Kering: Unsurprisingly, we expect some slowdown at Gucci in Q3
Kering: (NEUTRAL, Fair Value EUR530 (+24%))Unsurprisingly, we expect some slowdown at Gucci in Q3
Kering is due to report Q3 sales on 23rd October (conference call at 6pm). We expect sales to reach EU3.28bn in Q3 (EUR9.7bn on 9m) with 21.6% organic sales growth versus +33.9% in H2 (+31.7% in Q2 alone). Once again, Kering's sales momentum is set to be driven by the Gucci brand thanks to a 25% increase in Q3, implying some slowdown versus Q2 (+40%). We remain Neutral on the stock with an unchanged EUR530 FV.
Kerr Mines is a development stage company. Co. is engaged in the development of a mining property in Virginiatown, Ontario.
Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.
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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