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Global Apparel and Lifestyle Accessories Epickens@Williamblair.Com in This Issue: +44 207 868 4479 +1 212 237 2700 Sector Update September 2014 Global Consumer & Retail Investment Banking Managing Director Global Apparel Elizabeth A. Pickens Head of Global Apparel and Lifestyle Accessories [email protected] In this Issue: +44 207 868 4479 +1 212 237 2700 – Insights –and M&ASector Activity Trends Lifestyle Accessories – Comparables Trading William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, �inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. About William Blair From 2010-2014, the investment banking group completed more than 330 merger-and- Investment Banking acquisition transactions worth $73 billion in value, involving parties in 36 countries and �ive continents, was an underwriter on more than 20% of all U.S. initial public offerings, and raised nearly $100 billion in public and private �inancing. William Blair A Word on Lifestyle In this first Issue of William Blair’s dedicated coverage of the Global Apparel and Lifestyle Accessories Sector, we provide an overview of market activity and valuation data across the worldwide sector leaders. We have classified the public comparable companies into seven major groups: Global Leaders, Modern Lifestyle, Performance Apparel, Traditional Apparel and Accessories, Youth/Teen, and eCommerce. In addition to the established sector leaders, we will also focus on the cohort of rapidly emerging next- generation global brands, who are going public earlier and getting funded in the private markets today. Our consumption choices, particularly in apparel and accessories, have long communicated our personal affiliations and aspirations. Today, the consumption experience extends beyond the moment of purchase, often selling an experience, or communicating a value set. This has broadened the remit for brands, invoking themes of greater social responsibility, seen by the growing prevalence of B Corps, and community, including content-driven websites and entertainment-driven retail venues. These changing consumer values have given rise to new sector leaders, including emergent brands Bonobos and Harrys of London, lifestyle visionaries like Hunter Original, new marketplaces such as Gilt Groupe, and Vide Dressing, and radical new models such as Warby Parker. In turn, M&A activity is driven by buyers keeping pace with these shortening cycles of innovation. Examples of such activity includes the acquisition of Trunk Club by Nordstrom, and announced acquisition of Mytheresa.com by Neiman Marcus. Lifestyle-driven consumption is an increasingly prevalent concept, making it a rare moment in time for valuations in this exciting space. We look forward to exploring the sector with you. Sincerely, Beth Pickens Global Apparel and Lifestyle Accessories Report A Word on Lifestyle William Blair Table of Contents Consumer & Retail Investment Banking Contacts .................................................................................................................................................................... 3 Consumer & Retail Research Coverage.......................................................................................................................................................................................... 4 Selected William Blair Transactions ............................................................................................................................................................................................... 5 2014 Global Investor Conferences ................................................................................................................................................................................................... 6 Sector View: Comparable Companies ............................................................................................................................................................................................. 7 LTM Global Apparel and Lifestyle Accessories Sector Performance ................................................................................................................................. 8 Comparable Company Analysis ........................................................................................................................................................................................................ 9 News Review ........................................................................................................................................................................................................................................... 12 IPO Backlog .............................................................................................................................................................................................................................................. 13 Equity Research Team ........................................................................................................................................................................................................................ 14 Notes .......................................................................................................................................................................................................................................................... 15 Disclosures ............................................................................................................................................................................................................................................... 16 Global Apparel and Lifestyle Accessories Report Table of Contents William Blair Consumer & Retail Investment Banking Contacts Consumer & Retail Investment Banking Elizabeth Pickens, Managing Director, joined William Blair in 2000. Ms. Pickens specializes in advising international branded consumer and retail growth companies across global apparel and lifestyle brands. She is also an angel investor in early-stage consumer companies, including Bonobos.com and InteriorDefine.com. Ms. Pickens holds an MBA from the University of Chicago Graduate School of Business and a BS in finance from the University of Illinois at Urbana-Champaign. She also completed studies at the Université de Paris IV-Sorbonne. [email protected] +44 20 7868 4479 Adam Filkin, Managing Director, joined William Blair in 2007 within the Consumer and Retail Investment Banking Group. Mr. Filkin has extensive transaction experience across numerous consumer verticals, including consumer products, personal care and food. He joined William Blair from Bank of America Securities. Before joining Bank of America, Mr. Filkin was a manager at A.T. Kearney, focusing on consumer and retail companies. Mr. Filkin holds an MBA with a concentration in finance from the University of Chicago Graduate School of Business, and holds a BSE. in chemical engineering from the University of Michigan. [email protected] +1 312 364 8077 Michael Siska, Managing Director, joined the firm in 2002. Before joining William Blair, Mr. Siska worked in private equity for Allstate Private Equity in Chicago and 3i Group in London. He spent five years in the products and business services industry group at Andersen Corporate Finance LLC. He focuses on specialty retail, food retail, restaurants, and consumer services. Mr. Siska earned an MBA from the University of Chicago and a BS, with honors, from the University of Illinois at Urbana-Champaign. [email protected] +1 312 364 5393 Laura Provenzale, Managing Director, joined Blair in 2014 within the Consumer and Retail Investment Banking Group. Prior to joining William Blair, Ms. Provenzale built the restaurant investment banking practice and executed transactions across the consumer sector at Raymond James. Before Raymond James, she led the consumer and retail effort at WR Hambrecht, and prior to WR Hambrecht led the software M&A and the consumer products investment banking practice at Banc of America Securities. Ms. Provenzale earned her MBA from Fordham University and graduated with honors from Lehigh University with a BS in accounting. [email protected] +1 415 248 5919 Global Apparel and Lifestyle Accessories Report Consumer & Retail Investment Banking Contacts 3 William Blair Consumer & Retail Research Coverage Amy Noblin Sharon Zackfia Mark Miller Daniel Hofkin Jon Andersen Global Apparel and Lifestyle Accessories Report 4 Consumer & Retail Research Coverage William Blair Selected William Blair Transactions $230,000,000 $246,047,100 $90,000,000 $94,112,106 $376,740,000 Not Disclosed Not Disclosed $240,033,072 $74,750,000 $388,743,210 has completed a leveraged §363 sale to has been acquired by recapitalization with Initial Public & Initial Public & Initial Public Offering Follow-on Offerings Authentic Brands Group Follow-on Offering Initial Public Offering Proventus Berkshire Partners March 2013 November 2012 February 2011 November 2013 April 2012 December 2012 October 2010 August 2007 July 2007 June 2007 Global Apparel and Lifestyle Accessories Report Selected William Blair Transactions 5 William Blair 2014 Global Investor Conferences 34th
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