Luca Giuseppe Solca's questions to Kering (PPRUY) leadership • Q3 2021
Question
Luca Solca of Bernstein questioned Gucci's strategy, asking if it was time for new creative ideas to address traffic issues. He also inquired if Balenciaga's revenue now rivals Bottega Veneta's and asked for an update on the hard luxury division, including rumors about selling the watch brands.
Answer
CFO Jean-Marc Duplaix explained that Gucci's strategy is evolving to be more exclusive and timeless, and that creative director Alessandro Michele's team is being reinforced. He confirmed Balenciaga's revenue is now in a similar range to Bottega Veneta's. Regarding hard luxury, Duplaix expressed great satisfaction with the progress of jewelry brands Boucheron, Pomellato, and Qeelin, stating there is 'no intention at all to dispose these assets' and declined to comment on rumors about the watch brands.