Coronavirus' Impact on Consumer Spending
Can e-commerce offset lower foot traffic?
Jelena Sokolova
Jelena Sokolova is a senior equity analyst for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. Based in Amsterdam, she covers the consumer discretionary/luxury goods sector.
Before joining Morningstar in 2016, Sokolova worked as a senior equity analyst at CE Asset Management in Zurich covering European large caps.
Sokolova has a master’s degree in international business from Riga International School of Economics and Business Administration (RISEBA). She holds the Chartered Financial Analyst® designation.
Latest
Coronavirus: No Effect on Luxury Sector Forecasts
With many luxury stocks trading close to record high multiples, we don’t see many compelling investment opportunities in the sector.
Raising Tiffany's Fair Value Estimate After Bid by LVMH
The transaction is expected to close in the middle of 2020 after approvals of Tiffany's shareholders and regulatory bodies.
LVMH's Tiffany Bid Makes Strategic Sense
We are maintaining our fair value estimates for the wide-moat firms as we await details on pricing.
Farfetch Well Placed as Online Luxury Takes Off
However, we lack confidence in the sustainability of its economic profits.
Luxury Sector Looks a Little Less Rich
Concerns over the health of Chinese consumers has led to a sell-off.
Tiffany Results Strong Across Regions and Categories
Upcoming operational improvement and brand quality are more than priced into the wide-moat firm's share price.
Signet Relatively Well-Positioned
The mid-priced jewelry player is poised to weather the current industry headwinds better than its smaller peers.
Can New CEO Boost Tiffany’s Sales?
Industry insider Alessandro Bogliolo most recently held the top position at privately owned Diesel, where he initiated a turnaround strategy aimed at preserving the brand’s luxury positioning.
Lowering Fair Value Estimate on Signet Jewelers
While we still think the company will be able to gain share from independents, we reflect lower near-term industry growth and a smaller scope for share gains in our forecasts.
Tiffany's Manager Turnover Is Disturbing
The short tenure of executives at the wide-moat firm is affecting management’s ability to focus on running the business for the long term.
Luxottica-Essilor Merger to Create Eye-Care Giant
We are leaving our moat ratings and individual valuations unchanged, with both stocks trading in line with our fair value estimates.