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Executive Summary
During the first half of 2025, revenue is up +10% on a constant currency basis; +8% reported.
By geography, US increased by +20%; the UK by +2%.
Watches and jewellery are growing at +10% YoY.
I suspect a majority of the revenue growth came from the impact of Tariffs (i.e., consumers are paying the tariffs).
EBIT remained flat; margin decreased by -50 bps. This raises the key question: what is the real impact from tariffs?
Overall, results seem good; however, there are many things that need to be explained. I suspect revenue growth mainly came from tariffs (i.e., customers are the ones paying the tariffs), as EBIT remained stable YoY.
The math seems simple:
