Not even the stop to the vaccine stops the Bull. This morning, among the liveliest stocks in the City is AstraZeneca, which scores an eloquent rise of 3,2% over the £7.200 mark. In short, the markets have already cleared the vaccine of suspicion. With the support of medical institutions: the EMA, the competent authority for the EU, reiterated that the benefits seem to far outweigh the risks. The EMA will also present the results of a new investigation on Thursday. Meanwhile, the world health agency WHO has said that the suspension of vaccinations in some areas of Europe does not change the production and distribution plans: the vaccine is safe and will be administered.
Strengthened by these confirmations, the markets have resumed following the path of rotation between sectors, in search of the themes most depressed by the pandemic. It is the case ofcars, back to 2018 levels under the impetus of Volkswagen's Battery Day, but above all of luxury that this morning reaches the absolute record also driving up retail and web trade (Zalando +4%).
While awaiting a recovery of the shops, the big names in the sector agree with Exor's choice to enter the luxury market in force, going on the hunt (see Louboutin) for independent brands in the wake of the giant Lvmh, which has now reachedimpressive value of 270 billion euros, by far the leading group on the European stock exchanges with multiples worthy of Silicon Valley. A non-random comparison, because in the eyes of the managers, the luxury of the big European fashion houses has the same growth capacity as the big digital companies. With the difference that technology risks paying for the "cold war" between China and the United States, while the brands have everything to gain both from the recovery of Chinese consumption and from the liquidity of US consumers.
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To underline the appeal of the sector contributes the Wealth Report 2021 developed by the London-based Knight Frank real estate agency specializing in luxury consumption. In the last year the accessories of Hermès recorded the largest price increase (+17%), confirming a long-lasting trend: over the last decade, the valuation of the legendary bags has increased by 108%, exceeding the gold yield. After all, the Parisian house is not the only luxury brand to have adjusted its price list in recent months: in June 2020, Gucci had raised prices in the range between 5-9% in markets such as Italy, Great Britain and China. Then in July Salvatore Ferragamo had revised upwards, within a range of between 5% and 7%, the prices of various proposals. With the start of the new year, the stock exchanges of Louis Vuitton increased by 2-5%, while those of Chanel in the States by 4-7 percent. This also explains the aggressiveness of the "wolf in cashmere", ie Bernard Arnault that, completed the acquisition of Tiffany and, last blitz, the fake-poor Germans Birkenstock, is about to celebrate the reopening of La Samaritaine, the Parisian department stores that will become the banner of the 70 brands controlled by the luxury giant.
Another signal suggests that the big names in luxury are destined to dominate the market scene, not only in the sector. Behind the latest Spacs (Special purpose acquisition company) European companies include the beautiful names of this world. Behind the initiative of Jean-Pierre Mustier, ex Unicredit, and Diego De Giorgi, ex Bofa, there is also the Financière Agache, Arnault's holding which controls Christian Dior and Lvmh. Reply ready Francois Pinault, owned by Kering, the holding company that controls Gucci. Pinault, 84, has bought a stake in the company of the former chief executive officer of Credit Suisse Group, Tidjane Thiam, an investment made in a personal capacity by the billionaire.
The sector is also animated by Ferragamo, periodically hit by sales rumors, and Moncler, which has aggregated the historic sportswear brand Stone Island, whose acquisition will see the closing on March 31st. Movements in the sector continue and analysts forecast double-digit growth as early as 2021, mainly driven by the acceleration in digital. Online has grown enormously following the crisis in physical stores caused by the lockdowns and the channel still expects a large margin of growth in the medium to long term.
