|Bid||2,846.00 x 0|
|Ask||2,846.00 x 0|
|Day's range||2,774.32 - 2,881.00|
|52-week range||22.66 - 2,881.00|
|Beta (5Y monthly)||1.07|
|PE ratio (TTM)||N/A|
|Earnings date||14 Jul 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||985.69|
(Bloomberg) -- Infarm said it attracted $170 million in the first close of a fundraising round to help the farming tech company expand globally, as investors pile cash into the emerging industry that’s experienced a surge of interest during the Covid-19 pandemic.The Berlin-based company expects the round to ultimately exceed $200 million, Infarm said in a statement on Thursday.Infarm grows crops in controlled indoor environments and uses less water, land and pesticides than traditional farming methods. This approach can also aid food supply chain fragility, a problem highlighted by panic buying this year, as crops are grown close to the people eating them.“The coronavirus pandemic has put a global spotlight on the urgent agricultural and ecological challenges of our time,” said Infarm Chief Executive Officer Erez Galonska. “It allowed us to attract high-profile investors and show that what we can offer to the market is here to last.”The new equity and debt investment was led by London-based LGT Lightstone Europe LLP, with further backing from venture capital firms Hanaco Ventures, Bonnier Ventures and Atomico.Infarm expects its farming network to grow to more than 5 million square feet by 2025 from 500,000 square feet by the end of 2020. It has partnerships with more than 30 retailers including Marks & Spencer Group Plc and Selfridges & Co. The company deploys its modular farms, growing herbs and other produce, inside grocery stores.The funding will be used to expand its regional and local network and complete a new generation of vertical, cloud-connected farms. “This round is going to enable us to execute against all the backlog of contracts that we signed with the leading retailers,” Galonska said in a phone interview.“It’s meaningful that they can raise for a business like this,” said Hiro Tamura, partner at Atomico. “It’s not a small progress point.”Both Atomico and Infarm declined to comment on the company’s valuation.High-profile investments into vertical farming have ramped up throughout the pandemic, such as with Ocado Group Plc, which increased its stake in Europe’s Jones Food Company to about 70% from 58%.(Updates with Ocado in final paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Consumerism is back in fashion in spite of the enduring Covid-19 pandemic.The biggest European clothing retailers Inditex SA and Hennes & Mauritz AB both demonstrated that demand for fast-fashion is stronger than expected as consumers try to return to some semblance of normality. The good news has driven up the Stoxx Europe 600 Retail Index 4% this week.While Spanish retailing giant Inditex still reported a net loss in the first half of its financial year, it was less than analysts had feared. Chairman Pablo Isla called the second quarter a “turning point” as the owner of the Zara, Oysho and Pull & Bear chains returned to profitability. The company’s prowess in getting garments from design room to stores within weeks allowed it to cut its stock levels by 19%, a remarkable feat during the unprecedented coronavirus lockdowns.But the most telling indicator is how sales have developed through the year. After plunging 44% in the first quarter, and staying down 31% in the second one, the decline was just 11% between August 1 and September 6. It’s a sign a recovery may be on the cards for the back-to-school — and for some back-to-the-office — season.The pandemic has turbocharged e-commerce, and both Inditex and H&M have helped themselves weather the storm by bolstering their online operations. Other digital retailers have also benefited. Underlining the enthusiasm, shares in the online seller of cosmetics and protein shakes THG Holdings Ltd. rose more than 30% on Wednesday, their first morning of trading.But it’s not just internet and mobile orders that are thriving. Associated British Food Plc’s cheap chic Primark has also traded strongly since stores reopened, even as the chain continued to stubbornly buck the online trend.So what’s behind the retail recovery?With travel abroad on the back burner for now, it’s freeing up more disposable income to spend on sporting the latest fashions or buying themselves other treats. On Tuesday Ocado Group Plc said it felt the difference in July and August with people staycationing. A year earlier, more were going away for their holidays, so they weren’t putting bottles of wine or barbecue fare into their online grocery baskets.As people’s social lives pick up, they are more eager to get out to splurge and dress up again. Just glance at people walking in parks and promenading along seafronts. It may be a case that with so much time spent working in sweatpants, leaving home is now an excuse to put on a floaty dress.But however strong the rebound, retailers shouldn’t be lulled into a false sense of security. While consumers are prepared to return to suburban retail outlets, which are often in open-air spaces with convenient parking, city-center stores remain quiet. ABF said it expected Primark’s U.K. same-store sales to be 12% lower than a year ago between reopening in June and the end of its its financial year on Sept. 12. But the decline would be just 5% when excluding the chain’s four large destination stores in London, Birmingham and Manchester.Unless there is a large-scale return to work, or consumers become more confident about travelling on public transport and visiting what they perceive to be crowded locations, it’s hard to see this division between destinations changing.Meanwhile, other risks remain, including the potential for second wave of the virus. And of course, the economic effect of the pandemic may not be fully felt yet. Rising unemployment, or fears of job losses, could cause consumers to become more cautious.But for now, retailers should rejoice in the uptick in spending, particularly as it may not last for much longer.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- European stocks rose for a third day as positive corporate updates boosted retailers and miners rose on data showing an acceleration in China’s economic recovery.The Stoxx Europe 600 Index closed 0.7% higher, adding to its longest winning streak in a month. Retailers rallied after Hennes & Mauritz AB returned to profit and Ocado Group Plc reported a surge in sales. Miners advanced after Chinese data showed a rebound in consumption as virus restrictions eased, and a bigger-than-expected expansion in industrial production.Investors this week are awaiting key rate decisions due from the Federal Reserve and the Bank of England. For the Stoxx 600, which has been stuck in a 20-point range since June, the 200-day moving average remains the ceiling to watch. The benchmark crossed above it in intraday trading today.“There’s going to be volatility in markets but generally we’re pretty positive on equities,” Sharon Bell, a European strategist at Goldman Sachs Group Inc., said in a Bloomberg TV interview with Matt Miller and Anna Edwards. “The assumptions we’re making is that you get a vaccine at some point, this becomes more widely available in the middle of 2021, that rates stay very, very low, central banks stay extremely supportive and you see earnings revisions move up.”Investors are “rotating” rather than “chasing” stocks following the rebound since March, according to Bank of America Corp.’s September fund manager survey. A net 51% of respondents said a bull market has started, versus just 25% in May.Among notable movers, Fiat Chrysler Automobiles NV climbed 9% after agreeing to shrink a dividend tied to its merger with PSA Group by about $3.1 billion. The reduction will be partially offset by the company’s investors getting a stake in French supplier Faurecia SE, whose shares tumbled 6.6%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.