reports
- 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
Mister Spex: all eyes on execution of "SpexFocus" plan
When MRX announced its SpexFocus plan last summer, we commented that its initiatives would bring short-term pains before delivering long-term gains. In 2025, these short-term pains will be visible at the revenue level, while margins and FCF should show a sequential improvement thanks to the SpexFoc
- Cedric Rossi
Mister Spex: Reassuring FY24 numbers; priority for FY25 is margin impr...
Mister Spex reported this morning in-line FY sales of EUR217m (-3% YoY) reflecting the Group's decision to close all its nine International stores. On the positive side, FY aEBITDA of -EUR5.8m was less negative than anticipated by the market (-EUR7.1m). For FY25, i.e. "discount detox" and the negat
- 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 #61
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 hectic trade policy impacts US consumer sentiment. Happy read
- Cedric Rossi
Fielmann: unlocking margin potential
The stronger-than-expected margin delivery in FY24 unveiled yesterday has two positive outcomes: 1/ Fielmann USA demonstrated its capacity to improve profitability while maintaining a strong operating performance (+11% LFL) and 2/ it lends greater credibility to its reiterated FY25 aEBITDA margin t
- 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
Mister Spex: preliminary 2024 results broadly in line with guidance an...
Yesterday morning, Mister Spex unveiled preliminary Q4 numbers matching the company's guidance and expectations, reflecting good progress in the SpexFocus transformation programme and no negative surprises from its induced effects on the group's operating performance. Final FY24 results and FY25 ou
- 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
Fielmann: Unexpected CEO change at Fielmann USA
According to Vision Monday, FIE yesterday announced unexpected leadership changes at the helm of its US subsidiary, with Lukas Ruecker stepping down "for personal reasons" and replaced by CFO Russ Steinhorst. Hopefully, this surprising CEO change might not call into question the subsidiary's priori
- 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 #48
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 annual Bain-Altagamma Luxury Goods study which expects a period of tur
- Cedric Rossi
Well on track to meet FY24 targets and savings in FY25-26
Whereas Q3 was clearly a transitional quarter following the launch of the group's restructuring transformation programme SpexFocus, MRX posted in-line Q3 revenue and a lower aEBITDA loss thanks to a strong GM improvement. Also, as part of SpexFocus aimed at strengthening its "Vision-as-a-service" i
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