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analysts downgrade recommendations for major companies ahead of market opening
Analysts have made several adjustments to their recommendations for various companies. Notable changes include Deutsche Bank lowering Air France-KLM's sell recommendation to EUR 8.50 and JPMorgan downgrading Arkema and BASF to Underweight with targets of EUR 68.50 and EUR 45, respectively. Meanwhile, Genfit received a Buy rating from Van Lanschot Kempen, targeting EUR 9, and Nexity was initiated with a Buy coverage by CIC, targeting EUR 12.
bulgari targets india for growth amid declining luxury demand in china
Bulgari is focusing on expanding in India, anticipating significant growth driven by favorable demographics, according to CEO Jean-Christophe Babin. He predicts that India could rise to be among the top five or eight luxury markets globally, as demand in China declines due to economic challenges.
francois pinault drops out of top 100 richest as wealth declines
Francois Pinault, the 88-year-old founder of Kering SA, has fallen to No. 105 on the Bloomberg Billionaires Index, marking his first time outside the top 100 in over a decade. His wealth has plummeted by two-thirds to $20.3 billion since reaching a peak in August 2021, amid challenges at Gucci, the conglomerate's largest brand.
hermès thrives amid luxury market slowdown with exclusive offerings and strong demand
Hermès continues to thrive amid a global luxury slowdown, driven by the enduring appeal of its Birkin and Kelly handbags, which account for up to 28% of its revenue. Despite a decline in overall luxury spending, Hermès reported double-digit growth in its latest quarter, contrasting sharply with competitors like LVMH and Kering. The brand's focus on quality and exclusivity has attracted high-end consumers willing to spend more per transaction, reinforcing its market position.
luxury fortunes decline by 58 billion as pandemic spending fades
France’s luxury and cosmetics billionaires, including Bernard Arnault, Francoise Bettencourt Meyers, and Francois Pinault, have collectively lost $58 billion as consumer spending shifts from pandemic-era splurges to more restrained purchasing habits. This decline marks a significant change in the fortunes of these industry titans.
gucci seeks to leverage demure fall trend for brand revival
Kering SA is looking to the "Demure Fall" TikTok trend to revitalize its flagship brand, Gucci. This aesthetic, characterized by quiet luxury with a twist, aligns closely with the vision of Gucci's creative director, Sabato de Sarno.
UBS maintains neutral rating for Kering amid challenging sales figures
UBS has maintained a "Neutral" rating for Kering, setting a target price of 227 euros following the release of third-quarter sales figures. Analyst Zuzanna Pusz noted that the revenue results indicate the luxury goods group is facing significant challenges.
ubs maintains neutral rating for kering with target price of 227 euros
UBS has maintained a 'Neutral' rating for Kering, setting a target price of 227 euros following disappointing third-quarter sales figures. Analyst Zuzanna Pusz noted that the luxury goods group is facing significant challenges. As of October 24, Kering's stock was trading at approximately 235.25 euros, reflecting a 3.23% increase.
ubs maintains neutral rating for kering with target price of 227 euros
UBS has maintained a 'Neutral' rating for Kering, setting a target price of 227 euros following the company's challenging third-quarter sales figures. Analyst Zuzanna Pusz highlighted the difficulties faced by the luxury goods group, which includes renowned brands like Gucci and Saint Laurent. Kering reported revenues of EUR 19.6 billion in 2023 and operates 1,771 stores globally.
ubs maintains neutral rating on kering after disappointing third quarter results
UBS has maintained a Neutral rating on Kering shares after the luxury group's disappointing third-quarter results, with a price target set at 227 euros. The broker highlighted a significant 25% decline in retail sales, particularly for Gucci, and a sharp drop in Ebit outlook, which exceeded pessimistic expectations, likely leading to further stock declines in the current market context.
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