Luxury goods barons are jingling the change in their pockets. Bernard Arnault’s LVMH spent €3.7bn on Italian jeweller Bulgari earlier this month; investors seem to think Tiffany of the US and the UK’s Mulberry and Burberry could soon be snapped up too. The sector is certainly flush – average net debt is 0.2 times earnings before interest, tax, depreciation and amortisation, compared with a 1.1 times historic average – but more M&A would be a daft use of resources.
奢侈品巨头们现在手头阔绰，荷包里的钱叮当作响。贝尔纳•阿尔诺(Bernard Arnault)旗下的路易威登轩尼诗(LVMH)集团本月早些时候刚斥资37亿欧元，收购了意大利珠宝商宝格丽(Bulgari)；投资者似乎认为，美国的蒂芙尼(Tiffany)、英国的玛百莉(Mulberry)和巴宝莉(Burberry)可能很快也会被收如囊中。该行业现在无疑是财大气粗——平均净负债仅为未计利息、税项、折旧及摊销前利润(EBITDA)的0.2倍，远低于1.1倍的历史平均水平——但更多的并购行为，将是愚蠢地滥用资源。
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