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1、Luxurybusiness:respondingtothecrisisKPMGINTERNATIONALContentsExecutivesummary1Luxurybusiness:respondingtothecrisis2Luxuryremainsvulnerable3Thecreditcrisispersists3The'goldenrules'5Cashflowforecastsareweak8Conclusion:aroadmapforsurvival9Luxurybusiness:respondingtothecrisi
2、s1ExecutivesummaryManyluxurygoodscompaniesarein•Cutcostsintelligently.Cuttingresults,andrunninga13-weekthegripofadoublecrisis.Adecliningtherightcostsisdifficult.Whilerollingforecastrevieweddaily.economyhashitsales,whileafinancialcontinuouscostreductionmaybe•Inthecaseofdi
3、stressedcompaniescreditcrisishasmadedebtdifficultandrequiredforsurvival,ithastobewithaninternationalnetworkandcostlytoraiseandservice.TheresultachievedwithoutreducingqualitydifferentITsystems,amovetoisthatmanyluxurycompaniesfindoreffectivemarketingspend.centralizedcashpo
4、olingmaybethemselvesinaliquiditycrisis•Maintainstrategicinvestment.necessary,aswellasmovingtocutthatrequiresurgentremedialactionFearofincreasingindebtednessinaoperationsthatareburningcash,tosurvive.debt-adversemarketisleadingsomeprioritizingsolventclientswithDuringthefir
5、sttwoquartersof2009companiestofreezeinvestment.discounts,implementingfactoringstockmarketshavestagedapartialThatmaykeepstockmarkettoreducepaymenttimes,andrecovery,andtherateofdeclineininvestorshappyintheshortterm,consideringmoresaleandpropertypricesandinunemploymentbutev
6、entuallyitcanundermineleasebackofassets.hasmoderated.Yetthecorporateacompany’scompetitiveposition.Significantimprovementsareoftencreditcrisishasnotgoneaway.Most•Manageliquidity.Althoughliquidityachievedquickly,butmakingresultscompaniesinfinancialdistresswillstillhasbecom
7、etheleadingissueforsustainablerequirestheadoptionofneedtorevisittheirmarketpositioning,CFOs,cashmanagementinmanya‘liquiditymindset.’Theopportunitytheircostcuttingstrategiesandcompaniesremainsweak.Luxuryistoachieveimprovementsoverthetheirinvestmentplans,andabovecompanies,
8、accustomedtoafocusmedium-andlong-term;thechallengeallimprovetheircashmanagement,onproductandsales,maybe
