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    Louise Singlehurst

    Managing Director and Senior Equity Analyst at Goldman Sachs

    Louise Singlehurst is a Managing Director and Senior Equity Analyst at Goldman Sachs, specializing in European luxury and branded consumer sectors. She provides coverage on major companies such as Moncler, Birkenstock Holding, Ermenegildo Zegna, Ferragamo, and Burberry, and has delivered actionable investment recommendations—such as upgrades or downgrades—resulting in significant return differentials, including a 104% gain on Zegna and double-digit percentage price move calls on Birkenstock. Singlehurst began her analyst career in the early 2000s, joining Goldman Sachs in London and has since become a leading voice in luxury goods equity research; she is regularly cited in official investor relations materials and client-facing reports. She is professionally registered in the UK, holding relevant securities licenses, and is recognized for her rigorous fundamental analysis and consistently high standing among institutional clients.

    Louise Singlehurst's questions to Birkenstock Holding (BIRK) leadership

    Louise Singlehurst's questions to Birkenstock Holding (BIRK) leadership • Q1 2025

    Question

    Louise Singlehurst of Goldman Sachs asked about the impact of new product launches on price mix and whether these new products are primarily attracting new customers or expanding the purchases of existing loyal customers.

    Answer

    President, EMEA Nico Bouyakhf explained that the company is seeing record performance in expansionary categories like shoes, with boots selling at a €200 price point. The strategy involves launching new, higher-priced styles in the D2C channel to loyal customers first, then leveraging that success to drive adoption and order growth in the B2B channel, which helps acquire new customers and drive market penetration.

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    Louise Singlehurst's questions to Ermenegildo Zegna (ZGN) leadership

    Louise Singlehurst's questions to Ermenegildo Zegna (ZGN) leadership • Q1 2024

    Question

    Louise Singlehurst of Goldman Sachs asked for confirmation of the company's medium-term outlook, including the above 10% sales CAGR and 20% EBIT CAGR. She also inquired about the potential margin implications for the Zegna brand in the first half, given the negative performance and tough comparisons in China.

    Answer

    Group COO and CFO Gianluca Tagliabue confirmed that the medium-term outlook disclosed in New York remains unchanged. In response to the China margin question, he stated that the company is taking action to protect the bottom line by controlling discretionary operating expenses, while not compromising long-term brand health initiatives like the major event in Shanghai. Group CEO Gildo Zegna added that careful inventory management, enabled by their integrated supply chain, is another key lever being used to navigate the current market softness.

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    Louise Singlehurst's questions to Kering (PPRUY) leadership

    Louise Singlehurst's questions to Kering (PPRUY) leadership • Q2 2023

    Question

    Louise Singlehurst asked if there were any underestimated operational issues at Gucci that necessitated the management change. She also questioned if current investment levels at Gucci were intended to smooth the margin profile into next year and inquired about the timing of the Valentino deal.

    Answer

    Chairman and CEO François-Henri Pinault responded that while Gucci's team is strong, there is room to improve product quality and supply chain agility, but the immediate focus is amplifying the new aesthetic. CFO Jean-Marc Duplaix reiterated that Kering will invest in Gucci as needed for long-term health, even if it impacts short-term margins. Pinault explained the Valentino deal came together quickly from recent discussions built on long-standing industry relationships.

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    Louise Singlehurst's questions to Kering (PPRUY) leadership • Q4 2022

    Question

    Louise Singlehurst asked about potential further personnel changes in Gucci's design studio following the creative director transition and requested a breakdown of the increased investment spend, including underlying OpEx inflation for 2023.

    Answer

    François-Henri Pinault (Chairman and CEO) stated that no major structural changes are planned for Gucci's studio, as the supporting organization is already in place, though they will reinforce talent as needed with the new director. Jean-Marc Duplaix (CFO) explained that the bulk of OpEx growth occurred in H1 2022 and projected a more moderate mid-single-digit increase for 2023, balanced by a search for efficiencies.

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    Louise Singlehurst's questions to Kering (PPRUY) leadership • Q2 2022

    Question

    Louise Singlehurst asked about the underlying consumer sentiment in the U.S. and its potential impact on Q3, as well as Gucci's return to the full fashion calendar, its focus on evergreen products, and any associated marketing spend increases.

    Answer

    CFO Jean-Marc Duplaix stated that U.S. market trends remain consistent with Q1 on a three-year stack basis, with no slowdown detected and strong spending from American tourists in Europe. He confirmed Gucci is back to a full fashion calendar and is balancing evergreen collections with newness to elevate the brand's average selling price. Mr. Duplaix noted that H2 marketing spend will normalize to be more comparable to H2 2021 levels after a step-up in H1 2022.

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    Louise Singlehurst's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership

    Louise Singlehurst's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • Q4 2023

    Question

    Louise Singlehurst from Goldman Sachs asked for a reflection on the Jewellery Maisons' performance over the past decade against long-term plans and whether that level of growth could be replicated. She also inquired if the segment's 35% operating margin is sustainable for the next decade given the business's scale and channel mix changes.

    Answer

    Chairman Johann Rupert reflected on the long-term success of Cartier and Van Cleef & Arpels, attributing it to consistently maintaining high brand equity, desirability, and pure brand DNA. He expressed confidence in future growth by staying true to each Maison's culture and avoiding short-term greed. On the topic of future margins, Rupert humorously declined to provide a specific forecast, emphasizing that the company's focus is on long-term sustainable management rather than committing to fixed margin targets.

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