Lanvin Group Holdings Limited · NYSE:LANV
Lanvin — SPAC Merger (March 2022)
58 slides from Lanvin's SPAC merger presentation, March 2022
Slide 1: March 2022 | Strictly Private and Confidential
MARCH 2022 | STRICTLY PRIVATE AND CONFIDENTIAL
Slide 2: Building the New Luxury
BUILDING THE NEW LUXURY LANVIN GROUP
Slide 3: Table of contents
SECTION I PAGE 7 SECTION III PAGE 36 SECTION IV PAGE 44 SECTION II PAGE 25 3
Slide 4: Fosun's mission and global businesses
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 constantly fosters industry champions intell
Slide 5: Primavera Capital at a glance
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 transactions with top-notch returns Long-term track r
Slide 6: Strong topline growth from 2020 to 2025
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 Retail stores (3) €333 €270 E-Commerce Revenue New Store Openings (3) CAGR FY21-
Slide 7: A Unique Global Luxury Platform
A UNIQUE GLOBAL LUXURY PLATFORM Section | LANVIN GROUP
Slide 8: Global Luxury Platform
GLOBAL LUXURY PLATFORM A global luxury fashion group with a strong foundation in Europe and significant growth opportunities in the US and Asia, the main growth drivers of the highly attractive and resilient global luxury markets. DIVERSE HERITAGE BRANDS Diverse portfolio of 5 iconic luxury heritage
Slide 9: With China being the main growth driver
… WITH CHINA BEING THE MAIN GROWTH DRIVER Global Personal Luxury Goods Market Size (€bn) Luxury Goods Spending Breakdown by Nationalities of Customers (€bn) €380 €400 Performance of Luxury Personal Goods vs Other Luxury Segments (Market Size Rebound % Index from 2018) €283 €380 €350 100 % €310 30% 9
Slide 10: First global luxury group headquartered in China
… 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 March 18th 2021, Capital IQ. Section I 10
Slide 11: Lanvin Group retail and wholesale presence
… . LANVIN GROUP RETAIL AND WHOLESALE PRESENCE Lanvin, Shanghai Sergio Rossi, Milan Wolford, Hangzhou Lanvin, Paris Lanvin, Miami POS (1) Caruso, Shanghai Wolford, Amsterdam POS (1) Lanvin, Las Vegas St. John, Shanghai Market Growth (2) POS (1) 2021E – 2025E Market Growth (2) 2021E – 2025E St. John,
Slide 12: Five heritage brands
… SINCE SINCE Invested in 2013 / 2017 Invested in 2018 (87.4% stake) (94.6% 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) Invested in 2013 / 2017 (100% stake) Largest Luxury Skinwea
Slide 13: Leveraging top tier strategic partners' expertise
… . 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 ecosystems Largest brand e-Commerce Market expertise
Slide 14: Brand level revenue growth
… Lanvin Brand Level Revenue Growth Rate 120 % 107% Actual 9M2021 vs. 9M2020 (%) 100 % 80% 60% 40% 45% 30% 31% Global Global E-commerce 40% 20% Revenue 21 vs 20 Revenue 21 vs 20 LANVIN China Capsule Products 0% LANVIN x Gallery DEPT. LANVIN China Capsule LANVIN Group Level Revenue Growth Rate 116% L
Slide 15: Lanvin Group growth initiatives
… … 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 500 460+ 450 400 350 300+ 300 250 200 Perfumes & Brand 2021E
Slide 16: Group history and acquisitions
… . FOSUN FASHION GROUP BECOMES MAJORITY SHAREHOLDER OF LANVIN EMERGING CONCEPT INCUBATOR FOSUN FASHION GROUP BECOMES MAJORITY SHAREHOLDER OF ST. JOHN FOSUN FASHION GROUP OFFICIALLY REBRANDS TO LANVIN GROUP Dedicated incubator fund Minority investments in startups in fashion, supply chain, design, e
Slide 17: Management team
… Creative Director, Lanvin Executive President, Executive President, Operating Partner, Lanvin Group Lanvin Group Lanvin Group Chairman & Chief Executive Executive President, Chief Financial Officer, Operating Partner, Officer, Lanvin Group Lanvin Group Lanvin Group Lanvin Group Pending Artistic Di
Slide 18: Dual-engine market-specific strategy
… … Market Specific Strategy Special Capsule: Local Specific Platforms Local Content, Paralleled Reporting Line Design, Special Targeting Local Events & Story-telling Top Management at Market Occasion & Fitting Audience BRAND STRATEGY DESIGN & PRODUCTION MARKETING & PR DIGITAL Agile decision-making
Slide 19: New creative structure
… . 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 Freelance Designer 1 SKU Buy/ Freelance Designer 2 Designer 2 Fashion Pieces Commission Design Support Design St
Slide 20: Brand heritage milestones
… 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 twist that became a the operations
Slide 21: Sustainability is a key pillar of growth strategy
… . 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 growth. The group aims to develop its b
Slide 22: Access to fastest growing markets, mature business model
… ACCESS TO FASTEST MATURE BUSINESS MODEL STABLE AND RESILIENT MARKET PARTNERS WHO HAVE BEEN IN GROWING MARKETS THE INDUSTRY FOR DECADES Section I 22
Slide 23: Group synergy and resource sharing
… … Cross manufacturing Group Synergy Full spectrum resource sharing Best practice sharing Flagship Brand • LANVIN Bundle contract Risk Diversification Balanced portfolio Emerging Specialized / Concepts Functional Global knowledge • Designer Incubator • New Materials • Wolford &Technology • Sergio R
Slide 24: Emerging markets focused platform
… . • Develop a global expansion strategy • Leverage attractive A number of luxury brands have seen strong market demographic of resurgence. Normally, it will take 5-6 years A lot of luxury brands used to be in digital / millennials / high- for 2-3x leap in revenues. a challenging situation. When th
Slide 25: Diverse Portfolio of Five Iconic Luxury Heritage Brands
DIVERSE PORTFOLIO OF FIVE ICONIC LUXURY HERITAGE BRANDS Section II LANVIN GROUP
Slide 26: Lanvin: Pearl of the crown in French history
“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 • Products ranging from apparel to leather goods, foot
Slide 27: Lanvin fashion shows, products and stores
WORLD CLASS FASHION SHOWS & CAMPAIGNS Spring Summer 22 Fashion Show COMPREHENSIVE PRODUCT OFFERING Jewelry Footwear Leather Goods Womenswear Menswear ELEVATED STORE CONCEPTS 22 Faubourg, Paris AROUND THE GLOBE SOHO, New York BFC, Shanghai Section II 27
Slide 28: Wolford: Exclusive legwear and bodywear
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 production standards • Successful diversification i
Slide 29: Wolford renewed brand positioning
RENEWED BRAND POSITIONING THROUGH THREE PILLARS DIVERSE SKINWEAR PRODUCT LINE-UP LEGWEAR BODYSUITS ATHLEISURE REVAMPING BRANDING & MARKETING READY-TO-WEAR DIGITAL MARKETING AND CONSUMER CELEBRITIES & KOL MARKETING COMMUNICATION LINGERIE BEACHWEAR Brand Ambassador Digital Marketing Section II 29
Slide 30: Sergio Rossi: Italian footwear brand heritage
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 sophisticated, smart and e
Slide 31: Heart and soul of Sergio Rossi
HEART AND SOUL OF SERGIO ROSSI SUPERB KNACK IN DELIVERING HIT PRODUCTS 12,000+ 200+ 14,000 Total production Artisans and Documents and area (sqm) employees images digitalized 120,000 100% 6,000+ Pairs capacity in Green energy- Archived Shoes and warehouse based facility Accessories San Mauro Pascoli
Slide 32: St. John: Craft and couture
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 preeminent brand in knitwear • Vertically integrated with
Slide 33: St. John craftsmanship and American heritage
LUXURY CRAFTSMANSHIP Commitment to creating the finest, most luxurious knitwear in the world THE PRODUCT Function, comfort and beauty DAY COLLECTION EVENING WEAR ACCESSORIES UNIQUE AMERICAN HERITAGE 1960s 1970s 1980s 1990s 2000s Maria Gray Exotic Yarn Evening Collection St. John Boutique Angelina Jo
Slide 34: Caruso: Leading high-end menswear player
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 luxury labels in Europe • Caruso has e
Slide 35: Caruso: two intertwined and synergistic businesses
FROM TAILORING TO MENSWEAR & TWO INTERTWINED AND SYNERGISTIC BUSINESSES PLAYFUL ELEGANCE Revamped Maison business with rich heritage in manufacturing CONTINUOUS AND RENEWED BUSINESS DEVELOPMENT Luxury lifestyle, Made-in-Italy brand Harrods SIS, BFC Boutique London, UK Shanghai, China Section II 35
Slide 36: Financial Information
FINANCIAL INFORMATION Section Ill LANVIN GROUP
Slide 37: 2021PF revenue by region
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 Global Revenue Greater China Revenu
Slide 38: 9M20 PF to 9M21 PF revenue and EBITDA
(1,2,3) (1,2,4) 9M20 PF 9M21 PF €227 31 €189 31 (52) (74) 196 (6) 158 €(58) (11) €(85) 9M20 PF 9M21 PF Actual Additional Sergio Rossi Contribution Actual Additional Sergio Rossi Contribution Note: (1) Lanvin Group completed the acquisition of Sergio Rossi in July 2021. 9M20 PF Revenue and adjusted E
Slide 39: Revenue and adjusted EBITDA growth
SOLID REVENUE AND ADJUSTED EBITDA GROWTH BY SIGNIFICANT INVESTMENTS IN EXISTING BRANDS AND POTENTIAL NEW INVESTMENTS s (4) (4,5) Adjusted (48%) (25%) (15%) (5%) 4% 9% 120 0 EBITDA% €85 23 €989 100 0 114 €30 €808 62 800 19 96 11 5 9 €615 600 (38) 69 (79) (77) €473 €(29) 57 875 (116) €333 400 712 €270
Slide 40: Revival plan across five heritage brands
CONVINCING REVIVAL PLAN ACROSS FIVE HERITAGE BRANDS AND POTENTIAL NEW INVESTMENTS €114 €989 €46 €115 €74 €109 €198 €333 (1) Potential New 2021PF (1) 2025E Investments Note: (1) 2021PF Revenue includes Sergio Rossi 12 months contribution. Section III 40
Slide 41: Greater China revenue expected to increase 5 times
Others Others Greater China Greater 5% China 7% 14% 37% EMEA 28% 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-commerce 14% 18% 34% Retail Wholesale 48% Retail Wholesale 19% 31% Increasing engagement
Slide 42: Adjusted EBITDA drivers
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 efficiency & synergies within platform
Slide 43: Summary financials
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 revenue and Adjusted EBITDA are management
Slide 44: Transaction Overview
TRANSACTION OVERVIEW & 4 Section IV b dye i Z LANVIN GROUP
Slide 45: Transaction highlights, sources and uses
TRANSACTION HIGHLIGHTS SOURCES & USES(4) Sources $m Uses $m $1.5bn 2.7x Pro-forma Enterprise Value(1) EV / FY22E Sales Cash in Trust 414 Existing shareholder rollover 1,250 Private Placement (PIPE) 50 Cash on Balance Sheet(5) 509 FPA Holders 80 Existing shareholder rollover 1,250 Estimated Transacti
Slide 46: Illustrative cost basis to SPAC shareholders
• Non-redeeming PCAC SPAC public shareholders to receive a pro-rata portion of a 3.6 million bonus pool of shares at closing1 • As redemptions increase, cost basis to non-redeeming PCAC public shareholders decreases, creating a tontine-style incentive structure Illustrative Redemption 0.0% 10.0% 20.
Slide 47: Operation benchmarking of comparable companies
OPERATION BENCHMARKING OF COMPARABLE COMPANIES REVENUE CAGR 2021PF – 2025E 2021E – 2024E(1) 31.0% 17.7% 11.7% 10.0% 10.5% 10.2% 9.8% 9.3% 8.4% Median: 10.0% 8.2% 2021E – 2024E Median Source: FactSet and Bloomberg as of March 18, 2022. Notes: Comparable companies are ranked by market capitalization i
Slide 48: EV / Sales multiples vs peers
EV / 2022E SALES 5.9x With Bonus Shares(1) At Deal(2) 5.4x 4.8x 4.0x 4.0x Median: 4.0x 2.7x 2.5x 2.4x 2.3x 2.1x 1.9x 2022E 2022E Median EV / 2023E SALES With Bonus Shares(1) At Deal(2) 5.3x 4.9x 4.4x 3.6x 3.7x Median: 3.6x 2.2x 2.3x 1.9x 2.1x 1.9x 1.8x 2023E 2023E Median Source: Zegna’s SEC filings
Slide 49: Appendix
APPENDIX LANVIN GROUP
Slide 50: Board and leadership experience
• 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 Member, Great Canadian Gami
Slide 51: Historical track record and growth drivers (Lanvin, St. John)
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 Stores Wholesale & Clearance E-commerce Co
Slide 52: Historical track record and growth drivers (Wolford, Caruso)
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 13.8 111.5 97.1 FY2020 FY2021 LFL Retail China New (2) Global New (2) Wholesale E-commerce The W FY2025 Stores Growth Retail Stores Retail Stores (A
Slide 53: Retail rollout and e-commerce projections
CONSERVATIVE CURRENT PROJECTIONS FOR RETAIL ROLLOUT AND STRONG E-COMMERCE GROWTH PROSPECTS Double DOS # in GC, compared to 2021 21-25 CAGR: +40% Lanvin % of Total Sales: 18% (1) (1) (1) Zegna (1) (1) (1) Gucci Source: Company filings, Bain Altagamma Luxury Goods Worldwide Market Study (Fall 2021 – 2
Slide 54: Projections for cosmetics and athleisure
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 Companies Sales. Appendix 54
Slide 55: Free cash flow positive in 2023Q4
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, activewea
Slide 56: 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 57: 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 58: Financial information; use of non-IFRS financial metrics
Financial Information; Use of Non-IFRS Financial Metrics and Other Key Financial Metrics Certain financial information and data contained in this Presentation is unaudited. Accordingly, such information and data may not be included, may be adjusted or may be presented differently in any proxy statem