Carole Madjo's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • Q4 2023
Question
Carole Madjo from Barclays asked about increased competition for talent in the jewelry segment and the group's strategy for the Hainan market. She specifically inquired about Richemont's exposure, store opening plans, and how it mitigates risks like discounting and brand dilution in the region.
Answer
Van Cleef & Arpels CEO Nicolas Bos and CEO Jerome Lambert acknowledged healthy competition for talent but described the situation as balanced, highlighting Richemont's strength in attracting and developing skilled professionals. Regarding Hainan, Lambert stated it's an important tourist location but represents only a fraction of their China business. They operate with local partners and use numbered products to ensure qualitative distribution, expressing no major concerns about brand dilution or other risks.