reports
- 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
- Clement Genelot
Fnac Darty: Officially back to Italy
Fnac Darty now owns 71.5% of Unieuro and has some legal leeway in Italy to force a delisting even with less than 90% of shares. While it is too early to integrate Unieuro into our model, we continue to view this as strategically relevant, while remaining cautious on the execution risks it bears and
- 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
- Loic Morvan
- Paul Rouviere
Ferragamo: DTC trends stabilising but FY24e EBIT under pressure
Yesterday, Ferragamo published another disappointing quarter with Q3 2024 sales down 7.4% FX-n. Management guided for FY24e EBIT to reach EUR30m vs. CSSe midpoint of EUR43m, implying only EUR3m in EBIT in H2. As the environment remains complicated for the sector and even more so for brands in turna
- Clement Genelot
Fnac Darty: gross margin-fuelled EBIT guidance upgrade
Post-Q3 marked by disappointing LfL and impressive gross margin expansion fuelled by services and the category mix, we have lifted our FY 2024-26 EBIT by c.2% and expect the consensus to do the same. But the equity story remains polluted by persistent uncertainties concerning the ongoing bid for Un
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #43
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. As we are now entering the crucial holiday shopping season, this week we look at external facto
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #42
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 resolution of the ILA port strike which threatened the US holiday sho
- Cedric Rossi
- Loic Morvan
- Paul Rouviere
Luxury Goods: beware of excessive optimism on China in the near term
Although most stocks in our luxury sample rebounded last week following the launch of a stimulus "bazooka" by the Chinese authorities, we expect no material improvement in China's consumption or household confidence in the near term. As such, we would not be surprised if the Chinese government were
- 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
- Loic Morvan
- Paul Rouviere
Luxury Goods: only a very slight rebound expected in H2
As expected, H1 was a poor vintage for Luxury groups. On average, our luxury groups sample achieved 1% organic sales growth, in line with Q1. Only Hermès, Moncler and Brunello Cucinelli enjoyed double-digit growth. Consequently, H1 profitability came under pressure. H2 is not expected to be much be
- 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
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #38
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 analyse the implications of Chinese tourist flows to Japan. Happy reading!
- 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
- Loic Morvan
- Paul Rouviere
Ferragamo: H1 2024 profitability beat with signs of improvement
Ferragamo published an encouraging set of H1 2024 results which were still negative. The company delivered a clear beat at the bottom-line level, with EBIT down 41% coming in 39% ahead of EBIT CSS expectations. The positive surprise on profitability stemmed from a clear opex reduction over H1, desp
- 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
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