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    Rogerio Fujimori

    Research Analyst at Stifel

    Rogerio Fujimori's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership

    Rogerio Fujimori's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • Q4 2023

    Question

    Rogerio Fujimori from Stifel asked about the contribution of sales mix versus volume and price to the Jewellery Maisons' growth, given the company's less aggressive pricing stance. He also inquired about diverging category trends for watches as China recovers and the U.S. slows, considering wholesale exposure and the cooling preowned market.

    Answer

    Van Cleef & Arpels CEO Nicolas Bos and CEO Jerome Lambert explained that the positive mix effect was driven by a higher proportion of full-price retail sales and a shift in demand towards higher price point items, such as gold watches. Regarding watches, Lambert and Chairman Johann Rupert emphasized the business is now more resilient due to a higher direct-to-client mix and a focus on timeless models over planned obsolescence. This strategy protects residual value and reduces exposure to wholesale inventory risk during market fluctuations.

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    Rogerio Fujimori's questions to Kering (PPRUY) leadership

    Rogerio Fujimori's questions to Kering (PPRUY) leadership • Q4 2022

    Question

    Rogerio Fujimori requested more detail on the Chinese New Year trading performance and a breakdown of Western Europe's Q4 growth between tourism and local demand, specifically for the European customer cluster.

    Answer

    Jean-Marc Duplaix (CFO) confirmed that Chinese New Year trading was better than expected, with positive trends in the Chinese cluster, but cautioned it was too early to extrapolate for the full year. For Western Europe, he explained that Q4 growth was primarily driven by strong tourism as local demand moderated. He noted that, similar to the U.S., the more affluent clientele was the most dynamic consumer segment.

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    Rogerio Fujimori's questions to Kering (PPRUY) leadership • Q3 2021

    Question

    Rogerio Fujimori from Stifel asked about the sequential trend for Gucci's e-commerce business in Q3 and its performance on the Tmall Luxury Pavilion platform relative to initial expectations.

    Answer

    Claire Roblet, Director of Financial Communications, reported that Gucci's online performance in China, including on Tmall Luxury Pavilion, remained 'very, very strong' and satisfactory. She noted that trends in more mature online markets like the U.S. and Europe were softer against very high comparisons, and highlighted that Japan remains a region where online penetration is significantly behind.

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