Wide-moat Richemont positioned for profitability improvement as cyclical headwinds ease.
We regard Richemont’s purchase of the remaining stake in Yoox Net-a-Porter for around EUR 2.69 billion positively and maintain our wide moat rating for the company. In our view, the acquisition is in line with the company’s focus on rethinking distribution channels for its watch business and its continuing commitment to developing the online channel (we see online luxury sales growing at a pace of 20% annually over the next five years, compared with 4%-5% luxury industry growth). Given that Rich...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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