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)

Despite China's risks and macroeconomic issues, we believe even small rates of growth will yield significant opportunities for luxury firms.China's size, economic growth potential, and ultimate expansion of the high-end consumer market can substantially alter the outlook for many brands.With Chinese consumers already responsible for 30% of global luxury goods purchases, the continued growth of wealthy and upper-middle-class consumers appears to offer great potential, but also a high basis of comparison.We believe the market will experience solid growth, driven by the vast number of consumers entering the middle class. With this trend, we believe Chinese consumers will behave more like their Western counterparts, with more frequent lifestyle purchases of aspirational luxuries on a per household basis and fewer purchases of status symbol goods that were often a store of wealth.We see brands such as Ralph Lauren, Tiffany, Burberry, and Swatch as the most likely beneficiaries.Analyst: Paul Swinland

Despite China's risks and macroeconomic issues, we believe even small rates of growth will yield significant opportunities for luxury firms.China's size, economic growth potential, and ultimate expansion of the high-end consumer market can substantially alter the outlook for many brands.With Chinese consumers already responsible for 30% of global luxury goods purchases, the continued growth of wealthy and upper-middle-class consumers appears to offer great potential, but also a high basis of comparison.We believe the market will experience solid growth, driven by the vast number of consumers entering the middle class. With this trend, we believe Chinese consumers will behave more like their Western counterparts, with more frequent lifestyle purchases of aspirational luxuries on a per household basis and fewer purchases of status symbol goods that were often a store of wealth.We see brands such as Ralph Lauren, Tiffany, Burberry, and Swatch as the most likely beneficiaries.Analyst: Paul Swinland

China's Luxury Market Shifting From Status to Consumption As China's Middle Class Expands

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

Nordstrom, Inc. is a fashion retailer of apparel, shoes, and accessories for men, women, and children.  The Company operates through multiple retail channels, discount stores, boutiques, catalogs, and on the Internet. Nordstrom, Inc. also offers, through a subsidiary, private label card credit and debit cards.

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Nordstrom Inc (JWN US)

China's Luxury Market Shifting From Status to Consumption As China's Middle Class Expands

Despite China's risks and macroeconomic issues, we believe even small rates of growth will yield significant opportunities for luxury firms.China's...

Morningstar, Inc.

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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