12November2018 GlobalEQUITIESInsideSection1:LuxuryMarketOverview 2Section2:KeyGlobalLuxuryThemes 8Section3:Valuation 23MichaelKorsHoldings 27Tapestry 59AnalystsMacquarieCapital(Europe)LimitedStephanieWakeham,CFA+442030371257stephanie.******@AndreasInderst,CFA+442030372629andreas.******@JennyChen+442030375242jenny.******@MacquarieCapital(USA)+**********laurent.******@CarolineLevy+**********caroline.******@WerlsonHwang,CFA+**********werlson.******@MacquarieCapitalLimitedLindaHuang,CFA+85239224068linda.******@HugoShen+862124129077hugo.******@MaziMacquarieSecurities(RF)(Pty)LtdFatimaLaher+@GlobalLuxuryGoodsTheBeastfromtheEastKeypointsêThe‘BeastfromtheEast’ofluxuryisthetopicdujourwithconcernsonmacroslowdown,tariffs,de-Ydepreciation.êInthisglobalreport,wefocusonfourkeyglobalthemesimpactingthesector:1)China,2)Tourism,3)Millennialsand4)ConciergeEconomy.êWeareinitiatingcoverageonKORS(OP,PT$75)andTPR(N,PT$49).LuxurySectorOverview:WithourteamsittinginLondonandNYandourpartnershipwithHKandSouthAfrican-basedanalysts,weprovideanin-depthanalysisoftheglobalpersonalluxurygoods(PLG)space–,%-singledigitrange,:ChinaandtheChineseConsumer:Atone-thirdofgloballuxuryspend,~15%YoYin’18,:’sglobalaviationteam’:Estimatedtorepresent~50%ofpersonalluxurygoodsspend,
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