Latest news with #Chauvet
Yahoo
11 hours ago
- Automotive
- Yahoo
Kering Stock Surges on the Prospect of a New Company CEO
PARIS — Shares in Kering surged 10.2 percent in midday trading Monday on expectations that Renault chief executive officer Luca de Meo will soon take up the management helm of the troubled luxury group. Equity analysts also gave a thumbs up to the prospect. More from WWD Could Kering's New CEO Come From the Auto Sector? Magic vs. Logic: Analysts Get Creative and Start to Weigh In on Designer Appointments EXCLUSIVE: Akris Has a New CEO of the Americas 'Kering needs change, as performance has continued to deteriorate,' Bernstein's Luca Solca said in a research note, highlighting that the company's share price has fallen 28 percent in 2025 year-to-date and 78 percent from its peak in mid-2021, 'largely driven by shrinking sales at its main brand, Gucci, which has been undergoing a multiyear metamorphosis.' Citi's Thomas Chauvet trumpeted de Meo's credentials. 'De Meo is perceived to have largely contributed to Renault's turnaround through product newness, technological innovation, [electric vehicle] transition shift, brand elevation and a return to growth and profit,' Chauvet wrote, while cautioning that 'execution of luxury brand turnarounds has become more complex, lengthy, costly and far less public-market-friendly in the past few years.' He explained that this reflects 'consumer preference for top brands rather than those in transition and significant P&L disruption from greater investment commitment and lower cost flexibility.' 'There is still a considerable amount of work ahead at Gucci and Saint Laurent [80 percent of group EBIT combined, pre-central costs] to rejuvenate both brands and generate a steady stream of revenue and cash flow for the group,' Chauvet wrote. Solca argued that brand management and marketing are de Meo's forte, 'which dovetails with what the luxury industry does — for which he seems passionate.' 'We were well aware of his affinity for the luxury space, in particular his passion for complicated Swiss watches that we discussed with him at the end of a Renault event in March 2022,' Solca noted. 'It is not hard to imagine how intriguing he found the Kering opportunity.' Kering has yet to comment on a report late Sunday in French daily Le Figaro that de Meo will succeed François-Henri Pinault, who has helmed the family-controlled group since 2005. Renault Group had announced earlier Sunday that de Meo decided to 'step down and pursue new challenges outside the automotive sector.' His departure will be effective July 15. The Italian executive spent five years leading Renault and boasts 30 years in the industry at brands including Fiat, Alfa Romeo, Toyota, Volkswagen and Seat. Kering has recruited industry outsiders in the past to run its fashion business. What was then Gucci Group famously recruited Robert Polet from Unilever's ice cream and frozen foods division as its president and CEO from 2004 to 2011. Pinault told shareholders at the company's annual meeting last April that he was unhappy with Kering's results and share price performance. 'I am totally committed to making sure the stock price recovers by restoring financial performance, not in the very short term, but in a sustainable manner in order to generate a stock price that is less volatile and more solid in the months and years to come,' he said. Kering is banking on its star Balenciaga designer Demna to speed the turnaround at Gucci, where he starts as creative director next month, with his first designs to be unveiled during Milan Fashion Week in September. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange
Fashion Network
01-05-2025
- Business
- Fashion Network
Burberry earns first buy rating from Citi in 17 years
For the first time in 17 years, Burberry Group Plc has received a buy rating from Citi, marking a significant shift in sentiment toward the British luxury brand. Citigroup Inc. analyst Thomas Chauvet, who had maintained a neutral stance on the stock since the Global Financial Crisis, upgraded his recommendation to buy on Thursday. Chauvet stated that 'potential rewards now outweigh the risks,' a move that led Burberry shares to rise by as much as 4% in intraday trading. Burberry's stock has struggled in recent years, falling roughly 70% from its peak two years ago. The decline reflects the brand's difficulty in repositioning itself further upmarket, alongside a broader slowdown in demand for luxury goods. The downturn also led to Burberry losing its position in the UK's FTSE 100 Index in 2023. 'Whilst patience is needed, potential rewards now outweigh the risks, considering the company's significant transformation potential over the next three years,' Chauvet wrote in a note to clients. He pointed to the 'Burberry Forward' strategy launched by new chief executive officer Joshua Schulman, which aims to elevate the brand's global visibility and desirability. Chauvet suggested this strategic shift could drive a long-term revival. Following a promising trading update in January, investors and analysts will seek further confirmation of progress when Burberry reports its next results on May 14.
Business of Fashion
01-05-2025
- Business
- Business of Fashion
Burberry Gets a Buy Rating From Citi for First Time in 17 Years
A Burberry Group Plc analyst who's had a neutral rating on the struggling luxury-goods stock since the Global Financial Crisis has turned positive for the first time since 2008. Citigroup Inc.'s Thomas Chauvet upgraded his recommendation to buy on Thursday, saying that 'potential rewards now outweigh the risks.' Burberry shares rose as much as 4 percent. The stock has been in the doldrums since hitting a record high two years ago, sliding about 70 percent in that time as the brand struggled to push more upmarket. A broader drop in demand for pricey items also weighed, and Burberry lost its place in the UK's FTSE 100 Index last year. 'Whilst patience is needed, potential rewards now outweigh the risks, considering the company's significant transformation potential over the next three years,' Chauvet wrote in a note. He expects the 'Burberry Forward' strategy implemented by new chief executive officer Joshua Schulman to bolster brand visibility and desirability. After an encouraging update in January, analysts will be seeking more proof of revival when the company next reports on May 14. By Kit Rees Learn more: Report: Burberry Is Looking for Its Next Chairman Burberry is evaluating potential candidates to succeed Gerry Murphy as chairman, Sky News reported Tuesday.
Broadcast Pro
23-03-2025
- Business
- Broadcast Pro
LynTec to make NAB Show debut with power control solutions
Making its show debut, LynTec will demonstrate its flagship RPC series for broadcast and lighting deployments. LynTec, a manufacturer of electrical power control solutions for professional audio, video and lighting (AVL) systems, will exhibit for the first time at the NAB Show 2025, taking place April 6-9 in Las Vegas. The company aims to educate broadcast and lighting dealers and distributors on its advanced power control and distribution solutions. Visitors can explore LynTec's RPC Remote Control Breaker Panel at the Kino Flo booth N1059, as part of the Chauvet brand showcase. Mark Bishop, President of LynTec, said: 'We're incredibly excited to exhibit our solutions at the 2025 NAB Show. Our proven brand of power control and sequencing solutions is no stranger to the broadcast space, with hundreds of deployments in television studios, live event spaces, large-scale worship environments, and more. We have a long tradition of engineering our solutions to suit the needs and requests of our customers, and our RPC products ensure that the installers in this market have power control solutions tailored to offer the flexibility and efficiencies they require.' At the show, LynTec will feature its patented RPC Series, the foundation of its power control innovations. The RPC motorised circuit breaker panels, available with 30 to 84 controllable breakers per panel, streamline installation and reduce operating costs. Built on Square D's G3 Powerlink hardware platform, the system enables faster buildouts, eliminating the need for separate relay panels and additional wiring. It can manage lighting and AV systems across multiple zones using various control protocols, including HTTP, Telnet, sACN, DMX and RS-232. With LynTec's intuitive graphical user interface (GUI), users can configure, troubleshoot, and monitor power control settings remotely from any connected device. The system also provides text or email alerts for panel anomalies, enhancing reliability and ease of use.
