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    Antoine Belge

    Research Analyst at BNP Paribas Exane

    Antoine Belge's questions to Kering (PPRUY) leadership

    Antoine Belge's questions to Kering (PPRUY) leadership • Q2 2023

    Question

    Antoine Belge questioned the differentiation between Valentino and Saint Laurent in the portfolio. He also probed the significant underperformance of Saint Laurent in the U.S. and challenged Gucci's ability to maintain its H1 margin level for the full year given recent negative sales trends.

    Answer

    Chairman and CEO François-Henri Pinault distinguished Valentino by its haute couture roots and red carpet positioning, contrasting it with Saint Laurent's edgier, attitude-driven aesthetic with minimal customer overlap. CFO Jean-Marc Duplaix attributed Saint Laurent's U.S. results to a challenging market and a disciplined anti-promotional stance. He clarified that while Kering will invest in Gucci as needed, there is no 'obsession' to protect margins at any cost, prioritizing productive, long-term investments.

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    Antoine Belge's questions to Kering (PPRUY) leadership • Q4 2022

    Question

    Antoine Belge asked about the design studio's organization under Sabato de Sarno, plans for discontinuing Alessandro Michele's products, countermeasures for Balenciaga's performance, and Kering's M&A strategy, particularly in beauty.

    Answer

    François-Henri Pinault (Chairman and CEO) confirmed the existing studio organization will support the new creative director. Jean-Francois Palus (Group Managing Director) addressed Balenciaga, stating the focus is on strengthening internal controls, not changing personnel. Palus also clarified that the new beauty venture is primarily organic, though M&A is possible, and Kering remains committed to shareholder returns through dividends and flexible buybacks.

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    Antoine Belge's questions to Kering (PPRUY) leadership • Q2 2022

    Question

    Antoine Belge inquired about the extent of the sales decline in Mainland China for Gucci during Q2, the brand's exit rate, the FX dilution impact on Gucci's margin, and sought clarification on the new Design Studio Director role.

    Answer

    CFO Jean-Marc Duplaix explained that with roughly 30% of stores closed in April and May, luxury houses saw an average sales decline of 30-35% in Mainland China, with gradual improvement since June. He noted Gucci's H1 margin was impacted by 20 basis points from FX/hedging and 100 basis points from higher marketing, calling H1 a 'low point' with better operating leverage expected in H2. Group Managing Director Jean-Francois Palus clarified the new Studio Director at Gucci is a senior internal talent overseeing the men's collection team and reporting to Alessandro Michele.

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    Antoine Belge's questions to Kering (PPRUY) leadership • Q3 2021

    Question

    Antoine Belge of Exane BNP Paribas inquired about Gucci's performance, asking if the new Aria collection spurred an acceleration in early Q4, the margin implications of softer Q3 sales, and whether Bottega Veneta's growth was plateauing, particularly in Asia.

    Answer

    Jean-Marc Duplaix, Kering's CFO, confirmed that Gucci's Aria collection saw 'extremely positive first results' and an acceleration in October. He noted that while group profitability remains strong, Gucci's H2 margin improvement would be below prior guidance due to necessary investments. Duplaix disagreed with the characterization of a plateau at Bottega Veneta, attributing the Q3 APAC slowdown to temporary store closures and a very high comparison base in China from Q3 2020.

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    Antoine Belge's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership

    Antoine Belge's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • Q2 2016

    Question

    Antoine Belge questioned if the decline in wholesale was a strategic reduction similar to post-2008 actions, inquired about H2 production plans and their gross margin impact, and asked for color on Asian consumer appetite for jewelry.

    Answer

    CFO Gary Saage clarified that the company is not planning a strategic reduction of its wholesale network. He highlighted disciplined production, evidenced by zero cash build on inventories in H1, which supports the 65% gross margin outlook. On jewelry, he noted the high-end market is buoyant, specific Cartier collections are performing well, and the appetite from Asian consumers for high jewelry continues to grow, with the branded market taking share.

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