Luxury & Fashion Fashion: recent publications confirm two distinct fates
Beauty and the Beasts. Against challenging macro headwinds, Inditex was able again post a Q2 beat, as well as a solid current trading. In parallel, H&M’s Q3 sales remained weak (-4% FX-n) after a tough start to the quarter (-6% FX-n in June) and Zalando might post, in 2022, its first sales decline in its history (see Clément’s Insight report here). As the storm will intensify in the coming months, sales and earnings trends will continue to diverge between Inditex, and H&M/Zalando which are more sensitive to consumer squeeze and inflationary pressures. At 12M P/E of 16.6x, Inditex trades at 28% discount vs. its 5-year average and remains one of our favorite stocks within the Consumer sample.
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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