Information Document
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La Perla Fashion Holding N.V. with a share capital of EUR 1,051,111.12 Registered office: Schiphol Boulevard 127, G4.02, 1118 BG Schiphol, the Netherlands INFORMATION DOCUMENT ADMISSION OF SHARES TO TRADING ON EURONEXT GROWTH PARIS FOLLOWING A PRIVATE PLACEMENT September 4, 2019 The proposed transaction does not require a visa from the Autorité des marchés financiers (the “AMF”). This document was therefore not approved by the AMF. L’opération proposée ne nécessite pas de visa de l’Autorité des marchés financiers (“l’AMF”). Ce document n’a donc pas été soumis au visa de l’AMF. --------------------- Copies of this Information Document are available free of charge from La Perla Fashion Holding N.V. and Invest Corporate Finance. This Information Document is also available as an electronic version on the website of La Perla Fashion Holding N.V. Des exemplaires de ce Document d’Information sont disponibles sans frais auprès de La Perla Fashion Holding N.V. et Invest Corporate Finance. Ce document est aussi disponible en version électronique sur le site de La Perla Fashion Holding N.V. (laperlafashionholding.com) Advisor and Listing Sponsor Euronext Growth is a market operated by Euronext. Companies on Euronext Growth are not subject to the same rules as companies on a Regulated Market (a main market). Instead they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in a company on Euronext Growth may therefore be higher than investing in a company on a Regulated Market. In this information document (the “Information Document”), La Perla Fashion Holding N.V. is referred to as the “Company”, “we”, “us” or “our” and together with its consolidated subsidiaries, the “Group”. This Information Document contains forward-looking statements, i.e., statements that do not relate to historical facts or events as of the date of this Information Document. Such statements may be identified by words such as “aim”, “anticipate”, “believe”, “consider”, “could”, “envisage”, “estimate”, “expect”, “forecast”, “foresee”, “guidance”, “intend”, “may”, “ongoing”, “plan”, “potential”, “predict”, “project”, “seek”, “should”, “target”, “understand”, “will”, “wishes”, or, if applicable, the negative form of these terms, or any other variants or similar terminology. By their nature, forward- looking statements involve known and unknown risks and uncertainties, both general and specific. The Company bases these statements on its current plans, estimates, projections and expectations and they relate to events and are based on current assumptions that may not occur in the future. These forward- looking statements may not be indicative of future performance; the actual outcome of the Group’s financial condition and results of operations, and the development of economic conditions, may differ materially from, in particular be more negative than, those conditions expressly or implicitly assumed or described in such statements. Even if the actual results of the Company or the Group, including the financial condition, results of operations and economic conditions, develop in line with the forward- looking statements contained in this Information Document, there can be no assurance that this will be the case in the future. Also, the realization of any of the various risks described under “Risk Factors”, may have a material adverse effect on the Group’s business, results of operations and financial condition. Moreover, the realization of risks not yet identified by the Company or considered to be insignificant for the Group, may also result in similar adverse effects. This Information Document contains information on the Group’s business and the markets in which it operates and competes. The Company has not verified this information and thus cannot guarantee its accuracy or completeness and does not accept responsibility regarding the accuracy of such information. Similarly, the Company cannot guarantee that a third party using different methods to combine, analyze or calculate data would obtain the same results. The Company is not obligated to publish updates of this information. 2 TABLE OF CONTENTS 1. Information on the Company .......................................................................................... 4 1.1 Responsibility statement ..................................................................................................... 4 1.2 Statutory auditors ................................................................................................................ 4 1.3 Selected financial information ............................................................................................ 4 1.4 Risk factors ......................................................................................................................... 5 1.5 Information about the Company and the Group ............................................................... 19 1.6 Markets and Competition .................................................................................................. 22 1.7 Business ............................................................................................................................ 26 1.8 Recent developments and outlook .................................................................................... 35 1.9 Taxation in the Netherlands .............................................................................................. 36 1.10 Review of the Company’s financial situation ................................................................... 39 1.11 Corporate bodies ............................................................................................................... 46 1.12 Shareholder information ................................................................................................... 50 1.13 Related-party transactions ................................................................................................. 50 1.14 Financial information ........................................................................................................ 51 1.15 Dividend policy ................................................................................................................. 57 1.16 General information .......................................................................................................... 57 2. Listing .............................................................................................................................. 76 2.1 Conditions of the Listing of the Shares on Euronext Growth ........................................... 76 2.2 Ongoing listing obligations ............................................................................................... 77 2.3 Information on the Shares to be listed on Euronext Growth ............................................. 77 2.4 Technical information ....................................................................................................... 79 3 1. INFORMATION ON THE COMPANY 1.1 Responsibility statement 1.1.1 Person responsible for this Information Document Imran Khan Managing Director La Perla Fashion Holding N.V. Email: [email protected] 1.1.2 Declaration of the person responsible for this Information Document “I declare that, to the best of my knowledge, the information provided in this Information Document is accurate and that, to the best of my knowledge, this Information Document is not subject to any material omissions, and that all relevant information is included in this Information Document.” Imran Khan, Managing Director of La Perla Fashion Holding N.V. 1.2 Statutory auditors As of the date of this Information Document, the statutory auditor for the Company is FSV Accountants + Adviseurs B.V., Hogeweg 43, Postbus 128, 5300 AC Zaltbommel, the Netherlands (“FSV”). 1.3 Selected financial information The consolidated financial statements of the Company as of and for the financial year ended December 31, 2018 (the “Consolidated Financial Statements”) and the unconsolidated financial statements of the Company as of and for the financial year ended December 31, 2017 (the “Company’s Financial Statements”) were prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the European Union (“IFRS”) and were audited by FSV, which issued an unqualified auditor’s report with respect to the Company’s Financial Statements. On February 25, 2018, Tennor Holding B.V. (“Tennor”) (being an indirect shareholder of the Company as further described in “—Shareholder Information”) acquired 100% of the shares in La Perla Global Management (UK) Limited (“La Perla Global Management” and together with its consolidated subsidiaries, the “Operating La Perla Group”), which is the operational holding of the Group. On May 31, 2018, La Perla Fashion Finance B.V. (“La Perla Fashion Finance”) (being a wholly-owned indirect subsidiary of Tennor) acquired 100% of the shares in the Company. On the same date, the Company acquired 100% of the shares in La Perla Global Management from Tennor. In order to (i) enable a comparison between the financial year ended December 31, 2018 and the financial year ended December 31, 2017, and (ii) provide financial information for the Group (including La Perla Global Management) for the entire financial year ended December 31, 2018, i.e., including the period between January 1, 2018 and February 24, 2018, this Information Document contains