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    Erwan Rambourg

    Research Analyst at HSBC

    Erwan Rambourg is the Global Head of Consumer & Retail Equity Research at HSBC, specializing in luxury and sporting goods sectors with in-depth coverage of leading global consumer companies. He currently covers 27 stocks and maintains a 65% success rate on his investment ratings, generating an average annual return of 9.9% and ranking among the top 20% of Wall Street analysts on platforms like TipRanks. With a marketing background at LVMH and Richemont, Rambourg began his finance career over a decade ago and joined HSBC after his tenure in the luxury goods industry, becoming widely recognized for his market insights and authorship of key industry books. He regularly appears in major financial publications and is regarded as a highly influential analyst within the consumer and retail investment community, holding established professional credentials.

    Erwan Rambourg's questions to Birkenstock Holding (BIRK) leadership

    Erwan Rambourg's questions to Birkenstock Holding (BIRK) leadership • Q2 2025

    Question

    Erwan Rambourg posed a philosophical question about the company's '20-60-30' financial framework, asking if there was an opportunity to reinvest excess margin to accelerate growth, and whether the current higher margin is sustainable.

    Answer

    CEO Oliver Reichert affirmed that the company is prepared to invest to seize opportunities for market share and retail expansion, keeping 'powder dry' for such moments. He believes the current growth rate in APAC is appropriate for sustainable development. Executive Megan Kulick added that the current margin strength is not a one-off and expects further gross margin tailwinds next year from facility absorption.

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    Erwan Rambourg's questions to Birkenstock Holding (BIRK) leadership • Q1 2025

    Question

    Erwan Rambourg from HSBC asked about the future trajectory of the closed-toe shoe business mix for the full year and its ASP relative to the average. He also questioned how much more space wholesale partners can accommodate and if new partners will eventually be needed.

    Answer

    President, EMEA Nico Bouyakhf noted that while closed-toe penetration was high in Q1 due to seasonality, the open-toe business is also growing double-digits. He highlighted that closed-toe shoes, like boots at a €200 price point, carry a much higher ASP than sandals. Management did not directly address the need for new wholesale partners, reinforcing the current strategy of growing with existing ones.

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    Erwan Rambourg's questions to Birkenstock Holding (BIRK) leadership • Q4 2024

    Question

    Erwan Rambourg asked about the P&L implications of the growing APAC region, the rationale behind the segment reporting change from APMA to APAC and EMEA, and for clarification on the definition of the China market.

    Answer

    Alexander Hoff, VP of Global Finance, explained that while new market entries in APAC may initially have lower profitability, the region is not expected to create margin pressure in the long term due to strong pricing in developed markets. An executive added that the segment realignment was driven by operational advantages and structural similarities between the regrouped regions. The question on the definition of China was not answered before the next question.

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    Erwan Rambourg's questions to Samsonite International SA/ADR (SMSEY) leadership

    Erwan Rambourg's questions to Samsonite International SA/ADR (SMSEY) leadership • Q1 2025

    Question

    Erwan Rambourg of HSBC asked for clarification on the Q2 outlook, questioning why it would be similar to Q1 despite some positive regional trends. He also inquired about the ongoing correlation between sales and travel trends, and sought specifics on the scope and scale of price increases being implemented to mitigate tariff impacts.

    Answer

    Executive Kyle Gendreau clarified that while there are 'slight green shoots' in Asia and a rebound in Latin America, the overall blended Q2 outlook remains similar to Q1's performance. He affirmed the long-term correlation with travel remains intact, attributing the current softness to consumer sentiment rather than a broken trend. Regarding pricing, Gendreau stated that actions are fluid, primarily U.S.-focused to offset tariff costs, and declined to provide specific figures due to the evolving situation.

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