FY2018 Interim ResultsAnnouncement

Analyst Meeting 15 November, 2017

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Changes in Presentation of Financial Statement

As part of the new Three-Year Plan, the financial statement presentation was changed to align with the industry

• Royalty expense has been reclassed into cost of sales

• Eliminated core operating profit to focus on operating profit

• Amortization of other intangible assets and other non-core operating expenses were reclassified to selling and distribution expenses or merchandising and administrative expenses

Key Financial Highlights - 1H FY2018

(1) EBITDA is defined as net profit before net interest expenses, tax, depreciation and amortization. This also excludes share of results of associate and joint ventures, material gains or losses which are of capital nature or non-operational related, acquisition related costs and non-cash gain on remeasurement of contingent consideration payable

• The shift of retail buying later into the year, combined with Quiksilver bankruptcy and Coach taking their footwear business in-house as anticipated impacted revenue

• Total margin continued to trend up primarily due to sourcing optimization

• Operating profit went up by 94.1%, while net profit attributable to shareholders also recorded an increase of US$25 million, due to increased total margin and gains primarily related to the sale of Frye’s IP

(US$m) 1H FY2017 1H FY2018 Change

Revenue 1,844 1,785 -3.2%

Total Margin 522 544 4.2% % of Revenue 28.3% 30.5%

Operating Profit 41 80 94.1% % of Revenue 2.2% 4.5%

EBITDA (1) 179 170 -5.3% % of Revenue 9.7% 9.5%

Net Profit Attributable to Shareholders 1 26 3,213.8% % of Revenue – 1.4%

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(US$m) 1H FY2017 1H FY2018 Change

Total Margin 522 544 4.2%

Operating Costs (486) (546) 12.5%

Other Gains (including Gain on Remeasurement of Contingent Consideration Payable) 5 16

Gain on Disposal of Interest in an Associate – 67

Operating Profit 41 80 94.1%

Interest Income 1 1Non-cash Interest Expenses (7) (11)

Cash Interest Expenses (31) (36)Share of Profits of Associate and Joint Ventures 3 6

Profit Before Taxation 7 40 507.0%

Taxation — (11)

Net Profit for the Period 7 29 335.2%

Non-Controlling Interests (6) (3)

Net Profit Attributable to Shareholders 1 26 3,213.8%

Net Profit Analysis - 1H FY2018

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Vertical Highlights - 1H FY2018Kids

(US$m) 1H FY17 1H FY18 Change

Revenue 813 762 -6.3%

Total Margin 217 207 -4.6%% of Revenue 26.7% 27.2%Operating

Costs* (194) (192) -0.9%% of Revenue 23.8% 25.2%Operating

Profit 24 15 -34.6%% of Revenue 2.9% 2.0%

Men’s and Women’s Fashion

1H FY17 1H FY18 Change

371 464 25.1%

136 194 43.3%36.6% 41.9%

(110) (175) 59.7%29.6% 37.8%

26 19 -26.4%7.0% 4.1%

Footwear and Accessories

1H FY17 1H FY18 Change

595 458 -22.9%

153 118 -22.9%25.7% 25.8%

(162) (76) -53.1%27.2% 16.6%

(9) 42 –-1.5% 9.2%

Brand Management

1H FY17 1H FY18 Change

66 101 53.9%

16 24 48.6%25.1% 24.2%

(16) (21) 32.1%23.9% 20.5%

1 4 393.5%1.1% 3.7%

• The anticipated cessation of Quiksilver license due to its bankruptcy and the shift of retail buying later in the year impacted sales volume

• Total margin percentage increase mainly due to sourcing optimization

• Remains a scalable business and global leader in both characters and kids fashion businesses

• Fast growing business benefitting from the trend of separating IP ownership and brand operation

• Strong topline and total margin growth partly due to the addition of new licenses such as the BCBG Brands and Bebe

• Operating costs increased as a result of new licenses and related investment in direct-to-consumer distribution

• Revenue decline primarily due to the end of the Coach footwear license as we anticipated

• Operating costs reduced mainly due to the gain on sale of Frye’s IP

• Operating profit went up mainly due to the gain on sale of Frye’s IP

• Partnership with Creative Artists Agency (“CAA”) called CAA-GBG

• Strong performance on a consistent basis

• Topline, total margin and operating profit all increased as a result of continuous expansion of businesses and the addition of new clients

✴Operating Costs: Net of other gains and gain on disposal of interest in an associate

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(1) Total debt represents bank loan ; (2) Sum of net debt and total equity; (3) Net debt divided by total capital ; (4) Current assets divided by current liabilities

Balance Sheet Highlights - 1H FY2018

(US$m) Sep 2016 Mar 2017 Sep 2017

Total Debt (1) 996 1,118 996

Cash 208 174 81

Net Debt 788 944 915

Total Equity 2,362 2,456 2,549

Total Capital (2) 3,150 3,400 3,465

Gearing Ratio (3) 25.0% 27.8% 26.4%

Current Ratio (4) 1.05 1.18 1.04

• Total debt decreased from US$1,118m in March 2017 to US$996m in September 2017

• Gearing ratio decreased from

March 2017 as Group focusing

on reducing leverage

• Current ratio down from

March 2017 due to increase in

trade payables caused by

seasonality

The BCBG Brands

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The BCBG Brands

12%24%

24%40% Net

Sales

Partner Shops

RetailStores

WholesaleeComm

‣Underdeveloped in wholesale ande-commerce

‣ Too many retail stores (i.e. 480+ locations in the US, and 90+ locations outside the US)

‣ A strategic opportunity to acquire high quality assets (i.e. inventory) at attractive valuation; consideration was US$27.4 million

‣ Annualized sales will be approx. US$300 million

‣ Multi-channel strategy provides foundation for a global omni-channel lifestyle brand

•Operate select retail stores in the U.S. (standalone and partner shops); focus on increasing sales per sq. ft. by adding categories and increasing units per transaction

• Expand wholesale distribution and e-commerce

‣ Improved overall operational efficiency

Before Now

Looking Ahead

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Looking Ahead

• In the US, unemployment is at 16-year low and the economy appears to remain strong and stable. However, political and fiscal policy uncertainties persist

• After years of lackluster growth, the European economy is developing momentum, although the ongoing Brexit negotiations and geopolitical tensions could undermine the recovery

• Outlook for Asia continues to be positive, with China reaffirming its commitment to quality of growth at recent party congress

• Despite overall benign macro environment, brand and retail sectors continue to face tremendous disruption. Consumers are shifting spending from physical goods to experiences while embracing omni-channel shopping and engagement

• Stronger sales in second half mainly as a result of the delayed buying by key retailers, as well as contribution from major brands like BCBG

• Focus on growth and profitability goals of current Three-Year Plan, with first year being investment year

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FY2018 Interim ResultsAnnouncement

Analyst Meeting 15 November, 2017