TAKKO

All,

Observers in Germany suggest that over Christmas Takko’s marketing intensity has been in line with other retailers: Kik and NKD. Discounts were equally in line. This does not immediately smack of desperation at Takko. 

Meanwhile growth of Monolabel apparel sales in Germany were

November 0%

December -10%

January -2%

With respect to interest, the company seems to have paid - which was the overwhelming base case (see earlier mails). But the above monthly growth data does suggest that Takko have likely not been able to catch up on lost sales in Q3. And if -10% for Christmas is a template for Easter, then Takko will have an issue.

Wolfgang