Ferragamo Q1 preview: far from a sales inflection point

Ahead of Ferragamo's Q1 publication on the 9th May, we become even more cautious on the name as Kering's warning due to Gucci (-20% expected) and a recent contact with the company prompt us to believe that consensus figures for Q1 (-2% lfl sales growth) and FY24 (+2% lfl sales growth) are overly op

Tod''S Spa: 2 directors

Two Directors at Tod'S Spa sold 3,950 shares at 43.000EUR. The significance rating of the trade was 74/100. 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 showin...

Ferragamo: GM expansion and opex decline in H2 helped deliver profitab...

Salvatore Ferragamo released its FY23 results and delivered a clear beat at bottom-line level coming in 13% ahead of CSS expectations. The positive surprise on profitability stemmed from Gross Margin improvement thanks to a focus on higher quality of sales and better product mix whilst management k

Tod's Group receives a tender offer from L Catterton

Tod's Group (Buy | PT: EUR45 vs EUR49)

Among the Luxury groups in our coverage, Kering, Tod's Group and Salvatore Ferragamo are facing the same challenges to relaunch their main brands in a far more mixed environment. Implementing a successful brand turnaround strategy is not easy as we all know. Initial indications prompt us to remain

Salvatore Ferragamo - Additional investments expected in FY24 (Sell vs...

Among the Luxury groups in our coverage, Kering, Tod's Group and Salvatore Ferragamo are facing the same challenges to relaunch their main brands in a far more mixed environment. Implementing a successful brand turnaround strategy is not easy as we all know. Initial indications prompt us to remain

Turnaround stories are not always successful

Among the Luxury groups in our coverage, Kering, Tod's Group and Salvatore Ferragamo are facing the same challenges to relaunch their main brands in a far more mixed environment. Implementing a successful brand turnaround strategy is not easy as we all know. Initial indications prompt us to remain

Italian Luxury Goods: turn-around derby

Tod's Group & Ferragamo are comparable in a lot of ways. They are both Italian family-owned luxury groups that are similar in size and have undergone a transition period. However, Tod's is currently in more positive shape than the Florentine group, hence our Buy recommendation for Tod's group a

Luxury Goods: normalising demand to limit upside in H2

Where do we stand after H1?Since the start of the year, we have been positive on the European Luxury Goods sector on expectations that China's reopening would bolster Luxury Goods sales throughout 2023. Q2 sales grew 17% on average. As expected, Hermès (+27%), Moncler (+26%) and Tod's Group (+24%)

Luxury Goods: VICs keep splashing out

Despite questions raised by investors on China's reopening, and US market normalization, we still expect strong growth in Q2 2023e (+15% y/y FX-n) for our Luxury goods coverage. Beyond Q2, we remain strongly convinced by the growth potential of the China luxury market especially for the most exclus

Time to be more positive on Tod's Group

After nearly two years of investments to enhance desirability of the group's brands, Tod's Group seems to be back on a growth trajectory. We have now turned positive on Tod's Group as we find that its brands have gained momentum across Europe and Asia. Across our coverage, Tod's should be one of th

Salvatore Ferragamo: 1 director

A director at Salvatore Ferragamo bought 10,000 shares at 14.795EUR and the significance rating of the trade was 65/100. 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 c...

Bryan, Garnier & Co Consumer Daily | Claranova, Mr Spex, MdM, Tod's

Bryan, Garnier & Co Consumer Daily | Essilor Luxottica, Food retail, r...

Bryan, Garnier & Co Consumer Daily | Casino, Maisons du Monde, Tod's

FY22 Tod's Group profitability above expectations

As expected, FY22 profitability at Tod's Group improved (EBIT margin gained 330bp to 5.9%), despite remaining at a very low level. FY23 is set to be a year of significant investments, especially in the Tod's brand. We expect FY23 sales to grow 10% and EBIT margin to gain 80bps to 6.7%. We reiterate

Bryan, Garnier & Co Consumer Daily | RBREW, SFER, French Food

Ferragamo: still too early for a positive inflection

Salvatore Ferragamo results were in line with expectations. EBIT came in at EUR128m (-11%), implying EBIT margin erosion of 240bp due to a significant increase in communication costs. Moreover, management was not very clear during yesterday's conference call on current momentum in China. We remain

Bryan, Garnier & Co Consumer Daily | Tod's group, LMK, Casino

Tod's group should continue to invest behind its brands

Having released FY22 sales late January, Tod's Group will report its FY22 results on March 12th. 2022 sales grew 11% organically, we expect EBIT to almost double to EUR48m, implying a 200bp EBIT margin improvement to 4.8%, a level that remains very low. For 2023, we expect 10% organic sales growth