Isabel Marant - comment

A stronger performance in wholesale has resulted in Isabel Marant posting stronger than expected Q4 and FY24 numbers. The wholesale segment (B2B) continues under pressure, but the decline was down -21% versus Q4 2023, an improvement on the -31% YTD seen in Q3. The Company achieved Q4 sales flat versus the prior year (-1%) due to continuing growth in the direct-to-customer/retail segment. EBITDA and cash generation are higher than our model due to the outperformance on topline sales.

The Fall/Winter 2025 orders are showing signs of stabilisation. FW25 is still 5% lower than FW24, but strong orders post-show collection demonstrates some room for optimism. The Company holds its investor call at 4 pm this afternoon, after which we will update our thoughts.