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
Eyewear: what caught our eyes in Q1 publications
Against macro uncertainty and a fluid tariff backdrop, the O&E industry has played its defensive role with an average performance of +15% YTD (vs. soft luxury sample at -5% and sportswear at -11%), supported by reassuring Q1 publications, proactive tariff mitigation initiatives and reiterated F
- 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
Safilo: rays of light in Q1 despite dark tariff clouds
Yesterday evening, Safilo delivered strong Q1 results despite tariff uncertainty, while the quarter was the final one marked by the phase-out of Jimmy Choo (-3pp sales headwind). With +1% FX-n, North America posted its first positive performance since Q4 2023. GM and aEBITDA margin both expanded by
- 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!
- Cedric Rossi
EssilorLux: sound performance in Q1 and April
Q1 sales unveiled yesterday reached EUR6.85bn (+7.3% FX-n), fairly in line with market expectations (BBGe: EUR6.85bn and +7.1% FX-n) as the group's strong momentum in EMEA offset a relative softness in North America. More importantly, management confirmed that April performed on par with Q1 across
Safilo Group: 1 director
A director at Safilo Group bought 25,000 shares at 0.780EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
- 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 #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
- Cedric Rossi
Safilo: encouraging start to the year despite macro uncertainty
The final FY24 results unveiled yesterday were in line with the pre-announced numbers on 28th January. Safilo recorded a positive start to 2025 in both Europe and North America, ahead of March, which is key for the Q1 performance. Although management refrained from providing detailed FY25 targets,
- 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
On the shelves now: Consumer Weekly #56
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 US tourism could drive European luxury sales, especially if Trump imp
- Cedric Rossi
Safilo: another good surprise on Q4 margins
Preliminary FY24 numbers unveiled yesterday confirmed that Q4 trends were on par with the 9M trajectory with a FX-n sales decline due to the phase-out of Jimmy Choo, and another margin beat. FCF generation was also impressive. Ahead of FY25 results due on 11th March, we stick to our scenario for fu
- 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
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #47
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 impact of Donald Trump's election. Happy reading!
- 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
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