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Digital Luxury Experience 2012
From customer experience to impact
Exhibit 1
In 2011, online sales hit €6.2 billion and will reach €15 billion in 2016


                          Online sales
                          € billions
                                                             15.0




                                               6.2
                                4.9




                              20102          2011           20163
  Percent of
  total luxury1                2.6%           3.2%           5.3%
  market
  1 Personal luxury goods: Apparel, accessories, jewelry and watches
  2 Consolidated value vs last year estimate of € 4.5 billion driven by pre-closing data
  3 Total market growth 2011-2016 assumed equal to 8%, based on hystorical data

  SOURCE: McKinsey & Company, Altagamma
Exhibit 2
Almost 15% of total sales are directly influenced by online channels


                                    Impact, 2011
                                    Percent                  € billions
                                    of market


  Pure online sales                        3.2%                     6



  Offline sales directly
  generated1 by                          10-11%                 17-18
  online experience


  Offline sales
  influenced2 by                           20%                     34
  online experience


  1 Researched online, product decision changed online and purchased offline
  2 Researched online, product decision confirmed online and purchased offline

  SOURCE: McKinsey & Company, Altagamma
Exhibit 3
Digital sales of monobrand websites grew by 37%

  2011 vs 2010 growth
  Percent


      37%
                           32%
                28%
                                   25%             28% Average
                                                       growth rate
                                          17%




    Mono-      Full       Off     Event   Department
    brand      price      price           stores

                  Multibrand websites


  SOURCE: McKinsey & Company
Exhibit 4
Approximately 50% of total market is generated by full price websites

  2011
  100% = €6.2 billion (total online luxury sales)




     Department store
     websites
                      14%
                                  26%
                               Multibrand
  Multibrand                    full price    49%
  event      18%
                                              Full price
                               Monobrand      websites
                                 23%
                     19%

             Multibrand
             off price



  SOURCE: McKinsey & Company
Exhibit 5
Customers look for personalized pricing and lean processes

  Respondents to the question “What element would encourage
  you to buy more luxury items online?”
  Total respondents: 2,500 in 5 countries




  Personalized
                                                 ~40%
  discount

  Simpler
  purchase                          ~19%
  process

  Exclusive                       ~16%
  products




  SOURCE: McKinsey analysis on Digital Luxury Experience market survey 2012
Exhibit 6
Almost three-quarter of respondents search for product comparison

   Respondents to the question “What are your key reasons
   to search online?”
   Total respondents: 2,500 in 5 countries




   Compare
                                                    72%
   products

   Search for
   specific                                   57%
   products

   See product
                                             54%
   range




  SOURCE: McKinsey analysis on Digital Luxury Experience market research 2012
Exhibit 7
In the same product category companies reach different digital
performances based on their online-ability index



               Digital sales1 index
                   1
                                                                       Hospitality
               0.75

               0.60

               0.45                                                        Fashion

               0.30

               0.15

                   0
                    1                 2               3            4           5
                                                            Online-ability index
  1 E-commerce + directly generated sales
  SOURCE: McKinsey analysis on Altagamma questionnaire; expert interviews; company reports
Exhibit 8
There is a strong correlation between digital sales and investments

  Indexed numbers



                                 Best performer vs
                                 market average                            Digital impact1

                                                                                                   3
       Digital                               x4
       organization

       Digital
       marketing &                          x 1.5
       sales spending                                                             1

       Digital
                                             x2
       touch points
                                                                              Market Best
                                                                              average performer


  1 Digital impact defined as e-commerce + in-store sales directly generated by online decisions
  SOURCE: McKinsey analysis on Altagamma questionnaire; expert interviews; company reports

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Digital luxury customer experience

  • 1. Digital Luxury Experience 2012 From customer experience to impact
  • 2. Exhibit 1 In 2011, online sales hit €6.2 billion and will reach €15 billion in 2016 Online sales € billions 15.0 6.2 4.9 20102 2011 20163 Percent of total luxury1 2.6% 3.2% 5.3% market 1 Personal luxury goods: Apparel, accessories, jewelry and watches 2 Consolidated value vs last year estimate of € 4.5 billion driven by pre-closing data 3 Total market growth 2011-2016 assumed equal to 8%, based on hystorical data SOURCE: McKinsey & Company, Altagamma
  • 3. Exhibit 2 Almost 15% of total sales are directly influenced by online channels Impact, 2011 Percent € billions of market Pure online sales 3.2% 6 Offline sales directly generated1 by 10-11% 17-18 online experience Offline sales influenced2 by 20% 34 online experience 1 Researched online, product decision changed online and purchased offline 2 Researched online, product decision confirmed online and purchased offline SOURCE: McKinsey & Company, Altagamma
  • 4. Exhibit 3 Digital sales of monobrand websites grew by 37% 2011 vs 2010 growth Percent 37% 32% 28% 25% 28% Average growth rate 17% Mono- Full Off Event Department brand price price stores Multibrand websites SOURCE: McKinsey & Company
  • 5. Exhibit 4 Approximately 50% of total market is generated by full price websites 2011 100% = €6.2 billion (total online luxury sales) Department store websites 14% 26% Multibrand Multibrand full price 49% event 18% Full price Monobrand websites 23% 19% Multibrand off price SOURCE: McKinsey & Company
  • 6. Exhibit 5 Customers look for personalized pricing and lean processes Respondents to the question “What element would encourage you to buy more luxury items online?” Total respondents: 2,500 in 5 countries Personalized ~40% discount Simpler purchase ~19% process Exclusive ~16% products SOURCE: McKinsey analysis on Digital Luxury Experience market survey 2012
  • 7. Exhibit 6 Almost three-quarter of respondents search for product comparison Respondents to the question “What are your key reasons to search online?” Total respondents: 2,500 in 5 countries Compare 72% products Search for specific 57% products See product 54% range SOURCE: McKinsey analysis on Digital Luxury Experience market research 2012
  • 8. Exhibit 7 In the same product category companies reach different digital performances based on their online-ability index Digital sales1 index 1 Hospitality 0.75 0.60 0.45 Fashion 0.30 0.15 0 1 2 3 4 5 Online-ability index 1 E-commerce + directly generated sales SOURCE: McKinsey analysis on Altagamma questionnaire; expert interviews; company reports
  • 9. Exhibit 8 There is a strong correlation between digital sales and investments Indexed numbers Best performer vs market average Digital impact1 3 Digital x4 organization Digital marketing & x 1.5 sales spending 1 Digital x2 touch points Market Best average performer 1 Digital impact defined as e-commerce + in-store sales directly generated by online decisions SOURCE: McKinsey analysis on Altagamma questionnaire; expert interviews; company reports