SALVATORE FERRAGAMO: Q1 sales to be down 31% and AGM postponed | BUY | EUR13 vs. EUR15 (+10%)
SALVATORE FERRAGAMO - BUY | EUR13 vs. EUR15 (+10%)Q1 sales to be down 31% and AGM postponed
Q1 sales to be down 31%
More cautious for Q2 than initially expected
AGM postponed and Dividend suspended
Fair Value lowered from EUR15 to EUR13
Salvatore Ferragamo creates, produces and sales goods for men and women: footwear, leather goods, apparel, silk goods, jewels, other accessories and fragrances. as well as eyewear and watches manufactured under license by third parties. Co. sells its products through: a network of single Salvatore Ferragamo brand stores, managed both directly and by third parties; and presence in department stores and multibrand specialty stores. Co.'s fragrances product category involves the creation, development and production of fragrances and related products under the Salvatore Ferragamo brand. Co. is also active in the licensing of the Salvatore Ferragamo brand and in real estate management.
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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