European Retailing

研报英文原文证据摘录

European Retailing

RBC Europe Limited

Richard Chamberlain (Co-Head of Global Consumer & Retail

Research)

+44 20 7429 8092, richard.chamberlain@rbccm.com

Manjari Dhar (Analyst)

+44 20 7002 2111, manjari.dhar@rbccm.com

Charles Perkins (Associate)

+44 20 7002 2309, charles.perkins@rbccm.com

June 15, 2026 Piral Dadhania (Analyst)

+44 20 7429 8644, piral.dadhania@rbccm.com

Nikolaos Lafioniatis (Analyst) European Retailing +44 20 7429 8437, nikolaos.lafioniatis@rbccm.comRESEARCH Ecom still outperforming, but Shein headwinds;

ZAL (+), HMB (~), ABF (-) Published Research

European fashion retailing has seen further channel shift online, more so RBC Imagine™ - Rise of the 8th Continent

in Germany than in the UK. Chinese ecom retailers, like Shein, are facing European Retailing - The Retailing Life Cycle

European Retailing - 10 Themes for 2026 headwinds from higher air freight costs and EU import duties. This is likely European Retail primer - Bifurcation in trends

to lead to them increasing their UK marketing efforts. For companies with Global Retailing - The Times, They Are A-Changin’

German exposure, we think valuation versus growth prospects favours UK Food Retail - A buying opportunityEQUITY Zalando, followed by H&M, then Primark. 3i Group - Valuation still on the full side

ABF - More challenging outlook for Primark

German fashion sector tough, further shift online. The German apparel Avolta - CMD feedback

store sector has been affected in recent years by concerns over the cost B&M - UK LFL improving but margin rebase

of living, job insecurity and geo-politics. Further channel shift online has Currys - Nordics LFL offsetting UK, PBT guidance ahead

been driven by the likes of Shein, Otto and Amazon. Our survey suggests Dunelm - Measuring up well