Isabel Marant : Recommendation raised after widely-approved A&E

IM Group and its shareholders have opted for an Amend & Extend process to address the refinancing of the 8.0% 01/03/28 bond, which was at risk of being unachievable on time (i.e. within a year) despite the rebound in operating performance that began in 2025 and the stabilisation of the business model. By providing the group with additional time, the transaction eases the liquidity situation and is clearly in the best interest of all stakeholders—both creditors and shareholders—granting them an extra three and a half years to work toward a favourable outcome. We are raising our recommendation.