Gucci Sales Tumble as Kering Label Faces Design Change

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Transcript

00:00Let's just start with carrying what we got yesterday.

00:02Overall group revenue down 15%, but Gucci revenue down 25%.

00:07What is holding back Gucci sales?

00:11Hi there. Indeed, I mean, it was widely expected.

00:14It was the second quarter where sales dropped 25%.

00:17The analysts, some analysts who were listening to the call yesterday,

00:20they described the call as a wait-and-see call.

00:22Why wait-and-see? Because there's a transition in design at Gucci.

00:26They appointed a new designer earlier this year.

00:29He took over this month.

00:31His name is Demna.

00:32He was designing previously at Balenciaga, which is another group label.

00:36And we found out yesterday from the co-deputy CEO, Francesca Bellettini,

00:39that in September there'll be a presentation by Gucci with hints of his creative vision,

00:45but his full fashion show will be in Milan in March next year.

00:51So that's on the design front.

00:53On the management front, caring investors are waiting for Luca De Meo

00:57basically to arrive from mid-September.

00:59That was announced in June.

01:00That was a big shock.

01:01He comes from the auto industry.

01:03And we found out yesterday in the call that from the other co-deputy CEO,

01:10that Luca De Meo will probably speak at some point to investors

01:13to present his vision in 2026.

01:16So, yeah, I guess investors have to be patient.

01:18Have the turnaround time.