>>> La gauche intellectuelle se déchire sur le Nouveau Front populaire

La gauche intellectuelle se déchire sur le Nouveau Front populaire

C’est la « fête de l’été » du magazine hebdomadaire Franc-Tireur, mercredi 19 juin. La péniche Francette, amarrée au port de Suffren, à Paris, accueille les invités de la directrice de la rédaction, Caroline Fourest, et de son conseiller éditorial, Raphaël Enthoven. La dissolution surprise, neuf jours plus tôt, le 9 juin, est sur toutes les lèvres, comme le score de l’extrême droite aux élections européennes. Mais l’autre sujet brûlant, c’est la formation du Nouveau Front populaire (NFP), associant leur autre bête noire, La France insoumise (LFI) de Jean-Luc Mélenchon, aux sociaux-démocrates, aux communistes et aux écologistes.

« L’union fait la farce. » La couverture du magazine, ce jour-là, ne laisse planer aucune équivoque sur ce que le journal engagé pense de l’alliance des gauches. Dans un éditorial au vitriol, Raphaël Enthoven surnomme « Olivier faible » le premier secrétaire du Parti socialiste, Olivier Faure, chef d’un « groupuscule de veules » et de « moutons vénaux », qui « baisse son froc », et juge Raphaël Glucksmann coupable de « reddition ». L’essayiste s’était dévoilé en juin 2021 en déclarant qu’il préférerait voter pour Marine Le Pen face à Jean-Luc Mélenchon, déclenchant l’indignation et forçant l’association Printemps républicain, dont il est l’un des parrains, à cette mise au point : « L’extrême droite, jamais ! »

C’était après les attentats islamistes de 2015 et Manuel Valls parlait déjà de deux gauches « irréconciliables ». Depuis l’attaque terroriste du Hamas, le 7 octobre 2023, puis la riposte militaire d’Israël contre Gaza, les choses ne se sont pas arrangées. La résurgence d’un antisionisme aux relents antisémites au sein de la gauche radicale a encore creusé le clivage. Comme le grand rabbin de France, Haïm Korsia, républicain conservateur, qui refuse de choisir entre le parti d’extrême droite (« une perte de ce qu’est la République ») et la coalition du NFP (« la volonté de défaire absolument et radicalement la République »), certains à gauche voteront blanc. « Ni-ni » : un discours tenu dans la perspective d’un duel LFI-RN au second tour.

Patrons de presse, comme Denis Olivennes, journalistes, producteurs et éditeurs, tel Olivier Nora, PDG de Grasset, avocats parisiens… A la fête de Franc-Tireur est présente la palette entière de ceux qui, souvent macronistes, naguère à gauche ou continuant de s’en réclamer, déclinent ou interrogent l’offre du NFP. Un petit groupe d’invités s’amuse : « Si la péniche coule, une partie de la résistance disparaît… » Au micro, Caroline Fourest reprend le mot de participants qui viennent de comparer la Francette à l’Exodus, le bateau voguant en 1947 avec 4 500 survivants de la Shoah qui n’a jamais réussi à débarquer sur les côtes de la Palestine, alors sous protectorat britannique, comme s’ils étaient une petite famille de réfugiés se serrant les coudes. Richard Malka, l’avocat de Charlie Hebdo, décrit le « naufrage » d’une « gauche minable » − son expression quatre jours plus tard, dimanche 23 juin, dans L’Express − au « cynisme absolu ».
Mécanique mortifère
Où fixer les frontières ? Quelles digues bâtir, alors que le « front républicain » se délite face à l’extrême droite, et que la gauche s’annonce en mauvaise posture dans ses duels face au RN ? Chacun se fabrique son vade-mecum. Il y a ceux qui boycottent les chaînes d’opinion réactionnaires de Vincent Bolloré, le nouveau magnat d’extrême droite des médias, et les autres. « Pour combattre le RN, on ne peut pas s’allier avec un parti qui alimente la haine des juifs et d’Israël », soutient Manuel Valls, premier invité… de la nouvelle émission de Cyril Hanouna sur Europe 1. Le lendemain de la fête, Alain Jakubowicz, président d’honneur de la Ligue internationale contre le racisme et l’antisémitisme, présent ce soir-là, allait lui aussi porter ses idées sur CNews.

Dans cette galaxie hostile à l’alliance des gauches, la sociologue Dominique Schnapper assure, dans Le Monde, que si « les socialistes ont obtenu que les formules les plus choquantes soient évacuées », on ne peut « faire confiance » à Jean-Luc Mélenchon et à ses proches. L’auteur de best-sellers et le père du concept de « résilience » Boris Cyrulnik, saisi par la menace d’une « peste brune », déclare aussi, à La Tribune dimanche, que « Mélenchon, à [s]es yeux, c’est l’extrême droite (…) [Jacques] Doriot, le collaborationniste nazi qui avait fondé le Parti populaire français ». Les philosophes Elisabeth Badinter et Monique Canto-Sperber, autre invitée de la péniche, annoncent à leur tour, dans une tribune au Monde, que leur « voix ne se portera ni sur un candidat RN ni sur un candidat LFI ». Un candidat de gauche qui n’arbore pas la couleur des « insoumis » aurait en revanche leur voix. A leurs côtés, les anciens premiers ministres Manuel Valls et Bernard Cazeneuve, signataires du texte.

Sans surprise, tant ils se sont éloignés depuis longtemps de leur matrice progressiste d’origine, trente personnalités, dont Michel Onfray, Luc Ferry et Pascal Bruckner, appellent, dans Le Point, à « ne pas voter pour ce mensonger, fallacieux et pseudo-Nouveau Front populaire ». La tribune est lancée par Daniel Salvatore Schiffer, un philosophe belge venu en faire la promotion sur CNews. Avant même le premier tour, ils viennent grossir le camp des « anti-NFP ». A noter, parmi les signataires, la présence de l’éditeur Antoine Gallimard, d’ordinaire discret. Et l’absence, dans le texte, de la moindre référence au RN.

Voilà pour les anti-NFP résolus. En face, des intellectuels défenseurs de ce cartel électoral tentent, depuis dix jours, de démonter la mécanique mortifère, selon eux, de ce « ni-ni ». Alors que le parti d’extrême droite affiche une dynamique toujours plus forte et que s’installe le « sentiment poisseux de l’inévitable », une formule de l’historien Patrick Boucheron, ils tentent de se faire entendre. « Il y a eu un sursaut à gauche, mais, aujourd’hui, je ne sais pas ce qu’il se passe (…). C’est comme si ça retombait. Une torpeur s’installe », s’inquiétait, le 21 juin sur France Inter, le professeur au Collège de France. Il était l’un des 350 signataires, avec l’économiste Julia Cagé, présidente de la Société des lecteurs du Monde, ou l’écrivaine Annie Ernaux, avant même la signature d’un accord par les différentes formations, d’une tribune au Monde appelant à « l’union des gauches ». Qu’il oppose, en détachant les mots, à « une union de l’extrême droite », pour ne pas plonger dans le piège politique de la symétrie des extrêmes.

« Dévitalisation démocratique »
Refusant, eux aussi, de renvoyer dos à dos le RN et les « insoumis », plus de 220 personnalités politiques – dont Raphaël Glucksmann, Laurent Berger ou Carole Delga – ont lancé, dans une tribune au Monde, un appel à tous les partis démocratiques contre l’extrême droite, y compris « majorité sortante ou la droite républicaine ». Ils sont soutenus par l’historien et essayiste Pascal Blanchard, les sociologues Irène Théry et Dominique Méda, Hakim El Karoui, Cyril Dion ou Jacques Attali. Tous ces signataires somment les états-majors politiques de « surmonter les rancœurs », de retirer le moins bien placé au second tour et de « soutenir partout activement » le candidat restant face au RN. Un choix qu’ils aimeraient voir affiché « clairement dès maintenant, sans attendre le 30 juin ».

Ils sont loin de ceux qui rejettent la « farce » de l’union. « Evidemment ! », insiste l’historien Pierre Rosanvallon, professeur au Collège de France. « Le simple fait que certains se posent la question de l’alliance à gauche montre à quel point le RN a réussi sa stratégie de banalisation, qui est en fait une entreprise de dissimulation de ce que restent ses ressorts profonds, confie-t-il au Monde. C’est le signe d’une très inquiétante forme de dévitalisation démocratique qui est rentrée dans les têtes. » L’ancien éditorialiste et député européen du camp présidentiel Bernard Guetta ne dit pas autre chose : « Il faut cesser de dénoncer les gauches unies comme un danger aussi grand que le lepénisme, et systématiquement voter contre l’extrême droite au second tour. »
« La scission qui s’opère à la veille de ces législatives anticipées chez les intellectuels de gauche révèle l’enjeu du second tour, résume le socialiste Jean-Christophe Cambadélis, ancien architecte de cette « gauche plurielle » qui avait porté Lionel Jospin à Matignon après la dissolution de 1997. Les intellectuels qui soutenaient Emmanuel Macron se laveront-ils les mains des duels LFI-RN et laisseront-ils passer l’extrême droite ? » Lionel Jospin réfute, lui aussi, toute équivalence et « égalité entre deux supposés extrémismes », qui ne sert que les « intérêts » du RN. « En cas d’affrontement RN-LFI, il faut voter pour le parti de Jean-Luc Mélenchon », appuie clairement son ancien ministre des finances Dominique Strauss-Kahn. « Un réflexe politique face à l’urgence et à l’ennemi principal : l’extrême droite, poursuit M. Cambadélis. L’enjeu, c’est Bardella, et pas un Mélenchon qui, quoi qu’en dise l’Elysée, ne sera jamais premier ministre. »

Plus radicaux, les écrivains Geoffroy de Lagasnerie et Edouard Louis optent pour des petites virées choisies sur le terrain, mais non face au RN. Ils ont quitté leurs brasseries de Montparnasse pour se rendre à Montreuil (Seine-Saint-Denis) défendre la candidate LFI opposée à Alexis Corbière, évincé par un Jean-Luc Mélenchon ne tolérant aucune fronde interne à LFI. Apprenant la venue des deux « insoumis », M. Corbière a déclaré au Figaro : « Je suis étonné que ces messieurs si antifascistes viennent ici », dans une circonscription où LFI a engrangé 35 % des voix aux européennes, « alors qu’ils pourraient aller aider des députés LFI en danger contre le RN ».
Régler leurs comptes dans leur « famille »
« Il ne faut pas que l’on se balance des choses trop méchantes à la face », prévient Patrick Boucheron, songeant à ce 7 juillet, où « il faudra passer du Front populaire au front républicain ». « Avant le premier tour, je refuse de me laisser enfermer dans cet étau entre RN et LFI », rétorque Manuel Valls : « On n’est pas des fachos ! » Certains autour de lui donnent pourtant l’impression de régler leurs comptes au sein de leur « famille » avant de se soucier de l’extrême droite.

Un exemple ? Le week-end des 22 et 23 juin, une liste de noms est mise en ligne sous le titre : « Bloquons-les ! », aussitôt partagée massivement par des amis de Franc-Tireur. L’idée : recenser des profils « extrémistes » et appeler à voter contre 36 candidats RN pro-Kremlin, antisémites, racistes ou homophobes, comme Pierre Gentillet − il veut « mettre au pas » le Conseil constitutionnel et estime que l’incitation à la haine « les PD, faut les brûler » relève de la liberté d’expression − ou Patrick Le Fur, qui associe la gauche à « des pédophiles et à des dégénérés sexuels ». Ou encore une vingtaine de moutons noirs de LFI, comme l’ex-député du Nord David Guiraud, qui avait diffusé une image des « dragons célestes » du manga One Piece, personnages riches et manipulateurs détournés par les internautes antisémites pour cibler les juifs.

A regarder de près, pourtant, la liste apparaît bancale : la plupart des candidats du RN sont absents parmi ces candidats « porteurs d’idées nauséabondes ». Dans la 6e circonscription du Gard, on trouve en revanche l’ancien rapporteur de l’observatoire de la laïcité Nicolas Cadène, qui s’est fait agresser dimanche devant les halles de sa ville par un homme portant des tracts du RN, témoigne La Dépêche du Midi avant son dépôt de plainte au commissariat de Nîmes. Il est présenté à tort comme « LFI », alors qu’il a été investi comme « personnalité de la société civile » par les écologistes de Nîmes.

« Tout ce qui était écrit sur moi sur ce site anonyme et qui a été reposté dès dimanche matin par Caroline Fourest et d’autres était faux, de mon étiquette à une supposée accointance avec les “fréristes” − je rêve ! », s’indigne, devant Le Monde, le candidat de 42 ans. « Etait faux », car, mardi 25 juin au matin, le site a fini par retirer le nom de cet ex-collaborateur du socialiste Jean-Louis Bianco dont la vision de la laïcité, adossée strictement au droit, a été vivement critiquée par les partisans d’une laïcité de combat, menés par le Printemps républicain. Interrogée sur son lien avec ce site, Caroline Fourest n’a pas souhaité répondre, affirmant seulement que ces « compilations de bonnes informations parues dans la presse font un travail de vigie essentiel et qu’il est bien de les relayer ». Nicolas Cadène, lui, a trouvé « infamant » de se retrouver sur une liste noire qui, en laissant de côté la plupart des candidats RN, « suggère donc implicitement que certains, à l’extrême droite, seraient acceptables » – preuve, à ses yeux, d’une « inversion des valeurs pratiquée par des intellectuels anciennement de gauche éloignés des électeurs ».

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • WOR -7.3%, GIS -3.8%
Other news:
  • TSHA -17.2% (announces proposed public offering of common stock and pre-funded warrants)
  • GLT -9.9% (Berry Global and Glatfelter announce additional regulatory milestone in proposed transaction for spin-off and merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter)
  • TXO -7.9% (stock offering; announces entry into definitive agreements for assets in the Greater Williston Basin)
  • ALLK -6.8% (Phase 1 Trial of AK006 results; also provides investor updates in presentation; estimates cash/cash equivalents at year-end of $81-86 mln)
  • RMBL -3.6% (provides CDK Global update; does not believe at this time that it is reasonably likely to have a material impact)
  • LUV -3.4% (lowers Q2 RASM outlook)
  • GTI -2.4% (stock offering)
  • AIG -1% (to sell its global personal travel insurance and assistance business including Travel Guard to Zurich)
  • HCA -1% (Augmedix (AUGX) discloses fireside chat with William Blair and HCA Healthcare is being rescheduled; co is retracting the statements regarding the comments to be made during the fireside chat)
Analyst comments:
  • APTV -6.4% (downgraded to Underweight from Neutral at Piper Sandler)
  • DLO -2.2% (downgraded to Neutral from Buy at Goldman)
  • ACN -1.8% (downgraded to Equal-Weight from Overweight at Morgan Stanley)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • FDX +13.9%
Other news:
  • RIVN +41% (establishing JV with Volkwagen; discloses convertible promissory note purchase agreement)
  • SVRA +31.1% (announces molgramostim nebulizer solution (molgramostim) achieved statistical significance for primary endpoint and multiple secondary endpoints in IMPALA-2, a pivotal phase 3 clinical trial in autoimmune pulmonary alveolar proteinosis)
  • TGLS +11.1% (conducting review of strategic alternatives; reiterates FY24 outlook)
  • ANNX +9.2% (presents Phase 3 results)
  • VSTO +8.5% (MNC Capital increases all-cash offer to acquire Vista Outdoor to $42/share; CFIUS clears sale of The Kinetic Group to CSG )
  • LCID +5.2% (trades in sympathy with RIVN)
  • PL +4.8% (committed to a plan to reduce its global headcount by approximately 180 employees; reaffirms guidance)
  • FUN +3.5% (Cedar Fair & and Six Flags (SIX) announce the satisfaction of regulatory conditions for the proposed merger of equals)
  • KNSA +2% (enters into supply agreement with Samsung Biologics)
  • MEI +1.9% (appoints new CEO)
  • GPS +1.9% (positive Barron's article)
  • HITI +1.4% (to acquire Mississauga retail cannabis store)
  • EARN +1.4% (determined to more closely align the management fee arrangement between the Company and the Manager with the advisory fee structures of CLO-focused registered closed-end funds)
  • NTLA +1.4% (appointment of Edward Dulac as CFO)
  • ARGX +1.2% (highlights autoimmune pipeline)
  • ACIC +1% (enters 5-year extension of MGA Agreement)
  • LYEL +1% (reports dose-dependent clinical activity from phase 1 trial of lyl797, a ror1-targeted car-t cell product candidate enhanced with its proprietary anti-exhaustion technology)
  • ENVX +1% (signs MOU with battery pack manufacturer Elentec)
Analyst comments:
  • ERO +1.4% (upgraded to Outperform from Market Perform at BMO Capital Markets)
  • DLR +1.2% (upgraded to Outperform from Market Perform at BMO Capital Markets)
  • AAPL +0.9% (upgraded to Buy from Neutral at Rosenblatt)

WSJ : Atos in Rescue Talks With Creditors After Onepoint Consortium Pulls Out

Atos in Rescue Talks With Creditors After Onepoint Consortium Pulls Out
Despite efforts to reach a definitive agreement on Atos’s financial restructuring, conditions weren’t favorable for what it said was a lasting solution, Onepoint said

Atos ATO 0.29%increase; green up pointing triangle is in talks with bondholders and banks after a consortium that included shareholder Onepoint withdrew its rescue proposal, the latest setback for the struggling French IT firm as it seeks to turn around its finances.

Negotiations between Atos and the Onepoint consortium ended Tuesday in a blow to the company grappling with persistently high debt and sapped investor confidence.

Atos, the cybersecurity provider for this summer’s Paris Olympics, had earlier this month agreed to work with the Onepoint consortium to reach a definitive financial-restructuring agreement to be implemented next month.

However, the consortium, which also included Butler Industries and Econocom, said it found that conditions weren’t favorable for a lasting solution.

Onepoint’s withdrawal paves the way for Czech billionaire Daniel Kretinsky’s EP Equity Investment to rejoin the race to salvage Atos and add another European asset to his collection.

Kretinsky recently scooped up the U.K.’s Royal Mail postal service after owner International Distribution Services agreed to be bought for almost $5 billion. Earlier this year, a Kretinsky-led consortium took control of embattled French supermarket owner Casino Guichard-Perrachon.

EP Equity Investment in a letter to Atos Tuesday voiced interest in restarting discussions with the company and said it was ready to consider making a revised proposal. Kretinsky’s initial rescue bid for Atos was outgunned by Onepoint earlier this month.

For now, Atos said it remains in talks with a representative committee of its bondholders over a revised proposal for a definitive restructuring agreement. The company plans to strike a final deal during the week of July 22.

The proposal from the bondholder representative committee is aimed at meeting the company’s short and medium-term liquidity requirements, Atos said. Discussions are continuing with the representative committee of bondholders and some banks to reach an agreement as soon as possible, the company added.

Atos said an in-principle financial restructuring agreement with the financial creditors could be reached as soon as this week.

Meanwhile, the group said it had finalized negotiations with the French state for an agreement aimed at protecting its sovereign interests given that the company operates in sensitive areas.

Atos’s operations span high-performance computing, IT management, service and maintenance, cloud and cybersecurity, including for government, homeland security and defense clients.

The agreement that Atos expects to sign Wednesday would allow the French state to take over sensitive activities if a third-party acquires at least 10% of Atos.

France recently offered to acquire parts of Atos’s big data and security arm for up to 1 billion euros, ($1.07 billion) underscoring efforts from the government to prevent the collapse of the company.

WWD : Vestiaire Collective CEO Max Bittner Talks About Hitting Profitability Bef

Vestiaire Collective CEO Max Bittner Talks About Hitting Profitability Before an IPO
In WWD's CEO Talks series, Bittner discusses what has to happen before going public and more.

Max Bittner, the global chief executive officer of the Paris-based Vestiaire Collective luxury resale website, sees taking the company public in the not-too-distant future.

But first things first.

“I will not do an IPO before the company turns profitable,” Bittner told WWD, revealing publicly a particular precondition for listing shares.

“Obviously, an IPO is much less about what I want. Right? I can sit here and say what I want all day long. An IPO is possible or not possible depending on the macro environment. Right now, the macro environment is not very IPO friendly. Do I think the macro environment will change in the next 12 months? No.”

Bittner isn’t the only one feeling the macro squeeze. Sneaker brand Golden Goose teed up what was to be a much-watched IPO only to pull back at the 11th hour, citing “European market volatility.”

What should change over the next year is Vestiaire Collective’s bottom line.

“I think we will approach profitability in the next 12 months,” Bittner said. “It takes a long time, depending on how fast you’re trying to get there. It’s important to remind people that e-commerce is very much about attaining economies of scale. It’s very different from offline retail, where you launch one store, it can be profitable, and then you launch the next one. In e-commerce, the platform needs to work from Day One, and the platform is not just the website. It’s everything around the website — discoverability, shipping and fraud if it’s happening on the platform. There’s a bigger up-front investment needed.”

With all that, profitability takes a while.

Further growth of Vestiaire Collective’s business in the U.S. would also go a long way to sway potential investors and support an IPO. “Our U.S. business has accelerated significantly over the last six to 12 months, because of the intrinsic work we’re doing to win in the U.S.,” Bittner said. “We’re getting better at a lot of things, and a lot of it is the day-to-day execution by my team.”

Founded in Paris in 2009, Vestiaire Collective is a certified B Corp, active in 70 countries worldwide, with a stated mission to help make the fashion industry more sustainable by enabling consumers to sell and buy “pre-loved” luxury fashion. Bittner has been running the company since 2019. Previously, he cofounded the Lazada Group, an e-commerce company that became one of the largest in Southeast Asia and was bought by Alibaba in 2016.

In the following Q&A, excerpted from a lengthy conversation, Bittner discusses Vestiaire Collective’s recent financial performance, the billion-dollar valuation, efforts to grow the U.S. business, and why seven months ago, he and his wife and three daughters moved from Paris to Manhattan’s Upper East Side.

WWD: How is the company performing?

Max Bittner: Overall, the business is in a very good spot. We have seen disruption caused by the macroeconomic environment over the last two years; we’re talking about higher inflation and higher interest rates causing a much more uncertain consumer environment. But our business has navigated through that storm and proved to be incredibly resilient, more resilient than our…competitive universe. For the first time in the last two years, I’m looking at the macro environment and our micro environment with a lot more optimism.

WWD: What about consumers shifting their discretionary dollars away from goods to more travel, dining out and other experiences?

M.B.: That’s been the narrative over the last 12 to 18 months, and it’s starting to change. We’ve seen a post-COVID[-19] bounce back of travel and experience. People were starved of those during COVID-19. The pendulum swung too far into that space in 2022 and 2023. Now we are seeing a normalization. But as a result of the macroeconomic environment, consumers have become more price conscious, decisive and selective in what they buy, and much more focused on the balance between price and quality. But there’s definitely an advantage in secondhand products, and in making these luxury goods affordable in today’s environment.

WWD: Can you discuss the company’s performance in the first half?

M.B.: Our first half ended stronger than it started, and is now reaching similar growth levels we saw at the end of the first half of last year. The business has really accelerated. We don’t really disclose the financial performance, but we see revenue growth accelerating to north of 20 percent in the second half of this year.

WWD: What’s driving the bullish outlook?

M.B.: Our focus on the U.S. is paying off very nicely. We’ve been operating in the U.S. for at least seven years. Our U.S. business used to be a very one-sided business, with very sophisticated U.S. consumers buying very unique items from our European supply. There would very much be a one-[sided] flow of goods from Europe, from our European sellers, to our U.S. buyers. But over the last three to five years we’ve rebalanced the business to grow the U.S. supply and not just being based on U.S. demand.

The U.S. is the biggest single luxury market with a huge amount of unlocked supply in the wardrobes of U.S. consumers. We’ve led a very concerted effort over the last two to three years to unlock that supply. It’s been in multiple stages. The first stage was the acquisition of Tradesy, just over two years ago, and through that we acquired a huge amount of local supply [creating] a balance between local supply and international supply to give what we think is a very unique and best priced supply of luxury goods.

WWD: What does the U.S. represent as a percent of the business now, and where do you see it going?

M.B.: It’s roughly a quarter. I think we can get to 35, 40 percent of our business being the U.S. in the next three to five years.

WWD: Have you bolstered your U.S. operations?

M.B.: We have invested in the U.S. organization. Many of the team members have joined within the last four months. We’re at 50 members, and I would say 30 before. The team is largely [centered] around marketing, PR and the consumer-facing components building the business. We have a logistics team in Industry City in Brooklyn. That team grows as the business grows.

The facility has been open three or four years. We have about 25 people there. A seller would send the product to the facility where we would authenticate and do a quality check. From there, the product would then be sent to you, the buyer. We don’t store anything per se there. We don’t own any of our inventory, so it’s a cross docking facility where we provide authentication services.

WWD: What are the advantages of having you based here, while Vestiaire is headquartered in Paris?

M.B.: I ensure that Paris, our European headquarters, thinks U.S. business first. That’s really what I bring to the table.…The U.S. market is the hardest consumer market in the world. The U.S. consumer is the most demanding. You need to be at the top of your game to make the U.S. consumer happy. And that is very hard to do remotely, any one of my employees sitting in Paris. It also allows me to interact with U.S. consumers in a different frequency. It’s been an absolute game changer for me to be here. It is tiring because I still have to fly back to Paris every third week. But it’s been very successful.

WWD: Who are the key investors in the Vestiaire Collective?

M.B.: The biggest shareholder is a French private equity fund called Eurazeo. But there’s quite a few others with smaller to medium size positions investors, whether it’s Condé Nast or Kering.

WWD: Do you have a big stake in the business yourself?

M.B.: Now you’re getting really personal. I do. I don’t describe it. I invested quite significantly into the company when I joined. I invested over several rounds.

WWD: Last January you did a crowdfunding campaign bringing in investment, how did that go?

M.B.: The crowdfunding is more of a way to engage with our community. If you think about the amount of money we raised through the fundraiser [3.5 million euros], it’s a drop in the ocean.

WWD: If the company did go public, where would you list?

M.B.: That’s a good question. I do believe that our focus on the U.S., gaining traction would allow us to think of New York being a location to list, but I think it’s a bit too early to make a definitive statement about that.

WWD: The company has been valued at around $1 billion. What’s that based on?

M.B.: Valuations like ours are usually derived in multiple ways. The most common would be some sort of revenue multiple, or a gross profit multiple, or a multiple of EBITDA and where the investors think the company will be over the next two, three years. In our case, it would be difficult to value the business with an EBITDA multiple because we’re not profitable yet.

WWD: What’s the volume of the company?

M.B.: We don’t give that out publicly. Let’s put it this way: Our GMV [gross merchandise value] is around the $1 billion mark.

WWD: Are certain items or categories selling better than others?

M.B.: Not really. We continue to remain focused on what we’re good at, which is largely luxury and women’s ready-to-wear, accessories and leather goods. We’re not necessarily talking about jewelry or watches. We think that’s a slightly different business. I wouldn’t say that ready-to-wear is doing better or worse than leather goods. The business is very consistently performing. We’ve always been very strong in ready-to-wear where we see our share in the U.S. growing because our local competitors are more focused on bags. But I don’t think there’s one category which is doing significantly better than others.

WWD: I did see some jewelry on your website.

M.B.: We’re a [consumer-to-consumer] platform, so if you want to sell jewelry, or you want to sell watches, you can. But again, the bulk of our business is bags, ready-to-wear [and] shoes.

WWD: What about menswear?

M.B.: I have personally sold a lot of menswear on the platform — 75 items on the platform. There’s clearly a big market out there for men’s. Like every other business in the world, it’s all about focus. And I think right now our focus is still on women’s because there the opportunity is so huge for us, especially in the U.S. There’s only so many things you can do really well.

WWD: How much of the goods going through your platform end up being counterfeit?

M.B.: It’s a very small share of the business, I say one in 1,000 to 2,000.

WWD: What role does AI play?

M.B.: Historically, we’ve had six languages globally. We were serving a big part of our business in English. So in countries like Sweden, Holland or even in traditionally Chinese-speaking markets, we were only offering English. With AI, we translated all of this and support local customers in a local language. AI, in this case, it would be LLM, which are large language models, translate exponentially better and with the right tone of voice. This goes much further than what you see on the site. You also see customer service in your local language. And that is without us having local language customer service agents. So our agents are now only French or English. And the service in German, Italian, Spanish, Swedish, Dutch and Chinese are real-time translations through AI models. It makes our business more scalable.

WWD: How do you characterize yourself as an executive?

M.B.: If you’re operating an e-commerce business like mine, you need to know everything. I don’t see myself as a financial CEO. I love the details of the business, whether it’s the logistics, the marketing and, of course, the tech side of our business. I’m very fortunate because I still have the two founders of the Vestiaire Collective, Fanny Moizant and Sophie Hersan, in the business.…They have such a good understanding of our consumers — which are largely women [and] luxury consumers — and such an understanding of our brands. The two of them, especially Fanny in her role as president, complement my skill set.

When I came into the business five years ago, I was this e-commerce ruffian from Indonesia. I was selling mobile phones and shampoo and $6 cheap Chinese dresses to Indonesian consumers with an average basket size of $15. I was very humble about my understanding of the luxury industry and the luxury consumer. I remain very humbled by it.



The Vestiaire Collective, at a Glance
  • The company sold 2.3 million items to 800,000 unique buyers in 2023.
  • More than 5 million items and 12,000 brands available online.
  • 30,000 new fashion items listed daily.
  • The platform reaches 70 countries.
  • Four authentication centers — in France, the U.K., Hong Kong and U.S.
  • 2.5 million items authenticated physically since 2019.
  • Average basket size in first half of 2024: 350 euros in Europe, $450 in the U.S.
  • Fees for sellers: In the U.S. or U.K., a 3 percent payment processing fee. Elsewhere, the 3 percent processing fee and a 10 percent selling charge.
  • Fees for buyers: 3 percent for processing.
  • VIP service includes pick up, photography and storage, with a 10 to 20 percent charge.
  • Vestiaire, a French word, translates in English to a collective or shared wardrobe.

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Acadia Realty Trust (AKR) upgraded to Neutral from Underweight at JP Morgan; tgt $18
    • Americold Realty Trust (COLD) upgraded to Overweight from Neutral at JP Morgan; tgt $30
    • Apple (AAPL) upgraded to Buy from Neutral at Rosenblatt; tgt raised to $260
    • Campbell Soup (CPB) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $52
    • Digital Realty Trust (DLR) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $170
    • Ero Copper (ERO) upgraded to Outperform from Market Perform at BMO Capital Markets
    • FedEx (FDX) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $359
  • Downgrades:
    • Accenture (ACN) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $300
    • Aptiv (APTV) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $63
    • dLocal Limited (DLO) downgraded to Neutral from Buy at Goldman; tgt lowered to $8
  • Others:
    • Abacus Life (ABL) initiated with an Overweight at Piper Sandler; tgt $12
    • AeroVironment (AVAV) initiated with a Buy at BTIG Research; tgt $255
    • AGCO Corp (AGCO) initiated with a Neutral at Citigroup; tgt $108
    • Allison Transmission (ALSN) initiated with a Neutral at Citigroup; tgt $80
    • Arcadium Lithium (ALTM) initiated with an Outperform at RBC Capital Mkts; tgt $4
    • ATI Inc. (ATI) initiated with a Buy at BTIG Research; tgt $70
    • BWX Technologies (BWXT) initiated with a Buy at BTIG Research; tgt $110
    • Carpenter Tech (CRS) initiated with a Buy at BTIG Research; tgt $120
    • Caterpillar (CAT) initiated with a Buy at Citigroup; tgt $380
    • The Cigna Group (CI) initiated with an Overweight at Piper Sandler; tgt $400
    • CNH Industrial (CNH) initiated with a Buy at Citigroup; tgt $16
    • Corbus Pharma (CRBP) initiated with a Buy at B. Riley Securities; tgt $85
    • Cummins (CMI) initiated with a Buy at Citigroup; tgt $320
    • Deere (DE) initiated with a Neutral at Citigroup; tgt $395
    • Fabrinet (FN) initiated with a Hold at Jefferies; tgt $230
    • FMC Corp (FMC) initiated with an Equal Weight at Barclays; tgt $62
    • FTAI Infrastructure (FIP) initiated with a Mkt Outperform at JMP Securities; tgt $11
    • Leonardo DRS (DRS) initiated with a Buy at BTIG Research; tgt $3

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • RIVN +38.5%, FDX +14.4%, SVRA +11.6%, VSTO +10.8%, LCID +8.4%, TGLS +7.8%, ANNX +6.6%, GTI +5.5%, PL +4.8%, FUN +3.5%, ENTG +2.3%, ARGX +2.1%, KNSA +2%, MEI +1.9%, HITI +1.4%, MUFG +1.2%, ACIC +1%, GVA +0.9%, PRGS +0.8%
  • Gapping down:
    • TSHA -16%, ALLK -11%, GLT -9.9%, LUV -9%, TXO -7.7%, WOR -7.5%, RMBL -3.6%, HCA -1%

>>> Rivian Automotive discloses convertible promissory note purchase agreement (

Rivian Automotive discloses convertible promissory note purchase agreement (11.96)
  • On June 25, 2024 (the "Effective Date"), RIVN entered into a convertible promissory note purchase agreement (the "Note Purchase Agreement") by and between the Company, as issuer, and Volkswagen International America Inc. ("Investor"), a wholly-owned subsidiary of Volkswagen (VWAGY), as purchaser, providing for the issuance and sale by the Company to Investor of $1.0 billion of principal amount of a 4.75% convertible promissory note (the "Convertible Note") upon the terms and conditions set forth in the Note Purchase Agreement (the "Note Issuance").
  • The Convertible Note is a senior unsecured obligation of the Company and will rank equal in right of payment with the Company's existing and future senior, unsecured indebtedness. Upon the later of (x) December 1, 2024 and (y) satisfaction of certain regulatory approvals and expiration of applicable waiting periods under applicable laws or regulations (the "Conversion Conditions" and such date, the "Conversion Date"), the Convertible Note will automatically convert (the "Conversion") into shares of the Company's Class A common stock, par value $0.001 per share (the "Common Stock") at a price per share of Common Stock as determined as follows: half of the then outstanding principal amount of, and accrued and unpaid interest on, the Convertible Note will convert at a price of $10.8359 per share of Common Stock based on the Company's 30-trading day volume-weighted average price prior to but not including the Effective Date (the "Part One Conversion Price") and the remaining half of the then outstanding principal amount of, and accrued and unpaid interest on, the Convertible Note will convert at a price per share of Common Stock based on the Company's 45-trading day volume-weighted average price prior to but not including the Conversion Date (the "Part Two Conversion Price").
  • The Part One Conversion Price and the Part Two Conversion Price are subject to adjustment in connection with certain transactions, including payments of dividends on its Common Stock payable in shares of Common Stock, and stock splits or combinations of the Common Stock.