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    CCH   CH0198251305

COCA-COLA HBC AG

(CCH)
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Delayed Quote. Delayed London Stock Exchange - 05/07 11:36:38 am
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Coca Cola HBC : HBC to launch Saks Fifth Avenue's online business as separate entity

03/05/2021 | 01:14pm EDT
A taxi is reflected in a Saks Fifth Avenue window during the spread of the coronavirus disease (COVID-19) in the Manhattan borough of New York City

(Reuters) - HBC, the owner of Saks Fifth Avenue, said on Friday it would launch the luxury department store's e-commerce segment as a separate business following a $500 million infusion from U.S. private equity firm Insight Partners in the online business.

Homebound shoppers have lifted demand for expensive makeup and handbags online during the COVID-19 pandemic, prompting luxury goods sellers to double down on their e-commerce business at a time when store traffic has been under pressure.

"We don't believe it's going to be all online, we don't believe it's going to be all brick-and-mortar," said HBC CEO Richard Baker in an interview. "What we're doing going forward is an ecosystem."

The deal values the Saks e-commerce business, called Saks, at $2 billion, HBC said. Baker added that with the deal, HBC is worth more than it ever has been before. Investors took the Canadian company private for close to C$2 billion ($1.6 billion) last year.

Luxury fashion platform Mytheresa, which HBC rival Neiman Marcus Group Inc acquired in 2014, went public earlier this year, valued at $2.2 billion.

Baker said a possible future IPO for the Saks e-commerce business "makes a lot of sense".

HBC said the retailer's 40-store fleet would operate separately and would be referred to as SFA. Baker said there are no plans right now to reduce the store count as other retailers shrink their footprint.

Marc Metrick, who was CEO of Saks Fifth Avenue, will take the helm at Saks, with former Amazon.com Inc executive Sebastian Gunningham also joining the e-commerce company's board.

Insight Partners has invested in a range of technology and e-commerce companies, including Shopify Inc and Qualtrics Inc.

($1 = 1.2670 Canadian dollars)

(Reporting by Praveen Paramasivam in Bengaluru and Jessica DiNapoli in New York; Editing by Shailesh Kuber and Emelia Sithole-Matarise)

By Praveen Paramasivam and Jessica DiNapoli


© Reuters 2021
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Financials
Sales 2021 6 666 M 8 108 M 8 108 M
Net income 2021 497 M 605 M 605 M
Net Debt 2021 1 575 M 1 916 M 1 916 M
P/E ratio 2021 21,7x
Yield 2021 2,25%
Capitalization 10 672 M 12 986 M 12 980 M
EV / Sales 2021 1,84x
EV / Sales 2022 1,71x
Nbr of Employees 27 722
Free-Float 52,1%
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Technical analysis trends COCA-COLA HBC AG
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 31,53 €
Last Close Price 29,27 €
Spread / Highest target 17,1%
Spread / Average Target 7,72%
Spread / Lowest Target -15,0%
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Managers and Directors
NameTitle
Zoran Bogdanovic Chief Executive Officer & Executive Director
Ben Almanzar Chief Financial Officer
Anastassis Georgiou David Non-Executive Chairman
Mourad Ajarti Chief Information Officer
Naya Kalogeraki Chief Operating Officer
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