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LVMH (MCFP; Aa3/AA-) takes stake in Moncler (not a issuer)

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So Bernard doing what he is known for - taking early steps to add another house to his already 75 strong. It's not a credit mover for us and as we said after 1H earnings we have no issue with it.

Re. the narrative Burberry may get a lifeline from LVMH - he is taking a stake on a brand outperforming the market here. Moncler is running double digit growth while holding onto a 30% EBIT margin. Granted that wasn't the same when he bought Tiffany ($15.8b) in 2020 - not Burberry-bad but it was facing slowing growth in sales and declining margins. The BUT's to that were a new CEO who was brought in two years prior and had revived the brand and a interest from LVMH in increase the Jewellery footprint (made up 8% alongside watches). For reference core fashion & leather is half the group sales already.

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So Bernard doing what he is known for - taking early steps to add another house to his already 75 strong. It's not a credit mover for us and as we said after 1H earnings we have no issue with it.

Re. the narrative Burberry may get a lifeline from LVMH - he is taking a stake on a brand outperforming the market here. Moncler is running double digit growth while holding onto a 30% EBIT margin. Granted that wasn't the same when he bought Tiffany ($15.8b) in 2020 - not Burberry-bad but it was facing slowing growth in sales and declining margins. The BUT's to that were a new CEO who was brought in two years prior and had revived the brand and a interest from LVMH in increase the Jewellery footprint (made up 8% alongside watches). For reference core fashion & leather is half the group sales already.

Keep reading...Show less