Table of Contents
Executive summary ........................................................................... 3
A regional focus................................................................................. 8
Japan: cash cow, but structural margin pressure ........................ 12
Mainland China: for many but not for all ...................................... 26
Potential short term sector disruptions ........................................ 60
Valuation .......................................................................................... 63
Company pages ............................................................................... 71
Bulgari SpA .............................................................................................................................72
Burberry Group .......................................................................................................................74
Hermes ..................................................................................................................................76
Luxottica ................................................................................................................................78
LVMH.....................................................................................................................................80
PPR ........................................................................................................................................82
Richemont..............................................................................................................................84
Swatch Group .........................................................................................................................86
Tiffany & Co. ...........................................................................................................................88
TOD's Spa..............................................................................................................................90
Appendix A: Japan .......................................................................... 92
Appendix B: China ........................................................................... 94