2 Executive summary Statistics and key facts Index evolution Contents 8 DCF and valuation parameters A. Financial parameters B. Operating aggregates C. Advertising expenses D. SOTP and segment analyses E. Trading multiples F. Transaction multiples 36 Industry overview G. Global luxury goods market H Global cosmetic goods market I. Points of view from EY global sector and other industry professionals 80 Methodology Approach and SOTP analyses Sample selection Focus on YOOX Net–A–Porter 83 Glossary Contact us 84