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Coin Strategy

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Coin Strategy CASE HISTORY COIN 1 COIN: one hundred years of history • 1916 Vittorio Coin starts the Gruppo Coin activities • 1926 First Coin Store (Mirano, Venice) • 1965 Coin P.za 5 Giornate opens (Milan) • 1972 First “Organizzazione Vendite Speciali” (Oviesse) store • 1986 Coin is the first retailer to develop a fidelity card program in Italy • 1995 Oviesse become an apparel retailer • 1998 Acquisition of La Standa • 1999 Listing of Gruppo Coin on the Milan Stock Exchange • 2005 PAI equity fund becomes Gruppo Coin majority shareholder • 2008 Acquisition of Melablu • 2010 Acquisition of UPIM • 2011 BC Partners becomes Gruppo Coin majority shareholder • 2011 Excelsior opens in Milan • 2012 Acquisition of IANA • 2013 Excelsior opens in Verona • 2014 Coin Excelsior opens in Rome 2 Coin in a snapshot Established in 1926, Coin is the largest Italian department store €413,2 m net sales in 2014 77 stores in Italy and 20 abroad, located downtown in the most important Italian cities and shopping areas Portfolio of 800 brands 46 million visitors every year 21,6 million items sold and 12 million receipts 3 Where we come from: Net Sales and Sqm building 2008–2010–2012 TOTAL CATEGORY (Beauty and Home not included) ● NET SALES 2008 2010 2012 11% 35% 33% hb 41% 50% 32% ws 57% concession 17% 24% NET SALES (€/1000): 232.935 NET SALES (€/1000): 273.814 NET SALES (€/1000): 276.158 ● SQM BUILDING 2008 2010 2012 8% 26% 35% hb 31% 43% ws 48% concession 61% 26% 22% SQM: 74.100 SQM: 82.010 SQM: 91.335 4 Where we come from: Trend 2007-2011 Ebitda trend (2007 – 2011 ) is positive thanks to network development otherwise is offset because of division costs and the decrease of LfL Ebitda Store Bridge Ebitda (2007-2011) Ebitda Coin 2007 ∆ Store Ebitda ∆ Store Ebitda ∆ Division Costs ∆ HQ costs ∆ Ebitda Coin 2011 LfL New opening/closure *Capex 2007-2011: 61,7 mio € (Italian new openings, conversions and refurbishing) 5 Where we come from: Trend 2007-2011 Ebitda trend is negative because of the Gross Margin decrease is higher than rent incomes increase Bridge Ebitda of the same dos from 2007 to 2011 Network 2007 Space Impact: -36,1M€ Sales Density: -7,7M€ Gm Impact: -2,0M€ Store Ebitda ∆ GM ∆ Personnel ∆ Rent ∆ Space ∆ Operating ∆ Rent Store Ebitda ∆ 2007 costs costs costs income 2011 2007-2011 Partners 0,6 0,0 -6,5 -8,0 -2,6 -4,2 41,4 20,7 20,1 Wholesales 7,5 -11,8 2,4 1,4 0,6 0,9 0,0 1,0 -6,5 Housebrand 31,4 -34,0 8,2 4,2 1,9 2,9 0,0 14,6 -16,8 6 Total 39,5 -45,8 4,1 -2,4 -0,1 -0,4 41,4 36,3 -3,2 M€ Going Forward 1. WHAT WORKED AND WE FURTHER IMPROVE: • Concession Model • Cost control • Format Coin (customer experience) 2. WHAT HAS NOT WORKED AND WE ADDRESS: • Wholesales man/woman/ accessories: reduction of sales density and Ebitda • House brand: fall of sales density • Upim conversion and new opening underperforming 3. WHAT WE “ TURN AROUND” • Customer Experience “consumer have to dream while walking” “memorability and uniqueness of the experience” 7 The market share of department stores in Italy is the lowest in Europe but… % share men/women/kids clothing market in terms of value per sales channel Source: European Customer Panel 2012 8 # Monobrand POP breakdown by channel of distribution: Based on 21 brands 9 …showing significant growth opportunities vs. independent multibrand -3,0% -5,0% -6,5% Market Share 3,0 3,0 3,0 Other Channels (w/o Outlets&E-Commerce) 7,1 7,0 6,5 3,5 3,4 3,3 Market 29,7 34,7 32,7 Multibrand Hyper+Super Channels 2,4 1,5 Independent stores 0,8 7,1 7,5 9,0 4,0 3,6 4,0 3,2 3,6 3,2 E-Commerce Large Surface retailers 44,0 38,7 41,2 DepartmentDepartment Store stores Specialized retail channels 2011 2012 2013 10 Italian Market Concentration In 2013, over 7.000 independent apparel stores went out of business; (1°quarter 2014 -3.000) Multibrand apparel channel 51.000 (without footwear) apparel 54,9% footwear 18,6% leather sport 2,5% underwear children 5,5% 14,1% 4,4% Source : Fashion Bank 11 Apparel/accessories consumption according to price range VAR % 13/12 CORR. VALUE Price index numbers Total Var -6,6 2012 2013 Luxury BRIDGE / -4,6 323 310 BEST BETTER -8,6 209 204 Accessible luxury GOOD -10,0 141 141 MODERA Medium -5,0 95 98 price TE Low MASS -3,3 49 50 price Source: Fashion Consumer Panel 12 and internal elaboration WHAT WE HAVE DONE: Coin Strategy CONSOLIDATE THE MARKET, CREATING A PREMIUM DEPARTMENT STORE NETWORK: •Increase the space allocated to brands in concession (33%) with a positive impact on the business profitability and working capital (stock/sqm -29% in the last 4 years), limiting the presence of housebrands/wholesale to the minimum •Trading up brand mix, leveraging concession model with accessible luxury brands, growing average ticket. • Progressive conversion of the most relevant stores in the Coin Excelsior format (premium contemporary) following Coin Excelsior Rome extremely positive results. • Optimizing sales people kpi efficiency (sales/eft, sqm/eft), improving performance via selection training and incentive plans EBITDA CASH FLOW BRAND + + ++++ POSITIONING UPGRADE +++ 13 Sales and sqm per commercial mix TOTAL CATEGORIES (Perfurmery and Home escluded) ● NET SALES 2008 2010 2013 11% 35% 30% hb 41% 32% 55% ws 57% partner 15% 24% NET SALES (€/1000): 232.935 NET SALES (€/1000): 273.814 NET SALES (€/1000): 268.215 ● SQM BUILDING 2008 2010 2013 8% 26% 38% hb 31% 43% ws 48% partner 61% 26% 19% SQM: 74.100 SQM: 82.010 SQM: 90.797 14 Italian Market Share: upgrade evolution Market share Market share 2013 2013 2013 Coin MKt Share: Coin Italy 2012 1,36% 2013 1,49% Luxury LV, Over 400% Chanel, of leverage price Dior, Luxury Luxury Cucinelli, 0% Gucci, 12-13% Lanvin, Prada…. Ralph Accessible Lauren, luxury High More 200% Moncler ? 0,8% MaxMara, of leverage price Accessible Zegna, Fay Accessible Luxury luxury High 38-45 From 125 to 200% Seventy, Twin Set, Liu of leverage price Longcha Jo, M. Kors, mp, MbyM, Paul Accessible luxury Furla, Smith, … medium low Boggi,… 1,9% From 75 to 125% of leverage price Marlboro Classics Stefane Marina l, Fast Fashion Yacthing THilfige Medium Price r, Medium price Fast fashion Miss Siixtiy . 1,9% Medium price From 50 to 75% 32-38% of leverage price Esprit Zara, Benetton Mango, Motivi.. Low Price Low price Upim, Piazza Italia, Terranova, Low price Up to 50% Iper, mercatini 0% OVS, H&M 11-13% of leverage price 15 Italian Market Share: upgrade evolution Market share Market share 2013 2013 2013 Coin MKt Share: Coin Italy 2012 1,36% 2013 1,49% Luxury LV, Over 400% Chanel, of leverage price Dior, Luxury Luxury 2014 1,62% Cucinelli, 0% Gucci, 12-13% Lanvin, Prada…. Ralph Accessible Lauren, luxury High More 200% Moncler MaxMara, 0,8% of leverage price Accessible Zegna, Fay Accessible Luxury luxury High 38-45 From 125 to 200% Seventy, Twin Set, Liu of leverage price Longcha Jo, M. Kors, mp, MbyM, Paul Accessible luxury Furla, Smith, … medium low Boggi,… 1,9% From 75 to 125% of leverage price Marlboro Classics Stefane Marina l, Fast Fashion Yacthing THilfige Medium Price r, Medium price Fast fashion Miss Siixtiy . 1,9% Medium price From 50 to 75% 32-38% of leverage price Esprit Zara, Benetton Mango, Motivi.. Low Price Low price Upim, Piazza Italia, Terranova, Low price Up to 50% Iper, mercatini 0% OVS, H&M 11-13% of leverage price 16 Brand Mix Evolution HIGH PRICE luxury hgh . medium CLASSIC CONTEMPORARY TRADITIONAL NEO TRADITIONAL CONTEMPORARY TRENDY entry price entry LOW PRICE 17 Stores and Brand Mix Evolution 2005 / 2008 2009 / 2013 2014 18 COIN EXCELSIOR - Roma Cola di Rienzo 2012 2014 (K/€) Building Sqm 3.140 4.240* (+35%) Concession Sqm 1.232 2.320 * (+88%) Building Sales 27.816 45.790 (+65%) Sales Density 8.858 10.800 (+22%) Average Ticket 49,16 70,26 (+43%) *with food market ** current rent ***calculated on building net sales 20 AMBASSADORStore Clusters (12): – Clusterization Criteria • Market > 500 mln € •AMBASSADORPopulation > 1 mln (12, of which 5 potential Coin Excelsior) • Market> 500 mln euro • Average market income > 100 • Population> 1 mln ••SalesAverage/sqm > 4.500 market income > 100 ••% ofSales/total Buildingsqm > Sales 4.500Coin: 42% ••% of%total of StoretotaleEBITDA Builiding Coin: Sales48% Coin: 42% ••Central% oflocations total Store EBITDA Coin: 48% • Central locations • High quality stores • High quality store CITY BOUTIQUE (28): •CITY% of total BOUTIQUE Building Sales (11)Coin : 40% • % of total Building Sales Coin: 40% • % of total Store EBITDA Coin: 39% • % of total Store EBITDA Coin: 39% SHOPPING CENTER (5) •SHOPPING% of total Building CENTER Sales Coin: (7) 13% ••% of%total of Storetotal EBITDABuilding Coin: Sales 13% Coin: 13% • % of total Store EBITDA Coin: 13% COIN FACTORY STORE (8): •OTHERSSize < 2.000 (24) mq ••% ofSizetotal <Building 2,000 Sales Coin: 5% • % of total Building Sales Coin: 5% • Rent ≈ 10% • Rent 10% ••PopularPopularareas inareas large citiesin largeor central citiesareas or centralin small cities areas in small cities 21 Direct Store Network - 2014 22 Becoming a Total Retailer 23 Becoming a real omnichannel retailer:CRM to enhance the Customer Experience ON LINE • Email • Web Site • Social Network • Ecommerce OFF LINE • In Store Windows • Video Wall • Digital Totem • Radio • TV • Leaflet BETWEEN ON & OFF LINE • SMS • Push Notification • App 24 Customer Omnichannel Experience CRM : the Key for Omnichanneling CRM is the Bridge between the Customer and the Brand channels.
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