Breaking News, Research 2 Feb 2024
BREAKING NEWS – 02.02.2024
| In the press release of February 1, 2024, FOPE SpA – a leading Italian goldsmith company in the high-end jewelry sector listed on the Euronext Growth Milan market, announced the establishment of FOPE Japan G.K., based in Tokyo and operating for business development in the Japanese market. The newly formed company is 80.0 % owned by FOPE SpA and 20.0 % by SwissPrimeBrands Ltd, the Group’s partner that has been responsible for the distribution of FOPE products in Japan until now. The communicated operation is part of the Group’s strategy of direct commercial presidium of areas considered strategic in order to strengthen its presence in foreign markets. These include Japan, which represents an emerging market with excellent growth potential for FOPE. Taking the press release into consideration, while waiting to evaluate the 2023 full year results, we confirm our recommendation: Target Price € 41.50, rating BUY and risk MEDIUM. |