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JB Step-down Autocallable MBRC auf LVMH, RICHEMONT, KERING

JB STEP-DOWN AUTOCALLABLE MULTI BARRIER REVERSE CONVERTIBLE ON LVMH, RICHEMONT, KERING

The luxury segment is currently the only part of the consumer cyclical sector where we see good demand and reasonable pricing power in combination with favourable structural trends. Historically, the luxury segment grows at an average rate of 1.5–2.0x that of global gross domestic product, which would translate into high single-digit sales and double-digit bottom-line growth this year. In addition to the cyclical tailwind, we see further upside coming from the under penetration of emerging markets as 85% of luxury sales are sold to countries making up less than a third of the global population.
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