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M&A Activity, Divestitures and Initial Public Offerings in the Fashion Industry

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Steffen Meinshausen

This thesis analyzes four individual corporate finance-related research objectives on the fashion and leather accessories industry. The first two studies investigate the share price reactions of strategic bidder M&A transactions and their key drivers. The third study analyzes the implications of a missed disposal opportunity in the luxury fashion segment. Finally, the fourth study illustrates the long-term performance and changes in systematic risk exposure of initial public offerings in the fashion industry. The thesis contains a variety of empirical findings that are novel to the existing literary base of corporate finance research. It shows the various drivers of consolidation in a highly-dynamic and heterogeneous industry segment over the course of the last two decades.

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Figure 2.1: Event study estimation period and event window lengths ............... 18 Figure 2.2: Bidder and target CAAR for the [-20; +20] event window .............. 20 Figure 4.1: Share price performance of ESCADA AG’s common stock ........... 55 Figure 4.2: EV/EBITDA multiple valuation of PRIMERA AG ......................... 63 Figure 4.3: EV/EBIT multiple valuation of PRIMERA AG ............................... 64 Figure 5.1: Post-IPO mean beta development of fashion companies ................. 87 XIV

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