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Luxury Retailers & China Exposure comes in focus

CONSUMER CYCLICALS
  • Luxury retailers fuelled by Kering (NR, A) {KER FP Equity -14%} are struggling this morning - € lines for Kering are +4-6bps wider, £ lines +1.
  • It now sees 1Q sales to decline by -10%yoy (market was at -1% last week) - driven by Gucci (-20%yoy, market was at -6%) with particular weakness in APAC.
  • Kering shares have been halted, LVMH (Aa3, AA-) {MC FP Equity -3%} € lines +2 wider, Richemont (NR, A+) {CFR SW Equity -3.7%} unch, Burberry (Baa2, NR) {BRBY LN Equity -4.5%} £25's unch.
  • We'd be wary of names including luxury beauty retailers further down the rating ladder were China continues to be topical for earnings (L'Oreal as e.g.).
  • Coty isn't a direct comp. (& does have low exposure) but could be a mover given optimism baked in.
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