Specialist
Senior executive at luxury fashion retailer
Agenda
- Gucci’s (PAR: KER) sales growth outlook in China
- Performance dynamics vs other luxury brands such as Louis Vuitton (PAR: MC) and Hermès (PAR: RMS)
- Directly operated store growth, retail productivity improvements and e-commerce growth
- Short-term operating margin outlook
Questions
1.
What are the revenue trends in China’s personal luxury goods market, and how do these trends compare to those in Q3 2022?
2.
How much has Gucci’s China sales growth declined in Q3 2022 vs Q3 2021? Could you break it down into categories?
3.
What are the main drivers for Gucci’s slow recovery in China? Could you compare it with other players such as Hermès or Chanel?
4.
Given the decline in middle-class and younger consumers’ demand, what does that mean for Gucci in terms of the risk of excess seasonal stock, especially if the pandemic situation worsens?
5.
What’s your Q4 2022 growth outlook for Gucci?
6.
What’s your 2023 growth outlook for Gucci?
7.
Gucci said in October 2022 that it has an action plan to boost its sales in China. What are your thoughts on how successful this plan is, or will be? Could it offset the slowdown in momentum?
8.
Have you noticed any advertising step-ups from Gucci in 2022 vs 2021?
9.
How much headroom does Gucci have to push prices further up in 2023?
10.
Could you elaborate on the characteristics of Gucci’s core customers?
11.
How successful will Gucci's shift be towards more high-end, timeless products in China?
12.
In the long run, what tangible shifts in product development could we see Gucci implementing in China’s market?
13.
Do you think Gucci could acquire new customers from those mega brands you mentioned earlier?
14.
How do you see Gucci’s prices evolving in the long run?
15.
How might Gucci’s efforts to step up and compete with mega brands impact its competitive position in the long run?
16.
Kering, the parent company, announced recently that Gucci’s wholesale rationalisation was complete. What is Gucci’s current split between online and directly operated stores in China?
17.
What’s your 2-3-year outlook for Gucci’s directly operated stores in China?
18.
What do you think of Gucci’s website vs other players’?
19.
Do you think Gucci should increase China-related symbolism in its bags portfolio?
20.
Do you think Gucci can ever get into the super brand club? How long will it take to get there?
21.
What are Gucci’s main cost pressures?
22.
What are your thoughts on Kering’s potential acquisition of Tom Ford? Do you think it will fit into the former’s brand portfolio in China?
