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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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LIST OF ABBREVIATIONS

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Adj. Adjusted AOP Abnormal operating performance BHAR Buy-and-hold abnormal returns BHR Buy-and-hold returns BV Book value CAAR Cumulative average abnormal returns CAGR Compound annual growth rate Capex Capital expenditure CAR Cumulative abnormal returns CDAX Composite DAX (see below: DAX) CEO Chief Executive Officer CFO Chief Financial Officer DAX Deutscher Aktienindex DCF Discounted cash flow EBIT Earnings before interest and taxes EBITDA Earnings before interest, taxes, depreciation and amortization EV Enterprise value Exp. Expense FY Fiscal year IPO Initial public offering LVMH LVMH Moët Hennessy – Louis Vuitton SA M&A Mergers and acquisitions MV Market value No. Number XVIII Nobs Number of observations OCF Operating cash flow OLS Ordinary least squares P/E Price/earnings PDA Personal digital assistant PE Private equity Perf-matched Performance-matched PPR Pinault-Printemps-Redoute SA SEO Seasoned equity offering SIC Standard Industrial Classification VC Venture capital WTA Willingness to accept WTO World Trade Organization WTP Willingness to pay

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