>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Energy (ENR TH) +4.2%
  • Infineon (IFX TH) +1.1%
  • Covestro (1COV TH) -0.2%
    • Covestro FY Ebitda Forecast Misses Estimates
MDAX:
  • Kion (KGX TH) +1.2%
  • FUCHS SE (FPE3 TH) +1.1%
  • Lufthansa (LHA TH) +0.9%
  • Thyssenkrupp (TKA TH) -1.1%
  • Nordex (NDX1 TH) -1.6%
    • German Holdings Round-Up: Scout24 SE, SMA Solar, Nordex
  • SMA Solar (S92 TH) -3.1%
SDAX:
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +2.2%
  • PNE AG (PNE3 TH) +1.2%
  • Cancom (COK TH) +1.1%
  • MorphoSys (MOR TH) +0.9%
  • Schaeffler (SHA TH) +0.9%
  • DWS (DWS TH) +0.7%
    • Amundi Defies Risk Aversion With Better-Than-Expected Inflows

Reuters : Secondhand luxury jewelry marketplaces Worthy and CIRCA to merge

Secondhand luxury jewelry marketplaces Worthy and CIRCA to merge

Oct 26 (Reuters) - Privately held U.S. fine jewelry and luxury watch marketplaces Worthy and CIRCA Jewels told Reuters on Thursday they will merge to create a company worth more than $100 million.

The deal comes as a high inflation rate and slowing economy has sent many consumers with tight budgets into the arms of secondhand retailers, such as The RealReal (REAL.O), Poshmark and ThredUp (TDUP.O).

Worthy and CIRCA connect sellers and buyers of pre-owned fine jewelry and watches, with Cartier and Rolex being the most-traded signed jewelry and watch brands on the platforms.

The companies said they will continue to operate under their own banners for now. Worthy's Steven Schneider will continue to serve as chief executive officer while CIRCA CEO Oren Schneider will become General Manager.

"You have to have deep product expertise and have a path to create transparency and value and I think we do that better than anyone else in the market, certainly as a combined business," Steven Schneider said in an interview.

Worthy made headlines last year when actress-model Shanna Moakler, the ex-wife of Blink 182 band member Travis Barker, auctioned off her engagement ring for nearly $100,000 on the platform.

The global secondhand luxury goods market rose to 43 billion euros ($45.40 billion) in 2022, with watches and jewelry accounting for a majority of the category showed a report from consultancy Bain & Co.

Worthy's stakeholders include Israeli investment firm Viola Group and the investment division of Israeli insurance company The Phoenix, while CIRCA counts New York venture firm Adama Partners as an investor.

Business Of Fashion : The DTC Watch Brands With Luxury Ambitions

The DTC Watch Brands With Luxury Ambitions
Timepiece start-ups like Baltic, which went from Kickstarter campaign to producing $50K collector grade watches, and Christopher Ward, who is on track to reach more than $40 million in sales this year, are leveraging collector communities and innovation to take on high luxury watchmaking.
Christopher Ward, one of the original digitally-native micro watch brands, is moving upmarket with products like its premium C1 Bel Canto. (Christopher Ward)

KEY INSIGHTS
  • With watches priced between $500 and $1,500, digitally-native watch sellers known as “micro brands,” have long attracted watch collectors who find legacy brands out of reach.
  • Now, those start-ups are moving beyond compelling design at an accessible price, with companies like Christopher Ward and Baltic creating higher-end products and attracting more luxury watch buyers.
  • Though these brands don’t have the cachet and reach of major luxury players, they have a close relationship with their consumers and the ability to be nimble in their supply chain.

One of 2022′s most talked about watches wasn’t the product of a decades-old Swiss giant like Rolex or Patek Phillippe, but a company founded in this century.

In November of last year, 18-year-old British watchmaker Christopher Ward launched its line of C1 Bel Canto automatic watches. The sonnerie — French for making sound — watches, which chime on the top of the hour, were priced at $3,795 to start. That cost was well above the average price for brand’s timepieces, around $1,200, but much less than a sonnerie watch at a legacy brand — Patek Philippe’s petite sonnerie watch will run you north of $1 million.

The initial release of the Bel Canto sold out in hours and is now a mainstay in Christopher Ward’s product offering. It’s sparked a period of growth for the company, which is on pace to double its revenue to around £40 million ($49 million) in 2023.

Christopher Ward is just one of several digitally-native watch sellers that are moving upmarket.

These so-called “micro” brands, which also include six-year-old Paris-based Baltic, along with AnOrdain, Brew, Furlan Marri and others, usually sell direct-to-consumer, bypassing authorised dealers that can be harder to enter than luxury department stores. Their watches are priced between $500 and $1,500, and have fewer purchase barriers, such as the long waiting list Swiss megabrands are known for. With that, they’ve been able to carve out a market in e-commerce — where watch sales, though growing, remain underpenetrated. They attract both watch collectors who find the luxury market out of reach because of price or access, as well as those who can afford premium timepieces but recognise the value in the more affordable brands.

“The rise of these [micro brands] have democratised the industry,” said Adam Craniotes, co-founder and president of RedBar Group, a global association of watch collectors. “People who have Rolexes, Audemars Piguet, Patek Philippe, still want these other brands.”

Now, these brands are adding more advanced complications — features in a watch that go beyond telling time to their product — and moving production in-house. The success of micro brands is all the more remarkable in a luxury watch market that has seen its volumes decline for years. While luxury watchmaking has seen its revenues recover in recent years, success stories have mostly been concentrated among the strongest and most expensive players. But micro brands are poised to take a bigger slice of the more than $100 billion global watch market as the next generation of watch enthusiasts look for more choices when buying well-made watches, industry experts say.

“The people that buy high-end watches, they’ve been part of our world for a long time,” said Blake Buettner, managing editor at online watch publication Worn & Wound. “What you’re starting to see [is micro brands] bringing a greater portion of that market into this space because of the interesting things they’re doing.”

Complicating the Process
Baltic officially entered the luxury conversation in 2021 when it sold a 1940s-inspired mechanical watch that lets wearers detect their heartbeat for $55,000 at the bi-annual OnlyWatch charity auction, where the world’s most famous watch brands sell exclusive pieces.

But it takes more than a one-off piece to move upmarket. Baltic, whose vintage-inspired automatic watches typically cost around €700, is creating a higher-end line, Baltic Experiments. Those watches will feature a perpetual calendar — an advanced feature that displays days and months — and will retail for as high as €25,000 ($26,300). Baltic partnered with Swiss watch manufacturer Maclef to develop and produce the calendar, which is among the most sophisticated types of complications.

The first will be available at the forthcoming OnlyWatch auction in 2024, and the Baltic Experiments line — about 30 pieces — will get a wider commercial release as early as 2024.

While the brand won’t abandon or stop developing watches at more accessible price points, the premium line offers Baltic a chance to innovate and entice the most advanced of watch collectors.

“It’s a more complex process, more expensive process and a more ambitious process,” said Etienne Malec, Baltic’s founder and chief executive. “It’s a new start for us.”

Other brands have made permanent changes to their supply chain to create higher-end products. Back in 2014, Christopher Ward merged with Swiss watchmaker Synergies Horlogères to bring the process of developing movements — the engine that powers the watch — in-house. Having those capabilities allowed it to eventually produce pieces like the C1 Bel Canto line.

“We have increasingly been developing our own calibres [another name for movements],” said Mike France, co-founder and chief executive at Christopher Ward. “We wanted that sort of horological expertise in our business, something that we could own, that allowed us to go in directions that others wouldn’t go in.”

In addition to making higher-priced watches, Christopher Ward’s overall productivity has increased. This year, the company will make more than 30,000 watches, up from 20,000 in 2022. That volume increase will help the brand reach £125 million in annual sales in the next four years, with nearly 20 percent profit margins, France said.

The DTC Advantage
In their aim to increase visibility with high-spending watch enthusiasts, digitally-native micro brands have several factors working in their favour.

For starters, a growing number of customers are buying watches online. E-commerce will account for around 30 percent of DTC watch sales by 2025, according to estimates by McKinsey. But luxury brands like Rolex, Audemars Piguet and Patek Phillippe still generate most of their sales through their own physical stores and retail partners.

With a smaller customer base and a DTC sales model, micro brands can also communicate with their customers more directly — an attractive proposition for watch enthusiasts who want to converse with their sellers.

At Christopher Ward, six months after its 2005 launch, a client in The Netherlands set up an independently-run forum dedicated to the brand. That digital community now has more than 15,000 users who regularly praise (and criticise) Christopher Ward’s products.

“We read it all the time. It’s a constant source of information and it keeps us honest,” said Mike France, Christopher Ward’s co-founder and chief executive. “It also helps us develop new watches because these guys spend months of the year talking and discussing Christopher Ward watches.”

Newer micro brands have even tapped the watch community for seed funding: Baltic launched in 2017 after a successful Kickstarter campaign, where they raised €500,000, against a €65,000 goal. Malec already had a presence in the watch community, posting on popular forums and attending local collectors’ meetings, which led to a built-in audience when he announced the campaign on his social media.

The company continues to keep an open line with its customers. Each year, the founder Etienne Malec travels to at least four watch shows in the US, where more the 40 percent of the brand’s annual sales come from, to meet avid fans in-person, along with hosting small parties for collectors in London, Hong Kong and New York. Baltic is expecting to generate around €10 million in sales ($11 million), up from nearly €4 million In 2021.

By contrast, legacy watch brands tend to have a carefully-crafted, heritage-driven image to maintain, which often creates a barrier between them and their customers. But the big companies are beginning to take note of the benefit of these strategies.

“Larger brands are looking back and seeing how they can access this enthusiast audience,” said Zach Weiss, co-founder and executive editor at Worn & Wound. Legacy brands, he added, have approached the editors of the site “asking why aren’t your readers as interested in our brand as a smaller brand.”

>>> Europe : Brokers Upgrades & Downgrades - 27th of October 2023

>>> Up
* Addlife Raised to Buy at SEB Equities; PT 102 kronor
* Cargotec Raised to Buy at Inderes; PT 49 euros
* Centamin Raised to Outperform at BMO; PT 140 pence
* Corem Property Raised to Buy at Nordea; PT 8 kronor
* Fondia Raised to Accumulate at Inderes; PT 6.80 euros
* Glaston Raised to Accumulate at Inderes; PT 80 euro cents
* Intel Raised to Hold at HSBC; PT $33
* MFE Raised to Buy at AlphaValue/Baader
* Paradox Interactive Raised to Buy at SEB Equities; PT 250 kronor
* QT Group Raised to Buy at Inderes; PT 65 euros
* Remedy Entertainment Raised to Accumulate at Inderes
* Revenio Raised to Hold at SEB Equities; PT 20.50 euros
* Seagate Raised to Hold at Summit Insights
* SEB Raised to Buy at SocGen; PT 107 euros
* Trainline Raised to Overweight at JPMorgan; PT 300 pence
* Varonis Systems Raised to Neutral at JPMorgan; PT $35
* Vincit Raised to Buy at Inderes; PT 4.30 euros

>>> Down
* Altria PT Cut to $42 from $47 at Cowen
* BHG Group Cut to Hold at SEB Equities; PT 11 kronor
* Comcast Cut to Sector Perform at Scotiabank; PT $49
* Enphase Energy Cut to Neutral at Piper Sandler; PT $75
* Euronav Cut to Hold at Arctic Securities; PT 17.51 euros
* Gaussin Cut to Reduce at Kepler Cheuvreux; PT 70 euro cents
* Kerry Group Cut to Hold at Deutsche Bank; PT 84 euros
* Paradox Interactive PT Cut to 215 kronor from 315 kronor at Citi
* Reckitt Cut to Hold at Berenberg; PT 6,400 pence
* Sanoma Cut to Reduce at Inderes; PT 7.50 euros
* SpareBank 1 Sorost-Norge Cut to Hold at DNB Markets
* TietoEVRY Cut to Hold at Pareto Securities; PT 20 euros
* Transocean Cut to Hold at Arctic Securities; PT $7

>>> Initiation
* CrowdFundMe Rated New Buy at Corporate Family Office; PT 3 euros
* Hornbach Holding Rated New Buy at Dr. Kalliwoda Equity Research
* Sanlorenzo/Ameglia Rated New Outperform at Mediobanca SpA
* Telekom Austria Resumed Neutral at Citi; PT 7 euros
* Tronox Cut to Neutral at JPMorgan; PT $11
* Valica Rated New Outperform at EnVent S.p.A.; PT 8.36 euros
* Zion Oil Rated New Overweight at Guotai Junan Sec; PT $154.80

>>> Call

>>> What to look at today - 27th of October 2023

Asian equities advanced amid cautious optimism that solid post-market US tech earnings are set to spur a rebound on Wall Street.  Shares traded higher in Hong Kong, while Australian, Japanese and South Korean stocks were also in the green. Mainland Chinese shares fluctuated after data on industrial companies’ profit showed growth, though slightly softer than in the prior period. Contracts on the Nasdaq 100 climbed in the Asian session after the underlying benchmark fell 1.9% on Thursday. Amazon.com Inc. and Intel Corp. both gained in after-trading hours after the tech-heavy index hit its lowest since May. The advance in US futures points to an early rebound when trading begins on Wall Street after the S&P 500 came to the brink of closing in correction territory. Treasury yields ticked slightly higher after falling Thursday following a solid seven-year bond auction and a rise in continuing jobless claims, an indication the US labor market is starting to crack despite still strong economic growth. Traders are now awaiting the PCE deflator print on Friday to solidify bets the Federal Reserve will pause next week. Still, swaps contracts project a roughly one in three chance of another Fed hike in the current tightening cycle, according to data compiled by Bloomberg.  Elsewhere, China’s industrial companies saw profits rise in September for a second straight month, in a further sign that policy support is helping the manufacturing sector recover. In currencies, the dollar fell, while the yen was steady after Tokyo inflation, an indicator of Japanese consumer cost pressures, unexpectedly accelerated for the first time in four months. Japan’s Finance Minister Shunichi Suzuki reiterated officials are watching currency moves with a high sense of urgency. Also in focus is the meeting between China’s Foreign Minister Wang Yi and US Secretary of State Antony Blinken in Washington. In his US visit, Wang said the two countries should have “in-depth” dialog as they need to address common interests and reduce misunderstandings, the official Xinhua News Agency reported.  Meanwhile, traders are keeping a close eye on geopolitical developments in the Middle East, with Israel’s military saying it killed Hamas’s deputy head of intelligence, who it said was responsible for helping plan the Oct. 7 attacks. The army overnight also made a limited ground raid into northern Gaza while Iran escalated its rhetoric with the US. West Texas Intermediate oil traded around $84-a-barrel, set for a weekly drop on the back of bearishness in equity markets. Gold was steady after two days of gains as the conflict in the Middle East continues to offer support for the precious metal. US After Hours COUR +17%, DXCM +14.7%, DECK +10.6%, INTC +8.8%, AMZN +3.6%, CMG +2.6% on upside; ENPH -16.9%, OLN -5%, SAM -4.8%, F -4.4% on downside.

Nikkei +1,22% Hang Seng +1.72% CSI +1.34% Shanghai +1.06% Shenzen +1.76%

Eur$ 1.0567 CNH 7.3193 CNY 7.3160 JPY 150.11 GBP 1.2135 CHF 0.8988 RUB 93.6727 TRY 28.1703 WTI$ 84.67 +0.21% Gold 1;989 BTC 34,100 ETH 1,795

S&P +0,59% Nasdaq +0,86% EuroStoxx +0,37% FTSE +0,11% Dax +0,21% SMI +0.16%

Macro :
- Evergrande Talks With Holdout Creditors Ahead of Wind-Up Hearing
- It's Getting Ugly in Stocks as Critical Supports Are Breaking

Keep an eye on :
- AC FP : Accor Boosts FY Ebitda Forecast
- AFRY SS : AFRY AB 3Q Operating Profit Misses Estimates
- AIR FP : SkyWest (SKYW) orders 19 Embraer E175 aircraft valued at $1.1 bln, according to Aviation Source News
- AF FP : Air France-KLM, Apollo Sign €1.3 Billion Quasi-Equity Financing
- AF FP : Air France-KLM 3Q Ebitda Misses Estimates, Air France-KLM Posts Profit Jump Led by Strong Summer Demand
- AMUN FP : Amundi 3Q Net Inflows Beats Estimates, Defies Risk Aversion With Better-Than-Expected Inflows
- AKBP NO : Aker BP Narrows 2023 Output Guidance as Profit Meets Estimates
- ATE FP : Alten Cuts FY Organic Revenue Forecast
- BAS GY : Chemours Cuts FY Adjusted Ebitda Forecast, Misses Estimates
- IAG LN : IAG 3Q Revenue Beats Estimates
- CABK SM : CaixaBank 3Q Net Income Beats Estimates
- CLAB SS : Cloetta 3Q Operating Profit Beats Estimates
- CFN PL : Cofina Approves Sale of Media Unit to Expressao Livre at EGM
- COFB BB : Cofinimmo 9M Adjusted EPS EU5.33 Vs. EU5.29 Y/y
- COV1 GY : Covestro FY Ebitda Forecast Misses Estimates
- DANSKE DC : Danske Bank Narrows FY Net Income Forecast
- DEEZR FP : Deezer 3Q Revenue EU120.7M Vs. EU115.2M Y/y-
- EPROB SS : Electrolux Professional 3Q Ebit Misses Estimates
- ELIS FP : Elis 2023 Objectives Confirmed
- ENI IM : Eni 3Q Adjusted Net Income Beats Estimates
- ENI IM : ENI Approves Provision Second Tranche in Place of 2023 Dividend
- EQNR NO : Recticel Cuts FY Adjusted Ebitda Forecast, Misses Estimates
- FARN LN : Faron Pharma Offers EU6 million Shares via Carnegie
- MCAA US : FC Barcelona’s Barca Media Amends SPAC Merger Pact
- FNAC FP : Fnac Darty Cuts FY Current Operating Income Forecast
- FPE GY : FUCHS SE 9M Revenue EU2.70B Vs. EU2.54B Y/y
- HOFI SS : Hoist Finance 3Q Operating Income SEK916M Vs. SEK595M Y/y
- HOLN SW : Holcim AG Sees FY Recurring Ebit Margin Above +17%, Holcim Lifts Margin Guidance on Roofing Systems Demand
- HYQ GY : Hypoport FY Ebit Forecast Beats Estimates
- JNPR US : Juniper Sees 4Q Adj. Oper Margin About 18.6%, Est. 18.3%
- ML FP : Michelin to Wind Down 53-Year-Old Tire Plant in Oklahoma
- MONC IM : Moncler 3Q Revenue Meets Estimates
- MONC IM : Moncler Consensus Estimates Likely to Be Trimmed
- MONT BB : Paradox Interactive PT Cut to 215 kronor from 315 kronor at Citi
- NWG LN : NatWest 3Q Pretax Operating Profit Meets Estimates
- ONTEX BB : Ontex 3Q Adjusted Ebitda Beats Estimates
- RECT BB : Recticel Cuts FY Adjusted Ebitda Forecast, Misses Estimates
- RCO FP : *REMY COINTREAU SEES FY ORGANIC REV. -15% TO -20%, EST. -6.01%
- RWI LN : Renewi Rejected Macquarie’s 810p/Share Bid; Plans Dividend
- SAF FP : Safran 3Q Adjusted Revenue Beats Estimates
- SGO FP : Saint-Gobain 3Q Like-for-Like Sales Misses Estimates
- SK FP : SEB 3Q Operating Result From Activity Beats Estimates
- SESL FP ; SES-Imagotag 3Q Sales EU182.5M Vs. EU181.8M Y/y
- LIGHT NA : Signify 3Q Comparable Sales Misses Estimates
- SKFB SS : SKF Puts Aerospace Businesses Up For Sale After Strategic Review
- SOP FP : Sopra Steria 3Q Revenue EU1.35B
- STOCKA FH : Stockmann 3Q Adjusted Ebit EU20.6M Vs. EU22.0M Y/y
- TFI FP : Television Francaise 1 SA 3Q Revenue Misses Estimates
- THULE SS : Thule 3Q Net Sales Misses Estimates
- TTE FP : TotalEnergies CEO Isn’t Looking for Big Deals to Match US Rivals
- UBI FP : Ubisoft 2Q Net Bookings Beats Estimates
- UCG IM : UniCredit Gets ECB Approval for EU2.5B Tranche of Buyback
- UMG NA : UMG 3Q Ebitda Misses Estimates
- URW FP : Unibail Sees FY Adj. Recurring EPS at Least EU9.50, Est. EU9.49
- X US : U.S. Steel 3Q Adjusted EPS Beats Estimates: Snapshot
- FR FP : Valeo 3Q Revenue Meets Estimates
- DG FP : Vinci 3Q Like-for-Like Sales +8.3%
- DG FP : Vinci Order Book Strong, Revenue a Small Beat: Street Wrap
- MF FP : Wendel 3Q Organic Revenue +5%
- XXL NO : XXL 3Q Ebitda Misses Estimates

>>> What to look at today - 28th of October 2023

Asian equities advanced amid cautious optimism that solid post-market US tech earnings are set to spur a rebound on Wall Street.  Shares traded higher in Hong Kong, while Australian, Japanese and South Korean stocks were also in the green. Mainland Chinese shares fluctuated after data on industrial companies’ profit showed growth, though slightly softer than in the prior period. Contracts on the Nasdaq 100 climbed in the Asian session after the underlying benchmark fell 1.9% on Thursday. Amazon.com Inc. and Intel Corp. both gained in after-trading hours after the tech-heavy index hit its lowest since May. The advance in US futures points to an early rebound when trading begins on Wall Street after the S&P 500 came to the brink of closing in correction territory. Treasury yields ticked slightly higher after falling Thursday following a solid seven-year bond auction and a rise in continuing jobless claims, an indication the US labor market is starting to crack despite still strong economic growth. Traders are now awaiting the PCE deflator print on Friday to solidify bets the Federal Reserve will pause next week. Still, swaps contracts project a roughly one in three chance of another Fed hike in the current tightening cycle, according to data compiled by Bloomberg.  Elsewhere, China’s industrial companies saw profits rise in September for a second straight month, in a further sign that policy support is helping the manufacturing sector recover. In currencies, the dollar fell, while the yen was steady after Tokyo inflation, an indicator of Japanese consumer cost pressures, unexpectedly accelerated for the first time in four months. Japan’s Finance Minister Shunichi Suzuki reiterated officials are watching currency moves with a high sense of urgency. Also in focus is the meeting between China’s Foreign Minister Wang Yi and US Secretary of State Antony Blinken in Washington. In his US visit, Wang said the two countries should have “in-depth” dialog as they need to address common interests and reduce misunderstandings, the official Xinhua News Agency reported.  Meanwhile, traders are keeping a close eye on geopolitical developments in the Middle East, with Israel’s military saying it killed Hamas’s deputy head of intelligence, who it said was responsible for helping plan the Oct. 7 attacks. The army overnight also made a limited ground raid into northern Gaza while Iran escalated its rhetoric with the US. West Texas Intermediate oil traded around $84-a-barrel, set for a weekly drop on the back of bearishness in equity markets. Gold was steady after two days of gains as the conflict in the Middle East continues to offer support for the precious metal. US After Hours COUR +17%, DXCM +14.7%, DECK +10.6%, INTC +8.8%, AMZN +3.6%, CMG +2.6% on upside; ENPH -16.9%, OLN -5%, SAM -4.8%, F -4.4% on downside.

Nikkei +1,22% Hang Seng +1.72% CSI +1.34% Shanghai +1.06% Shenzen +1.76%

Eur$ 1.0567 CNH 7.3193 CNY 7.3160 JPY 150.11 GBP 1.2135 CHF 0.8988 RUB 93.6727 TRY 28.1703 WTI$ 84.67 +0.21% Gold 1;989 BTC 34,100 ETH 1,795

S&P +0,59% Nasdaq +0,86% EuroStoxx +0,37% FTSE +0,11% Dax +0,21% SMI +0.16%

Macro :
- Evergrande Talks With Holdout Creditors Ahead of Wind-Up Hearing
- It's Getting Ugly in Stocks as Critical Supports Are Breaking

Keep an eye on :
- AC FP : Accor Boosts FY Ebitda Forecast
- AFRY SS : AFRY AB 3Q Operating Profit Misses Estimates
- AIR FP : SkyWest (SKYW) orders 19 Embraer E175 aircraft valued at $1.1 bln, according to Aviation Source News
- AF FP : Air France-KLM, Apollo Sign €1.3 Billion Quasi-Equity Financing
- AF FP : Air France-KLM 3Q Ebitda Misses Estimates, Air France-KLM Posts Profit Jump Led by Strong Summer Demand
- AMUN FP : Amundi 3Q Net Inflows Beats Estimates, Defies Risk Aversion With Better-Than-Expected Inflows
- AKBP NO : Aker BP Narrows 2023 Output Guidance as Profit Meets Estimates
- ATE FP : Alten Cuts FY Organic Revenue Forecast
- BAS GY : Chemours Cuts FY Adjusted Ebitda Forecast, Misses Estimates
- IAG LN : IAG 3Q Revenue Beats Estimates
- CABK SM : CaixaBank 3Q Net Income Beats Estimates
- CLAB SS : Cloetta 3Q Operating Profit Beats Estimates
- CFN PL : Cofina Approves Sale of Media Unit to Expressao Livre at EGM
- COFB BB : Cofinimmo 9M Adjusted EPS EU5.33 Vs. EU5.29 Y/y
- COV1 GY : Covestro FY Ebitda Forecast Misses Estimates
- DANSKE DC : Danske Bank Narrows FY Net Income Forecast
- DEEZR FP : Deezer 3Q Revenue EU120.7M Vs. EU115.2M Y/y-
- EPROB SS : Electrolux Professional 3Q Ebit Misses Estimates
- ELIS FP : Elis 2023 Objectives Confirmed
- ENI IM : Eni 3Q Adjusted Net Income Beats Estimates
- ENI IM : ENI Approves Provision Second Tranche in Place of 2023 Dividend
- EQNR NO : Recticel Cuts FY Adjusted Ebitda Forecast, Misses Estimates
- FARN LN : Faron Pharma Offers EU6 million Shares via Carnegie
- MCAA US : FC Barcelona’s Barca Media Amends SPAC Merger Pact
- FNAC FP : Fnac Darty Cuts FY Current Operating Income Forecast
- FPE GY : FUCHS SE 9M Revenue EU2.70B Vs. EU2.54B Y/y
- HOFI SS : Hoist Finance 3Q Operating Income SEK916M Vs. SEK595M Y/y
- HOLN SW : Holcim AG Sees FY Recurring Ebit Margin Above +17%, Holcim Lifts Margin Guidance on Roofing Systems Demand
- HYQ GY : Hypoport FY Ebit Forecast Beats Estimates
- JNPR US : Juniper Sees 4Q Adj. Oper Margin About 18.6%, Est. 18.3%
- ML FP : Michelin to Wind Down 53-Year-Old Tire Plant in Oklahoma
- MONC IM : Moncler 3Q Revenue Meets Estimates
- MONC IM : Moncler Consensus Estimates Likely to Be Trimmed
- MONT BB : Paradox Interactive PT Cut to 215 kronor from 315 kronor at Citi
- NWG LN : NatWest 3Q Pretax Operating Profit Meets Estimates
- ONTEX BB : Ontex 3Q Adjusted Ebitda Beats Estimates
- RECT BB : Recticel Cuts FY Adjusted Ebitda Forecast, Misses Estimates
- RCO FP : *REMY COINTREAU SEES FY ORGANIC REV. -15% TO -20%, EST. -6.01%
- RWI LN : Renewi Rejected Macquarie’s 810p/Share Bid; Plans Dividend
- SAF FP : Safran 3Q Adjusted Revenue Beats Estimates
- SGO FP : Saint-Gobain 3Q Like-for-Like Sales Misses Estimates
- SK FP : SEB 3Q Operating Result From Activity Beats Estimates
- SESL FP ; SES-Imagotag 3Q Sales EU182.5M Vs. EU181.8M Y/y
- LIGHT NA : Signify 3Q Comparable Sales Misses Estimates
- SKFB SS : SKF Puts Aerospace Businesses Up For Sale After Strategic Review
- SOP FP : Sopra Steria 3Q Revenue EU1.35B
- STOCKA FH : Stockmann 3Q Adjusted Ebit EU20.6M Vs. EU22.0M Y/y
- TFI FP : Television Francaise 1 SA 3Q Revenue Misses Estimates
- THULE SS : Thule 3Q Net Sales Misses Estimates
- TTE FP : TotalEnergies CEO Isn’t Looking for Big Deals to Match US Rivals
- UBI FP : Ubisoft 2Q Net Bookings Beats Estimates
- UCG IM : UniCredit Gets ECB Approval for EU2.5B Tranche of Buyback
- UMG NA : UMG 3Q Ebitda Misses Estimates
- URW FP : Unibail Sees FY Adj. Recurring EPS at Least EU9.50, Est. EU9.49
- X US : U.S. Steel 3Q Adjusted EPS Beats Estimates: Snapshot
- FR FP : Valeo 3Q Revenue Meets Estimates
- DG FP : Vinci 3Q Like-for-Like Sales +8.3%
- DG FP : Vinci Order Book Strong, Revenue a Small Beat: Street Wrap
- MF FP : Wendel 3Q Organic Revenue +5%
- XXL NO : XXL 3Q Ebitda Misses Estimates

WWD : Dior’s New Icons, Charlotte Tilbury’s Award, Khaite’s New Baby

Dior’s New Icons, Charlotte Tilbury’s Award, Khaite’s New Baby
Kim Jones has introduced a Dior Icons line, Charlotte Tilbury will be recognized at The Fashion Awards, Khaite links with Bonpoint.


ICONS ONLY: Known for his elaborately embellished designs inspired by the Dior haute couture archive, Kim Jones wants men to know he is down with quiet luxury, too.

Hot on the heels of his denim capsule collection, the label’s artistic director of menswear is introducing a collection of timeless wardrobe essentials known as Dior Icons. Think tailored coats, cashmere sweaters and minimalist wide-leg pants, mixed with more casual pieces like a leather bomber jacket and jeans.

The line is launching on Dec. 1 in Dior boutiques, in tandem with an advertising campaign starring brand ambassador Robert Pattinson.

“I talked about clothing and fabrication with Robert a lot because he has a huge interest in fashion. I thought it would be perfect for him to wear Dior Icons because we discussed it in the conception of the collection. He is a good friend of mine so it seemed it would be nice for him to model in it,” Jones said in a statement.

The images were photographed by Alasdair McLellan, with art direction by Ronnie Cooke Newhouse and styling by Ellie Grace Cumming. Peter Philips did the makeup and Anthony Turner the hair.

Pattinson has been the face of the Dior Homme fragrance since 2013. The “Twilight” actor has also appeared in a series of menswear campaigns for the French fashion brand, starting with the fall 2016 ads shot by Karl Lagerfeld.

In addition to attending scores of Dior shows over the years, Pattinson starred opposite Gwendoline Christie in the film screened during the fall 2023 men’s show.

Alongside wardrobe staples in muted colors including gray, a favorite of founder Christian Dior, the Dior Icons collection includes accessories such as the Dior Gallop shoulder bag, available in a mini version with an aluminum buckle, and Dior Buffalo derby shoes.

Dior has launched several variations on the wardrobe essentials concept in recent years. In 2020, it introduced the Modern Tailoring capsule, and prior to that, the Dior Essentials line. All featured a range of elegant and more casual pieces designed to stand the test of time. — JOELLE DIDERICH

TILBURY’S AWARD: Makeup artist Charlotte Tilbury will receive the Special Recognition Award at The Fashion Awards, which take place in London on Dec. 4 at Royal Albert Hall.

The British Fashion Council, which organizes the awards event, a fundraiser for students and emerging designers, said the entrepreneur was receiving the award for her “contribution to the fashion industry” and “her visionary and innovative approach to beauty, creating global trends which have transcended the runways and red carpet and reshaped the industry.”

The makeup artist’s portfolio is prolific. She’s worked on more than 180 magazine covers; more than 600 editorial and advertising campaigns and with numerous fashion designers during show season.

“Britain is a trailblazer in fashion, so inspiring, innovative and dynamic. I am so grateful to have worked with some of the greatest creative geniuses in the fashion world, from photographers to designers, editors, stylists, icons and models to create pure beauty magic,” said Tilbury, founder, president, chairman and chief creative officer of her eponymous beauty empire.

“From my earliest days working as a makeup artist on shows and editorial, I have seen for myself the transformative power of makeup to help everyone feel and look like their most confident selves, and it has been the honor of my life to share that mission with the world through my brand. I truly believe that when you feel your most confident, you can change the world,” she added.

The awards will have a definite British accent this season with the likes of Grace Wales Bonner, Martine Rose, Maximilian Davis and Kim Jones among the nominees.

Meanwhile, designer Valentino Garavani will receive the Outstanding Achievement prize at The Fashion Awards for his “groundbreaking couture creations” and red carpet gowns.

Pandora is becoming principal partner of the awards. — HIKMAT MOHAMMED

YOUNG AT HEART: One can never be too young to embrace some New York cool.

Buzzy womenswear brand Khaite is collaborating with Bonpoint, offering sweaters, leggings and voluminous tops for babies, toddlers and children up to age 10.

The collection drops this week at Khaite and Bonpoint locations, and on their respective online stores. Wholesale partners for the launch include Bergdorf Goodman in New York, Harrods in London, Le Bon Marché in Paris and Mytheresa.com. Items retail from $110 to $730 for a limited time.

Catherine Holstein, founder and creative director of Khaite, birthed the collection while she was about to become a mother. Designing the collection while pregnant “was very meaningful. It is exciting to be able to offer our customer something special, and personal, like this collaboration,” she said.

Pierre-André Cauche, chief executive officer of Bonpoint, called Khaite “the ideal fashion partner as they share our commitment to quality and design.”

“The cross pollination between an accomplished American luxury brand with our French established luxury childrenswear house resulted in a unique collection willfully modern and timeless,” he added.

The collection comprises 11 styles, including a Fair Isle sweater with a side-button closure, a long-sleeve onesie with a contrasting collar, a pleated skirt, a cardigan, a cotton top with a ruffled collar, a structured blazer, and corduroy pants.

For the campaign, Holstein conscripted photographer Hanna Tveite, who also recently welcomed her first child. It features Holstein’s newborn son, “capturing the essence and heart of this collaboration,” according to Khaite. — MILES SOCHA

FT : Chipmaker Western Digital walks away from Kioxia merger talks

Chipmaker Western Digital walks away from Kioxia merger talks
Opposition from rival SK Hynix puts brakes on Bain Capital’s ambitions to create US-Japan chip giant

Western Digital has abruptly walked out of merger talks with Kioxia, shattering Bain Capital’s ambitions to create a US-Japan memory-chip champion, according to three people with direct knowledge of the talks.

The collapse in negotiations come after South Korean chipmaker SK Hynix, which has a significant stake in Kioxia, declared its opposition to the deal amid concerns that the combined entity could challenge its position in the Nand memory sector. Analysts said the merged entity’s market share would be double that of SK Hynix.

The merger talks had received substantial behind-the-scenes support from the US and Japanese governments. The move was viewed by both as a means of solidifying co-operation on semiconductor supply chains, said people with direct knowledge of the situation.

One participant in the talks said Western Digital’s sudden walkout was “genuinely shocking” after years of negotiations seemed to be nearing a conclusion.

But others were keen to stress that there was still hope that the US side could, even now, be coaxed back to the table. Two people involved in the discussions said the situation was “still fluid”, adding that there were pathways to allow talks to resume in the future.

SK Hynix had invested about $3.5bn in the Bain-led consortium that made a bid for Toshiba’s semiconductor unit, later renamed Kioxia, for $18bn in 2017. An agreement from SK Hynix and other investors in the consortium was needed for the deal to go through.

The 2017 deal, which itself followed months of exceptionally tormented negotiations and reversals, was the biggest ever led by a private equity firm in Japan and came to symbolise the huge ambitions that the global PE industry had for dealmaking in Japan. At the same time, bankers said, the difficulties experienced by Bain in securing either an IPO for Kioxia or a merger with Western Digital also highlighted the rising challenges of achieving a clean exit.

Bain shelved plans to list Kioxia in 2020 due to the Covid-19 pandemic and geopolitical uncertainty created by deteriorating US-China relations. Talks between Western Digital and Kioxia started the following year, but a merger was repeatedly delayed after multiple clashes between management teams, according to people close to the deal.

Kioxia is still exploring an initial public offering, but a drop in global demand for memory chips and continuing losses at the Japanese group have made the option unlikely for now.

Other investors in the consortium had expressed concerns about whether the tie-up would be strong enough to compete against industry leader Samsung, the people said.

Shares in Western Digital fell as much as 16 per cent on Thursday following news of the breakdown, which was first reported by Nikkei.

Kioxia, Bain and SK Hynix declined to comment. Western Digital did not immediately respond to a request for comment.

TechCrunch : OpenAI forms team to study ‘catastrophic’ AI risks, including nucle

OpenAI forms team to study ‘catastrophic’ AI risks, including nuclear threats

OpenAI today announced that it’s created a new team to assess, evaluate and probe AI models to protect against what it describes as “catastrophic risks.”

The team, called Preparedness, will be led by Aleksander Madry, the director of MIT’s Center for Deployable Machine Learning. (Madry joined OpenAI in May as “head of Preparedness,” according to LinkedIn.) Preparedness’ chief responsibilities will be tracking, forecasting and protecting against the dangers of future AI systems, ranging from their ability to persuade and fool humans (like in phishing attacks) to their malicious code-generating capabilities.

Some of the risk categories Preparedness is charged with studying seem more . . . far-fetched than others. For example, in a blog post, OpenAI lists “chemical, biological, radiological and nuclear” threats as areas of top concern where it pertains to AI models.

OpenAI CEO Sam Altman is a noted AI doomsayer, often airing fears — whether for optics or out of personal conviction — that AI “may lead to human extinction.” But telegraphing that OpenAI might actually devote resources to studying scenarios straight out of sci-fi dystopian novels is a step further than this writer expected, frankly.

The company’s open to studying “less obvious” — and more grounded — areas of AI risk, too, it says. To coincide with the launch of the Preparedness team, OpenAI is soliciting ideas for risk studies from the community, with a $25,000 prize and a job at Preparedness on the line for the top ten submissions.

“Imagine we gave you unrestricted access to OpenAI’s Whisper (transcription), Voice (text-to-speech), GPT-4V, and DALLE·3 models, and you were a malicious actor,” one of the questions in the contest entry reads. “Consider the most unique, while still being probable, potentially catastrophic misuse of the model.”

OpenAI says that the Preparedness team will also be charged with formulating a “risk-informed development policy,” which will detail OpenAI’s approach to building AI model evaluations and monitoring tooling, the company’s risk-mitigating actions and its governance structure for oversight across the model development process. It’s meant to complement OpenAI’s other work in the discipline of AI safety, the company says, with focus on both the pre- and post-model deployment phases.

“We believe that . . . AI models, which will exceed the capabilities currently present in the most advanced existing models, have the potential to benefit all of humanity,” OpenAI writes in the aforementioned blog post. “But they also pose increasingly severe risks . . . We need to ensure we have the understanding and infrastructure needed for the safety of highly capable AI systems.”

The unveiling of Preparedness — during a major U.K. government summit on AI safety, not so coincidentally — comes after OpenAI announced that it would form a team to study, steer and control emergent forms of “superintelligent” AI. It’s Altman’s belief — along with the belief of Ilya Sutskever, OpenAI’s chief scientist and a co-founder — that AI with intelligence exceeding that of humans could arrive within the decade, and that this AI won’t necessarily be benevolent — necessitating research into ways to limit and restrict it.