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    Thierry Cota

    Research Analyst at Societe Generale

    Thierry Cota's questions to Kering (PPRUY) leadership

    Thierry Cota's questions to Kering (PPRUY) leadership • Q2 2022

    Question

    Thierry Cota sought an update on Bottega Veneta's full-year margin target and whether Gucci's full-year margin could be flat versus last year. He also asked about the potential impact of European gas rationing on Kering's operations and suppliers.

    Answer

    CFO Jean-Marc Duplaix confirmed that Bottega Veneta's full-year margin should be 'definitely above 20%'. For Gucci, he reiterated that H1 was a low point and H2 would have more leverage, implying a full-year result could be calculated from that. Group Managing Director Jean-Francois Palus addressed the energy question, stating Kering has very little direct exposure to natural gas but has prepared contingency plans.

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    Thierry Cota's questions to Kering (PPRUY) leadership • Q3 2021

    Question

    Thierry Cota from Societe Generale asked if Gucci had implemented price increases with the new Aria collection and sought to quantify the expected price/mix benefit for Q4. He also questioned if the previously guided H2 margin improvement for Gucci was still achievable.

    Answer

    Claire Roblet, Director of Financial Communications, confirmed a 'low single digit' average price increase was implemented with the Aria collection and that a positive price/mix effect is expected in Q4, though she declined to provide a specific figure. She noted that the question on H2 margin guidance had already been addressed, referring to earlier comments that the improvement would be below the previously stated range.

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