Capri Holdings: More pressure on Michael Kors to deliver a turnaround after Versace sales; Michael Kors has been slow to respond to trends, but there are opportunities in Asia outside the North American market. LSEG hit by Anthropic’s launch: proprietary data is difficult to replicate via AI alone; pricing power may shift from platforms to data. UBS: Credit Suisse integration continues to move at pace; the regulatory environment remains hazy. Carlsberg: Competition is intensifying, and the departure of San Miguel is accelerating the push for Britvic to fill capacity. Disney’s new CEO, Josh D’Amaro: A parks-focused business wouldn’t be great for the multiple; despite D’Amaro’s strengths, this is far from the radical change Disney needed. Under Armour: Turnaround remains challenging, particularly in North America; premiumisation efforts are hindered by heavy reliance on outlet stores and lingering brand-perception issues. Estee Lauder: Pivot to Amazon and TikTok and reduce reliance on US department stores; divestment of underperforming brands is crucial.


After interviewing a number of executives in the fashion space, Patrick Ricciardi, analyst at Third Bridge made a series of remarks regarding Capri Holdings, informed by insights from industry experts:

The sale of Versace removes a brand that failed to generate returns despite heavy investment. Our experts say that while the move simplifies the group, it reduces portfolio diversification and weakens Capri’s ambition to operate as a multi-brand luxury house, leaving greater pressure on Michael Kors to deliver a turnaround.

Michael Kors appears relatively well positioned to navigate the current tariff environment, our experts say, thanks to years of investment in a diversified manufacturing footprint. The brand has production spread across Asia, Europe and parts of South America, which gives it more flexibility than peers that rely heavily on a single sourcing region.

While the US remains its largest market, our experts note that the group is increasingly focused on expanding in regions such as Asia Pacific. That geographic reach provides an additional buffer at a time when trade policy remains uncertain and supports a longer-term strategy to rebalance revenue away from an overdependence on North America.

That said, operational resilience has not translated into brand momentum. Our experts say Michael Kors has consistently been slower than rivals to react to fast-moving trends, particularly around collaborations, youth-driven marketing and quick-turn product launches. While competitors have shortened development cycles and capitalised rapidly on cultural moments, Michael Kors has often missed the window.



Meanwhile Max Harper, an analyst at Third Bridge, shares insights on LSEG

The launch of Anthropic’s Claude Opus 4.6 marks a significant shift as financial service workflows migrate toward autonomous LLM models, posing a perceived threat to traditional platforms. However, for a firms such as LSEG, AI can serve as a growth enabler rather than a displacement risk. Our experts believe LSEG’s proprietary data assets are protected by significant moats around quality and value that are difficult for AI to replicate.

Furthermore, stringent regulatory requirements act as a structural defence for incumbents. Operational resilience mandates such as DORA require robust back-up systems, and current regulations prevent end-users from advising clients based solely on AI outputs without human oversight. As AI adoption scales, our experts expect a corresponding surge in data consumption, driving greater monetisation of data as an underlying asset.

LSEG’s strategic focus on distribution deals, rather than high-intensity R&D to compete on interface alone, aligns with the industry’s move away from the traditional desktop terminal. Our experts believe this positions them favourably against players like Bloomberg, as LSEG evolves into the essential data utility that fuels third-party answer engines




Max Harper, turns to UBS, which delivered a standout set of Q4 results , with net income of $1.2bn coming in 24% ahead of consensus alongside revenue beats in both Wealth Management and Investment Banking.

The Credit Suisse integration continues to move at pace, with 85% of Swiss-booked accounts now migrated into UBS, and $10.7bn in gross cost savings being achieved, keeping the bank firmly on track for its 2026 exit-rate targets.

However, the regulatory environment remains hazy. Swiss lawmakers are pushing for up to a 19% CET1 ratio, which could handicap UBS's ability to compete with global peers. There are some early signs of a compromise, with proposals to allow the use of AT1 capital, though this remains a sensitive and controversial issue following the Credit Suisse AT1 wipeout.

2026 continues to shape up to be a pivotal year as Sergio Ermotti announced his departure by early 2027. While his second stint has been defined by stability, our experts believe the bank has a deep enough bench of internal candidates to ensure a smooth transition.



Carlsberg: Alex Smith, Global Sector Lead - Consumer at Third Bridge comments that Carlsberg is facing a tougher UK hospitality backdrop, where our experts say pubs are facing a more challenging trading environment. This pressure is pushing operators to demand sharper pricing from brewers, squeezing margins across the sector. Competition is also intensifying, with rivals such as Heineken and Coors increasingly willing to sacrifice profit in order to secure distribution space and maintain brand relevance in the on-trade.

Our experts add that the timing is significant following the departure of San Miguel, which is estimated to have removed 20–30% of Carlsberg’s total beer volume. That loss likely accelerated the push toward Britvic as a way to fill capacity, replace lost revenue.

Our experts say Carlsberg’s acquisition of Britvic could prove strategically important in this context, opening the door to win more business in the free trade channel. By combining beer and soft drinks under one roof, Carlsberg can offer composite selling into around 60,000 independent outlets, with meaningful pricing incentives when customers source all beverages from a single supplier.

The deal also enhances what our experts describe as Carlsberg’s leading logistical position in the UK on-trade. A larger combined distribution network allows for fuller truck loads, lower delivery costs, and improved service levels compared with third-party distributors.

Carlsberg's strategy weakness involves spreading marketing budgets across multiple brands rather than backing one major winner, such as what Heineken did with Cruzcampo and Moretti successively



In the entertainment space, John Conca, Analyst at Third Bridge made a series of remarks regarding Disney's new CEO Josh D’Amaro. While Josh D’Amaro is not Bob Chapek, I question the thought process of bringing the leader of the parks business in to be CEO again. While Disney has made it clear that Dana Walden will be reporting to D’Amaro, according to Disney, I am wary of potential internal friction that could arise between a new parks-focused CEO and Creative Chief, given this pivotal time for the company.

Given the challenges facing Disney Entertainment, it is not a surprise that the board opted for Josh D’Amaro as their next CEO, but it does raise the question if Disney will now view itself as a parks-first company. While the Experiences segment still functions as the profit driver for the business, the concession that this is a parks-focused business wouldn’t be great for the multiple, given its stock has essentially traded sideways for a decade.

The sentiment from industry experts is that Disney needed a radical tech-forward transformation, and despite Josh D’Amaro’s strength, this is far from a radical change. Unfortunately for those wanting a radical change, the perfect external candidate didn’t exist, but D’Amaro has proven he can execute, overseeing a massive $60bn CAPEX plan.



In the athletic apparel and footwear space, Patrick Ricciardi, Analyst at Third Bridge says about
Under Armour’s turnaround that it remains challenging. Our experts comment that the company continues to struggle to deliver sustainable revenue growth, particularly in North America. The most pressing issue is stopping the erosion of shelf space and premium placement at wholesale partners, where competition from larger athletic brands has intensified.

Premiumisation sits at the centre of Under Armour’s strategy, but execution is proving difficult. Nearly 20 percent of North American sales still flow through outlet stores, which our experts say makes it harder to shift consumer perception toward a more premium brand. Elevating product and pricing takes time, and the company faces a delicate balance between growing higher-end offerings and protecting near-term sales from its core, lower-priced basics.

Direct-to-consumer is seen as a critical lever in the turnaround, with e-commerce expected to become a much larger part of the sales mix. Our experts note that full-price retail remains a very small portion of revenue, while heavy reliance on outlets continues to discourage full-price purchasing.

The loss of the Steph Curry partnership adds another layer of pressure. Our experts say the impact goes beyond basketball footwear, as Curry helped lift brand relevance across categories.



Natasha Nair, analyst at Third Bridge makes a series of remarks regarding Estee Lauder.

Historically reliant on US department stores, the group has faced persistent challenges in that channel. Its pivot to faster-growing platforms such as Amazon and TikTok Shops appears to have paid off, with reported gains in total prestige beauty volume share.

The new CEO has kept price rises below historical levels and beneath the broader market, targeting unit growth, consumer acquisition and market share expansion.

A strategic review of the brand portfolio remains a key focus. Reports suggest the possible divestment of underperforming makeup brands Too Faced, Smashbox and Dr. Jart, which our experts describe as “portfolio discipline… divest the underperformers and acquire strategically in fragrance and wellness, where growth continues.”

Estee Lauder still anticipates a profitability headwind of around $100 million for full-year fiscal 2026. While smaller indie beauty brands may benefit in the short term from greater sourcing agility and quicker tariff responses, larger companies like Estee can absorb the costs, making the impact less significant.

Our experts say Estée Lauder is facing a tougher prestige beauty market as consumers grow more value conscious and its core customer base continues to age. Rejuvenating heritage labels has become a priority, with a sharper focus on heritage-led innovation, ingredient transparency and influencer partnerships that can speak to younger shoppers without alienating loyal customers.

Operationally, the group is leaning on supply chain optimisation as a lever to support its turnaround. Shortening lead times and improving speed to market are seen as critical to keeping pace with fast-moving trends, particularly on social platforms such as TikTok.

Fragrance remains the clearest bright spot. Our experts say Estée Lauder is expected to double down on innovation in luxury and niche scents, expand distribution through freestanding stores and selectively pursue acquisitions. However, competition is intensifying as nearly every major beauty group is prioritising fragrance, raising the risk of saturation.

Early signs suggest the turnaround is gaining traction, with improving margins and stabilising sales. The key challenge now is execution. Our experts say cutting costs cannot substitute for top-line growth, and geographic diversification will be critical. While China remains important, the next phase of expansion is likely to come from emerging markets such as India and the Middle East.