BURBERRY: Recommendation downgraded to sell. Poor product and channel mix | SELL vs. NEUTRAL | 1640p vs. 1580p (+2%)
BURBERRY - SELL vs. NEUTRAL | 1640p vs. 1580p (+2%)Recommendation downgraded to sell. Poor product and channel mix
Retail sales down almost 50% in Q1
Not optimal product and channel mix
Despite significant savings, EFY21 EBIT margin down 220bp
Sell recommendation after recent rally
Burberry Group designs, makes, sources and sells luxury products under the Burberry brand. Co.'s products are for women, men and children and include apparel, accessories, and beauty. Co.'s products are sold globally through its directly operated store network and online at Burberry.com, as well as through franchisees and third-party retailers, both offline and online. In a few selected areas such as Eyewear and Beauty, Co. uses the product and distribution capability of licensing partners. Co. operates in three regions: Asia Pacific; Europe, Middle East, India and Africa; and Americas. As of Mar 31 2017, Co.'s store portfolio had 469 directly-operated stores and 48 franchise stores.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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