Isabel Marant - comment

Isabel Marant reported another solid set of Q3 results, continuing the positive momentum seen in recent quarters. Growth in the Wholesale segment has not yet returned to positive territory, but it appears to have reached a bottom. Still, LTM EBITDA after leases is only €35m, and with net debt of €243m, or 7.0x, the capital structure is not refinancable. With no material triggers before the bond maturity in February 2028, the Company is likely to continue delivering gradual improvements in sales and EBITDA over the coming quarters.