Consumer – Luxury Goods : First
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Consumer – Luxury Goods : First


Thomas Chauvet

& team


"The team has provided very good analysis of the key drivers for this sector."

Up one rung to finish on top for the first time is the two-member team at Citi led by Thomas Chauvet in London. "In a context of weak global macro and a recessionary environment in Europe, the sector is well placed to continue to outperform," he says. (It climbed 32.9 percent last year, besting the broad marketing by 21.1 percentage points.) Reasons for such optimism include sustainable revenue growth, strong balance sheets and a willingness within the industry to lower costs to offset potentially slowing demand, Chauvet adds. In July the analysts highlighted their buy rating on Switzerland's Cie. Financière Richemont, at Sf50.35, citing the luxury goods maker's balanced brand portfolio, superior distribution model and strong cost-capital discipline. By late December the stock had climbed 42 percent, to Sf71.50. The Citi researchers are "well connected with the big players in Europe, and also have a better understanding and insight into end markets — especially in Asia — than their peers," says one U.K.-based money manager. Chauvet, 35, worked as a retailing adviser at management consulting firm PricewaterhouseCoopers and an auditor at French cosmetics maker L'Oréal before joining Citi in 2005. He holds a master's degree in supply-chain management from Scotland's University of Edinburgh. — Katie Gilbert

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