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Ashley Wallace

Managing Director and Head of the EMEA Consumer Discretionary team in Equity Research at Bank of America Corp. /de/

London, GB

Ashley Wallace is a Managing Director and Head of the EMEA Consumer Discretionary team in Equity Research at Merrill Lynch International, specializing in coverage of luxury goods, eyewear, sporting goods & footwear, general retail, and online retail companies. She has covered major European brands and has led her team in making high-impact calls on stocks such as Burberry, with experience reflecting a strong understanding of key consumer sectors and timely investment recommendations. Wallace began her career at RBS Equities (Australia) Ltd. and ABN AMRO Equities (Australia) Ltd. before joining Merrill Lynch in 2012, initially covering the European media sector, then expanding her coverage to luxury goods in 2014 and consumer discretionary in 2016. She holds a Bachelor of Business degree in Accounting and Finance from the University of Technology Sydney, and is recognized among her peers for her deep sector expertise and leadership in equity research.

Ashley Wallace's questions to ESTEE LAUDER COMPANIES (EL) leadership

Question · Q4 2025

Ashley Wallace of Bank of America Merrill Lynch asked for the Q4 organic revenue growth figure excluding Travel Retail and inquired when this part of the business, which is more directly influenced by the company, is expected to return to positive growth.

Answer

EVP and CFO Akhil Shrivastava confirmed that the business excluding Travel Retail saw a low single-digit decline in Q4, similar to Q3, and the goal for fiscal 2026 is to achieve positive low single-digit growth. President and CEO Stéphane de La Faverie elaborated that the ambition is for this segment to turn positive by the end of fiscal 2026, driven by mid-single-digit growth in China and double-digit growth in emerging markets, while acknowledging that Europe remains a challenge due to softening consumer trends.

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Ashley Wallace's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership

Question · Q4 2023

Ashley Wallace from Bank of America asked about the medium-term demand outlook for jewelry considering increased competition and how Richemont plans to prioritize brand investments. She also questioned the margin development for Specialist Watchmakers, asking if there is further room for improvement from the current 19% level.

Answer

CEO Jerome Lambert and Van Cleef & Arpels CEO Nicolas Bos responded that the branded jewelry market has significant room for growth as non-branded items still dominate, and new geographic markets continue to open up. Regarding watch margins, Jerome Lambert and Chairman Johann Rupert attributed the improvement to a strategic reset focusing on 'true demand' (sell-out vs. sell-in) and a higher direct-to-client mix. Rupert added that they prioritize fair pricing for long-term trust over maximizing short-term margins, which also supports brand equity.

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Ashley Wallace's questions to Kering (PPRUY) leadership

Question · Q3 2021

Ashley Wallace from Bank of America asked if there was any reason Gucci's Q4 retail growth wouldn't return to Q2's level, given the Aria launch. She also inquired about supply chain pressures, whether Saint Laurent's acceleration was purely like-for-like, and requested a clarification on Gucci's online revenue mix.

Answer

Claire Roblet expressed confidence that Gucci can reaccelerate in Q4 but did not provide a specific target. CFO Jean-Marc Duplaix stated Kering is not facing significant supply chain issues and can absorb rising transport costs. He confirmed Saint Laurent's growth is a healthy balance of strong like-for-like performance and space expansion. He clarified that the 'very large majority' of Gucci's e-commerce revenue comes from its brand.com site, not e-concessions.

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