reports
- Cédric Rossi
Emerging consolidator in Germany’s optical retail sector
After announcing its ambition to enter the optical sector earlier this month, the German software company The Platform Group (TPG) has already acquired four optical players in Germany. In addition to joining TPG’s MyGlasses.de online platform to implement an omnichannel approach, these acquisitions
- Cédric Rossi
Mister Spex: necessary but painful "discount detox" strategy
The ongoing “detox” strategy, marked by a sharp reduction in discounting, is materially impacting the online channel (65% of total revenues), where price sensitivity and promotional dependency remain elevated. Consequently, Mister Spex has downgraded its FY sales guidance to between -10% and -20% (
- 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 #70
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 initial impact of tariffs on the US consumer and economy. Happy readi
- Loic Morvan
Richemont very resilient again
Richemont enjoyed a fairly strong Q4 on the back of a 7% sales increase driven by Jewellery Maisons (+8%), highlighting that very exclusive brands such as Cartier and Van Cleef & Arpels outperformed the luxury market (as was the case for Hermès). H2 EBIT margin remained virtually unchanged. We
- 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
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #65
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 impacts of US tariffs and potential retaliation strategies by foreign
- Cedric Rossi
- Loic Morvan
Luxury goods: The trend should gradually improve in 2025 after a chall...
After a poor 2024 vintage, we expect a gradual recovery during 2025, which will nevertheless remain a soft year as we anticipate an average sales increase of just 4% for our luxury groups sample (+3% excluding Hermès). Q1 is set to be challenging with a 1% average sales decline (-2% excluding Hermès
- 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
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
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
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #54
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 investors are reacting vis-a-vis the Fed pause in rate cuts. Happy re
- Loic Morvan
Richemont: Q3 well above expectations
Richemont Q3 sales grew 10%, significantly above market expectations (+1%) and the Q2 performance (-1%). All regions achieved a better trend in Q3 than in Q2, especially North America. We lift our earnings by 5%. Combined with our DCF rollover, this implies a PT at CHF150 vs CHF138 previously. Buy
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