Maisons Du Monde Sa · EURONEXT:MDM
Maisons Du Monde Sa — Investor Day (June 2019)
149 slides from Maisons Du Monde Sa's investor day presentation, Jun 18, 2019
Slide 1: A new chapter in the Maisons du Monde growth story
A new chapter in the Maisons du Monde growth story June 18, 2019
Slide 2: Today's speakers
Today’s CAPITAL MARKETS DAY 2019 speakers Julie WALBAUM CEO Arnaud Marie-Laure Yohann LOUET CASSÉ CATHERINE CFO Head of Head of Digital & Marketing Store Operations Nathan Catherine Julien COHEN FILOCHE VIGOUROUX CEO Modani Head of Head of B2B & Franchising Supply Chain 2
Slide 3: Agenda
CAPITAL MARKETS DAY 2019 01 A NEW CHAPTER IN THE MAISONS DU MONDE GROWTH STORY | J. Walbaum 02 A CLEAR STRATEGY AND A RENEWED GROWTH MODEL | J. Walbaum 03 AN INCREASINGLY DIFFERENTIATED OFFER | J. Walbaum 04 A LEADING OMNICHANNEL MODEL | M.L. Cassé / Y. Catherine Agenda Lunch break 05 B2B AND FRANCH
Slide 4: A new chapter in the Maisons du Monde growth story
01 Introduction A NEW CHAPTER IN THE MAISONS DU MONDE GROWTH STORY Julie Walbaum CEO
Slide 5: A strong track record of profitable growth
A strong track record 01 | A new chapter in the Maisons du Monde growth story CAPITAL MARKETS DAY 2019 of profitable growth DOUBLING SALES & EBITDA GROWING INTERNATIONALLY Sales (€m) International sales* 2018 2018 2014 2014 605 x1.8 1,111 196 x2.4 464 EBITDA (€m), % margin ACROSS ALL CHANNELS 2018 O
Slide 6: A distinctive positioning in an increasingly competitive landscape
A distinctive positioning in 01 | A new chapter in the Maisons du Monde growth story CAPITAL MARKETS DAY 2019 an increasingly competitive landscape Original / Inspirational Decoration Furniture Basic / Functional Online pure player 6
Slide 7: Further upside in a large and fragmented market
Further upside in 01 | A new chapter in the Maisons du Monde growth story CAPITAL MARKETS DAY 2019 a large and fragmented market FURNITURE & DECORATION MARKET ONLINE UPSIDE VS. OTHER CATEGORIES 2018 size Germany €29bn % of online market share, France UK €26bn 45% EUROPE France €18bn €132bn Italy €16
Slide 8: Well-equipped to address fast-changing market trends
Well-equipped to address 01 | A new chapter in the Maisons du Monde growth story CAPITAL MARKETS DAY 2019 fast-changing market trends MdM has developed a nimble omnichannel model, with digital DIGITALIZATION sales doubling since 2015, while maintaining a strong pace of store expansion MdM’s unique i
Slide 9: Evolving our model to continue the growth story
Evolving our model 01 | A new chapter in the Maisons du Monde growth story CAPITAL MARKETS DAY 2019 to continue the growth story MORE THAN €2BN IN 2024 2024 target sales Average annual growth of 10%+ c.60% €2bn+ Digital Including 30-35% online c.1/3 Contribution of growth €1.1bn International > 50%
Slide 10: A clear strategy and a renewed growth model
02 Strategy A CLEAR STRATEGY AND A RENEWED GROWTH MODEL Julie Walbaum CEO
Slide 11: Our brand promise
Our brand 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 promise Maisons du Monde aims to allow everyone to feel good and express their personality through their home decoration, whatever their taste, age and budget. 11
Slide 12: This promise translates into a unique five-pillar model
This promise translates into 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 a unique five-pillar model 1 DISTINCTIVE OFFER & MERCHANDIZING 2 STRONG CUSTOMER PROXIMITY 5 GROWING INTERNATIONAL FOOTPRINT 3 LONGSTANDING COMMITMENT TO CORPORATE SOCIAL RESPONSIBILITY (CSR) 4 ADV
Slide 13: Distinctive offer & merchandizing to inspire our customers
Our unique model 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 1 DISTINCTIVE OFFER & MERCHANDIZING TO INSPIRE OUR CUSTOMERS FURNITURE & DECORATION FOR Indoor, outdoor 7 different 22 in-house designers and ALL TASTES & BUDGETS & kids styles graphic artists ALWAYS TRENDY 15
Slide 14: Strong customer knowledge and best-in-class engagement
Our unique model 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 2 STRONG CUSTOMER KNOWLEDGE AND BEST-IN-CLASS ENGAGEMENT AN ACTIVE CUSTOMER BASE AN ENGAGED USER COMMUNITY > 5m active customers 4m fans on social media with high engagement | Mid-to-high income levels 1.9m fa
Slide 15: Longstanding CSR commitment embedded in our strategy
Our unique model 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 3 LONGSTANDING CSR COMMITMENT EMBEDDED IN OUR STRATEGY ENVIRONMENTAL RESPONSIBILITY SOCIAL RESPONSIBILITY Sustainable sourcing Employees | 60% certified or traceable wood | Gender parity | People development C
Slide 16: Leading omnichannel model providing a seamless experience
Our unique model 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 4 LEADING OMNICHANNEL MODEL PROVIDING A SEAMLESS EXPERIENCE | Powerful store concept ▪ In-store thematic merchandising driving impulse purchase ▪ Large share of furniture sold without in-store display ▪ Store
Slide 17: Proven ability to internationalize our unique selling proposition
Our unique model 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 5 PROVEN ABILITY TO INTERNATIONALIZE OUR UNIQUE SELLING PROPOSITION DOUBLING INTERNATIONAL SALES EXPANDING INTERNATIONAL PRESENCE Evolution of international sales* (in €m) As % of total sales USA EUROPE 42% 32
Slide 18: Maisons du Monde viewed by its partners
02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 Maisons du Monde viewed by its partners 18
Slide 19: Our vision to strengthen brand leadership
Our vision to strengthen 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 brand leadership | … by offering everyone a rich and relevant set of solutions | … by providing a seamless end-to-end Be the preferred enjoyable experience lifestyle partner | … by engaging in a broade
Slide 20: We will deliver this vision through a renewed growth model
We will deliver this vision 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 through a renewed growth model 1 ENHANCE CORE BUSINESS DEVELOP NEW GROWTH SEGMENTS EUROPE EXTENDING ACCELERATING OMNICHANNEL EXPANSION THE CORE EMERGING AVENUES 2 3 4 5 Market B2B & Services Franchi
Slide 21: A clear roadmap to enhance our core business
CORE MARKETPLACE SERVICES B2B USA 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 1 A CLEAR ROADMAP TO ENHANCE OUR CORE BUSINESS 2020-2024 Plan Increasingly digital and data-driven business x2.3 total digital sales Updated store expansion strategy 80-100 net store openings
Slide 22: Marketplace: becoming the go-to curator in interior decoration
CORE MARKETPLACE SERVICES B2B USA 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 2 MARKETPLACE: BECOMING THE GO-TO CURATOR IN INTERIOR DECORATION 1 ACCELERATE ONLINE GROWTH 2 RAISE BRAND AWARENESS 3 IMPROVE MARKET KNOWLEDGE 4 BE ACCRETIVE ON MARGINS 5 REINFORCE OUR BRAND P
Slide 23: A distinctive value proposition for our marketplace
CORE MARKETPLACE SERVICES B2B USA 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 2 A DISTINCTIVE VALUE PROPOSITION FOR OUR MARKETPLACE BROAD OMNICHANNEL QUALITY MODEL AUDIENCE ASPIRATIONAL INTERNATIONAL BRAND REACH 23
Slide 24: Our selective marketplace will reinforce our offer and brand
CORE MARKETPLACE SERVICES B2B USA 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 2 OUR SELECTIVE MARKETPLACE WILL REINFORCE OUR OFFER AND BRAND CURATED 2024 €160-180m COMPLEMENTARY Gross Merchandise Value (GMV) INTERNATIONAL €25-35m Sales 24
Slide 25: Services: evolving from pure retailer to lifestyle partner
CORE MARKETPLACE SERVICES B2B USA 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 3 SERVICES: EVOLVING FROM PURE RETAILER TO LIFESTYLE PARTNER Consideration Purchase | Inspiration SALES CONTRIBUTION | Financing | Interior design advice FROM SERVICES IN 2024 Moving from prod
Slide 26: B2B and franchising: a natural extension of our B2C model
CORE MARKETPLACE SERVICES B2B USA 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 4 B2B AND FRANCHISING: A NATURAL EXTENSION OF OUR SUCCESSFUL B2C MODEL B2B | Promising initial results from first initiatives launched in 2015 | Strong market opportunity for Maisons du Monde
Slide 27: USA: a new growth engine for the group
CORE MARKETPLACE SERVICES B2B USA 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 5 USA: A NEW GROWTH ENGINE FOR THE GROUP MODANI: MAISONS DU MONDE: PRIMARY GROWTH ENGINE IN THE US TACTICAL TEST-AND-LEARN APPROACH | Acceleration of store openings, addition of decoration | E
Slide 28: Creating extra-financial value through our upgraded CSR ambition
Creating extra-financial value 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 through our upgraded CSR ambition | Companies should be leading actors in the fight against OUR CONVICTION climate change OUR NEW AMBITION | Reduce our global scope carbon intensity by 25% by 202
Slide 29: Economics of our renewed growth model
Economics of 02 | A clear strategy and a renewed growth model CAPITAL MARKETS DAY 2019 our renewed growth model 2024 VISION 2024 TOPLINE TARGET > €2bn 10%+ sales CAGR 2024 EBITDA TARGET 12% EBITDA margin 11%-12% EBITDA margin range in intermediate years Cumulated recurring free cash 5-YEAR CASH FLOW
Slide 30: An increasingly differentiated offer
03 Offer & Services AN INCREASINGLY DIFFERENTIATED OFFER Julie Walbaum CEO
Slide 31: Product reloaded & enriched with services
Product reloaded & enriched 03 | An increasingly differentiated offer CAPITAL MARKETS DAY 2019 with services 3 ADDITION OF ADJACENT SERVICES 2 ENRICHED PRODUCT DESIGN 1 REVAMPED COLLECTIONNING PROCESS 31
Slide 32: Revamping our collectioning process to keep leading the race
Enhancing our product proposition 03 | An increasingly differentiated offer CAPITAL MARKETS DAY 2019 1 REVAMPING OUR COLLECTIONNING PROCESS TO KEEP LEADING THE RACE | ~18,000 MdM products CHOICE | 18,000 MdM products | Marketplace multiplier FRESHNESS | 15 collections | 20+ collections UNIQUE | Enha
Slide 33: Enriching product design through constant innovation
Enhancing our product proposition 03 | An increasingly differentiated offer CAPITAL MARKETS DAY 2019 2 ENRICHING PRODUCT DESIGN THROUGH CONSTANT INNOVATION WHEN FUNCTION MEETS STYLE MY PERFECT ONE GREEN IS THE NEW BLACK 33
Slide 34: New services to enrich customer experience over time
Offering services to move from products to solutions 03 | An increasingly differentiated offer CAPITAL MARKETS DAY 2019 3 NEW SERVICES TO ENRICH CUSTOMER EXPERIENCE OVER TIME Consideration Purchase A make-or-buy approach based on strategic value Ongoing engagement Delivery 34
Slide 35: Rhinov: interior decoration reinvented
Offering services to move from products to solutions 03 | An increasingly differentiated offer CAPITAL MARKETS DAY 2019 3 RHINOV: INTERIOR DECORATION REINVENTED A disruptive professional interior design service | Fast and affordable | Fun & engaging | AI-enriched | Seamless experience from room deco
Slide 36: Rhinov: multiple sales and brand image benefits
Offering services to move from products to solutions 03 | An increasingly differentiated offer CAPITAL MARKETS DAY 2019 3 RHINOV: MULTIPLE SALES AND BRAND IMAGE BENEFITS Increase annual Convince Enhance brand positioning customer spend new users as lifestyle partner | Decoration advice service | Dem
Slide 37: A leading omnichannel model
04 A LEADING OMNICHANNEL MODEL Marie-Laure Cassé Head of Digital & Marketing Yohann Catherine Head of Network Operations
Slide 38: A high-quality clientele
A high-quality 04 | A leading omnichannel model CAPITAL MARKETS DAY 2019 clientele Mostly women 77% of customers Well balanced in age Amongst them, 25% millennials Highly connected 49% are early adopters Decoration fans x2 average French decoration consumer Loyal c.60% repeat customers 38
Slide 39: A database with growing value
A database 04 | A leading omnichannel model CAPITAL MARKETS DAY 2019 with growing value 01 Growing in numbers Growth of c.2x in active clients Balanced between new Double share of repeat 02 & repeat customers customers 03 International 35%+ of active customers 04 Driven by LTV* Increasing average sp
Slide 40: Our customers are omnichannel shoppers with attractive characteristics
Our customers are omnichannel shoppers 04 | A leading omnichannel model CAPITAL MARKETS DAY 2019 with attractive characteristics x2 x4 BRINGING MORE VALUE… Annual spend In-store Digital Omnichannel AND GROWING | +35% of omnichannel customers within 3 years IN OUR CUSTOMER BASE | Ranging from +25% in
Slide 41: Further customer opportunities
Further customer 04 | A leading omnichannel model CAPITAL MARKETS DAY 2019 opportunities STORE AND WEB SHARE OF WALLET CROSS- FERTILIZATION INTERNATIONAL CROSS-SELL EXPANSION 41
Slide 42: Tomorrow's customer journey
04 | A leading omnichannel model CAPITAL MARKETS DAY 2019 Tomorrow’s customer journey 42
Slide 43: Sustained drive to further integrate online and offline
Sustained drive to further 04 | A leading omnichannel model CAPITAL MARKETS DAY 2019 integrate online and offline In-store In-store returns of web orders Wish-list delivery of In-store appointments set online web orders Click & collect Web-to-store Single Web Customer account Store Store-to-web Sale
Slide 44: An increasingly digital company
An increasingly 04 | A leading omnichannel model CAPITAL MARKETS DAY 2019 digital company DIGITAL SALES Online sales Click-in-store sales c.60% x2.3 48% >25% 25% x2.5+ 30-35% 23% 2018 2024 Source: Côté Clients 44
Slide 45: A dynamically-managed store network
04 A leading omnichannel model A DYNAMICALLY-MANAGED STORE NETWORK Yohann Catherine Head of Store Operations
Slide 46: Strong presence across Europe
Strong presence 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 across Europe 2014 2018 2019 241 335 387k sqm 355-360 STORES STORES SALES AREA STORES 22 250k sqm 10 410k-420k sqm * SALES AREA 4 SALES AREA 3 221 7 45 23 * Online presence only from 2020
Slide 47: Our store game plan
Our store 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 game plan OPTIMISATION | Around 10-20 net openings, 40-50 gross openings OF FRENCH NETWORK | Dynamic management: repositioning, refurbishments | 70-85 net openings INTERNATIONAL DEVELOPMENT: | S
Slide 48: Proactive management of our French store network
Proactive management 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 of our French store network FRENCH STORES c. 10-20 net openings (2020-2024) c. 40-50 gross openings (2020-2024) Repositioning c.270 | Low attractiveness of catchment area | Ageing sto
Slide 49: Agile model to seize new opportunities: refurbishment and repositioning
Agile model to seize new opportunities: 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 Refurbishment and repositioning CLERMONT-FERRAND REFURBISHMENT REIMS REPOSITIONING Opening date: Nov. 2005 Refurbishment date: Sep. 2017 Opening date: March 2003 Op
Slide 50: Well-balanced international store development
Well-balanced 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 international store development SOUTHERN EUROPE NORTHERN EUROPE c. 40-50 net openings (2020-2024) c. 30-35 net openings (2020-2024) 150-160 140-150 120-125 75-85 68 46 2018 2024 Long-term ta
Slide 51: A stable mix of formats and unchanged average store space
A stable mix of formats 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 and unchanged average store space 2018 2024 335 c.435-455 STORES STORES City center stores 16% Suburban retail parks (France) City center stores (International) Shopping Suburban S
Slide 52: Köln illustrates our city-center strategy
Köln illustrates 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 our city-center strategy DATA-DRIVEN STRATEGY FOR STORE LOCATION PREMIUM LOCATION FOR BRAND AWARENESS MAPPING OPPORTUNITIES UPCOMING STORE OPENING High purchasing power area Store in prem
Slide 53: Ongoing enhancement of our store concept
Ongoing enhancement 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 of our store concept DYNAMIC MERCHANDIZING CONCEPT INNOVATION DECORATION ADVICE 53
Slide 54: Leveraging data to tailor stores to local preferences
Leveraging data to tailor stores 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 to local preferences LOCALIZED LOCALIZED IN-STORE MERCHANDIZING PRODUCT PROMOTIONS 54
Slide 55: Merchandizing excellence ensured by digital tools
Merchandizing excellence 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 ensured by digital tools Remote control over Easy and reliable Instant feedback Real-time merchandizing execution execution from regional store analytics across all our stores of
Slide 56: Converting our salesforce into brand ambassadors
Converting our salesforce 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 into brand ambassadors TRAINING Client CUSTOMER “CUSTOMER FIRST" satisfaction (NPS) >50% CAREER “PROGRESS” Internal promotion Store manager 56
Slide 57: CSR embedded in our network
CSR embedded 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 in our network By 2024 100% ALL ASPECTS OF OUR STORES Stores with a CSR ARE ORIENTED TOWARDS OUR CSR GOALS ambassador | We aim at implementing actions to 100% monitor and reduce the environme
Slide 58: A store strategy geared towards the future
A store strategy 04 | A leading omnichannel model | A dynamically-managed store network CAPITAL MARKETS DAY 2019 geared towards the future HOW MANY ? | 80-100 net store openings STORE OPENINGS | 75%-85% international openings – 15%-20% France openings WHAT ? | France: Repositioning and refurbishment
Slide 59: A step change in our digital platform
04 A leading omnichannel model A STEP CHANGE IN OUR DIGITAL PLATFORM Marie-Laure Cassé Head of Digital & Marketing
Slide 60: A strong track record of online growth
A strong track record 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 of online growth ONLINE SALES 23% (in €m, excluding Modani) % of 2018 sales 249 11 70% 210 European countries mobile traffic o/w 2 digital-only countries 169 121 7.4m c.4m 73 91 un
Slide 61: Continuous conversion rate improvement
Continuous conversion rate 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 improvement 2 STRATEGIC EVOLUTIONS LEADING TO REMARKABLE PERFORMANCE Higher decoration mix (orders) Sales x2.5+ 48% 77% Orders Basket A proactive shift to mobile first x4 X -3
Slide 62: Strong marketing efficiency driven by ROI-based investments
Strong marketing efficiency 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 driven by ROI-based investments INCREASED MARKETING SPEND MAINTAINED SPEND EFFICIENCY x2.4 +3.1x +4.6x only +7% New online clients Repeat orders CAC(1) increase since 2015 si
Slide 63: High NPS reflects improved customer experience
High NPS reflects improved 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 customer experience INSPIRE CONVERT DELIVER CARE E-catalog New payments New partners Social media 250k+ tchats 93% satisfaction rate Between 5 & 8 point increase in NPS(1) in
Slide 64: Doubling our online sales by 2024
Doubling our online sales 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 by 2024 ONLINE SALES TARGET €m x2.5+ 249 2018 2024 64
Slide 65: A four-pillar action plan to achieve our goal
A four-pillar action plan 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 to achieve our goal INCREASED BRAND PERSONALIZED AWARENESS CUSTOMER EXPERIENCE TAILORED INTERNATIONAL MARKETPLACE APPROACH LAUNCH 65
Slide 66: Brand awareness strategy to increase our share of voice
A four-pillar action plan 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 1 BRAND AWARENESS STRATEGY TO INCREASE OUR SHARE OF VOICE INCREASE IN MARKETING SPEND OF WHICH x4 IN THE BRAND (In % of sales) 5-7% x4 4% 2018 2024 2018 2024 Playing on our 3 l
Slide 67: Brand awareness: differentiation through media and content
A four-pillar action plan 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 1 BRAND AWARENESS: DIFFERENTIATION THROUGH MEDIA AND CONTENT INFLUENCERS & PR TO FOSTER KEY OPINION SMART MEDIA STRATEGY LEADER PROMOTION TO REACH A BROAD AUDIENCE BRAND CONTEN
Slide 68: Digital user experience encouraging cross-sell and upsell
A four-pillar action plan 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 2 DIGITAL USER EXPERIENCE ENCOURAGING CROSS-SELL AND UPSELL CUSTOMER JOURNEY SUNBURST PRODUCT RECOMMENDATIONS ON WEBSITE & PLATFORMS 68
Slide 69: A data-based personalization of our customer journey
A four-pillar action plan 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 2 A DATA-BASED PERSONALIZATION OF OUR CUSTOMER JOURNEY DATA COLLECTION AUDIENCE ANALYSIS PERSONALIZATION E-mails Banners Website SCORE SEGMENTATION PREDICTIVE TRIGGERS MARKETIN
Slide 70: A tailored international marketing proposition
A four-pillar action plan 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 3 A TAILORED INTERNATIONAL MARKETING PROPOSITION INTERNATIONAL GROWTH THROUGH A TAILORED ACTION PLAN Online sales (%) International France c.60% 50% 2018 2024 70
Slide 71: Marketplace: an agile operating model
A four-pillar action plan 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 4 MARKETPLACE: AN AGILE OPERATING MODEL | Dedicated Maisons du Monde team | Strict vetting process | Delivery and customer service handled by vendors | Integrated commercial ac
Slide 72: A gradual ramp-up plan for our marketplace
A four-pillar action plan 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 4 A GRADUAL RAMP-UP PLAN FOR OUR MARKETPLACE Category 1 Category 3 Category 5 €160- 180m GMV 2024 target €25m-35m Category 2 Category 4 Category 6 Sales Store-to-web Showrooms
Slide 73: A passionate and dedicated team
A passionate 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 and dedicated team 120 people 73
Slide 74: A clear roadmap to strengthen our online leadership by 2024
A clear roadmap to strengthen 04 | A leading omnichannel model | A step change in our digital platform CAPITAL MARKETS DAY 2019 our online leadership by 2024 DOUBLING ONLINE SALES THROUGH A CLEAR ACTION PLAN (In €m) INCREASED PERSONALIZED Marketplace BRAND CUSTOMER AWARENESS EXPERIENCE x2.5+ 249 TAI
Slide 75: Q&A
Q&A CAPITAL MARKETS DAY 2019 01 A NEW CHAPTER IN THE MAISONS DU MONDE GROWTH STORY | J. Walbaum 02 A CLEAR STRATEGY AND A RENEWED GROWTH MODEL | J. Walbaum 03 AN INCREASINGLY DIFFERENTIATED OFFER | J. Walbaum 04 A LEADING OMNICHANNEL MODEL | M.L. Cassé / Y. Catherine Q&A Lunch break 05 B2B AND FRANC
Slide 76: Lunch break & workshops
Lunch break & workshops CAPITAL MARKETS DAY 2019 Q&A 76
Slide 77: Lunch break & workshops
Lunch break & workshops CAPITAL MARKETS DAY 2019 Lunch break & workshops 77
Slide 78: B2B & Franchising as natural extensions
05 B2B & FRANCHISING AS NATURAL EXTENSIONS Catherine Filoche Head of B2B & Franchising
Slide 79: B2B: a market with attractive dynamics
B2B: A market 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 with attractive dynamics LARGE MARKET WITH SUBSTANTIAL GROWTH European market size Hospitality, retail, office, real estate and restaurants represent >75% of total market €7.7bn 2017 furniture and furnishing market +2.
Slide 80: A promising base on which to build
A promising base 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 on which to build INSPIRATIONAL OMNICHANNEL INTERNATIONAL GROWING (In €m) Web International 49% >100 49% 30 Sales team 51% France 9 51% 2015 2018 2024 80
Slide 81: A relevant proposition across verticals
A relevant proposition 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 across verticals INTERIOR DESIGNERS HOTELS OFFICES REAL ESTATE RETAILERS RESTAURANTS 81
Slide 82: Recent projects with high-profile partners
Recent projects 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 with high-profile partners They trust us 82
Slide 83: Meeting the needs of our B2B customers
Meeting the needs 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 of our B2B customers OFFER DELIVER INSPIRE THE PERFECT PRODUCT AN ENJOYABLE SEAMLESS EXPERIENCE 1 2 3 83
Slide 84: Inspire through relevance and visibility
Meeting the needs of our B2B customers 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 1 INSPIRE THROUGH RELEVANCE AND VISIBILITY APPROPRIATE B2B MATERIALS PRESENCE IN MAJOR FAIRS EquipHotel Fuorisalone Workspace expo Casa decor 84
Slide 85: 70 SKUs in 2018, 140 today and 300 in 2020
Meeting the needs of our B2B customers 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 2 OFFER A RANGE OF TAILOR-MADE B2B PRODUCTS CHAIRS DISPLAY UNITS ROLLING CHAIRS SHELVES OFFICES STOOLS 70 SKUs in 2018, 140 today and 300 in 2020 85
Slide 86: Delivering a seamless experience through a bespoke suite of services
Meeting the needs of our B2B customers 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 3 DELIVERING A SEAMLESS EXPERIENCE THROUGH A BESPOKE SUITE OF SERVICES ORDERING DEDICATED INTERIOR MOODBOARD, LAYOUT PLAN ORGANIZATION ORDER DESIGN SERVICE & 3D MODELLING & PLANNING VALIDATION
Slide 87: Dedicated B2B interior designers driving higher basket
Dedicated B2B interior designers 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 driving higher basket 87
Slide 88: A multi-functional team
A multi-functional 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 team 32 passionate people | On-shore and on-site sales representatives | Interior designers | Customer service | Delivery managers 88
Slide 89: Our ultimate showroom: Maisons du Monde Hôtel & Suites
Our ultimate showroom: 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 Maisons du Monde Hôtel & Suites 4-STAR HOTEL IN NANTES CITY-CENTER | Fully decorated by Maisons du Monde: 1,300 products | 47 bedrooms. 5 room styles... 5 lifestyles! Explo Chic, Jagger, Green Grey, Classic Ch
Slide 90: Welcome to Maisons du Monde Hôtel & Suites
05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 Welcome to Maisons du Monde Hôtel & Suites 90
Slide 91: Franchising: an additional route to export the concept
Franchising: An additional route 05 | B2B & Franchise as natural extensions CAPITAL MARKETS DAY 2019 to export the Maisons du Monde concept From €13m to €60m sales under banner 7 FRANCHISE STORES Future development centered around 20-25 new stores with existing partners Mall of the Emirates Dubai –
Slide 92: USA: a new growth engine
06 USA: A NEW GROWTH ENGINE Nathanaël Cohen CEO Modani
Slide 93: Modani and Maisons du Monde: similar business models
Modani and Maisons du Monde: 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 Similar business models A WINNING BUSINESS MODEL Consistency with the MdM model | Exclusive in-house design ✓ | Value for money ✓ | Design-to-cost process ✓ | Product availability ✓ | An in-store aspirational experie
Slide 94: Modani and Maisons du Monde: a win-win combination
Modani and Maisons du Monde: 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 A win-win combination ACCELERATION OF MODANI’S DEVELOPMENT LAUNCHING PAD FOR MAISONS DU MONDE IN THE USA | Acceleration of Modani’s store expansion | Market knowledge | Acceleration of e-commerce activity | Real esta
Slide 95: Welcome to Modani
06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 Welcome to Modani 95
Slide 96: Modani: a new lifestyle concept founded in 2007
Modani: A new lifestyle concept 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 founded in 2007 Modani was created with consumers’ interests in mind, through: | Modern designs | Value-oriented price points | ‘3-day White Glove’ delivery promise ‘Modern Furniture, Minimalist Prices’ 96
Slide 97: A team of passionate people with strong expertise in retail
A team of passionate people 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 with strong expertise in retail EXPERIENCED MANAGEMENT A TEAM OF 140 PEOPLE Name Position Modani experience Nathan Cohen Co-Founder & CEO 10+ Yonel Fellous Co-Founder & Managing Partner 10+ Steven Athea Co-Founder & M
Slide 98: A targeted and sophisticated value proposition
A targeted and sophisticated 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 value proposition | Exclusive design and design-to-cost approach | A variety of modern looks for broad, long-lasting appeal | Inspirational set-ups in our stores, on our website and in our catalogues 98
Slide 99: A differentiated positioning in a broad competitive landscape
A differentiated positioning 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 in a broad competitive landscape Modern Mid-century Contemporary Modern Farmhouse High-end | Concept attracts a wide variety of demographics and tastes | True multi-generational and multi-style player Mid-range Entry
Slide 100: Affordable price points thanks to a design-to-cost approach
Affordable price points, 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 thanks to a ‘design-to-cost’ approach Sectional - $1,690 Coffee Table - $290 Chair - $540 Sectional - $9,297 Coffee Table - $729 Chair - $1,599 Sectional - $4,497 Coffee Table - $649 Chair - $1,399 Sectional - $2,698 Cof
Slide 101: An immersive retail experience
An immersive 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 retail experience | High-end display ‘vignettes’ | Complimentary design consultations | 2D and 3D renderings of furniture selections 101
Slide 102: A targeted retail approach
A targeted 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 retail approach | 15 showrooms (May Chicago Paramus, NJ 2019) in affluent Garden NYC City metropolitan areas San Francisco Chicago Paramus | 8 DCs in 4 hubs across Los Angeles NYC - Midtown the US Los Angeles Costa Mesa San Diego Scot
Slide 103: A 3-day white glove delivery promise
A ‘3-day white glove delivery’ promise 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 driving high customer satisfaction 4.4 AVERAGE RATING ONLINE | Features in-room delivery, unpacking and set up, removal of all debris | Offered within 70 miles of any showroom 103
Slide 104: An efficient geo-targeted web-to-store marketing model
An efficient geo-targeted ‘web-to-store’ 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 marketing model WEB-TO-STORE MODEL SALES BY SOURCE IN 2018 BASKET SIZE GROWTH BY YEAR Word-of- mouth Other | Geo-fenced marketing 1% 8% campaigns ensure lower CAC Repeat and better sales conversion custom
Slide 105: Strong fundamentals and a proven replicable model
Strong fundamentals 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 and a proven replicable model 63% REPLICABLE MODEL 2018 gross margin | Fast sales ramp-up 11% | Payback under 2 years 2018 EBITDA margin 105
Slide 106: Substantial whitespace in a growing market
Substantial whitespace 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 in a growing market US MARKET HOME FURNISHING MARKET SIZE MARKET DRIVERS PER DISTRIBUTION CHANNEL ($bn) $170bn | Millennials $140bn 25% Online | A growing taste for lifestyle modern furniture brands 16% | Value-oriented pr
Slide 107: Strong synergies with MDM support our bold ambitions
Strong synergies with MDM 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 support our bold ambitions Introduction of homeware lines driving incremental sales and 01 PRODUCT MIX boosting recurring traffic patterns 02 SOURCING Sourcing synergy opportunities to further improve on margins MdM’s e
Slide 108: Continuing strong growth over the plan
Continuing strong growth 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 over the plan STRONG SALES GROWTH FAST SHOWROOM EXPANSION (in $m) c.200 >50 x5 x5 15 42 10 2018 2024 May 2018 Current 2024 target 108
Slide 109: Maisons du Monde's first retail test in the US
Maisons du Monde’s 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 first retail test in the US | Store opened in December 2018 in Miami’s Wynwood district, with 3,500 SKUs | Over 600 sqm in a prime location providing strong brand visibility 2018 Miami store KPIs | Consumer feedback overwhelmi
Slide 110: MDM Wynwood
06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 MDM Wynwood 110
Slide 111: Maisons du Monde's development path in the US
Maisons du Monde’s 06 | USA: A new growth engine CAPITAL MARKETS DAY 2019 development path in the US DEPLOYMENT & MANAGEMENT AN AMBITIOUS PLAN WITH A CAUTIOUS APPROACH | Deployment through European | Customer feedback gathered MdM teams & US based in store Modani teams | Detailed competitive study &
Slide 112: An industrial approach to supply chain
07 AN INDUSTRIAL APPROACH TO SUPPLY CHAIN Julien Vigouroux Head of Supply Chain
Slide 113: Our supply chain today
07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 Our supply chain today 113
Slide 114: A centralized and integrated supply chain model
A centralized and integrated 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 supply chain model | 50,000 sqm cutting-edge facility in Vietnam | Fully integrated supply Order Manufacture | Single inventory management | 30 carriers across Europe Ship | Just-in-time store replenish
Slide 115: Efficient logistics supporting growth
Efficient logistics 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 supporting growth Stable Supply costs (in % sales) NUMBER OF DELIVERIES In millions +1 x2 Opening of a 100,000 sqm² 5.4 warehouse 4.9 3.7 +5 pts +115% Delivery Net 2.5 Promoter Score (NPS) 30% Delivery time 2015
Slide 116: Managing costs through operational efficiency
Managing costs 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 through operational efficiency CHALLENGE Cost and inventory increase Pressure on IMPACT margins Operational OPPORTUNITY efficiency 116
Slide 117: Our people, our strongest asset
Our people, 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 our strongest asset STAFF SAFETY AS LEADING KPI INTERNAL PROMOTION TO ENHANCE LOYALTY Accident frequency rate (65)% 2015 2016 2017 2018 MDM accident frequency rate Sector accident frequency rate 70% internal promotion M
Slide 118: An industrial approach to drive further performance
An industrial approach 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 to drive further performance EFFECTIVE LEAN PROGRAM WAREHOUSE DENSIFICATION Damage frequency rate T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 2017 2018 2019 Launch of packaging New packaging standards and control loops Dec
Slide 119: Data-driven inventory management to improve working capital
Data-driven inventory management 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 to improve working capital ENHANCE PROCUREMENT APPROACH REDUCE LEAD TIME Advanced Supplier management Best-in-class software analytics and process revamping Order Manufacture Ship Stock Carry 119
Slide 120: New tools to support our international expansion
New tools to support 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 our international expansion CHALLENGE Costs and inventory International increase development Pressure on Increase in average IMPACT margins transport distance Operational Additional OPPORTUNITY efficiency distr
Slide 121: A new distribution center in Northwestern France to support 2024 growth
A new distribution center in 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 Northwestern France to support 2024 growth 2019-2020 : Densification of warehouses in Marseille 2021-2022 : An additional distribution center in Rouen | 65,000 sqm and 100,000 positions | Reducing trans
Slide 122: New services to enhance customer experience
New services 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 to enhance customer experience CHALLENGE Costs and inventory International Digital & demanding increase development customer Pressure on Increase in average IMPACT Home delivery margins transport distance Operational A
Slide 123: Automation and innovation to satisfy our customers
Automation and innovation 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 to satisfy our customers Artificial Intelligence pallet optimization BETTER CUSTOMER EXPERIENCE Faster delivery, fewer damages LOWER COSTS -15% pallets transported, -25% labor costs, 8 years payback 123
Slide 124: Delivery: a key part of our enchanting customer journey
Delivery: A key part of 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 our enchanting customer journey DECORATION FURNITURE Express click & collect Premium quality of service Next day & same day delivery Appointment at time of purchase Multiple delivery options Ship from store
Slide 125: Active CSR engagement aligned with customer expectations
Active CSR engagement 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 aligned with customer expectations CHALLENGE Costs and inventory International Digital & demanding CSR increase development customer Pressure on Increase in average Environmental IMPACT Home delivery margins t
Slide 126: Our go-green roadmap
Our go-green 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 roadmap TRANSPORTATION REAL ESTATE PACKAGING 126
Slide 127: Future-focused supply chain
Future-focused 07 | An industrial approach to supply chain CAPITAL MARKETS DAY 2019 supply chain 01 OPERATIONAL EFFICIENCY 02 ADDITIONAL DISTRIBUTION CENTER 03 AUTOMATION & NEW SERVICES 04 GREEN DELIVERY & WAREHOUSING 127
Slide 128: A strong financial profile
08 A STRONG FINANCIAL PROFILE Arnaud Louet CFO
Slide 129: We have delivered on our plan
We have delivered 08 | A strong financial profile CAPITAL MARKETS DAY 2019 on our plan Sales CAGR 12% - 14% ✓✓ Online sales 25%+ ✓✓ 23% in 2018 2020e International sales ~50% ✓ 40% in 2018 2020e EBITDA margin 13%+ ✓✓ 129
Slide 130: A profitable model with strong growth and best-in-class margins
A profitable model with 08 | A strong financial profile CAPITAL MARKETS DAY 2019 strong growth and best-in-class margins GROSS MARGIN EVOLUTION Gross margin (%) 734 (in €m) 674 | Gross margin evolution mainly 592 474 impacted by EUR/USD parity and 414 slightly by mix effect 68.5% 67.8% 67.1% 66.6% 6
Slide 131: Strong deleveraging, enabling further investment
Strong deleveraging, 08 | A strong financial profile CAPITAL MARKETS DAY 2019 enabling further investment NET DEBT EVOLUTION (in €m) Net leverage (x) 284 3.9x 246 226 MODANI ACQUISITION >€200m 186 Cumulated recurring free cash(1) 2.6x flow over the 2014-2018 period 125 1.8x 1.2x 0.9x Note: (1) Recur
Slide 132: New financial profile in a nutshell
New financial profile 08 | A strong financial profile CAPITAL MARKETS DAY 2019 in a nutshell 2020-2024 Plan* TOP LINE | Omnichannel GROWTH | International 10%+ Sales CAGR | New growth avenues STRONG | High gross margin PROFITABILITY | Marketing & Supply chain investment 12% EBITDA margin | Operating
Slide 133: Building a well-balanced international, omnichannel business
Building a well-balanced 08 | A strong financial profile CAPITAL MARKETS DAY 2019 international, omnichannel business GEOGRAPHIES CHANNELS CATEGORIES c.40% <50% 52% >50% 60% 57% France Offline Decoration Stores 48% c.60% >50% <50% 40% 43% Int’l Digital Furniture Online 2018 2024 2018 2024 2018 2024
Slide 134: A clear path to deliver €2bn+ sales by 2024
A clear path 08 | A strong financial profile CAPITAL MARKETS DAY 2019 to deliver €2bn+ sales by 2024 SALES 2018-2024 bridge EXISTING: 2/3 GROWTH AVENUES: 1/3 (in €bn) >2.0 ~6-8% ~8-10% ~15-20% ~30-35% ~20-25% 1.1 ~7-10% Store-based sales Mainly France and Vendor (new stores, repositioning,.) Modani
Slide 135: Driving profitability throughout the plan
Driving profitability 08 | A strong financial profile CAPITAL MARKETS DAY 2019 throughout the plan Key impacts | Proactive management of gross margin COMMERCIAL MARGIN | Supply chain costs reflecting new strategic plan Continuous impact | Increase in digitalization MARKETING COSTS | Marketing effort
Slide 136: Proactive management to maintain best-in-class gross margin
Proactive management to maintain 08 | A strong financial profile CAPITAL MARKETS DAY 2019 best-in-class gross margin GROSS MARGIN TARGET (in %) 66% c.(1.5)% c.(1.5)% 62%-63% c.(0.5)%-(1.0)% +c.0.5% 2018 Product CSR Pricing Marketplace 2024 mix investment strategy & services 136
Slide 137: Strategic supply chain initiatives to keep commercial margin under control
Strategic supply chain initiatives 08 | A strong financial profile CAPITAL MARKETS DAY 2019 to keep commercial margin under control COST/SALES EVOLUTION +1.0%-1.5% (1.0)% (0.5)%-(1.0)% 17%-17.5% 16.6% +c.1.0% 2018 Regulatory-related Business evolution Lean management Logistics & 2024 costs automatio
Slide 138: Net income growth in line with sales growth
Net income growth 08 | A strong financial profile CAPITAL MARKETS DAY 2019 in line with sales growth 10%+ NET INCOME CAGR Impact of key below-EBITDA items | Store network capex DEPRECIATION & AMORTIZATION | IT | Supply chain investments FINANCIAL COSTS | Cost of net debt reduction through deleveragi
Slide 139: Stable working capital in DSI across the plan
Stable working capital in DSI 08 | A strong financial profile CAPITAL MARKETS DAY 2019 across the plan (Balance sheet position) MAIN DRIVERS Average annual outflow of c.1.5%-2.0% of sales 35 days 34 days Inventory: Stable number of days sales in inventory (DSI), close to 200 days throughout the plan
Slide 140: Lower capex intensity while investing in growth
Lower capex intensity 08 | A strong financial profile CAPITAL MARKETS DAY 2019 while investing in growth CAPEX (in % of sales, excl. logistics) LOGISTICS CAPEX (in €m) c.5.0% c.€15m c.€15m c.3.5% c.€12m c.€12m c.€10m 2020 2024 2019 2020 2021 2022 2023 2024 Development Maintenance Refurbishment IT 14
Slide 141: Recurring free cash flow increasing significantly
Recurring free cash flow 08 | A strong financial profile CAPITAL MARKETS DAY 2019 increasing significantly In €m c.75-95 MAIN DRIVERS EBITDA growth in value >€300m cumulated over the 2020-2024 period Stable working capital in days 42 Lower tax rate but increase in value Stable recurring capex year-o
Slide 142: A cash-generative model creating shareholder value
A cash-generative model 08 | A strong financial profile CAPITAL MARKETS DAY 2019 creating shareholder value 2020-2024 Plan CONSISTENT PAY-OUT RATIO (30%-40%) DIVIDEND RECURRING LEVERAGE LOWERED FREE CASH 35%-50% TO 1.0x-0.5x FLOW of recurring free cash flow distributed to shareholders AVAILABLE CASH
Slide 143: The growth story continues
09 Conclusion THE GROWTH STORY CONTINUES
Slide 144: Key takeaways
Key 09 | Conclusion: The growth story continues CAPITAL MARKETS DAY 2019 takeaways MAISONS DU MONDE 2024 Strengthened offer and customer engagement to enhance the attractiveness of the Maisons du Monde brand 10%+ sales CAGR Increasingly omnichannel, international 12% target EBITDA margin and data-dr
Slide 145: Q&A
CAPITAL MARKETS DAY 2019 Q&A 145
Slide 146: Maisons du Monde the preferred lifestyle partner
Maisons du Monde the preferred lifestyle partner June 18, 2019
Slide 147: Glossary
CAPITAL MARKETS DAY 2019 Glossary DEFINITIONS ACRONYMS | Click-in-store sales: Corresponds to customer orders made in-store, through digital devices such as tablets, of A products not physically displayed in-store | AVG Average | Customer acquisition cost: Total cost required to acquire a new custom
Slide 148: Disclaimer: forward looking statements
DISCLAIMER CAPITAL MARKETS DAY 2019 FORWARD LOOKING STATEMENTS This presentation contains certain statements that constitute "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumpti
Slide 149: Maisons du Monde
MAISONS DU MONDE