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【出版时间及名称】：2010年1月全球奢侈品行业研究报告
【作者】：汇丰银行
【文件格式】：pdf
【页数】：94
【目录或简介】：
Summary 1
Calendar of events 4
Valuation and ratings 5
Ratings changes 5
Sentiment and valuation 6
Themes for 2010 7
The reality of de-coupling and
why China matters 8
China maths: a kind of magic 8
Japan: profitable death by a 1,000 cuts 10
US: the audacity of hope 11
Western Europe: old money, new aspirations 12
Russia, India, Korea and others 13
Why it is easy to view China
as a “red bull” 14
Limited penetration, favourable demographics and wealth
creation to drive demand 14
Supportive social drivers 16
Compelling long-term profitability 22
Don’t get carried away 24
What multiple for luxury? 24
Socio-political risks 27
China express, what else? 31
Key investment ideas 35
Investment cases 37
Bulgari: a potential recovery story 38
Burberry: a pure growth story 42
Christian Dior: discount less attractive 46
Coach: US growth may still surprise positively in
next few quarters 50
Hermès: sticking to its guns 54
Luxottica: time to be less short-sighted 58
LVMH: it’s all in the price 62
PPR: a changing animal 66
Richemont: sell-side playing catch-up to buy side
re-rating 70
Swatch: unclear where to find the incremental
buyer 74
Tiffany: the sweet spot in hard luxury 78
Tod’s: solid, safe but well valued 82
Disclosure appendix 88
Disclaimer 91
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