{"id":5701,"date":"2022-02-16T10:24:25","date_gmt":"2022-02-16T15:24:25","guid":{"rendered":"https:\/\/cdialumni.ecademydj.com\/?p=5701"},"modified":"2022-02-16T10:27:23","modified_gmt":"2022-02-16T15:27:23","slug":"le-luxe-et-ses-marges","status":"publish","type":"post","link":"https:\/\/cdialumni.ecademydj.com\/fr\/2022\/02\/16\/le-luxe-et-ses-marges\/","title":{"rendered":"Le luxe et ses marges"},"content":{"rendered":"<h3><strong>Par Dominique Jacquet<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5511\" src=\"https:\/\/cdialumni.ecademydj.com\/wp-content\/uploads\/2022\/02\/stdupont-1024x683.jpeg\" alt=\"\" width=\"868\" height=\"579\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Apr\u00e8s 150 ann\u00e9es d\u2019existence et 25 ann\u00e9es de cotation, ST Dupont va quitter la Bourse de Paris \u00e0 l\u2019instigation de son actionnaire de contr\u00f4le, l\u2019entrepreneur Dickson Poon, bas\u00e9 \u00e0 Hong Kong et op\u00e9rant dans la distribution de produits de luxe.<\/p>\n<p>&nbsp;<\/p>\n<p>Il avait acquis ST Dupont, alors filiale de Gillette (synergies ?) en 1987 pour 52 millions de dollars US.<\/p>\n<p>&nbsp;<\/p>\n<p>Le sommet de la prosp\u00e9rit\u00e9 de ST Dupont correspond \u00e0 la mont\u00e9e de la bulle internet\u00a0: en 2000, les ventes atteignent 80 millions d\u2019Euros, le ROCE 20%, le cash-flow op\u00e9rationnel paie deux fois les investissements industriels et la capitalisation boursi\u00e8re s\u2019\u00e9l\u00e8ve \u00e0 plus de 100M\u20ac. Tout va bien !<\/p>\n<p>&nbsp;<\/p>\n<p>Cependant, le r\u00e9sultat d\u2019exploitation se d\u00e9compose alors en deux parties\u00a0: la fabrication et la vente des produits ST Dupont (briquets, stylos, maroquinerie, pour l\u2019essentiel) atteint difficilement l\u2019\u00e9quilibre suivant les ann\u00e9es, le r\u00e9sultat d\u2019exploitation provenant int\u00e9gralement de la cession de licences d\u2019exploitation du nom.<\/p>\n<p>&nbsp;<\/p>\n<p>Aujourd\u2019hui, les ventes annuelles sont en baisse\u00a0: de 59M\u20ac en 2019 (cl\u00f4ture de l\u2019exercice le 31 mars 2019) \u00e0 49M\u20ac en 2020 et 36M\u20ac en 2021, le premier semestre 2021-2022 affichant 15M\u20ac de revenus. Le r\u00e9sultat d\u2019exploitation est significativement n\u00e9gatif et les redevances couvrent \u00e0 peine la moiti\u00e9 des pertes.<\/p>\n<p>&nbsp;<\/p>\n<p>D\u2019un cours au plus haut de 16,8\u20ac par action constat\u00e9 fin 2000, l\u2019action est retir\u00e9 du march\u00e9 \u00e0 la valeur d\u2019un <em>penny stock<\/em>, \u00e0 savoir 0,14\u20ac. Certes, le nominal avait \u00e9t\u00e9 divis\u00e9 de mani\u00e8re surprenante par 32 en 2006 apr\u00e8s une sortie-retour du march\u00e9 (2005 &#8211;&nbsp;2006) et une conversion d\u2019OCEANE tr\u00e8s dilutive&#8230; Il reste que la chute est s\u00e9v\u00e8re. Dickson Poon, qui poss\u00e8de 80% des parts, va d\u00e9bourser environ 15M\u20ac\u00a0pour privatiser l\u2019entreprise et la restructurer.<\/p>\n<p>&nbsp;<\/p>\n<p>Quand on parle de maroquinerie de luxe, la marque Louis Vuitton vient imm\u00e9diatement \u00e0 l\u2019esprit. Mais, qui se souvient que le pr\u00e9sident de la R\u00e9publique Fran\u00e7aise avait offert une mallette de voyage ST Dupont \u00e0 la princesse \u00c9lisabeth \u00e0 l\u2019occasion de son mariage en 1948 ?<\/p>\n<p>&nbsp;<\/p>\n<p>Il ne suffit pas d\u2019\u00eatre l\u2019heureux propri\u00e9taire d\u2019une marque de luxe pour g\u00e9n\u00e9rer naturellement des marges consid\u00e9rables. Certes, suivant le propos attribu\u00e9 \u00e0 Bernard Arnault (LVMH, deuxi\u00e8me fortune mondiale entre Elon et Jeff\u2026), \u00ab\u00a0le luxe est le seul domaine dans lequel il est possible de faire des marges de luxe\u00a0\u00bb, mais la seule mention d\u2019un nom prestigieux ne transforme pas un produit d\u2019excellence en EBITDA.<\/p>\n<p>&nbsp;<\/p>\n<p>Il faut du talent pour asseoir durablement la valeur de Tiffany, Lanc\u00f4me, Clos des Lambrays ou Ferrari. Au-del\u00e0 de la seule mobilisation du capital financier, le capital humain reste, comme toujours, le facteur de diff\u00e9renciation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Par Dominique Jacquet &nbsp; &nbsp; Apr\u00e8s 150 ann\u00e9es d\u2019existence et 25 ann\u00e9es de cotation, ST Dupont&hellip;<\/p>\n","protected":false},"author":2,"featured_media":5704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Le luxe et ses marges - 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