Consumer durables: Emerging Markets: Are adidas, SEB and Luxottica “safe-havens” in 2016?

Beyond Essilor (our Top Picks for Q1), three other stocks in our Consumer Goods coverage continue to beat the DJ Stoxx 600 Consumer Goods so far after a robust outperformance in 2015: (i) adidas (+7.5% ytd and +39% in 2015), (ii) Groupe SEB (flat vs. the index and +37%) and (iii) Luxottica (+1% and +16%) thanks to the ongoing momentum fuelled, in particular, by emerging markets. In our view, most EMs should remain growth drivers for these three groups and therefore be a key differentiating factor within a context of growing concerns about these countries.

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