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  "notes": "The slide uses three distinct tables to compare financial metrics across luxury brands, highlighting shifts in growth, profitability, and capital expenditure.",
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      "text": "Tapestry is number one in sales growth expectations, as a result of the investments starting in 2014 to transition the company to a \"modern luxury\" concept.",
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      "text": "CAGR: 5.1%",
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      "text": "Notwithstanding the higher competition, the geopolitical and macroeconomic uncertainties, and the Western market saturation, the luxury sector should continue an interesting trend of growth of sales for the next three years. This will be driven by consumer spending in emerging markets, the change of the essence of luxury toward a digital experience and the personalization of products. Tapestry is number one in sales growth expectations, as a result of the investments starting in 2014 to transition the company to a \"modern luxury\" concept. The hard work is almost done and included investments in marketing to strengthen the brand, improve the customer experience and renew the store format to include digital innovation in the supply chain.",
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      "text": "Capex ratios, on the contrary, are showing a general stabilization for many of the major luxury groups. In recent years, there has been a shift in budget allocations from capex in retail openings to other expenses tied to the digitalization of the industry.",
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      "text": "Margins are also expected to be higher in 2020E (2020 expected) than in 2017A for almost all panel companies, with relevant increases in profitability expected for Richemont (up 4.8 percentage points in its EBITDA margin, estimated at 25.9% in 2020E) thanks to integrating synergies after the YOOX NET-A-PORTER GROUP (YNAP) deal and a strong operating leverage resulting from the increase in sales driven by the boost in consumer spending in the watch category; and Kering up 4.6 percentage points in its EBITDA margin, estimated at 27% in 2020E.",
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