MONCLER: Strong set of H1 results and organic growth accelerated further in Q2 | BUY | EUR42 vs. EUR39 (+8%)
MONCLER - BUY | EUR42 vs. EUR39 (+8%)Strong set of H1 results and organic growth accelerated further in Q2
Q2 sales topped forecasts, boosted by LFL growth of ~17%
As expected, GM gains reinvested in opex
We increase our FY19-20 estimates by 4% on average
This H1 publication fully confirms Moncler’s top-line growth story
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).
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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