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Compagnie Financiere Richemont SA (Richemont) is a Swiss stock exchange listed luxury watches & jewellery company that is controlled by the South African Rupert family. The company has two main business areas: Jewellery Maisons and Specialist Watchmakers which accounted for around 60% and 25% of FY2018 sales, respectively. Jewellery Maisons contributed 90% of group operating result in FY2018 (before corporate costs), within which Cartier and Van Cleef & Arpels are the company's most important brands. The company is geographically well diversified, operating across Asia Pacific (40% of FY2018 sales), Europe (27%), Americas (16%), Japan (9%) and Middle East & Africa (8%). The company owns Purdey, the gun maker, which might restrict the ability of some investors to purchase the bonds. (17 Jul 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

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.

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.

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 ..

Richemont: Timely Multifaceted Growth

Worth Watching: 10 Sep 2018, 4:45 AM ET - Richemont (Compagnie Financiere Richemont SA) (NR/A+/AR), where we hold an Outperform opinion relative to our IG/fallen angel European retail euro issuer coverage, released this morning a brief trading update for the five months ended 31 Aug 20 ..

July 2018 Company Coverage Initiated

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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.

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.  

Compagnie Financiere Richemont SA: Inaugural Euro

Worth Watching: 15 Mar 2018, 4:58 AM ET - Compagnie Financiere Richemont SA (Richemont), a Swiss stock exchange listed luxury watches & jewellery company that is controlled by the South African Rupert family, is in the euro market this morning with new 8-year, 12-year and 20-year bonds. ..

Compagnie Financiere Richemont SA: New Euro Bonds?

IG Note: 14 Mar 2018, 5:27 AM ET - Richemont, a luxury watches & jewellery  company, is planning to bring an inaugural multi tranche euro issue.

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.  

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