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    Melanie Flouquet

    Research Analyst at JPMorgan Chase & Co.

    Melanie Flouquet's questions to Brunello Cucinelli S.p.A./ADR (BCUCY) leadership

    Melanie Flouquet's questions to Brunello Cucinelli S.p.A./ADR (BCUCY) leadership • Q1 2019

    Question

    Melanie Flouquet questioned the strategy behind capping China's contribution to revenue at around 20-30%, asking why the company would not push for a higher share similar to competitors.

    Answer

    Executive Brunello Cucinelli stated that the strategy is to protect the brand's long-term exclusivity and global appeal. He expressed concern that allowing one market to become too dominant could compromise the universal taste of the collections. The goal is to maintain a balanced geographic mix, with revenues split roughly evenly between North America, Europe, and China. This managed growth approach, targeting 8% annually, is designed to ensure the brand's longevity and avoid commoditization in a highly connected market.

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    Melanie Flouquet's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership

    Melanie Flouquet's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • FY 2017

    Question

    Melanie Flouquet from JPMorgan inquired about the future outlook for price and mix within the watch segment. She also requested an explanation for the drivers of the prior year's gross margin, which seemed lower than expected given positive currency and channel mix effects.

    Answer

    Chairman Johann Rupert deflected the question on future price/mix, stating it depends heavily on competitors' discipline in managing inventory. CFO Gary Saage reiterated a commitment to a fair pricing policy. Regarding the gross margin, Saage acknowledged it was affected by inventory buybacks and capacity adjustments. He also candidly mentioned the impact of a "management stuff-up" and differing views from the new management team that affected second-half profitability.

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    Melanie Flouquet's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • Q2 2016

    Question

    Melanie Flouquet sought clarification on the October retail performance, its geographic drivers, the weakness in the Americas, updated cost guidance, and the strategy behind the directly operated store rollout.

    Answer

    CFO Gary Saage clarified that retail was flat in October at constant currency, with the Americas being weaker, possibly due to tourist spending shifting to Europe in the summer. He attributed the Americas' softness partly to the challenging watch market. He adjusted S&D cost guidance, noting that excluding boutiques, the increase was only 2%. The plan for 50-60 net store openings for the year remains, driven by specific projects.

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