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    Jungwon Kim • TD Cowen

    Jungwon Kim's questions to Olaplex Holdings Inc (OLPX) leadership

    Jungwon Kim's questions to Olaplex Holdings Inc (OLPX) leadership • Q1 2025

    Question

    Jungwon Kim inquired about the performance of the direct-to-consumer (DTC) channel, specifically regarding new customer acquisition and retention, and asked if the company's full-year outlook had changed due to current macroeconomic trends.

    Answer

    CEO Amanda Baldwin explained that the DTC channel's performance reflects a deliberate strategic shift away from heavy promotions toward brand storytelling and loyalty. She emphasized the resilience of the beauty category and reiterated the full-year guidance, stating the company is focused on its long-term transformation. CFO Catherine Dunleavy added that achieving the high end of the guidance range is tied to the speed of executing their strategic priorities.

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    Jungwon Kim's questions to Olaplex Holdings Inc (OLPX) leadership • Q3 2024

    Question

    Jungwon Kim inquired about the overall health of the consumer across salon, DTC, and retail channels, asking if higher promotions were a reaction to consumer caution. Kim also requested a deeper assessment of the international business and its potential future mix.

    Answer

    CEO Amanda Baldwin confirmed a conscious decision to increase promotions amid a more competitive holiday environment and noted less frequent salon visits by consumers. Regarding the international business, Baldwin explained that while brand enthusiasm is high, the company needs to simplify its go-to-market strategy with fewer, stronger distributor partners and better translate its U.S. marketing efforts, a process that will take time.

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    Jungwon Kim's questions to JJill Inc (JILL) leadership

    Jungwon Kim's questions to JJill Inc (JILL) leadership • Q4 2024

    Question

    Jungwon Kim of TD Cowen inquired about the level of promotional activity embedded in the company's guidance and asked if there have been any notable changes in the behavior of J.Jill's loyal, core customer cohort.

    Answer

    Executive Claire Spofford stated that the company's best customers continue to show strong performance with healthy transaction levels and spend per customer. Executive Mark Webb added that while the consumer has become more price-sensitive, the company's guidance assumes a continuation of its disciplined and surgical promotional strategy to manage inventory effectively.

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    Jungwon Kim's questions to JJill Inc (JILL) leadership • Q3 2024

    Question

    Jungwon Kim asked about the historical trend of direct channel customers being more price-sensitive, strategies to address this, and the outlook for marketing spend in 2025.

    Answer

    Executive Claire Spofford explained that while the overall business model is now more full-price focused, the direct channel customer has historically been more promotion-driven and remains relatively more price-sensitive. She deferred detailed 2025 marketing plans to the next call but confirmed they are investing to acquire new customers while maintaining discipline.

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    Jungwon Kim's questions to JJill Inc (JILL) leadership • Q2 2025

    Question

    Jungwon Kim of TD Cowen asked how the company measures the success of its marketing investments and what initiatives are planned for the second half. She also requested color on the current promotional environment and the company's strategy for the holiday season.

    Answer

    Executive Claire Spofford explained that marketing success is measured through a disciplined review of ROI across a full mix of channels, from print to digital. For H2, she highlighted the 'J.Jill iconic' campaign. Regarding promotions, she stated the Q3 guidance already contemplates the need for disciplined, targeted markdowns to manage inventory. For Q4, a promotional environment is expected, but the company will remain committed to its full-price selling approach as much as possible.

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    Jungwon Kim's questions to Victoria's Secret & Co (VSCO) leadership

    Jungwon Kim's questions to Victoria's Secret & Co (VSCO) leadership • Q4 2025

    Question

    Jungwon Kim inquired about the key factors that could drive upside or downside to the full-year 2025 guidance and asked for an update on the performance of the 'Store of the Future' remodels and their expected lift.

    Answer

    CFO Scott Sekella outlined that the annual guide reflects near-term headwinds, with improvement expected in the back half driven by strategic changes. He noted higher transportation costs early in the year and a planned $10-$20 million impact from China tariffs in the second half. He also stated that early results from 'Store of the Future' concepts are 'quite positive,' with plans to have 95% of the top 100 doors converted by year-end.

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    Jungwon Kim's questions to Victoria's Secret & Co (VSCO) leadership • Q3 2024

    Question

    Jungwon Kim asked for more details on the beauty business, including its current size and future potential, and inquired about the performance and forward-looking strategy for the AdoreMe brand.

    Answer

    CEO Hillary Super described beauty as the company's strongest business, achieving a record Q3. She sees a long runway for growth, particularly in expanding PINK's beauty offerings and leveraging social commerce. CFO Tim Johnson reported that AdoreMe grew mid-to-high single digits in Q3 and was profitable, with its DailyLook apparel brand outperforming the core lingerie business, demonstrating the model's flexibility.

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    Jungwon Kim's questions to Victoria's Secret & Co (VSCO) leadership • Q2 2024

    Question

    Jungwon Kim from TD Cowen inquired about the drivers behind the high single-digit growth at Adore Me during the quarter and the company's expectations for the brand in the second half of the year.

    Answer

    CFO and Interim CEO, Timothy Johnson, explained that the growth in the Adore Me segment was primarily driven by its Daily Look business, which is more focused on apparel. He noted the team is effectively allocating marketing investment toward the parts of the business that are performing best. Johnson expressed confidence in Adore Me's growth plans for Q3, stating the business is on track to grow its top line and remain profitable for the quarter.

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    Jungwon Kim's questions to Bath & Body Works Inc (BBWI) leadership

    Jungwon Kim's questions to Bath & Body Works Inc (BBWI) leadership • Q3 2024

    Question

    Jungwon Kim inquired about the current percentage of sales driven by newness, whether there are plans to increase this percentage next year, and the general cadence of new product introductions.

    Answer

    CEO Gina Boswell described newness as the 'lifeblood of this business' and as critical as it has ever been for driving customer traffic and sales. While not committing to a specific ramp-up in the percentage of newness for the next year, she emphasized that the company will continue its winning recipe of scalable, relevant newness and expressed excitement about the product pipeline.

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    Jungwon Kim's questions to Bath & Body Works Inc (BBWI) leadership • Q2 2025

    Question

    Jungwon Kim from TD Cowen asked about the performance of the candles and sanitizers categories during the quarter and the outlook for the back half. She also inquired about the appropriate long-term level for marketing spend.

    Answer

    President of Retail Julie Rosen explained that candle performance was impacted by rightsizing the Single Wick assortment, while sanitizer sales were affected by exiting the full-sized product, though PocketBacs remain strong. CEO Gina Boswell addressed marketing, stating that while spend is increasing to support a full-funnel strategy and has shown positive returns, she believes there is 'more to go' to reach competitive benchmarks, with future levels guided by ROI.

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