Kering Sa Ord (PPRUF) Q4 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.043 -- 00:00:06.971 Good morning to all of you. I am pleased to welcome you to Caring's 2024 full-year 00:00:06.971 -- 00:00:09.312 result presentation. 00:00:09.575 -- 00:00:15.042 To say the least, 2024 came far from meeting our initial expectations. 00:00:15.042 -- 00:00:20.870 We knew, and I told you a year ago, that things would not be easy for Caring in 2024, 00:00:20.870 -- 00:00:24.816 as we were and still are operating a transformation, 00:00:24.816 -- 00:00:28.879 and we are doing this against adverse market conditions. 00:00:28.938 -- 00:00:33.063 But as you've seen throughout the year, things have been even tougher than what we had 00:00:33.063 -- 00:00:35.063 foreseen. 00:00:35.566 -- 00:00:41.293 I also told you last year that we would rebuild without taking any shortcuts. 00:00:41.293 -- 00:00:46.399 The long-term health of our brands is not compatible with short-term compromises or quick 00:00:46.399 -- 00:00:48.399 fixes. 00:00:49.062 -- 00:00:53.507 So we are staying the course. The strategy we are implementing consistently since we 00:00:53.507 -- 00:00:57.659 began carrying a pure player in luxury is unchanged. 00:00:57.659 -- 00:01:02.666 We have demonstrated in the past that we know how to grow brands, and we will do it again. 00:01:02.666 -- 00:01:07.934 Gucci will come back. I have absolutely no doubts about this. 00:01:07.934 -- 00:01:10.878 We've built a portfolio of complementary 00:01:10.878 -- 00:01:16.245 brands addressing the key segments of the luxury market, and each one of them enjoys 00:01:16.245 -- 00:01:18.280 strong positions. 00:01:18.280 -- 00:01:21.263 They are now complemented and reinforced 00:01:21.263 -- 00:01:25.869 by a demonstrated leader and a promising contender in adjacent segments. 00:01:25.869 -- 00...