Lanvin Group Holdings Limited · NYSE:LANV
Lanvin — SPAC Merger (November 2022)
61 slides from Lanvin's SPAC merger presentation, Nov 7, 2022
Slide 1: Analyst Day Presentation November 2022
ANALYST DAY PRESENTATION 3 November 2022
Slide 2: Presenters
PRESENTERS Joann Cheng David Chan Shang Koo Max Chen Chairman & CEO, PCAC Chairman and CEO, Executive President and Chief Financial Officer, Partner, Primavera Lanvin Group Co-COO, Lanvin Group Lanvin Group Capital Group
Slide 3: Today's Agenda
TODAY’S AGENDA 01 OPENING REMARKS 02 BUSINESS OVERVIEW 03 Q&A (1) 04 FINANCIAL INFORMATION & TRANSACTION OVERVIEW 05 CLOSING REMARKS AND Q&A (2)
Slide 4: Building the New Luxury
BUILDING THE NEW LUXURY LANVIN GROUP
Slide 5: Table of Contents
TABLE OF CONTENTS SECTION I PAGE 9 SECTION III PAGE 38 A UNIQUE GLOBAL FINANCIAL LUXURY PLATFORM INFORMATION SECTION IV PAGE 48 TRANSACTION OVERVIEW SECTION II PAGE 26 PORTFOLIO OF FIVE ICONIC BRANDS 5
Slide 6: Fosun: An Innovation-Driven Consumer Group
FOSUN AN INNOVATION-DRIVEN CONSUMER GROUP Founded in 1992, Fosun‘s mission is to provide high-quality products and Through continuous innovation, Fosun has achieved rapid development by services for families around the world in health, happiness, wealth and capitalizing on high-growth sectors. It co
Slide 7: Primavera Capital: Lanvin Group's Optimal Partner
PRIMAVERA CAPITAL LANVIN GROUP’S OPTIMAL PARTNER PRIMAVERA CAPITAL AT A GLANCE PRIMAVERA CAPITAL ACQUISITION CORPORATION LEADERSHIP AUM (1) MOC (2) Leading global investment firm with offices in Mainland China, Hong Kong, Singapore, and the U.S., founded by Dr. Fred Hu US$17B 3.7X Lead investor in l
Slide 8: Lanvin Group by the Numbers
LANVIN GROUP BY THE NUMBERS POS worldwide STRONG TOPLINE GROWTH FROM 2020 TO 2025 (1) 5 ~1200 Projected Revenue € in millions +31% +43% €989 Revenue CAGR Retail Revenue Heritage brands with more €808 FY21-25 CAGR FY21-25 than 390 years of history €615 combined €473 (5) +40% 200+ Retail stores (3) €3
Slide 9: A Unique Global Luxury Platform
A UNIQUE GLOBAL LUXURY PLATFORM Section I
Slide 10: Attractive and Resilient Personal Luxury Goods Market
A HIGHLY ATTRACTIVE AND RESILIENT 01 PERSONAL LUXURY GOODS MARKET … WITH CHINA BEING THE MAIN GROWTH DRIVER STABLE AND GROWING MARKET PROVEN RESILIENCE TO COVID GROWTH PROPELLED BY CHINA Global Personal Luxury Goods Market Size (€bn) RELATIVE TO OTHER CONSUMER Luxury Goods Spending Breakdown by Nati
Slide 11: Uniquely Positioned to Capture Fastest Growing Luxury Market
UNIQUELY POSITIONED TO CAPTURE THE FASTEST 01 GROWING LUXURY MARKET IN THE WORLD … LANVIN GROUP IS THE 1ST AND ONLY GLOBAL LUXURY GROUP HEADQUARTERED IN CHINA WITH UNPARALLELED ACCESS TO THE LARGEST AND FASTEST GROWING LUXURY MARKET IN THE WORLD MARKET CAP NORTH AMERICA EUROPE ASIA €7B €306B €127B €
Slide 12: Operating Globally: Retail and Wholesale Presence
… AND OPERATING GLOBALLY. 01 LANVIN GROUP RETAIL AND WHOLESALE PRESENCE NORTH AMERICA EUROPE ASIA Lanvin, Shanghai Sergio Rossi, Milan Wolford, Hangzhou 662 Lanvin, Paris Lanvin, Miami POS (1) Caruso, Shanghai 246 Wolford, Amsterdam POS (1) 199 Lanvin, Las Vegas c. 6.7% St. John, Shanghai Market Gro
Slide 13: Diverse Portfolio of Five Iconic Luxury Heritage Brands
DIVERSE PORTFOLIO 02 OF FIVE ICONIC LUXURY HERITAGE BRANDS … SINCE SINCE 1962 1889 Invested in 2013 / 2017 Invested in 2018 (92.5% stake) (97.0% stake) The Oldest French Couture Classic, Timeless and House still in Operation Sophisticated American Luxury House SINCE SINCE 1950 SINCE 1958 Invested in
Slide 14: Empowered by One-of-a-Kind Strategic Alliance
… EMPOWERED BY 02 ONE-OF-A-KIND STRATEGIC ALLIANCE. LEVERAGING TOP TIER STRATEGIC PARTNERS’ EXPERTISE TO ACCELERATE GROWTH AND FACILITATE DISRUPTIVE CHANGES CAPITAL / NETWORK M&A / GROWTH EXPERTISE Strong partnerships with e-Com Cross-sector global resources and expertise and consumer market leaders
Slide 15: Proven Market Outperforming Track Record
PROVEN MARKET OUTPERFORMING 03 TRACK RECORD … Lanvin Group Revenue Growth Rate LANVIN IS BACK Actual 1H2021 vs. 1H2022 (%) (1,2) 73% +201% +235% 28% 27% EMEA Half-year NA Half-year 23% 18% Revenue 22 vs 21 Revenue 22 vs 21 LANVIN x Gallery DEPT. LANVIN China Capsule +260% +75% Lanvin Group Revenue G
Slide 16: Significant Runway Through Organic Growth
… WITH SIGNIFICANT FUTURE RUNWAY 03 THROUGH ORGANIC GROWTH … EXPANDING CHANNEL AND FOOTPRINT REINFORCING PRODUCTS & MERCHANDISING New market entry Optimized channel mix Enhanced shopping experience E-commerce penetration Rebalanced product po Cross-over and collaboration series 460+ itiat rt a categ
Slide 17: Acquisitions From a Solid Pipeline
… AND ACQUISITIONS FROM A SOLID PIPELINE. 03 FOSUN FASHION GROUP BECOMES MAJORITY SHAREHOLDER OF LANVIN EMERGING CONCEPT INCUBATOR US$20M FOSUN FASHION GROUP BECOMES MAJORITY SHAREHOLDER OF ST. JOHN FOSUN FASHION GROUP REBRANDS TO LANVIN GR Dedicated incubator fund Minority investments in startups i
Slide 18: Seasoned Management Team
SEASONED MANAGEMENT TEAM … 04 Joann Cheng Grace Zhao Chris Tate Chairman & Chief Executive Executive President, Operating Partner, Officer, Lanvin Group Lanvin Group Lanvin Group David Chan Shang Koo Jessey Chan Executive President, Chief Financial Officer, Operating Partner, Bruno Sialelli Lanvin G
Slide 19: Unique Dual-Engine Model
… STRUCTURED BY A UNIQUE “DUAL-ENGINE” MODEL … 04 MARKET DNA GROWTH CORE ENGINE ENGINE Market Specific Strategy Special Capsule: Local Specific Platforms Local Content, ralleled Reporting Line Design, Special Targeting Local Events & Story-telling Management at Market Occasion & Fitting Audi UICK DE
Slide 20: Complementary Creative Interface
… AND COMPLEMENTARY CREATIVE 04 INTERFACE TO CAPTURE RISING DEMAND. A NEW CREATIVE STRUCTURE: IN-HOUSE DESIGN STUDIO COMPLEMENTED BY CREATIVE TALENT PLATFORMS IN BOTH EUROPE AND CHINA TO MEET RISING MARKET DEMANDS MILAN CREATIVE Special Capsule/ CREATIVE DIRECTOR Crossover LAB Designer 1 Freelance D
Slide 21: Perfection of Luxury Craftsmanship
PERFECTION OF LUXURY CRAFTSMANSHIP … 05 In 1954, Wolford created the In 1968, Sergio Rossi 1st seamless nylon stockings in signed his 1st shoes, the world OPANCA, a summer sandal In 1965, St. John developed a In 1958, Raffaele Caruso, a unique wool blend yarn, with a Neapolitan tailor, started speci
Slide 22: Core Focus on Sustainability
… WITH A CORE FOCUS ON SUSTAINABILITY. 05 SUSTAINABILITY IS A KEY PILLAR OF LANVIN GROUP’S GROWTH STRATEGY Lanvin Group is committed to operating its businesses in the best interests of the environment and working together with its employees, suppliers and customers to ensure long-term sustainable g
Slide 23: Opportunity to Invest in an Emerging Luxury Platform
OPPORTUNITY TO INVEST 06 IN AN EMERGING LUXURY PLATFORM … 1 2 3 4 GLOBAL BUSINESS START UP HIGH GROWTH FOOT IN THE DOOR X X X X ACCESS TO FASTEST MATURE BUSINESS MODEL STABLE AND RESILIENT MARKET PARTNERS WHO HAVE BEEN IN GROWING MARKETS THE INDUSTRY FOR DECADES Section I 23
Slide 24: Synergistic Business Model
… WITH A SYNERGISTIC BUSINESS MODEL … 06 turing Group Synergy Full spectrum resource sharing est practice sharing Bundle contract Risk Diversification Balanced portfolio Global knowledge Market Expertise Unique expertise and resources in China Section I 24
Slide 25: Compelling Risk-Adjusted Returns
… AND COMPELLING RISK-ADJUSTED RETURNS. 06 2–3X LEAP LEADERSHIP VALUE CREATION & CREATIVE • Develop a global IN REVENUES EXCELLENCE expansion strategy A number of luxury brands have seen strong • Leverage attractive resurgence. Normally, it will take 5-6 years for A lot of luxury brands used to be i
Slide 26: Diverse Portfolio of Five Iconic Luxury Heritage Brands
DIVERSE PORTFOLIO OF FIVE ICONIC LUXURY HERITAGE BRANDS Section II
Slide 27: One of the Oldest French Couture Houses
ONE OF THE OLDEST FRENCH COUTURE HOUSES STILL IN OPERATION “PEARL OF THE CROWN” IN FRENCH HISTORY Iconic French brand and one of the world’s oldest luxury houses currently in operation since 1889 Synonymous with classic Parisian elegance A scarce, full-category luxury house for men, women and kids P
Slide 28: Lanvin at a Glance
LANVIN AT A GLANCE UNMATCHED BRAND HERITAGE AND ARCHIVE 2 The world’s oldest couture house still in operation since 1889 1 COMPREHENSIVE PRODUCT OFFERING Jewelry Footwear Leather Goods Womenswear Menswear ELEVATED BRAND PRESENCE 22 Faubourg, Paris AROUND THE GLOBE With successful 3 penetration into
Slide 29: One of the World's Largest Luxury Skinwear Brands
ONE OF THE WORLD’S LARGEST LUXURY SKINWEAR BRANDS EPITOME OF EXCLUSIVE LEGWEAR AND BODYWEAR Founded in 1950, Wolford has been known for market leading luxury legwear and bodywear The highest level of craftsmanship, process innovation as well as sustainable, environmentally friendly and ethical produ
Slide 30: Wolford at a Glance
WOLFORD AT A GLANCE RENEWED BRAND POSITIONING THROUGH THREE PILLARS 1DIVERSE SKINWEAR PRODUCT LINE-UP 2 LEGWEAR BODYSUITS ATHLEISURE REVAMPING BRANDING & MARKETING READY-TO-WEAR 3 DIGITAL MARKETING AND CONSUMER COMMUNICATION CELEBRITIES & KOL MARKETING LINGERIE BEACHWEAR Brand Ambassador Digital Mar
Slide 31: Legend of Shoemaker in the World
LEGEND OF SHOEMAKER IN THE WORLD HERITAGE OF AN ITALIAN LEGENDARY FOOTWEAR BRAND • Made-in-Italy luxury footwear brand since 1951 • Deeply rooted in the creativity and expertise of its eponymous founder • Brand DNA built around quality, craftsmanship, authenticity and Italian heritage • Handmade sho
Slide 32: Sergio Rossi at a Glance
SERGIO ROSSI AT A GLANCE 1 SUPERB KNACK IN DELIVERING HIT PRODUCTS 2 HEART AND SOUL OF SERGIO ROSSI Earned reputation in classic women’s footwear Expanding into men’s Twenty Sport – conquer the city in style SI ROSSI “Girl Power” 12,000+ 200+ 14,000 Total production Artisans and Documents and area (
Slide 33: Classic, Timeless American Luxury House
CLASSIC, TIMELESS AND SOPHISCATED AMERICAN LUXURY HOUSE A FASCINATING COMBINATION OF CRAFT AND COUTURE • Founded in 1962 on the premise of a simple, elegant, and versatile knit dress • Great American design – timeless elegance, unsurpassed quality and craftsmanship • Targeting affluent women – the p
Slide 34: St. John at a Glance
ST. JOHN AT A GLANCE THE PRODUCT 1Function, comfort and beauty LUXURY CRAFTSMANSHIP 2 Commitment to creating the finest, most luxurious knitwear in the world 3UNIQUE AMERICAN HERITAGE 1960s 1970s 1980s 1990s 2000s Maria Gray Exotic Yarn Evening Collection St. John Boutique Angelina Jolie First Ladie
Slide 35: Premier Menswear Manufacturer in Europe
THE PREMIER MENSWEAR MANUFACTURER IN EUROPE LEADING HIGH-END MENSWEAR PLAYER • Founded in Soragna, Italy in 1958 by the legendary tailor Raffaele Caruso from Naples • Together with Fabbrica Sartoriale Italiana, it is one of the largest and most advanced manufacturers of menswear and partner of choic
Slide 36: Caruso at a Glance
CARUSO AT A GLANCE 1 TWO INTERTWINED AND SYNERGISTIC BUSINESSES Fabbrica Sartoriaie Italina Revamped Maison business with rich heritage in manufacturing Luxury lifestyle, Made-in-Italy brand 2 PLAYFUL FROM TAILORING ELEGANCE TO MENSWEAR & 3 DEVELOPMENT CONTINUOUS AND RENEWED BUSINESS Harrods SIS, BF
Slide 37: Q&A (1)
Q&A(1) LANVIN GROUP
Slide 38: Financial Information
FINANCIAL INFORMATION Section III LANVIN GROUP
Slide 39: Lanvin Group's Numbers at a Glance
LANVIN GROUP’S NUMBERS AT A GLANCE 2021A 2021A 2021A Global Revenue Greater China Revenue North America Revenue €309M €43M €107M 2021A 2021A 2021PF Global Revenue Growth Greater China Revenue Growth vs North America Revenue Growth vs vs 2020A 2020A 2020PF +39% +127% +25% 2021A-2025E CAGR 2021A-2025E
Slide 40: Lanvin Group's Current Trading
LANVIN GROUP’S CURRENT TRADING Lanvin Group Global Lanvin Group Global Lanvin Group Global Revenue(1) (€mn) Gross Profit(1)(€mn) Contribution Profit(1) (€mn) Gross Profit Contribution 52% 56% (8.7%) 2.9% Margin % Profit Margin % +73% Revenue Growth % +86%Growth % €202 €113 €5.9 €117 €61 Actual 1H 20
Slide 41: Revenue and Gross Profit by Segment
REVENUE AND GROSS PROFIT BY SEGMENT Lanvin Group Revenue Lanvin Group Gross Profit (€K, YoY Growth %) (€K, Margin %) € 201,700 56% € 112,743 +21% 3,731 25% 55% +26% 61% € 116,882 € 60,555 52% 2,533 21% +29% 49% 71% 64% +117% 47% 49% Actual 1H 2021 Actual 1H 2022 Actual 1H 2021 Actual 1H 2022 Lanvin
Slide 42: Lanvin Group's Key Financials
LANVIN GROUP’S KEY FINANCIALS SOLID REVENUE AND ADJUSTED EBITDA GROWTH BY SIGNIFICANT INVESTMENTS IN EXISTING BRANDS AND POTENTIAL NEW INVESTMENTS Revenue Growth 2020PF-2025E (€mn)(4) Adjusted EBITDA Growth 2020PF-2025E (€mn)(4,5) Adj. EBITDA (48%) (25%) (15%) (5%) 4% 9% Margin% €85 23 €989 114 €30
Slide 43: Revenue Evolution by Brands
LANVIN GROUP’S REVENUE EVOLUTION BY BRANDS CONVINCING REVIVAL PLAN ACROSS FIVE HERITAGE BRANDS AND POTENTIAL NEW INVESTMENTS Revenue Growth Bridge 2021PF-2025E (€mn) €114 €989 €46 €115 €74 €109 €198 LANVIN Wolford sergio rossi ST. JOHN CARUSO (2) €333 (1) Potential New 2021PF 2025E Investments Note:
Slide 44: Revenue Evolution by Brand: Lanvin and Sergio Rossi
LANVIN GROUP’S REVENUE EVOLUTION BY BRAND PROVEN HISTORICAL TRACK RECORD AND CLEAR GROWTH DRIVERS FOR FUTURE EXPANSION Revenue (1), € in millions 26.0 264 .0 (Acquired in 2018) Retail +110.7M 16.6 44.7 54.2 30.0 26.5 66.0 32.7 (2) (2) FY2020 FY2021 LFL Retail Stores Growth China New Retail Stores Gl
Slide 45: Revenue Evolution by Brand: St. John and Wolford
LANVIN GROUP’S REVENUE EVOLUTION BY BRAND PROVEN HISTORICAL TRACK RECORD AND CLEAR GROWTH DRIVERS FOR FUTURE EXPANSION Revenue (1), € in mill ions Retail +41.8M 220.1 52.7 (Acquired in 2018) 11.0 3.1 21.4 6.6 13.8 111.5 97.1 FY2020 FY2021 LFL Retail China New (2) Global New(2) Wholesale E-commerce T
Slide 46: Growth Led by Geographic and Channel Strategy
LANVIN GROUP’S GROWTH WILL BE LED BY ITS GEOGRAPHIC & DISTRIBUTION CHANNEL STRATEGY 2021A(1) 2022 1H 2025E(2) Others Others Others Greater Greater China China Greater 4% EMEA 5% China 7% 14% 11% 37% EMEA Revenue Mix by Geography (3) (3) 28% €309M 48% €202M 49% EMEA €989M Greater China revenue is exp
Slide 47: Lanvin Group's Margin Expansion
LANVIN GROUP’S MARGIN EXPANSION 2020A 2021A 2025E Adj. EBITDA (1) Adj. EBITDA (1) Adj. EBITDA (2) +€29M +€144M -€88M -€59M €85M (-39.6% margin) 2021A Adj. EBITDA increase vs 2020A (-19.1% margin) 2025E Adj. EBITDA increase vs 2021A (8.6% margin) Revenue Revenue increase by 39% Revenue increase by ~2
Slide 48: Transaction Overview
TRANSACTION OVERVIEW Section IV LANVIN GROUP
Slide 49: Transaction Summary
TRANSACTION SUMMARY TRANSACTION HIGHLIGHTS SOURCES & USES(4) $1.3bn Sources $m Uses $m 2.9x Cash in Trust 414 Existing shareholder rollover 1,000 Pro-forma Enterprise PIPE Investors 145 (1) EV / FY22E Sales Cash on Balance Sheet(5) 529 Value—Initial PIPE Investment(2) 50 - Additional Existing Shareh
Slide 50: Revenue Growth Outpacing Industry Peers
LANVIN GROUP REVENUE GROWTH OUTPACING INDUSTRY PEERS OPERATION BENCHMARKING OF COMPARABLE COMPANIES REVENUE CAGR 2022E – 2025E 2022E – 2025E 27.9% 9.5% 9.6% 9.2% 8.5% 8.3% 7.7% 6.8% M edian: 8.3% 6.7% 5.6% 2022-2025E Median Source: FactSet and Bloomberg as of September 30, 2022. Source: FactSet and
Slide 51: Valuation Benchmarking of Comparable Companies
SeVALUATION BENCHMARKING OF COMPARABLE COMPANIES EV / 2022E SALES 5.0x 4.8x 4.3x 3.1x 3.5x 2.9x 2.6x 2.5x Median: 3.1x 2.4x 2.0x (1) 2022E 2022E Median EV / 2023E SALES 4.5x 4.4x 4.0x 2.9x 3.2x 2.2x 2.5x Median: 2.9x 2.2x 2.4x 1.8x (1) 2023E 2023E Median Source: FactSet as of September 30, 2022. Not
Slide 52: Appendix
APPENDIX LANVIN GROUP
Slide 53: Lanvin Group's Historical P&L & Outlook
C LANVIN GROUP’S HISTORICAL P&L & OUTLOOK HISTORICAL PROJECTED 2019PF 2020PF 2021PF 2022E 2023E 2024E 2025E (3) Revenue (1) 410 270 333 473 615 808 989 Revenue Growth % -34% 23% 42% 30% 31% 22% Adjusted EBITDA (2) (111) (130) (85) (72) (29) 30 85 Adjusted EBITDA change -19 45 12 43 59 56 Margin % (2
Slide 54: World-Class Advisory Team
WORLD-CLASS ADVISORY TEAM Mitch Garber Jennifer Fleiss Ceci Kurzman • Board Member, Apollo Strategic Growth • Co-Founder, Rent the Runway • Founder, Nexus Management Group • Board Member, Shutterfly • Partner, Volition Capital • Board Member, Warner Music • Board Member, Rackspace • Board Member, Ap
Slide 55: Key Strategic Areas: Retail Rollout and E-commerce
KEY STRATEGIC AREAS PROVIDING TREMENDOUS ADDITIONAL ROOM FOR GROWTH CONSERVATIVE CURRENT PROJECTIONS FOR RETAIL ROLLOUT AND STRONG E-COMMERCE GROWTH PROSPECTS DOS of China Stores of E-commerce Sales Luxury Fashion Groups Luxury Fashion Brands Double DOS # in GC, compared to 2021 21-25 CAGR: +40% ~46
Slide 56: Key Strategic Areas: Cosmetics and Athleisure
KEY STRATEGIC AREAS PROVIDING TREMENDOUS ADDITIONAL ROOM FOR GROWTH CONSERVATIVE CURRENT PROJECTIONS FOR LANVIN COSMETICS & WOLFORD ATHLEISURE BUSINESSES Luxury Cosmetic Sales Athleisure Companies Sales ~€26M 100% contributed by ~€59M Cosmetics (2025E) (2025E) W Line Cosmetics (1) (1) ~€263M ~€4B (2
Slide 57: Use of Proceeds
USE OF PROCEEDS FREE CASH FLOW POSITIVE IN 2023Q4 $160M operation cash support is sufficient to make Lanvin Group generate positive free cash flow in 2023Q4 $140M will be allocated to new investments If any additional capital, it will be allocated to invest in growth & expansion projects (cosmetics,
Slide 58: Q&A (2)
Q&A (2) LANVIN GROUP
Slide 59: Risk Factors
RISK FACTORS The risks presented below are certain of the general risks related to Fosun Fashion Group (Cayman) Limited and its subsidiaries (collectively, the “Company”), Primavera Capital Acquisition Corporation (“SPAC”) and the proposed business combination between the Company and SPAC (the “Busi
Slide 60: Disclaimer (1/2)
DISCLAIMER (1/2) Cautionary Notes This presentation (“Presentation”) is for informational purposes only. This Presentation shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any states or jurisdictions in which
Slide 61: Disclaimer (2/2)
DISCLAIMER (2/2) Use of Data The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. An