The sector had EBIT margins of 21 percent, well above the 10 percent in apparel

The key, though, is to define luxury. "Affordable luxury is not luxury -- it wants to be," he added.
But the fashion business generally has been booming across all categories, according to a new study. In fact, business has been so strong for the 39 publicly traded international companies polled that, on average, 2006 sales were up 14 percent, EBITDA rose 13 percent and EBIT climbed 15 percent, compared with the previous year.
Those were among the financial highlights detailed in the latest Fashion & Luxury Insight survey, which was compiled by Milan-based SDA Bocconi School of Management, Altagamma, and Ernst & Young. Combined, the survey's brands posted $200 billion in annual sales for fiscal year 2006. During that same period, the return on investment increased 15 percent and the return on equity jumped 17 percent.
Perhaps the most surprising statistic -- and there were many -was the claim that best performing apparel companies cater to the mass market, with the average return on investment being 19 percent compared with 10 percent for more high-end firms. And having a total or partial retail presence is essential to a company's future, according to Altagamma's executive director Armando Branchini.
"Companies that have been created as manufacturers or designers have to become more and more retail-focused," extending their reach from the U.S. and Europe to Asia and India, he said. Regardless of their specialities, the 39 companies surveyed are centered on the U.S. and Europe, which account for more than 50 percent of their sales. With the exception of Luxottica SpA, all of the companies that are focused on the U.S. market are based in the States.
During a series of presentations and a panel discussion, speakers pointed to upbeat shoppers, including younger ones and Baby Boomers, who are focused on high-end items as key factors in bolstering brand recognition. In addition, a wave of store openings fueled growth more so than acquisitions. For example, top performers Coach Inc. and Abercrombie & Fitch Co. increased their number of freestanding stores by 18 percent and 14 percent, respectively, in fiscal year 2006. As a result, Coach ended up with an EBIT of 36 percent and A&F wrapped up 2006 with a 20 percent EBIT margin.
All in all, accessories lived up to its reputation of being a high-return business with margins well above those of apparel, said SDA Bocconi School of Management's professor of finance, Barbara Rovetta. The sector had EBIT margins of 21 percent, well above the 10 percent in apparel. yanzic0611.
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