Analysis of recent transactions in Apparel Retail Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

1. page A L P S V E N T U R E P A R T N E R S 1
APPAREL !
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2. page A L P S V E N T U R E P A R T N E R S 2
M&A Summary – Apparel Retail
Valuation Summary
Total Deal Value ($mm) 20,126
Average Deal Value ($mm) 292
Average TEV/Revenue 1.2x
Average TEV/EBITDA 11.3x
Average Day Prior Premium (%) 72%
Average Week Prior Premium (%) 74%
Average Month Prior Premium (%) 77%
*Source: CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2013 – March 25, 2019
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Transaction Ranges
Greater than $1 billion 4
$500 - $999.9 mm 3
$100 - $499.9 mm 15
Less than $100 mm 47

3. page A L P S V E N T U R E P A R T N E R S 3
Transaction Multiples - Trend
*Source – CapitalIQ, AlpsVP Analysis
0.8x
1.4x
0.9x
2.0x
0.8x
6.8x
8.3x
6.5x
11.1x
11.7x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2014 2015 2016 2017 2018
Transaction Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2014 2015 2016 2017 2018 5 years
Average TEV/Revenue 0.8x 1.4x 0.9x 2.0x 0.8x 1.2x
Average TEV/EBITDA 6.8x 8.3x 6.5x 11.1x 11.7x 8.9x
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4. page A L P S V E N T U R E P A R T N E R S 4
Transaction Numbers - Trend
*Source – CapitalIQ, AlpsVP Analysis
1
3
- - -
-
1
-
1 1 -
7
6
-
2
11 11
9
10
6
-
2
4
6
8
10
12
2014 2015 2016 2017 2018
Number of Transactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2014 2015 2016 2017 2018 5 years
Average Deal Value $175.2 $644.1 $124.5 $82.0 $120.6 $229.3
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5. page A L P S V E N T U R E P A R T N E R S 5
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions
Asia Pacific – 7.7% Americas – 27.0% Europe/MENA/Africa – 65.3%
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Region / Transactions Number Total Value ($m) Average Size ($m)
Asia Pacific 24 $1,549 $65
Europe/MENA/Africa 33 $13,149 $398
Americas 12 $5,428 $452

6. page A L P S V E N T U R E P A R T N E R S 6
Investment Focus
*Source – Data based on transactions during Jan 01, 2013 and March 25, 2019 from CapitalIQ, AlpsVP Analysis
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Geographic Location
Number of
Transactions
Average Historical
Multiples
Average Transaction size (USD mn)
United States 11 1.3x $487.8
United Kingdom 8 0.9x $556.0
Hong Kong 6 1.9x $116.4
South Africa 6 0.6x $945.6
Australia 5 0.6x $52.2
France 3 1.0x $195.7
Japan 3 0.6x $20.9
South Korea 2 4.0x $6.9
Poland 2 1.6x $7.0
China 2 1.7x $95.1
Germany 2 1.0x $231.6
Belgium 2 1.0x $375.9
India 1 3.2x $110.7
Ireland 1 2.3x $53.1
Malaysia 1 1.6x $3.9
Others 14 0.9x $102.0

7. page A L P S V E N T U R E P A R T N E R S 7
Largest Transactions
Target companies Deal Value ($mm)
Pepkor Holdings Proprietary Limited $5,658
New Look Retail Group Limited $3,259
ANN INC. $2,387
Jos. A Bank Clothiers Inc. $1,826
Cortefiel, S.A. S.A. $583
Ikks Group S.A.S. $564
The Finish Line, Inc. $558
Michael Kors (HK) Limited $500
Detlev Louis Motorradvertriebs GmbH $454
Retail Concepts N.V. $449
*Source – CapitalIQ, AlpsVP Analysis
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8. page A L P S V E N T U R E P A R T N E R S 8
IND UST RY INSIG HT S

9. page A L P S V E N T U R E P A R T N E R S 9
Industry Outlook (1/4)
[1] Source: Women Clothing Stores in US published by IBISWorld, May 2019
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Women Clothing Stores in US1
The market for the Women’s Clothing Stores industry is changing. Due to declining mall traffic and competition from
thriving superstore retailers, industry revenue is expected to fall at an annualized rate of 1.4% to $43.1 billion over the
five years to 2019, including a decline of 1.1% in 2019. Despite the industry’s overall decline, rising disposable income
and consumer sentiment are expected to boost some specialty and high-end retailers. While price-conscious consumers
among lower- to middle-income households are important to industry sales, the willingness of higher-income consumers
to spend on luxury clothing and accessories has been the main driver behind growth over the past five years.
31.0%
24.3%
20.6%
15.2%
8.9%
Top Other apparel and accessories Bottoms Dresses Outerwear
By definition, this industry only accounts for clothing
stores that specialize in women’s clothing, which excludes
many popular family and unisex retailers that also carry
women’s clothing, but usually at lower prices. Therefore,
many of the largest industry players are high-end or
specialty stores that intend to sell to affluent women or
niche markets. Many small specialty stores that carry
niche products such as eco-friendly clothing or athleisure
wear have flourished while staple mall stores have cut
down locations to remain profitable. As a result, the
number of industry enterprises has increased at an
annualized rate of 1.6% to 38,344 enterprises over the
five years to 2019. Additionally, growth in the number of
households earning more than $100,000 is expected to
have helped several main industry players outperform
low-end retailers that have more customers but less-
expensive transactions.

10. page A L P S V E N T U R E P A R T N E R S 10
Industry Outlook (2/4)
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Women Clothing Stores in US1
Over the five years to 2024, industry revenue is expected to decline at an annualized rate of 0.9% to total $41.2 billion.
Industry competition is expected to rise, as more operators enter the industry and internet sales continue to gain an
edge in women’s clothing. Many companies that were traditionally store-only businesses have responded to external
competition by opening online stores that complement their brick-and-mortar establishments and attracting more
customers through social media. The rise of mobile technology is expected to sustain this trend in the future. As
consumers experience better financial conditions that favor nonessential purchases, revenue growth for a few existing
industry players is expected to continue.
45.3 44.9 44.2 43.6 43.1 42.6 42.4 42.1 41.8 41.2
-2.1%
-0.9%
-1.4%
-1.5%
-1.1% -1.1%
-0.6%
-0.5%
-0.9%
-1.3%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
39
40
41
42
43
44
45
46
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
WomenClothinginUSRevenue($B)
Market Size ($B) Growth (%age)
[1] Source: Women Clothing Stores in US published by IBISWorld, May 2019

11. page A L P S V E N T U R E P A R T N E R S 11
Industry Outlook (3/4)
[1] Source: Men Clothing Stores in US published by IBISWorld, Dec 2018
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Men Clothing Stores in US1
The Men’s Clothing Stores industry began to slowly contract over the five years to 2018, as more male consumers
turned to the internet for their clothing needs. As the percentage of services conducted online grew at an annualized
rate of 12.8%, demand for the brick and mortar establishments that operate in this industry fell. As a result, IBISWorld
estimates that total industry revenue declined at an annualized rate of 1.6% over the five years to 2018, totaling $8.6
billion. In 2018 alone, IBISWorld estimates that industry revenue will contract 1.0%, as e-commerce sales rise a
projected 12.8% for the year.
37.9%
19.6%
15.6%
8.0%
7.1%
5.6%
6.2%
Casual wear Suits and formal wear Office wear
Accessories Sport coats and blazers Overcoats and raincoats
Others
Despite pressure from online-based retailers, industry
demand has been supported by positive macroeconomic
conditions. Demand for new men’s apparel is at its highest
when employment rates are strong, since men often require
new office attire for work. As the national unemployment rate
declined at an annualized rate of 12.3% during the five-year
period, industry declines were slightly offset. Furthermore, as
a result of the high employment rate, disposable income
trended upward throughout the period, providing consumers
with more available funds to spend on men’s clothing. This
also served as a boon to the industry and kept revenue from
contracting at a more rapid rate throughout the period.
Over the five years to 2023, IBISWorld expects that industry
revenue will continue to decline, though at a more rapid rate
than the previous period. As the percentage of services
conducted online continues to grow, this brick-and- mortar
industry will continue to feel pressure from external
competitors. Furthermore, macroeconomic variables that
supported the industry during the period are expected to turn
in the coming years.

12. page A L P S V E N T U R E P A R T N E R S 12
Industry Outlook (4/4)
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Men Clothing Stores in US1
Revenue for the Men’s Clothing Stores industry is forecast to contract more rapidly over the five years to 2023, declining
at an annualized rate of 2.7% and totaling $7.5 billion. This includes a projected contraction of 2.8% in 2019 alone. The
industry will experience a more rapid decline during the outlook period, as economic factors, such as consumer
confidence, make downward turns. Furthermore, increased competition from online retailers of men’s clothing and
discount stores will continue to pressure industry revenue. However, the upward trajectory of the overall economy and
improvements in per capita disposable income will keep the industry from declining more rapidly.
9.3 8.8 8.7 8.6 8.4 7.9 7.8 7.6 7.5 7.4
-1.8%
-4.8%
-0.9%
-1.0%
-2.8%
-5.5%
-2.3%
-2.3%
-0.7%
-1.3%
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
0
1
2
3
4
5
6
7
8
9
10
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
MeClothinginUSRevenue($B)
Market Size ($B) Growth (%age)
[1] Source: Men Clothing Stores in US published by IBISWorld, Dec 2018

13. page A L P S V E N T U R E P A R T N E R S 13
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14. page A L P S V E N T U R E P A R T N E R S 14
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