私たちの物語 - 食物・ボディイメージ・過去ログ No.436

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■2014年04月26日土曜日 11時50分07秒

It appears KORS, if it can sustain its current trajectory, can easily beat the 9.8% implied growth rate from the DCF calculation. Conversely, RL will need to adjust its business model to attain its implied valuation. 2. Comparable Store Sales Analyzing comparable store sales will help us determine if growth is attained through store count expansion or through additional demand. Higher comparable store sales show that each store is generating more revenue, which is much more sustainable for growth. Michael Kors has achieved very high samestore sales growth, while Coach and Ralph Lauren are lagging. By analyzing the number of stores each retailer has, it is clear that KORS is expanding the most, increasing its store count significantly. This trend will likely continue as KORS' cashflow from operations increases (223% increase in CFO since 2011). In 2013, RL's revenues increased only 2.9% due to the closing of 867 stores and a 3% increase in comparable store sales. If this trend continues, RL will eventually experience negative topline growth. Similarly, COH is shutting down its stores, though growth is primarily driven through internet sales.
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■2014年04月26日土曜日 08時25分41秒

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■2014年04月25日金曜日 16時42分40秒

I am fairly neutral towards Estee Lauder. Using DCF analysis (data shown at the end), the implied growth rates of these KORS, RL, COH, and EL are estimated. I will use net revenue and income growth, comparable store sales, international exposure, return on invested capital, and fashion trends to determine which retailer is most attractive. The implied growth on EL is lower than those of RL and COH, despite the lower P/E, because free cashflow was used to calculate the implied growth rates. KORS, the most recent of its peers to IPO, has very high growth expectations. Sales increased 63% and 69% from 2011 to 2012 and 2012 to 2013 respectively. Gross margins increased from 59% in 2011 to 62% in 2013. Alongside, SG expenses, as a percentage of revenues, have decreased from 37.7% in 2010 to 28.5% in 2013, demonstrating that KORS has been able to effectively take advantage of economies of scale. RL, given its performance over the past few years, may find difficulties achieving the market's estimated implied growth rate. Sales increased 1.2% (2.9% without any adverse currency effects) in 2013.
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■2014年04月25日金曜日 04時13分47秒

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■2014年04月24日木曜日 17時00分09秒

It used to be that designers showed clothes at Fashion Week to court the influential few, mainly the buyers and fashion editors who determined what styles would be hot in retail stores a season away. But now they are starting to sidestep the middleman. Web technology, and a desire to entice luxury shoppers who are suddenly spending again, are spurring designers to fling open the tent flaps to their runway shows and appeal directly to shoppers. In this fall's women's runway shows, which started Thursday with New York Fashion Week and continue throughout the next month in London, Paris and Milan, shoppers at their keyboards will have a frontrow seat. Gucci will allow anyone to sign up to watch its show online, and will let viewers share live Webcam videos as though they were playing with YouTube. Alexander Wang is projecting video of its show on a "moving billboard" in Manhattan, and Betsey Johnson is showing live Web versions of the show and the backstage frenzy before it. And in the most aggressive outreach, Burberry, the British design house, will not only stream its women's runway show live from London.
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■2014年04月24日木曜日 08時02分04秒

Mark Weber brings a breadth of brand development and operational skills that will be invaluable to DKI as it focuses on growing its sales and profitability." Donna Karan, DKI's Founder and Chief Creative Director, said, "We have built the Donna Karan International brand, designed by a woman who understands women and her families' needs, from day to night, inspired by the city and its energy, through fashion that embraces function and fantasy. With the support of LVMH and the benefit of Mark Weber's experience, I believe we can take DKI to the next level of growth and success as a fashion leader around the world." Mr. Weber said, "The Donna Karan brand is a leader in American fashion, and the opportunity to put my experience to use at DKI is enormously exciting. I look forward to working with Donna, an icon of the American fashion industry, and the whole DKI team. market." At DKI, Mr. Weber succeeds Jeffry Aronsson, who has been President CEO since November 2003. Antonio Belloni, LVMH Group Managing Director, said, "We thank Jeffry for his dedication and contributions to the Donna Karan brand and wish him success in his future endeavors."
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■2014年04月23日水曜日 22時51分38秒

The initiative has seen its up and downs over the years. As luck would have it, these socalled orphan works represent a significant portion of the world collected knowledge. Google hasn said how many it thinks there are, but one academic believes it might total 70 percent some 90 million works. The remaining 40 million or so may be plenty for your friendly, neighborhood library, but not for the Google of them all. Judge Denny Chin raised a number of concerns. But even a system which requires an owner to opt out might rankle: If you didn want to sell your car, should you have to lift a finger to prevent someone from giving you some money and driving it away? Shouldn an owner always have total control? Still, if the public good is overarching, the rights of individuals can be deemed secondary. In Kelo v City of New London the Supreme Court ruled, in essence, that a town could kick people out of their homes to increase tax revenues. Google is a private company, of course, and stands with the Books project to make money from things other people own even as it provides the world with an everywhere, always open library of everything.
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■2014年04月23日水曜日 13時38分43秒

Located between the city centre and Botafogo, Flamengo lies on the edge of Guanabara Bay, having the most spectacular view of the Sugar Loaf. The beachfront area is dominated by the Flamengo Park, "Parque do Flamengo" that was built on nearly 300 acres (1.2 km) of land reclaimed from the bay and is to date the world largest incity park. Until the 1950s, Flamengo and Catete were the principal residential zones of Rio's wealthier middle classes and that may be the reason why some of these landmark buildings were constructed here. Let us now walk through some of these living treasures. Biarritz Building: Perhaps the most well known building in Flamengo district is definitely the Biarritz Building, located at Praia do Flamengo, 268 (268 Flamengo Beach). Considered an artdeco masterpiece in Rio, the Biarritz has its construction finalized in the beginning of the 40s, being a copy of an existing building in Paris, on Montaigne Avenue. This artdco landmark was designed by French architects Auguste Rendu and Henri Paul Pierre Sajous, who designed two other art deco structures in Flamengo: the Tabor Loreto Building (Flamengo beach corner with Paysandu).
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In this circumstance, there are insufficient data points (balls bowled) to reasonably predict the trajectory of an innings. A fairer approach would be to set a minimum number of overs before wickets lost are taken into consideration. For example, if that minimum number of overs in T20 were 5 overs (ie 25% of the innings completed), the wickets West Indies had lost in those 14 balls would be irrelevant. The target set would assume that no balls had been bowled. The West Indian target should then have been higher. After 5 overs, and only after 5 overs, the runs already scored and wickets already lost would be taken into account. A more suitable minimum number of overs might in fact be 8 or 10 overs. The alternative would be to increase the weighting in favour of the side batting first in these circumstances. 2 The spirit of cricket argument: Anybody who has played cricket at any level knows that it is much easier to score around ten runs an over for 6 overs than it is for 20 overs, especially when 10 wickets are available in both situations. It is wrong for Duckworth to suggest otherwise.
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