HHa_e 0,a_e 0, ConOpeningtact us Contact us =Q K&p&9& >as`ign  Dmpmjy leae Executive summary Roberto Bonacina Rossana Pezone Francesco Gradone Welcome to the third edition of EY’s annual Financial Factbook for the luxury and cosmetics sector. The Factbook combines Partner, Lead Advisory M&A, Fashion & Luxury Manager, Transaction Support, Senior, TAS, Fashion & Luxury Milan, EY S.p.A. Fashion & Luxury Milan, EY S.p.A. Milan, EY S.p.A. financial data, insight from EY’s global team of sector specialists and opinions of external experts. [email protected] [email protected] [email protected] +39 335 138 1950 +39 366 578 7631 +39 366 402 1242 ;gnljiZmlgjs lg l`e *(). ^aclZggc Amaury Bonnaire Arnaud Cohen John Nguyen Executive Director, TAS Partner, TAS Senior Manager, Audit Geneva, Ernst & Young SA Paris, Ernst & Young Advisory Dallas, Ernst & Young LLP United States Laurent Bludzien [email protected] [email protected] [email protected] +41 58 286 5517 +33 1 55 61 07 10 +1 214 7543499 Marie-Pierre Bonnet-Desplan Fabian Denneborg Riccardo Pastore Executive director, Tax Executive Director, TAS Director, Cost and Cash Optimization, TAS Paris, Ernst & Young Société d’Avocats Zurich, Ernst & Young AG Milan, EY S.p.A. [email protected] [email protected] [email protected] +33 1 55 61 13 11 +41 58 286 3335 +39 02 8066 93794 Ivan Chan Paolo Lobetti Bodoni Kelsea E West Full Name Partner, Tax MED RCP Advisory Leader, Advisory Senior, TAS Hong Kong, Ernst & Young Tax Services Limited Turin, Ernst & Young Financial Business Dallas, Ernst & Young LLP United States [email protected] Advisors S.p.A. [email protected] +852 26293828 paolo.lobetti–[email protected] +1 214 9698487 +39 335 760 0436 Lilly L Cheung Benjamin Msika Blasco De Felice Senior Manager, Tax Senior Manager, TAS Beauty top executive Shanghai, Ernst & Young Certified Tax Agency Co. Ltd. Paris, Ernst & Young Advisory [email protected] [email protected] [email protected] +39 344 136245 +86 21 22285506 +33 1 55 61 02 25 The luxury and cosmetics financial factbook 2016