Feb 7, 2023
Opportunities in luxury retail: Three hot picks from John San Marco
While the average consumer is depleting savings, luxury retail stocks are poised to boom: Hot picks
One portfolio manager sees opportunities in the luxury retail space as high-income consumers continue to enjoy excess savings.
Speaking with BNN Bloomberg's Amber Kanwar on Friday, John San Marco, a portfolio manager at Neuberger Berman, said that the data his organization tracks points to two “contradictory places.”
“On one hand, the middle-income consumer and the low-income consumer are just about to deplete all [of] their excess savings. So they're really looking to stretch their dollar,” San Marco said.
“But on the other hand, the high-end consumer, where most of the remaining excess savings are concentrated, [are in] pretty good shape.”
San Marco said there are a lot of companies in the luxury retail industry that he likes, but he recommends Moncler S.p.A. (MONC), Farfetch Ltd. (FTCH) and Aritzia LP. (ATZ) as his three top picks.
He said he has no personal ownership of any of the three securities mentioned, however, his firm owns all three in the Neuberger Berman Connected Consumer ETF fund.
Check out the full video at the top of the article to learn more.