Mediobanca Aims to Boost Profit, Payouts in Bid to Fend Off Monte Paschi
The bank–formally known as Mediobanca Banca di Credito Finanziario–said Friday that its plan for the next three years calls for revenue of more than 4.4 billion euros, equivalent to $5.15 billion, net profit of 1.9 billion euros and a return on tangible equity–a key profitability metric for banks–of 20% in the year ending June 2028.
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Yahoo
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Italian fashion house Valentino hires Riccardo Bellini as CEO
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Yahoo
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Jaguar exec on the controversial 'Copy Nothing' rebrand, its EV future, and Trump
For a brand that's seemed off the radar in recent times, its been an interesting past year for Jaguar's Tata Motors ( There was the rebrand late last year that critics labeled "woke" and a startingly unexpected concept — the Type OO — that car fans found polarizing at the very least. Even President Trump weighed in on Jaguar following the resignation of its CEO last month, calling the rebrand a "total disaster." Jaguar managing director Rawdon Glover has a lot on his plate, but he is optimistic that the 90-year-old British marque is on the right path. He spoke to Yahoo Finance at the Quail event during Monterey Car Week about that rebrand, why Type OO's design is an evolution, and why competing in the "brutal" premium luxury space needs a rethink. The following interview has been condensed for clarity and length. Talking about the Type 00 concept, what does it mean for the brand in particular? The new tagline is "Copy nothing," right? Is that what we're talking about? "Copy nothing" probably needs a little bit of unpacking. So the founder of Jaguar, Sir William Lyons, he used this term, and he said, "When Jaguar is at its very best, it is a copy of nothing." And what he means by that is, it shouldn't look like anything else on the road. When everybody else goes in one direction, Jaguar should have the confidence and the strength and its own convictions to do something completely different. So what we're showing with Type 00 is a very clear signpost as to what you can expect for the future. You've made some interesting design points about the vehicle. Being an EV, for example, means it could have had a small front because there's no motor, but you didn't do that. Why? Because we don't think that's what people want in a $130,000 vehicle. What recent history and EVs has shown us is, very quickly, EVs have become commoditized. They tend to be cab-forward with small wheels. They tend to ride higher. What it means is the sector becomes actually quite homogenous and very commoditized. If we're going to go into that segment and say, "You're going to buy a $130,000 Jaguar," you've got want one. When you get inside the car, it's going to feel incredible. And when you drive it, because it's a Jaguar, it's got to be an involving, engaging car to drive. If Sir William Lyons were alive today, I'd like to think that's exactly the type of car that he would be designing and engineering. When the "Copy Nothing" campaign launched back in November, some car enthusiasts complained about the video ahead of the concept's release, calling it "woke." Were you surprised by some of the backlash? Yeah, I think what's important to say is the tease campaign, which is probably what you're referring to, was never intended to be either a cultural or political statement, full stop. It was about creativity and individuality. You know, [critics] harness that for probably other purposes, but that's never the intention. But if you then step back from that and say, "Okay, well, what has it done?" It's given us a platform. [The video's] job, in between unveiling the brand and unveiling Type 00 in Miami, was to get as many eyeballs as possible on the Miami launch. That was its only job. President Trump also weighed in on the rebrand recently after Jaguar's CEO stepped down a couple of weeks back. Were you surprised by that? We literally just put it on our platform to say something really interesting is happening. So I am a bit surprised that we're still talking about it. But you know, and I just reiterate, it was not about cultural statement. It was not a political statement. It's about creativity and individuality. Speaking of other somewhat controversial matters, Jaguar's all-electric pivot. That's part of the future the brand — has that changed? It's a kind of all hockey analogy — you've got to skate to where we think the puck is going, not where the puck is today. I think there are other elements of it too. I think we have to make sure the technology is game-changing. So 700 kilometers, 400 miles of range. That will remove a lot of the very rational barriers, plus super-quick charging. But you know also, what we're finding is, at those price points [around $130,000], it's unlikely [to be a Jaguar buyer's] only current asset. So the type of people that are here [at] the Quail, the type of people that buy that car will have three, four, five [cars], and it's about what car is best for that particular journey they're doing at the time. So we come back to the earlier point, which is, what do we need to do? We need to make the most desirable car that we can. And how can we do that? Well, by having incredible proportions and looking like nothing else. What do you say to people who say a radical design coupled with going all-electric alienates your core clientele? We're the custodians of the brand, right? And a lot of people, they feel a huge amount of passion for Jaguar. I've certainly learned that in the last 12 months, and you'd much rather have that than actually have nobody care. But if you look at what's happening in terms of the technology landscape, what's happening with competition, what's happening in terms of the commercial performance of [our existing] vehicles, you come to the point: what is required? When the E-Type landed in 1961 in Geneva, it didn't look like anything that came before it, and didn't look like anything else on the road. The spiritual successor, the XJS, again, didn't look like the E-Type. It looked like nothing else on the road. And I think at our high points in the Jaguar history, that's what we've done. You mentioned before that you're currently operating in the premium luxury space, that's super competitive. Is this one way to stand out? Yeah. If I look at what's happened in the last 20 years, really difficult. We call it the premium, but it's a brutally competitive space, dominated by players that are much bigger than us, at much greater purchasing economies of scale, and much greater manufacturing economies of scale. In any strategy, you start with, where do we want to play, and where do we think we can win? And if I look at, for example, our Range Rover business model, which, again, is not dissimilar from this, if you have a really compelling product proposition and desirable brand, we can operate really successfully at those elevated price points. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. 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Wall Street Journal
17 minutes ago
- Wall Street Journal
Airbus Faces U.K. Strikes Amid Wage Dispute
Airbus AIR -1.58%decrease; red down pointing triangle employees in the U.K. plan to strike for 10 days next month over a wage dispute. Unite union, representing more than 3,000 aircraft fitters and engineers at the European planemaker, said Wednesday that its members voted in favor of industrial action over pay.
