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Ed Aubin

Managing Director and Senior Equity Analyst at Morgan Stanley

Edouard Aubin is a Managing Director and Senior Equity Analyst at Morgan Stanley, specializing in European retail and luxury goods sector research. He covers companies such as LVMH (FR:MC), Kering (FR:KER), Compagnie Financiere Richemont (CH:CFR), and Birkenstock Holding (BIRK), with a TipRanks success rate of 43% across 76 ratings and an average return of +0.90%, including a standout +90.10% return on his Buy rating for Richemont. Aubin joined Morgan Stanley's Morgan Stanley & Co. International Plc in 2009, following roles as a Senior Analyst at Deutsche Bank Securities from 2003 to 2006 and Analyst at Amber Capital LP from 2006 to 2008. His achievements include leading Morgan Stanley to the No. 1 ranking in Retailing/Food & Drug Chains by Institutional Investor in 2014.

Ed Aubin's questions to Birkenstock Holding (BIRK) leadership

Question · Q1 2026

Ed Aubin inquired about the trend in the number of B2B doors and accounts in the U.S. and Europe since the IPO, and requested a rough breakdown of Birkenstock's U.S. distribution by channel, such as department stores, mass merchants, and family channels, to understand the wholesale strategy.

Answer

CFO Ivica Krolo noted a trend towards in-person shopping favoring the B2B channel, with strong sell-throughs (over 30%) at top 10 strategic partners in the U.S., including department stores and sports specialty. VP of Global Finance Alexander Hoff added that Americas has approximately 10,000 B2B doors and EMEA about 9,000. He identified around 600 potential new doors in the U.S. and 1,400 in EMEA, targeted for expansionary categories like youth and sports specialty. He clarified that since the IPO, B2B door growth has been low single-digit, with 90-95% of growth coming from existing doors.

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