Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Thematic (Sector/Industry)

A Possible Future Disruptive Technology ?<ul><li>In our opinion, as fashion trends change to reflect the values and cultural identity of the times, different competitive advantages are demanded and rewarded.</li><li>For example, in the '90s consumers were willing to pay a premium for brands and wanted logo merchandise. After 2008, consumer preference shifted to value offerings.</li><li>We think these constantly evolving preferences leave the industry very exposed to the threat of new entrants.</li><li>3D Printing is in its very early stages of market penetration but, at first glance, seems to possess many attributes that would allow it to be competitively advantageous in the current fashion environment. In particular, we note three trends that are currently commanding price premiums: technical differentiation, improved fit, and customization.</li><li>3D Printing not only advances each of these three characteristics but unites them and provides attractive cost advantages while doing so. However, we see quite a few barriers that need to be overcome before it can become a significant threat to mass manufacturing.</li><li>In the near term, we see 3D Printing most impacting jewelry and accessories manufacturers, increasing the presence of design-it-yourself kiosks in stores, and used in one-off designs.</li><li>In the very long term, if the technology can scale, we see companies with strong brands and technically differentiated products as the winners, while those with supply chain cost advantages, value-oriented non-branded products, and differentiated on fit as most exposed to the threat.</li></ul>Analyst: Bridget Weishaar&nbsp;

A Possible Future Disruptive Technology ?In our opinion, as fashion trends change to reflect the values and cultural identity of the times, different competitive advantages are demanded and rewarded.For example, in the '90s consumers were willing to pay a premium for brands and wanted logo merchandise. After 2008, consumer preference shifted to value offerings.We think these constantly evolving preferences leave the industry very exposed to the threat of new entrants.3D Printing is in its very early stages of market penetration but, at first glance, seems to possess many attributes that would allow it to be competitively advantageous in the current fashion environment. In particular, we note three trends that are currently commanding price premiums: technical differentiation, improved fit, and customization.3D Printing not only advances each of these three characteristics but unites them and provides attractive cost advantages while doing so. However, we see quite a few barriers that need to be overcome before it can become a significant threat to mass manufacturing.In the near term, we see 3D Printing most impacting jewelry and accessories manufacturers, increasing the presence of design-it-yourself kiosks in stores, and used in one-off designs.In the very long term, if the technology can scale, we see companies with strong brands and technically differentiated products as the winners, while those with supply chain cost advantages, value-oriented non-branded products, and differentiated on fit as most exposed to the threat.Analyst: Bridget Weishaar&nbsp;

The 3D Printing Revolution and Its Impact on the Apparel Industry

United States

Dick's Sporting Goods, Inc. operates as a sporting goods retailer that manages stores primarily in the eastern and central United States. The Company owns stores that offers a broad selection of brand name sporting goods equipment, apparel, and footwear.

Burlington Stores, Inc. owns and operates clothing retail stores. The Company offers, through its stores and internet sites, men's, women's, and children's apparel. Burlington Holding operates within the United States and Puerto Rico.

Tractor Supply Company operates a retail farm store chain in the United States. The Company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products.  Customers include hobby, part-time, and full-time farmers and ranchers, as well as rural customers, contractors, and tradesman.

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

Murphy USA Inc. produces and distributes petroleum products. The Company engages in refining, marketing, and transportation of oil and gas products. Murphy USA provides products and services worldwide.

The Gap, Inc., is an international specialty retailer operating retail and outlet stores.  The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

Ulta Beauty, Inc. operates a chain of beauty stores. The Company offers cosmetics, fragrance, skin, and hair care products, as well as salon services. Ulta Beauty serves customers throughout the United States.

Lithia Motors, Inc. retails, finances, and services new and used vehicles. The Company also provides other related services and products, such as the sale of parts and accessories, extended service contracts, aftermarket automotive products, and collision repair services. Lithia Motors operates throughout the United States.

Williams-Sonoma, Inc. retails cooking and serving equipment, home furnishings, and home accessories through retail stores, mail order catalogs and e-commerce. The Company offers its merchandise under the Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, and West Elm.

GameStop Corporation operates specialty electronic game and PC entertainment software stores throughout the United States, Australia, Canada and Europe. The Company stores sell new and used video game hardware, video game software and accessories, as well as PC entertainment software, and related accessories and other merchandise.

Chow Tai Fook Jewellery Group Limited retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

HIKARI TSUSHIN, INC. is a mobile telecommunication service subscription agency. The Company also operates telecommunication services stores, HIT SHOP, which sell cellular telephones, and related goods.  Hikari Tsushin also sells office automation equipment and insurance.

Hotai Motor Company Ltd. operates as an automobile dealership. The Company sells and services new and used cars and trucks in Taiwan.

Nitori Holdings Co., Ltd., is based in Hokkaido and operates a furniture retail chain.  The Company sells living room furniture, storage furniture, dining furniture, office furniture, beds, and interior goods.  Nitori Holdings also sells original brand merchandise and imported merchandise.

JD Sports Fashion PLC operates a chain of retail stores which sell brand-name sports and leisure wear. The Company sells sports and leisure footwear, clothing, and accessories, among other items. JD Sports Fashion serves customers in the United Kingdom.

Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens, and children.  The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

JB Hi-Fi Limited is a music and electronic goods retailer in Australia.  The Company operates stores at sites located in most Australian States.  Products include consumer electronics, car sound systems, music and DVDs.

ABC-MART, INC. plans, develops, wholesales, and retails shoes.  The Company also plans and develops brand name shoes such as VANS and G.T. HAWKINS.  ABC-Mart imports and wholesales shoes, apparel, bags, and sundries as well.

L'Occitane International S.A. is a global, natural and organic ingredient based cosmetics and well-being products enterprise.  The Company designs, manufactures and markets a wide range of cosmetics and well-being products based on natural and organic ingredients sourced principally from or near Provence.

Zhongsheng Group Holdings Ltd. retails automobiles.  The Company imports and retails primarily luxury and mid- to high-end automobile brands.

Best Buy Co., Inc. retails consumer electronics, home office products, entertainment software, appliances and related services through its retail stores, as well as its web site.  The Company also retails pre-recorded home entertainment products through retail stores.

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Best Buy Co Inc (BBY US)

The 3D Printing Revolution and Its Impact on the Apparel Industry

A Possible Future Disruptive Technology ? In our opinion, as fashion trends change to reflect the values and cultural identity of the times,...

Morningstar, Inc.

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