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$ELF (+0.19%)
$OR (-0.01%)

Hello my dears,

As an Elf Beauty investor, I hope that a lot of money has flowed into Elf's sales.

But given the large sum involved, I fear that Loreal was able to profit here.

Taxpayers are paying for the federal government's make-up costs. According to a media report, there are now some figures on the balance sheet of the traffic light and the red-green minority government.

According to a media report, the traffic light government spent at least 538,000 euros on make-up between the beginning of 2022 and the end of 2024. However, as "Bild" reported, citing government figures, this calculation did not include the styling costs incurred between May and December 2024 for former Foreign Minister Annalena Baerbock and her team at the Federal Foreign Office.

Under the red-green minority government, at least another 49,646 euros were added between the beginning of January 2025 and the end of March 2025, according to the report.

According to the report, Baerbock and her department also spent a particularly large amount of money on make-up during these three months. They would have spent a total of 20,849 euros on make-up in these three months. That's 7440 euros a month. According to Bild, former Chancellor Olaf Scholz and the Chancellery spent 13,015 euros.

Otherwise, the female ex-ministers and their departments are far ahead. Lisa Paus (Greens) and the Ministry of Family Affairs contributed costs of 4287 euros, the Ministry of the Interior led by ex-minister Nancy Faeser (SPD) 3737 euros and the Ministry of the Environment led by ex-minister Steffi Lemke (Greens) 3554 euros. Bringing up the rear were the Ministry of Construction (1999 euros), which was led by Klara Geywitz (SPD) at the time, and the Ministry of Economic Affairs (598 euros) with Robert Habeck (Greens) at the helm at the time.

None of the other ministries provided any information, which is why the total costs are not complete. Costs for hairstyling, clothing and photographers are not included, it is further stated.

Merkel spent 3000 euros a month on a stylist

By way of comparison, while Baerbock and her team invested around €7440 per month in make-up in 2025, former Federal Chancellor Angela Merkel, for example, had accumulated costs of around €3000 per month for the federal government after leaving office in 2023 - not only for make-up, but also for her hairstyle, mind you. This also included the hotel and travel costs of her stylist.

The Taxpayers' Association had massively criticized the rising costs of top politicians' appearances in the past. In 2023, President Reiner Holznagel said that taxpayers could not be expected to pay for politicians' make-up artists and hairstylists.

And it is not only make-up costs that cost taxpayers a lot of money, but also photographers. At state level, for example, the Bavarian state government led by Minister President Markus Söder (CSU) has recently attracted particular attention. Under him, the costs for photographers had multiplied compared to his predecessor Horst Seehofer, reported Der Spiegel in 2023.

In the first four months of the year alone, the State Chancellery reportedly spent around 75,000 euros - and that was just for freelance photographers. A permanently employed photographer was also on the pay slip, it said. In 2022, Söder spent around 220,000 euros, more than twenty times as much as Seehofer, said former SPD parliamentary group leader Florian von Brunn at the time. (Tsp)

https://www.tagesspiegel.de/politik/baerbock-ganz-vorn-habeck-ganz-hinten-hunderttausende-euro-gab-die-ampel-furs-make-up-aus-14048525.html

$ULTA (+0.01%)

• Revenue: USD 2.85 billion (estimated USD 2.79 billion) ✅ +4.5% year-on-year
• Earnings per share: USD 6.70 (estimated USD 5.75) ✅
• Comparable sales: +2.9 % (compared to +1.6 % year-on-year)
• Gross margin: 39.1 % (compared to 39.2 % in the previous year)
• Inventory: USD 2.1 billion (+11.3% year-on-year)

Guidelines for the 2025 financial year:

• Sales: USD 11.5-11.7 bn (previously: USD 11.5-11.6 bn | estimate USD 11.58 bn)
• Earnings per share: USD 22.65-23.20 (previously: USD 22.50-22.90 | estimate USD 24.07)
• Comparable sales: 0 % to +1.5 % (previously: 0 % to +1 %)
• Operating margin: 11.7-11.8% (no change)
• Share buybacks: ~USD 900m (no change)
• New stores: ~60 | Conversions/relocations: 40-45
• Capital expenditure: USD 425-500m
• Tax rate: ~24.5
• Depreciation/amortization: USD 290-300m

Other key figures for the first quarter:

• Operating profit margin: 14.1 % (compared to 14.7 % in the previous year)
• Net income: USD 305.1 million (compared to USD 313.1 million in the previous year)
• Selling and administrative expenses: USD 710.6 million (increase of 6.7% compared to the previous year)
• Store space: 6 new stores opened; now 1,451 in total
• Share buybacks: USD 358.7 million repurchased in the 1st quarter
• Cash and cash equivalents: USD 454.6 million

Management:

• CEO: "The start to the 2025 financial year is encouraging thanks to the success of our Ulta Beauty Unleashed program. However, the outlook reflects the uncertainty regarding consumer demand. We remain focused and flexible."

$ELF (+0.19%)
$EL (+1.62%)
$OR (-0.01%)

$EL (+1.62%)

Hello everyone, I have 35 Estee Lauders$EL (+1.62%) in the portfolio and recently bought more. Am now 20% in the red? Because of the high level of debt, I am considering selling and switching to L'Oreal $OR (-0.01%) and switch to L'Oreal. From the chart, Estee looks like it has greater potential, but L'Oreal is much less indebted and has cash if things get rough over the next few months/years. What do you think?

Hermes $RMS (+0.55%) (very expensive 🤑 )

Ferrari $RACE (-1.05%)

Lululemon $LULU (+0.1%)

Just do it $NKE (+0.36%) (supposedly cheap at the moment, please do not reach into the falling knife)

Booking $BKNG (+0.23%)

Marriott $MAR (-0.29%)

Ulta Beaty $ULTA (+0.01%) and/or L'Oreal $OR (-0.01%) (much more expensive)

Mercadolibre $MELI (+1.21%)

Texas Roadhouse $TXRH (+0.21%)

Chipotle $CMG (+0.05%)

Fast Retailing $9983 (+3.15%)
(doesn't fit with the others on the list but I could imagine it as a speculative stock)

"Everything" very expensive, luxury.

I would be interested to know what your favorites are for a long-term investment?

Last week, L'Oreal ($OR (-0.01%) ) held its analyst conference on its latest annual results. L'Oréal is presented as the world's leading beauty company, outperforming the market with its broad portfolio of 37 global brands.

Nicolas Hieronimus presented L'Oréal as the world leader in beauty with sales of over sales of over 43 billion euros and a profit of 6.4 billion euros. The company sells more than 7 billion products in 150 countries and employs over 90,000 people. Its current market capitalization is 180 billion euros. L'Oréal focuses exclusively on the beauty sector, particularly on value-adding categories.

The largest category in the portfolio is skin care, followed by hair care, make-up and fragrances. L'Oréal is continuously expanding its brand portfolio, for example through the acquisition of Aesop and Dr. G as well as new license agreements with Miu Miu and Jacquemus. Among the 37 brands are 18 American brands, including Maybelline, Ralph Lauren Fragrances and Kiehl's. Several of the company's brands, the so-called "Billionaire Brands", generate sales of over one billion euros.

L'Oréal is divided into four divisions: Consumer Products, Luxury, Professional Products and Dermatological Beauty. Each division addresses consumers in a different way.

The Consumer Products Division has sales of 16 billion euros and an operating margin of 21 %. Its aim is to reach as many people as possible while creating added value5. This division reaches 1.1 billion consumers.

L'Oréal Luxe is the world's leading provider of luxury cosmetics with sales of 15.6 billion euros5. This division has the largest number of brands to meet the specific expectations of luxury. L'Oréal Luxe is the number one in fragrances and has also overtaken Estée Lauder in North America.

The Professional Division has a turnover of 5 billion euros and is the oldest division. It serves 400,000 salons and 3 million independent stylists7 Redken is the number one hair care brand in the USA.

The division Dermatological Beauty division focuses on safe and healthy beauty products and generates sales of 7 billion euros. La Roche-Posay, Vichy and CeraVe are among the most prescribed brands by dermatologists worldwide. La Roche-Posay is the number three and CeraVe the number five skincare brand worldwide. CeraVe was acquired in the USA a few years ago for 140 million euros and is now the number one skincare brand on Amazon.

L'Oréal pays attention to a balanced regional distribution. Europe is the largest market with 32%, followed by North America, North Asia (of which China accounts for 17%) and the emerging markets with 17%.

In 2024, L'Oréal outperformed the market with growth of 5.1 %. The main growth drivers were Fragrances and hair care. The company outperformed the market in three out of four divisions, with the Consumer Products Division falling short of expectations. The market was outperformed in most regions, with the exception of North Asia, where growth was impacted by the situation in China. China's share of sales fell from 23% in 2022 to 17%. The emerging markets contributed 36% to growth and now account for 16% of sales.

Despite the challenges, L'Oréal was able to increase its profitability. The gross margin improved to 74.2 % and operating costs were controlled. Investments in the brand were increased and the operating margin reached 20 %. The dividend is set to rise to 7 euros per share in 2024, which corresponds to an increase of 6.1 %.

For 2025, L'Oréal expects the beauty market to grow by 4 % to 5.5 % and plans to outperform this market again. The company is focusing on a "beauty stimulus plan" with additional product launches and innovations. One important instrument is BETiq, an AI-supported tool for optimizing media allocation.

L'Oréal continues to invest in research and development (R&D) and spent 1.4 billion euros last year. The company is increasingly focusing on partnerships with start-ups and universities and is using AI to support research.

Further investments are being made in the harmonization of IT systems and operational resilience.

L'Oréal wants to conquer new territories, including the USA, emerging markets and new consumer groups. The company sees great growth potential in the USA due to demographic change and the multiracial population. The emerging markets also offer opportunities as more and more people can afford L'Oréal products.

Particular attention is being paid to new consumer groups, including Generation Z, men and the 60-plus generation. Men already account for a quarter of global beauty consumption and the older generation represents a significant proportion of demand in developed markets.

Important questions were also addressed in the subsequent Q&A session:

When asked about the most exciting developments in the beauty market, Nicolas Hieronimus replied that he was particularly excited about the growth of the middle class in emerging markets. He also mentioned the opportunities presented by men and the older generation, as well as the new possibilities offered by technology, particularly in the field of research.

David Greenberg commented on the US market and emphasized the importance of the omnichannel approach. He pointed out that L'Oréal was one of the first to adapt to the change in consumption. Despite the competition, he was optimistic as L'Oréal has a strong innovation pipeline and a broad brand portfolio.

Robert Ottenstein from Evercore ISI asked about China and travel retail in North Asia. He wanted to know which changes are cyclical and which are structural. Nicolas Hieronimus replied that the lack of confidence among Chinese consumers is currently a cyclical problem. Structurally, however, the increasing local competition had to be taken into account.

To summarize, L'Oréal had a successful year in 2024 and is well positioned to grow in the future. The company is focusing on scientific innovation, AI and tapping into new markets and consumer groups

$ELF (+0.19%)

Short interest still at 12%

$ULTA (+0.01%)
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