The Weekend Edition: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

Research evidence excerpt

The Weekend Edition: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

ped H1 estimates by 4% expecting

continued strong underlying trends. Magnum (here) worth a mention with positive feedback from investors on Celine’s preview,

especially reg US trends and potential tailwinds from weather. On the negative end, Celine cut Beiersdorf’s expectations, now

sitting below guide for the FY LFLs (here). Chiara also lowered expectations for Hermes (here), and the debates on whether or

not company’s growth algo remains in palce continue.

#2. CHINA BEAUTY. Did you see a note from JPM Global Beauty analysts looking at key takes from 6.18 events? Key takes: a)

Beauty sector GMV grew 11% yoy during 6.18 events, outperforming overall GMV growth of 6%, continuing the recovery

trajectory; b) the effective discount level deepened further, given platform coupons, livestreaming coupons and government

subsidies, despite the leading brands’ largely stable nominal discounts; c) the leading domestics brands with solid brand equity

held their ground, with Proya remaining in the Top 4 on both Tmall and Douyin, and Mao Geping (MGP) and Winona GMV up

>20%; and d) international brands’momentum continued, with international brands reclaiming the No.1 spot on both Tmall and

Douyin, and overall ranking improving across the board. See all details here

#3: HEINEKEN. Company announced Rafa Oliveira as its new CEO, previously CEO of JDE Peet’s. Positive take from

investors on the announcement, with an external appointment well perceived. Some debates, however, on his track record: on one

end some seeing the long tenure at Kraft as a solid consumer background within global brands. Others, however, think his short