reports
- 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
US eyewear: black tariff clouds looming over consumers
In our last report a month ago ("Trumping tariffs"), we were relatively optimistic as Donald Trump had only added a 10% tariff on Chinese imports and implemented a 30-day pause on tariffs for imports from Mexico and Canada. However, the situation has darkened since an additional 10% tariff has been
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #58
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 drivers behdind the busy M&A activity in Beauty. Happy reading!
- Cedric Rossi
EssilorLux: just starting to unleash its tech innovation
FY24 results released yesterday evening showed a 2% beat for Q4 sales numbers, aided by the success of EssilorLux's tech products. The latter impacted FY margins, compounded by FX headwinds and inflationary pressure, resulting in a modest miss on the aEBIT margin (+20bps to 16.7% vs. CSSe at 16.8%)
- Cedric Rossi
US eyewear: Trumping tariffs
With existing duties relatively low compared to other consumer categories, the potential new tariffs that could be imposed by incoming President Trump are naturally sparking concern across the US optical industry. At this stage, we are optimistic about the sector's ability to navigate tariffs: (i)
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Cedric Rossi
Eyewear: what caught our eyes in Q3 publications
Q3 publications were generally more mixed than previous quarters with many players flagging polarised consumer behaviour even in the traditionally defensive prescription category. Most companies were relatively optimistic about Q4 thanks to easier comparatives and a more favourable category-mix, wh
- Cedric Rossi
US eyewear: groups embrace the holiday season with cautious optimism
This week, National Vision (NV) and Warby Parker (WRBY) both reported positive Q3 numbers, confirming the first signs of stabilisation within the US eyewear market as the two players address different customer bases and price points. Obviously it was too early to draw conclusions from Trump's win o
- Cedric Rossi
EssilorLux: Q3 sales miss but rebound already in sight for Q4
Q2 sales released last night came in 2% shy of the CSSe due to weaker-than-expected FX-n growth (+4% vs. CSSe of c.6%) resulting from sequential decelerations in EMEA (temporary in our view) and China (LSD growth vs. +9% in H1). Reassuring, CFO Stefano Grassi confirmed during the call that Q4 sales
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #41
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 endless reshuffling of European purchasing alliances among food retai
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #40
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 dig into the strange equation of US purchasing power vs. savings rates. Happy rea
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #39
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 discuss the Fed's upcoming meeting and rate cut. Happy reading!
- Cedric Rossi
OTC hearing aid market: no worms in the Apple
Among all the innovative products presented at Monday's Apple Keynote, the AirPods Pro 2 stood out for the new OTC hearing aid capability to be included for users with mild to moderate hearing loss, representing EUR1.4bn people globally. While most hearing aid stocks and, to a lesser extent, Essilo
- Cedric Rossi
US eyewear: watch out for inflation-weary consumers
Although eyewear players operate in a durable category that enjoys a relatively defensive status, US consumers showed signs of flagging in Q2 as pent-up demand in prescription did not materialise and the sunglass category suffered subdued trends. This cautious behaviour was particularly visible amo
- Cedric Rossi
EssilorLuxottica: expansion of retail operations in Eastern Europe
A couple of weeks after the Supreme and Heidelberg Engineering deals, EssilorLux announced yesterday the acquisition of Optical Investment Group for an undisclosed amount. With a strong footprint already in key markets across Eastern Europe (e.g.: Poland, Czech Rep, Hungary, etc.), EssilorLux is en
- Cedric Rossi
EssilorLux: slight miss on Q2 FX-n growth due to the US, in line H1 ma...
Q2 sales released last night were broadly in line with expectations despite a slight miss with FX-n growth (5.2% vs. CSSe 5.7%) due to a softer-than-expected performance in North America. As expected, H1 aEBIT margin remain flat at 18.3%, dented by FX (-50bps) and strategic investments (-60bps). Du
- Cedric Rossi
EssilorLux: Supreme, the acquisition that no one saw coming...
Yesterday morning, EssilorLux announced the surprise acquisition of iconic streetwear brand Supreme, from VF Corp (VFC) for USD1.5bn. Whilst EssilorLux masters brand-building, even for diversified eyewear brands such as Oakley (30% AFA / 70% eyewear) and DTC (100% of Supreme's sales), this acquisit
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #36
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 US job market that is gradually cooling, prompting investors to bet o
- Cedric Rossi
Eyewear: A photochromic first half
On par with these lenses that turn from dark-to-clear, we expect ambivalent performances for EssilorLux (ESLX) and Safilo (SFL) in H1 2024: the former should post strong top-line momentum in Q2 combined with a flat H1 aEBIT margin, whereas SFL's Q2 sales trends will be mainly impacted by the phase-
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #34
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 take a look at underperformance by European, and especially French, equity indexe
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