21-10228-mg Doc 13 Filed 02/11/21 Entered 02/11/21 15:33 ...

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STATE OF NEW JERSEY )

_____________________________________

_____________________________________Notary Public

CITY OF MONMOUTH JUNCTION, in the COUNTY OF MIDDLESEX )

I, Blayre Bell, being duly sworn, depose and say that I am the Advertising Clerk of the

Publisher of THE WALL STREET JOURNAL, a daily national newspaper of general

circulation throughout the United States, and that the notice attached to this Affidavit has

been regularly published in THE WALL STREET JOURNAL for NATIONAL distribution for

1 insertion(s) on the following date(s): FEB-11-2021

ADVERTISER: Luckin Coffee;

and that the foregoing statements are true and correct to the best of my knowledge.

AFFIDAVIT

Sworn to before me this11 day of February 2021

21-10228-mg Doc 13 Filed 02/11/21 Entered 02/11/21 15:33:59 Main Document Pg 1 of 2

B6 | Thursday, February 11, 2021 THEWALL STREET JOURNAL.

Gao Weidong, was the regionalgovernment’s top transport of-ficial before assuming his postlast year. The best-compen-sated executive listed in its2019 annual report received theequivalent of about $130,500.

Compared with sluggishstate-owned enterprises in ar-eas such as banking or oil,Moutai boasts more attractivegrowth prospects. Analystspolled by FactSet expect netincome to grow by 11.5% in2020 and around 19% annuallyfor the next two years.

It is also highly profitable:analysts forecast it will earn$8.5 billion in net income for2021, on revenue of $17.6 bil-lion, FactSet polling shows. Incontrast LVMH, for example, isexpected to earn $9.3 billionfrom revenues of $67.8 billionfor the same calendar year.

Foreigners have substantialholdings of Moutai, which re-ports financial results only inChinese. They hold about 8%of the stock—worth $40 bil-

lion at current prices—through the Stock Connectprogram, data from the HongKong stock exchange shows.U.S. manager Capital Group isamong Moutai’s backers.

Enthusiasts point to thescarcity value of Moutai’snamesake baijiu, since produc-tion is limited, and the grow-ing disposable incomes ofChina’s middle class. Premiumbaijiu is a status symbol and isbought for gifts, weddings,parties and investment.

“Chinese consumers aredrinking less overall but drink-ing better products. Moutai isthe key beneficiary of this pre-miumization process,” saidWei Wei Chua, a portfoliomanager at Mirae Asset GlobalInvestments in Hong Kong. Mr.Chua said he started investingin Moutai shares a couple ofyears ago and believed priceincreases this year could sup-port its earnings growth.

Individual investors domi-nate trading in Shanghai andShenzhen, which in the pastmade China’s onshore marketsprone to boom-and-bust cy-cles. A wave of money haswashed into the markets in re-cent months as many of theseindividual investors havebacked new mutual funds.

William Lo, a director atSilkyWater Asset Managementin Hong Kong, said valuationsfor many Chinese stocks werefrothy. But he said investorslooking for fast-growing compa-nies with strong brands in Chinahad no choice but to invest incompanies such as Moutai.

New investors were buyinginto Moutai based on premium-ization, a story that hasn’tchanged much in three years,said Allen Cheng, a Morningstarequity analyst in Singapore.

Kweichow Moutai Co., thebest-known distiller of the fi-ery Chinese spirit baijiu, roseto a market value of morethan half a trillion dollars,making it the most visiblesymbol of investor euphoria inChina.

Moutai shares closed at arecord on Wednesday, on thelast trading day before aweeklong Lunar New Year hol-iday. They have more thandoubled in the past 12 months,gaining more than 30% sincethe start of 2021.

Moutai stock closed at 2,601yuan, the equivalent of$403.34, on Wednesday. Ittrades on 55 times expectedearnings for the next 12months, FactSet data shows,compared with an average of 26times over the past five years.

The rally turned the liquorcompany into one of theworld’s most valuable con-sumer-goods companies, out-stripping giants such asProcter & Gamble Co., NestléSA and LVMH Moët HennessyLouis Vuitton SE.

It is now roughly as impor-tant to the Chinese market asApple Inc. is in the U.S., ac-counting for 7.3% of theShanghai Composite Indexwhile Apple makes up about6.7% of the S&P 500. China’sbiggest technology companies,Tencent Holdings Ltd. andAlibaba Group Holding Ltd.,aren’t listed on the mainland.

Shanghai-listed Moutaimakes an unlikely bedfellow forthese Western blue chips. Thecompany is majority owned bythe local government in thesouthwestern Chinese provinceof Guizhou and its chairman,

BY CHONG KOH PINGAND JOANNE CHIU

Chinese Liquor Giant MoutaiHits $500 Billion Valuation

March 2020 '21

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$500 billion

KweichowMoutaimarket capitalization

Source: FactSet

LVMH’s own Louis Vuitton,Chanel, Hermès and Gucci. Theindustry’s bread-and-butterproducts—handbags and ac-cessories—are much more ex-pensive than cosmetics.

Upstart brands lack decadesof heritage that give olderfashion houses the cachet toconvince shoppers to spendhundreds of dollars and up ona purchase.

“I would say it’s still workin progress when it comes toreally defining what the offerwould be,” Jean Jacques Gui-ony, LVMH’s chief financial of-ficer, said of Fenty fashion inOctober.

Fenty Beauty also gainedsignificant exposure throughSephora, the cosmetics retailchain owned by LVMH withmore than 2,600 stores aroundthe world. The Fenty fashionlabel had a smaller retail audi-ence: e-commerce and pop-upstores.

A spokeswoman forRihanna didn’t respond to arequest for comment.

LVMH and Bernard Arnault,its billionaire chief executiveand controlling shareholder,say they are still eager towork with Rihanna. Apartfrom the cosmetics line, Mr.Arnault has a stake in Savage

X Fenty, Rihanna’s lingeriebrand, LVMH said Wednesday.The investment comes throughL Catterton, the private-equityfund partly controlled by Mr.Arnault.

“We in the LVMH family be-lieve a lot in Rihanna,” a per-son close to Mr. Arnault said.“But we’re focusing during thepandemic on what’s trulyworking well: beauty, skin careand Savage.”

Breaking into the markethas become even tougher dur-ing the pandemic, when luxuryshoppers have gravitated to-ward the biggest, most estab-lished brands.

That trend has helped drivesurging revenue at LVMH’stwo biggest fashion brands,Louis Vuitton and Dior; reve-nue at LVMH’s fashion leatherand goods division fell just 5%in 2020, despite being forcedto shut boutiques across theworld in the spring duringpandemic lockdowns.

LVMH’s shares have surgedover the past year and aretrading near record highs.With a market capitalizationof €267 billion, equivalent to$323 billion, LVMH is now thesecond-most valuable com-pany in Europe, behind onlyNestle SA.

BUSINESS NEWS

PARIS—Rihanna is findingthat luxury fashion is a hardmarket to crack, even with hergigawatt name recognitionand the backing of luxury-goods company LVMH MoëtHennessy Louis Vuitton SE.

The pop star and the Paris-based conglomerate are put-ting their fashion joint ven-ture, launched in 2019, on holdafter sales got off to a slowstart and then faltered duringthe coronavirus pandemic.

LVMH on Wednesday saidthat, pending better condi-tions, the company made thedecision to pause the venturejointly with the pop icon.

The fashion label, Fenty,failed to replicate the earlysuccess of the cosmetics linethat Rihanna and LVMHlaunched together in 2017.

The singer, born RobynRihanna Fenty, promoted hereponymous cosmetics brand toher vast social-media audi-ence—91 million followers onInstagram and 102 million onTwitter. That generated hugeexposure for products thatstood out in the market forbeing tailored to a range ofdifferent skin tones.

Fenty Beauty recentlylaunched a new skin care line,which LVMH said last monthwas selling well.

But the luxury fashion mar-ket is dominated by big, in-cumbent labels such as

BY MATTHEW DALTON

Rihanna, LVMHHit Pause on LineThe pop singer andconglomerate putfashion venture onhold after slow start

Fenty fashion had a smaller retail audience, from e-commerce and pop-up stores, than the singer’s cosmetics line, Fenty Beauty.

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The surge in pandemic-fueled online shopping has cre-ated a new urgency to solve adecades-old problem: returns.

Companies such as Wal-mart Inc. and Amazon.comInc. are telling customers tokeep unwanted items. Someretailers are introducing vir-tual dressing rooms and made-to-measure clothing so shop-pers keep more of what theybuy. Others are scoring shop-pers based on their returnrates, much the way credit-ratings firms tally consumers’creditworthiness.

Behind the push is a painfulreality of e-commerce. Theshare of online purchases thatare returned averages 30% orhigher, depending on the cate-gory, three times the rate inphysical stores, according toindustry executives.

“There was a huge shift toonline shopping, and the num-bers won’t go back to wherethey were before the pan-demic,” said Oliver Lange, whoruns H&Mbeyond, the brand’sinnovation lab.

Consumers got comfortablebuying everything from gro-ceries to makeup online, asbricks-and-mortar stores tem-porarily shut and anxietymounted about spending timeindoors. In a recent survey byPitney Bowes, 42% of consum-ers said they plan to shop evenmore online once the pan-demic ends than they do now.

That shopping shift is plac-ing more importance on solvinga problem that dates to theearly days of online shopping.Free shipping and accommodat-

ing return policies have gottenconsumers used to orderingseveral sizes and colors and re-turning what they don’t want.

The number of e-commercepackages returned in 2020rose 70% from 2019, accordingto Narvar Inc., which pro-cesses retail returns. One ofthe top reasons is improperfit, the executives said.

For a typical retailer, every$1 million reduction in returnscan translate to $500,000added to the bottom line, ac-cording to Navjit Bhasin, thechief executive of Newmine,which makes software thathelps retailers understand thereason for returns.

“Consumers are looking torecapture some of the magicthat happens when you walkinto a store and can try thingson,” said Raghav Sharma, a co-founder of Perfitly LLC, acompany that powers virtualfitting rooms for retailers.

Replicating the in-store ex-perience online is tricky, in-dustry executives said. Thetechnology is still nascent,customers don’t always mea-sure their bodies accurately,and they can get annoyed ifthe process is too long andcumbersome.

Yet there are signs that vir-tual try-ons are gaining trac-tion. Ulta Beauty Inc. intro-duced virtual makeup try-onsin 2016, but the feature didn’ttake off until last year, whenmakeup try-ons increased 12times over 2019 levels, accord-ing to Prama Bhatt, Ulta’schief digital officer. She saidshe expects the technology tobe a core part of the retailer’sbusiness.

Levi Strauss & Co. andTommy Hilfiger are using atool that lets shoppers seehow clothes look on variousdigitally rendered body types.Displaying clothes on differentbody types reduces returns byabout 8%, according to YaelVizel, CEO of Zeekit, whichcreated the technology. Shop-pers can upload photos ofthemselves, although Levi’sand Tommy Hilfiger aren’tcurrently using this feature.

“You can see yourself inmore than 100 dresses in oneminute,” said Ms. Vizel. “Youcan’t do that in a physical fit-ting room.”

BY SUZANNE KAPNER

RetailersIntroduceNew ToolsTo Rein InReturns

The number of e­commerce packagesreturned in 2020rose 70% from 2019.

Moutai’s namesake liquor is bought for gifts, weddings and parties. Boxes of it in a Beijing store.

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