Gender

Presentation of the company

Created in 2012, Gender is active in the fashion show organisation sector. The company, managed by Antoine Floch, has 4 employees and is based in Paris.

The company’s main activities are:

• The organization of fashion show all over the world (NY, Paris, Tokyo)
• Links, through these shows, brands with a "semi-luxury" positioning, and distributors throughout the world.

The company works with a hundred of brands at each show. Only few are french brands. Distributors are mainly foreigners too.

Project Description

The company requests a loan of 229 000€ over 24 months to finance the participation in TND INTL in order to open a new "The Next Door" store in Paris. This project will be realised this semester. Opening scheduled of the new store for early January 2019.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

The amount offered on the platform is limited to 112 210€, which is in line with the regulatory limits.

Like all projects presented to individual lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

With a turnover of 3 515 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

Over the last 3 years, the increase of the profitability is linked to the increase in the price of tickets to shows. Forecast is based on 2017.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,16 and an excellent financial structure, with a forecast net debt / ebitda ratio of 0,9 and a net debt / shareholder equity of 91%.

The analysis of the project leads to a credit rating of C and a 7,25% annual interest rate.

Strong points:

• Good historical performance based on diversified client base.
• Good repayment ability with a forecasted FCCR of 1,16.
• Strong position.

Point of caution:

• Rapid market reversal

*The multiple of FCCR at 1,16 means that the company has a safety margin of 16% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.