reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
Suspension of Coverage
From 2nd of June we are suspending coverage of companies below due to a reallocation of resources. Our prior estimates should no longer be used as an indicator for the company moving forward.ADIDASBEIERSDORFCARREFOURDELIVERY HEROESSILORLUXOTTICAHELLOFRESHHermès InternationalHUGO BOSSINTERPARFUMSJUS
ADS ADIDAS AG
RMS HERMES INTERNATIONAL SCA
ITP INTERPARFUMS
OR L'OREAL SA
KER KERING SA
ZAL ZALANDO SE
SFL SAFILO GROUP S.P.A.
MONC MONCLER SPA
SFER SALVATORE FERRAGAMO S.P.A.
TKWY JUST EAT TAKEAWAY.COM N.V.
CFR RICHEMONT
BEI BEIERSDORF
BOSS HUGO BOSS
DHER DELIVERY HERO
HFG HELLOFRESH SE
RBO ROCHE BOBOIS INTERNATIONAL SAS
EF ESSILORLUXOTTICA
UHR THE SWATCH GROUP
MC LVMH
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #71
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how tariffs have dominated recent earnings calls over other topics such a
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #70
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the initial impact of tariffs on the US consumer and economy. Happy readi
- Loic Morvan
Richemont very resilient again
Richemont enjoyed a fairly strong Q4 on the back of a 7% sales increase driven by Jewellery Maisons (+8%), highlighting that very exclusive brands such as Cartier and Van Cleef & Arpels outperformed the luxury market (as was the case for Hermès). H2 EBIT margin remained virtually unchanged. We
- Loic Morvan
Q1 Ferragamo sales in line
Q1 Ferragamo revenues were down 1% on an undemanding comparison basis (-15%), in line with market expectations. Nevertheless, the situation deteriorated in April with a negative trend. We remain cautious on the group's turnaround and expect no sales growth in 2025. We reiterate our Sell recommendat
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #69
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how increased consumer anxiety about tariffs leads to diverging trends be
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #68
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at fragile US consumer sentiment which might precede a sharp pullback in spe
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #67
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the largest beauty groups in the world. Happy reading!
- Loic Morvan
Interparfums: sweet scent of Q1 sales
Interparfums has reported 10.7% sales growth for Q1 (+8% at same FX). The fragrance market remained strong, including in the US. Since the beginning of April, momentum has been less dynamic and more volatile. Nevertheless, the group's management reiterated FY sales guidance (EUR930m to EUR935m). We
- Loic Morvan
KERING 2025 should be another very poor vintage for Kering
Kering Q1 sales declined 14% organically, worse than an already-cautious consensus (-12%), especially penalised by Gucci (-25%). We revise down our 2025-26 earnings by 15%, with 8% 2025 sales erosion and a 20% 2025 EBIT decline. We are far from a sales recovery at Kering and Gucci. Neutral recommen
- Loic Morvan
L'Oréal Q1 not as bad as expected
L'Oréal Q1 sales were up 3.5% with 2.8% underlying growth (slightly above consensus at +1.1%), partly due to a demanding comparison basis (Q1 2024 sales up 9.4% and 8.1% adjusted) and also a slowing beauty market. We revise down our estimates by 3.5%, expecting FY25 sales to be up 4.5% vs +5% previ
- Loic Morvan
Hermès sales momentum set to accelerate in Q2
Hermès Q1 sales were up 7.2% same-FX, almost in line with the consensus (+7.7%). We expect sales momentum to gradually rebound from Q2 given a less demanding comparison basis and more inventories in stores, especially for the leather goods division. We reiterate our Buy recommendation on Hermès, co
- Loic Morvan
Beiersdorf 2025 guidance reiterated, despite poor Q1
Beiersdorf Q1 sales were above consensus at the group level and in line for the Consumer division. More importantly, despite poor Q1 momentum, which was expected, the group's management has reiterated its 2025 guidance. We confirm our Neutral recommendation and our PT as we have made no change to o
- Loic Morvan
LVMH Q1 worse than expected
Q1 sales momentum at LVMH was softer than anticipated with a 3% organic sales decline vs stable sales expected by the consensus. Q1 2025 faced a still-demanding comparison basis (+3% in Q1 2024 vs +1% over FY 2024). In view of the Q1 sales release, we revise our 2025-26 earnings downwards by 9% wit
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #66
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the correlation between robust financial markets and healthy US consumer
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #65
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the impacts of US tariffs and potential retaliation strategies by foreign
- Cedric Rossi
- Loic Morvan
Luxury goods: The trend should gradually improve in 2025 after a chall...
After a poor 2024 vintage, we expect a gradual recovery during 2025, which will nevertheless remain a soft year as we anticipate an average sales increase of just 4% for our luxury groups sample (+3% excluding Hermès). Q1 is set to be challenging with a 1% average sales decline (-2% excluding Hermès
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #64
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at accelerating trends in European corporate earnings relative to those in t
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #63
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how sub-sectors within our Consumer coverage have fared since the beginni
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #62
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at how Trump's trade war is negatively impacting US consumer sentiment. Happ
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