Kroll+服裝行業(yè)洞察（2022年秋季）

ApparelFall2022PracticessOver2,178fairnessandsolvencyopinionsforover$6trillionindealvaluesince2005Weworkwith:oftheS&P500Companies.fFortuneCompaniesmarketadvisors,providingsell-side,buy-sideandcapitalraisingservicesforclientsworldwide.Withexpertiseintheconsumer,apparel,retail,foodandrestaurantsectors,ourprofessionalshaveexecutedmorethan100transactionsoverthepast10years.on100+consumerM&Aandontransactionsoverthepast10yearsDeepSectorCategoryfocusdrivesthoughtleadershipandbuildsinvaluablerelationshipswithbuyersandinvestorsalikeomizedApproachSuccessfultrackrecordofpremium-valuetransactionsdrivenbyhands-onexecutionandcreativityTeamMorethan30bankersdedicatedexclusivelytotheconsumersectorwithinNorthAmericaGlobalPlatformNearly5,000professionalsin30countriesGlobalPlatformterritories,withanextensivepresenceinNorthAmerica,EuropeandAsia2Seepage27fordatasources.24747Aswelookbackatthefirsthalfof2022,it’simportanttohighlightsomeoftheheadwindsthathaveremainedinforceacrosstheU.S.andabroad:massiveinflation,recordhighfuelcosts,currencyfluctuations,disruptedsupplychains,andgeopoliticaltensionanduncertaintycausedbyRussia’swarinUkraine.Asaresultofthesuboptimalbackdrop,theS&P500hasdeliveredalossof13.4%yearoveryear(YoY)and18.7%yeartodate(YTD)asofSeptember16,2022.Muchofthevolatilityandlossesinequitiescanbeattributedtotheheadwindsmentionedabove,aswellasdomesticmonetarytightening,astheFederalReservehasremainedfirminitshawkishstanceandcontinuedraisinginterestrates.Althoughseveralmacroheadwindshavepersistedthroughouttheyearandsomecorporationshaveexperiencedareductionintheircashbalance,privateequityfirmsremaineagertodeploycapital,andM&Aactivityhasremainedstrongin2022.Indicativeofsustainedinvestorinterestinstrongbrandsandconcepts,wehaveseencontinuedmomentumoftransactionactivitywithinthebroaderapparelandretailsectors.Highlightingafewofthedealsthattookplace:CosabellawasacquiredbyCALIDAGROUP,SergioTacchiniwasacquiredbyF&F,andBrumsMilanowasacquiredbyGoGlobal.Valuationsinthebroaderapparelandretailsectorsremainstrong,withaverageLTMEVEBITDAmultiplesof8.5xand7.1x,respectively.Withintheapparelspace,theactiveapparelsubsectorcontinuedtogarnerthehighestvaluationsat14.4x,andtheoff-priceretailsegmentledthepackwithinretailat13.6x.Arecurringthemeisthatwecontinuetoseeapremiumbeingplacedonstrong,innovativebrandswithcompellingcustomervaluepropositions.Ourapparelreportaimstoidentifytrendsandprovideinsightsacrosstheapparelsector,focusingonkeythemes,issuesandopportunities.Weaddressseveralkeymacroeconomictopicsthathavedirectimplicationsontheapparelandretailsectors.Wehopeyoucontinuetofindthisreportanditsfutureeditionstobeausefulsourceofinformation.Source:CapitalIQLTM9/16/2022ApparelandRetailcompositesdatacanbefoundonpages13–26TrendsandInsightsSectorSpotlightsRecentApparelM&AActivityData344SocialmediainfluencersareanintegralpartofthefashionworldSocialmediainfluencersareanintegralpartofthefashionworld,essentiallyactingasthedrivingforcesoftheever-changingfashiontrends.Aboveall,consumersvaluethedependabilityandauthenticityofinfluencers.Thesurgeofsocialmedia’s“clothinghaul”TikTokvideosandAmazonstorefrontlinkshavehelpedsparkvarioustrendsTheEconomistestimatesthatnumerousglobalbrandswillspendapproximately$16billiononinfluencermarketingcostsalonein2022.5Theriseofmicro-influencershasalsobecomeadrivingforceincreatingtrends.Micro-influencerspropelmicro-trends,whichcontributetotheconstantlyevolvingfashionworldtoday.6Becausethesemicro-trendsstartandendveryquickly,fastfashionisthemostviableoptionforthosewhoconsumesocialuencererahasrapidlyincreasedconsumerdemandforaccesstoproductsquicklyandefficiently.TheNeedforInstantGratification7Althougheconomicslowdownshavedeterredmanyshoppersfromspendingondiscretionarygoods,theluxurycategoryhasnotyetseenahitin2022.BrandslikeLouisVuitton,Dior,andVersacearerecognizinghighgrowthashighnet-worthindividualsarecontinuingtobuyluxuries.Thesebrandsrelyonapproximately20%oftheirclienteletoaccountformostoftheirsales.Incomedisparitieswidenedduringthepandemic,andsincetheverywealthyspentlessontravel,theirdisposableincomeissubsequentlyhigher.3Theresiliencyofthe“ultra-rich,”highnet-worth,luxury-brandconsumeristhedrivingforcebehindtherobustgrowthintheluxurybrandsector.Despiteadeclineinspendingamongthosewhoare“nearlyaffluent,”theaffluentconsumerisseeminglymakingupforthisdecline.3LuxuryLuxuryBrandPerformance48.5%increaseinYoYtotalrevenueinthefirstquarteroffiscal20238%increaseinrevenueinthefirstquarteroffiscal202340%ofrespondentstoasurveyinWomen’sWearDailyaged18–44wouldcompromisetheirloyaltytoacompanyorbrandinexchangeforreceivingproductsimmediately50%ofconsumerswanttopurchaseitemsthatcorrespondto50%ofconsumerswanttopurchaseitemsthatcorrespondtoafashiontrendwithinthesameweekinwhichtheydiscoveredthetrendcomparisonto20215Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.5Seepage27fordatasources.Themetaverseisasharedvirtualspacethatisinteractive,immersiveThemetaverseisasharedvirtualspacethatisinteractive,immersiveandhyper-realistic.Itisaworldwhereyourdigitalselfcanresideandinteractwithbrandsandotherpeople.Theconnectionbetweenthemetaverseandnon-fungibletokens(NFTs)isrelatedtodigitalassetsandhowtheyaregivenvalue.Themetaverseallowspeopletocollect,wearandtradefashiononline,andNFTsallowthemtoputapriceonthatcontentwithproofofownership.NFTsareessentiallyadeedtopropertythatexistsinthevirtualworld.Themetaverseisarepresentationoftherealworldinavirtualsetting,andtherearealreadynumerousexamplesofbrandscreatingvirtualrepresentationsoftheirproductsorexperiencestoengagewithhigh-valueyoungercohortsandcreatenewrevenuestreamsinthisnewvirtuallandscape.8ApparelxMetaverseDataIntegration&StorageDataAnalysisCross-ChannelImplementationcompanybestknownforitsmetaverse-readysneakersAloYogahasenteredthemetaversewithavirtualAloYogaSanctuary9BenettonhastransformeditsMilanflagshiptoamixed-mediaexperienceWithincreasedpersonalizationinotheraspectsofeverydaylife(Amazon,mingservicesmusicappsconsumerspreferandexpectthishighdegreeofpersonalizationintheirdigitalshoppingplatforms.Becauseofthepopularityofonlineshoppingsparkedbythepandemic,customizedexperiencesinanonlineorevaluableByusingdataandAItoanalyzeauserstendenciestheonlineexperienceis“hyper-personalized,”makingitmoreofaone-on-oneexperiencethatmimicsthein-personcustomer-salesassociateexperience.12Withtheincreasedattentiontodataprivacyandrestrictionsonthird-partydatacollectionanddissemination,businessesareshiftingtoprimarydatacollection.Businessesaremovingtowardboostingloyaltyprogramstotrackprevioustransactions,aswellascollectingdatafromin-storeapps.13Thosecompanieswithsuccessfulpersonalizationtechniquesarebettersuitedtoobtaincustomerloyalty.TheTheOnlineExperience13DataDataCaptureblesinDecember202111McKinseyhighlightsthisprocessasinstrumentaltogainingcompetitiveadvantageinblesinDecember2021116Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.6Seepage27fordatasources.77RisingfuelcostshavebeenamajorRisingfuelcostshavebeenamajorfactorthathasimpactedtheprofitabilityofcompaniesacrossthecountry.Forthefirsttimeever,averageU.S.gaspricespeakedabove$5.00pergalloninJuneofthisyear.15Whiletheyhavesincecomedownslightlyfromrecordlevels,higherfuelcostsrepresentanadditionalexpenseforcompaniesastheyseektodistributetheirproductstocustomersandretailersalike.$3.98$2.18Whilemanyfactorshaveimpactedglobalsupplychainsoverthepastfewyears,anewdriverofsupplychaindisruptionhasemerged.RecentChinesemilitaryexercisesaroundTaiwanaresettodisruptoneoftheworld’slargestshippingzones,theTaiwanStrait,whichseparatestheislandfromtheChinesemainland.2.33%0.39%~50%oftheworld’scontainershipspassedthroughtheTaiwanStraitduringthefirst7monthsoftheyear18Theregionsuppliesnearly40%ofallU.S.apparelimports,thelargestofanyregionaroundtheworld19TheFederalReserveisexpectedtoremainfirminitshawkishpositionandcontinueraisinginterestratesoverthebalanceoftheyear.16Atamacrolevel,andasaresultofincreasinginterestrates,thecapitalmarketshavebeenratherunpredictable,andcompaniesthatarelookingtoraisecapitalhaveoftenneededtofindcreativesolutions.AccordingtothemostrecentConsumerPriceIndex(CPI)report,pricesrose8.3%inAugustcomparedtotheyearprior,remainingnearthe40-yearhighsseeninJune.14Whileinflationhassignificantlyimpactedproductcostsforcompaniesandspendinghabitsforconsumersin2022,priceincreasesmonthovermonthhavesloweddown,potentiallysignalinganinflectionpointandlightattheendofthetunnel.rcentageChangeinCPIAugAug5.3%5.4%6.2%6.8%7.0%7.5%7.9%8.5%8.3%8.6%9.1%8.5%8.3%8Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.8Seepage27fordatasources.““““““ “““““““ “woodthisyear.Hopefully,nextyearisgettingbetter.Theothercostsarecommoditycosts.Commoditycostsinthesecondhalfarehigherthanthefirsthalfasthecottonwas.year.Accordingly,weassumethemarketwillbeverypromotional.nderArmourTheThefollowingperspectivesfromapparelandretailthoughtleadersprovideinsightsintothemacrotailwindsandheadwindscurrentlyimpactingtheapparelandretailsector.CalvinMcDonaldDennisCalvinMcDonaldDennisSecorcostsremainhigh.Toaddresstheseissues,ourteamiscarefullybalancingourbusinessmomentumwithtimelineuncertaintiestohelpensurewemeetguestdemand.Thiscomeswithacommensuratematerialtrajectorychangeanddespitetheimpactofourhedgingprogram,currencieswilllikelyrepresentoneofthemostimpactfuldriversaffectingthisyear'skeyoperatingmetrics.investmentinairfreight…Intermsofthebroadermacrobackdrop,Imean,wedoanticipatethatconsumersaregoingtobeseekingmorevalueandwejustneedtomakesurewehavetherightproductattherighttime.ElizabethSpauldingCEO,StitchFix,Iimesofdisruptionandvolatilityandwehavecompleteconfidenceinourteam’sabilitytocontinuetoexecutethrougheventhemostchallengingcircumstances.HarmitSinghExecutiveVP&CFO,LeviStrauss&Co.9Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.9Seepage27fordatasources.hasbeenacquiredbyAug-2022hasbeenacquiredbyJul-2022hasbeenacquiredbyJul-2022hasbeenacquiredbyBassotto2.0Jul-2022hasbeenacquiredbyAug-2022hasbeenacquiredbyAug-2022hasbeenacquiredbyJun-2022hasbeenacquiredbyJun-2022hasbeenhasbeenacquiredbyAug-2022hasbeenacquiredbyJul-2022hasbeenacquiredbyJul-2022hasbeenacquiredbyBassotto2.0Jul-2022hasbeenacquiredbyAug-2022hasbeenacquiredbyAug-2022hasbeenacquiredbyJun-2022hasbeenacquiredbyJun-2022hasbeenacquiredbyJul-2022Jun-2022hasbeenacquiredbyJun-2022Jun-2022hasbeenacquiredbyMay-2022hasbeenacquiredbyMay-2022hasbeenacquiredbyMay-2022hasbeenacquiredbyJun-2022hasbeenacquiredbyMay-2022hasbeenacquiredbyMar-2022hasbeenacquiredbyMay-2022hasbeenacquiredbyApr-2022hasbeenacquiredbyMay-2022hasbeenacquiredbyApr-2022hasbeenacquiredbyMay-2022hasbeenacquiredbyMay-2022hasbeenacquiredbySep-2022hasbeenacquiredbyJun-2022hasbeenacquiredbyMay-2022hasbeenacquiredbyJul-2022ApparelandFashionAlltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.Seepage27fordatasources.iesActiveApparelandiesActiveContemporaryDiveActiveContemporaryDiversifiediesFootwearxuryTotalContemporaryWomen’sCategoryKids/TweenFootwearDepartmentStoresOff-Price19.5%13.2%0.2%0.9%16.0%17.5%14.0%16.0%17.5%14.0%25.2%2.5%16.8%0.3%9.0%0.3%0.5%0.5%14.6%16.2%16.2%10.6%14.3%12.5%13.0%10.6%12.4%5.2%2.8%2.8%17.8%2.4%2.4%2.8%3.9%9.5%3.9%9.5%Total31.7%ine31.7%Source:CapitalIQ;indexconstituentsonpages18–26LTM9/16/2022EBITDAisearningsbeforeinterest,tax,depreciationandSectorindexweightbasedoncompanymarketcapitalizationatvaluationdateOne-YearStockPerformanceActiveContemporaryDiversifiediesFootwearxuryTotal(25.8%)(25.8%)(32.4%)(24.7%)8%))(28.8%)0.91xx0.91xx0.96x0.46xx2.31x1.46x3.5x.7x3.5x.7x.4xx12.5x8.5xxxx9x)xx32x)(1.12x)(12.6x) (3.6x)(9.9x)1x)(3.3x)(6.0x)(6.4x)(7.0x)ContemporaryWomen’sCategorydsTweenFootwearDepartmentStoresOff-PriceSportingGoodsTotal(25.9%)(29.3%)(19.8%)(25.9%)(29.3%)(19.8%)(18.3%)(40.5%)(21.3%)(26.3%)xx0.77x0.68x0.56x0.41xx0.49x0.67x0.80x9.2x4.6x9.2x4.6x4.2x3.2x.8xx12.6x6x)6x)3x)x6x)x5x)xx(0.61x)(5.9x) (9.0x)(12.4x) .1x)(4.0x)(1.2x)(0.2x)(4.1x)4.9xOnlineRetail/DTC(51.9%)1.22x12.9x(3.38x)(19.7x)Source:CapitalIQ;indexconstituentsonpages18–26LTM9/16/2022EBITDAisearningsbeforeinterest,tax,depreciationandSectorindexweightbasedoncompanymarketcapitalizationatvaluationdate30.0x25.0x20.0x15.0x10.0x5.0x-201920202021LTMMeanMean:16.3x25.7x25.3x 18.1x16.3x14.3x14.4x12.5x11.2x 9.1x6.2x.2xMean:15.8xMean:9.2xMean:14.8x16.1x14.3x12.4x14.1x9.0x ApparelandFashionFootwearAccessoriesLuxurySource:CapitalIQ;indexconstituentsonpages18–26LTMNonmeaningful(NM)notedforEBITDAmultiplesgreaterthan50.0xMean:12.2xMean:6.4xMean:15.2x20.0xMean:12.2xMean:6.4xMean:15.2x20.0x16.0x16.1x15.1x15.0x3.3x2.6x 13.6x13.2x1.7x11.3x10.0x5.0x-201920202021LTMMeanMean:9.0x8.8.1x7.1xxNM5.1x3.9x3.2xMassandClubDepartmentStoresOff-PriceSpecialtyRetailSource:CapitalIQ;indexconstituentsonpages18–26LTMNMnotedforEBITDAmultiplesgreaterthan50.0x35.0x30.0x25.0x20.0x15.0x10.0x5.0x-201920202021LTMMeanMean:22.6x30.530.5x25.5x21.7x12.9x Source:CapitalIQ;indexconstituentsonpages18–26LTMNMnotedforEBITDAmultiplesgreaterthan50.0xPerformancePerformance($inUSDmillions,exceptper-sharedata)StockPriceSep16,2022One-YearStockPercentageof52-WeekHighMarketValueEnterpriseValueEnterpriseValueasaMultipleofEBITDAEBITDALTM2022ELTM2022ELTMEBITDAMarginActiveActiveApparelNIKE,Inc.$104.12(33.3%)58.1%$163,318$159,7513.42x3.22x21.3x22.1xeticaInc$333.24(21.9%)68.6%$42,490$41,9915.95x5.05x23.6x25.2%MonclerS.p.A.$43.47(27.5%)61.8%$11,685$11,3024.62x4.32x30.3%$8.35(60.9%)30.6%$3,560$3,1240.55x0.51x4.7x.2xColumbiaSportswearCompany$71.00(28.9%)66.0%$4,408$3,994.2x7.3xCanadaGooseHoldingsInc.$17.23(53.4%)34.0%$1,815$2,0542.39x2.27x8.7xMedian(31.1%)60.0%$8,047$7,6482.90x2.74x9.9x.7%Mean(37.6%)53.2%$37,879$37,0363.02x2.75x.5%ContemporaryContemporaryApparelGuess?,Inc.$16.13(22.0%)63.8%$878$1,1590.43x0.44x3.5x3.5xpparelGroupLtd$16.31(42.8%)48.8%$775$1,2000.39x0.39x3.5x3.9xVinceHoldingCorp.$6.58(9.4%)56.9%$81$1940.55x0.55xMedian(22.0%)56.9%$775$1,1590.43x0.44x3.5x3.7x.1%Mean(24.7%)56.5%$578$8510.46x0.46x3.5x3.7x8.1%BasicBasicApparelHanesbrandsInc.$8.44(54.2%)43.2%$2,945$6,4540.97x0.97x6.9x8.4xrInc$31.19(16.0%)75.1%$5,696$6,3698.8x8.0x22.1%$8.14(66.9%)27.4%$270$6240.39x0.39x7.3x6.4x5.4%DeltaGalilIndustriesLtd.$48.88(5.6%)71.7%$1,253$1,5030.73x5.3xDeltaApparel,Inc.$16.88(41.3%)50.0%$117$2510.52x0.49x5.0x4.6xMedian(41.3%)50.0%$1,253$1,5030.73x0.73x6.9x7.2x.7%Mean(36.8%)53.5%$2,056$3,0400.91x0.93x6.7x6.9x.2%Source:CapitalIQLTMNMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectively($inUSDmillions,exceptper-sharedata)DiversifiedDiversifiedApparelV.F.CorporationPVHCorp.RalphLaurenCorporationOxfordIndustriesInc.StockOne-YearPercentageofLTMEnterpriseValueasaStockOne-YearPercentageofLTMEBITDAMarginPriceStock52-WeekMarketEnterpriseEBITDAMarginSep16,2022PerformanceHighValueValueLTM2022ELTM2022E$39.80$54.41$93.49$86.70$39.80$54.41$93.49$86.70$15,462$3,549$6,337$1,380$20,231$5,055$5,697$1,19450.4%43.4%68.7%72.6%0.56x0.90x0.94x0.56x0.88x0.94x4.4x5.6x4.8x4.6x5.7x4.8x(50.5%)(14.8%)2.2%Median(27.5%)59.6%$4,943$5,3760.92x0.91x5.2x5.2x.8%Mean(25.8%)58.8%$6,682$8,0440.99x6.4x6.4x.0%Source:CapitalIQLTMNMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectivelyPerformancePerformance($inUSDmillions,exceptper-sharedata)StockPriceSep16,2022One-YearStockPercentageof52-WeekHighMarketValueEnterpriseValueEnterpriseValueasaMultipleofEBITDAEBITDALTM2022ELTM2022ELTMEBITDAMarginFFootwearNIKE,Inc.$104.12(33.3%)58.1%$163,318$159,7513.42x3.22x21.3x22.1xadidasAG$135.00(59.1%)44.9%$24,574$25,9518.8x$57.21(51.8%)49.5%$8,603$8,4440.96x.6x9.0%DeckersOutdoorCorporation$337.20(23.4%)74.7%$8,946$8,2512.53x2.34xSkechersUSA,Inc.$35.86(20.3%)70.6%$5,585$5,3560.78x0.73x7.5x6.8xCrocsInc.$76.15(51.7%)41.4%$4,695$7,2762.56x2.08x8.6x7.5x30.0%WolverineWorldWide,Inc.$18.62(42.5%)48.9%$1,466$2,5620.99x0.93x8.4x6.2%StevenMadden,Ltd.$29.27(22.6%)56.8%$2,312$2,1420.97x0.99x6.3x6.7xCaleres,Inc.$24.9380.1%$909$1,2170.41x0.42x3.9x4.5xMedian(33.3%)56.8%$5,585$7,2760.99x7.6x.5%Mean(32.4%)58.3%$24,490$24,5509.6x.0%Source:CapitalIQ20LTM20NMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectivelyPerformancePerformance($inUSDmillions,exceptper-sharedata)StockPriceSep16,2022One-YearStockPercentageof52-WeekHighMarketValueEnterpriseValueEnterpriseValueasaMultipleofEBITDAEBITDALTM2022ELTM2022ELTMEBITDAMarginAAccessoriesTheSwatchGroupAG$230.33(13.1%)71.7%$11,550$9,1345.8x5.7x20.0%PandoraA/S$54.73(57.8%)42.8%$5,023$5,6985.9x4.7x27.2%yInc$32.55(17.7%)69.2%$7,852$8,5896.1x6.3x21.2%CapriHoldingsLimited$44.49(15.7%)61.5%$6,141$7,3406.3x5.7x20.3%SafiloGroupS.p.A.$1.30(25.3%)71.3%$537$6310.59x0.60x6.5x6.2x9.0%oupInc$4.06(67.9%)20.3%$210$2900.16x2.6x6.1%MovadoGroup,Inc.$29.93(6.2%)61.5%$671$4720.61x0.59x3.3x3.3xMedian(17.7%)61.5%$5,023$5,6986x5.9x5.7x20.0%Mean(29.1%)56.9%$4,569$4,5930.96x5.2x5.3x.5%Source:CapitalIQ21LTM21NMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectivelyPerformancePerformance($inUSDmillions,exceptper-sharedata)StockPriceSep16,2022One-YearStockPercentageof52-WeekHighMarketValueEnterpriseValueEnterpriseValueasaMultipleofEBITDAEBITDALTM2022ELTM2022ELTMEBITDAMarginLLuxuryLVMHMo?tHennessy$640.91(11.9%)84.3%$321,785$334,3554.43x4.25x31.1%ChristianDiorSE$614.85(15.6%)81.2%$110,926$154,5622.05x6.9x29.5%HermèsInternational$1,229.20(16.5%)73.1%$128,496$121,15425.6x24.5x44.3%KeringSA$495.24(30.9%)66.7%$60,850$62,0253.04x2.98x9.5x8.3x31.8%CompagnieFinancièreRichemontSA$103.800.1%67.8%$59,277$53,5682.51x2.58x9.4x21.5%BurberryGroupplc$19.69(17.6%)83.1%$7,667$6,4898.1x6.4x21.6%HugoBossAG$53.24(7.8%)88.9%$3,671$3,5528.1x5.0xTOD’SS.p.A.$40.47(22.9%)72.4%$1,339$1,390.2x9.0%Median(16.1%)77.1%$60,064$57,7972.05x2.23x8.3x25.5%Mean(15.4%)77.2%$86,752$92,1372.31x2.36x25.2%Source:CapitalIQ22LTM22NMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectivelyPerformancePerformance($inUSDmillions,exceptper-sharedata)StockPriceSep16,2022One-YearStockPercentageof52-WeekHighMarketValueEnterpriseValueEnterpriseValueasaMultipleofEBITDAEBITDALTM2022ELTM2022ELTMEBITDAMarginContemporaryContemporaryRetailLululemonAthleticaInc.$333.24(21.9%)68.6%$42,490$41,9915.95x5.05x23.6x25.2%$9.12(60.8%)34.9%$3,317$4,4440.28x0.28x9.5x2.4%OutfittersInc$21.64(34.0%)56.7%$1,995$1,6020.34x0.33x4.0x4.4x8.5%$16.13(22.0%)63.8%$878$1,1590.43x0.44x3.5x3.5xExpress,Inc.$1.25(77.6%)21.5%$85$2500.13x0.13x2.8x4.0x4.5%Median(34.0%)56.7%$1,995$1,6020.34x0.33x4.0x4.4x8.5%Mean(43.3%)49.1%$9,753$9,8899.2x8.2x.6%WomenWomen’sRetailAritziaInc.$35.404.2%77.5%$3,884$3,7342.87x2.69xnc$3.33(67.2%)29.9%$104$890.17x0.17x5.1x4.4x3.4%$16.43(2.6%)78.7%$167$3110.51x0.51x2.9x3.2xChicosFASInc.$4.977.1%69.1%$622$5480.27x0.25x2.9x2.8x9.2%TheCatoCorporation$9.64(40.7%)48.5%$193$390.05x2.0x2.6%Median(2.6%)69.1%$193$3110.27x0.38x2.9x3.8x9.2%Mean(19.8%)60.7%$994$9440.77x0.91x5.7x6.5x.1%Source:CapitalIQ23LTM23NMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectivelyPerformancePerformance($inUSDmillions,exceptper-sharedata)StockPriceSep16,2022One-YearStockPercentageof52-WeekHighMarketValueEnterpriseValueEnterpriseValueasaMultipleofEBITDAEBITDALTM2022ELTM2022ELTMEBITDAMarginKidsKids/TweenRetailCarter’s,Inc.$71.58(24.4%)64.4%$2,791$3,1610.92x0.93x6.0x6.4xTheChildren’sPlace,Inc.$36.33(56.5%)32.0%$473$7790.43x0.45x3.2x4.6xMedian(40.5%)48.2%$1,632$1,9700.68x0.69x4.6x5.5x.3%Mean(40.5%)48.2%$1,632$1,9700.68x0.69x4.6x5.5x.3%FootwearFootwearRetailersFootLocker,Inc.$39.14(17.2%)67.8%$3,652$3,7220.42x0.43x3.7x4.4xBarnHoldingsInc$65.09(27.3%)48.4%$1,940$1,9997.0x7.1xnc$24.9380.1%$909$1,2170.41x0.42x3.9x4.5xalInc$22.35(35.1%)48.4%$617$5550.43x0.41x2.9x3.1xGenescoInc.$44.87(25.3%)60.9%$586$5910.25x0.24x3.3x3.4x7.4%Median(25.3%)60.9%$909$1,2170.42x0.42x3.7x4.4x.6%Mean(18.3%)61.1%$1,541$1,6170.56x0.54x4.2x4.5x.5%SportingSportingGoodsRetailersDICK’SSportingGoods,Inc.$111.64(14.7%)78.2%$8,842$8,7970.74x0.72x4.3x4.9x$58.81(25.6%)57.9%$753$8130.51x0.42x4.8x3.4xBig5SportingGoodsCorporation$11.70(47.7%)24.6%$255$2180.21x0.20x2.2x3.5x9.4%Median(25.6%)57.9%$753$8130.51x0.42x4.3x3.5x.7%Mean(29.3%)53.5%$3,283$3,2760.49x0.45x3.8x3.9x.4%Source:CapitalIQ24LTM24NMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectivelyPerformancePerformance($inUSDmillions,exceptper-sharedata)StockPriceSep16,2022One-YearStockPercentageof52-WeekHighMarketValueEnterpriseValueEnterpriseValueasaMultipleofEBITDAEBITDALTM2022ELTM2022ELTMEBITDAMarginDepartmentDepartmentStoresMacy’s,Inc.$16.71(22.2%)44.0%$4,528$7,2230.29x0.29x2.5x2.8xromInc$18.90(30.6%)51.9%$3,008$5,3670.35x0.35x4.1x4.3x8.5%Kohl’sCorporation$28.74(43.8%)44.6%$3,352$5,5870.31x0.31x2.8x3.4xDillard’s,Inc.$287.3048.2%68.9%$4,923$4,9220.71x0.76x3.5x4.8x20.4%Median(26.4%)48.3%$3,940$5,4770.33x0.33x3.1x3.9x.4%Mean(12.1%)52.4%$3,953$5,7750.41x0.43x3.2x3.8x.0%OffOff-PriceRetailTheTJXCompanies,Inc.$64.66(6.6%)83.6%$75,074$74,899RossStores,Inc.$90.25(19.5%)73.2%$31,322$29,873BurlingtonStores,Inc.$141.34(51.7%)44.9%$9,197$10,1888.0%Median(19.5%)73.2%$31,322$29,873.0%Mean(25.9%)67.2%$38,531$38,320.6%MassMass/ClubWalmartInc.$133.19(6.7%)82.8%$361,509$403,5140.69x0.68x5.9%CostcoWholesaleCorporation$504.149.5%82.3%$223,349$218,6470.93x21.7x21.2x4.6%TargetCorporation$164.09(32.3%)61.0%$75,524$89,4810.84x0.79x8.0%BigLots,Inc.$20.14(55.7%)38.7%$583$7860.14x0.13x6.5x29.4x2.1%Median(19.5%)71.7%$149,437$154,0640.76x0.74x1.1x5.3%Mean(21.3%)66.2%$165,241$178,1070.67x0.63x5.2%Source:CapitalIQ25LTM25NMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectivelyPerformancePerformance($inUSDmillions,exceptper-sharedata)StockPriceSep16,2022One-YearStockPercentageof52-WeekHighMarketValueEnterpriseValueEnterpriseValueasaMultipleofEBITDAEBITDALTM2022ELTM2022ELTMEBITDAMarginOnlineOnlineRetail/DTCa.k.a.BrandsHoldingCorp.$1.530.0%$197$2990.46x0.48x6.2x.6x7.4%dingsInc$5.68(69.6%)27.1%$589$9000.70x0.64x5.2x5.0x$3.790.0%$564$3570.99x(18.3%)$9.80(76.9%)22.5%$1,620$1,4503.13x2.65x28.0xFarfetchLimited$10.38(74.2%)21.9%$3,958$3,983(14.0%)ZalandoSE$21.72(80.4%)22.6%$5,571$4,8090.45x0.42x2.5%boohoogroupplc$0.48(86.6%)$592$5810.22x0.25x5.4x5.2x4.0%enttheRunwayInc$2.900.0%$188$2660.85x(27.0%)$24.59(63.7%)27.4%$1,803$1,565x9.8%c$4.78(86.0%)$517$4580.26xeRealRealInc$2.14(85.1%)$204$3370.60x0.49x(31.5%)WarbyParkerInc.$13.690.0%22.7%$1,580$1,3692.39x2.33x(24.5%)Median(71.9%).6%$590$7400.75x9.1x2.5%Mean(51.9%).0%$1,449$1,365(6.1%)Source:CapitalIQ26LTM26NMnotedforrevenueandEBITDAmultiplesgreaterthan10.0xand50.0x,respectively1.Refinitivdata(U.S.deals$10M<$170M,includingdealswithoutadisclosedvalue).Fullyears2012through20212.Refinitivcumulativedata2012–2021.lesofLuxuryBrandsDespiteInflationandRecessionFearsCNBCAugustwSignsofResilienceModernRetailAugustTheNewRulesofInfluencerMarketingBusinessofFashionApril21,2022.rstarsastheAppBecomesSaturatedBusinessInsiderJune7.“NewFastFashionReportbyAlvarez&MarsalFindsConsumers‘GottaHaveItNow.’”WWD.July20,2022..“YearinReview:WhatExactlyIstheMetaverse?TheSimplestExplanationofWhatItMeansforFashion.”WWD.December21,2021AloYogaHasEnteredTheMetaverseThroughRoblox.”WWD.February10,202210.“Ben