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Essilorluxottica: 'See More, Be More, Live Life to the Fullest'

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EssilorLuxottica: ‘See more, be more, live life to the fullest’ 25th September 2019 CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission is strictly prohibited Disclaimer This presentation contains forward-looking statements that reflect EssilorLuxottica's current views with respect to future events and financial and operational performance. These statements take into account all the information currently available and cannot be intended as a guarantee of future performance. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and EssilorLuxottica cannot guarantee the accuracy and completeness of forward-looking statements. A number of important factors, not all of which are known to EssilorLuxottica or are within EssilorLuxottica's control, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement as a result of risks and uncertainties facing EssilorLuxottica. Any forward-looking statements are made only of the date of this presentation. CAPITAL MARKET DAY – SEPTEMBER 2019 1 Agenda Topic Speaker Time Welcome and introduction Laurent Vacherot, Francesco Milleri ~10’ Our perspective on the industry Chiara Occulti, Grita Loebsack ~15’ EssilorLuxottica today: key highly complementary assets Paul du Saillant ~10’ Integration: the path to build our future Pierluigi Longo, Eric Léonard ~20’ Developing a powerful shared infrastructure • Transformation of supply chain into a single network Giorgio Striano ~10’ Coffee break ~30’ Innovation and R&D Federico Buffa, Norbert Gorny ~10’ • New eye exam technology to boost retail opportunities Arnaud Ribadeau Dumas ~5’ Combining our assets to boost growth • Transitions in EssilorLuxottica retail Chrystel Barranger, Leonardo Maria Del Vecchio ~10’ • Branded lenses and complete pair Grita Loebsack, Chiara Occulti ~10’ Developing new go-to-market approaches • New digital consumer experience Bernhard Nuesser, Paolo Alberti ~10’ • Addressing myopia in China Eric Thoreux ~5’ Guidelines on financial targets Hilary Halper, Stefano Grassi ~20’ Q&A session ~30’ Exit canapés and drinks CAPITAL MARKET DAY – SEPTEMBER 2019 2 WELCOME AND INTRODUCTION Laurent Vacherot & Francesco Milleri CAPITAL MARKET DAY – SEPTEMBER 2019 EssilorLuxottica’s mission: ‘See more, be more, live life to the fullest’ See well: Look good: Vision Full branded correction and offer protection Address all client needs… At every price point… Everywhere in the world CAPITAL MARKET DAY – SEPTEMBER 2019 4 EssilorLuxottica’s strategic vision: key pillars to shape the future of the industry… Playing as a Creating value for Bringing cutting Embedding network company our customers edge innovation sustainability to and consumers the core … contributing to accelerate the market growth CAPITAL MARKET DAY – SEPTEMBER 2019 5 Evolving from product manufacturer to an integrated network company • Open global digital network Developing our • Access to all ~500k industry players ecosystem through a global • Full range of products and services open digital network • Reinvented supply chain • Sharing synergies with all players • Improved industry efficiency to the benefit of consumers A unique industry with Offering a new consumer • Engaging consumer experience disparity in scale among experience across channels • Omnichannel approach players • Analytics and Big Data for all CAPITAL MARKET DAY – SEPTEMBER 2019 6 EssilorLuxottica’s strategic vision: key pillars to shape the future of the industry… Playing as a Creating value for Bringing cutting Embedding network company our customers edge innovation sustainability to and consumers the core … contributing to accelerate the market growth CAPITAL MARKET DAY – SEPTEMBER 2019 7 OUR PERSPECTIVE ON THE INDUSTRY Chiara Occulti & Grita Loebsack CAPITAL MARKET DAY – SEPTEMBER 2019 Main trends driving growth in the Eyecare and Eyewear industry 1 2 3 4 Demographics Under- Branding & Retail & lifestyle penetration Premiumization transformation change CAPITAL MARKET DAY – SEPTEMBER 2019 9 Middle class in Fast-Growing Markets is driving population growth High net worth1 Middle class2 Disadvantaged3 4% 2% 3% 27% 33% Global 2010 Today 2030 population M people 6,800 7,600 8,400 50% 71% 47% 64% Share of middle 2010 Today 2030 class from Asia 29% 54% 65% % 1 Daily spending per person above $110 in 2011 Purchasing Parity Power (PPP) 2 Daily spending per person between $11 and $110 in 2011 PPP 3 Daily spending per person below $11 per day per person in 2011 PPP SOURCE: World Bank CAPITAL MARKET DAY – SEPTEMBER 2019 10 Myopia reaching epidemic levels, with half of the world’s population affected by 2050 Growing myopia prevalence People, % of global population Why? ~50%1 4.7 Bn 1 34% Indoor Genetics Prolonged 2.6 Bn lifestyle exposure to screens Risks 0.9 Bn Myopia 0.4 Bn Impaired Everyday Serious eye learning & safety disease High myopia development 2000 2010 Today 2030 2040 2050 1 Global population of ~7.6 billion people in 2020 and 10 billion people in 2050 SOURCE: Brian Holden Institute CAPITAL MARKET DAY – SEPTEMBER 2019 11 Presbyopia affecting ~40% of world population by 2050 Growing presbyopia prevalence People, % of global population Why? 40%1 4.1 Bn 1 30% Ageing Prolonged 2.3 Bn population exposure to screens Risks Presbyopia and first symptons Eye Loss of Loss of fatigue productivity quality of life 2000 2010 Today 2030 2040 2050 1 Global population of ~7.6 billion people in 2020 and 10 billion people in 2050 SOURCE: United Nations, internal analysis CAPITAL MARKET DAY – SEPTEMBER 2019 12 Large untapped opportunities in vision correction and protection 2.0 Bn 4.6 Bn Corrected (43%) (60%) require vision correction 2.6 Bn 7.6 Bn uncorrected people worldwide 1.4 Bn equipped with 100% sunglasses (18%) should protect their eyes (sun, UV, blue light) 6.2 Bn unequipped SOURCE: Internal estimates CAPITAL MARKET DAY – SEPTEMBER 2019 13 Additional opportunities in value added lenses Penetration of value added lenses on total prescription lenses Global penetration Highest penetration 100% 64% 66% 43% 36% 30% 25% 21% 15% 16% 10% 8% 6% 2% Polarized Sun Rx Photo- Progressive Blue-cut Thin Anti-reflective chromic (index>=1.6) SOURCE: Internal estimates CAPITAL MARKET DAY – SEPTEMBER 2019 14 Significant upside potential in Eyecare and Eyewear spend Consumer Consumption per Capita (Index) Fast-Growing Market Mature Market example: Mature Market example: example: United states France China Eyecare and Eyewear 100 100 100 Shoes 192 174 417 Dentistry 306 180 83 Apparel1 317 454 996 1 Only includes women apparel SOURCE: Internal analysis CAPITAL MARKET DAY – SEPTEMBER 2019 15 Brand importance growing and driving industry growth Reasons for purchase Distribution channel Search Engine Optimization Emotional, desire, differentiation, status, Physical stores Functional affiliation, identity (chains, mono-brand, Choice, Price, Quality Selfie culture independent…) Social media/community CAPITAL MARKET DAY – SEPTEMBER 2019 16 Brands that make an impact are catalysts for category growth… …and even more within younger generations as they need honest allies sharing their values and Meaning bringing value to their daily lives Meeting the consumer’s functional and emotional needs in ways that are relevant and create affinity Encouraging curiosity Celebrating Helping Difference fluid identities them to feel and encouraging good and Stand out from other brands, being diversity have fun distinctive, even trendsetting HOW? Saliency Inspiring Embracing Amplify the meaningful difference their imperfection through advertising, social media, retail Empowering imagination shelf position to become top of mind them to further their causes CAPITAL MARKET DAY – SEPTEMBER 2019 17 Access can be improved in Fast-Growing Markets # inhabitants per optical retail outlet 5,000 to 10,000 10,000 to 30,000 More than 30,000 Greater North Europe America China ~7 k ~7 k ~21 k Asia-Pacific Fast-Growing Brazil 1 ~8 k India Markets Africa and ~27 k Middle East ~41 k Asia-Pacific ~80 k Developed Rest of Latin Markets America ~13 k ~10 k 1 Including Russia SOURCE: Internal estimates CAPITAL MARKET DAY – SEPTEMBER 2019 18 Retail in the industry is fragmented, independents account for more than half of the market Independent stores sales as percentage of Eyecare and Eyewear industry retail sales 90% 88% 81% 62% 53% 56% 50% 42% North Europe China India Developed Latin Other FGM Total America AMERA1 America 1 Asia, Middle East, Oceania and Africa SOURCE: Internal data CAPITAL MARKET DAY – SEPTEMBER 2019 19 Retail improving customer experience Independent ECPs Vision care retail Multi-brand Mono-brand Online-only (e.g., independent ECPs, alliances) retailers omnichannel players From a need-based purchase to pleasure/desire driven purchase CAPITAL MARKET DAY – SEPTEMBER 2019 20 The Eyecare & Eyewear industry is expected to grow at 3-4%, but could represent €300 Bn after transformation €Bn 300 Demographics Underpenetration Existing x3 needs Branding / premiumisation +3-4% p.a. 100 Access and retail transformation Today In 10 years Full potential EssilorLuxottica to play as accelerator of Note: rounded figures; growth driven by demography, GDP per capita and convergence to best in class SOURCE: Internal analyses the industry growth CAPITAL MARKET DAY – SEPTEMBER 2019 21 ESSILORLUXOTTICA TODAY: KEY HIGHLY COMPLEMENTARY ASSETS Paul du Saillant CAPITAL MARKET DAY – SEPTEMBER 2019
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