Strong H1 in a dynamic environments
During the first half of 2018, the luxury goods industry was globally buoyant, almost in line with 2017trends, with an average 10% organic sales growth, o/w +10% in Q2 after +9% in Q1. The Chinese
clientele dynamism explains this positive trend. Nevertheless, as seen in 2017, there was a polarised
performance between "winners3 and "losers". Beyond the top line performance, H1 18 has been also
characterized, in some cases, by significant EBIT margin improvements. These two factors explain why
the luxury stocks rallied despite recent weakness due to threats of a trade war and less favourable
financial markets in China.
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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