This Luxury Compounder Is The Cheapest Its Been In A Decade

Good morning.

For years, this luxury compounder has quietly outperformed flashier rivals, growing revenues, adding brands, and expanding margins with an asset-light model the market still doesn’t fully appreciate.

Now, after a rare guidance wobble and temporary external pressures, the stock is trading at its cheapest in a decade. Behind the short-term noise sits a business with pricing power, a strong pipeline, and a clear path to margin recovery.

This is a founder-led business, US listed with a clean balance sheet. We think this is a solid opportunity to consider as we head into 2026.

Let’s dig in…