Kering Sa Ord (PPRUF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to all of you. I am pleased to welcome you to Caring's 2024 full-year result presentation. To say the least, 2024 came far from meeting our initial expectations. We knew, and I told you a year ago, that things would not be easy for Caring in 2024, as we were and still are operating a transformation, and we are doing this against adverse market conditions. But as you've seen throughout the year, things have been even tougher than what we had foreseen. I also told you last year that we would rebuild without taking any shortcuts. The long-term health of our brands is not compatible with short-term compromises or quick fixes. So we are staying the course. The strategy we are implementing consistently since we began carrying a pure player in luxury is unchanged. We have demonstrated in the past that we know how to grow brands, and we will do it again. Gucci will come back. I have absolutely no doubts about this. We've built a portfolio of complementary brands addressing the key segments of the luxury market, and each one of them enjoys strong positions. They are now complemented and reinforced by a demonstrated leader and a promising contender in adjacent segments. And here, of course, I'm talking about Kering Eyewear and Kering Beauté. These businesses boost visibility, they provide additional entry points for our brands, and they are steadily growing and profitable, giving the group more stability and resilience. The strategies of each of our brands is highly specific, highly individualized, but they are sharing a common framework that we as a group, we define, we fine tune, and we monitor. In recent years, we've used the word elevation to describe the rebalancing of our house growth model between their fashion and timeless dimensions. And here I want to be...