Report

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7 ANALYSIS Changi Fashion October/November 2006 had to operate without some of the big names it had expected to offer. Outspoken King Power Managing Director Travel Retail Sunil Tuli was never going to take that quietly and commented in an interview with The Moodie Report in May 2005: We had a lot of problems with some of the major fashion brands not supporting us because of what we understand to be pressure from rival operators not to come with us. Admitting the concession, for which it had bid aggressively, was losing money, Tuli said: If everything had been the way we had wanted it to be, in terms of opening the shops with all the brands we had wanted which had actually given us letters of support earlier but then withdrew their support things would have been OK. Clearly it wrankled with him. So when the T2 concession came up for tender earlier this year, another mighty battle between the two adversaries loomed. T2 was a DFS stronghold in a category it, not unreasonably, claims at the top end to do better than any rival. This time it was not going to let go so easily. Days before bids closed Tuli insisted King Power was going to give the tender its best shot. He told the two leading trade media, DFNI and The Moodie Report: This is a very important bid for us, as fashion is one of our key businesses, and we are obviously very keen to secure this concession. Not that keen as it transpired. When we revealed the bidders and bid levels on 21 August, DFS was indeed facing stern competition, but not from King Power. The LVMH-led retailer had posted a strong financial offer (see page 28), well ahead of Changi fragrances & cosmetics retailer Nuance-Watson (Singapore). The blockbuster bid that DFS had feared from King Power was on the table alright but from another, surprise player. In a complex and ambitious offer Luxury Ventures offered a year one minimum monthly guarantee of S$1,200,000 (US$756,000 at current exchange rates), rising to S$1,300,026 in year three. In comparison DFS was offering S$980,000 per month (US$617,000) for the lifetime of the contract. Both bids were linked to alternative percentage formulae (see table) dependent on whether goods were sold on sale (more than -20% off the price tag) or not. But it was the Dollars that stood out. The CAAS traditionally awards its contracts to the highest bidder and while no announcement had been made as we went to press, Luxury Ventures was well-placed to pull off one of the shock results of recent times. Notes one leading Changi retailer: It was a surprise that they bid and a greater surprise how much they bid. Can Valiram make money on the deal? Yes, he replies. They ll be working on around a 66% gross margin so even with 30% to the airport and 7 10% for staff and another 10 15% for other costs there s something in it for them. But they clearly wanted this concession badly. Why the complexity of the bid compared with those of DFS and Nuance-Watson (Singapore)? Firstly they make a much lower margin on watches so that needs to be reflected. And they won t be paying that 30% percentage on sale merchandise of over -20% off. Wouldn t that offer an incentive to sell cheaply? No, they don t think that way and anyway the brands wouldn t let them. In terms of discounts most fashion brands give you a window of 15 days to three weeks at the end of each season to clear stock, but generally with a maximum discount of -20%. Luxury Ventures might not be a household name in the duty free industry but it is no novice player. The operation is part of Malaysia s much-respected Valiram Group which has been in airport retail for 10 years and already operates at Changi (Bally boutiques in both terminals and a Mercedes Benz outlet in T2). It describes itself as Malaysia s leading luxury goods retailer, representing brands such as Coach, Dunhill, Godiva, Hermès, Montblanc and Swiss Watch Gallery at Kuala Lumpur International Airport as well as enjoying a powerful domestic market presence. In Singapore it has its Bally and Mercedes Benz airport business plus Coach and Jimmy Choo (the hugely-popular upscale footwear brand) in the local market. The group was founded in Malaysia in 1935 by the late Utumal Valiram and remains in family hands. Valiram is the largest importer, stockist and distributor of textile raw materials in Malaysia and diversified into airport travel retail in The Valirams have a good reputation in the region and know how to present luxury their portfolio is testament to that. If they win the T2 business it will be their boldest step into travel retail and another Changi disappointment for DFS. 32 The Moodie Report

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