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(1913 HK): COVID-19 Vaccines Roll out Worldwide the Prada Label Has Become One of the Most Widely-Recognized Brands in the Fashion and Luxury Goods Industry

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(1913 HK): COVID-19 Vaccines Roll out Worldwide the Prada Label Has Become One of the Most Widely-Recognized Brands in the Fashion and Luxury Goods Industry Equity Market Hong Kong Equity Morning Notes Ryan Zheng (SFC CE:BOB758) (852) 3519 1294 February 5, 2021 Friday Market Wrap HSI▼0.66% HSCEI▼0.76% Turnover HK$239.8 bn ▲9% (30-day average) SSE Composite▼0.44% SZSE Component ▼0.84% Sector tracking Stock tracking 1D ▲% 1Y ▲% Shanghai Connect 1D ▲% Shenzhen Connect 1D ▲% Gas 1.9 Parts 431.6 KERRY LOG NET(636) 25.0 MEITU(1357) 28.1 Household Prod 1.8 Auto 291.8 LUOYANG GLASS (1108) 8.7 KERRY LOG NET(636) 25.0 Power 1.1 Airport 276.9 CHENMING PAPER(1812) 4.4 KASEN(496) 14.0 Textiles 0.9 Equip 238.4 SHANGHAI PECHEM(338) 4.4 GCL-POLY ENERGY(3800) 11.6 Insurance 0.8 Household Prod 214.4 CHINA GAS HOLD (384) 4.4 CR HOLDINGS (1911) 11.3 Market Highlight PRADA (1913 HK): COVID-19 Vaccines Roll Out Worldwide The Prada label has become one of the most widely-recognized brands in the fashion and luxury goods industry. The group, which owns the Prada, Miu Miu, Church’s and Car Shoe brands, designs, produces and distributes luxury leather goods, apparel and footwear. Among them, Prada and Miu Miu brands offer a wide array of luxury goods, including leather goods, apparel and footwear, as well as glasses and perfumes through licensing agreements. The Church's and Car Shoe brands target the niche luxury footwear market, providing footwear handmade from premium leather. Vaccines are coming with promise in the world’s fight against the pandemic The pandemic staged a comeback globally Date Vaccine progress and pandemic situation since winter. The U.S. daily cases broke new highs again, while the Europe reached Nov. 9.2020 Pfizer, the world's top drug maker by sales, said that its mRNA vaccine jointly developed with the German the pandemic threshold, with the U.K. company BioNTech was 95% effective in final data. escalating measures to fight coronavirus. Nov. 16.2020 Moderna, an American biotech company, said that Meanwhile, Hong Kong suffered the fourth wave of infections. its COVID-19 vaccine was 94.5% in the phase III trial. Overall, the pandemic situation is still not optimistic. And it expected to have 20 million doses of vaccine available for the U.S. to ship by the end of 2020. Vaccine became the key to success in pandemic control, helping Nov. 24.2020 AstraZeneca, an Anglo-Swedish drug company, said boost market confidence. Pfizer announced on Nov. 9 that it its vaccine co-developed with Oxford University was delivered a COVID vaccine in record time, which shocked the capital 90% effective. market. As an index mostly made up of traditional or old-line Dec. 2.2020 The British government officially approved the use of businesses that have been severely affected by the pandemic, the Pfizer's vaccine, becoming the first country in the Dow Jones Index rose sharply, with an intraday surge of over 5%. world to do so. Since then, Moderna and China’s vaccines are being proven safe and Feb.4.2021 China has vaccinated over 30 million people, and effective. The aviation, retail and energy sectors in Hong Kong’s plans to distribute more to high risk groups. market recently picked up, seeing a rosy outlook since the pandemic. Prada’s share price bounced back with recent positive news about vaccines 60 Prada’s share price once plunged since the pandemic outbreak: Share price dropped steeply Relying on physical retail stores, Prada's share price dived roughly 50% 50 since the coronavirus outbreak from HK$30 in early 2020 to the lowest point in March around HK$18 in March 2020 40 with global social distancing measures set in place and shutdown of non-essential stores. 30 Share price sprang back rapidly with the recent exciting news about 20 Share price rebounded vaccines: The market expected that the pandemic would be controlled sharply with recent good 10 soon after Pfizer announced strong results from its latest Covid-19 news about vaccines vaccine trial. Prada's share price rallied from HK$33 in early November 0 to recent nearly HK$40, beating the high point at the beginning of 01/2020 04/2020 07/2020 10/2020 01/2021 2020. Orient Securities (Hong Kong) Limited 1 February 5, 2021 Development milestones In 1913, Mario Prada opened an exclusive store in the Galleria In 1993, Prada made its debut in menswear with its first Vittorio Emanuele II, Milan, selling handbags, travel trunks, men’s clothing and footwear collection. That same year, beauty cases, tasteful accessories, jewelry and other luxury Miuccia Prada’s creative inspiration led to the items. establishment of a new brand, Miu Miu, conceived for sophisticated, stylish women who love to stay ahead of In 1999, the Prada Group acquired the fashion trends. classic brand Church’s, founded in 1873 in Northampton, England. The brand, In 2004, a second Epicenter store was specialized in high-end handcrafted opened in Aoyama, Tokyo, followed footwear, is a universally recognized by a third one on Rodeo Drive, Beverly Hills. During the symbol of British tradition and sophisticated elegance. same year, Prada acquired control of Car Shoe, a classic Italian brand renowned for its exclusive driving moccasins. On June 24, 2011, Prada was successfully listed on the main board of the HKEx. In 2016, featured important manufacturing investments were made to lead to the inauguration In March 2014, Prada spa acquired control of Angelo Marchesi of a new leather goods factory and the srl, and obtained full ownership in 2018, thus entering the food renovation of five factories in Tuscany industry with the acquisition of the historical Milanese and Umbria. In addition, the first patisserie founded in 1824. construction phase of the new logistics hub for finished products was completed in Tuscany. Brand and business introduction Prada and MIU MIU are the group's two flagship Net sales by brands (million euros) brands. Before the new brand MIU MIU, an outpost for the most refined femininity, was born in 1993, the 3,500 company has only had Prada brand since the 3,000 establishment in 1913. Later, the company gradually launched the eyewear 450 455 502 515 459 453 business and set foot in the food business through acquisitions. In 2,500 December 2019, the group entered into a long-term license agreement with L'Oréal to develop and sell beauty products. 2,000 1,500 Two major brands account for the largest share of 2463 2488 2513 2461 2558 2643 sales and the number of stores: The group 1,000 delivered net sales of €3.098 billion in 2019, of 500 which Prada and MIU MIU contributed €2.558 billion (83.0% of total sales) and €450 million (14.2% of total sales), 0 respectively. As of 2019, the group expanded its distribution network to 2014 2015 2016 2017 2018 2019 641 directly-operated stores, of which 410 were Prada and 160 were MIU Prada Miu Miu Church's Others MIU. Source: Company, Orient Securities (Hong Kong) Global presence Europe is the largest market for luxury goods: According to the 2019 2019 net sales by geography (%) Luxury Goods Worldwide Market Study published by Bain & Company for Fondazione Altagamma, the market for personal luxury goods reached a 3.0% record high of €281 billion. As the major market for luxury goods, Europe made up 31% of sales, while the U.S. and Asia (excluding Japan) comprised 12.1% 30% and 26%, respectively. The group's regional sales were in line with the overall luxury goods sales. 38.6% By net sales, the largest market was Europe, followed by Asia Pacific 14.3% (excluding Japan). In 2019, the net sales of the two regions were €1.228 billion and €1.018 billion, representing 38.6% and 32.0% of total sales, respectively. 32.0% Mainland China has been a growth driver for the luxury industry during the pandemic: Chinese consumers accounted for 35% of global personal luxury goods sales in 2019, but most luxury sales were made when they vacationed overseas. With the pandemic, China’s domestic luxury goods Europe Asia-Pacific Americas consumption bucked the market trend by rising 48% to RMB346 billion Japan Others while the global sales were estimated to shrink 23% in 2020, chiefly owing to global travel restrictions and the free-trade zone in Hainan Island. Source: Company, Orient Securities (Hong Kong) Orient Securities (Hong Kong) Limited 2 February 5, 2021 Directly-operated stores expanded but with weak growth in sales Net revenues No. of directly-operated stores Net sales Royalties Prada Miu Miu Church's Others 4,000 3,500 500 410 387 394 398 3,000 400 2,500 300 2,000 171 167 166 200 160 1,500 1,000 100 54 57 63 62 500 8 7 9 0 9 0 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Source: Company, Orient Securities (Hong Kong) The group's revenue stems from net sales and royalties, of which, royalties mainly refer to eyewear and perfume, taking up a small portion of revenue. In 2019, royalties amounted to €42.255 million, accounting for 1.3% of revenue only, while the revenue reached €3.226 billion, growing 3% yoy, or -0.31% CAGR in 2012-2019. 180 directly-operated stores were added within seven years, from 461 to 641 in 2012-2019. Prada stores increased from 387 to 410 in 2016-2019, while MIU MIU stores decreased by 11 from 171 to 160, reflecting the group’s resolution to trim independent customer networks to protect the brand image as they found wholesalers promoted sales by cutting prices in recent years.
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