Two French Companies, Two Very Different Battlegrounds
Earnings Reports - Mirakl and VusionGroup
New - Earnings and me.
Me covering earnings is new. Vusion have long been on my radar and I admire them from a distance. I planned on reporting them to see how an EU born and listedn technology gets on, compared to US counterparts. it does not disappoint. At the same time, Mirakl, are making enormous waves globally. I have worked with them, like them and see holes. But they reported yesterday, it gave me an interesing outlook
France does not often get celebrated as a tech powerhouse. The narrative, fair or not, usually goes: Germany engineers it, the US scales it, China manufactures it, and France regulates it. VusionGroup and Mirakl are working hard to rewrite that story. Both are Paris-headquartered, both are in the business of making retail smarter, and both dropped results this week that deserve considerably more attention than they’re getting in English-language media.
One of them just crossed €1 billion in revenue for the first time, got Walmart to bet the entire 4,600-store US estate on their hardware, and is targeting €1.4 billion in 2025. The other quietly turned profitable, crossed $218 million in ARR, and just launched what could be the most important infrastructure play in agentic commerce. Neither is a household name outside retail circles. Both should be.
Having worked on and off with Mirakl over the past 18 months and watched VusionGroup at close quarters, most recently at NRF where they were arguably the most technically impressive partner a retailer could have signed up to meet, this analysis tries to give both companies the honest read they deserve.
