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Kering

Kering, originally called Pinault-Printemps-Redoute, was founded in 1963 by French businessman Francois Pinault and is now run by his son, Francois-Henri Pinault. Mr F-H Pinault joined the group in 1987 and became chairman and CEO in 2005. As of 31 Dec 2017, Kering was 40.9% owned by the Artémis group (57.6% votes), which in turn is wholly owned by Société Financière Pinault (the Pinault family's investment vehicle). The group is a French holding company with a history of buying and selling brands. Kering's most prized asset is the 99.9% owned Gucci Group. Kering announced the acquisition of 100% of Volcom, an 'active apparel' brand, following the divestment of Conforama (mainly French discount home furnishings) earlier in 2011, in line with its strategy to focus on the sport, lifestyle and luxury sectors. However, Kering is now looking to sell Volcom as it moves towards becoming a pure luxury player. On 11 Jan 2018, Kering announced a board-approved plan to spin to its shareholders all but 16% of its 86% shareholding in PUMA SE, the sport clothing and shoe company. The PUMA shares were distributed on 16 May 2018. (01 Aug 2018)

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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.

Richemont F1H19: Hard Luxury Gets Softer

Earnings Note: 09 Nov 2018, 12:24 PM ET - Richemont’s latest results were dragged down by the initial effect of the bond-financed YNAP acquisition.
Focused

Kering: New Share Buyback Programme

Worth Watching: 29 Oct 2018, 6:01 AM ET - Kering (NR/BBB+/NR) the luxury fashion house, where we hold an Outperform recommendation on the bonds relative to our investment grade and fallen angel European retail coverage announced this morning its intention to repurchase up to 1% of its ..
Focused

Kering: 3Q18 Sales – Another Broken Record

Worth Watching: 23 Oct 2018, 3:21 PM ET - Kering (NR/BBB+/NR) the luxury fashion house, where we hold an Outperform recommendation on the bonds relative to our investment grade and fallen angel European retail coverage after refreshing our rankings in July, announced after market clos ..

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.
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LVMH: Chinese Golden Weak

Worth Watching: 10 Oct 2018, 2:37 PM ET - LVMH (NR/A+/WD), where we have an Outperform opinion relative to our IG/fallen angel European retail euro issuer coverage, held an investor conference call today (10 Oct) in its normal fashion after releasing 3Q18 sales results last night, whe ..
Focused

Kering: Bond Tender Results

Worth Watching: 05 Oct 2018, 9:34 AM ET - Kering (KERFP: NR/BBB+/NR) where we hold an Outperform opinion relative to our IG/fallen angel European retail coverage, announced the results of a tender offer for its four shortest dated fixed coupon notes, after the bond due on Monday is rep ..
Focused

Kering: Another Tender Offer

Worth Watching: 28 Sep 2018, 10:07 AM ET - Kering (KERFP: NR/BBB+/NR) where we hold an Outperform opinion relative to our IG/fallen angel European retail coverage, announced a tender offer on Friday 28 Sep 2018 for its four shortest dated fixed coupon notes, after the bond due a week on ..
Focused

LVMH and Kering: The Glitz List

Worth Watching: 10 Aug 2018, 5:21 AM ET - LVMH and Kering: the fortunes of fashion houses can reflect the popularity and success of their chief designers, the fashion world's stars whose remuneration packages tend to go unpublished. The appointment of a new chief designer can be a c ..
Focused

Kering: 1H18 - Smashing

Worth Watching: 26 Jul 2018, 4:35 PM ET - Kering : the company's 1H18 results were positive for the bonds on a very busy earnings day, the last Thursday in July (26 Jul). Kering (KERFP: NR/BBB+/NR) is pushing for another rating upgrade on the evidence of these latest credit metrics, pa ..

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.

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

Kering: 1Q18 Sales - Choose Your Own Superlative

Worth Watching: 24 Apr 2018, 1:49 PM ET - Kering (KERFP: NR/BBB+/NR) the luxury fashion & sportswear house, where we hold an Outperform recommendation on the bonds relative to our investment grade and fallen angel European retail coverage, announced after market close today (24 Apr 201 ..

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.  

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