XTEP 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.

Inditex is a Spanish public fashion retailer headquartered in Arteixo, near A Coruña. Its consumer brands include Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Lefties, distributed through integrated stores and online channels. The group designs, sources, transports and sells apparel, footwear, accessories and home products using shared logistics and technology infrastructure. Revenue comes primarily from retail product sales to consumers, with inventory and fulfilment coordinated across physical and digital channels. At the end of its 2025 financial year, Inditex reported 5,460 stores across 97 markets and more than 163,000 employees. The company also makes selected strategic investments in materials, logistics, retail technology and automation that can support its operating model and supply chain.

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.

Fast Retailing is Japan’s largest apparel company. It operates the casualwear retail chain Uniqlo, known for its high-quality functional apparel at reasonable prices. Fast Retailing is in charge of product design and sales and outsources almost all of its production to factories in places including China, Vietnam, Bangladesh, Indonesia, and India. It is ranked the second-largest apparel company by sales globally in 2024 per Euromonitor, thanks to the expansion of Uniqlo International. As of February 2025, it ran 3,616 stores globally. Other brands in its portfolio include GU and acquired brands like Theory, Comptoir des Cotonniers, and Princesse tam.tam. The Yanai family owned a 40.86% stake in the firm as of July 2025.

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.

EssilorLuxottica is a combination of the leading manufacturer of premium frames and sunglasses and the leading manufacturer of optical lenses. Both companies are significantly larger than the next biggest competitor and command over 15% of the fragmented global eyewear market. The company has a broad geographical presence, with around 37% of sales in Europe, 45% in North America, and the rest in Asia and Latin America.

Nike is the largest athletic footwear and apparel brand in the world. Footwear generates about two-thirds of its sales. Key performance footwear categories include basketball, running, and football (soccer). Its brands include Nike, Jordan (premium athletic footwear and clothing), NikeSkims (women's athleisure), and Converse (casual footwear). Nike sells products worldwide through company-owned stores, franchised stores (including about 5,500 in China), and third-party retailers. The firm also operates e-commerce platforms in more than 40 countries. Nearly all its production is outsourced to contract manufacturers in more than 30 countries. Nike was founded in 1964 and is based in Beaverton, Oregon.

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.

adidas is a German sportswear company headquartered in Herzogenaurach, Bavaria, and the largest sportswear manufacturer in Europe and second-largest in the world after Nike. Its roots go back to July 1924, when Adolf 'Adi' Dassler and his brother Rudolf formed the Gebrüder Dassler Schuhfabrik; after the brothers split, Adi registered adidas on 18 August 1949 while Rudolf founded the business that became Puma. The company designs and markets athletic and lifestyle footwear, apparel and accessories under the adidas brand and its three-stripes mark, selling them through wholesale partners, its own stores and e-commerce. It sponsors athletes, clubs and national teams and has a long association with the FIFA World Cup. adidas bought Reebok for $3.8 billion in 2005–06 and sold it to Authentic Brands Group in 2022 for about $2.5 billion, and it owns an 8.33% stake in FC Bayern Munich. In 2025 the group reported net sales of €24,811 million and employed 64,938 people worldwide. Bjørn Gulden has been chief executive since January 2023.

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.

Hennes & Mauritz is a global multibrand fashion conglomerate that was founded in 1947. Its flagship H&M brand accounts for most of the revenue, but the newer brands (COS, &Other Stories, Monki, Weekday, and Arket) are growing a bit faster. H&M commands low-single-digit market share in a fragmented global apparel market. Around 66% of revenue is generated in Europe and Africa, 12% in Asia and Oceania, and 22% in North and South America. The company operates around 4,200 stores globally, of which the bulk are H&M brand stores.

Anta Sports is a leading Chinese sportswear company. The company designs, manufactures, and markets sportswear, footwear, and accessories, spanning from value-driven offerings to premium segments. Beyond their core Anta brand, the business operate a multi-brand portfolio including Fila (China), Descente (China), Kolon (China), and holds a major stake in Amer Sports, parent company to globally recognized brands like Salomon, Arc'teryx, and Wilson. This diverse portfolio allows Anta to cater to a broad spectrum of consumers, from professional athletes to athleisure enthusiasts.

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.

Next PLC operates as a retailer, specializing in the sale of clothing, footwear, accessories, and home products. A portion of the company's product offerings comprises items bearing the Next brand. Additionally, the majority of the company's remaining sales occur through retail stores located outside the United Kingdom, which it franchises. The company's segments encompass NEXT Online, NEXT Finance, NEXT Retail, and Other Business Activities. A substantial portion of the company's revenue is derived from customers within the United Kingdom; however, its presence extends to regions such as the Rest of Europe, the Middle East, Asia, and the Rest of the World.

Founded by designer Ralph Lauren (current executive chair and chief creative officer) in 1967 in New York City, Ralph Lauren Corp. designs, markets, and distributes lifestyle merchandise in North America (41% of fiscal 2026 sales), Europe (31%), and Asia (26%). Best known for its iconic polo shirts, its products also include other types of apparel, footwear, eyewear, jewelry, handbags, home goods, and fragrances. The company's brands include Ralph Lauren Collection, Polo Ralph Lauren, and Lauren Ralph Lauren. Distribution channels for Ralph Lauren include wholesale (department stores and specialty stores), retail (company-owned retail stores and e-commerce), and licensing.

Founded in 1949 in Kobe, Japan, Asics is a leading sports footwear brand specializing in performance running shoes. Asics is well-known for its stability running shoe Gel-Kayano, which has been popular among runners for over 30 years thanks to its cushioning technology. It also owns Onitsuka Tiger, which is currently positioned as a premium sportswear lifestyle brand. In 2025, Asics had annual sales of over JPY 810 billion and commands around 10% of the running shoes market share in Japan, the United States, and Europe, a notable achievement for a company that holds only around 4% of the broader global sports footwear market.

Shein Global Holdings Ltd is an online fashion and lifestyle company. It operates online platforms that offer fashion products to consumers mainly in the United States and Europe. The company's portfolio of brands includes SHEIN, Dazy, Romwe, MOTF, Anewsta, Musera, Glowmode, and Aralina. The majority of the company's revenue is derived from the sale of its fashion apparel products.

Associated British Foods is a diversified international food, ingredients, and retail group with 138,000 employees and operations in 56 countries across Europe, Africa, the Americas, Asia, and Australia. The group sells branded groceries, grows and processes sugar, supplies farmers with crop input and animal feed, and runs the multinational Primark clothing retail chain. It also supplies ingredients like bakers' yeast, enzymes, lipids, and cereal specialties. In fiscal 2025, approximately 36% of sales came from the UK, and Primark accounted for around 60% of operating profit.On April 21, 2026, ABF announced it plans to separate Primark and the food businesses. Subject to approvals, the demerger is expected to become effective at the end of 2027.

Trent Ltd through its subsidiaries, operates a chain of retail stores. The company offers various brands across women's wear, men's wear, kids' wear, footwear, lingerie, cosmetics, perfumes, handbags, and accessories. It also offers foods, beverages, health and beauty products, vegetables, fruits, dairy products, and others. The company offers these products by operating a portfolio of retail concepts like Westside, Zudio, Samoh, Utsa, Misbu, and others. The company is in the business of retailing/trading predominantly in India.

Ryohin Keikaku Co Ltd operates as a retailer of household and consumer products under the MUJI and IDEE brands. The company conducts its business through four segments: Domestic Business, East Asia Business, Southeast Asia and Oceania Business, and Europe and America Business. The Domestic Business covers product sales in stores and online in Japan, along with procurement and logistics, while the overseas segments engage in product and food-related operations across their respective regions.

Moncler consists of its namesake brand and Stone Island (bought in 2021). The Moncler brand is one of the leading players in luxury outerwear. It is globally present with 35% of sales generated in Europe, the Middle East, and Africa, 15% in the Americas, and 50% in Asia and rest of the world. Most of Moncler brand sales are direct to consumer, with 86% generated through the own-retail channel. Around 75%-80% of revenue is generated in the core outerwear segment, with the remainder in the accessory, knitwear, and footwear categories. Stone Island contributed 13% of revenue in 2024.

Prada is a family-owned holding comprising the Prada brand, a younger and more fashion-oriented Miu Miu, and two classic shoe brands: Church’s and Car Shoe. The company generates EUR 5.4 billion in sales, with over 70% from the Prada brand. Geographically, Asia is the biggest region with 33% of retail sales, followed by Europe at 32%, 17% in the Americas, and 13% in Japan. In 2025, the Prada group acquired the Versace brand, which should contribute 13% of revenue on a pro forma basis.

LPP SA makes and sells clothing, footwear, bags, and accessories in Central and Eastern Europe. LPP has nearly 1,500 company-branded retail stores, which serve as the company’s primary sales channel. Brands include Reserved, Cropp, House, Mohito, and Sinsay. Reserved stores account for roughly half of the company’s sales volume. Geographically, most sales are in Poland, and Poland and Russia account for more than 80% of total sales. LPP purchases most of its materials in Asia, and the company’s manufacturers are primarily located in China.

Five Below Inc is a specialty value retailer offering a broad range of trend-right, high-quality products loved by the kid and the kid in all of customers. The Company's edited assortment of products includes select brands and licensed merchandise. The Company also sells its merchandise on the internet, through the Company's e-commerce website and mobile app, offering home delivery and the option to buy online and pick up in store. Additionally, the Company sells merchandise through on-demand third-party delivery services to enable its customers to shop online and receive convenient delivery. It derives revenue from sales of the Company's merchandise to customers.

Aritzia Inc is an integrated design house of exclusive fashion brands. It designs apparel and accessories for its collection of exclusive brands and sells them under the Aritzia banner. The category of products offered by the firm is blouses, T-shirts, pants, dresses, sweaters, jackets and coats, skirts, shorts, jumpsuits, and accessories. The company reports as a single segment and includes all sales channels accessed by the company's clients, including sales through the company's eCommerce website and sales at the company's boutiques. Its geographical segments include Canada and the United States, of which it generates the majority of its revenue from the United States.

Founded in 1973, California-based Deckers designs and sells casual and performance footwear, apparel, and accessories. In fiscal 2025, Ugg and Hoka accounted for 51% and 45% of total sales, respectively. The firm also markets a niche sandal brand called Teva. Deckers produces most of its sales through wholesale partnerships but also operates e-commerce in more than 50 countries and has more than 200 company-operated stores. It generated 64% of its fiscal 2025 sales in the United States.

Founded in Switzerland in 2010, sportswear firm On Holding AG generates about 93% of its sales from athletic shoes. The brand is best known for its running shoes and its distinctive CloudTec soles. On also produces athletic apparel (6% of sales) and accessories (1%). The firm’s merchandise is available in more than 80 countries and is sold through both wholesale (58% of sales) and company-owned channels (42%). In 2025, On generated about 57% of its sales in North America, 26% in Europe, the Middle East, and Africa, and 17% in the Asia-Pacific region.

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.

Lululemon Athletica designs, distributes, and markets athletic apparel, footwear, and accessories for women, men, and girls. The company offers pants, shorts, tops, and jackets for both leisure and athletic activities such as yoga and running. Lululemon also sells fitness accessories, such as bags, yoga mats, and equipment. It sells its products through digital channels, a small number of wholesale partners, more than 800 company-owned stores in about two dozen countries in North America, Asia, and Western Europe, and about more than 40 franchised locations in the Middle East and Europe. The company was founded in 1998 and is based in Vancouver, Canada.

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.

Gap retails apparel, accessories, and personal-care products under the Gap, Old Navy, Banana Republic, and Athleta brands. Old Navy generates more than half of Gap's sales. The firm also operates e-commerce sites, outlet stores, and specialty stores under various Gap names. Gap operates approximately 2,500 stores in North America, Europe, and Asia and franchises about 1,000 more in Asia, Europe, Latin America, and other regions. Gap was founded in 1969 and is based in San Francisco.

Levi Strauss & Co is involved in designing, marketing, and selling products that include jeans, casual and dresses pants, tops, shorts, skirts, jackets, footwear, and related accessories directly or through third parties and licensees for men, women, and children under Levi's, Dockers, Signature by Levi Strauss & Co. and Denizen brands. The company manages its business according to three regional segments: the Americas, which is the key revenue driver; Europe; and Asia.

Gildan is a vertically integrated designer and manufacturer of basic apparel, including T-shirts, underwear, socks, and hosiery. Its primary market is the sale of blank T-shirts, sweatshirts, and other apparel to wholesalers, major clothing brands, and printers (printwear). Gildan also sells branded clothing through retail and direct-to-consumer channels. Brands include Gildan, American Apparel, Comfort Colors, and Goldtoe. Gildan produces most of its clothing at factories in Latin America but has been ramping up production at its new facility in Bangladesh. Incorporated in 1984, the Montreal-based company operates internationally but generates nearly 90% of its sales in the US. Gildan is acquiring its US rival Hanesbrands to bolster its consumer and printwear operations.

Victoria's Secret & Co is a retailer of women's intimate and other apparel and beauty products marketed under the Victoria's Secret, PINK, and Adore Me brand names. It also includes the merchandise sourcing and production function serving the Company and its international partners. The Company operates as a single segment designed to serve customers seamlessly through stores and online channels. The Company also includes the merchandise sourcing and production function serving the Company and its international partners.

VF designs, produces, and distributes branded apparel, footwear, and accessories. Its apparel categories are active, outdoor, and work. Its portfolio of 10 brands includes Vans, The North Face, Timberland, and Altra. VF markets its products in the Americas, Europe, and Asia-Pacific through wholesale sales to retailers, e-commerce, and branded stores owned by the company and partners. Tracing its roots to 1899, the company has evolved through many brand acquisitions and dispositions.

Bosideng is the largest down apparel firm in China. The company operates several brands with different market positionings. Among them, its namesake Bosideng brand targets the mid to high-end segment, Snow Flying serves the mass market, and Bogner caters to the luxury segment. The firm also owns over 30% stake in Moose Knuckle, a Canadian luxury brand. As of March 2025, Bosideng has 3,470 retail locations across China, including 1,524 self-operated stores. In addition to its core business, Bosideng distributes ladieswear and provides OEM services to other brands, leveraging its supply chain strength.

Abercrombie & Fitch Co is a digitally led, omnichannel retailer offering apparel, personal care products, and accessories for men, women, and kids through company-owned stores, digital channels, and third-party arrangements. The company operates through three geographic segments: Americas, the maximum revenue generator; Europe, the Middle East and Africa (EMEA); and Asia-Pacific (APAC). Its brand families include Abercrombie brands and Hollister brands. The Americas segment covers North and South America, EMEA includes Europe, the Middle East and Africa, and APAC includes the Asia-Pacific region, including Asia and Oceania.

Brunello Cucinelli, an Italian luxury apparel brand, keeps its entire supply chain in Italy, focusing on quality and hand-crafted design. Known for its cashmere-focused, timeless apparel, the brand appeals to luxury consumers who value enduring style over trends. Ready-to-wear clothing accounts for 85% of revenue and accessories for 15%. With a global presence, 36% of revenue comes from Europe, 36% from the Americas, and the remainder from a growing share in Asia. Women’s collections contribute 50% of revenue, men’s collections contribute 50%.

Crocs Inc is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children. The reportable operating segments of the company are the Crocs Brand and the HEYDUDE Brand. The company derives maximum revenue from the Crocs brand segment.

Youngor Fashion Co Ltd is a China-based company that is engaged in the development of textiles and apparel. The company's brands are YOUNGOR, MAYOR, Hart Schaffner Marx, HAMP, and Others. In addition, the company is also involved in the real estate development business and the financial investment business.

Birkenstock is a German footwear brand known for comfort-focused, timeless designs, with 76% of 2022 sales coming from its top five iconic models. Products are made in Europe using sustainable, mostly locally sourced materials. The brand combines orthopedic function with everyday style, appealing to a broad audience. The Americas account for 52% of sales, EMEA 37%, with the remainder coming from Asia-Pacific, which has also the higher future growth expectations.

Seiko Group Corp is a Japanese manufacturer of watches and electronic devices. The company organizes itself into three segments, Emotional Value Solutions Business, Device Solutions Business and System Solutions Business. The Emotional Value Solutions Business manufactures watches and also sells high-end jewelry, clothing, and general merchandise. Device Solutions Business manages the electronic devices business, the next key contributor to revenue, produces components such as semiconductors, camera shutters, inkjet print heads, thermal printers, micro-batteries, and radiation-measuring equipment. System Solutions Business develop and sell products related to systems, IoT, and payment-related businesses, providing maintenance services for sold products and software development services.

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.

Groupe Dynamite Inc designs and distributes women's apparel under the brands Dynamite and Garage and sells its products to markets in Canada, the United States of America, and the United Kingdom through corporate stores and online. Groupe Dynamite mainly caters to the needs of Generation Z and Millennials. Its product assortment is centered around jeans, pants, fleece, tops, blouses, sweaters, dresses, skirts, jackets, and dresses and other outfits for social events and gatherings. Geographically, the company generates maximum revenue from the United States.

Shimamura Co Ltd is a Japanese apparel retailer. It is engaged in the retail sale of apparel and daily goods. The company operates both domestically and internationally, offering clothing and related products through its network of stores. It conducts business under two reportable segments: Japan and Overseas, with each segment managing sales and operations in its respective regions.

Established in 1989, Li Ning is one of the largest sportswear companies in China. Headquartered in Beijing, Li Ning mainly sells professional and leisure footwear and apparel under the Li Ning brand. Despite having a single-brand strategy, Li Ning launched multiple sub-brands (such as China Li Ning and Li Ning 1990) to appeal to different demographics. As of the end of 2024, the company had 7,585 stores in China, of which 1,297 were directly operated, and the rest franchised.

Hla Group Corp Ltd is a Chinese clothing company. Its businesses include the operation of brand clothes, the production, and sales of upscale suits and professional clothing. Its brand clothing management includes brand management, supply chain management, and marketing network management. The company operates product brands including HLA, HLA Group Buying, OVV, Yingshi YeeHoO, and HLA Optimal Selection. The company offers men's clothing, women's clothing, and accessories.

Page Industries Ltd is the exclusive licensee for the manufacture, marketing, and distribution of Jockey and Speedo-branded innerwear, swimwear, and other apparel in India. The company also has the rights to Jockey in Sri Lanka, Bangladesh, Nepal, and the United Arab Emirates. Sales of innerwear and leisurewear products contribute a substantial amount to the company's revenue. Swimwear and other items make up the remaining revenue. The company sells its products through exclusive brand stores, some of which are run by franchisees, large-format stores, multibrand stores, and its e-commerce channel. The company's segments are; Innerwear and leisurewear which derives key revenue, and others. Geographically, the majority of the company's revenue is generated within India.