Apparel, Accessories & Footwear. M a r k e t M o n i t o r S u m m e r

Transcription

1 M a r k e t M o n i t o r S u m m e r

2 Select Apparel, Accessories & Footwear Tombstones 2

3 Strong Consumer Willingness to Pay Pushes Trends Upward Industry Update Consumer Spending Indicators According to Dun & Bradstreet s retail sector report, a record low unemployment rate and improving economy has helped increase total US retail sales by 5.9% in the first five months of 2018 compared to the same period in The lucrative sponsorship deals related to the 2018 FIFA World Cup in Russia have had a significant impact on recent sales growth. Piper Jaffray's "Taking Stock with Teens survey showed that teen shoppers are increasing their time spent shopping online and decreasing time spent in stores. Teens spend 38% of their shopping time in specialty and department stores, a 3% drop from 2017, while shopping online 19% of the time, a 2% increase. So far this year, teens have been spending nearly 40% of their money on clothing, shoes and accessories. 12% 10% 8% 6% 4% 2% 0% (2%) (4%) (6%) Unemployment Rate (left-axis) Non-Farm Payroll y/y growth (leftaxis) Apparel Retailer Sales y/y Growth (left-axis) Consumer Confidence (right-axis) The clothing and footwear industry was largely spared as the Trump administration slapped tariffs on $50 billion in Chinese imports in June, but a looming trade war could still do damage to an apparel sector that is now more global than ever. Analysts have been very optimistic regarding the proposed Tax Reform s effect on the retail industry, stating that the decrease in overall corporate taxes and a decrease in taxes on middle-income consumers will drive significant growth for the industry overall. Data breaches in the retail industry have received outsized attention this year compared to those in other industries, according to the National Retail Federation (NRF), creating the false assumption that retailers are responsible for the bulk of data breaches and threatening sector performance for the remainder of Same Store Sales Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Abercrombie & Fitch (4.0%) (6.0%) (5.0%) (3.0%) (1.0%) 4.0% 3.0% 5.0% American Eagle 3.0% 2.0% 0.4% 2.0% 2.0% 3.0% 4.0% 9.0% Buckle (10.8%) (15.3%) (15.7%) (12.8%) (7.8%) (6.2%) (7.2%) (3.1%) DSW (1.2%) (2.0%) (7.0%) (3.0%) 0.6% (0.4%) (0.4%) 2.2.% Gap (2.0%) (3.0%) (2.0%) 2.0% 1.0% 3.0% 3.0% 1.0% Genesco (1.0%) (3.0%) 0.0% (1.0%) (2.0%) (2.0%) 4.0% (1.0%) Guess? North America (1.6%) (4.8%) (7.4%) (15.0%) (10.0%) (10.0%) 6.0% 1.0% Tilly's 0.9% 4.4% 0.1% 0.6% 1.8% 0.5% 0.1% 1.0% Urban Outfitters 1.1% 1.0% 0.0% (3.1%) (4.9%) 1.0% 0.8% 10.0% Zumiez (4.9%) 4.0% 5.1% 1.8% 4.7% 7.9% 5.9% 8.3% Median (1.4%) (2.5%) (1.0%) (2.0%) (0.2%) 0.8% 3.0% 1.0% Source: U.S. Department of Commerce, National Retail Federation, CapitalIQ, Bloomberg & Moss Adams Capital estimates.

4 Public Company Valuations ($U.S. in millions, except per share amounts) 6/20/18 TTM Data NTM Est. Growth EV Multiple Company Name Performance Share Price 52 Week High - Low Market Cap Enterprise Value Sales EBITDA EBITDA Margin Sales EBITDA NIKE, Inc. $74.72 $ $50.35 $120,431 $119,166 $35,285 $5, % 7.7% 10.7% 3.38x 23.3x 3.14x 21.1x Adidas AG ,420 43,542 26,265 3, % (0.1%) 5.1% 1.66x 13.8x 1.66x 13.1x Lululemon Athletica Inc ,990 16,023 2, % 13.1% 16.9% 5.77x 24.6x 5.10x 21.0x Under Armour, Inc ,884 10,521 5, % 3.9% 4.5% 2.09x 30.5x 2.01x 29.2x PUMA SE ,368 8,085 5, % 2.0% 12.9% 1.54x 18.3x 1.51x 16.2x Columbia Sportswear Company ,515 5,741 2, % 8.5% 11.4% 2.27x 17.1x 2.09x 15.4x TTM Sales TTM EBITDA NTM Sales NTM EBITDA Median $13,272 $5,146 $ % 5.8% 11.0% 2.18x 20.8x 2.05x 18.6x Average $33,846 $12,858 $1, % 5.8% 10.2% 2.78x 21.3x 2.58x 19.3x Aspirational LVMH Moët Hennessy Louis Vuitton S.E. $ $ $ $166,404 $176,520 $51,196 $11, % 5.9% 14.2% 3.45x 14.8x 3.26x 13.0x Tapestry, Inc ,539 14,101 5,530 1, % 8.8% 16.5% 2.55x 12.0x 2.34x 10.3x Michael Kors Holdings Limited ,201 10,916 4,719 1, % 8.1% 3.2% 2.31x 10.0x 2.14x 9.7x Ralph Lauren Corporation ,295 10,156 6, % (0.8%) 1.8% 1.64x 10.7x 1.66x 10.6x 4 Median $12,508 $5,856 $1, % 7.0% 8.7% 2.43x 11.4x 2.24x 10.4x Average $52,923 $16,907 $3, % 5.5% 8.9% 2.49x 11.9x 2.35x 10.9x Casual Fashion The Gap, Inc. $33.08 $ $21.02 $12,817 $12,692 $16,198 $1, % 3.3% (0.7%) 0.78x 6.5x 0.76x 6.5x Burlington Stores, Inc ,309 11,361 6, % 7.7% 15.3% 1.81x 16.3x 1.68x 14.1x Urban Outfitters, Inc ,041 4,561 3, % 6.5% 16.1% 1.23x 10.6x 1.15x 9.2x American Eagle Outfitters, Inc ,352 4,042 3, % 3.5% 3.5% 1.05x 8.0x 1.01x 7.7x DSW Inc ,090 1,821 2, % (1.6%) 1.5% 0.65x 7.1x 0.66x 7.0x Guess?, Inc ,844 1,674 2, % 6.3% 22.3% 0.69x 10.3x 0.65x 8.4x Abercrombie & Fitch Co ,866 1,584 3, % 0.1% (4.9%) 0.44x 5.0x 0.44x 5.2x Vince Holding Corp % NA NA 0.87x NM NA NA Median $2,932 $3,637 $ % 3.5% 3.5% 0.83x 8.0x 0.76x 7.7x Average $4,746 $4,890 $ % 3.7% 7.6% 0.94x 9.1x 0.91x 8.3x Note: Not meaningful (NM) if EV/Sales is greater than 10x, or EV/EBITDA is greater than 40x. NA if denominator is 0, for percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts. Source: CapitalIQ, company filings.

5 Public Company Valuations ($U.S. in millions, except per share amounts) 6/20/18 TTM Data NTM Est. Growth EV Multiple Company Name Diversified - Large Cap Share Price 52 Week High - Low Market Cap Enterprise Value Sales EBITDA EBITDA Margin Sales EBITDA TTM Sales TTM EBITDA NTM Sales NTM EBITDA V.F. Corporation $83.19 $ $54.67 $32,815 $35,878 $12,356 $1, % 9.7% 11.6% 2.90x 19.0x 2.65x 17.0x PVH Corp ,129 14,962 9,240 1, % 3.7% 17.3% 1.62x 13.4x 1.56x 11.4x Skechers U.S.A., Inc ,666 4,188 4, % 11.2% 19.9% 0.96x 8.2x 0.86x 6.9x Deckers Outdoor Corporation ,703 3,305 1, % 1.8% 9.4% 1.74x 12.0x 1.71x 11.0x Wolverine World Wide, Inc ,474 3,895 2, % 0.1% 49.6% 1.70x 18.3x 1.70x 12.2x Steven Madden, Ltd ,160 2,987 1, % 6.3% 25.3% 1.90x 16.6x 1.79x 13.3x G-III Apparel Group, Ltd ,274 2,651 2, % 4.3% 7.9% 0.92x 11.6x 0.88x 10.8x Oxford Industries, Inc ,417 1,485 1, % 5.9% 16.0% 1.37x 11.4x 1.29x 9.9x Median $3,600 $2,591 $ % 5.1% 16.7% 1.66x 12.7x 1.63x 11.2x 5 Diversified - Mid/Small Cap Average $8,669 $4,462 $ % 5.4% 19.6% 1.64x 13.8x 1.55x 11.5x Crocs, Inc. $19.12 $ $7.15 $1,306 $1,387 $1,039 $83 8.0% 1.2% 18.4% 1.34x 16.7x 1.32x 14.1x Perry Ellis International, Inc % (1.7%) 7.4% 0.57x 9.3x 0.58x 8.7x Weyco Group, Inc % NA NA 1.23x 12.6x NA NA Rocky Brands, Inc % (1.1%) 5.5% 0.82x 10.5x 0.83x 9.9x Iconix Brand Group, Inc % (8.8%) (6.4%) 3.74x 7.5x 4.11x 8.0x Differential Brands Group Inc % 5.2% 65.2% 0.57x 10.9x 0.54x 6.6x Median $349 $252 $28 7.8% (1.4%) 6.5% 0.82x 10.5x 0.71x 8.4x Average $393 $360 $ % (1.6%) 17.9% 1.39x 10.2x 1.52x 8.3x Note: Not meaningful (NM) if EV/Sales is greater than 10x, or EV/EBITDA is greater than 40x. NA if denominator is 0, for percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts. Source: CapitalIQ, company filings.

6 EV/LTM EBITDA Apparel, Accessories & Footwear Strong Economy & Low Unemployment Continues to Drive Growth With the exception of select apparel companies within the Aspirational sub-segment (Slide 4), analysts expect the AAF group to underperform the S&P 500 in sales growth over the next 12 months. Comparatively, Diversified Mid / Small Cap is the only segment within AAF expected to outperform the S&P 500 companies in EBITDA growth over the same period. Next 12 Months: Estimated Growth AAF public company valuations have increased by 3.4% to 12.8x EBITDA since December 2017, fueled by strong holiday sales, high consumer willingness tospend and optimism for future growth. AAF company EV/EBITDA valuations are trading almost 1.3x turns higher than its five year average of 11.5x EBITDA, as compared to the S&P 500 trading 1.9x turns higher than its five year average of 10.9x EBITDA. Public Market Valuations Sales EBITDA 15.00x S&P % 18.1% 14.00x Apparel & Footwear 12.80x 13.00x 6 Performance 5.8% 11.0% 12.00x 11.00x S&P x Aspirational 7.0% 8.7% 10.00x 9.00x Casual Fashion 3.5% 3.5% 8.00x Diversified - Large Cap 5.1% 16.7% 7.00x 6.00x Diversified - Mid/Small Cap (1.4%) 6.5% Note: Apparel, Accessories & Footwear is composed of the public companies included on slides 4 & 5. Source: CapitalIQ.

7 Select, Notable M&A Activity with Disclosed Values 7 Close EV/ EV/ Date Acquirer/Investor Target Target Description Implied EV Revenue EBITDA Announced Essilor International Société Anonyme Luxottica Group S.p.A. Provides fashion, luxury, sports, and performance eyewear $25, x 12.3 x Announced George Feldenkreis Perry Ellis International, Inc. Manufactures apparel products, accessories, and fragrances. $ x 8.7 x Announced AvaCare Medical Murse World, Inc. Owns and operates an online medical scrubs store for men Jul-18 Huckberry LLC Wellen, LLC Manufactures and distributes apparel Jul-18 Authentic Brands Group LLC Nine West and Bandolino Footwear and Handbag Business of Ni Manufactures footwear and handbag brands Jun-18 Seidler Equity Partners; Major League Baseball Enterprises, I Rawlings Sporting Goods Company, Inc. Manufactures and markets sporting goods including apparel $ x - Jun-18 Bendon Ltd. (nka:naked Brand Group Limited) Naked Brand Group Inc. Designs and manufactures men's and women's underwear and intimate apparel Jun-18 JD Sports Fashion plc The Finish Line, Inc. Retailer of athletic shoes and apparel $ x 5.8 x May-18 Superior Group of Companies, Inc. CID Resources, Inc. Manufactures and distributes scrubs and other medical uniforms $ x - Apr-18 Scandinavian Tobacco Group A/S Thompson and Company of Tampa, Inc. Multi-channel merchant that offers designer linens, fashion apparel $ x - Apr-18 Boardriders, Inc. Billabong International Limited Manuacturers medical apparel and clothing $ x 7.1 x Mar-18 Art Gun Technologies, LLC Substantially All of The Assets of TeeShirt Ink Inc. T-shirt printing company $ Mar-18 Kathmandu Holdings Limited Oboz Footwear, LLC Manufactures and sells running footwear for men and women $ x 16.3 x Jan-18 Aramark AmeriPride Services, Inc. Offers uniform rental and linen supply services in North America $1, x - Jan-18 TopBuild Corp. ADO Products Inc. Manufactures protective wear $ x - Dec-17 QVC Group (nka:qurate Retail Group, Inc.) HSN, Inc. TV Retailer $2, x 10.8 x Nov-17 Michael Kors Holdings Limited Jimmy Choo PLC Luxury handbags, accessories and fragrances $1, x 18.2 x Oct-17 Point Blank Enterprises, Inc. Shortbark Industries, LLC Manufactures tactical apparel $ Oct-17 Camping World Holdings, Inc. Uncle Dan's Ltd. Operates outdoor apparel stores $ Oct-17 Hanesbrands Inc. Alternative Apparel, Inc. Manufactures and sells apparel and accessories $ Oct-17 V.F. Corporation Williamson-Dickie Manufacturing Company Manufacture primarily work wear apparel $ x 11.0 x Oct-17 KPS Capital Partners, LP Taylor Made Golf Company, Inc. Golf apparel and equipment $ x - Sep-17 BPS Direct, L.L.C. Cabela's Incorporated Outdoor apparel and accessories $8, x 18.3 x Sep-17 Monomoy Capital Partners West Marine, Inc. Boating apparel, accessories and equipment $ x 7.7 x Aug-17 Callaway Golf Company travismathew, LLC Lifestyle apparel $ x 11.8 x Aug-17 Crown Crafts, Inc. Carousel Designs, LLC Manufactures apparel for children $ x - Jul-17 MSA Worldwide, LLC Globe Manufacturing Company, LLC Survival gear $ x - Jul-17 LVMH Moët Hennessy Louis Vuitton S.E. Grandville SA (Christian Dior Couture) Footwear, apparel, and accessories $7, Jul-17 Segabo USA NGX, LLC Designs apparel for men $ Jul-17 TOS S.r.l. Sebago USA, LLC Manufactures and sells footwear $ Jul-17 Coach, Inc. (nka:tapestry, Inc.) Kate Spade & Company Women's apparel and accessories $2, x 10.3 x Jul-17 MGS Distribution Ltd. JLB Brands Limited Women's accessories $ Jun-17 Wal-Mart Stores, Inc. (nka:walmart Inc.) Bonobos, Inc. Men's apparel $ Jun-17 Semyrhamis SA (Arnault Family Group) Christian Dior SE Footwear, apparel, and accessories $79, x 6.9 x May-17 Camping World Holdings, Inc. Gander Outdoors Outdoor apparel and accessories $ May-17 Samsonite LLC ebags, Inc. Accessories $ x - Apr-17 SportsDirect.com Retail Ltd. Eastern Outfitters And Subortis IP And Bob's/EMS Gift Outdoor gear $ Mar-17 JMJD Ventures, LLC Liquid Blaino Designs, Inc. Men's and women's apparel $ Mar-17 Cintas Corporation G&K Services, Inc. Uniform company $2, x 13.7 x Feb-17 Boohoo F I Limited Nasty Gal Inc. Women's apparel $ x - Feb-17 Carter's, Inc. Skip Hop, Inc. Baby apparel and accessories $ x - Feb-17 Wal-Mart.com USA, LLC New Moosejaw, LLC Apparel $ Source: CapitalIQ, PitchBook, company filings, news releases.

8 Select, Recent M&A Activity without Disclosed Value 8 Close Date Acquirer/Investor Target Target Description Announced Seidler Equity Partners; Major League Baseball Enterprises, Inc. Rawlings Sporting Goods Company, Inc. Manufactures and markets sporting goods and apparel Announced Authentic Brands Group LLC Nine West and Bandolino Footwear and Handbag Business of Nine West Holdings, Inc. Manufacturers women footwear and apparel Announced ISA Industrial Limited Auburn Leather Co., Inc. Offers leather laces, motorcycles saddlebags and accessories Announced 12 Retech Corporation Krazy Larry Inc. Operates women clothing stores Jun-18 V.F. Corporation Altra Footwear Brand of Icon Health & Fitness, Inc. Manufacturers lifestyle footwear May-18 Private Investor Pacifier, Inc. Retails baby products and apparel Apr-18 Authentic Brands Group LLC Nautica brand business of V.F. Corporation Manufacturers apparel and clothing Apr-18 V.F. Corporation Icebreaker New Zealand Ltd. Produces lifestyle clothing Apr-18 Boot Barn Holdings, Inc. Lone Star Western & Casual LLC Retails family apparel, footwear, and accessories Apr-18 Shumsky Enterprises, Inc. IMPACT Plus, Inc. Retails company uniforms Apr-18 Haggar Clothing Co. Inc. Certain Assets of Kizan International Inc. Designs, manufactures, and retails men's wear and apparel products Mar-18 Private Investor Destination Maternity Corporation Designs and retails maternity apparel Mar-18 Chervo' S.p.A. Chervo USA, Inc. Operates apparel stores Feb-18 HEADINGTON OIL COMPANY LLC Tenoversix, LLC Operates a fashion and design store Feb-18 Mad Engine Inc. Mighty Fine, Inc. Designs and markets family apparel Feb-18 Charlesbank Capital Partners, LLC Galls, LLC Manufacturers safety equipment and apparel Jan-18 Youngevity International, Inc. Handbag and Accessory Brand of Gigi Hill, LLC Designs and manufacturers bags Jan-18 Acushnet Holdings Corp. Links & Kings, LLC Manufacturers leather golf and lifestyle products Jan-18 Evolutions Footwear, Inc. Broken Homme LLC Boot manufacturer Jan-18 Peter Millar LLC G/FORE Designs and manufactures golf apparel Dec-17 Tower Arch Capital KNS International, LLC Men, women, and children AAF retailer Dec-17 SassyBull, LLC (nka:sassendipity LLC) Lakeshire Line of of Johnna Beckham Equestrian show attire manufacturer and retailer Dec-17 Badger Sportswear, Inc. Alleson Athletic, Inc. Sports apparel manufacturer Nov-17 New England Partners Opportunities Fund Benrus Watch Company, Inc. Manufactures and sells watches and bags Nov-17 Private Investor Rocky Brands, Inc. Footwear manufacturing brand Nov-17 Private Investor CuffLinks.com Holding Co. LLC. Online cufflink retailer Nov-17 Brighton-Best International, Inc. Ironclad Performance Wear Corporation Designs and manufactures work wear Nov-17 Badger Sportswear, Inc. Garb Athletics Sports apparel manufacturer Nov-17 EPIC Brand Management Group, LLC Sport Science, LLC Manufactures and distributes sports apparel Oct-17 Goldwin Inc. Woolrich, Inc. Manufactures and sells outdoor clothing Oct-17 Intiva BioPharma Inc. Kinder Holding Corp. Retails women's apparel Oct-17 Lion Capital LLP Paige Premium Denim, LLC Manufactures denim jeans and apparel Sep-17 The Original Footwear Co, Inc. Wolverine World Wide, Inc. Manufactures footwear, apparel, and accessories Aug-17 Buffalo Bills, LLC Adpro Sports, Inc. Manufactures sports uniforms Aug-17 Sneaker Villa, inc. DTLR, Inc. Operates stores that sell footwear, apparel, and accessories Aug-17 Marquee Brands LLC BCBG Max Azria Group, LLC Manufactures and sells women's apparel Jul-17 Bolt Threads Inc. Best Made Company LLC Manufactures outdoor apparel Jul-17 CVC Capital Partners Limited Breitling SA Luxury watch company Jul-17 Elite Sportswear, L.P. Dreamlight Inc. Manufactures athletic wear Jul-17 Top it Off (nka:1818 Apparel Company) Select Sports Outfitters Sells sports apparel Jun-17 Intiva USA Inc. Kinder Holding Corp. Retails women's apparel and accessories Jun-17 J Club, Inc. Choxi.com, Inc. Sells apparel and accessories for women and men Jun-17 J.W. Childs Associates, L.P.; J.W. Childs Equity Partners IV, L.P. EBL, Inc. Owns and operates clothing and footwear retail stores Jul-17 Global Brands Group & Marquee Brands BCBG Max Azria Group, LLC Women's luxury apparel Source: CapitalIQ, PitchBook, company filings, news releases.

9 Overview of Select, Notable Transactions acquires Expected: July 2018 Essilor International SA (ENXTPA: EI) entered into an agreement to acquire a 62.5% stake in Luxottica Group for 14.1 billion on the basis of an exchange ratio of Essilor shares for every 1 Luxottica share. The transaction was valued at 2.5x revenue and 11.8x EBITDA. The acquisition will allow both manufacturers to serve the global eyewear network with a full suite of brands from Ray Ban to Giorgio Armani and generate up to 600 million of yearly synergies. The planned merger deadline has been extended to July 31 as the two parties confidently await approval by the Chinese antitrust authority. 250 Apparel, Accessories, & Footwear M&A 1 M&A activity in YTD 2018 is down 30.1% compared to YTD 2017 s activity. The decline is primarily caused by lack of quality targets, continued uncertainty surrounding tax reform and a potential looming trade war acquires June JD Sports Fashion (LSE: JD) acquired The Finish Line Inc. (NASDAQ: FINL) for $547 million in cash at 5.8x LTM EBITDA. Under the terms of the transaction, shareholders of The Finish Line Inc. received $13.50 in cash for every share acquired. The transaction was funded through a new $315 million asset-based lending facility with the remaining balance drawn down via a new syndicated revolving credit facility. The deal provides an excellent strategic fit for Finish Line and JD. The acquisition moves Finish Line into a stronger position as part of a global enterprise that leads in the industry, while JD gains a significant physical and online retail presence with direct access in the US which they have long identified as a highly attractive growth opportunity Source: CapitalIQ, company filings, news releases. 1) Includes closed transactions in the U.S.

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