PPage 46age 46 DCF and valuation pIndustry oaramevervieterws I Points of view from EY’s global sector The Italian luxury market from an M&A and investor perspective specialists and outside experts The fashion and luxury market is continuing to grow The Italian M&A market was characterized in the despite the difficult macroeconomic and financial recent years by the foreign acquisition of Italian landscape. This sector remains highly attractive to brands. financial and strategic investors, both national and In 2014, the so-called inbound M&A accounted for international. 75% of the total number of transactions carried out in M&A in the fashion and luxury sector, unlike others Italy. In the same year in Italy, two-thirds of the deals Roberto Bonacina industries that experienced a decrease after the were completed by financial investors, in contrast financial crisis, is facing a positive pattern. with prior years, where corporates had a greater EY Lead Advisory M&A 2014 registered a slight decrease in the total number percentage of successful deals than PE. Fashion & Luxury of completed deals compared to the last three years; however, the first quarter activity of 2015 boosts hopes for strong growth for this year. The luxury and cosmetics financial factbook 2015