2021-05-31-德银-dbAccess_Global_Consumer_Conference_358页_3mb

Summary of VIRTUAL dbAccess Global Consumer Conference

Conference Overview

The 18th Annual Global Consumer Conference was held virtually from 7th to 10th June 2021 in Paris. The conference featured a wide range of companies from the consumer staples, luxury, food retail, and apparel sectors. It aimed to provide insights into the post-pandemic recovery, evolving consumer behaviors, and strategic developments across the industry. The compendium included financial information on participating companies and suggested discussion topics for investors.

Key Discussion Areas

Consumer Staples

• Out-of-Home Recovery: Assessing the rebound in consumer spending outside the home.
• Post-Pandemic Behavioral Shifts: Understanding changes in consumer habits and preferences.
• Net Price Increases: Evaluating the ability of manufacturers to pass on rising costs to consumers.
• Market Share Trends: Whether major brands can maintain or expand their market share.
• E-Commerce Gains: The sustainability of e-commerce growth and its impact on margins.
• Top-Line Recovery: Differences in recovery rates between developed and emerging markets.
• Premiumisation vs. Value: Balancing product pricing strategies in response to market dynamics.
• Sustainability Awareness: Increasing consumer focus on sustainable products.
• Health and Wellness vs. Indulgence: Shift in demand between these two categories.
• M&A Activity: Potential for mergers and acquisitions in the sector.

Luxury Goods

• Demand Repatriation: The return of consumer spending to domestic markets, especially in China.
• Mobility and Travel Recovery: Impact of easing restrictions on luxury demand.
• Digital/Omni-Channel Acceleration: Growth in digital and omnichannel sales models.
• Gen Z and Gen Y Influence: Importance of younger generations in shaping the luxury sector.
• ESG Awareness: Heightened focus on environmental, social, and governance issues.
• M&A Opportunities: Potential for further consolidation in the luxury space.

Food Retail

• Sustaining Momentum: How the sector can maintain growth amid strong comparisons and open economies.
• E-Commerce and Home Delivery: Effects on revenue and margin structures.
• Shift to Convenience Stores: Reduction in large out-of-city retail footprints.
• Leveraging Scale: Retailers' strategies to enhance efficiency and profitability.
• Supply Chain and Distribution: Enhancing capabilities to meet evolving consumer needs.
• M&A Appetite: Interest in acquisitions to strengthen market position.

Apparel

• Recovery Names: Companies that are showing signs of recovery after prolonged store closures.
• Margin Recapture and Expansion: Adjusting cost structures to improve profitability.
• Athletic/Athleisure Trends: Sustainability of this trend in 2021 and beyond.
• Long-Term Winners and Losers: Identifying structural winners in the apparel industry.

Presenting Companies

A wide array of companies were presenting at the conference, including:

• Consumer Staples: Accor, Altria, Anheuser-Busch InBev, British American Tobacco, Brown-Forman, Brunello Cucinelli, Casino Guichard Perrachon SA, Church & Dwight, Clorox, Coca-Cola Hellenic, Colgate-Palmolive, Coty, Inc., Danone, Diageo, Edenred, Essity, Fevertree Drinks, Flowers Foods, General Mills, Givaudan, Kellogg Company, McCormick & Company, Inc., Molson Coors, Mondelez International, Newell Brands, Nomad Foods, Novozymes, Pernod Ricard, Philip Morris International, Prada Spa, Remy Cointreau, Royal DSM, Royal Unibrew, Scandinavian Tobacco Group, Sensient Technologies, Skechers USA, Inc., Sprouts Farmers Market, Symrise, The Coca-Cola Company, The Estee Lauder Companies, The Procter & Gamble Company, Tupperware Brands Corp, and Walmart International.

• Companies Not Under DB Coverage: A list of companies not covered by Deutsche Bank.

Analysts Involved

The conference was supported by a team of Deutsche Bank Research Analysts, including:

• Tom Sykes
• Steve Powers
• Faiza Alwy
• Virginie Boucher-Ferte
• Gabriella Carbone
• Adam Cochrane
• Mitch Collett
• Francesca DiPasquantonio
• Gerry Gallagher
• Dan Gianera
• Emmanuel Papadakis, Ph.D., CFA
• Paul Trussell, CFA
• Sameer Kalucha

1-on-1 Meetings

The conference also included 1-on-1 meetings with various companies. Key participants from these meetings included:

• Accor: Jean-Jacques Morin, Carole Delaplace, Pierre-Loup Ettienne
• ADM: Juan Luciano, Vince Macciocchi, Ian Pinner, Vikram Luthar, Michael Cross
• Budweiser Brewing Company APAC: Jan Craps, Heidi Li
• British American Tobacco: Kingsley Wheaton, Jennie Galbraith, David O’Reilly, Mike Nightingale, Victoria Buxton, John Harney, William Houston
• Burberry Group: Julie Brown, Stephanie Crinnegan, Julian Easthope
• Campari Group: Bob Kunze-Concewitz, Paolo Marchesini, Chiara Garavini, Thomas Fahey, Jing He
• Carlsberg: Cees 't Hart, Peter Kondrup, Iben Steiness
• Church & Dwight: Matt Farrell, Rick Dierker, Barry Bruno
• Clorox: Linda Rendle, Kevin Jacobsen, Lisah Burhan, Scott Saul
• Coca-Cola Bottlers Japan Holdings: Calin Dragan, Bjorn Ulgenes, Raymond Shelton, Masaomi Gomi
• Coca-Cola İçecek AS: Burak Basarir, Andriy Avramenko, Cicek Usakligil Ozgunes, Doruk Sazer
• Colgate-Palmolive: Noel Wallace, John Faucher, Hope Spiller, Lauren Kreinik
• Danone: Mathilde Rodie, Salim Rahmani
• Diageo: Ivan Menezes, Lucinda Baker, Harriet Radcliffe, Belinda Brown
• Gap Inc.: Sonia Syngal, Katrina O’Connell, Steve Austenfeld, Nina Bari, Emily Gacka
• General Mills: Jeff Harmening, Dana McNabb, Jeff Siemon
• Givaudan: Gilles Andrier, Pierre Bénaich
• Heineken: Dolf Van den Brink, Federico Castillo Martinez, Janine Ackermann, Robin Achten
• Henkel: Carsten Knobel, Lars Korinth
• Imperial Brands: Stefan Bomhard
• International Flavors & Fragrances: Andreas Fibig, Rustom Jilla, Michael DeVeau, Michael Bender
• JDE Peet's: Fabien Simon, Scott Gray, Robin Jansen
• Kerry Group: Edmond Scanlon
• Kraft Heinz: Chris Jakubik, Andrew Larkin
• LVMH: Chris Hollis, Rodolphe Ozun
• Molson Coors: Gavin Hattersley, Tracey Joubert, Greg Tierney, Traci Mangini, Miranda Hunzinger
• Mondelez: Vinzenz Gruber, Luca Zaramella, Shep Dunlap, Andre Gevargiz
• Nestle: Luca Borlini, John Armstrong, Sophie Pugh
• Newell Brands: Ravi Saligram, Chris Peterson, Sofya Tsinis, Olivia Webb
• Pernod Ricard: Alexandre Ricard, Helene de Tissot, Julia Massies, Charly Montet
• Philip Morris International: Emmanuel Babeau, James Bushnell, Devin Carey, Nicholas Rolli, Debbie Purvis, Yvan Kirassian
• Prada Spa: Alessandra Cozzani
• Reckitt: Laxman Narasimhan, Jeff Carr, Simon Whittington, Sandra Moura
• Royal DSM: Geraldine Matchett, Dave Huizing
• Royal Unibrew: Lars Jensen, Lars Vestergaard
• Scandinavian Tobacco Group: Niels Frederiksen, Marianne Rørslev Bock, Torben Sand
• Skechers USA, Inc.: John Vandemore
• Sodexo SA: Virginia Jeanson, Sarah Jamali Klein
• Tate & Lyle PLC: Christopher Marsh, Archi Ouddus
• The Coca-Cola Company: John Murphy, Manolo Arroyo
• The Estee Lauder Companies: Fabrizio Freda
• The Procter & Gamble Company: Jon Moeller
• Tupperware Brands Corp: Sandra Harris
• Under Armour, Inc.: Patrik Frisk
• Unilever Plc: Alan Jope, Sanjiv Mehta, Richard Williams, Clio Adam, Katie Close, Julia Eisenstadt, Maria Snowden, Max Bridge
• Walmart International: Judith McKenna, Amanda Whalen, Michael Brigance, Daniel Binder

Notes

• The agenda was subject to change and provided on 27th May 2021.
• The conference focused on key themes such as post-pandemic recovery, digital transformation, sustainability, and M&A opportunities.
• Companies were presenting on various topics, including financial performance, market trends, and strategic initiatives.