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DCF and vIndustry oaluation pverview arameters HPa_e -1age -1 I Points of view from EY global sector Recent transactions in the perfume industry: the price of and other industry professionals scarcity Date Target Buyer Seller Consideration Comments While not enough information is available to compute the valuation multiples, it should also be noted that 25 Feb 2016 By Kilian Estée Kilian Undisclosed By Kilian is a luxury perfume brand from Paris, created by these transactions generally also “come at a price,” Lauder Hennessy Kilian Hennessy. Sold in more than 40 countries through as: freestanding stores (e.g., Paris, London, New York, Moscow, Doha and Lugano) and perfumeries, By Kilian • The market addressed by haute parfumerie offers perfumes with a price range between €100 and corresponds to a marginal portion of it. €300. • There are an increasing number of players in this 24 Jan 2016 L’Artisan Puig Fox Undisclosed Penhaligon’s London is one of the most prestigious British niche, which makes it increasingly competitive as Parfumeur Paine & fragrance houses and holds two Royal Warrants. The brand w and Company has its own stores (London, Paris, Hong Kong, Singapore, well. ervie Penhaligon’s Milan, New York, Beverly Hills, Taipei, etc.) and a global • In certain cases, these brands are too closely v London presence. Penhaligon’s offers perfumes with a price range associated with their creator and may not last in try o between £65 and £150. L’Artisan Parfumeur Paris is a luxury artisanal brand from the long run. Indus Paris, working with its own craftspeople to create authentic • They may not allow aggressive expansion or and innovative perfumes. L’Artisan Parfumeur operates dinersification plans. retail bomtiimes in >rance Haris, Dille, Earseille! and has a global presence. L’Artisan Parfumeur offers perfumes with *** a price range between €100 and €150. The competition between the perfume industry’s 22 Dec 2015 Serge Shiseido Serge Undisclosed Serge Lutens is a luxury perfume brand from Paris. Serge main plaqers has certainlq intensified as the indmstrq Lutens Lutens Lutens fragrances retail in approximately 2,000 stores, has become more mature and players realize that spanning 35 countries with a total net sales of c. €40m. Serge Lutens offers perfumes with a price range between there might not be room for everyone. Besides, the €100 and €600. race to the “Holy Grail” is not over, and some 12 Jan 2014 Editions de Estée n'a Undisclosed Editions de Parfums Frédéric Malle offers a collection of transactions might still occur in the near future. As Parfums Lauder luxury perfumes created by 12 master perfumers from an example, after the exit of the Dolce & Gabanna Frédéric aromnd the oorld. Kold thromgh fine stores in Haris and Feo brand from the ;otq portfolio follooing the ;otq'H? Malle York as well as through Barneys New York in the United transaction, some companies active in the sector States and Liberty in London, Editions de Parfums Frédéric seemed to look at it closely. For this transaction, as Malle offers perfumes with a price range between €100 and €260. for anq other, the imestions that oill need to be 11 Jan 2014 Le Labo Estée n'a Undisclosed Le Labo provides highly selective luxury fragrances. The answered include: how much of a premium are Lauder brand distributes its perfumes in minimalistic freestanding investors willing to pay for scarce assets? More stores in New York, London, Paris, Los Angeles, San importantly, in the luxury world where things change Francisco, Tokyo and Hong Kong, as well as selected nerq imicclq, are oe betting on the right brand7 As the prestige department stores worldwide. Le Labo offers price offered commensurate with the risks taken? perfumes with a price range between €140 and €730. The luxury and cosmetics financial factbook 2016

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