HERMÈS INTL.: Short-term negative impact likely due to Covid-19, but mid-term prospects unchanged | NEUTRAL | EUR570(-14%)
HERMÈS INTL. - NEUTRAL | EUR570(-14%)Short-term negative impact likely due to Covid-19, but mid-term prospects unchanged
A strong 2019 sales growth, despite an expected slowdown in Q4
Impact of Covid-19
Medium-term prospects not at risk
Neutral recommendation reiterated
Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.
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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