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Birkenstock (BIRKEN; NR/B+ Pos/BB) An Aside

CONSUMER CYCLICALS

Quote from VFC earnings call below and resonates on why we are cautious with Birkenstock despite strong earnings growth and targeted gross debt paydowns;

"Vans is just a fantastic brand. And it just lost the energy... And you can see how it happened... We over-rotated on a couple of styles that will always be popular, by the way, but you can overdo them probably almost at any point. And we over-rotated with the same time that the kind of the culture picked them up and ran with them. And that just really drove too far -- too much of a buy now kind of mentality into the marketplace. And I think everybody who needed them got them."

At OAS+195 working out to 2yr par call its a hard one to take a view on re. RV though.

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