Retail & E.commerce
Following earning publications by Fnac Darty and MdM we note that consumption is deteriorating in Europe, but to a lesser extent and with a lag in France and in some categories, such as large appliances and ticketing and services. But several elements prove that cost inflation has still not peaked in Europe for corporates, while there is a risk of excess inventories. Our hierarchy remains unchanged within specialised retailing: Neutral on stocks highly exposed to France (i.e. Fnac Darty, MdM), Sell on those exposed to Central & Eastern Europe (i.e. Zalando, Ceconomy).Fnac Darty is engaged in the leisure and entertainment, technology, and household appliances retail market in France and a player on markets in other countries where it operates such as Spain, Portugal, Belgium, the Netherlands and Switzerland. Fnac Darty also has franchise operations in Morocco, Qatar and Ivory Coast.
Maisons du Monde offers a range of decoration and furnishing items in a variety of styles and themes. At end-2016, Co. operated a network of 288 stores in seven countries, France, Italy, Spain, Belgium, Luxembourg, Germany, and Switzerland. It also operates an e-commerce platform available in 11 countries. Co.'s product offering contains approximately 16,000 stock-keeping units available in a range of prices. The offer falls into two categories: decorative products, such as household textiles, tableware and kitchenware, mirrors and picture; and furniture, such as beds, tables, chairs, armchairs and sofas, cupboards, bookshelves, junior furniture and outdoor furniture.
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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