LUXURY & FASHION Fashion: Inditex better suited to navigate through turbulent times
Already in a zone of turbulence. Over the summer, some European apparel markets showed signs of weakening demand on the back of a challenging macro environment and consumer squeeze. As H&M and Inditex will both report their results in coming weeks, we expect diverging sales and earnings trends in favour of Inditex thanks to its “crisis-proof” business model. Last but not least, Inditex’s valuation remains quite appealing at 17.8x 2022e P/E (23% discount vs. 5-year average), especially since downside risk to CS estimates is low relative to H&M. In our Consumer space, Inditex remains one of our preferred choices alongside EssilorLuxottica (Buy, TP: EUR195)..
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