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This week, the quarterly results of the biggest luxury brands were published. Ferrari, Hugo Boss, and Estée Lauder all performed better than expected, with earnings beating expectations.
Ferrari : a promising start to the year
Ferrari achieved 1.01 billion euros in sales in the first quarter of 2021, an increase of 8.5% compared to a decline of 8.1% in 2020 to 3.46 billion euros. The brand made a net profit of 206 million euros, up 24%, while the order book has continued to grow, with an increase of more than 20% according to John Elkann, Ferrari’s president.
The good sales in the first quarter of 2021 are due to the SF90 Stradale with plug-in hybrid engine, but also to the Monza. John Elkann, who is also chairman of the board of Stellantis, believes that “this strong start to the year is promising for the rest of 2021, demonstrating the resilience of our business model”.
However, the Italian brand has had to revise its targets for 2022 downwards. “The prudent measures we took in 2020 and are continuing in 2021 to adjust our spending in response to the Covid-19 pandemic will postpone the achievement of our forecast for the end of 2022 by one year,” the chairman confided. Ferrari’s forecast figure of around 5 billion euros at the end of 2022 will therefore be readjusted.
Hugo Boss : growth despite the boycott
The figures for the German fashion house Hugo Boss were also unveiled on Wednesday 5 May, and highlight more promising results than expected, driven by the dynamics of its business in China and a strong increase in its Internet sales.
Quarterly turnover fell by 10% to 497 million euros. The brand posted an operating profit of 1 million euros, exceeding analysts’ expectations of 442 million euros and a loss of 28 million.
The group saw its first quarter sales almost double in mainland China, despite calls for a boycott of Western brands at the end of March, following accusations of forced labour by Uighurs in Xinjiang. Despite the repercussions of this affair, Hugo Boss is not weakening and expects constant growth in sales in this area of China.
Online sales have benefited from these times of generalized confinement in the world: 72% increase over the quarter. Nevertheless, analysts highlight the dynamism in the casual clothing category, a segment in which the company intends to develop.
Estée Lauder : good figures despite industry downturn
The cosmetics group’s sales reached 3.86 billion dollars, an increase of 16%, while the consensus was for 3.94 billion. For 2021, sales are now expected to increase by 11% to 12% year-on-year.
The company expects revenue to grow by 9% to 10%, with a focus on greater investment in advertising, online sales and supply chain improvements.
Estée Lauder reported a profit in the third quarter of its fiscal 2021 off-year of $456 million, or $1.24 per share, after a loss of $6 million, or 2 cents per share, a year earlier.
“Our skin care products and fragrances have been incredible growth drivers,” said Fabrizio Freda, Ester Lauder’s CEO.
Skincare sales rose 31% to 2.25 billion dollars, while make-up fell another 11% to $1 billion
“Specifically, demand for make-up continues to be weak given the fewer opportunities to use make-up, while other product categories have held up better,” the group adds. In Asia alone, make-up sales “grew slightly, reflecting the more advanced recovery in this region, particularly in China where opportunities to use make-up are increasing,” the group said.
By region, Asia led the sales increase (+35%) to USD 1.25 billion. Europe, Africa and the Middle East posted a 12% increase in sales to USD 1.7 billion. In North America, the increase was only 3% to USD 916 million.
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This week, the quarterly results of the biggest luxury brands were published. Ferrari, Hugo Boss, and Estée Lauder all performed better than expected, with earnings beating expectations.
Ferrari : a promising start to the year
Ferrari achieved 1.01 billion euros in sales in the first quarter of 2021, an increase of 8.5% compared to a decline of 8.1% in 2020 to 3.46 billion euros. The brand made a net profit of 206 million euros, up 24%, while the order book has continued to grow, with an increase of more than 20% according to John Elkann, Ferrari’s president.
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This week, the quarterly results of the biggest luxury brands were published. Ferrari, Hugo Boss, and Estée Lauder all performed better than expected, with earnings beating expectations.
Ferrari : a promising start to the year
Ferrari achieved 1.01 billion euros in sales in the first quarter of 2021, an increase of 8.5% compared to a decline of 8.1% in 2020 to 3.46 billion euros. The brand made a net profit of 206 million euros, up 24%, while the order book has continued to grow, with an increase of more than 20% according to John Elkann, Ferrari’s president.
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