ee ea PANCNS SCI Peery a I.T by H&MIntroductory review To many of us, clothes are one ofthe basic needs. Throughout history, hhow people dress can even reflect who they areand classify thelr social status, Followed by the Industral revolution in 18th century, the mass production of cloth has made the apparel industry becoming a mainstream industry, especialy in Europe and America. Today, ‘Apparel and textile are among the largest industry in the world. The slobal apparel market was valued at US$17 tilion in 2012.1 It is expected that the world menswear and women wear industry will exceed US$ 402 billion and USS 621 billion in 2014 respectively. In recent years, there isan increasing trend for Apparel Company to design and sell clothing, footwear and accessories to customers in department stores, concept stores and outlets with different brand ‘The aims ofthis report i to discuss the details of proposed acquisition OofLT Limited (7) by Hennes & Maurits AB (HEM). ZZ Acauiston Popol ot ry AL Except the purchase price for LT In Hong Kong, dollar (HKD), all, figures have been converted to Swedish Krona (SEK). The exchange rates presented in the table below are based on the current rate on the November 16,2013 ‘Buchange rates in SEK# EURO/SEK L117 USD/SEK 04087 HKD/SEK 11689 ITAcauslon rope oy HAL Table of content 4122 Ht Ves. 4123 6H Fence Vols. .28 121 ambit Firs WACE._28 See eee 4132 Vato of Combined Fr...20 21 Aeprel ids vv. 4123 Prete Percntag of Ss of Comin arpay..3 22 A Canpany rien 5 amgason Bose Vato. 32 eo leeee a 51 Troan Voters tt Rll 52Table Sonar Fonscons of Canpetors..24 2) ere ted eee 5.3 ration 61/8) an Primary Yoon 1.35 bol paeeme! ‘14 Conprcoof rating Prone amon Targets. 36 412 Nara Derafto 8 a3 Ingroenet of ReauresMlstin cee... 514 Bases Dpartiy Femat.1B 282 Sor Gs.18 Frac Peron T..20 A Eprine of Band Acustn BOtstng Magee. wa S515 alten ef U..38 8 Sn Test cis 38 1 et ruses Peat. A 714 Popes ct Oral Beef Sharblre. 2 ae 112th of Paya _42 322 ern Ctr Te Congen.21 ‘isonet ash ow als.22 4) of -WAE.28 AMLZUT strc Vaes..26 MLO LT Foren Ves 25 412) Yolo of HM WAE...26 113Potral eustin Prins opendces.‘Apparel industry is a traditional Industry which existed over few centuries, but the worlwide apparel and accessories markt Is stil ‘expected to expand ata compound annual growth rate (CAGR) of 486 2020.4 This 6 due to the emergence of new market in developing counties like China, Brazil and india. As these daveloping countries has achieved eeonomie success in recent years the increase ofneome level long with the purchasing power and consumption on apparel of consumers have realy surged that atracted many foreign apparel ‘brands to enter these markets. (See Appendix 1) ‘The Apparel Industry is segmented and highly competitive. Forthisreport, the focus will be the mid-price apparel market where H&M and LT HK position themselves. Players in this segment tend to offer just-style fashion and produce mass quantity of stocks in order to achieve economies of scale. However, the rising cost of goods has worsened the operation conditions such as wages pressure in supply countries lke China, Indonesia and Bangladesh, and mark-up of raw materials’ price. Besides, the fashion ele continued to fasten up that apparel retallers come up with the challenges of supply chain management and research HM and development (R&D) so as to prevent overstock and out-of Acquson Popol of LT season designs. Moreover, a series of economic factors could heavily influence the apparel industry. Internally, inflation, unemployment, and wages are highly associated with consumer spending. Customers prefer to purchase a higher quantity and more frequently in a good economy, but save the Income during bad times which directly affect the sale in focal ‘market. Externally international trade of apparel and related goods Is sensitive to business conditions such as tarif, interet rates risk as well as exchange risk Hence, the worldwide apparel industry Is dependent of ‘the general economic situation, ‘Currently, there are well-established major player in the industry such as Zara, H&M, Gap and Uniglo. There are still many niche stores that ‘would want to share the market. As described above, the emergence of new markets has even stirred up the keen competition tothe sector Many foreign large apparel companies want to open or consolidate thelr position in these markets, posing a threat to local apparel companies ‘Consequently, Apparel companies need to be highly exible, efficient to ‘adapt the fast-changing fashion trends inorder to survivein this industry.2.2 H&M Company Overview ‘Stories and ideas H&M has been growing internationally since it founded in Sweden in 1947.5 H&M's business concept isto offer fashion and quality at the best price. Quality, sustainability and trend awareness are also H&M's ‘main focus, The collection include a broad and varied fashion for women, men, teenagers and children, ranging from timeless classes and the latest trends which complete with shoes, accessories, cosmetice and home textile, The diversity in collection enable customers to mie v-match the garments in numerous ways and kept them in their wardrobe over several seasons, extending thelr fe cycle and thus increase sustainability Aenstion Prono ot HAL Production HAM is dedicated to ensure the best price by providing resources which can increase sustainability Instead of owning factories, H&M purchase products from over 800 Independent suppliers. Apart from sourcing products to the right market, H&M emphasizes on in-house design, no ‘middlemen, mass purchasing quantity, efficient logistics and cost- Resourceful supply-chain ‘management and long-sighted planning allow H&M to adapt changes in fast fashion cycle and customer expectations? consciousness at every single stage, 704 705 05 cu 708 08 700 78 00 018 Wansanedte | siemmade | istermedop | Mivocqres | Haiteres [Hine || Hone | cosqemndn | casein cwowath | ommeceoane | asmmcinind | tiescann | senmniy | steers || Members | Sieve || Sngtonane Cireatanon | “manne | “eronss” | “Vanmotg” | andrsicesd | enced mc || “cwsarSeen” | tment | oer Snsttee | Seemaamage | “comse’” | wero | Mooneseam | weamate || suitwgen || mieux caso | coop ts ‘estat | “taztwagh | ccmmorain || acmapsteay | "pugthon” | anaerraucy || Momcpeed || Nouopmesep || “sms ewes. |e ‘wom | “aatcon” | stmroioe | itrais || aio | comme | “ome oe ies ovat a teal >a Anna apart 2012‘The H&M group Originated as a single women's wear shop, H&M now possesses six unique fashion brands, H&M had acquired 60 percent and the remaining 40 percent of the shares of privately owned Faire Seandinavien AB, giving them access to Weekday, Monki and Cheap Monday In 2008 and 2010 respectively, COS and & other stories are ‘two brands under the H&M Group. Launched in 2007, COS (Collection (of Style) is positioned ata high-end market that associated with HEM's fast fasion offering while & other stories is specifically for women from garments, shoes, bags, accessories,° In 2004, H&M began to crossover with famous fashion brands such as Karl Lagerfeld, Versace, Lanvin and lately with Isabel Marant. Through giving customers high fashion products in a much reasonable price, M&Ms sales has surged {instantly and has made H&M moving Into one of the highest fashion market! ‘ AM soup COSTE ES MONKK & ott Strath H&M offers customers valuable shopping experience across 53. markets slobally with 3000 stores, as well as shopping online. Headquarter in Sweden, H&M opened the first store outside Sweden in 1964, Since then, HAM has continuously expanded ts market in Scandinavia, then in Europe and USA, In 2007, H&M entered Asian market for global expansion, establishing new stores in Shanghal and Hong Kong. Brands under the aM Group suchas Monki,COS and Cheap Monday also open stores across geographic ‘Stores and Market "nudist isi2.3.LT Company Overview ‘Stories and Mission [Tis aHong Kong based fashion conglomerate that founded in 1986, Originally, 1 acted.asa estributor of “hard to find” fashion brands in Hong, Kong Today T has developed a unique business model with mult-branés, ‘mult-ayers in order to specially tallor products to well-defined groups ‘of fashion lovers, In 2005, LT was listed on the Main Board of The Stock ‘exchenge of Hong Kong Limited. "Quality, "Focus" and "Foresight" have bbeen what LT insisted throughout history. LT aims to discover new talented designers and broaden the audience's attention of diferent fashion ren. Brands and Stores, LT pursuits a multi-channel approach that provides distinct multi-brand stores and single-brand shops. To even more dvesfy the mix, respected brands from ‘exclusively developed house brands. The diversification of brands isto 24p Bupiso4 ms. suoddoys Agus urtem f yveme 0} posn WED af 1 Se 400Y 39 ue WH Se 100 punoid ox Kg ‘Sales dysSey Hq Sudo paonoead 9q oste ues sators paesduy up ours om “rowonsn ye u2s2yp Bupoeme 0 p10 wy dope o eo pore mp puE UO SSHTUAT3.2.1 Financial Performance of LT. L's stock prices are decining in recent years, due to the low the Inventory turnover rate. ‘The overstock problems are continuous deteriorating, leading to the price cut, which worsen the profit margin year after year from 2010- 2013, The future prediction of L1s performances stil dim." Acqstion ropa oy AeA H&M now offer the deal synergy, which is 5411.586, ‘With the attractive deal synergy and premium itisbetter for to accept the merger condition and offer, which fosters the acquisition deal, —_— Year Turnover($m) BPS 2008 2733.3 1.05 2009 2996.0 1.28 2010 38344 154 2011 5741.6 1.86 2012 6543.1 2.08 0% | _____________, 2008 2009 201020112012,Le LT SuBUED oRNA Sioypo wey Jaynes WBH 40} Kuedutod [9S or J: a4. 305 2Ye}PU pos 5131 uontsinboe we J ssasansayp 40} sasea 9q pjnom sue pue aamya> onesedo sejuns ogy Mm ase suuy poreSuey pue Subse ayy ypoA ssaens vosueda open -sy9n0} wonysea pu | ‘saauno, uowseg "ew seD pues pune uo sprposd WN WF serv to omentoy -uuiy pauyguiose una oy wopDaup wai B40] oN se 19 seaumyno wonesodo ssoursng amp uo soziseyduo osyeanq‘Suoseo1 ue exepfepueuy ayy uo sasnoo {uo 70uuoRysInboe jyssanons Bog AORAMOS ORL JOINS TUBA ETE “ap ayy soyunopu9 0 41 am 4 BanoW pu yyoUag aansod © StL WRH Jo uonesado aig Sujureay Aq yoweseueW yo0Is puE ureyp Aiddns 5,1 aumonnsos pue apesddn oy yuouoseuew 11 doy ues wees auoweBeuew ppp Jo aouaqiadxe Buipueysino ayy ‘s9pIs0q “RH aun 01 SaBeUeApe ap ase eH p21 ato sonmigedes ppue ssaunosas ayy 1 sfem ayy pue aimyno sAuedwoo ‘my aftow pue ayexodsoou1 0} skem pue AFayens oxy ‘aduexo 104 onlopuiod puesg open ap ajpuey 01 a8papnody pue soamnosas yBnous asey 0} pasopIsue> 51 WH “Repuon deaqD pue TON ‘RepyaeM or ss922 BUI “ay uojarupuess o1igeg Jo uo nboe yo souapiadyo sed oun WRIAAcquistion Proposal or by HM 4.4.4 Valuation of LT - WAC asf canal ealuton inno Siweit Gast Atart ERT (a ot 28 Fob 20) 13a A 17% DEBT teres bearing bok debt bank borrwigs) me um Total em ve wae, “Teri Growth Rate ae m3 4 US 108 frage co ume sro hTERT Texepase emsss ORD mg Sb SH Texraa MOD0ES? OSHS MISHOENG | MISTSHTES | AGOSSOK. Cato dab ca ‘oom tres exe Tish bret coma atin nz Senn oe ihre as, ree yr bond) i iti it rium 108%: 41.1.2 LT Historical Values Carrancy (SHAD M) base hase 4 base-3 bse “2 base bese=0 Average 0) 208 , 20 ‘a m2 Tot Ss \sou78 m8 2738 gon aed 7460 ‘Sees rotate azz 035 on 1m 50 6 Ean 81 2808 33 53688 884 RTA Wot aes am 008 as a6 ou % less epreition mans ss mm ‘sama mn Depron of sales un i 0% 03 04 % BI prtig ae) musts 6s m7 6008 Ba Tatas uo 5 a ue uo i fe Tar a5 3850 270 30 om Text on 0m it om an mk Tenge aed ase 15588 a2 8855 oz as vest ape 43993 M56 ss 052 iat apex Solos 2% % cs mm im ama} les hg inet wring cata na547 5095 a2 200 18475 wc a ™ ca 0% a %: Action ops 119 HAM 44.1.3 LT - Forecasted Values eens Worker capt of sales) BST 884 aa ‘50856 base + taseo? base +3 base + base 8 (ash ow Preston 7 6 2 an 8 Sales growth rate ‘ue 0% AO ny 00% Sas 15685, S005 35 wena ‘5745 ‘ane TDA (of sl) msi ‘sas ‘e631 a8 ‘a0 7038 Dsrciin 3 of sls) 8 958 17385 soa 58 ams (of as) ma ne ss sae ‘50863 1188 Te (fH) wast 88 708 mss a1 8) Operating cashflow 78 es 3.28 ‘55058, ‘ag amass MsS53 2330581 AURIS A528 pasa 778477 TASHA PlelfeF ROSSA REED Tenia 59975585, Pheer ae ONBGRS Entre ale ‘881 Less Debt 1086 Eeuiy ona Sareestanding (26 romtie xalfe "Msi Vole er shire 240 Price per sore 580 tea 2/20 A Tov Sees grt wate, See Apenin Iaot ey unig eam are Mm sung oye ay ‘801 2008252 OPP uma supe sas sue esp yong Sse sn) 183) sa0ezre our ume may py wlan mR EW eso aS TG TIVM- WEH $9 UOHEN|ER [ZY fa.: 1g wnnioy WH seteaan aa aca one, ese uh oz, 38 8 se x orucs sacs near ose. ope ru __ rosa wuss owes) Srey ue (ews S28) 6} sap tonmsnsog owns ez ees 304 x0 va see OU mown we YES sean S95 mL ses 8) rowan Wg 810 doug on 980 a SAn|e A [ESOISIH WSH ONYTxpelly as ys red ops yy manes 69 Et Stare = Po ns mee one mses 64 Pa CEL a] Bua ew UnSRE LL Sane) pa}SeIaJo4 - WH Szry Wi 8 10 do wox0anboy ®aL sty gz es yn omy mh ee (pai ne sup. spe in ep Bangi sec) Ral $a wat WERBZE NOES may 83 lon JOVM PauquCD FET y Wf 90101 somenoyTxapntly Sapa sane ees aad a TESEL 918 sk ms yB0s wah STD WHE) eau SrzI6H ‘5068 saya, am sroue sca Eun esas, nai waz unis aa sg yoy w @ aw 6 58 sa ph) az a a od 07, 887 waz ‘az as wow, sms ete Be Ww aoe Pa Tao any fy ec SR ye sey ge ae AF a 5 Wl] PAUIGWIO’ 4O UOWEN|E) S°)'7 4.10 0044 wortnboy oeayo uaa gy nuteun ar co eg Soy 25 ore 51 5 Auedwios pauiquioy ayy Joy sajeg jo aBeyuaauay pawnssy WH 8 cus seingvoustoy 1(1102) Auedwiog pueyaquu paunboe uonesodsen sn *E (ot02) 9244 Auswey paxnbse uoneiodien Hag —-Z (0002) avedey ueruawy panmbse uoneiosien uonssnbay snoveepu3—“T -mojoq s9se9 uonsinbae aun a5n anh ‘onenap yo 2aifap wera 1} 2jgeydaave pue aaud ajgeuosea: ‘251 ang aoud pau aynjasge ayy JOU 51 UoRENeR <4 220B!51 58 uayer aq Auo pnous payeynje> sound pue sones ou ‘sBuuies ‘aumyny jo uonenoadia pue uonsesuen an spiemoy uDURUDs a4 paIDaYe {pty apo ssaussng yo s98es 1 1 pauaddoy osresuonzesuen 94) ‘}apow Bunesode pu suorenys euEUy URaYIP sey UORDeSUEN Y>eD uy panonu sopued ayn ous 1p 51 panseydwe 2q 01 sp90U Od U0 ‘sseue pue vosueduoo a 10} parenae> 2 ues ns 24s spuesa InQUIEP © S| YUM “| auNboe 01 pasodoud 5 ‘AvedNeD O-yBly asnoy-u sumo pue spuerg snowes jo [predde pu uowyses 86 © WH 11 A816 au Jo Uonenjen aun wss8 sed ay usase> uonsnboe pue J08sauryssaons ews wos axe 294L HOUT FO WOMEN WOES TTSed pimpoguy _woumedn aA ‘ioe BEND) SEI ‘aside Ste had oe Oo ySiz vumy ——_amowepve we (asm asa) ews _vausamud sevsmud vada 1s _ peH0 iiey sino. 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