Lanvin Group Holdings Limited · NYSE:LANV
Lanvin — SPAC Merger (November 2022)
57 slides from Lanvin's SPAC merger presentation, Nov 1, 2022
Slide 1: Investor Presentation November 2022
INVESTOR PRESENTATION November 2022
Slide 2: Building the New Luxury
= BUILDING THE NEW LUXURY Hi LANVIN GROUP
Slide 3: Table of Contents
TABLE OF CONTENTS A UNIQUE GLOBAL PLATFORM FINANCIAL INFORMATION TRANSACTION OVERVIEW PORTFOLIO OF ICONIC BRANDS SECTION I PAGE 7 SECTION III PAGE 36 SECTION IV PAGE 44 SECTION II PAGE 25 3
Slide 4: 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 5: 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 Lead investor in landmark tran
Slide 6: Lanvin Group by the Numbers
LANVIN GROUP BY THE NUMBERS POS worldwide STRONG TOPLINE GROWTH FROM 2020 TO 2025 (1) Projected Revenue € in millions €989 Revenue CAGR Retail Revenue €808 FY21-25 CAGR FY21-25 Heritage brands with more than 390 years of history €615 combined €473 (5) Retail stores (3) €333 €270 E-Commerce Revenue N
Slide 7: A Unique Global Luxury Platform
A UNIQUE GLOBAL LUXURY PLATFORM Section I
Slide 8: A Leading Global Luxury Group with Unparalleled Access to Asia
A LEADING GLOBAL LUXURY GROUP WITH UNPARALLELED ACCESS TO ASIA GLOBAL LUXURY PLATFORM A global luxury fashion group with a strong foundation in Europe and significant growth opportunities in North America and Asia, the main growth drivers of the highly attractive and resilient global luxury markets.
Slide 9: A Highly Attractive and Resilient Personal Luxury Goods Market
A HIGHLY ATTRACTIVE AND RESILIENT PERSONAL LUXURY GOODS MARKET … WITH CHINA BEING THE MAIN GROWTH DRIVER Global Personal Luxury Goods Market Size (€bn) Luxury Goods Spending Breakdown by Nationalities of Customers (€bn) €380 Performance of Luxury Personal Goods vs Other Luxury Segments (Market Size
Slide 10: Uniquely Positioned to Capture the Fastest Growing Luxury Market
UNIQUELY POSITIONED TO CAPTURES THE FASTEST 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 Source: Market Cap as of September 30th 202
Slide 11: Operating Globally
AND OPERATING GLOBALLY … . LANVIN GROUP RETAIL AND WHOLESALE PRESENCE Lanvin, Shanghai Sergio Rossi, Milan Wolford, Hangzhou is Caruso, Shanghai Wolford, Amsterdam POS (1) Lanvin, Las Vegas St. John, Shanghai Market Growth (2) 2021E – 2025E Market Growth (2) 2021E – 2025E Americas 31%, APAC 18%, Chi
Slide 12: Diverse Portfolio of Five Iconic Luxury Heritage Brands
DIVERSE PORTFOLIO OF FIVE ICONIC LUXURY HERITAGE BRANDS SINCE SINCE 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 SINCE Invested in 2018 (58.5% stake) Inves
Slide 13: Empowered by One-of-a-Kind Strategic Alliance
EMPOWERED BY ONE-OF-A-KIND STRATEGIC ALLIANCE … . LEVERAGING TOP TIER STRATEGIC PARTNERS’ EXPERTISE TO ACCELERATE GROWTH AND FACILITATE DISRUPTIVE CHANGES Strong partnerships with e-Com Cross-sector global resources and expertise and consumer market leaders in Asia in creating consumer-driven ecosys
Slide 14: Proven Market Outperforming Track Record
PROVEN MARKET OUTPERFORMING TRACK RECORD … Lanvin Group Revenue Growth Rate Actual 1H2021 vs. 1H2022 (%) (1,2) 73% 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 Lanvin Group Revenue Growth Rate Wholesale Half-Year DTC Half-Y
Slide 15: Significant Future Runway Through Organic Growth
WITH SIGNIFICANT FUTURE RUNWAY THRUOGH ORGANIC GROWTH … … Rebalanced product portfolio Cross-over and collaboration series New market entry Optimized channel mix Creative design initiatives Supply chain support and entry into new categories Enhanced shopping experience E-commerce penetration 460+ c.
Slide 16: And Acquisitions from a Solid Pipeline
AND ACQUISITIONS FROM A SOLID PIPELINE … . FOSUN FASHION GROUP BECOMES MAJORITY SHAREHOLDER OF LANVIN EMERGING CONCEPT INCUBATOR FOSUN FASHION GROUP BECOMES MAJORITY SHAREHOLDER OF ST. JOHN FOSUN FASHION GROUP REBRANDS TO LANVIN G Dedicated incubator fund Minority investments in startups in fashion,
Slide 17: Seasoned Management Team
SEASONED MANAGEMENT TEAM … Chairman & Chief Executive Executive President, Operating Partner, Officer, Lanvin Group Lanvin Group Lanvin Group Executive President, Chief Financial Officer, Operating Partner, Lanvin Group Lanvin Group Lanvin Group Creative Director, Lanvin Artistic Director, Sergio Ro
Slide 18: Structured by a Unique Dual-Engine Model
STRUCTURED BY A UNIQUE “DUAL-ENGINE” MODEL … … Market Specific Strategy Special Capsule: Local Specific Platforms Local Content, Paralleled Reporting Line Design, Special Targeting Local Events & Story-telling Management at Market Occasion & Fitting Audi BRAND STRATEGY DESIGN & PRODUCTION MARKETING
Slide 19: Complementary Creative Interface to Capture Rising Demand
AND COMPLEMENTRY CREATIVE 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 Special Capsule/ Crossover Designer 1 SKU Buy/ Freelance Designer 1 Designer 2 Fashion P
Slide 20: Perfection of Luxury Craftsmanship
PERFECTION OF LUXURY CRAFTMANSHIP … In 1954, Wolford created the In 1968, Sergio Rossi 1st seamless nylon stockings signed his 1st shoes, in 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 special t
Slide 21: Core Focus on Sustainability
WITH A CORE FOCUS ON SUSTAINABILITY. … . 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 gr
Slide 22: Opportunity to Invest in an Emerging Luxury Platform
OPPORTUNITY TO INVEST IN ANEMERGING LUXURY PLATFORM… 06 GLOBAL BUSINESS SATRTUP HIGH GROWTH FOOT IN THE DOOR
Slide 23: With a Synergistic Business Model
WITH A SYNERGISTIC BUSINESS MODEL cturing Group Synergy Full spectrum resource sharing Best practice sharing Bundle contract Risk Diversification Balanced portfolio Global knowledge Market Expertise Unique expertise and resources in China Section I 23
Slide 24: And Compelling Risk-Adjusted Returns
AND COMPELLING RISK – ADJUSTED RETURNS. 06. Develop a global expansion strategy A number of luxury brands have seen strong Leverage attractive resurgence. Normally, it will take 5-6 years A lot of luxury brands used to be in market demographic of for 2-3x leap in revenues. a challenging situation. W
Slide 25: Diverse Portfolio of Five Iconic Luxury Heritage Brands
DIVRSE PORTFOLIO OF FIVE ICONIC LUXURY HERITAGE BRANDS Section II
Slide 26: One of the Oldest French Couture Houses Still in Operation
ONE OF THE OLDEST FRENCH COUTRE 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 Pr
Slide 27: Lanvin at a Glance
LANVI AT AGLANCE COMPREHENSIVE PRODUCT OFFERING Jewelry Footwear Leather Goods Womenswear Menswear UNMATCHED BRAND HERITAGE AND ARCHIVE The world’s oldest couture house still in operation since 1889 ELEVATED BRAND PRESENCE 22 Faubourg, Paris AROUND THE GLOBE With successful penetration into digital
Slide 28: One of the World's Largest Luxury Skinwear Brands
ONE OF THE WORLD’S LARGEST LUCURY 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 29: Wolford at a Glance
WORLFORD AT A GLANCE DIVERSE SKINWEAR PRODUCT LINE-UP LEGWEAR BODYSUITS ATHLEISURE READY-TO-WEAR LINGERIE BEACHWEAR RENEWED BRAND POSITIONING THROUGH THREE PILLARS REVAMPING BRANDING & MARKETING DIGITAL MARKETING AND CONSUMER CELEBRITIES & KOL MARKETING COMMUNICATION Brand Ambassador Digital Marketi
Slide 30: 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 shoes for s
Slide 31: Sergio Rossi at a Glance
SERFIO ROSSI AT AGLASNCE SERGIO ROSSI 14,000 Documents and images digitalized 6,000+ Archived Shoes and Accessories “The Living Heritage” Archive HANNEL AND DIGITALLY- London Mount “Phygital” Store Shanghai Reel, CN Street, UK Monte Napoleone, IT Section II 31
Slide 32: Classic, Timeless and Sophisticated 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 preemin
Slide 33: St. John at a Glance
ST. JOHAN AT GLANCE Function, comfort and beauty DAY COLLECTION EVENING WEAR ACCESSORIES LUXURY CRAFTSMANSHIP Commitment to creating the finest, most luxurious knitwear in the world UNIQUE AMERICAN HERITAGE 1960s 1970s 1980s 1990s 2000s Maria Gray Exotic Yarn Evening Collection St. John Boutique Ang
Slide 34: The Premier Menswear Manufacturer in Europe
THE PREMIER MENSWEAR MANUFACUTER 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 choice for
Slide 35: Caruso at a Glance
CARUSO AT A GLANCE TWO INTERTWINED AND SYNERGISTIC BUSINESSES Revamped Maison business with rich heritage in manufacturing Luxury lifestyle, Made-in-Italy brand PLAYFUL TAILORING ELEGANCE TO MENSWEAR & ELOPMENT TINUOUS AND RENEWED BUSINESS Harrods SIS, BFC Boutique London, UK Shanghai, China Section
Slide 36: Financial Information
FINANCIAL INFORMATION Section III
Slide 37: Lanvin Group's Numbers at a Glance
LANVIN GROUP’S NUMBERS AT A GLANCE 2021PF 2021PF 2021PF Global Revenue Greater China Revenue North America Revenue 2021PF 2021PF 2021PF Global Revenue Growth Greater China Revenue Growth North America Revenue Growth vs 2020PF vs 2020PF vs 2020PF 2021PF-2025E CAGR 2021PF-2025E CAGR 2021PF-2025E CAGR
Slide 38: Lanvin Group's Current Trading
LANVIN GROUP’S CURRENT TRADING (1) (1) Adj. EBITDA (31%) (18%) Margin % Actual 1H 2021 Actual 1H 2022 €202 €117 (€36) (€36) Actual 1H 2021 Actual 1H 2022 Note: (1) Actual 1H 2021 and 1H 2022 Lanvin Group global revenue and adjusted EBITDA are reviewed by the auditor. Lanvin Group acquired a majority
Slide 39: Lanvin Group's Key Financials
LANVIN GROUP’S KEY FINANCIALLS SOLID REVENUE AND ADJUSTED EBITDA GROWTH BY SIGNIFICANT INVESTMENTS IN EXISTING BRANDS AND POTENTIAL NEW INVESTMENTS s (4) (4,5) Adj. EBITDA (48%) (25%) (15%) (5%) 4% 9% Margin% €85 23 €989 114 €30 €808 62 19 96 11 5 9 €615 (38) 69 €473 (79) (77) €(29) 57 875 (116) (6)
Slide 40: Lanvin Group's Revenue Evolution by Brands
LANVIN GROUP’S REVENUE EVOLUTION BY BRANDS CONVINCING REVIVAL PLAN ACROSS FIVE HERITAGE BRANDS AND POTENTIAL NEW INVESTMENTS €114 €989 €46 €115 €74 €109 €198 (2) €333 (1) Potential New 2021PF 2025E Investments Note: (1) 2021PF Revenue includes Sergio Rossi 12 months contribution. (2) Actual 2021 PF
Slide 41: Growth Led by Geographic and Distribution Channel Strategy
LAVIN GROUP’S GROWTH WIL BE LED BY ITS GEOGRAPHIC & DISTRBUTION CHANNEL STRATEGY Others Others Greater China Greater 5% China 7% 14% 37% EMEA 28% (3) 48% EMEA Greater China revenue is expected to increase by 5 times as part of dual engine strategy North 33% America 28% North America E-commerce E-com
Slide 42: Lanvin Group's Margin Expansion
LANVIN GRUP’S MARGIN EXPANSION 2021PF Adj. EBITDA increase vs 2020PF 2025E Adj. EBITDA increase vs 2021PF Revenue increase by 23% Revenue increase by ~2x Channel mix, product mix upgrade, Pricing power & channel mix price increase & supply chain optimization Positive leverage of unique Cost efficien
Slide 43: Lanvin Group's Historical P&L & Outlook
LANVIN GRUUP’S HISTORICAL P&L & OUTLOOK (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 % (27%) (48%) (25%) (15%) (5%) 4% 9% Note: (1) 2019PF, 2020PF and 2021PF
Slide 44: Transaction Overview
TRANSACTION OVERVIEW Section IV
Slide 45: 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 (2) Cash on Balance Sheet(5) 529 Value—Initial PIPE Investment 50—Additional Existing Shareho
Slide 46: Lanvin Group Revenue Growth Outpacing Industry Peers
LANVIN GRUUP 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% Median: 8.3% 6.7% 5.6% 2022-2025E Median Source: FactSet and Bloomberg as of September 30, 2022. Section IV 46 Notes:
Slide 47: Valuation Benchmarking of Comparable Companies
VALUTION 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 2.2x2.5x Median: 2.9x 2.2x 2.4x 1.8x (1) 2023E 2023E Median Source: FactSet as of September 30, 2022. Notes:
Slide 48: Appendix
APPENDIX LANVIN GROUP
Slide 49: World-Class Advisory Team
WORLD-CLASS ADVISORY TEAM • 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, Apollo SPAC • Board Member, Revlon • Board M
Slide 50: Lanvin Group's Revenue Evolution by Brand
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) 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 Global New Retail
Slide 51: Lanvin Group's Revenue Evolution by Brand
LANVIN GROUP’S REVENUE EVOLUTION BY BRAND PROVEN HISTORICAL TRACK RECORD AND CLEAR GROWTH DRIVERS FOR FUTURE EXPANSION Revenue (1), € in millions 52.7 220.1 (Acquired in 2018) 11.0 3.1 6.6 21.4 111.5 13.8 97.1 FY2020 FY2021 LFL Retail China New (2) Global New (2) Wholesale E-commerce The W FY2025 St
Slide 52: Key Strategic Areas Providing Additional Room for Growth
KEY STRATEGIC AREAS PROVINING TREMENDOUS ADDITONAL ROOM FOR GROWH CONSERVATIVE CURRENT PROJECTIONS FOR RETAIL ROLLOUT AND STRONG E-COMMERCE GROWTH PROSPECTS Double DOS # in GC, compared to 2021 21-25 CAGR: +40% % of Total Sales: 18% (1) (1) (1) Zegna (1) (1) (1) Gucci Source: Company filings, Bain A
Slide 53: Key Strategic Areas: Cosmetics & Athleisure
KEY STRATEGIC ARE AS PROVIDING TERMENDOUS ADDITONAL ROOM FOR GROWTH CONSERVATIVE CURRENT PROJECTIONS FOR LANVIN COSMETICS & WOLFORD ATHLEISURE BUSINESSES 100% contributed by (1) (1) (1) (1) Source: Company filings. Note: (1) Based on the latest available data on Luxury Cosmetics Sales and Athleisure
Slide 54: Use of Proceeds
USE OF PROCEDS FREE CASH FLOW POSITIVE IN 2023Q4 $160M operation cash support is sufficient to make Lanvin Group generate positive free cash flow in 2023Q4 ï,ž $140M will be allocated to new investments ï,ž If any additional capital, it will be allocated to invest in growth & expansion projects (cos
Slide 55: 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 “Business Combinat
Slide 56: Cautionary Notes
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 such offer, solic
Slide 57: Use of Data
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. Any data on past pe