Executive Overview · Physical → Digital flow
Avery Dennison value chain
Exhibit · End-to-end value chain
Money flows left-to-right ($710M spend → $8.86B revenue); data flows right-to-left ($120M ARR signals circle back into supplier & product choices
🔗
Suppliers
$710M annual spend
5 top suppliers · 1 single-source
- MondiPaper · $210M
- BASFAdhesives · $180M
- ImpinjRFID silicon · $140M ⚠ single-source
- 3MLiners · $95M
- Stora EnsoPaper · $85M
Single-source risk: Impinj
🏭
Plants
200+ facilities · 50 countries
OEE 74% (target 82%)
- PainesvilleOH · OEE 86% ✓
- TurnhoutBE · OEE 83% ✓
- ŁódźPL · OEE 81%
- QuerétaroMX · OEE 68% ⚠
- SuzhouCN · OEE 71% ⚠
Plant flag: Querétaro
📦
Products
$8.86B FY25 revenue
HVC mix 45% · growing
- Label materials$3.65B · HVC 52%
- Graphics$1.10B
- RFID inlays$0.92B · +24% YoY
- atma.io$310M · ARR $120M
- DPPaaS$80M · regulated wave
Growth engine: RFID +24%
🚚
Channels
Direct 73% · Dist 27%
50,000+ accounts
- Strategic accountsTop-10 · 14% rev
- Named directMid-market
- Distribution$2.4B long tail
- e-commerceNascent
Channel mix: 73/27
🏷
Customers
Anchor: Walmart, adidas, Inditex, H&M, Gap, Burton
Top-10 = $1.27B (14%)
- Walmart$320M · cat-2 LIVE · cat-4 negotiating
- adidas$180M · Infinite Play live
- Gap (Athleta)$140M · MSA renewal Q3'26 ⚠
- Inditex$110M · DPP RFP May 28
- Burton$15M · DPPaaS lighthouse
Swing event: Inditex RFP
🛒
Consumers
Where labels meet shoppers
28B items · 4.2M scans/30d
- Apparel shoppers16B items
- Retail customersWalmart, Tesco
- Patients (pharma)1.5B items
- Drivers (auto/EV)0.8B items
- Brand fans (resale)Infinite Play
Resale orders: 180K
✨
Experience
From tag to recurring value
$120M ARR · 180+ brands
- Scan & verifyAuthenticity
- Digital passportDPP compliance
- Resale / circularInfinite Play
- Inventory intelligenceReal-time
- Brand engagementMarketing channel
ARR run-rate: $120M
Click any stage to drill into the full breakdown. Arrows show value flow direction.
Flow legend
Three flow types · money (downstream), product (downstream), data & circularity (upstream)
| From | To | Flow | Type |
|---|---|---|---|
| Suppliers | Plants | $710M spend | MONEY |
| Plants | Products | Units produced | PRODUCT |
| Products | Channels | $8.86B revenue | MONEY |
| Channels | Customers | 50K accounts | PRODUCT |
| Customers | Consumers | 28B items shipped | PRODUCT |
| Consumers | Experience | Scans / DPP | DATA |
| Experience | Customers | $120M ARR back | MONEY |
| Experience | Suppliers | Circular feedback | DATA |
Cockpit Q&A · Value chain
Ask anything about the chain
Where is the biggest unrealized $ in this chain?
If atma.io fails, what part of the chain breaks?
Which stage has the strongest moat?