reports
- Cedric Rossi
- Clement Genelot
Fashion disruption: will de minimis reforms trigger "de maximis" marke...
In addition to the implementation of reciprocal tariffs, the Trump administration is also closing the Chinese de minimis loophole from 1st May onwards, which will considerably disrupt the business model of major platforms like Shein and Temu in the US. Although this new market paradigm could be wel
- 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
Sporting Goods: reciprocal tariffs, the last straw?
Trump's "reciprocal tariffs" plan announced on 2nd April now applies huge tariff rates to new countries like Vietnam and Indonesia, which are key in the sourcing of US footwear and apparel. Although apparel and footwear are already heavily taxed at an average of 14.6% and 12.3% respectively, compar
- 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
Inditex: navigating temporary sales growth hiccups
Whereas the slowdown in current trading was clearly more abrupt than expected, we believe this hiccup is temporary, as shown by the rebound in the first week of March to +7%. The latter is more consistent with our scenario of normalising sales trends towards 7% FX-n growth over the FY25-27 period,
- Cedric Rossi
Inditex: sound FY24 results but current trading has decelerated
For the fourth year in a row, Inditex achieved double-digit FX-n sales growth with +10.5% in FY24 with EBIT margin improving by 70bps to a new record level of 19.6%. FY24 total dividend amounted to EUR1.68 and matched expectations. Note that Inditex's current trading only increased by 4% FX-n, part
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #58
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 drivers behdind the busy M&A activity in Beauty. Happy reading!
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #57
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage: Luxury goods, Cosmetics, Consumer goods and Retail & E-commerce. This week, we look at the Fed's dilemma between its "wait-and-see" stance and mitigating the potential inflationar
- Cedric Rossi
Fashion: stay covered to thrive in the uncertain fashion world
Trump's tariff tactics confirm that the fashion industry is in for another volatile and uncertain year in 2025. Relatively resilient market trends across Europe and the US mask the growing number of price-sensitive consumers, forcing fashion groups to choose between top-line growth and margin prote
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #52
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. For the last Consumer Weekly of 2024, we look at the normal inertia effect between improving US
- Cedric Rossi
Inditex not immune to temporary bumps
Unsurprisingly, the combination of demanding market expectations and softer Q3 numbers triggered some profit-taking moves after the stock's 41% YTD rally. As flagged in our comment yesterday, the Q3 miss was largely due to FX headwinds, but during the call management guided for a moderate impact in
- Cedric Rossi
Inditex Q3 2024 results: sales and EBIT miss, in-line current trading
This morning Inditex's Q3 results missed CSSe both on sales and EBIT, by 2% and 5% respectively. A more harmful FX headwind hampered the sales performance as ITX reached a 15th consecutive quarter of double-digit FX-n sales growth (+11%), while the EBIT miss was mainly caused by the GM erosion of 2
- 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 #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
Inditex: strong momentum keeps rolling
Among the four main pillars of its "To the Next Level" strategy, initiatives around Customer Experience (e.g.: store optimisation, roll-out of Zara Streaming Experience, etc.) are delivering the most visible results at both the sales and profit levels. They also support our scenario for profitable
- Cedric Rossi
Inditex: sound Q2 results and current trading
Despite adverse weather conditions during the summer, Inditex has unveiled strong Q2 results this morning with: double-digit FX-n sales growth for the 14th consecutive quarter (+10%) and a solid 100bp-improvement in EBIT margin to 19.2% (CSSe: 18.9%). This momentum has not waned with sales between
- Cedric Rossi
Fashion: sweet or sour Back-to-School?
While publications of US retailers this week (e.g.: Gap, Abercrombie & Fitch, lululemon, etc) should give the market a clearer view of the US consumer mood, the European consumer mindset is set to be reflected in H&M and Inditex's publications next month. As expected, the summer has been no
- Cedric Rossi
Fashion: will plans to impose duties on cheap goods disrupt Shein and ...
The very competitive prices offered by Shein and Temu stem from their ability to take advantage of tax loopholes allowing parcels to be shipped without having to pay duties and taxes as long as they are under a certain value. As the EU Commission is moving to scrap the EU's EUR150 import tax loopho
- Cedric Rossi
Fashion: consumers backpedaling on sustainability due to inflation
In our recent Fashion report "Is sustainability the new luxury?", we were highlighting the green consumer paradox vis-a-vis sustainable brands. A McKinsey survey just discovered that consumers are indeed de-emphasising the importance of ESG in their purchases in an inflation-impacted world. This wo
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #32
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 take a fresher look at the (still ongoing) Red Sea freight crisis. Happy reading!
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