second edition (2015) here

Transcription

second edition (2015) here
Second edition
Capitalmind Fabulous 40 - Consumer
Translation of survey published in RetailTrends (2015)
A gradually recovery for retail
Retail seems to have shed the misery of the crisis
BENELUX
FRANCE
NORDICS
We’ll have to wait a bit longer
for the economic spring
Which retailers increase their revenue in the economic downturn?
Those are the first 27 names in the Fabulous 40 Consumer. The top
very market sensitive. As soon as the
economy gets a little boost, staffing
agencies usually immediately see that
forty ranks Dutch retailers based on their revenue development in
reflected in their revenue.”
the years 2011, 2012 and 2013. Coolblue, as the largest grower this
New listings
year, dethrones BAS Groep. The number one is closely followed by
The new ranking sees an impressive
ten new listings. Two of them are re-
the formulas Jumbo/C1000 and Fonteyn.
markable: V&D (position 35) and Macintosh Retail Group (38). Both aren’t
exactly the example of fabulous re-
This year, three retailers directly en-
last year, only 27 retailers succeed to
tailing. “V&D has, over the measured
tered the top ten based on au-
realize revenue growth in this edition.
years, dealt with excessive fixed costs
tonomous growth. An encouraging
“We also compose a ranking like this in
and generated too little cash”, Anne
signal that for the retail sector too,
other sectors, like the industrials and
Jansen, associate at Capitalmind, re-
better times have come. “In the years
the staffing sector. In these two sec-
acts. “Even though they generate rev-
2011 to 2013, the retail sector did not
tors all forty companies have a posi-
enue, bottom line, things are going
yet see much of the economic recov-
tive revenue development over the
badly. That is why V&D currently
makes an effort to improve the cost-
ery”, says Bart Jonkman, managing
measured years”, Jonkman says. The
partner at corporate finance advisory
retail branch can, according to him,
efficiency.” Furthermore, in the years
firm Capitalmind, which composed the
take an example from these two sec-
2011-2013, no less than thirty million
list for the second time now. Just like
tors. “Especially the staffing sector is
euros of revenue evaporated at V&D,
Jonkman knows. “At Macintosh, the
Three organic growers in top 5
revenue loss in that period is even 53
With the ranking of the forty best performing Dutch retailers based on their revenue development, the
million euros. If the cost level is too-
achievements have to be viewed in perspective. It is a list based on the revenue development in percentage,
high, you can’t keep that up.” Through
measured over multiple years. Fact is, only 27 of the forty retailers have gone through a positive revenue
intervention, these companies survive
development in the measured years 2011, 2012 and 2013. But of the sixteen retailers that went down in the
for now. A blessing many other retail-
ranking compared to the last list, ten belong to the select company of 27 retailers with a growing revenue.
ers didn’t have, according to him. “Es-
On the other side, twelve retailers in the second edition of the Fabulous 40 went up in comparison to last year’s
pecially in consumer electronics,
list. Three of those actually saw their revenue fall. Their improved position on the list is therefore relative.
many retailers have fallen.”
Alongside the twelve risers, the sixteen sinkers and two retailers that kept their place, ten new entrants
made the list, of which three entered into the top ten. Remarkably is that the three new entrants – Suitsupply,
Even more surprising is the fact that
Ledema and Hunkemöller – have grown their revenue on an organic basis.
the number one on the list – Coolblue
Finally, certain names you would expect on this list are missing. Two surprising absentees are HEMA and
– is active in the consumer electronics
Action, who both have not submitted all their financial statements yet (at time of writing). Capitalmind
sector. Is this because Coolblue is al-
emphasizes it only works with publicly available and officially submitted information. Hence, there is a good
most completely a pure online player?
chance both retailers will make the list next year.
And speaking of online: that other
pure online player RFS Holland Holding has fallen in the rankings. The
Rituals seems to have
for now. Top executive Ronald van der
Mark revealed in Retailtrends of Jan-
company behind Wehkamp.nl drops
considerably in the list from position
the brand proposition
uary this year that Action has online
ambitions, but how and when is still
nine to eighteen. “Consumer electronics is a sector in which a lot of on-
and back office in order
unknown. The differences in positioning and operation between Action and
line orientation and transaction takes
place already”, Jansen proposes. On-
channel propositions, since increas-
Rituals could almost not be bigger, but
line represents over twenty percent
ingly more retailers choose for the
there is one similarity: they both have
of the transactions, and that is a high
combination of online and offline.
impressive growth numbers and they
percentage compared to other sec-
“When you look at how the youngest
both grow autonomously. Action
tors, she puts forward as the reason
generations grow up as digital natives,
grows by rapidly opening stores in the
for Coolblue’s high position. With
you know that a retailer without online
Netherlands, Belgium, Germany and
France. In 2011, Action recorded a rev-
Wehkamp.nl RFS Holland Holding has
presence has no right to exist in the
an online warehouse with relatively
future. Many consumers choose for
enue of 718 million euros with 269
much fashion, in which physical stores
online because it is efficient. But also
stores. In 2013, the company had 408
are still important. “Consumers still
the retail real estate vacancy doesn’t
branches and the revenue was almost
at 1.2 billion. And at this moment, the
find it more pleasant to see and fit
make city centers any more attractive.
shoes and clothes, before they decide
And that again stimulates online pur-
discounter with 532 stores has sur-
to make a purchase. That is why RFS
chases”, says Jansen.
passed the one and a half billion mark.
Action is missing in this edition of the
drops in the list as a pure player.”
Coolblue and RFS are, like last year,
Omni-channel growth
the only pure online players in the Fab-
A very successful omni-channel re-
ulous 40 Consumer. Where is the ex-
tailer
to
complete financial statements – from
pected rise of online? According to
Jonkman. “They really pop out, also in
January 1st until December 31st – were
the researchers, the influence of on-
this edition and they do very well with
submitted to the Chamber of Com-
line will strongly manifest in omni-
their revenue growth of more than
merce (see frame ‘relative revenue
thirty percent”, he says. A
growth’). “In the financial statements
high growth percentage
of 2012 a recalculation of the revenue
is
Rituals,
according
Fabulous 40 because it changed its financial year in 2011. Over 2011, no
that they realize on an au-
from 2011 can be found, if the financial
tonomous basis. “Rituals
year would run till December 2011”,
seems to have the brand
says Jansen. Because the numbers
proposition and back of-
have not been officially submitted, the
fice in order. If you look at
company is not included in the list,
where they were five
which would have been at the 6th
years ago, and where they
place if it was included.
are now, the growth is un-
Bart Jonkman and Anne Jansen, Capitalmind
doubtedly impressive.”
Decliners
Rituals grows omni-chan-
The number one of last year – BAS
nel. Action, on the con-
Groep – drops to position 21 in this
trary, only grows offline –
year’s edition. That is a place within
Capitalmind Fabulous 40 - Consumer
Rank Rank Company
2015 2014
Formulas
1
2
3
4
5
6
4
2
6
3
-
Coolblue Holding B.V.
Jumbo Groep Holding B.V.
U.R. Nieland Beheer B.V.
Suit Supply B.V.
Rituals Cosmetics Enterprise B.V.
Ledema B.V.
7
12
8
7
9
10
11
11
10
12
-
13
14
15
16
17
18
14
8
16
13
19
9
19
20
21
22
29
1
-
23
24
25
26
27
21
24
18
40
15
28
5
29
32
30
31
32
17
36
Coolblue
Jumbo, C1000
Fonteyn
Suit Supply
Rituals
Leon Martens Juwelier,
Schaap en Citroen
Euretco Holding B.V.
a.o. Decorette, Intersport,
Jambelle
P-Hold B.V.
a.o. Paradigit, Computerland,
NoRRod.nl
Hunkemoller International B.V.
Hunkemöller
Coop Nederland U.A.
Coop
Boon Beheer B.V.
MCD, Boon's Markt,
De Boerenschuur
Grandvision N.V.
a.o. Eye Wish Opticiens,
Pearle, Vision Express
Koninklijke Ahold N.V.
a.o. Albert Heijn, Bol.Com, Etos
FTH Groep Holding B.V.
Babypark, Kids Factory
Watertoren Hazerswoude B.V.
Hoogvliet
Nelson Schoenen B.V.
a.o. Nelson, Hobb's, Schoemixx.nl
B.V. Beheer Jan Linders Supermrktn. Jan Linders
RFS Holland Holding B.V.
a.o. Wehkamp.nl, Create2Fit,
Fonq.nl
Zeeman Groep B.V.
Zeeman
J.O.G. Group B.V.
Jeans Centre
B.A.S. Holding B.V.
a.o. Dixons, Icentre, Mycom
A-C Holding B.V.
Ranzijn Tuin & Dier,
Vomar Voordeelmarkt
ZBF Bedding B.V.
Swiss Sense
Ondernemerscoop. De Sperwer U.A. Plus
Poiesz Beheer B.V.
Poiesz
Coltex Retail Group B.V.
Didi, Superstar, Steps
Foppen Holding B.V.
a.o. Scheer & Foppen,
Bobshop.nl, Modern.nl
United Holding B.V.
Electro World, Euronics,
Witgoed Specialist
Detailresult Groep N.V.
a.o. Dirk, Dekamarkt,
Dirck III Slijterijen
Paagman Den Haag B.V.
Paagman
The Sting B.V.
The Sting
Maxeda DIY B.V.
a.o. Brico, Formido, Praxis
33
34
37
27
Maxwell Holding B.V.
Schuurman Groep B.V.
35
36
37
35
23
V&D Group Holding B.V.
DKG Holding B.V.
Holding Zias B.V.
38
39
40
28
-
Macintosh Retail Group N.V.
Spar Holding B.V.****
Ardenberg B.V.
Maxwell
Schuurman Schoenen,
Intersport Schuurman
V&D, La Place
Bruynzeel Keukens
Ziengs, Brandstores
van Ecco, Tamaris
a.o. Dolcis, Invito, Kwantum
Spar, Attent
a.o. Dr. Adam's, Van Dalen,
Bitter, Jan Jansen Dicapolavori
Total
turnover
2013
in mln. €
Total
turnover
2012
in mln. €
Total
turnover
2011
in mln. €
CAGR
20112013
M&A
activities
243.344
5.720.565
23.011
90.353
148.170
164.795
5.681.723
16.110
68.864
113.022
111.109
2.678.797
11.589
51.317
85.535
47,99%
46,13%
40,91%
32,69%
31,62%
54.820
45.158
35.679 23,95%
922.385
841.747
725.121 12,78%
✔
142.425
272.420
832.481
140.664
251.848
778.821
115.688 10,96%
235.084 7,65%
740.099 6,06%
✔
214.749
209.173
193.546
5,34%
2.620.180 2.518.410
32.615.000 32.682.000
60.755
63.449
694.946
679.987
68.772
70.378
313.534
307.237
2396000**
30.098.000
56.451
646.135
64.669
295.359
4,57%
4,10%
3,74%
3,71%
3,12%
3,03%
✔
✔
✔
Private
equity
✔
Avedon Capital Partners*
Pai Partners
✔
Hal Investments***
Listed
✔
498.075
542.231
96.382
319.332
501.493
527.004
93.352
379.287
469.439
522.239
93.884
312.427
3,00%
1,90%
1,32%
1,10%
✔
✔
530.910
48.927
1.549.939
314.857
153.147
532.914
51.273
1.536.810
317.953
153.442
520.409
48.098
1.535.059
312.684
152.694
1,00%
0,86%
0,48%
0,35%
0,15%
✔
165.052
168.334
164.640
0,13%
✔
43.943
47.257
1.779.187
10.312
238.886
1.320.000
1.782.776
10.335
256.459
1.320.000
52.279
51.981
54.586 -2,14%
54.337
618.712
184.898
57.439
646.853
191.237
56.749 -2,15%
648.114 -2,29%
194.180 -2,42%
80.256
822.082
453.706
85.781
893.231
475.452
85.314 -3,01%
875.168 -3,08%
484.167 -3,20%
✔
✔
34.985
35.243
37.875 -3,89%
✔
Several Individual Investors
✔
✔
44.325 -0,43%
1.799.955
10.451
245.382
1.360.000
-0,58%
-0,67%
-1,33%
-1,48%
✔
KKR, Cinven, Permira,
Alpinvest Partners
Sun European Partners
Listed
*In January 2015 EK/Servicegroup eG acquired 75% of the shares of Euretco ** Rounded number ***IPO in February 2015
****45% of the shares belong to Sperwer Groep (also owner of PLUS), 45% to Sligro Food Group and the other 10% to the independent Spar owners.
Capitalmind retains the following criteria for the Fabulous 40 Consumer:
• The main activity is retail in food and non-food. Other activities have to be
serving to retail, such as wholesale and real estate management.
• Both clicks and bricks
• No automotive, oil & gas
• A minimum of five million euro of revenue in one of the three measured years
• The company must be a Dutch entity
• The company must have Dutch shareholders or an (inter)national investor
• The annual financial statements 2012 must be filed before June 1, 2014 at the
Chamber of Commerce
Should there be any confusion, discussion as to inclusion in the list or
suggestions for improvement, please contact [email protected]
or dial +31 73 6238774.
This list is compiled by Capitalmind Corporate Finance Advisory.
V&D and Macintosh Retail
Group aren’t exactly
the example of fabulous
retailing
the top 27, so the revenue of this
retailer did increase from 2011 to 2013.
“BAS Groep has done a large acquisition in 2010 and that effect is missing
in this measurement period”, Jansen
says to explain the lower ranking. “By
taking three years as a measurement
vestments turns out to already have
economic recovery is happening only
very gradually. But what are the ex-
period, we prevent high peaks and
been suffering from revenue pressure
deep trenches. If we would measure
in 2012 and 2013. A precursor to the
pectations for the future, now that the
over two years, the effect would have
bankruptcy of this retail organization,
retail seems to have shed the misery
been even greater.”
she anticipates.
of the crisis? In any case, there are
The retail-ranking is certainly a little
Foreign companies like Alibaba and
more than 27 retailers with a positive
less volatile, Jonkman confirms. “Ac-
Amazon have not been taken into ac-
revenue development in the ranking.
quisitions drive revenue, but integra-
count in the Fabulous 40 Consumer.
“Now, supermarkets and fashion re-
tion of companies also costs time and
But they can still be a great influence
tailers dominate the list, with eleven
money. BAS Groep has taken over
on this list. What does it mean for the
listings each. But in two years, when
iCenter in 2013, however the overall
ranking now that the markets become
we show the development in the years
revenue fell. This example shows that,
more and more international? “Be-
2014, 2015 and 2016, there will un-
generally, an acquisition could also
cause of those international develop-
doubtedly be other sectors repre-
cause revenue pressure.”
ments, we continually reassess the
sented in the list”, says Jansen. “Like
way in which we compose the Fabu-
Do-It-Yourself for example, because
Not just BAS Group drops in the list
lous 40. If at a given moment it turns
the housing market is recovering. As is
while the total revenue increases. The
out that foreign e-tailers have so
known, food is less market sensitive,
same goes for other retailers in con-
much influence on the revenue of, for
but on the other hand, there is more
sumer electronics, like P-Hold (owner
example, online player Coolblue or
and more promotional pressure with
of, amongst others, Paradigit) and Fop-
other Dutch retailers, we need to make
which the retailers try to stimulate
pen Holding (Scheer & Foppen and the
that effect known in some way. By
revenue. In fashion, retailers have to
web shops bobshop.nl and modern.nl).
making a list with international online
deal with down-trading. Relatively
Both have done an acquisition in the
retailers per sector and their influ-
cheap shoe and clothing retailers
measurement period. On the other
ence, for example”, Jonkman says.
score better than companies in the
higher segments.
side, in this sector Maxwell climbed in
Future lists
the rankings, while the revenue of this
retailer fell. Consumer electronics is a
The question is how far you have to
Also online will have a larger influence
very active market, Jansen confirms.
take it, Jansen proposes. “Recom-
on the future editions of the Fabulous
She points out that the Harense Smit
merce also has influence. To what ex-
40 Consumer, the advisors say. “While
eventually disappeared from the Fab-
tent does Marktplaats.nl influence the
looking at this ranking you have to re-
ulous 40. It made a restart in 2013 and
revenue development of retailers? It
alize which three years have been
was sold to BCC last year. In fashion
once again shows how dynamic the
measured here”, Jonkman says. “The
Sintra Investments, the company be-
retail sector really is.”
three years up to and including 2013
aren’t only characterized by the eco-
hind Miss Etam and Promiss, disappeared from the rankings. Sintra In-
From the top forty, it seems that the
nomic crisis, but also by uncertainty
among many retailers that were looking for an answer to the very rapid
The Fabulous 40 by sector
rise of online. More and more retailers
experience that a smart combination
Consumer
Divers
DIY
Fashion
Other
Personal Care
Supermarket
Housing
of online and offline delivers the best
results. In these three years, that
effect cannot be seen yet, but in the
coming editions of the Fabulous 40
that too will have a positive effect
on the revenue achievements of
0
1
2
3
4
5
6
7
8
9
10
11
retailers.”
Fabulous 40 - Consumer
Second edition
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