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    Zuzanna Pusz

    Research Analyst at UBS

    Zuzanna Pusz's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership

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

    Question

    Zuzanna Pusz from UBS inquired about performance by nationality, particularly the Chinese consumer's travel and spending habits, and the surprising strength in the Americas. She also asked for specifics on the April price increases for Cartier and Van Cleef & Arpels and the group's long-term plans for expanding production capacity.

    Answer

    Chairman Johann Rupert explained that the Chinese consumer recovery has been more cautious and focused on services, with significant group travel to Europe not expected until late summer. He noted a slowdown in the U.S. since November due to interest rate hikes but highlighted Richemont's resilience through its diversified global presence. Rupert and CFO Burkhart Grund clarified that recent price increases were in the mid-single-digits (around 5%), not the rumored 8-10%, aligning with a fair pricing strategy. CEO Jerome Lambert and Cartier CEO Cyrille Vigneron confirmed ongoing investments in manufacturing, emphasizing that the primary constraint is the time required to train skilled artisans, not just building new facilities.

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

    Question

    Zuzanna Pusz from Berenberg asked about future adjustments to the cost base, such as store closures, and whether the luxury watch industry needs to shorten product lead times to accommodate more personalization.

    Answer

    CFO Gary Saage and Chairman Johann Rupert confirmed that major store closures (at Dunhill) were complete and the plan was for a net 20 store openings in the coming year. Rupert agreed that lead times and uniqueness are critical for the future. He elaborated on Richemont's focus on anticipating consumer desires and investing in new technologies, like 3D printing and advanced materials at Panerai, to enable faster, more personalized production.

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    Zuzanna Pusz's questions to Kering (PPRUY) leadership

    Zuzanna Pusz's questions to Kering (PPRUY) leadership • Q4 2022

    Question

    Zuzanna Pusz inquired about the margin outlook for the 'Other Houses' division considering Balenciaga's situation, the group's overall pricing strategy for 2023, and the potential for inventory write-downs from the creative transition at Gucci.

    Answer

    Jean-Marc Duplaix (CFO) stated the plan is to improve profitability for all brands in the 'Other Houses' segment in 2023. Jean-Francois Palus (Group Managing Director) explained that pricing power comes from elevating the product assortment, a strategy that will continue. François-Henri Pinault (Chairman and CEO) and Duplaix assured a smooth product transition at Gucci with no expected write-downs, citing healthy inventory levels and the high percentage of carryover items.

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    Zuzanna Pusz's questions to Kering (PPRUY) leadership • Q2 2022

    Question

    Zuzanna Pusz questioned the drivers behind Saint Laurent's high margin and whether the brand is reinvesting sufficiently. She also asked for the value of Gucci's 'normalized' communication spend and an update on Gucci's current performance, particularly regarding tourism.

    Answer

    CFO Jean-Marc Duplaix responded that Saint Laurent's margin performance is consistent with its stated ambitions and is driven by strong operating leverage, assuring that the brand continues to reinvest massively. He confirmed Gucci's A&P spend is now at an industry-average level, which had a 100 basis point impact on the H1 margin. Group Managing Director Jean-Francois Palus added that Gucci strengthened its local client base during the pandemic, so the return of tourism provides an additional boost.

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    Zuzanna Pusz's questions to Kering (PPRUY) leadership • Q3 2021

    Question

    Zuzanna Pusz from UBS asked about Gucci's long-term margin potential and its path back to the peak 41%, its sequential performance by nationality versus Q2, and key learnings from the internalization of e-commerce.

    Answer

    CFO Jean-Marc Duplaix stated that while a 41% margin for Gucci is a long-term ambition, the immediate focus is on brand investment, and the target will not be reached in 2022. He noted strong double-digit growth with local European clients, but overall European performance was muted by the lack of tourism. The Chinese cluster was softer due to a 'wait-and-see' attitude before the Aria collection. Regarding e-commerce, he emphasized the priority is brand.com, with the vast majority of Gucci's online sales coming from that channel.

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