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

Five Below, Inc. operates as a specialty value retailer. The Company offers products such as crafts, party, candy, sports, media, and seasonal products. Five Below serves its customers throughout the United States.

Urban Outfitters, Inc. operates retail stores and direct response, including a catalog and Web sites.  The Company's Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise. Urban also designs and markets young women's casual wear which it provides to the Company's retail operations and sells to retailers worldwide.

American Eagle Outfitters, Inc. retails men's and women's casual apparel, footwear, outerwear, and accessories.  The Company's products include jeans, khakis, T-shirts, and other similar apparel.  American Eagle operates in the United States.

Boot Barn Holdings, Inc. sells western and work gear for individuals and families. The Company sells boots, jeans, shirts, hats, belts, jewelry, among other products. Boot Barn operates throughout the Untied States.

Advance Auto Parts, Inc. is a retailer of auto parts and accessories. The Company operates stores in various states, primarily  located in the northeastern, southeastern, and midwestern regions of the United States, and in Puerto Rico and the Virgin Islands.

Group 1 Automotive, Inc., through its subsidiaries, owns and operates automobile dealerships.  The Company sells new and used cars and light trucks, provides maintenance and repair services, and sells replacement parts.  The Company also arranges related financing, insurance, and extended service contracts.  Group 1 operates in Florida, Georgia, Colorado, Oklahoma, New Mexico, and Texas.

Upbound Group, Inc. operates lease-to-own stores. The Company offers products such as furniture and accessories, consumer electronics, appliances, computers, wheels and tires, and other accessories under flexible rental purchase agreements. Upbound Group serves customers in the United States, Puerto Rico, and Mexico.

RH distributes home furnishing products. The Company offers products such as furniture, lighting, textiles, bathware, decor, outdoor, and garden, as well as baby and child products. RH distributes its products through retail stores, catalogs, and websites.

Foot Locker, Inc. is primarily a mall-based athletic retailer that operates athletic retail stores in countries located in North America, Europe, and Australia.  The Company provides athletic footwear and apparel through its Foot Locker, Lady Foot Locker, Kids Foot Locker, and Champs Sports retail stores. Foot Locker also operates a direct-to-consumer channel, Footlocker.com/Eastbay.

Asbury Automotive Group Inc. is an automotive retailer operating franchises and dealership locations in the United States.  The Company offers new and used vehicles and related financing and insurance, vehicle maintenance and repair services, replacement parts, and service contracts.  Asbury's dealerships are primarily either luxury or mid-line import brands.

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.

Premier Investments Ltd., through subsidiaries, retails clothing.  The Company retails name brand casual and business clothing for men and women, and stationery and storage products.

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.

Home Product Center Public Company Limited is a retailer of building materials and home improvement products.

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

SHIMAMURA CO., Ltd. operates chain stores selling mainly clothing for men, women, children, and also bedding and furnishing goods.  The Company has stores in mainly suburb areas throughout Japan.

Shanghai Yuyuan Tourist Mart Co., Ltd. processes gold and operates jewelry stores.  The Company also manages department stores, provides import and export trading service, produces pharmaceutical products, offers food service, and develops real estate properties.

USS CO LTD manages used car auction facilities throughout  Japan. The Company al so conducts auto auctions through satellites, and provides used car information through internet.

Fielmann AG produces and markets prescription eyeglasses, specialty glasses, sunglasses, contact lenses, and optical supplies.  The Company retails its products through Fielmann stores in Europe.

Dunelm Group Plc. retails home furnishings throughout the United Kingdom. The Company retails textile products as well as other housewares such as lighting products, pet supplies, and sewing machines.

Signet Jewelers Ltd. retails jewelry, watches, gifts and accessories.  The Company operates in the United States and the United Kingdom.

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Signet Jewelers (SIG 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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52-week Range

Market Cap (USDm)

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