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P R E S E N T A T I O N The success factor Pisa, November 2009 - Highly Confidential. I M P O R T A N T I N F O R M A T I O N.

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P R E S E N T A T I O N

The success factor

Pisa, November 2009 - Highly Confidential


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I M P O R T A N T I N F O R M A T I O N

  • The information provided in this presentation is being furnished to you solely for your information on a confidential basis. Neither this document nor any copy thereof may be reproduced, redistributed or passed on, in whole or in part, to any other person. Neither this presentation nor any copy of it nor the information contained in it may be taken or transmitted into or distributed, directly or indirectly, in whole or in part, in the United States, Canada, Australia or Japan or distributed or otherwise made available to any resident hereof. The distribution of the content of this presentation in other jurisdictions may be restricted by law. Persons into whose possession the content of this presentation come should inform themselves about and observe any such restrictions. Any failure to comply with the restrictions set forth above may constitute a violation of applicable securities laws.

  • This document has been prepared by Piquadro S.p.A. (“Piquadro” or “Company” and, together with its subsidiaries and affiliates, the “Piquadro Group”) solely for use in this presentation to institutional investors. It may not be used for any other purpose. In particular, this document does not constitute or form part of any offer to sell or issue, or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any of Piquadro’s securities, nor shall it or any part of it, nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

  • This presentation does not purport to be comprehensive. The information, views and opinions expressed in this presentation are provided as of the date of this presentation and remain subject to final verification and change without notice. The content of this presentation is only intended for: (A) in the European Economic Area, persons who are “qualified investors” within the meaning of Article 2(1)(E) of the Prospectus Directive (Directive 2003/71/EC) (“Qualified Investors”), (B) in the United Kingdom, (i) persons having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (ii) Qualified Investors falling within Article 49(2)(a) to (d) of the Order to whom it may otherwise lawfully be communicated (all such persons referred to in (i) and (ii) together being “Relevant Persons”), and (C) in Italy, individuals or entities falling within the definition of qualified investors provided for by Article 100(A) of Legislative Decree 58 of 24 February 1998 and Article 25 and 31, para. 2, of Consob Regulation no. 11522 of 1998 and subsequent amendments. Any person in the U.K., Italy or in any other member state of the European Economic Area who does not fall within the foregoing categories should not act or rely on, or make any use of, the content of this presentation. Any investment or investment activity in connection with the proposed institutional offering will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire shares in the proposed institutional offering will be engaged in only with, persons who fall within the foregoing categories.

  • The Piquadro shares have not been and will not be registered under the applicable securities laws of any state or jurisdiction of Australia, Canada or Japan, and subject to certain exceptions, may not be offered or sold within Australia, Canada or Japan or to or for the benefit of any national, resident or citizen of Australia, Canada or Japan.

  • The Piquadro shares have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act") and may not be offered or sold in the U.S. except pursuant to an exemption from, or transaction not subject to, the registration requirements of the Securities Act.

  • The information in this presentation may include forward-looking statements and/or management estimations which are based on current expectations, beliefs and predictions about future events. These, if any, are subject to known and unknown risks, uncertainties and assumptions about the Piquadro Group and its investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events described in such forward-looking statements may not occur and any targets or projections may differ materially from actual results. None of Piquadro, its shareholders and affiliates, or any of their respective directors, officers, employees, advisers, agents or any other person undertakes to review or confirm any expectations or estimates or to publicly update or revise any such forward-looking statement.

  • By attending the presentation you agree to be bound by the foregoing restrictions. No copy of this document will be left behind at the conclusion of this presentation.

THE MANAGMENT


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A R A P I D P A T H T O S U C C E S S

2004/05-2008/09 CAGR: +28.1% (2)

1998-2003 CAGR: +26.1% (1)

Launch of Piquadro brand

SALES

EBITDA Margin

  • Strong top line growth: approx. 26% CAGR over the 1998-2008/09 period

  • Sustainable high profitability: EBITDA margin above 25% over the last four years;approx. 48% EBITDA CAGR over the 1998-2008/09 period (3); up 6.1% in 2008/09 vs 2007/08

  • Approx. 53% cash conversion in 2007/08, and 70% in 2008/09 (4).

  • Source: Company. Italian GAAP and unconsolidated data. Financial year ending 31 December

  • Consolidated data. IFRS for 2004/05 (pro-forma), 2005/06 (12 months pro-forma) 2006/07. 2007/08 and 2008/09 Financial year ending 31 March

  • Source: Company

  • Source: Company. Defined as (EBITDA – Capex (including leasing) - Changes in Working Capital)/EBITDA


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P R E M I U M / P E R F O R M A N C E

P O S I T I O N I N G

VALUE PROPOSITION

Performance

Fashion

Lifestyle

  • Clear distinction from competitors at comparable price level through commitment to innovation, design, high quality and ergonomic performance

  • Customer “community” recognized in brand values

Luxury

-

-

PRICE POSITIONING

Premium

Medium - Low

Source: Bain & Company, based on GIA, Euromonitor, CBI, ICON database


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B R A N D A W A R E N E S S (Elite research 2009 – Eurisko- GFK Group)

MARCHE DI BORSE CONOSCIUTE, POSSEDUTE E DESIDERATE

Base: totale campione – n=1000 (%)

5

DESIDERATE

POSSEDUTE

CONOSCIUTE

LOUIS VUITTON

LOUIS VUITTON

SAMSONITE

GUCCI

SAMSONITE

LOUIS VUITTON

SAMSONITE

GUCCI

GUCCI

PRADA

PRADA

PRADA

HERMES

MANDARINA DUCK

MANDARINA DUCK

TOD'S

CARTIER

FURLA

PIQUADRO

TOD'S

COCCINELLE

CARTIER

FENDI

PIQUADRO

FURLA

GIORGIO ARMANI

FENDI

HERMES

FENDI

GIORGIO ARMANI

COCCINELLE

HOGAN

TOD'S

PIQUADRO

COCCINELLE

DOLCE & GABBANA

BOTTEGA VENETA

CHANEL

HERMES

CHANEL

MONTBLANC

HOGAN

DOLCE & GABBANA

DOLCE & GABBANA

CHANEL

ARMANI

FURLA

CARTIER

TRUSSARDI

BOTTEGA VENETA

BOTTEGA VENETA

VALENTINO

MANDARINA DUCK

TRUSSARDI

MONTBLANC

BULGARI

MONTBLANC

HOGAN

TRUSSARDI

FERRE'

FERRE'

VALENTINO

VALENTINO

BULGARI

SALVATORE FERRAGAMO

SALVATORE FERRAGAMO

VERSACE

FERRE'

(DOM. H8, H9, H10)

YVES SAINT LAURENT

CHRISTIAN DIOR

VERSACE

CHRISTIAN DIOR

SALVATORE FERRAGAMO

YVES SAINT LAURENT


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B R A N D A W A R E N E S S (Elite research 2009 – Eurisko- GFK Group)

LE MARCHE DI BORSE IN TREND

Base: totale campione – n=1000 (%)

6

LOUIS VUITTON

PRADA

GUCCI

DESIDERATA

POSSEDUTA

TOD’S

PIQUADRO

POSSEDUTA

DESIDERATA


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F L E X I B L E A N D E F F I C I E N T

B U S I N E S S M O D E L

THE MANAGMENT

  • Internal product development and centralized procurement system.

  • Partly-outsourced production (70%) guaranteed by select, controlled third-party manufacturers (China, Taiwan, Hong Kong).

  • 30% in-house production through Chinese joint venture Unibest (approx. 11,000 sq.m. facility). More than 300 employees as at September 2009.

  • New outsourced logistic platform in Hong Kong to operate distribution in Far East and Middle East customers already implemented.

  • Opening franchisee shops and DOS soon profitable.

Efficient Procurement

Low Capex Requirement

Flexible Production

Lean Cost Structure

Retail development


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M A N U F A C T U R I N G : T H E F A C T O R Y

  • 40% in-house production through Chinese joint venture Unibest (approx. 11,000 sq.m. facility). More than 300 employees as at June 2009.

  • Partly-outsourced production (60%) guaranteed by select, controlled third-party manufacturers (Far East).


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T E S T I N G & Q U A L I T Y C O N T R O L

  • Tumble Test

  • Adhesion of Coating Tensile Seam Breaking

  • Veslik Test on Leather

  • Handle Jerk

  • Mileage Test

  • A unique Quality and Testing department in Europe Leather Industry.

  • More than ten control process both on raw material and finished product.


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I N T E R N A T I O N A L M U L T I – C H A N N E L

D I S T R I B U T I O N N E T W O R K

International Presence

  • Presence in approx. 50 countries with strategic mix of DOS and Wholesale channel (282 Piquadro stations and 32 shop-in-shops in leading department stores and multi-brand stores)

  • Growing mono-brand network of 66 stores (30 DOS, 36 franchised stores as at September 2009) in the most important cities worldwide. Design aspects conceptualized by Piquadro in accordance with brand identity.

  • Other approx. 1,600 multi-brand clients worldwide

  • On-line sales through company web site (a new one)

  • Expansion of presence in international markets

Retail

Frankfurt

Hong Kong, ifc mall

Milan


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R E T A I L

D O S & F R A N C H I S I N G S H O P S

As at 30 September 2009


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O R G A N I Z A T I O N C H A R T:

N U M B E R O F T H E E M P L O Y E E S

per Country location as at June 30th 2009



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G R O U P N E T I N C O M E E V O L U T I O N

Net Income: up 34.8% pa *

  • Net income impacted positively by Piquadro’s operating efficiency.

  • Low impact of interest expenses due to a great efficiency in financial relationship.

  • Effective tax rate approx. 36% benefited since 2008/2009 FY by new corporate tax law.

(€m)

(1)

Net Income

14.0%

14.5%

% of sales:

13.1% 14.9%

* 2005/06 - 2008/09 CAGR

  • 11 months as the Company was set-up on 2 May 2005 through a spin-off by Piqubo S.p.A. (previously Piquadro S.p.A.)


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L E A N C A P I T A L S T R U C T U R E

Total Capitalization

Net Debt/ Equity

0.6

2.3

0.9

1.4

IAS-IFRS

27.4

24.1

19.0

16.5

IAS-IFRS

Duration and Spread

  • 11 months for 2005/06 EBITDA

  • (2) Defined as Shareholders’ Equity + Net Debt + Minorities


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S H A R E H O L D E R S

  • Others non public shareholders are AXA, Kairos Investment, First Capital, CAAM, SGAM, Eurizon,, Fideuram, Deutsche Asset Management.

  • Piquadro has been awarded by Institutional Investor as Best Investor Relations –Third place –Nominated by the Buy Sidein Luxury Goods across the European Companies Study. First and Second place respectively to LVMH and Adidas.


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P R E S E N T A T I O N

L I S T I N G R A T I O N A L E

Pisa, November 2009 - Highly Confidential


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L I S T I N G R A T I O N A L E

International Growth

Increase of Visibility

Exit of PE Fund

Management Incentive


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L I S T I N G R A T I O N A L E

I N T E R N A T I O N A L G R O W T H & V I S I B I L I T Y

  • Listing helps to find strategic location in premium shopping malls worldwide;

  • Buyers from premium international department stores mindful on listed companies

  • Financial community as strategic targeted customer base

  • Worldwide visibility from listings on a major stock exchange


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L I S T I N G R A T I O N A L E

E X I T O F P E F U N D & M A N A G E M E N T I N C E N T I V E

  • A brief history of previous private equity fund investment;

  • Listing as a competitive way to exit a PE investment

  • Investment strategy non affected by financial issues

  • A way to reward founder and incentive management ( stock options)


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O F F E R K E Y T E R M S

Issuer

  • Piquadro S.p.A.

Selling Shareholder

  • Piquadro Holding S.p.A.

  • € 2.2 per share

  • Initial market capitalisation: € 110m

  • Total offering size (including greenshoe): € 38,5m

Price

  • Global offering in 2 tranches: ca. 10% Italian retail tranche and ca. 90% international tranche under Reg S

Offering

Structure

  • 100% secondary offer: 15,220,000 shares sold by Piquadro Holding S.p.A.

  • 2,280,000 shares (15% of global offering)

Greenshoe

  • Piquadro Holding S.p.A. (65%), Fidelity 6,9%, Egerton Capital Ltd. 5,1, Kairos 3,3% Axa 2% Cominvest 2% Free Float (15,7%)

Major Shareholders

  • Italian Stock Exchange - Expandi Segment – Class 1

Listing

  • Mediobanca acted as Sole Co-ordinator of the Global Public Offering, Listing Partner, Lead Manager, Specialist and Sole Bookrunner of the Institutional Placement

Syndicate

  • First day of trading: October 25th

  • 2007/2008 FS: June 18th

Key dates


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L I S T I N G:

A D V A N T A G E & D I S A D V A N T A G E

Advantage

  • Reliability

  • Comparability

Advantage

  • Financial Discipline

Advantage

  • Visibility

Advantage

  • Costs

Disadvantage

Disadvantage

  • Excessive bureaucracy

Disadvantage

  • Excessive bureaucracy

  • Excessive bureaucracy

Disadvantage

Syndicate

Key dates


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