Hermes International : Momentum is intact but we remain cautious going forward
>Q4 growth is expected to be solid, we have shaded up to +14% y/y cc, full-year 2023 forecasts broadly unchanged - We understand that the group continued to perform favourably in Q4 after a good showing in Q3 with growth of +15.6% y-o-y cc. We had expected growth of +13.3% in the quarter in organic terms (forecast growth lower than in Q3 to reflect tougher comparison bases in the US and in Asia Pacific), and we have shaded our forecast slightly upwards to +14% to take...Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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