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IKKS Group

IKKS is a French fashion brand launched as a children's wear brand in 1987. Its first store opened in 1993 and womenswear launched in 1999. In 2000, it became part of Groupe Zannier. A menswear line launched in 2003. Some 80% of its stores are in France. It has a presence in Benelux, Spain, Middle East and Germany. It has over 500 stores and over 200 department store concessions. IKKS now comprises 6 brands (IKKS Women, IKKS Men, IKKS Junior, I.Code (younger, more creative), One Step (quirkier) and One Step Homme (essentials). The idea is that brands are on-trend and high quality. Prices are targeted at the premium / affordable luxury segment (typically dresses €150+ at IKKS, €100+ at I.Code, €125+ at One Step). Distribution includes stores, concessions, wholesale and internet. The Group was re-acquired by Roger Zannier from his children in 2014 at a 7.6x multiple. It was majority acquired by LBO France in June 2015 with Roger Zannier retaining about 30%. Silverfern, co-invested for a minority stake. Unconfirmed reports suggest the company was then valued at an EV multiple of 9.2x. (13 Nov 2017)

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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.
Focused

IKKS FY17 & 1Q18: The IKKS Factor

Earnings Note: 29 May 2018, 9:32 PM ET - IKKS' admission that it has breached covenants, is in discussions with the RCF and it is now relying on factoring to plug its funding gap reinforce our negative view of outcomes and recovery for bonds. 

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.
Focused

IKKS FY17: Time TIKKS Away

Worth Watching: 26 Apr 2018, 7:45 AM ET - IKKS FY17 audited numbers for 4Q17 and FY17 have been postponed until May 28th 2018 and as such it appears that IKKS will not comply with the 120 day reporting requirement in its OM (page 198). The reason given is that the audit is ongoing. The co ..

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  

December 2017 Europe Company Recommendation Change

Euro Recommendation Changes: 01 Jan 2018, 6:35 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of December.

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

2017 Euro Conference: HY Retail Transcript

Transcript: 12 Dec 2017, 4:05 PM ET - Case studies shine a light on causes of distress in the European HY Retail space.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

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