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 Capitalmind advises mid-market companies, corporates, entrepreneurs and (PE) investors on selling and buying businesses, MBO, growth capital and debt finance. ■ Established in 1999, with a focus on mid-market deals up to € 200 million ■ European team strong of some 30 experienced professionals ■ 4 offices across Europe: • Benelux: ’s-Hertogenbosch, Amsterdam (Hilversum) • France: Paris • Nordics: Copenhagen ■ Award winning: 150 deals completed over the past 5 years ■ Core sectors: Business services, Consumer incl. Food, Industrials, TMT and Healthcare ■ Truly international access to worldwide strategic and financial players through Mergers Alliance with more than 350 professionals worldwide The Netherlands Europalaan 6 - 5232 BC ’s-Hertogenbosch T +31 73 623 87 74 France www.capitalmind.com 62 rue La Boétie - 75008 Paris T +33 1 48 24 63 00
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