Jonathan Eng, a seasoned portfolio manager at Causeway, delves into Kering, the global luxury powerhouse behind brands like Gucci and YSL. He highlights the stark contrast between Kering's challenges—down over 60%—and LVMH's rise. Eng explores the cyclical nature of Gucci, strategic shifts from wholesale to retail, and the critical role of creative directors in brand performance. He offers insights on consumer behavior, pricing dynamics, and the importance of brand reputation, all while reflecting on investment strategies within this complex market.
