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    Charles-Louis Scotti

    Research Analyst at Kepler Cheuvreux

    Charles-Louis Scotti's questions to Kering (PPRUY) leadership

    Charles-Louis Scotti's questions to Kering (PPRUY) leadership • Q2 2023

    Question

    Charles-Louis Scotti asked about the expected ramp-up speed of Sabato De Sarno's new collections at Gucci. He also sought details on the Valentino deal structure, including the nature of the option and interest in other Mayhoola assets, and questioned the valuation multiple paid for the stake.

    Answer

    Chairman and CEO François-Henri Pinault explained that the impact from Gucci's new aesthetic will be felt immediately after the September show through a major amplification strategy, ahead of products arriving in stores. CFO Jean-Marc Duplaix clarified the Valentino deal includes options through 2028, does not include other assets like Beymen, and that the valuation was based on an EBITDA of nearly €350 million, which he deemed a more appropriate metric than EBIT for this type of transaction.

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    Charles-Louis Scotti's questions to Kering (PPRUY) leadership • Q4 2022

    Question

    Charles-Louis Scotti questioned the risk of underinvestment from Gucci's beauty license partner due to Kering's new strategy and asked if there was upside to the midterm margin targets for Saint Laurent and Kering Eyewear.

    Answer

    Jean-Francois Palus (Group Managing Director) expressed confidence in their relationship with existing license partners, noting the new beauty venture will initially focus on other brands. Jean-Marc Duplaix (CFO) reaffirmed Saint Laurent's targets, expecting continued but modest margin growth. For Kering Eyewear, he noted that while 2023 profitability might dip due to investments in new brands, the long-term target remains valid.

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