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  "notes": "Includes methodology note on how multiples are calculated and source disclosure.",
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      "text": "After the decrease in sales suffered by the luxury market in 2016, multiples follow the rebounding trend of 2017A.",
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      "text": "Price to earnings",
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      "text": "EV/sales",
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      "text": "EV/EBITDA",
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      "kind": "disclaimer",
      "text": "Note: Each year, the multiple is calculated as the ratio between EV as of 31 March of that year and forecast sales, EBITDA and earnings for that year. The information for 2018E-19E and 2020E represents the forward multiple analysis for the factbook launch in 2018, calculated as the ratio between the EV as of 31 March 2018, and the sales, EBITDA and earnings expected for 2018, 2019 and 2020.",
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      "kind": "disclaimer",
      "text": "Source: Data based on consensus of several brokers' reports for each company. Please note that Tumi was removed from the luxury and cosmetics factbook panel in 2017 and Jimmy Choo, Hengdeli and YNAP have been removed in 2018's edition. To make the analysis more meaningful, they have been removed from the panel in previous years as well.",
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      "text": "Trading multiples: 13.2x",
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      "kind": "paragraph",
      "text": "Best practices in the luxury market include tailoring strategies to specific categories and developing brand stories by creating an ecosystem where every interaction with the customer has a great impact. Additionally, a reinterpretation of streetwear by luxury brands in an attempt to enlarge the customer base by appealing to young customers has also positively impacted the industry.",
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      "text": "After the decrease in sales suffered by the luxury market in 2016, due to the negative trend in sales of key markets and the abovementioned shift to global pricing implied from the rise of digitalization, multiples follow the rebounding trend of 2017A. This is mainly driven by the accomplishment of omnichannel strategies, which have been recently implemented by the main companies in the luxury market.",
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      "kind": "paragraph",
      "text": "The charts below analyze the evolution of the trading multiples of the luxury companies in our current panel on 31 March of each year from 2014A to 2017A, and the expected average multiples for 2018E, 2019E and 2020E.",
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