00:01Angelina, what stands out here? The stock looks like it's called a little bit softer.
00:06Why is that? The numbers are OK. They're not great, but they're OK. So what is the kind
00:12of the takeaway from these figures?
00:16Hi there, Guy. Indeed, I mean, the positive was that the key fashion and leather goods
00:20unit returned to growth in the second quarter. That was for the first time in two years.
00:25So that's obviously the unit that includes brands like Louis Vuitton and Christian Dior Couture.
00:30However, the growth rate was slightly disappointing. So I think investors were expecting a little
00:37bit more. The positive is that Dior in the second quarter grew slightly more than the unit average.
00:46And it was led by growth in the U.S., especially double-digit growth rates. However, we're not
00:52seeing really strong recovery signs in China, which is a crucial market for luxury goods.
00:58So that's perhaps what was missing. On the positive side was the watches and jewelry units.
01:05And really, it was jewelry because watches were negative. But jewelry, it was led by Tiffany
01:11and Bulgari. And that's similar to what we saw. I mean, it grew 11 percent in the second quarter.
01:17And that's similar to what we saw with Richemont, you know, the owner of Cartier and Van Cleef.
01:21I think in these times of uncertainty, the aspirational consumers especially, they are quite keen to see,
01:27they probably see more value in the jewelry, in a gold bracelet, you know, gold jewelry,
01:34because that will probably keep the value in the long term.
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