french art de vivre - bourse-roche-bobois.com
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Un positionnement haut de gamme « French art de vivre »
1
profitable Fabless furniture design business model
unrivalled breadth of range (> 5,000 active references*)
high-end positioning “French art de vivre”
a family success story spanning 60 years
global footprint covering 5 continents
combined and complementary distribution network (owned stores + franchises)
*excl.changes in size – company estimate
o Positioned in French high-end and international luxury markets
o Strong global footprint
o High-end contemporary home furnitureof classical inspiration
K e y d a t a 2 0 1 7
o Mid-range positioning
o A leading brand in France
o Broad range of leather and fabric sofas
329 STORES
783
EMPLOYEES
CONSOLIDATED REVENUES ROCHE BOBOIS
249 M€*
Cuir Center
Roche Bobois
54
COUNTRIES
€m480
RETAIL SALES EXCL. VAT**
€m21
CURRENTEBITDA***
***2017 orders received excl. VAT throughout owned store network and franchises for both brands**** EBITDA after restatement for store openings and before bonus share plans
Data IFRS- audited
14%85%
*incl.1% de CA corporate
1960
Roche Bobois founded byRoche and Chouchanfamilies
1964
First exclusive modelsworking withdesigners (Pierre Paulin, Marc Berthier)
1976
Creationof Cuir Center
1980
Cooperationwithdesigners, architectsand fashion houses
2001
Azulis Capital and Siparexacquire equitystake
2013
Tamburiacquiresequity stake(20%*)
2010
50th anniversary of Roche Bobois
Jean Paul Gaultier Collection
1974 and 1975First franchises in USA (New York) and Spain
around 40 Roche BoboisStores (60’s)
2004
First stores in China (Shanghai and Beijing)
2017
Stores opened in Tokyo, Monaco, and Johannesburg
1995
First store openedin Italy(Turin)
2015
Stores opened in Hong Kong, Bucharest, and CapeTown
2006
Buyback of franchisedstores in the USA
2009
New stores in Caracas, Kiev, Vienne and Shenzhen
180Roche Boboisstores/ 26 countries (2000)
250Roche Bobois Stores (2013)
329 Roche Boboisand Cuir Center Stores (2017)
* 38% in 2018
2021
55 new stores opened by 2021**
JEAN-ERICCHOUCHAN
/ Vice Chairman SupervisoryBoard
GIOVANNI TAMBURI
/ Membero the SupervisoryBoard
FRANÇOIS ROCHE
/ Chairman, Roche Bobois SASupervisory Board,Co-founder
MERCEDES ERRA
/ Memberof the SupervisoryBoard/Chairman of the Audit Comittee/Founderof BETC PR agency(Havas Group)
ANNALISA LOUSTAU ELIA
Member of the Supervisory Board(Member of the Executive Board of Printemps)
Supervisory Board
Executive Board
Board of Directors
GILLES BONAN
/ CEO/Chaiman of the Executive Board
GUILLAUMEDEMULIER
/ CFO
ANTONIN ROCHE
/ DirectorParis
ÉRIC AMOURDEDIEU
/ GeneralManager Roche Bobois SA MARTIN
GLEIZE
/International DirectorRoche Bobois
NICOLAS ROCHE
/ Directorof Collections
JÉROME GABILLAUD
/ Sales DirectorFrance Roche Bobois
37.6%Roche Family
24.1%Chouchan Family
38.3% Tamburi
Investment Partners
shareholder structure
An experienced management team supporting Group’s development
for several years
-9.6
4.5
9.8
237 238 251
75 78 78
362 383 388
8990 92
retail sales growth (€m - excl. VAT)* number of sales outlets (net)
2015 2016 20172015 2016 2017
Cuir Center
Roche Bobois
312329
316 +2.7%
CAGR
451480
473
CAGR
+3.2%
net cash (€m)**
2016 2017
2015
consolidated turnover 2017
Turnover growth
241 248 249
+1.6%
CAGR
2015 2016 2017
2% RBoverseas
32%RBFrance
17% RBother Europe
26% RBUS/Canada
249M€8% RB
UK
14% Cuir Center
1% Corporate
cash available (€m)
+37%
Combined development
Franchise development
Owned store development
Owned store network
Franchises network
€m480
Total retailsales 2017
North America: €99m (21%)
r e t a i l s a l e s e x c l . V AT :
Europe: €92m (19%)
RoW : €57m (12%)
France: €232m (48%)
Scope at 31 december 2017
audited
59 98
Number of stores in France : 59 owned stores among which 37 Roche Bobois and 98 in franchise among which 42 Roche Bobois
7
New York, Madison Avenue (US) Los Angeles, Beverly Boulevard (US)
Ho Chi Minh (Vietnam)Panama
Seoul (Korea)
o A bold offering based on partnerships with around 50 loyal designers
o Long-standing tradition behind the Roche Bobois brand
o Strong ties between the brand and the world of fashion and haute couture
50 designers partners
o Strong designer loyalty, little dependence on a given designer
o Exclusive or virtually exclusive designer agreements
o Success-based remuneration policy
o Design that remain fully owned by the Roche Bobois brand
Mauro Lipparini Ora ItoRoberto Tapinassiand Maurizio Manzoni
Bina BaitelKenzo Takada JP GaultierChristophe Delcourt
Fabrice Berrux
Bruno Moinard
Marcel Wanders Jean NouvelSacha LakicStephen Burks
1967 OzooRe-issue in 2018design byMarc Berthier
1971Mah Jongdesign byHans Hopfer
2013Ora Itodesign byOra Ito
2014Bubbledesign bySacha Lakic
2006Legenddesign byChristophe Delcourt
2017Zephyrusdesign byGiacomo Garziano
2011Ava design bySong Wen Zhong
TV Campaign / 2002 Jubilation / 2012 TV Campaign The pool / 2017
o National campaigns centralised at parent company level, rolled out worldwide and co-funded by franchises and Roche Bobois Group
o Local campaigns funded directly by the franchisees (contractual budget of up to 5% of franchisee revenues) and, in the case of owned stores, by the parent company
o Close ties with the worlds of culture and the arts
o A preferred brand of international celebrities (Barack Obama, Cristiano Ronaldo, Venus Williams, etc.)
N°1Home furnitureadvertiser in French advertising press (1)
(1) Ranking of home furniture & decoration expenditure in printed media (source: Kantar 2017 via Havas Medias)
Multi media(Print-TV-Web)
2013 • Award – Great award Stratégies du Luxe / TV (Film Jubilation)
2013 • Mention – Hit list Ipsos advertising/ TV (Film Jubilation)
2010 • Award – Great Award Stratégies du Luxe / Print
2010 • Award- Great Award APPM / Print
In total, 5,000 active
references(2) for Roche BoboisTwo exclusive collections per year
1 9 8 s o f a s (1) 6 1 5 a c c e s s o r i e s (1)1 , 2 6 0 f o u r n i t u r e i t e m s (1)
les contemporains
nouveaux c lassiques
Ligne Roset 56 11
Cassina 34 36
Minotti 39 18
Roche Bobois 198 78
(1) Company website(2) 5,000 references excluding change of size of furniture (company estimate)
A range of products high above competitors
7,000 units sold
2012Axeldesign Studio Naos
Mah Jongdesign Hans HopferFirst edition in 1971
142,000 seating places sold *
43,000 seating places sold
2012Scenariodesign Sacha Lakic
1,400 units sold
2011Ava design Song Wen Zhong
71,000 units sold
2014Globodesign StudioROCHE BOBOIS
*Since 2003
o Direct contact between stores and suppliers (no central purchasing agency)
o Network of suppliers selected by the parent company; in-house production monitoring and quality control
o Products made to order, thus reducing inventories and unsold items
13
11%
76%7%
BREAKDOWN OF SUPPLIERS BY STORE PURCHASE VOLUMES
0.5%
0.3%
Partner of the Guggenheim Museum (NYC, USA)
Events of this kind enable the Group to express its vision of the “French Art de Vivre”
Since 2009, Roche Bobois has organised a biennial design competition aimed at discovering and showcasing young talent worldwide.
The competition is held at different locations, e.g. Parsons School (2017) and Central Saint Martin (2014).
Steinway (NYC)
Sponsor of Villa Medici (Italy)
Partner of Art Basel (Miami, USA)
Sponsor of the Milan universal exhibition
double-digit EBITDA margin from 2019
revenues
2017 2021
Commitment to 30-40% dividend payout ratio for shareholders
€249m €320m
Double France EBITDA margin by 2021