reports
- 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
- Cedric Rossi
US eyewear: Distinct Q1 trajectories between NV and Warby Parker
Except for National Vision which faced company-specific issues, Q1 proved to be a reassuring vintage for most optical players, despite several headwinds such as the "Artic Blast" in January and the earlier Easter that mainly impacted prescription sales. Relative optimism continues to prevail for 20
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #25
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 comment on resilient US activity from the perspective of a healthy Logistics Mana
- Cedric Rossi
EssilorLux: in-line Q1 sales performance and good vibes ahead of Q2
Yesterday evening, EssilorLux unveiled Q1 sales up 5.5% FX-n to EUR6.34bn, fairly in line with CSSe (EUR6.38bn) despite a tough comp base and unfavourable calendar effect. We see room for accelerating trends given increased tailwinds from: 1/ pricing in frames (BGe: MSD price hike), 2/ the ramp-up
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #24
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 highlight how resilient equity markets had been over the past months, despite a c
- Cedric Rossi
US eyewear market: looking at a half-full glass for 2024
The 2023 holiday season proved to be a good vintage, as evidenced by stronger-than-expected Q4 revenue performances from our entire Optical sample. Yet, macro uncertainty and a lingering impact from wait-and-see customer behaviour in prescription prevented companies from delivering a more upbeat ou
- Cedric Rossi
- Loic Morvan
- Paul Rouviere
Kering Eyewear attracted by Marcolin?
Last month, Italian press reports mentioned that PAI Partners would prefer to sell Marcolin to an industrial partner for EUR1.3bn. Earlier this week, Miss Tweed reported that Kering Eyewear was well-positioned to be the winning bidder among three other rivals cited by Corriere Veneto: US-based Marc
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #18
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 comment on the CCP accelerating policy support. Happy reading!
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