Moats Are Harder to Come By in an Increasingly Competitive Apparel Space
After taking a fresh look at European fast-fashion players Inditex and H&M, we are increasing our fair value estimate for H&M to SEK 140 from SEK 133 while reducing our fair value estimate for Inditex to EUR 31 from EUR 33. Both companies are just marginally undervalued.ÂWhile we are keeping our narrow moat rating and stable moat trend for Inditex, we no longer think H&M benefits from an economic moat in light of intensifying competitive pressures in the market. We see Inditex’s fas...
H & M Hennes & Mauritz is engaged in the sale of clothing and cosmetics in Sweden and internationally. Co.'s stores offer basics, tailored classics, sportswear, and maternity clothes for women; basics, leisurewear, and seasonal fashions for men; denim and street fashions; and fashion wear for children and teenagers, as well as accessories, underwear, and shoes. Co. also provides makeup and body care products; and home fashion products, which include interior textiles for the bedroom, bathroom, living room, and kitchen. Co. has approximately 3,132 stores, including 110 franchise stores, 85 COS stores, 79 Monki stores, 21 Weekday stores, 8 & Other Stories stores and 3 Cheap Monday stores.
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