Moncler : Début d’année terne en relatif, nous tablons sur un meilleur S2 renforcé de surcroît par Stone Island
>Des ventes T1 qui ne surprennent pas mais tout de même -2% sous les niveaux de 2019 à tcc - Les ventes T1 à 365.5 M€ battent légèrement le consensus (c. 361M€) mais ressortent un peu en dessous de notre prévision €372M€. Si elles montrent une croissance à tcc nette de l’activité en y/y (+21% soit +22% retail et +17% wholesale), la performance à deux ans est terne comparé aux franchises leaders à -2% à tcc, et ce alors que le T4 2020 avait montré une croissance à 2 an...Moncler is a jacket and sportswear production group based in Italy. Co. directly produces and distributes its own clothing and accessories collections, through its direct boutiques and exclusive department and multibrand stores. Co. branded products range from the high fashion segment with the Gamme Rouge and Gamme Bleu collections (exclusive products and selected distribution to boutiques) to the Grenoble collection (sporting and technical garments). As of Dec 31 2013, Co. operated a network of 135 stores, including 107 directly operated stores (DOS) and 28 wholesale stores (27 shop-in-shop and 1 franchise store).
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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