Isabel Marant - comment

Isabel Marant has extended its debt maturity to September 2030 following a €20m shareholder contribution, removing any short-term risk. However, the underlying story remains largely unchanged. The retail channel continues to grow, but not at a pace sufficient to offset past declines in the wholesale market.

Overall, FY25 showed 6% revenue growth and 10% EBITDA growth to c.€60m, driven entirely by strong DTC performance (15–20% LFL) and an improving full-price mix. Wholesale remains a structural drag (-5% for the year), with the group increasingly reliant on retail execution and mix shift rather than underlying channel expansion.

The call commenced at 9:30, and we will update our model following the call.