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    Chiara Battistini

    Research Analyst at JPMorgan Chase & Co.

    Chiara Battistini's questions to Kering (PPRUY) leadership

    Chiara Battistini's questions to Kering (PPRUY) leadership • Q2 2023

    Question

    Chiara Battistini asked about the Gucci CEO transition, specifically if the appointment of a permanent CEO is contingent on a performance inflection. She also inquired about Gucci's elevation strategy and sought details on Japan's strong performance, including the tourism mix and potential for price increases.

    Answer

    Chairman and CEO François-Henri Pinault clarified that the priority is restoring Gucci's growth momentum before appointing a permanent CEO, noting the search is not urgent as a shortlist exists. CFO Jean-Marc Duplaix added that Gucci's elevation involves mix improvement and distribution cleanup, with H1 growth driven by AUR. Director of Financial Communications Claire Roblet stated tourists comprised about 30% of Japan's Q2 sales but did not comment on future pricing actions.

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    Chiara Battistini's questions to Kering (PPRUY) leadership • Q4 2022

    Question

    Chiara Battistini asked about Gucci's product pipeline and margin outlook for 2023 ahead of the new creative director's debut, and also inquired about recent business trends in China following its reopening.

    Answer

    François-Henri Pinault (Chairman and CEO) outlined Gucci's 2023 product pipeline, which includes major campaigns for iconic handbag lines and a cruise collection, emphasizing that the brand will not pause its efforts while awaiting Sabato de Sarno. Jean-Marc Duplaix (CFO) added that profitability is expected to resume a positive trajectory, driven by higher average unit retail (AUR) and volume growth from China. Both executives reported an encouraging start to the year in China, with a strong rebound during the Chinese New Year.

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    Chiara Battistini's questions to Kering (PPRUY) leadership • Q2 2022

    Question

    Chiara Battistini asked for quantification of Gucci's recent price increases, the outlook for wholesale rationalization at Bottega Veneta and Saint Laurent, and clarification on the timing of Gucci's margin improvement.

    Answer

    CFO Jean-Marc Duplaix detailed that Gucci implemented low-to-mid single-digit price increases in February and mid-to-high single-digit increases in June, but emphasized that product mix is the primary driver of higher average prices. He stated Gucci's wholesale rationalization is largely complete, while Bottega Veneta and Saint Laurent will see more impact in H2. He clarified that Gucci's margin should see improvement in H2 2022 due to operating leverage, not just starting in 2023.

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