Hermes International : Q2 set to be very poor but a strong case to make in a recovery
>A very modest decline in sales in Q1: impressive resilience - The -7.7% organic decline in sales at Hermès in Q1 was surprisingly modest, with the consensus forecast of -10%/-12% already factoring in marked resilience. Amongst the major soft luxury franchises, only LVMH’s fashion and leather goods division performed almost as well, with -10% and the majority of groups in the sector reported declines of more than -15% (Moncler -18%, Kering Luxe -19%, Ferragamo -31%). ...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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