Kering : We fear the performance will still lag those of peers. Neutral vs Buy
>Poor Q2 though not really surprising in the circumstances - We update our estimates for Kering in light of recent contacts with industry players, our updated views on sector trends by product and region, and a company contact. As we understand it, the group was unsurprisingly very strongly affected by the store closures in most of Q2 (66% of stores were closed in April, 50% in May and nearly 25% in June), but it appears that the growth seen in China and Korea, places...Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.
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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