E55: In the Lap of Luxury
KEY TAKEAWAYS
- Market Correction: The luxury market has slowed due to economic pressures and excessive price hikes, but is showing early signs of stabilization
- Geographic Divergence: The Chinese market is structurally weakening, while the U.S. market shows surprising resilience and potential for future growth
- Resilient Categories: Fine jewelry, "quiet luxury" (high-end craftsmanship) and affordable luxury brands are outperforming weaker segments like handbags
Elise Badoy, Citi's Head of EMEA Equity Research, and Thomas Chauvet, Global Consumer Discretionary and Luxury Goods, talk all things luxury. Their conversation ranges from key drivers and specific geographies to the performance of various luxury-goods categories and potential catalysts they see ahead.
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Elise Badoy, Head of EMEA Equity, Citi Research
Elise Badoy is a Managing Director and Head of Equity Research in EMEA. Elise joined Citi in February 2010 and is a member of the Global Research Executive Committee. Prior to Citi, Elise worked at Goldman Sachs from 1999 to 2009, initially on the buy-side at GSAM and from 2001 in GS's Global Investment Research division covering the Consumer Staples sector. Prior to joining Goldman Sachs, she worked at Daiwa Securities in Equity Capital Markets and at ING Barings in Investment Banking.
Thomas Chauvet, Head of Global Consumer Discretionary and Luxury Goods, Citi Research
Thomas Chauvet is a Managing Director at Citi, covering the Luxury Goods sector for Citi Research and heading Citi Research’s global consumer discretionary pod. Thomas joined the firm in 2005 from L'Oreal, where he worked as an internal auditor. Before joining L'Oreal, he spent three years in audit and business advisory at PricewaterhouseCoopers in Paris within the retail and consumer goods practice.
