亚洲基金表现总结101215.docx

Summary: Brand-Asia Fund摘要：品牌-亚洲基金Summary摘要Brand-Asia Fund offers an opportunity for investors to own leading consumer fashion brands from Europe to capture the enormous growth of the aspirational middle and upper middle class in Greater China & rest of Asia. The Fund is an attractive way to capture the returns from key macro-economic trends, changing dynamics in the industry and attractive valuations & terms available today. The investments are managed by a unique, experienced team that brings past success &combined expertise from the brand industry, finance and media.品牌-亚洲基金为投资者提供拥有欧洲顶级时尚消费品牌的机会，享受大中华和亚洲其他地区渴望消费的中产阶级和上层人士发展壮大所带来的红利。该基金善于抓住关键宏观经济趋势、不断变化的行业动态以及眼下极具吸引力的估值和条件所带来的回报。一支独一无二、经验丰富的团队负责管理基金的投资，具备品牌行业、金融和媒体等领域的骄人战绩和全方位知识。The Opportunity机会Rise of income and demographics to fuel demand收入增长和人口特征共同推动需求The global economy will experience economic cycles and its share of headlines of changing markets and government polices(e.g. China). But for the next 15 years, it is an uncontested fact that middle class consumer spending growth will be dominated by Asia Pacific. The region is expected to grow from nearly $5 trillion to over $30 trillion while at this time, North America will be nearly flat with only nominal growth in Europe. 全球经济将经历经济周期及其对不断变化的市场和政府政策主题的影响（如中国）。但是未来15年，毋庸置疑亚太地区将主导中产阶级消费支出增长。该地区有望从近5万亿美元增长到30万亿美元以上，与此同时，北美将几乎持平，欧洲则将有微弱增长。In the fashion sector, from 2013 to 2018, Europe is expected to decline at negative 15%, US markets is expecting growth of +8%, but Asia Pacificwill remain as the star at +16%. For most fashion brands, majority of their profits have come from Asiain the past and despite recent headlines, this trend will not change. For most brand owners, they are faced with the reality that the growth in revenue and profits for their business will be driven by what they do in Asia.在时尚行业，从2013年到2018年，欧洲预计将衰退到15%的负增长，美国市场增长预计超过8%，而亚太地区将一枝独秀，保持16%以上的增长。对于大部分时尚品牌来说，过去他们的大部分利润来自亚洲，尽管最近发生了萎缩，但是这一趋势不会改变。对于大部分品牌所有者而言，他们面临的实际情况是他们在亚洲的作为将推动业务收入和利润增长。Within Asia, China already the largest consumer market in Asia, is expected to surpass Japan to become the second largest aspirational & luxury market in the world after the US. This milestone is driven by a number of key market and demographic factors. Within a few years, China will have the 2nd largest number of households that earn over $150,000 a year. They currently are in 4th position after the US, Japan & Germany. This is fueling a large number of consumers who have spending power and are looking to display their position. Additionally, the penetration of luxury/aspirational market is 5% in China today vs the more mature markets of Korea at 20%, France at 15% and Japan at 12%. 在亚洲内部，中国已经是亚洲最大的消费市场，预计将超越日本成为仅次于美国的全球第二大渴望型消费和奢侈品市场。一系列关键市场和人口因素推动着这个里程碑。未来若干年，中国将拥有全球第二多的家庭，家庭的年收入超过15万美元。目前排在第四位，在美国、日本和德国之后。将涌现大量具有购买力并渴望展示他们的实力的消费者。除此之外，奢侈品/渴望型消费市场的渗透率目前在中国是5%，而更成熟的韩国市场为20%，法国为15%，日本为12%。Emerging consumers are more sophisticated than in the past (i.e. internet, social media, travel) and focusing on brands that show style & differentiation at a more moderate price point.新兴消费者比过去更老练（例如互联网、社交媒体、旅行），并且偏爱价位适中，彰显风格和差异化的品牌。“From our experience in growing brands in Asia for the past 60 years, we have observed it took Japan about 20 years to shift to the smaller, nuanced brands but in China this is happening much more quickly 5-10 years. The reason for this is their access to travel, social media and the internet.” CEO Bluebell“根据过去60年我们在亚洲发展品牌的经验，我们观察到日本花了20年时间转向更小的差异化品牌，而在中国，这一转变发生得更快（5-10年）。原因是他们有机会出国旅行、使用社交媒体和互联网。” CEO Bluebell。The other key difference that creates opportunity is the demographics of the consumer in Asia. For example in Europe, the majority of brand shoppers today are 40 years and older whereas in China, the largest segment of brand consumers is in the 20-39 age group. Besides the number of years this segment will be shopping for brands, this is also the prime age to introduce and capture loyalty to brands which they can identify with as their income grows with time.另一个创造机会的关键差异是亚洲消费者的人口特征。例如在欧洲，目前大部分品牌购买者的年龄在40岁以上，而在中国最大一部分品牌消费人群在20-39岁这个年龄段。除了这个人群将购买品牌产品的年数，这也是一个随着收入增长，培养对他们认同的品牌的忠诚度的黄金年龄。Time is opportune to invest in and grow European aspirational brands in Asia现在是亚洲投资和发展欧洲渴望型消费品牌的最佳时机The Fund will focus on identifying, investing in and growing leading European aspirational brands in Greater China & rest of Asia. Why European brands? Today, over 80% of top fashion brands purchased and top ranked in internet and social media in China are of European origin. There is strong affinity to the rich history and culture these brands can provide. Beyond the large, global brands everyone is familiar with (e.g. LV, Gucci), there is a wealth of highly attractive brands that have differentiating styles, more moderately priced and strong in their home markets that are available to well-connected investors.该基金将着重在大中华和亚洲其他地区发现、投资和发展顶级欧洲渴望型消费品牌。为什么是欧洲品牌呢？如今，在中国互联网和社交媒体中购买和排名靠前的80%以上顶级时尚品牌都是欧洲品牌。这与这些品牌的悠久历史和丰富文化积淀密不可分。除了家喻户晓的全球性大品牌（如LV、Gucci），还有许多风格独特，价位适中，在他们本国市场表现出色，极具吸引力的品牌，投资者也可以通过互联网获得。There are times when industries change and/or under stress where astute investors can find opportunities to gain attractive returns. We believe we are in one of these times in the fashion industry.行业发生变化和/或面临压力的时候，敏锐的投资者可以找到获得诱人回报的机会。我们相信眼下在时尚行业正是这样的好时机。Today, European brands are facing multiple challenges in their business. A key one is the slowing or declining sales in their historically core markets. For this reason, they need to invest to expand to new areas such as Asia but access to capital has been restricted in both equity and credit markets for working capital and investment. Additionally, due to the smaller size of these brands vs the global, established players, they often lack the expertise and access to critical talent to grow their business in Asia.欧洲品牌在经营上正面临多重挑战。其中一个关键挑战是传统核心市场销售放缓或下滑。为此，他们必须投资拓展新市场，如亚洲，但是无论是股票市场还是信贷市场能够获得的营运资本和投资都是有限的。并且，由于与全球性成熟品牌相比，这些品牌的规模更小，往往缺乏在亚洲开拓业务所需的能力和关键人才。We believe that the historical model of the fashion industry in Asia is changing. Traditional approach for brands has been to have 3rd party distributors often with non-aligned economics and terms. Due to the business stresses noted above, the Funds approach is to help these brands grow in Greater China in partnership within a structure that more closely aligns economics, management/ownership of intellectual property, local design, manufacturing and e-commerce. Our team has over 30 brands we have initiated discussion with to develop win-win partnerships that provides attractive returns for our investors.我们相信亚洲时尚行业的传统模式正在改变。品牌的传统运作方法是通过第三方经销商，他们往往在经济背景和条款上不一致。由于上述商业压力，该基金采取的方法是在一个经济背景、知识产权管理/权属、本地设计、制造和电子商务更统一的框架内合作，帮助这些品牌在大中华地区成长。我们团队已经启动洽淡的品牌有30多个，旨在发展共赢的伙伴关系，为投资者带来丰厚回报。Unique, successful team to execute独一无二、成功的执行团队Brand-Asia Fund has a truly unique execution team that brings together the best combined capabilities of its general partners from the brand industry, finance and media to identify investments, grow and manage the brands and realize attractive returns for the Fund investors.品牌-亚洲基金拥有一支真正独一无二的执行团队，结合来自品牌行业、金融、媒体行业普通合伙人的最强能力，发现投资机会，发展和管理品牌，为基金投资者实现丰厚的回报。Investment Partner: Orion Partners who is a leading, private alternative investment management firm that has managed over $3 billion since its founding in 2000 with teams in Hong Kong, China, Korea, Singapore and Japan. Orion Partners is affiliated with BNP Paribas Investment Partners, the global asset management business of BNP Paribas Banking Group. 投资伙伴：奥因投资是一家领先的私人另类投资管理公司，自2000年创办以来管理着30多亿美元资产，在香港、中国、韩国、新加坡和日本拥有自己的团队。奥因投资隶属于法国巴黎银行集团旗下的全球资产管理子公司巴黎银行投资管理公司。Brand Partner: Bluebell Group, who has been the leading “brand behind the brands” in Asia for over 60 years managing over 100 brands including LV, Gucci, Jimmy Choo, Pandora, etc. The Group has an execution team of over 2,200 employees and 400 points of sale with strong European network/culture.品牌伙伴：Bluebell集团60多年来一直是亚洲领先的“品牌背后的品牌”，管理着100多个品牌，包括LV、Gucci、Jimmy Choo和Pandora。该集团拥有2200多名员工，400多个销售点，享有强大的欧洲网络和文化。Media Partner: RH Group who manages the largest overseas Chinese print media in the world.媒体伙伴：RH集团管理着全球最大的海外中文平面媒体。Examples of our past execution success across a range of business situations过往业绩，包括不同商业情境 Louis Vuitton helping to grow an iconic brand in Asia Louis Vuitton 帮助它成为亚洲标志性品牌 Jimmy Choo - accelerate the growth of an emerging brand in Asia Jimmy Choo - 加快这个新兴品牌在亚洲的成长 Pandora reposition & turnaround a challenged brand in Asia Pandora 帮助这个困境中的品牌在亚洲重新定位，迎来转机Please join the team that has successfully built a world of brands in Asia and the unique opportunity to own exciting brands as they capture the enormous growth of consumer demand in Asia.加入这支已经在亚洲成功打造许多品牌的团队，抓住拥有精彩品牌的难得机遇，与他们共享亚洲消费需求的巨大增长Fund Details基金信息Fund Name基金名称Orion Partners Brand-Asia Fund LP奥因投资品牌-亚洲基金有限合伙人General Partner普通合伙人OP Brand-Asia GP Inc.奥因投资品牌-亚洲普通合伙人公司Fund Overview基金概述Brand-Asia Fund offers an opportunity for investors to own leading consumer fashion brands from Europe to capture the enormous growth of the aspirational middle and upper middle class in Greater China & rest of Asia.品牌-亚洲基金为投资者提供拥有欧洲顶级时尚消费品牌的机会，享受大中华和亚洲其他地区渴望消费的中产阶级和上层人士发展壮大所带来的红利。Target Fund Size基金规模目标$300 million3亿美元Commitment Period承诺期间Five (5) years from initial closing date自首个截止日期起五（5）年Term of the Fund基金期限Ten(10) years, subject to standard extensions十（10）年，可以按标准时间延长Management Fee管理费2%p.a. on aggregate co