Report
Cedric Rossi

MONCLER: Q2 will certainly be challenging but all eyes are on the rebound expected in H2 | BUY | EUR38(+8%)

MONCLER - BUY | EUR38(+8%)
Q2 will certainly be challenging but all eyes are on the rebound expected in H2

Q1 decline (-18%) a touch less pronounced than expected (-20%e)
Resilient Europe, steep declines in Asia and North America
Cautious optimism on improving trends in China
Actions plans to weather covid and prepare for the H2 rebound
Underlying
Moncler SpA

Moncler is a jacket and sportswear production group based in Italy. Co. directly produces and distributes its own clothing and accessories collections, through its direct boutiques and exclusive department and multibrand stores. Co. branded products range from the high fashion segment with the Gamme Rouge and Gamme Bleu collections (exclusive products and selected distribution to boutiques) to the Grenoble collection (sporting and technical garments). As of Dec 31 2013, Co. operated a network of 135 stores, including 107 directly operated stores (DOS) and 28 wholesale stores (27 shop-in-shop and 1 franchise store).

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Cedric Rossi

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