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    Adrien Duverger • Goldman Sachs

    Adrien Duverger's questions to Birkenstock Holding PLC (BIRK) leadership

    Adrien Duverger's questions to Birkenstock Holding PLC (BIRK) leadership • Q3 2025

    Question

    Adrien Duverger of Goldman Sachs inquired about the progress of factory expansion plans against expectations and the anticipated evolution of supply over the next three years. He also asked for commentary on the confidence levels of wholesale partners.

    Answer

    CFO Ivica Krolo stated that the Pasewalk facility is on track, possibly ahead of schedule, for full absorption by 2026 and that the company is planning further investments to keep up with demand. David Kahan, President of Americas, added that wholesale partner appetite for the brand's products continues to escalate quarter after quarter due to strong performance and the brand's strategy of maintaining relative scarcity.

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    Adrien Duverger's questions to Birkenstock Holding PLC (BIRK) leadership • Q2 2025

    Question

    Adrien Duverger asked about the opportunity from price/mix with new products in the second half and if there are performance differences between high- and low-end products within categories.

    Answer

    EMEA President Nico Bouyakhf explained that there is a clear trend of consumers 'voting for higher price points' across categories. This is evidenced by an increasing share of leather products, the outperformance of higher-priced closed-toe shoes, and strong demand for premium embellishments on sandals, indicating a broad-based premiumization of the business.

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    Adrien Duverger's questions to Birkenstock Holding PLC (BIRK) leadership • Q4 2024

    Question

    Adrien Duverger asked for an update on the progress of manufacturing investments and factory expansion plans, and how the company expects its additional supply to evolve over the next few years.

    Answer

    CEO Oliver Reichert confirmed that all factory expansion projects, including the new facility and build-outs at existing sites, are progressing as planned. He reiterated that the significant margin pressure experienced from these investments in fiscal 2024 was a peak and is not expected to continue at the same level in fiscal 2025 and 2026.

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    Adrien Duverger's questions to Ermenegildo Zegna NV (ZGN) leadership

    Adrien Duverger's questions to Ermenegildo Zegna NV (ZGN) leadership • H1 2025

    Question

    Adrien Duverger of Goldman Sachs asked for an assessment of the U.S. consumer environment, including traffic and conversion. He also requested an outlook for the wholesale channel in H2 for the Zegna and Tom Ford brands, and clarification on whether Tom Ford's Q2 growth was driven by like-for-like sales or new store space.

    Answer

    Chairperson & CEO Ermenegildo Zegna characterized the Americas as "very resilient," noting strong performance, successful price adjustments, and high client loyalty. COO and CFO Gianluca Ambrogio Tagliabue provided full-year wholesale guidance, expecting Zegna to be down mid-teens and Tom Ford down low-double-digits. He also confirmed that Tom Ford's Q2 acceleration was primarily driven by new store space.

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    Adrien Duverger's questions to Ermenegildo Zegna NV (ZGN) leadership • H1 2025

    Question

    Adrien Duverger of Goldman Sachs asked for an assessment of the U.S. consumer environment, guidance on wholesale trends for Zegna and Tom Ford for the second half, and clarification on whether Tom Ford's Q2 growth was driven by like-for-like sales or new store openings.

    Answer

    Chairperson and CEO Ermenegildo Zegna described the Americas as very resilient, with strong performance in personalized services and high loyalty. COO and CFO Gianluca Ambrogio Tagliabue guided for Zegna wholesale to be down mid-teens and Tom Ford wholesale to be down low-double-digits for the full year. He confirmed that Tom Ford's Q2 acceleration was primarily driven by new store space.

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