Specialist
VP at Guccio Gucci SpA
Agenda
- Top-line recovery dynamics in Greater China for leather goods and ready-to-wear, including early signs of rebound
- Performance challenges in Europe and the US in the short and medium term
- Inventory concerns and pricing implications across categories
- Cost reduction opportunities to offset losses
Questions
1.
What are your expectations for Dior’s organic like-for-like growth across 2020 on a quarterly-quarterly basis, in light of the coronavirus pandemic? Could you outline any differences in categories, channels and regions?
2.
How are you assessing the demand dynamics in China? Which categories are responding quickest to the uptick in growth and which customers are returning to store for Dior in China?
3.
How does the typical Dior customer demographic compare in China vs Europe or the US?
4.
Do you think the more mature customers in Europe and the US will bounce back differently once restrictions are lifted and shops begin to reopen?
5.
What is Dior’s share of international customers in Europe and how does that compare to the US?
6.
How can Dior attract a local customer in continental Europe and stimulate more domestic demand?
7.
What online penetration are you expecting post-coronavirus for Dior? As you said, there has been phenomenal online growth for Dior through the crisis and it was roughly 8-9% in 2019 globally.
8.
Could you outline the split between classic and seasonal products at Dior?
9.
What degree of inventory build-up are you expecting through 2020, and how do you think Dior will move through this inventory?
10.
Are you expecting Dior to change any of its headline pricing if we head into a recession? Do you think the ASP could be reduced?
11.
Some brands are trying to keep aside spring/summer 2020 stock for 2021. How is that actually possible and is it an option for Dior and other luxury brands?
12.
Would you say the US luxury market lags Europe and China? What is your 2020 outlook for the US?
13.
What degree of rent support do you think Dior is likely to receive from landlords, and could you highlight any regional differences?
14.
Do you think Dior has a better opportunity to negotiate rent reductions compared to monobrands?
15.
Do you think there could be permanent rent reductions across the next 2-3 years, not just in 2020?
16.
How easy is it to cut back on marketing spend for 2020?
17.
Could you outline the labour reduction opportunities and any key regional differences?
18.
Are you expecting Dior or LVMH, the broader group, to participate in any M&A activity given today’s crisis and so many of the monobrands struggling?
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