Content thumbnail Luxury and Cosmetic Financial Factbook

DCF and valuation parameters Ha_e )1 C Advertising expenses Advertising remains a key driver in the industry, with digital expenses’ share growing fast • Earceting and adnertising represent a significant cost component for both global lmxmrq and cosmetics industries. • Q)-9'= 40% Average 26.8% 35% 33.6% 30% 29.1% 25.7% 26.4% 25% 22.9% 22.9% 20% Average 6.7% 15% 11.3% 11.3% 10% 6.6% 6.7% 6.8% 7.4% 3.4% 3.8% 5.1% 5.4% 5.6% 5% 0% Tumi Coach Prada Tiffany LVMH Kafilg Coty Natura Salvatore BrunelloCucinelliMonclerLuxottica Shiseido L'Oréal Ferragamo Hugo Boss Beiersdorf Estée Lauder Luxury companies Cosmetics companies Source: Data based on actual or estimated numbers based on availability as of the date of this report. Fote2 Lhe resmlts of *()- are actmal É9Ê! if the financial resmlts are closed and expected ÉEÊ! if the financial qear is not closed qet. The luxury and cosmetics financial factbook 2016

Luxury and Cosmetic Financial Factbook - Page 21 Luxury and Cosmetic Financial Factbook Page 20 Page 22