Zalando: persistent deflationary concerns overshadow good Q1 and current trading
Post a good set of Q1 results with reassuring current trading comments, we have left our estimates unchanged with a EUR39 PT. Persistent risks concerning deflationary pressures in the European fashion sector in H2 continue to weigh on Zalando's ST rerating despite an appealing MT equity story basedZalando is an e-commerce group based in Germany. Co. is engaged in the online retailing of clothing, shoes and accessories for women, men and children. Co.'s product offering include more than 1,500 brands, including global and local brands, as well as private labels, including shoes, clothing and accessores as well as sportswear and homeware designed especially for the Co. The Co.'s product offering is complimented by the Zalando Lounge and Zalon apps, which provides registered members special offers at discounted prices. Co. also provides a combination of services that include free delivery and returns.
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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