Richemont FY24 results were broadly in line with expectations but remained solid nonetheless given good sales growth at Cartier & VCA despite a tough comparison basis, and a healthy performance in Europe and the Americas. We continue to favour Richemont as growth prospects in jewellery remain p
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 comment on resilient US activity from the perspective of a healthy Logistics Mana
Richemont's 8% Q3 sales increase was slightly above market expectations and reassured investors after last week's profit warning from Burberry. Momentum remained healthy with the European cluster and accelerated with US clientele over the period, while the double-digit exit rate was another positiv
We lower our FY24 and FY25 estimates by 5% to reflect i/ the weaker than expected H1 2024 performance (mainly at the EBIT level), and ii/ lower growth prospects for FY24. Nevertheless, we expect Richemont's Jewellery Maisons (Cartier and Van Cleef & Arpels) to continue to gain market share and
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%)
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
We lift our FY24 and FY25 estimates by 11% to reflect i/ the strong FY23 performance, and ii/ higher growth prospects for FY24 with 1) a gradual recovery in luxury spending by Chinese clientele as they travel outside of Asia, and 2) the superior brand desirability of Richemont's Jewellery Maisons (
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