Isabel Marant - comment

Adding some follow-ups to our call yesterday, we can confirm, IM Group, the Issuer, is the holder of the brand. This was the result of the IM Re-organisation that took place in February 2020.  

Separately, the EV Montefiore's investment in Isabel Marant implied was €661m or 11x September 2019 LTM EBITDA. Adjusting for capitalised design costs, this equates to 13.8x, leaving our 6.0x multiple to appear very conservative.  

The video is now available on the website for your convenience. You can watch it here.