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Kering: Oddo maintains neutral rating

( - Kering has announced the arrival of Sabato De Sarno as Creative Director of Gucci.

He will begin his new responsibilities as soon as he is released from his current duties at Valentino.

Oddo believes that the Valentino/garment connotation conveyed by S. De Sarno corresponds well to the repositioning of Gucci desired by Kering's management (elevation of the brand).

Oddo analysts do not believe that this appointment will fundamentally change the perception of Kering's share price in the near term and believe that the task of turning around the brand's business could be a long one.

They also note that the brand's position will remain precarious in the near term, with performance expected to continue to lag over the next few quarters before the new style is revealed.

Oddo maintains its neutral rating on the stock with a target price of 522 euros.

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