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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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Table 2.1: Number and volumes of fashion M&A deals per company .............. 14 Table 2.2: Geographical distribution of fashion M&A deals ............................. 15 Table 2.3: Key financials and ratios of acquiring companies ............................. 15 Table 2.4: Geographical distributions of bidder and target companies .............. 16 Table 2.5: Distributions of fashion M&A transactions per year ......................... 17 Table 2.6: Event study results for fashion M&A data sample transactions ........ 20 Table 2.7: Luxury and standard fashion M&A sub-samples .............................. 21 Table 2.8: Domestic and cross-border M&A sub-samples ................................. 22 Table 2.9: Small, medium and large M&A deal size sub-samples ..................... 22 Table 2.10: Results of cross-sectional regression analysis ................................. 24 Table 3.1: Key financials and ratios of acquiring companies ............................. 33 Table 3.2: Event study results for fashion M&A data sample transactions ........ 37 Table 3.3: Raw measures of pre- and post-merger operating performance ........ 38 Table 3.4: Industry-adjusted abnormal operating performance .......................... 39 Table 3.5: Raw measures of pre- and post-merger financial leverage ................ 40 Table 3.6: Industry-adjusted abnormal financial leverage .................................. 41 Table 3.7: Raw and industry-adjusted abnormal sales growth rates ................... 42 Table 3.8: Results of cross-sectional regression analysis ................................... 44 Table 4.1: ESCADA AG financials for FY2000/2001 to FY2002/2003 ............ 56 Table 4.2: PRIMERA AG financials for FY2000/2001 to FY2002/2003 .......... 58 Table 4.3: ESCADA AG financials for FY2003/2004 to FY2005/2006 ............ 60 Table 4.4: PRIMERA AG financials for FY2003/2004 to FY2005/2006 .......... 61 Table 4.5: ESCADA AG financials for FY2006/2007 to Q2 2008/2009 ........... 66 Table 4.6: PRIMERA AG financials for FY2006/2007 to Q2 2008/2009 ......... 68 Table 5.1: Fashion IPO geographies,...

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