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.
奢侈品巨擘們現在手頭闊綽，荷包裏的錢叮噹作響。貝兒納•阿爾諾(Bernard Arnault)旗下的路易威登軒尼詩(LVMH)集團本月早些時候剛斥資37億歐元，收購了義大利珠寶商寶格麗(Bulgari)；投資者似乎認爲，美國的蒂芙尼(Tiffany)、英國的瑪百莉(Mulberry)和巴寶莉(Burberry)可能很快也會被收如囊中。該行業現在無疑是財大氣粗——平均淨負債僅爲未計利息、稅項、折舊及攤銷前利潤(EBITDA)的0.2倍，遠低於1.1倍的歷史平均水準——但更多的併購行爲，將是愚蠢地濫用資源。
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