Equity research - Capri Holdings Limited

Mestrado em FinançasComo projeto final do Mestrado em Finanças foi elaborado o presente relatório. Este, engloba uma avaliação do valor das ações com uma análise detalhada do grupo CAPRI Holdings Limited. A estrutura do relatório reflete as recomendações do instituto CFA e as normas do trabalho final de mestrado do ISEG. Em 2017, a Michael Kors adquiriu a Jimmy Choo e em 2018 a Versace dando assim origem ao grupo CAPRI. O preço-alvo é de $48,8 tendo sido alcançado através da avaliação pelo método Discounted Cash Flow e da avaliação pelos Múltiplos. A recomendação é reduzir estando sustentada em 5 fatores principais: a aquisição de uma empresa não cotada, a relutância do mercado de luxo e dos próprios consumidores em aceitar a união destas três marcas, a instabilidade do Reino Unido com a situação do Brexit, o aumento de impostos e a guerra comercial entre os Estados Unidos e a China. Os dados financeiros deste relatório reportam a 31 de março de 2019 não sendo qualquer evento posterior considerado.As a final project of ISEG's Master in Finance, it was elaborated this report that includes an valuation of shares value with a detailed analysis of CAPRI Holdings Limited group. The report structure follows the CFA Institute guidelines and ISEG's Master final work project standards. In 2017, Michael Kors acquired Jimmy Choo and Versace in 2018, originating CAPRI group. The target price of$ 48,8 was achieved using valuation method of Discounted Cash Flow and a relative valuation of Multiples. The recommendation is to reduce, supported by 5 main factors: acquisition of a non-public company, some market reluctance to accept the union of the three companies, UK instability due to Brexit situation, increase of duties and trade war between US and China. Financial data of this report is dated on March 31st, 2019. Any further event has not been considered.info:eu-repo/semantics/publishedVersio

Internationalisation Strategy of Iconic Malaysian High Fashion Brands

PurposeThe purpose of this paper is to explore the success factors behind four globally recognised Malaysian high fashion brands. The three main sub‐objectives are: to map the process of high fashion internationalisation onto the general retail internationalisation literature; to engage fashion within the more general marketing and branding literature; to open up a qualitative line of inquiry in internationalisation research, from an Asian business perspective.Design/methodology/approachThe research design is qualitative, using a case study approach. The paper reports part of a wider study that entailed 32 depth interviews with leading practitioners in four countries, in addition to secondary and informal data sources.FindingsThe chosen case studies achieved their international success through a high degree of cultural assimilation obtained within locations of intense industrial concentration. Knowledge of education, location, language, networks and management systems were important to sustain world class standards of creative design, branding, quality management and marketing communication. For many Asian fashion brands, recognition in key European and American markets enhances the domestic prestige of the brand.Research limitations/implicationsThe research generates contextualised insights that are not statistically generalisable.Practical implicationsThe study offers first hand insights into high fashion branding and retail internationalisation from four of the most celebrated Asian designers.Originality/valueThe study responds to a need, highlighted in the literature, for more research into the internationalisation strategies of high fashion retail brands.</jats:sec

Role of investment banks in the M&A process: internship at BNP paribas

This paper is based on an internship at the M&A team of BNP Paribas, and it aims to clarify the role of investment banks in mergers and acquisitions. It explains the organisation of this teams, and includes a detailed explication of the M&A process from the perspective of the investment bank. As valuation is a fundamental part of this process, an example is made on how to value a recent transaction, using different valuation methodologies. The report also contains a description of my personal experience during the internship

The Melody Lingers On: The Songs of Irving Berlin (May1-2, 2009)

Program for The Melody Lingers On: The Songs of Irving Berlin (May1-2, 2009)

Suunitterlun ja muotoilun suojaaminen muotiteollisuudessa- kaksipuolinen vertaileva analyysi ja argumentti Yhysvaltain ja Euroopan Unionin lainsäädännön harmonisaatiosta

This thesis aims to introduce the reader to the construct of the fashion industry, the historical relationship between fashion design and intellectual property (IP) frameworks, and future commercial benefits related to integrated legal legislation among international influencers such as the US and the EU. France and the UK's design legislation will be reviewed in addition to EU’s Member States protection under the Council Regulation on Community Design (EC) No 6/2002 and Directive 98/71/EC of the European Parliament and the Council on Legal Protections of Design. In comparison to Europe and its Member States, the US’s lax intellectual Property framework will be explored, with additional focus on failed attempts at Copyright legislation reform to include fashion through the Design Piracy Prohibition Act (DPPA) and Innovative Design and Prevention Act (IDPPA). Through thorough analysis, the author aims to establish the relevant need for design legislation within the US and outline the economic and commercial profit that harmonized protection will potentially bring to the industry on a global scale. Moreover, the author intends to shed light on potential new economic theories that may affect the current legal structure and hopefully push for modernization of both the fashion industry and the laws that aim to protect it. The first chapter’s main focus is to introduce the reader to the fashion industry, and define fashion design, fashion innovation, and outline the current hierarchical structure of the industry. Chapter two intends to provide historical context fashion has played within legal rhetoric and its introduction to IP frameworks. Chapter three will introduce the foundations of fast fashion through a business analysis of France and NYC during the interwar years. Furthermore, the first fashion lobbyist attempts will be explored, through the formation of The Fashion Originator’s Guild of America (FOGA), which would later inspire modern-day activist organizations such as the Council of Fashion Designers of America (CFDA) and American Apparel & Footwear Association(AAFA), which is explored in the final subchapter of Chapter three. Chapter four shall shed light on the influence of international treaties in regards to IP legislation and internationally trading countries. Moreover, the current complex issues related to lack of harmonization between the US and the EU will be exposed, and treaties that aim to provide relief to fashion’s international legal setbacks. Chapter five will introduce the US IP framework of the fashion industry, while also providing the current limitations traditional IP structure has when providing protections for the industry. Lastly, Chapter five will review modern attempts at copyright legislation, through the DPPA and IDPPA, which aimed at achieving a design law reform in the US for the fashion industry and provide a more inclusive legal structure. The fifth chapter shall be a comparative review and outline the lack of global immersion of a legal construct between the EU and the US and the potential global benefits the fashion industry shall gain from an international legal accord between the main markets related to this thesis Chapter six reviews current economic theories that have resulted from the US’s lax IP system, which includes the piracy paradox, and its controversial benefits to the fashion industry. Moreover, current economic theories such as circular economy will be highlighted as they may provide the change that fashion needs to open the grounds for design reform. Chapter seven outlines the European sector through the formation of domestic and EU legislation, and a highlighted look into Europe’s fashion capitals of France and the UK. Furthermore, EU regulatory law and directives will be defined, through the Council Regulation on Community Design (EC) No 6/2002 and Directive 98/71/EC of the European Parliament and the Council on Legal Protections of Design. This legal rhetoric will be explored through the scope of the fashion industry, and provide context to fashion’s benefits from design legislation in the European market. Chapter eight provides a final comparison of the two main fashion sectors, with a concluding argument highlighting the benefits of potential design reform in the US, as well as for the overall harmonization between the US and Europe