Ajay Khaitan established Emerisque brands in 2004 as a small-scale investor in established Western brands and in the time that has elapsed since its inception, the brand has grown into an important player in the global fashion industry with operations that have moved towards majority acquisitions and development management. The company has the expertise and skills necessary to bring about rejuvenation projects for the renowned brands it controls, as well as strengthening their positions in existing distribution markets, but where Ajay Khaitan and Emerisque truly shine is in their corporate commitment to fully exploring the possibilities of emerging markets expansion. Ajay Khaitan is focused on providing sustainable, long-term growth in these spaces as opposed to the largely opportunistic model currently employed by medium sized companies. In a little over a decade and under Ajay Khaitan’s leadership, Emerisque Group has grown to become one of Italy’s most significant fashion groups, boasting a distribution network that spans continents and nations and a strong, established presence in the BRIC space.

1. An Introduction
July, 2015

2. An Introduction 1
CONTENTS
 Introduction to Emerisque Brands
 Investment Thesis
 Key Team Profiles

3. An Introduction 2
ABOUT EMERISQUE
Emerisque is a specialist financial sponsor for the acquisition of,
or investments in, medium-sized, established Western consumer
brands and vertical retailers. Starting off as a
minority/management investor in 2004, Emerisque now
promotes control investments.
Integral to Emerisque’s value creation proposition is its ability to
help rejuvenate brands, optimise mature market operations and
deliver on the strategic exploitation of growth opportunities
across emerging markets and growth channels.
A SPECIALIST FINANCIAL SPONSOR

4. An Introduction 3
3 LOCATIONS - 1 TRANSNATIONAL, SEAMLESS, ALIGNED TEAM
USA
2 Principals
UK
5 Principals
Hong Kong
2 Principals

5. An Introduction 4
BRAND INVESTMENTS
INVESTMENTS – 35 BRANDS1; 30 AS MINORITY, RECENT 5 AS CONTROL
111 of the acquired brands were licensed-in, 2 of which were for long tenures.

6. An Introduction 5
GLOBAL EXPERIENCE
DIRECT INTERNATIONAL EXPERIENCE
Emerisque Brands, through its investee companies, has had
involved operating experience1 in c. 85 countries on all 6
continents.
Emerisque Brands has had direct investing and transactional
experience in the following countries2:
China
Denmark
France
India
Indonesia
Italy
Pakistan
Switzerland
UK
USA
1 Includes direct presence through offices/subsidiaries, and
sales/procurement/licensing/franchising/distribution and such other commercial
activities.
2 Includes principal, follow-on and joint venture
investments, and in-depth transactional
exposure.

7. An Introduction 6
EXPERIENCE & ACCESS TO CAPITAL
PRINCIPALS’ EXPERIENCE & ACCESS TO CAPITAL
• The Emerisque principals have overseen the management and deployment of
>$10bn of funds/capital/corporate investments, and have
mobilised/syndicated financing aggregating $ several billion, in the US, Asia,
Europe, Africa and Australasia; they have also managed businesses
aggregating >$4bn in sales/income at a given point in time, and have
bought and sold businesses of a value >$3.5bn in these markets.
• Emerisque accesses the private pool of capital belonging to its principals, and
collaborates closely with investors who support Emerisque’s investment
thesis – principally family offices/HNWI, sovereign/sovereign-type investors,
multi-product alternative investments asset managers, like-minded co-
investors.

8. An Introduction 7
INVESTMENT RATIONALE AND CRITERIA
INVESTMENT RATIONALE
INVESTMENT CRITERIA
 INVESTMENT UNDERWRITING CRITERIA
 “Heritage” Consumer Brands and Vertical Retailers (product agnostic; established for a generation or more).
 Credibility and relevance of brand/retail proposition in C.R.I.M. (presently under-penetrated outside mature markets).
 Medium sized businesses with income between $50 million – $1 billion (critical mass is important).
 Equity contribution of $20 to $200 million per transaction (upper end of range for portfolio acquisitions).
 Control investments in private/take-private transactions, and influential minority in public equities.
 Mature markets focus on core sustainability: profitability, cash-flow and refined brand DNA.
 Re-allocation of capital and resources for driving strategic growth in C.R.I.M. and growth channels.
 Quality support to management in branding, operational optimisation in mature markets, strategic roll-out in C.R.I.M. and growth
channels (e-commerce, travel retail, franchising.)
 80% of global growth in consumption in the future is assured to take place in four regions of the world i.e., in C.R.I.M. (Greater
China, Greater Russia, India, Middle East & North Africa).
 80% of globally known brands come from four countries (USA, UK, France and Italy), with category ownership with a handful of
others (for example, Switzerland for watches, Germany for engineered goods).
 Large, transnational brands are strategic in their approach to building their businesses in C.R.I.M.
 Medium sized brands maintain a regional focus within three economic areas - the EU, USA and Japan; their activities in C.R.I.M. are
largely opportunistic.

9. An Introduction 8
EMERISQUE SNAPSHOT CASE STUDIES
 From a marginally profitable European “value” jeans brand founded in 1908, present in 30 countries with 250 stores operating
through 7 stand-alone silos…
 To a single shared services operating platform as the “British Rock & Roll Denim Brand”, present in 73 countries with 680 stores
and a clear trajectory for income growth in C.R.I.M.; increased gross margin by 11% and multiplied EBITDA 4x.
 From an agglomeration of 20+ owned and licensed heritage but tired old men’s suit brands and some niche women’s brands
operating entirely in the US, with sharply declining sales and an EBITDA loss run-rate of 10%, operating through 12 stand-alone
silos...
 To a focus on six core, owned “America’s Suit Brands” and mature women’s lifestyle brands, dressing the best of America, with a
sustainable sales and cost platform in the US (through three shared services operating platforms) and a path to growth in Asia,
with EBITDA profit run-rate of 3.5% at exit in 2010.
HMX PORTFOLIO (ACQUIRED 2009, EXIT IN 2010)
LEE COOPER (ACQUIRED 2005, EXITED 2008)
EMERISQUE ITALIA GROUP, A WHOLLY-OWNED MEMBER OF THE EMERISQUE BRANDS GROUP
 Emerisque Italia Group (EIG) is the largest and strongest affordable luxury group based in Italy. EIG currently consists of its own
brands, MCS, Henry Cotton’s and Marina Yachting, and the licensed brand 18CRR81 Cerruti. Collectively EIG is generating
revenues of c. €200 million (€400 m+ in retail sales value.) EIG brands are distributed in multiple channels in 40+ countries
around the world, with particular strength in Italy, Western Europe and Asia.
 EIG was formed through two acquisitions carried out in 2013:
 MCS Italia, S.p.A., (“MCS” brand, formerly Marlboro Classics) acquired from Red and Black S.à.r.l., indirectly controlled
by the Permira Funds with the Marzotto family.
 Industries Sportswear Company S.r.l. (“ISC”), formed through the acquisition from the Moncler Group of the brands
Marina Yachting, Henry Cotton’s and Coast+Weber+Ahaus, and 18CRR81, a brand licensed from Maison Cerruti.

10. An Introduction 9
THE INVESTING ETHOS
THE INVESTING ETHOS – PRIVATE EQUITY 2.0
 Clear point of view in evaluating investments
 Deep operational review of opportunities
 Best-in-class strategic-cum-financial business plan to under-pin
investment proposition
 Consistent and transparent bidding and financing partner
relationships
 Supplement management with best-in-class sector and international
brand & business development expertise
 Focussed exploration of growth-markets linked to exit opportunities,
in addition to all standard options

11. An Introduction 10
RESOURCES
IN-HOUSE AND EXTERNAL RESOURCES
Origination
• Proactive: In-house / Sector relationships / Investment Banks (buy-side)
• Reactive: Investment Banks (sell-side and buy-side)
Transaction
Management
• M&A: In-house / Investment Banks (linked to buy-side origination)
• Commercial Due Diligence, Business Plan Development: In-house / Category Experts
• Financial, Tax, Legal & Other Due Diligence: Established, quality advisory relationships
• Financing: In-house relationships / Investment Banks
Investment
Management
• Financial, Brand, Business Optimisation, Business Development: In-house
• Product/Merchandising, Retail Operations, Supply Chain, Distribution Network: In-house (for
textiles, apparel, footwear), Category Experts
N.B.: Underlining denotes primary resource for a particular activity.

12. An Introduction 11
EMERISQUE PRINCIPALS
M&A, INVESTMENT MANAGEMENT & BUSINESS DEVELOPMENT SKILLS
PRINCIPALS RESPONSIBILITIES
CHAN, VICTOR
victor.chan@emerisque.com
Placement – Asia
Investee Companies – Strategic Partnerships, Financial Management
GARDNER, ANDREW
andrew.gardner@emerisque.com
Placement – Europe, Middle East
Investors – Corporate Governance
KHAITAN, AJAY
ajay.khaitan@emerisque.com
M&A Leader; Investment Management
Investee Companies – Strategy and CRIM Business Development Leader
KNIGHT, WILLIAM
william.knight@emerisque.com
Investment Evaluation
Investee Companies – Strategic Partnerships, Corporate Governance
LEVACK, JOHN
john.levack@emerisque.com
Placement – Asia; Investment Management
Investee Companies – Strategic Partnerships, JV Management
McCULLAR, BETSY
betsy.mccullar@emerisque.com
Due Diligence & Research, Strategic Business Planning Leader
Investee Companies – PR & Market Research
McCULLAR, BUD
bud.mccullar@emerisque.com
Origination Leader; Placement - Global
Investee Companies - Strategic Sales Planning & Development
RIGG, ANDY
andy.rigg@emerisque.com
Brand Evaluation Leader
Investee Companies - Brand Rejuvenation & Communications
SCRIMGEOUR, ANGUS
angus.scrimgeour@emerisque.com
Investment Evaluation
Investee Companies – Corporate Governance

13. An Introduction 12
EXPERIENCE & ACCESS TO CAPITAL
PRINCIPALS’ EXPERIENCE & ACCESS TO CAPITAL
• The Emerisque principals have overseen the management and deployment of
>$10bn of funds/capital/corporate investments, and have
mobilised/syndicated financing aggregating $ several billion, in the US, Asia,
Europe, Africa and Australasia; they have also managed businesses
aggregating >$4bn in sales/income at a given point in time, and have
bought and sold businesses of a value >$3.5bn in these markets.
• Emerisque accesses the private pool of capital belonging to its principals, and
collaborates closely with investors who support Emerisque’s investment
thesis – principally family offices/HNWI, sovereign/sovereign-type investors,
multi-product alternative investments asset managers, like-minded co-
investors.

14. An Introduction 13
PROFESSIONALS’ BRAND AFFILIATIONS
PROFESSIONALS’ OTHER BRAND AFFILIATIONS
EMERISQUE TEAM HAVE EXPERIENCE WITH MULT-CATEGORY, ESTABLISHED WESTERN BRANDS

15. An Introduction 14
CONTENTS
 Introduction to Emerisque Brands
 Investment Thesis
 Key Personnel Bios

16. An Introduction 15
Terms Defined:
G3 - US, Japan, Germany
G7 – US, Japan, Germany, UK, France, Italy and Canada
BRICs – Brazil, Russia, India, China
N-11 (Next Eleven) – Bangladesh, Egypt, Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey & Vietnam
A CLEAR SHIFT IN GLOBAL GROWTH
EMERGING MARKET GROWTH IS OUTPACING THAT OF LARGER MATURE MARKETS
Source: Goldman Sachs Global ECS Research, May, 2010

17. An Introduction 16
THE RAPID EMERGENCE OF NEW MIDDLE CLASS CONSUMERS
Source: Goldman Sachs Global ECS Research, May, 2010
GROWING PROSPERITY IN ASIA/SOUTH ASIA

18. An Introduction 17Source: CEIC
• Continued exposure to Western lifestyle through technology and travel influences emerging market consumer brand preferences.
• Emerging market consumers share a preference for Western brands versus local brands, as an affirmation of their personal status,
sophistication and taste.
A NEW ASIA-BASED MIDDLE CLASS DRIVES GLOBAL CONSUMPTION
NEW AND GROWING PROSPERITY IN ASIA/SOUTH ASIA

19. An Introduction 18
THE GLOBAL RETAIL GROWTH OPPORTUNITY IN 2014
THE OVERALL THEME FOR 2014, “CONTINUED EXPANSION” FOR RETAILERS IN EMERGING MARKETS
Source: A.T. Kearney

20. An Introduction 19
THE GLOBAL RETAIL GROWTH OPPORTUNITY IN 2014
CHINA MOVES UP 2 PLACES IN 2014; ITS HIGHEST RANK SINCE IT WAS FIRST RANKED IN THE 2010 GRDI
• A.T. Kearney’s annual Global Retail Development Index ranks
the top 30 developing countries for retail investment based
on macroeconomic and retail-specific variables, focusing on
the most successful developing markets today, and those
that offer the most potential promise, long-term.
Source: A.T. Kearney

21. An Introduction 20
REFLECTIONS IN CONSUMER CONFIDENCE
CURRENCY-RELATED VOLATILITY MAY IMPACT CONSUMER CONFIDENCE & SPENDING HABITS IN 2015
Sources: AC Nielsen Survey Q3 2014 is based on respondents with Internet
access. 2015 economic information published in various public media, including a
15 April report from U.S. News & World Report, written by Paul Wiseman.
FOR SOME, CONFIDENCE RETURNED TO PRE-RECESSION LEVELS IN ‘14
• As of April, 2015, the collapse of the ruble is creating
global economic uncertainty and disruption in Russia,
spreading into the former Soviet states. European & U.S.
companies that rely heavily on Russian spending are
caught up in the fray. Luxury consumer goods spending is
especially impacted. Russia’s economic crisis is expected
to continue through at least FY15, with the double threat
of a major recession & high inflation looming.
• The surging value of the U.S. dollar against the euro is
expected to continue. As of mid-April, the dollar had
gained 30% since 30 June, 2014. Goldman Sachs Group
expects the euro to drop to parity against the dollar by
end 2016, and posits a 1 USD/90 euro cents exchange
rate by 2017. Expected 2015 impact:
• Decreased earnings for multi-national U.S.
companies (A 12+% drop for companies with
≥50% of their revenue outside the U.S.)
• Decreased overall U.S. economic growth as the
drop in U.S. exports continues. The IMF expects the
Japanese & European economies to benefit; IMF
increased its annual growth forecast to +1% versus
0.5% and +1.5% versus +1.2%, respectively, for
these countries.
• Financial instability in emerging markets where
borrowers may have trouble meeting USD
payments.
• Increased European tourism by Americans, which
should stimulate tourism spending for certain
product categories, including luxury goods in situ.
Q3, 2014

22. An Introduction 21
REFLECTIONS IN CONSUMER CONFIDENCEA MIXED VIEW FOR CONSUMER OUTLOOK IN KEY MARKETS AT END ‘14
CONSUMER CONFIDENCE ONLY IN NO. AMERICA & APAC REMAINED HIGHER THAN THE GLOBAL INDEX IN Q4, 2014
• After four consecutive quarters of slow and steady regional consumer confidence growth, the Asian-Pacific region ended 2014 with an
index score of 106 – down one point in Q4 2014 – but still well above the Global Index score of 96.
• Comparing attitudes in Q4 2014 versus Q4 2013, North Americans were the most positive about the coming year and Latin Americans
were the least positive. Q1 2015 to Q1 2014 comps were not yet available as of the writing of this document, but the strength of the
dollar versus the euro and the continued weakening of the Russian ruble is bound to have negative impact in certain region’s outlook.
Source: AC Nielsen Survey Q4 2014 is based on respondents with Internet access.

23. An Introduction 22Source: World Economic Outlook, April 2015, International Monetary Fund
EMERGING MARKET GROWTH IS SLOWING, BUT STILL OUTPERFORMS
• A solid recovery should continue in the U.S., with c.+4% growth in 2014. A robust outlook is forecast for 2015, due to solid
fundamentals and lower energy prices that should offset the drag on net exports coming from the strengthening dollar. Growth of
+3.1% is expected in 2015 and 2016. However, potential growth from 2017 onward is estimated by the IMF at 2%, due to an
aging U.S. population and weaker total factory productivity growth.
• The IMF expects +6.8% economic growth in China in 2015, declining to +6.3% in 2016, as excesses in real estate, credit, and
investment continue to unwind. Chinese authorities are expected to put greater weight on reducing vulnerabilities from recent
rapid credit and investment growth, and ongoing structural reforms combined with lower commodity prices should expand
consumer-oriented activities.
• In another critical emerging market, India’s economic growth was pegged at +7.2% in 2014 and the IMF projects it will accelerate
to +7.5% in 2015 and in 2016, as a result of recent policy reforms, a pickup in investment and lower oil prices.
THE IMF CONFIRMED THE GLOBAL TREND IN APRIL, 2015

24. An Introduction 23
CONTENTS
 Introduction to Emerisque Brands
 Investment Thesis
 Key Team Profiles

25. An Introduction 24
(1 OF 4)
KEY TEAM PROFILES
Ajay Khaitan
• Ajay Khaitan founded London-based Emerisque in 2004. Beginning his career in 1984 with the conglomerate, Khaitan Group (India),
Khaitan has investment and operating experience in more than seventy countries. In his corporate development/ investment
management roles, he has mobilised/deployed and managed investments aggregating approximately $1.7 billion. He has directly
managed, as Chairman and CEO, industrial, services and branded businesses from new start-ups to businesses in excess of $850
million in revenue, based out of India, Switzerland, the UK and the U.S., leading them through periods of transformational change.
The five turnarounds that he has completed have delivered annual increases of $65 million in new profits. Khaitan acted as
Chairman/CEO for Emerisque’s first acquisition as principal sponsor and minority investor, Lee Cooper Group, a UK-based denim
brand, between 2005 to 2007. Khaitan also acted as interim CEO and thereafter as Vice Chairman of HMX Group, the U.S.-based
multi-branded apparel company after Emerisque’s purchase (as principal sponsor and minority investor) of substantially all of the
assets of the Hartmarx Corporation out of bankruptcy in August, 2009. Since 2013, Emerisque has made two control investments in
MCS and ISC, both in Italy, under Khaitan’s leadership. Khaitan is based in London.
Victor Chan
• Victor Chan has more than 25 years of experience working in direct investment, corporate management and finance, private equity,
investment and commercial banking. He has previously been the Managing Director of the Private Equity arm of Standard Chartered
Bank as well as Managing Director for the Bank’s Investment Banking activities, responsible for IPO’s, mergers and acquisitions,
financial advisory and corporate restructuring for its North and South-East Asian interests. Prior to joining SCB, Victor worked with
Citibank and Manufacturers Hanover (now JP Morgan Chase). Chan has direct executive management and operational experience for
a number of Hong Kong-based companies in various sectors included education/training, digital media and technology and
resource/logistics. Chan joined Emerisque in 2004, and was embedded as Executive Director for Asia at Lee Cooper. Chan is based in
Hong Kong.

26. An Introduction 25
(2 OF 4)
KEY TEAM PROFILES
Betsy McCullar
• Betsy McCullar has developed and communicated practical, domestic and international marketing and strategy solutions for brands
and businesses for more than twenty years in the fashion/textile industry. McCullar began her career at Macy’s, moved to the
advertising and public relations firm, Launey, Hachmann & Harris, and on to Forstmann, then the largest U.S. vertical wool
manufacturer, where she became director, strategic planning and marketing communications. She began consulting in 1998, working
for a global roster of clients across the U.S., Europe, Central America, Mexico and Asia. She joined Emerisque in 2009, and managed
public relations and communications during Emerisque’s acquisition of HMX Group out of bankruptcy and was part of its transition
management team. McCullar is based in the U.S.
Angus Scrimgeour
• Angus served five years as Vice President, World Bank Group and Chief Financial Officer of its Multilateral Investment Guarantee
Agency, covering all sectors and more than 150 countries. Previously, he was based in the United Kingdom as Vice President,
Citibank. He is also a former Deputy Chairman of the Henry Cooke Group, former Chief Executive Bankside and was a Member of the
Executive Team that rescued the Corporation of Lloyd’s. He is on the Board of Trustees of the International Association for Digital
Publication and is Chairman of Solar Products Limited. Scrimgeour is based between Washington, London and Cape Town.
William Knight
• William was with Lloyds Bank International for eighteen years in the UK, Asia and Continental Europe, working globally in areas such
as project finance, global syndicated lending to governments, investment banking and fund management activities. With Lloyds, he
broke new ground developing investment funds for emerging markets, such as the first London-listed fund for Thailand and the first
investment fund for Vietnam as well as funds for Eastern Europe, Africa and the Indian sub-continent. He is chairman of selected
investment companies and serves on several boards of investment funds, such the JP Morgan Chinese Investment Trust Plc and
Fidelity Asian Values Trust Plc. He has also been Chairman, Director and Advisor to the Thai-Euro Fund, L.G. India Fund, Vietnam
Fund, Siberian Investment Company, Abingworth Bioventures, and others. Knight facilitated the establishment of Lee Cooper’s joint
venture in India, and is based in London.

27. An Introduction 26
(3 OF 4)
KEY TEAM PROFILES
Andy Rigg
• Andy Rigg is a transformational brand builder with an unrivalled record of success rejuvenating brands such as Lee Cooper, Ben
Sherman and Puma, and positioning them for international growth. While at Puma, he repositioned the brand and restructured the
international marketing organisation in 82 countries and helped to triple shareholder value. Rigg’s formula is to “re-vision” a brand’s
DNA, remaining true to its roots while creating relevance to a modern, global consumer base. His proven approach assures maximum
creative brand impact, whilst minimising spend. Embedded at Lee Cooper following its acquisition by Emerisque, Rigg led a
comprehensive reinvention of the century-old denim brand through award-winning product innovation and provocative marketing,
including co-branding with The Beatles and the British Olympic Team. At exit, Lee Cooper was distributed in 72 countries. Rigg was
similarly embedded by Emerisque into HMX Group, and helped revision and re-launch Hart Schaffner & Marx, which outperformed the
entire U.S. tailored clothing premium brands market in terms of growth. Rigg joined Emerisque in 2005, and is based in London and
Italy, where he is embedded within MCS and ISC, assisting the development of the companies’ international brand strategies.
Bud McCullar
• Bud McCullar has more than thirty years of experience in domestic and international general management, as well as brand
management, marketing, sales, operations and licensing. Deal origination and growth strategies for the fashion industry are his
particular areas of focus in the U.S. He has participated in several successful transactions, including the majority investment in Ed
Hardy by Iconix Brands. McCullar’s career began at VF Corporation, where he became its youngest ever vice president. Subsequently,
he held senior executive positions at Forstmann and Haggar, where he managed relationships in Asia, Europe, South Africa, Mexico and
Canada and initiated Haggar’s only acquisition and its in-bound licensing programmes with Liz Claiborne, Donna Karan and Kenneth
Cole. He has also served as COO at Jhane Barnes and consulting COO of Earthbound. McCullar was principally responsible for the
origination of the HMX Group transaction, and was part of its transition management team. McCullar joined Emerisque in 2009, and is
based in the U.S.

28. An Introduction 27
(4 OF 4)
KEY TEAM PROFILES
Andrew Gardner
• Andrew Gardner has been advising leading companies and funds for more than twenty years, initially as a lawyer with Linklaters &
Paines, then as an investment banker at Cazenove & Co and Cazenove, Inc., and at Credit Suisse First Boston. His experience has
covered capital raisings and corporate transactions, including IPOs, public and private equity placements, debt offerings and M&A, both
in Europe and in the US. For the last decade, he has primarily undertaken fund raisings, first at CSFB where he focused on listed
closed end fund vehicles before migrating to the private equity sector in 2000. Gardner joined Emerisque in 2004, and is based in
London. In addition to his role at Emerisque, he is also a principal in Lancea Partners, an independent finance advisory boutique based
in London.
John Levack
• John Levack has spent 22+ years in Asia as a private equity professional. He was involved in setting up JF Electra which later became
Electra Partners Asia Limited, a pan-Asian private equity investor which has invested in India, China, S Korea, Philippines, Indonesia,
Thailand and Malaysia. He has been based in Hong Kong since 1995 and prior to that spent 5 years in India where he managed a joint
venture between 3i and ANZ Grindlays – one of the first private equity investors in India. Before moving to Asia, John spent 8 years
with 3i, mainly in the UK but with assignments in Portugal and the Channel Islands. He is a non-executive director on the boards of a
number of Electra’s Asian investments and is Vice Chairman of the Hong Kong Venture Capital Association.

29. THANK YOU

30. An Introduction 29
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