Douglas - comment

The German perfume and cosmetics retailer today announced the cornerstones of its new strategy under CEO van der Laan. As expected, it is more about efficiency and cost and about building out more of what Douglas are already doing than it is about opening a new equity story for Douglas. The company has announced a sales target of €5bn for 2026, which compares to €3.7bn LTM and €4.4bn in our projections through 2024. While that is good nominal growth, we feel a little bit underwhelmed and wonder how it’s exciting enough to bring a profitable IPO underway.