Francois-Henri Pinault
(Bloomberg) — The billionaire Pinault heir at the helm of Gucci owner Kering SA is unhappy about the fashion company’s stock market performance, which has led to a halving of his father’s fortune in less than three years.
“You’re disappointed, you’re frustrated — me too, I’m the first, be sure of that,” Kering Chief Executive Officer Francois-Henri Pinault told shareholders at the annual general meeting in Paris on Thursday. “It’s a permanent concern.”
The Pinault family holds a 42% stake and 59% of the voting rights in Kering, which makes up the bulk of founder Francois Pinault’s wealth. It declined to $29.4 billion through Wednesday from about $59 billion in August 2021, according to the Bloomberg Billionaires Index.
Kering shares have slid 18% this year, compared with gains of 6% and 20% at rivals LVMH and Hermes, respectively.
FHP, as the son of the founder is known by colleagues, said his teams are determined to make the fashion conglomerate’s brands more exclusive and desirable, especially the biggest label, Gucci.
“It will take some time but we’ll manage,” said FHP, who took the helm nearly two decades ago.
In his first public comments since Kering announced earlier this week that first-half profit would drop by as much as 45%, Pinault said the recent results are far from the group’s ambitions.
FHP was joined on stage Thursday by his two co-deputy CEOs, who struck similar tones. Francesca Bellettini, who’s in charge of brand development at Kering, said Gucci was too slow to update its looks following the Covid-19 pandemic, while Jean-Marc Duplaix, who oversees finance and operations, said the recent stock price performance was unsatisfactory but the company was working with “energy and determination” to boost it.
Gucci named Sabato De Sarno as new creative director in early 2023, following the exit of former star designer Alessandro Michele a few months earlier. Kering derives more than two-thirds of its profitability from Gucci. It also owns Yves Saint Laurent, Balenciaga and Bottega Veneta, among other labels.
Read more:
Billionaire Pinaults Fight to Pull Gucci Off the Discount Rack
Kering Shares Drop After Gucci Slump Prompts Profit Warning (1)
Kering Warns Profit to Tumble Following Gucci Woes in China (2)
Hermes Slips as Hint of Slowdown Weighs on Beat: Street Wrap (1)
|
(Adds details about Pinault’s wealth in third paragraph)
Most Read from Bloomberg
©2024 Bloomberg L.P.
News Related
-
Cloud computing experts, builders, customers, partners, and technology enthusiasts descend on Las Vegas to attend AWS re:Invent event that runs through December 1. Photo: AWS Amazon Web Services, the world’s biggest cloud services provider, has expanded its partnership with technology platform Clarity AI to help investors and consumers advance sustainable ...
See Details:
AWS and Clarity AI to use generative AI to boost sustainable investments
-
Manchester City players appeal to the referee after Ruben Dias’ effort is ruled out for a foul on Alisson Former referee Dermot Gallagher dissects the flashpoints from the latest round of the 2023/24 Premier League season including Manchester City’s disallowed goal against Liverpool and Manchester United’s penalty at Everton. Man ...
See Details:
Ref Watch: 'Enough' of a foul to disallow Man City goal vs Liverpool
-
-
All-rounder Hardik Pandya has been traded to his former franchise Mumbai Indians (MI) from Gujarat Titans with Cameron Green moving from Mumbai to Royal Challengers Bangalore (RCB), the IPL said yesterday. Five-time winners Mumbai got all-rounder Pandya back on his existing player fee of $1.8mn as teams prepare their wish ...
See Details:
Pandya returns to MI, Green goes to RCB
-
KYIV, 28th November, 2023 (WAM) — A winter storm lashed central and southern Ukraine, killing at least five people in Ukraine and three in neighbouring Moldova, with snow and high winds knocking out power to hundreds of towns and villages and shutting highways, Reuters reported. At least 19 people were ...
See Details:
Snowstorm kills eight in Ukraine and Moldova, hundreds of towns lose power
-
-
Empty jars of cream cheese, bottles of juice, torn clothes and scrap wood. These are just some items that double as eye-catching decor in Dubai resident Siddiqa Akhtar’s Furjan townhouse. A veritable upcycled haven, the Pakistani homemaker’s DIY space pays homage to her zero-waste lifestyle. Her creativity is evident from ...
See Details:
Inside a Dubai home with upcycled furniture and zero waste
-
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
No Antoine Dupont but Dubai still set to launch new era for sevens
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Why ESG investors are concerned about AI
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Your campsite can harm the environment
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Mubadala, Saudi Fund deals on US radar for potential China angle
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Abu Dhabi T10 season seven to kick off with thrilling double-header
-
Henry Turner of JESS Blues. Defending school champs JESS play a practice match against Dubai Hurricanes ahead of Emirates Dubai Sevens. The Sevens, Dubai. Chris Whiteoak / The National When Jumeirah English Speaking School claimed the Gulf Under-19s title at the Dubai Sevens for the first time 12 months ago ...
See Details:
Eight climate fiction, or cli-fi, books to consider before Cop28
OTHER NEWS
Fantic Stealth 125 and Imola Concept The Italian manufacturer’s sporty offerings are designed to appeal to the beginner segment. The 125cc segment, pretty much non-existent in the US market, is ...
Read more »
Valencia orange image Perspective from Roseane M Silva Master in Health Sciences, Bachelor in Nutrition · 7 years of experience · Brazil Possible Side Effects People who are allergic to ...
Read more »
Leading grocery delivery company Kibsons says it is already answering the call for greener production processes as food security and sourcing enter the Cop28 spotlight later this month. The UAE ...
Read more »
AMMAN — The government on Wednesday endorsed the draft general budget law for 2024 with estimated public revenues of JD10.3 billion, marking an increase of 8.9 per cent compared with ...
Read more »
AMMAN — The new forecasted capital expenditure for the fiscal year 2024 stands at JD73.317 million, according to the 2024 public budget draft law. The government allocated JD1.729 billion as ...
Read more »
AMMAN — The post World War I period marks the beginning of scholarly research in Jordan. During the British Mandate in Jordan, the Department of Antiquities in Amman was founded ...
Read more »
The Sharjah City Municipality has issued a set of guidelines for the use of cosmetic products in hair salons and beauty centres. The authority urges salons to stick to these ...
Read more »