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Burberry (Baa2 Neg, NR) launches winter collection - next potential positive catalyst

CONSUMER CYCLICALS

It's this winter collection markets will eye for a potential turnaround. Designer and creative director Daniel Lee was brought into Burberry in late 2022 (from Kering) and the has been kept on for now.

For those keen to buy, trenches at Burberry retail ~€1.5k. Bringing in more affordable price points is seen as part of the new CEO's strategy.

In the mean-time stock has been left at lows and at a market cap of £2.4b is expected to be removed from the FTSE100 next week (after a 15y stint). £30s left 240bps over UKTs. No interest from us to support it (yet) - rotate into value retailer B&M 28s or 30s (which now trade tighter). Regardless of views we'd caution heading in before Q2 earnings (3m to Sept) - 1H guidance is rough, below collection will only show impact in the tail end - and we don't know in which direction.

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