SGAM_Vortrag_Lasnier de Lavette - FONDS professionell

Euro Appreciation – Potential but Limited Risk[ Luxury & Lifestyle Strategy ]The Euro currency appreciated against all currencies, especially USD. But the impact is limited because:77% of luxury sales are made outside US.Most luxury companies hedged against USD for 2008.Luxury companies have strong pricing power: they can easily increase their prices from 4% to 6% forcountries with small currency depreciation against Euro.TiffanyLVMHBurberryEscada GroupGucci DivisionRichemontHugo BossSwatch GroupHermesBulgariTod'sGiorgio ArmaniPrada GroupAverageWeighted AverageJanuary 08Société Générale Asset Management22