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
Mister Spex: headed in the right direction
The call yesterday provided an opportunity for newly-appointed CEO Tobias Krauss to reiterate the main strategic measures of SpexFocus, which aims to stabilise and strengthen the group's operational performance this year and eventually lead to scalable and profitable growth from 2026 onwards. Reass
- Cedric Rossi
Mister Spex: reassuring Q1 numbers
Mister Spex has posted reassuring Q1 numbers this morning, with sales performance in line and stronger-than-expected margin delivery, including a 440bp-expansion in the GM. Albeit negative, FCF was close to B/E point, -EUR1.5m, thanks to positive operating CF and lower capex, leading to a NCP pre-I
- 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 #68
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 fragile US consumer sentiment which might precede a sharp pullback in spe
- Cedric Rossi
Fielmann: margin potential unleashed
The strong improvement in aEBITDA margin in Q1 (+300bps to 24.2%) brought greater credibility to the reiterated margin target of 24% for 2025, considering that the CSSe was still well below that threshold prior to the Q1 publication (BGe: 23.1% / CSSe: 22.8%e). While remaining a bit more prudent th
- Cedric Rossi
Fielmann: strong margin delivery in Q1 2025
Final FY24 results unveiled this morning are in line with last month's pre-release. FIE also provides an update on its Q1 performance: sales jumped by 13% (broadly in line with CSSe) whilst aEBITDA beat expectations by 11% following a 28% surge to EUR146m (CSSe: EUR131.5m). This impressive 370bp-im
- 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 #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
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