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Europe Luxury 3Q Growth Similar to 1H: Exane; Prefers Swatch 2013-10-29 08:09:06.455 GMT
By Heather Burke Oct. 29 (Bloomberg) -- European luxury 3Q sales updates to date suggest organic growth similar to 1H, Exane says; prefers hard luxury cos. including Richemont, Swatch, Hermes. * LVMH, Kering, Burberry reports didn’t show sequential improvement in calendar 3Q even with easier y/y comparables * Weak demand in mainland China dampened growth in 2H; demand mixed in rest of world * Adverse FX boosts level of organic growth needed to meet consensus ests. * Richemont appears supported in S-T by jewelry growth, watch market slowly improving (outperform) * Swatch may be helped by watch mkt, retail development (outperform) * NOTE: Luxury Market Headed for Slowest Year of Growth Since 2009: Bain * NOTE Oct. 25: Kering Tumbles in Paris as Gucci Slowdown Hurts Growth * NOTE Oct. 16: LVMH Slumps on Concern Over Fashion, Leather Goods Slowdown
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--Editor: Nadine Skoczylas
To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net
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