全球奢侈品：来自东方的野兽

《全球奢侈品：来自东方的野兽》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、12November2018GlobalEQUITIESInsideSection1:LuxuryMarketOverview2Section2:KeyGlobalLuxuryThemes8Section3:Valuation23MichaelKorsHoldings27Tapestry59AnalystsMacquarieCapital(Europe)LimitedStephanieWakeham,CFA+442030371257stephanie.wakeham@macquarie.comAndreasInderst,CFA+442030372629andreas.inderst

2、@macquarie.comJennyChen+442030375242jenny.chen@macquarie.comMacquarieCapital(USA)Inc.LaurentVasilescu+12122318046laurent.vasilescu@macquarie.comCarolineLevy+12122311818caroline.levy@macquarie.comWerlsonHwang,CFA+12122312470werlson.hwang@macquarie.comMacquarieCapitalLimitedLindaHuang,CFA+8523922

3、4068linda.huang@macquarie.comHugoShen+862124129077hugo.shen@macquarie.comMaziMacquarieSecurities(RF)(Pty)LtdFatimaLaher+27115832113fatima.laher@macquarie.comGlobalLuxuryGoodsTheBeastfromtheEastKeypointsêThe‘BeastfromtheEast’ofluxuryisthetopicdujourwithconcernsonmacroslowdown,tariffs,de-globali

4、zationandCNYdepreciation.êInthisglobalreport,wefocusonfourkeyglobalthemesimpactingthesector:1)China,2)Tourism,3)Millennialsand4)ConciergeEconomy.êWeareinitiatingcoverageonKORS(OP,PT$75)andTPR(N,PT$49).LuxurySectorOverview:WithourteamsittinginLondonandNYandourpartnershipwithHKandSouthAfrican-bas

5、edanalysts,weprovideanin-depthanalysisoftheglobalpersonalluxurygoods(PLG)space–ourkeyfocusisonInternational.Overthepastfiveyears,thePLGsectorhasgrownata4.8%revenueCAGR.Weexpectgrowthtoremaininamid-singledigitrange,drivenbyoutsizedgrowthinAsia.Wefocusonkeythemeswethinkwillimpactthespacefromaglob

6、alperspective:·ChinaandtheChineseConsumer:Atone-thirdofgloballuxuryspend,weleverageinsightsfromourteaminAsiatoassessthehealthoftheChineseconsumer.Macroheadwindswillslowrevenuegrowthfrom~15%YoYin’18,butthisshouldbepartiallyoffsetthroughtheriseofthemiddleclassandincreasinginfluenceofChinesemillen

7、nials.TourismaKeyDriver:Consumersareabletoexploitpriceadvantagescreatedbytaxandcurrenciesfasterthanever.WeuseMacquarie’sglobalaviationteam’sproprietaryquarterlyforecaststoanalysewheretheChineseconsumeristravellingandlookintoreason