Consumer
Croda (CRDA / CRDA.L): Part 2
Croda's Life Sciences business is a picks and shovels way to benefit from multi-decade growth runway of biologic drugs
Consumer
I focus on many consumer businesses but spend a disproportionate amount of time on luxury. The Luxury Flywheel is one of the most powerful forces in capitalism. My view is that, current cyclical issues aside, the luxury industry is structurally more attractive today than 15 years ago.
Harder, Better, Faster, Stronger
Croda (CRDA / CRDA.L): Part 1
Croda is an interesting business to understand because their business model helps explain some of the long-term disruptions happening in the beauty industry.
Primers
The Beauty Flywheel is Broken
The traditional "big beauty" model is facing several structural headwinds and while I expect big beauty brands like L'Oréal and Estée Lauder to amply navigate these headwinds, their best days are behind them.
Consumer
The Luxury Flywheel: Part 3
An overview of China's rise, the GFC, China's dominance and the Chinese corruption crackdown.
Consumer
The Luxury Flywheel: Part 2
A deep dive on luxury's emergence from serving Europe's ultra wealthy to Japan's boom and bust. This article sets the stage to better understand China as luxury's key market and growth driver.
Consumer
The Luxury Flywheel: Part 1
In this post, I describe the luxury flywheel and the 5Ps of luxury.