reports
- 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!
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #17
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 markets' harsh reaction to the January CPI (US), which from an opt
- Cedric Rossi
EssilorLuxottica: margin expansion set to "materially accelerate" in F...
FY23 sales came out at EUR25.4bn, fairly in line with expectations (CSS: 24.43bn) and with a third consecutive year of growth above 7% (+7.1% FX-n). The slight EBIT margin miss (16.5% vs. 16.7%e), caused by strategic investments (50bp dilution) and FX headwinds (-40bp) should be more than offset by
- Cedric Rossi
US eyewear market: chilly summer
The summer proved to be particularly chilly for the eyewear sector given a negative sunglass category and persisting weak consumer demand for prescription. However, recent weeks have seen some reassuring signs such as more predictable customer behaviour returning to pre-Covid patterns and normalisi
- Cedric Rossi
Q3 2023 sales: slight miss due to EMEA and sun retail but October tren...
Q3 sales matched CSS expectations despite subdued trends in sun retail and lower-than-expected growth in EMEA leading to a slight FX-n growth miss (+5.2% vs. +5.4%e). Reassuringly, current trading showed improving trends in the sun category, whils the higher weight of optical bodes well for Q4. We
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