European Staples Distilled and Packaged: Our take on the Sector, Henkel, Essity and Puig previews, China data & more

Research evidence excerpt

European Staples Distilled and Packaged: Our take on the Sector, Henkel, Essity and Puig previews, China data & more

J P M O R G A N Europe Equity Research

22 June 2026

European Staples

Distilled and Packaged: Our take on the Sector, Henkel,

Essity and Puig previews, China data & more

European Staples underperformed the sector last week. Following months of European Food Producers,

discussions, the US and Iran reached a deal to open the Strait of Hormuz, which drove Household & Personal Care

Brent crude prices to less than $80 per barrel for the first time since the conflict started. Products, Beverages & Tobacco

In Staples, we continued our Q226 previews in HPC with largely muted organic sales Celine Pannuti, CFA AC

trends including a fragrance-driven softening at Puig, but strong Adhesives pricing (44-20) 7134-7123

supporting LFL at Henkel. China retail sales data, meanwhile, showed a deceleration celine.pannuti@jpmorgan.com

across Staples categories. Edward G Hockin AC

(44-20) 7742-6937

This week we will be hosting Essity CEO Ulrika Kolsrud for a fireside chat today, June edward.hockin@jpmorgan.com

22nd, and Pernod-Ricard SA CEO Alexandre Ricard on Wednesday, June 24th Samuel Lewis

(register here). samuel.lewis@jpmorgan.com

J.P. Morgan Securities plc

• In Food/HPC, L’Oreal announced the acquisition of a majority stake in

Innovist, an Indian personal care company. Past news articles suggest the Specialist Sales contact details:

company had revenues of more than $30m in FY25 and point to a potential Olivia Petronilho - Specialist Sales -

valuation of $350m-450m on the business. PZ Cussons issued a trading update European Consumer

and now expects FY26 EBIT “at or slightly above” the upper end of previous (44-20) 3493-3709

olivia.b.petronilho@jpmorgan.com