00:00This talk, I mean, if you're in the know, you would have known or expected that something big like this could happen.
00:05But a lot of people are saying $5 billion. Why didn't they do it earlier?
00:08Is this just a new chief executive getting in charge and kind of marking his point?
00:12Yes, exactly. Kering wanted to build in beauty. It bought Creed.
00:18It paid a very high amount for Creed a couple of years ago.
00:21But the reason for that was to build a platform so that it could gradually take its beauty businesses.
00:27The biggest one is Gucci in-house and have its own beauty business in the same way as it's done with eyewear.
00:35So Luca de Mayo has come in and completely reversed that strategy.
00:40So what can we expect from Luca de Mayo? I mean, again, this is a car man that's now in charge of Kering.
00:45But he's bold. He's going in like fast and furious.
00:48He is. And I think that's I mean, obviously, he's struck this deal.
00:52Kering has around €9 billion of debt. He needs to do something to bring the debt down.
00:56But I think there's a bit of a message here that he is going to come in, make quick actions when you're a luxury brand that builds for the long term.
01:05And a great reason for success in luxury is being able to build and see into the future.
01:11If someone's going to come in and make quite sort of knee jerk decisions, that's also a bit of a concern.
01:18Yeah, I love that. OK, Andrew, thank you so much. I look forward to your column.
01:21Andrew has the best columns because it's brilliant, but also usually funny.
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