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    Erwan Rambourg • HSBC

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

    Erwan Rambourg's questions to Birkenstock Holding PLC (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 PLC (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 PLC (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 Group SA (SMSEY) leadership

    Erwan Rambourg's questions to Samsonite Group SA (SMSEY) leadership • Q1 2025

    Question

    Erwan Rambourg asked for clarification on the Q2 outlook, questioning an apparent contradiction between commentary suggesting improvement and the guidance for Q2 to be in line with Q1. He also inquired about the sales-to-travel correlation and sought specifics on pricing actions taken to mitigate tariffs.

    Answer

    Executive Kyle Gendreau clarified that on a blended basis, Q2's performance will look similar to Q1's, as slight improvements in some regions are not enough to significantly alter the consolidated outlook. He affirmed the long-term correlation between sales and travel remains strong, with current softness stemming from consumer sentiment. Regarding pricing, Gendreau stated that actions are being taken, primarily in the U.S., to offset tariff costs but declined to provide specific figures due to the fluid situation.

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