looking back is the best basis for looking ahead
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Looking back is the best basis for …Looking ahead.
Long-term value shareholder value has 3 solid pillars
Mission and strategic choices
Solid implementation (‘last domino’)
Culture (‘Performance Ethics’ and ‘Conversation Company’)
Mission : “Shape the bodies and minds of women”
Channel strategy 2004-2013
4.800 customersSolid basics
420 customers Lingerie Styling
Own stores - R&P- Intimacy- Lincherie(incl. e-com)
I
II
IIIFranchising- R&P- Lincherie(incl. e-com)
IVRetailWholesaleImpact on eye and ear of the consumer.
Operational control
Road : “We follow and improve the fitting room”
‘Performance ethics’ is a culture that combines passion and results.
A company is a bridge of passionate people supporting 2 pillars : customers and shareholders.
There is a mutual duty in life.
Clarity works.
Principles of 4F : Focus Flexibility Fighting Spirit Fair Play
Self confidence builds ‘winning’
‘Winning’ builds self-confidence.
11
In a declining market, over 12 years VdV doubled turnover and ebitda and more than quadrupled shareholder value
Status 2003 (annual report)
Financial data - Turnover : 96,8 m€- Ebitda : 29,5 m€- Market Cap (Jan ‘04): 254m€ - Enterprise Value : 216,9m€
Key data- 3.000 independent customers - 2 brands- 3 own stores
Status 2015 (annual report)
Financial Data- Turnover : 207m€- Ebitda : 60,5m€- Market cap (Jan’16) : 847m€- Distributed dividends & share buy-
backs over that period : 315m€
Value creation in 11 years : 908 m€
Key data - 5.000 independent customers- 3 brands- 89 stores (franchised, 0&0, JV)
Turnover more than doubled at CAGR of over 6%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
50
100
150
200
250
94.6101.7
112.0123.0
130.3133.0
140.1
166.3
179.8 181.8 182.4195.6
206.7
14
Turnover growth breakdown ‘organic’ vs. ‘acquired’.
Turnover Acquired30
50
70
90
110
130
150
170
190
210
206.7
152.7
235
1313
VdV Intimacy DonkerR&P UK Andres Sarda
Ebitda more than doubled at CAGR of nearly 7%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
10
20
30
40
50
60
70
29.5
33.5
38.1
41.1
44.6 43.444.2
52.353.8
48.8 48.7
55.9
60.5
16
Ebitda growth breakdown as ‘organic’ vs. ‘acquired’.
Ebitda Acquired45
47
49
51
53
55
57
59
61
60.5
57.2
1.30.1 0.9
1
VdV Intimacy DonkerR&P UK Andres Sarda
Van de Velde created 908 million € shareholder value in 12 years, which is an IRR of nearly 15%
2004, Jan 1 2016, Jan 1
254
847
315
908 million €
Building blocks of our growth route
Organic growth initiatives
Brands PrimaDonna Twist. PrimaDonna Swim. Marie Jo Intense Optimise brand spending Pricing upside
Channel Improve and expand sales force. Develop value added services. Develop ‘Lingerie Styling’ program. Enter new countries. Launch e-com
Cost Close Hungary. Cost optimizations across system.
M&A activities
Acquire wholesale distribution (< 1m€) Switzerland importer. Agents in North America, Spain.
Acquire Andres Sarda (17m€)
Acquire Retail (35m€) Intimacy (USA) Lincherie, Donker (NL) Rigby & Peller (UK) JV Getz (Hongkong & China)
What about the next 12 years ?
Always think infinity.
We will continue to work on 3 levers; Brands to consumers. The concept of the fitting room. Supply chain improvements.
Culture (‘performance ethics’ and ‘conversation company’)
We serve a real and well identified need. We follow a clear route. The growth potential of both combined has no end.
Why do we exist ? - Every woman sees her breasts and figure as important in her self-experience of beauty and
femininity . - We enhance emotional and physical confidence for women by marketing lingerie and swimwear
that provides them more comfort and makes them feel more beautiful .
- We follow and improve the fitting room experience. By supporting specialty retailers and providing brands and concepts that improve consumer experience and loyalty. By developing the fitting room concepts of the future and coupling technologies, improved consumer service and product delivery systems that encourage consumers to discover the benefits of beauty (fit / style / fashion).
What is our strategic ambition ? - Today, we ‘only’ serve 0,1% of the female world population. Our limitations to growth are
constrained only by branding and distribution.
- Our strategic segmentation is ‘Trading Up’. We will only compete in environments with high brand aspirations, high service deliveries, high margins, high consumer experience and consumer loyalty.
20
With the consumer at the center, we build a system of brand aspiration and channel service so as to ensure life long loyalty (2013-2015)
21
Consumer
Marie Jo
PrimaDonna
Andres Sarda
Wholesale store
LS experience center
R&P franchisee
R&P store
LS home party
LS website
LS e-shop
LS new technologies
LS ‘disruptive models’
BRAND CHANNEL
Wholesale channel
Retail channel
Channels under development LS: Lingerie Styling
Important choices for the future.
No longer ‘retail’ vs. ‘wholesale’, but channel.
New interesting combinations are actively being tested.
Traditional retail is the ‘least attractive’ growth combination, expressed in ROCE.
International doors open in different ways (eg. USA, India, Poland …)
Strongly lead ‘big cup sizes’ in premium category.
Only ‘Trade up’.
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