Kenrik Industries Valuation Multiples

LVMH Moët Hennessy Louis Vuitton is a Paris-based public luxury-goods group created in 1987 through the merger of Moët Hennessy and Louis Vuitton. It owns more than 75 maisons across fashion and leather goods, wines and spirits, perfumes and cosmetics, watches and jewellery, selective retailing, hospitality and media. Major brands include Louis Vuitton, Dior, Fendi, Bulgari, Tiffany, Hennessy, Sephora and Moët & Chandon. The group controls product creation, manufacturing, distribution and retail for many maisons and earns revenue from consumer product sales, hospitality and selective-retailing services. LVMH gives its houses operational autonomy while allocating capital and central resources for long-term brand development. Strategic investments and acquisitions add capabilities, brands and technologies that can serve its luxury and retail ecosystem.

Hermes is a 180-year-old family controlled luxury goods company best known for its Birkin and Kelly bags. Its biggest segments are leather goods and saddlery, accounting for over 40% of revenue; clothes and accessories (29% of sales); silk and textiles (7%); and other products such as perfumes, watches, jewellery, and home furnishings. Hermes has about 300 stores globally.

Richemont is a luxury goods conglomerate with 20 brands. Jewelry and watch brands make up 87% of sales, but the group is also active in accessories, writing instruments, clothing, and online luxury retail. Richemont’s Jewellery Maisons, including Cartier and Van Cleef & Arpels, account for over 70% of revenue and the vast majority of profits. Its other brands include Vacheron Constantin, Piaget, Jaeger-LeCoultre, IWC Schaffhausen, Lange & Soehne, Officine Panerai, Chloe, and Montblanc.

Christian Dior SE is a holding company with full ownership of Christian Dior Couture and a controlling interest in LVMH. Christian Dior Couture sells apparel, leather goods, jewelry, and accessories under various Dior brands. The majority of sales are through its retail stores. Through LVMH, the company operates the following business groups: wines and spirits, fashion and leather goods, watches and jewelry, perfumes and cosmetics, and selective retailing. Maximum revenue is generated from its fashion and leather goods business. The Group has dozens of brands throughout its businesses, including Dom Perignon, Hennessy, Louis Vuitton, Fendi, TAG Heuer, and Sephora, among others. Geographically, it derives maximum revenue from Asia (excluding Japan), followed by the USA, and other markets.

Ferrari is an Italian manufacturer of high-performance luxury sports cars, headquartered in Maranello in the province of Modena. The company traces its origins to Auto Avio Costruzioni and to Enzo Ferrari's 1947 car company, and it also runs the Scuderia Ferrari Formula One team. Its shares trade on Borsa Italiana and on the New York Stock Exchange, and it is a component of the FTSE MIB and Euro Stoxx 50 indices. Fiat acquired 50% of Ferrari in 1969, and Mubadala held a 5% stake between 2005 and 2010 before Fiat repurchased it. Ferrari separated from Fiat Chrysler after a 2015 initial public offering. The company reported 2025 EBITDA of about USD 3.1 billion. Its range includes road cars sold through a dealer network, limited series and special cars, and brand licensing.

Porsche designs, engineers, and manufactures premium cars synonymous with its racing heritage, engineering mastery, sporty design, and driving experience. Porsche is uniquely positioned in that its brand is associated with luxury, but it produces cars on a much larger scale than its superluxury peers. Porsche sold 279,000 vehicles in 2025 at an average price of EUR 130,000. Europe, North America, mainland China including Hong Kong, and the rest of the world accounted for 34%, 31%, 15%, and 20% of volume in 2025, respectively. Ninety-two percent of revenue is generated from the sale of cars and related services, with the remainder from the captive finance arm. Porsche’s equity is tightly held, with Volkswagen owning 75.4% and Porsche SE (the Porsche/Piëch family) owning 12.5%.

Titan Company is an Indian publicly listed consumer-products business established in 1984 as a joint venture involving the Tata group and TIDCO. It designs, manufactures, markets and retails jewellery, watches, wearables, eyewear, fragrances and fashion accessories. Its brands include Tanishq, Titan, Fastrack, Sonata, Zoya, Mia, Eyeplus and Skinn. Customers are primarily consumers purchasing through company stores, partner retailers and digital channels in India and selected overseas markets. Revenue comes mainly from product sales, with jewellery contributing the largest share, supplemented by services and retail operations. The company is headquartered in Tamil Nadu and operates manufacturing, design and distribution networks. Titan was an existing Innoviti shareholder before the July 2015 Catamaran-led financing and received board representation, so the database should distinguish that earlier stake from the investors in the new round.

Kering is the world’s third-largest luxury goods conglomerate by revenue after LVMH and Richemont. Its flagship brand is Gucci, which accounts for over 40% of revenue and over 60% of operating profit. Its other leading brands include Bottega Veneta and Saint Laurent. Other smaller luxury brands (in ready-to-wear, leather goods, and jewellery) generate 19% of sales. Alexander McQueen, Balenciaga, and Boucheron are part of Kering’s portfolio.

Based in New York City, Tapestry is the parent company of accessories and fashion brand Coach, which accounted for 86% of its revenue and all its operating profit in fiscal 2026. Coach was founded as a leathergoods company in 1941, and handbags represented 58% of its fiscal 2026 revenue. Coach products are sold through nearly 1,000 company-owned stores, company-operated digital channels, and wholesale partners in North America, Asia, and Europe. Tapestry also owns Kate Spade (13% of fiscal 2026 revenue), which operates more than 300 worldwide stores and generated 55% of its revenue from handbags in fiscal 2025. Founded in 1993, Kate Spade is known for its colorful patterns and graphics.

Chow Tai Fook Jewellery Group Ltd is engaged in the jewelry and watch business located in Mainland China. The company's geographical operating segment includes Mainland China and Hong Kong, Macau, and other markets. It generates maximum revenue from Mainland China. Its product categories include rings, bands, necklaces, pendants, earrings, chains, bracelets, and others. The company derives revenue from Gem-set, Gold products, Platinum/Karat gold products, and Watches.

Prada is an Italian luxury fashion group headquartered in Milan, founded in 1913, whose shares are listed in Hong Kong under the code 1913. The group owns the Prada, Miu Miu, Church's, Car Shoe and Versace brands, along with Marchesi 1824 and the Luna Rossa sailing team. Its products include ready-to-wear, bags, footwear and accessories, sold through its own stores and online. Andrea Guerra is chief executive. The group also owns Church's and Car Shoe in footwear and the Marchesi 1824 brand, and it sponsors the Luna Rossa sailing team. Its sales include more than 6 billion euros of revenue once Versace is consolidated, according to press coverage of the deal. In December 2025 it completed the acquisition of Versace from Capri Holdings for an enterprise value of EUR 1.25 billion.

Swatch Group’s biggest brands are Omega (number two or three in its category), Breguet, Tissot (the leader in midrange Swiss watches), and Swatch. The company employs over 33,000 people, half of them in Switzerland. We estimate Omega and Longines to be the group’s most profitable brands.

Pandora is a premium jewelry brand and the market leader in the charm bracelet category. The company was established in the 1980s in Denmark and since then has expanded globally. Pandora has over 2,700 concept stores globally (2,000 owned and operated, and the remainder run by its franchise partners) as well as multibrand locations and stores-in-stores. Pandora owned retail accounts for over 80% and wholesale for the remainder. Charms and bracelets account for almost three-fourths of its sales. The firm produces mostly internally in two jewelry-crafting facilities in Thailand.

Brunello Cucinelli is an Italian luxury fashion house founded in 1978 in Solomeo, Umbria, by the entrepreneur of the same name and listed on Borsa Italiana since 2012. It is known for cashmere knitwear and designs and sells men's and women's collections through a network of directly operated boutiques on every continent. The group reported net revenues of EUR 919.7 million in 2022 and EUR 1,139.5 million in 2023, and revenue growth of 12.4 percent in 2024. It has bought a minority stake in its cashmere supplier Cariaggi Lanificio, later sold part of that stake to Chanel, and acquired the tailoring firm Sartoria Eugubina in 2024. It is run by executive chairman and creative director Brunello Cucinelli.

Burberry, a British luxury monobrand that is more than 160 years old, is best known for its outerwear and signature plaid scarves. It has a global presence, with 35% of revenue generated in Europe, 43% in Asia, and 22% in North America. Apparel contributes over 60% of sales.

Signet Jewelers Ltd is a retailer of diamond jewelry. Its merchandise mix includes bridal, fashion, watches, and others. The bridal category includes engagement, wedding, and anniversary purchases. Its segments are the North America segment, the International segment, and the Other segment. The North America segment contributes to the majority of the revenue. The North America segment generates revenue from Mall and Outlet. Geographically, it operates in the USA, Canada, the UK, and Ireland, with the maximum revenue from the USA.

Watches of Switzerland Group is the UK's largest luxury watch retailer, headquartered in Braunstone near Leicester, England, and listed on the London Stock Exchange as a FTSE 250 constituent. It operates eight retail brands: Watches of Switzerland, Mappin & Webb and Goldsmiths in the UK, and Mayors, Betteridge, Deutsch & Deutsch, Analog:Shift and Hodinkee in the US. It also holds the exclusive distribution rights for Roberto Coin jewellery in the US, Canada, Central America and the Caribbean. It earns revenue from retail sales of luxury watches and jewellery, plus aftercare services. As of 3 May 2026 it had 191 showrooms, including 81 mono-brand boutiques run with Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Longines, Grand Seiko, Roberto Coin, BVLGARI and FOPE. For the 53 weeks to 3 May 2026 revenue rose 11% to £1,828 million, with the US contributing £927 million, more than half of the group total, and adjusted EBIT of £155 million. The Watches of Switzerland brand dates from 1924 in London. It later passed through Ratners, Asprey, Baugur and Landsbanki before Apollo Global Management took control in 2013, and the group listed in May 2019.

Henan Liliang Diamond Co Ltd is engaged in the research and development, production, sales, import, and export of synthetic diamond and superhard material products.

Lalithaa Jewellery Mart makes and sells gold, diamond and silver jewellery through showrooms in Tamil Nadu and neighbouring states. It sells to consumers. Headquartered in Chennai.

Capri Holdings is a marketer, distributor, and retailer of upscale accessories and apparel in the Americas, Europe, and Asia. Michael Kors, Capri’s original and largest brand by sales, offers handbags, footwear, and apparel through more than 700 company-owned stores, wholesale, and e-commerce. Jimmy Choo (acquired in 2017) is best known for women’s luxury footwear. Its products are sold in more than 200 company-operated stores. John Idol has served as Capri’s CEO since 2003.

Lao Feng Xiang Co Ltd is engaged in the manufacture and sale of gold jewelry. It is also engaged in the manufacture and distribution of gold arts and crafts, and other related products.

CHOW TAI SENG Jewellery Co Ltd is engaged in designing, wholesale, and retail of jewelry. It offers a necklace, pendants, and other jewelry products. Geographically, the group operates through China.

China National Gold Group Gold Jewellery Co Ltd is a professional gold jewelry production and sales enterprise specializing in the operation of the China Gold brand.

PC Jeweller designs and sells gold, diamond and other jewellery through retail showrooms and wholesale in India. Headquartered in New Delhi.

Beijing Caishikou Department Store Co Ltd is engaged in the raw material procurement, style design, chain sales and brand operation of gold jewelry products.

Thangamayil Jewellery is a South Indian jewellery retailer selling gold, silver and diamond jewellery through showrooms mainly in Tamil Nadu. Customers are retail consumers, including through gold savings schemes. Headquartered in Madurai.

Gens Aurea is an Italian group that buys and sells gold and precious metals, with its head office in Osnago in the province of Lecco. It operates cash-for-gold shops, jewellery retail, investment gold and buy-back services under eight brands, including OroCash, Luxury Zone, GioiaPura and Alfieri & St. John. The first OroCash shop opened in Monza in 1999, and the group later expanded into Spain and Portugal. It reported revenue above EUR 830 million and adjusted EBITDA of EUR 105.2 million in 2025, with more than 530 physical outlets in five countries. It acquired the online jeweller GioiaPura and the Austrian retailer Alphagold in 2024. The shares were listed on Euronext Milan in July 2026 at EUR 10 each, giving a market value of about EUR 1 billion, and the private equity firm DVC Partners remains its controlling shareholder.

DR Corp Ltd is engaged in designing, wholesale, retail and maintenance of jewelry, diamonds, platinum, gold, silver, diamond inlays and their accessories.

Salvatore Ferragamo is an Italian luxury fashion house headquartered in Florence and founded in 1927 by shoe designer Salvatore Ferragamo. The group designs and sells footwear, leather goods, ready-to-wear, silk and accessories directly, while fragrances, eyewear and watches are made and distributed under licence. It has been listed on Borsa Italiana since 29 June 2011 under the symbol SFER and is the parent of the Salvatore Ferragamo group. Leonardo Ferragamo is chairman. The group reported revenue of about EUR 1,035 million in 2024. It has bought out partners and suppliers over time, including the shoe-last specialist Arts in 2020 and the Greater China joint-venture minorities in 2023.

Bluestone Jewellery and Lifestyle sells diamond, gold and platinum jewellery in India through its website and a growing chain of stores. Customers are consumers buying designs it makes under its own brand. It started online and moved to an omnichannel model. Headquartered in Bengaluru.

Guangdong CHJ Industry Co Ltd is engaged in the design, production, and sale of jewellery. The category includes ring, necklace, pendant, stud earring, earring, bracelet, decoration, and gift. The product types of the company include fashion series, weeding series, childlike, and high order series.

Augmont Enterprises buys, refines and sells gold and silver and runs a digital gold platform and a jewellery supply network. Customers are consumers, jewellers and partner platforms. Headquartered in Mumbai.

Beijing Kingee Culture Development Co Ltd is a Chinese company engaged in the development of precious metals handicrafts and jewelry. It carries the activities of wholesale, retail, and supply chain services in China. The company offers ornaments, customized jewelry and product package.

P N Gadgil Jewellers makes and sells gold, silver, diamond and platinum jewellery through its store network, mainly in Maharashtra and other Indian states. Customers are consumers. Headquartered in Pune.

Canada Goose Holdings Inc is a Canada-based company that designs, manufactures, distributes, and retails premium outerwear for men, women, and children. It operates business through three segments namely, Wholesale and Direct to Consumer (DTC), Other. The DTC segment, which is the key revenue driver, comprises sales through country-specific e-commerce platforms and its company-owned retail stores located in luxury shopping locations. The Wholesale segment comprises sales made to a mix of retailers and international distributors, who are partners that have exclusive rights to an entire market, and travel retail locations. Geographically, it has a presence in Canada, the United States, North America, Greater China, Asia, and Europe, the Middle East, and Africa.

Vivara Participacoes SA is a Brazil-based company engaged in operating jewelry chain in Brazil. Its brands Vivara, Life by Vivara, Vivara Watches, Vivara Accessories e Vivara Fragrances are available at multiple sales points across the country. The firm operates business through Physical Stores, online sales and others. Substantial revenue is earned from the sales of Jewelry items.

Luxury and premium watch retailer selling Swiss and other brands through boutiques and online, and also pre-owned watches and services. Based in Gurugram.

Movado Group Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. It operates through the Watch and Accessory Brands and Company Stores segment. The Watch and Accessory Brands segment includes the designing, manufacturing, and distribution of watches and, to a lesser extent, jewelry and other accessories of quality owned brands and licensed brands. Its Company Stores segment includes the company's retail outlet locations in the United States and Canada. It generates maximum revenue from the Watch and Accessory Brands segment. Geographically, it derives the majority of its revenue from its international locations.

Indian arm of a global watch group, selling watches under Timex, Fossil and other brands. It also sells in e-commerce and offers service. Based in Noida.

Zhou Liu Fu Jewellery Co Ltd is a jewelry company in China that offers a range of products, gold jewelry products and diamond-set jewelry products, through its offline stores and online sales channels. Its business model integrates jewelry product development and design, procurement and supply, franchising and brand operation, linking various streams in the industry value chain. The company has established a network of retail stores across China. Its offline sales network had a total of 4,129 stores, including 4,125 stores (including both franchise stores and self-operated stores), spanning 31 provinces and 305 prefecture-level cities in China, and four franchise stores overseas, including two franchise stores in Thailand, one franchise store in Laos and one franchise store in Cambodia.

Senco Gold Ltd is a pan-India jewellery retail company with a history of more than five decades, and has a fourth-generation entrepreneur in the jewellery industry as its Promoter. The company principally sell gold and diamond jewellery and also sells jewellery made of silver, platinum, precious and semi-precious stones and other metals. Its other offerings also include costume jewellery, gold and silver coins and utensils made of silver. Its products are sold under the Senco Gold & Diamonds tradename, through multiple channels, including its 75 Company Operated Showrooms and 61 Franchisee Showrooms and various online platforms, including its website. Geographically, the company generates the majority of its revenue from India.

KDDL makes watch components such as dials and hands for global watch brands, and runs Ethos, a multi-brand luxury watch retailer in India. Operations are split between precision engineering and luxury retail. The company is headquartered in Mohali, near Chandigarh.

Goldiam International designs and manufactures diamond-studded gold jewellery for export, mainly to retailers and brands in the United States. It also sells under its own brand in India and holds a stake in a lab-grown diamond business. It is headquartered in Mumbai.

D. P. Abhushan is a jewellery maker and retailer selling gold and diamond jewellery under the DP Jewellers brand through stores in Maharashtra. It is based in Nashik.

FOPE is an Italian jewellery manufacturer based in Vicenza that was founded in 1929 and makes flexible 18 carat gold jewellery entirely in Italy. Its shares trade on Euronext Growth Milan. In 2024 net revenue rose to 73.4 million euros, and in the first half of 2026 net revenue was 56.77 million euros, up 32 percent, with EBITDA of 14.81 million euros and 86 percent of sales made in overseas markets. The group sells through a network of retailers and direct subsidiaries, including a distributor in Japan and a new subsidiary in Nantes, France. It holds a 20 percent stake in Milano 1919, the owner of the Antonini high-jewellery brand, which it acquired in 2017. A planned sale of a majority stake in FOPE to Claudio Costamagna and Andrea Morante in 2020 was cancelled.

Purple Style Labs runs Pernia's Pop-Up Shop, an online and offline luxury Indian fashion platform selling designer wear and accessories. It sells to consumers in India and abroad through its website and stores. The company is headquartered in Mumbai.

Bijou Brigitte Modische Accessoires AG is a Hamburg-based company which operates fashion jewelry chains in Europe. The product range covers everything from fashion and exclusive jewelry to fashion accessories and men's and children's jewelry. Geographical segments include Germany, Spain, Italy, and Portugal. It derives a majority of revenue from Germany.

Saat Ve Saat Sanayi Ve Ticaret AS is engaged in the activity of distributing watch brands and carrying out sales activities of related watches and watch parts through retail stores, e-commerce channels, and dealers under the Group.