Robert Clergerie Has a New Owner: Sources
09/07/2020
Swiss private equity fund French Legacy Group is taking on the storied shoemaker.
It is understood London-based Savigny Partners advised Fung and Loubier in the transaction.
Read moreAuthor Archives: sowen
For Luxury, an Acceleration of the Inevitable
10/04/2020
“Travelling shoppers will take significantly longer to return,” said Pierre Mallevays, founder and managing partner of Savigny Partners LLP, a mergers and acquisitions advisory firm focusing on luxury brands and retail. “This means travel retail and tourist-dependent stores will continue to suffer into 2021.”
Read more2020’s Top M&A Targets in Luxury
02/03/2020
“Brands that require investment to prove their growth potential or to establish profitability will face a reduced pool of investors and will find it harder to meet valuation expectations,” said Pierre Mallevays, founder and managing partner of financial advisory firm Savigny Partners LLP.
Read moreIn Luxury, Size Matters
08/01/2020
LVMH’s Tiffany deal reinforces the call for scale.
“The strong performance of the sector masks different realities,” said Pierre Mallevays, managing partner of Savigny Partners.
“Big luxury groups and digitally agile brands are doing very well whilst more traditional, middle market brands continue to struggle,” he added.
Read more
Who Are Q3’s Luxury Leaders?
14/11/2018
Pierre Mallevays, managing partner of Savigny Partners — an investment firm working in the luxury sector — believes that for now, there is little cause for concern. “Unless there is a major geopolitical showdown between superpowers, China will continue to be the engine of growth of the luxury good sector for the next decade,” he believes.
October’s monthly Savigny Luxury Index (SLI) — a general market index published by Savigny Partners which tracks patterns across the sector — reported its biggest fall since August 2015: a decline of 11 percent.
Read moreVersace sale turns up heat on fashion’s independent outliers
25/09/2018
“Of course there are synergies, and the bigger the group the more bargaining power with suppliers and landlords for example,” said Ludovic Grandchamp of Savigny Partners, an advisory firm focused on the retail sector.
Read moreCharles James Brand Rights Up for Sale
07/09/2018
“Charles James was the first designer to truly elevate American fashion. He is on a par with the best European designers like Christian Dior or Paul Poiret or later Yves Saint Laurent,” said Pierre Mallevays
Read moreFarfetch IPO Highlights Strength of Marketplace Model
21/08/2018
Ludovic Grandchamp, partner at Savigny Partners, spoke of Farfetch as “the king of the luxury goods marketplace” and said that with 2.3 million consumers, the IPO is bound to be a big success.
Read moreHow to Sell a Designer Name
18/03/2018
“If you have a super ‘hot’ designer being very successful, you will get higher monetary [benefits] and exit plans,” said Pierre Mallevays, founder and managing partner of Savigny Partners LLP.
Read moreAcne Studios Gears Up for a Sale, Adding Fuel to M&A Fire
14/03/2018
“The market is being hugely disrupted as consumers call for cleaner and greener products, while accusing their longtime suppliers of poisoning them,” said Ludovic Grandchamp, partner at Savigny Partners, the boutique M&A firm based in London. “This creates opportunities for emerging companies with fund-raising and acquisitions on the horizon.”
Read moreLanvin Owner to Inject Fresh Funds Amid Reports of Financial Woes
07/11/2017
Following his appointment, minority shareholder Ralph Bartel and investment banker Pierre Mallevays of Savigny Partners, both board members, submitted letters of resignation to disassociate themselves from Wang’s decisions and governance.
Read moreLuxury sector gets boost from LVMH sales beat
20/10/2017
The Savigny Luxury Index, which tracks retailers including Prada and LVMH, rose by 2.8 per cent
in September, offering a further indication of the recovery of the sector. The index was boosted over
the month by the 13.3 per cent rise in the market capitalisation of Michael Kors.
Read more
How To Sell a Fashion Brand
09/10/2017
After all, equity is expensive. “Once love money from friends and family is exhausted, it’s tempting to want to reach to investors for the next step,” says Pierre Mallevays, founder and managing partner of Savigny Partners, a London-based corporate finance advisory firm focused on retail and luxury goods. Past clients include Nicholas Kirkwood, which sold a majority stake to LVMH in September 2013. “But it’s important to have a plan for which the money will be put to use.
Read moreOn Mulberry and Burberry’s route to recovery
07/09/2017
It feels like a British brand again,’ says Pierre Mallevays, managing partner of boutique investment banking firm Savigny Partners. ‘Mulberry is now doing exactly what is needed… re-establishing the range at the more affordable price points the British customer loved Mulberry for.’
Read moreWWD What to Watch: Fight Club: Fashion, Luxury E-commerce Sites Compete for Market Share.
23/08/2017
“They are retailers, and do the same job as Harrods or Galeries Lafayette, but they are born online with a perfect understanding of digital tools. As pure players where the growth lies, they have a strong edge,” said Ludovic Grandchamp, partner at Savigny Partners, the boutique M&A firm based in London.
Read moreSavigny Partners Newsletter
03/01/2017
SLI Year in Review – A Bare-Knuckle Ride
Savigny Luxury Index 2016 performance
The SLI’s roller-coaster ride was largely driven by the unwieldy combination of political upheavals and what seemed like lofty valuations in the face of uncertain growth prospects.
Shifting Political Sands
From the passive aggressive “battle” of Brexit vs Remain on the river Thames to Trump’s downright aggressive rallies, Western democracy has morphed into a telenovela with more unexpected twists and turns than the Nürburgring.
Read morePIERRE MALLEVAYS INTERVIEWED IN NATAN DOCUMENTARY
23/11/2016
The Belgian house Natan have donated one of their creations to the ModeMuseum in Antwerp. For the occasion, the museum has made a documentary about the process of designing and making the dress in its entirety. The film describes the successive stages of creation, from the birth of the idea to shooting on mannequin, through the first sketch and to the various fittings in the workshop. It is supplemented by interviews with Kaat Debo (Director of MoMu), Christian Salez (Addition Ltd London and Director of Natan) and Pierre Mallevays (Managing Partner of Savigny Partners LLP)
Read moreFARFETCH NABS WWD HONOR FOR BEST PERFORMING COMPANY WITH SMALL MARKET CAP
15/11/2016
“Farfetch is the leader in the category and you always pay a premium for a market leader,” says Ludovic Grandchamp, partner at the boutique M&A firm Savigny Partners. “Businesses like these are so hot, and growth is strong and quick.”
“When you are valuing a business like that, what you are valuing is potential,” said Grandchamp, adding “the universe of stores that Farfetch could potentially tap into is enormous.”
AMAZON ET SA STRATÉGIE POUR DEVENIR LE GÉANT DE LA MODE
05/10/2016
“À court terme, difficile d’imaginer Amazon concurrencer sérieusement le marché de la fast fashion, analyse Pierre Mallevays, managing partner de Savigny Partners LLP. Le risque porte plus sur les marques proposant des basiques – Gap, par exemple.”
Read more
Market Pulse / Bottoms up
23/08/2016
Investors breathed a sigh of relief as first half results were by and large better than expected
The Savigny Luxury index (“SLI”) staged a relief rally this month, gaining over 7 percent whilst the MSCI World Index (“MSCI”) gained almost 4 percent. Better-than-expected first half results took some of the sting out of the sector’s most severe correction in seven years.
Read moreSavigny Partners mandated to advise Charles James on strategic options
24/06/2016
“The interest, but also the difficulty, of reviving a ‘sleeping beauty’ lies in the limitless scope of possibilities”
Read morePaul Poiret Trademarks Acquired By Shinsegae International
10/08/2015
“They want to reinvent the DNA and make it relevant to today” Pierre Mallevays said
Read moreSavigny Partners Newsletter
24/02/2015
Sector review
The Savigny Luxury Index lurched from crisis to crisis throughout the year, ending up bruised but not battered at the same level as the beginning of 2014. This was in sharp contrast to the MSCI World Index (‘MSCI’), which gained 16 percent over 2014. It has been a tough year for the luxury sector, which has been hammered by the slowdown of China, unrest in the Ukraine, protests in Hong Kong and currency headwinds.
Read moreIt’s Only Money: Financing an Independent Fashion Brand
17/11/2014
“Remaining independent limits the pace of development and ultimately how far it can go”
Read moreIndia is an important market for tomorrow : Pierre Mallevays
07/11/2014
There are no global Indian retailers. And although India has a rich heritage of textiles, leather and embroidery, there are no global or well known Indian brands, says Pierre Mallevays.
Read moreWhy India Matters
7/11/14
“The new government’s approach has energised a number of companies, including multi-brand retailers and international retailers…” , Pierre Mallevays says.
Read morePaul Poiret paused for brand revival
28/10/2014
“The unusual side here is that the process is meant to allow the successful bidder to relaunch and develop the brand as a business. This is not for collectors.”
Read moreSavigny Partners Newsletter
04/02/2014
Opening to Cosmetics
We revisited our SLI to decide whether or not to include some cosmetics companies, a sector which we had largely ignored in previous years on the grounds that the category was essentially sold wholesale and was prone to discounting. We looked at a number of beauty groups but only three really stood out in terms of size and focus: L’Oréal, Coty and Estée Lauder.
Read moreM&A World Chasing Fashion Brands
30/12/2013
“The rise and success of the contemporary category has been the defining trend of the last decade, with brands ranging from the creatively respected — Acne Studios, Alexander Wang, Isabel Marant — to the superbly well merchandised, like Tory Burch”.
Read moreLe Monde en 3D
04/11/2013
L’intérêt réel de cette technique ne résidera pas tant dans la reproduction d’objets que dans l’invention de nouveaux matériaux, assure Pierre Mallevays […]
Read moreAngela Ahrendts leaves Burberry for Apple, Christopher Bailey to take over
15/10/2013
“One of the key challenges for the group going forward will be to keep a harmonious balance between the luxury side and the more affordable part of the business,” Pierre Mallevays said.
Read moreDissecting Fashion’s Deal Frenzy
18/07/2013
“IPOs versus straight sales is a question of shareholder expectations and growth path,” Pierre Mallevays, managing partner of London-based Savigny Partners, a corporate finance advisory firm.
Read moreM&A Activity Soars in Jewelry, Fashion
28/05/2013
Mallevays pointed out that “everyone seems fascinated by the development success of the contemporary category,” alluding to such fast-growing brands as Acne, Rag & Bone and Isabel Marant
Read moreThe Next Wave: Big Money, Young Talent
15/04/2013
“These companies are nicely profitable from early on. This makes it possible for the big groups to get involved even at an early stage without having to micromanage them.”
Read moreComing Soon: The Glamorous Fashion Brands You’ve Never Heard Of
20/03/2013
“We’re selling you a dream in a way,” Mallevays says about packaging old labels for sale. “Sleeping Beauties can be hugely attractive for the right group—the right brand can get up to scale very quickly and successfully.”
Read moreSavigny Partners Newsletter
13/02/2013
Sector Review
Wrestlemania
2012 was the arena of a fierce wrestling match between largely positive corporate results and hesitant economic news. A nail-biting five rounds were fought over which no clear winner was declared until the last round: the SLI won three rounds to two, rising 24 percent over the year, outperforming the MSCI by almost 12 percentage points.
Read moreDissecting the PPR rumour mill
29/11/2012
And building a business in today’s climate, as Pierre Mallevays said, requires so much investment, circumstances mitigate against it (unless, apparently, you’re Qatari).
Read moreNicolas Ghesquiere Might Not Get His Own Line After All
26/11/2012
“I don’t see private equity or hedge funds backing (a Ghesquière) brand, because of time horizon and fashion risk,” said Pierre Mallevays of the London investment bank Savigny Partners.
Read moreWhat’s Next for Nicolas Ghesquière?
“Major fashion talents can truly have a transformational impact on brands,” Pierre Mallevays continued, citing as examples Alber Elbaz and Phoebe Philo, who respectively catapulted Lanvin and Celine to critical and commercial success.
Read moreWhat’s next for fashion flash-sale sites?
19/07/2012
With contributions from Ceci Guicciardi, Brand & Commercial
A recession-proof proposition
The emergence of members-only, online flash-sale discounters in the early 2000’s leveraged the traditional need for luxury and premium brands to discretely dispose of excess stock, by capitalising on the opportunities presented by a fledgling e-commerce landscape. The business model was based on a simple proposition: to make high-end goods available at rock-bottom prices online, in an innovative digital declension of the traditional designer end-of-season sample sale.
Read moreSavigny Partners Newsletter
What’s next for fashion flash-sale sites?
With contributions from Ceci Guicciardi, Brand & Commercial
A recession-proof proposition
The emergence of members-only, online flash-sale discounters in the early 2000’s leveraged the traditional need for luxury and premium brands to discretely dispose of excess stock, by capitalising on the opportunities presented by a fledgling e-commerce landscape. The business model was based on a simple proposition: to make high-end goods available at rock-bottom prices online, in an innovative digital declension of the traditional designer end-of-season sample sale.
Read moreHow world’s small luxury firms are surviving downturn
25/06/2012
“You cannot have a China-only market. For your brand to be credible, the travelling Chinese will expect to see your stores in Paris, Milan or New York.”
Read moreArnaud de Lummen: Fashion’s Brand Reviver
02/05/2012
Pierre Mallevays, managing partner at London-based Savigny Partners LLP, which is advising Luvanis in its brand-revival model and was involved with both the Vionnet and Moynat deals, said dormant brands could be of interest to multiple players, except private equity.
Read moreThe Global M&A Scene: Steady Deal Flow Expected in 2012
13/03/2012
Pierre Mallevays, managing partner of Savigny Partners said “There is a lot of appetite for deals, particularly from China, but often with a very narrow scope and specific requirements.”
Read moreSavigny Partners Newsletter
27/01/2012
A tale of two halves
The Savigny Luxury Index (‘SLI’) outperformed the MSCI World Index (‘MSCI’) by 16 percentage points despite a string of severe beatings over the year. It gained close to 8% over the year, relative to a decline of almost 8% for the MSCI. Stripping out the effects of the Prada IPO in June, which mechanically boosted our index through the introduction of a large number of new shares, the SLI still ended the year up 3%.
Read moreHermès fashion house now valued higher than Société Générale
02/09/2011
Pierre Mallevays, a former head of M&A at LVMH, who now runs boutique advisory firm Savigny Partners, says much of Hermès’s current success is down to the “brand vision” of Jean-Louis Dumas who took the helm in the late 70s.
Read moreSavigny Partners Newsletter
11/07/2011
Burberry: from plough horse to thoroughbred?
14 years ago, Burberry was all but put out to pasture, suffering from a dusty image and its logo being pasted on cake tins, doilies and aprons. Rose-Marie Bravo was put in the saddle and took Burberry for a ride down Chav lane to the gates of the luxury racecourse. Despite doing a great job in fixing Burberry over her 9-year tenure, setting the foundations for her successor and consistently beating market expectations, the jury was still out as to whether Burberry could ever become a thoroughbred luxury brand.
Read moreBurberry: from plough horse to thoroughbred?
01/07/2011
14 years ago, Burberry was all but put out to pasture, suffering from a dusty image and its logo being pasted on cake tins, doilies and aprons. Rose-Marie Bravo was put in the saddle and took Burberry for a ride down Chav lane to the gates of the luxury racecourse. Despite doing a great job in fixing Burberry over her 9-year tenure, setting the foundations for her successor and consistently beating market expectations, the jury was still out as to whether Burberry could ever become a thoroughbred luxury brand.
Read moreMilan Models Eclipsed by M&A Chatter as Prada Deal Sets Stage
17/06/2011
A lack of scale or expertise limits smaller companies’ ability to build brand recognition and tap demand in Asia and may lead some to seek alternative paths to growth, said Pierre Mallevays […]
Read more
William Plane
16/05/2011
William joined Savigny Partners in 2006. William comes from an investment banking background, having spent nine years in UBS Warburg’s corporate finance department. In 1999 he set up UBS Warburg’s global luxury goods team and led it until his departure at the end of 2002.
During his three years as head of luxury goods investment banking William was involved in a number of mandates, notably:
- The sale of Jaeger-Lecoultre, IWC Schaffhausen and Lange & Söehne to Richemont for CHF3.2bn in 2000
- Advising Gucci on the corporate governance and valuation issues surrounding its 1999 capital increase to PPR in the context of its litigation with LVMH in 2001
- The sale of Dorotheum, the world’s 6th largest auction house, to a consortium of investors in 2001
- The IPO of Burberry in 2002
- The placing of Goldman Sachs equity stake in Ralph Lauren in 2002
- Advising Selfridges on the market-related aspects of the redevelopment of their Oxford Street site in 2000
Pierre Cardin says ready to sell business for 1 billion euros
03/05/2011
[…] Pierre Mallevays said: “A brand like Cardin does not increase (in value) like a normal brand because it is entirely based on licence revenues.”
Read morePierre Cardin Ready to Sell His Overstretched Label
02/05/2011
Pierre Mallevays, a former LVMH executive who founded the boutique investment advisory Savigny Partners, says it could be worth about four times sales, but it’s not clear how much sales are.
Read moreSo who will take over from Galliano?
14/03/2011
Pierre Mallevays […]: “There is no other industry where the pressure is so prevalent and relentless – not just for the show but most importantly for the multiple seasonal deliveries. ” […]
Read moreSaved by the BRICs
24/03/14
Pierre Mallevays […] says: “During the crisis, all the big luxury groups were heavily restructuring. […] Now, they’re in the happy situation of having a lean cost base while sales go through the roof.”
Read moreThe business of fashion
28/01/2011
[…] The way to go for apparel brands, said William Plane, is to reduce seasonality, in other words to come up with up to six collections a year, including pre-collections and inter-seasonal collections.
Read moreDissecting the LVMH Strategy
01/12/2010
“You simply have more and more people that are less involved in the business, and who might prefer to have cash rather than illiquid shares,” Mallevays said. “The real danger is the danger from within.”
Read moreUngaro’s Giles Deacon a cool sartorial savior
24/10/2010
Pierre Mallevays […] noted that some luxury brands – Louis Vuitton, Hermès and Chanel, to name a few – have not only managed to withstand the downturn, but have actually increased market share in recent years.
Read moreThe substance of style
17/09/2009
“You can argue that there’s nothing as good as Vuitton in LVMH’s portfolio, but that simply states the fact that LV’s business model is the gold standard of luxury brands; no other brand in the world compares to it.”
Read more