(CercleFinance.com) – Royal Bank of Canada on Wednesday renewed its ‘outperformance’ opinion and its price target of 650 euros on Kering following the appearance in the media of rumors evoking the imminent departure of Alessandro Michele, the current creative director at Gucci.
‘After seven years in charge of the creation of Gucci, it could be the right time to make a change, knowing that the consensus among institutional investors seems to be in favor of adopting a new approach to relaunch the brand’ , says RBC in its memo.
‘Overall, the idea of a change at the head of the creation of Gucci should be perceived favorably by the market, and therefore at the level of the stock market price of Kering’, continues the analyst.
According to RBC, Kering could choose – in order to replace him – to appoint a creative director from another of its brands, such as Matthieu Blazy at Bottega Veneta or Anthony Vaccarello at Saint Laurent.
For the intermediary, it is a question of appointing a designer who will be able to draw on the brand’s archives in order to bring its heritage and its timeless style back to life by drawing on the richness of its history.
With a decline of around 1%, Kering accused Wednesday one of the worst performances of a CAC 40 index sailing around its equilibrium point.
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