The “frustrated” Pinault which silences PETA and, in doing so, cashes in the applause of the shareholders. “We are ready to cooperate with you, though we continue to use exotic leathers” said the Kering CEO. It happened yesterday (Thursday 25 April 2024) in Paris during the annual general meeting of the multinational. This year the stock dropped by almost 17% and the latest quarterly results are particularly negative due to Gucci. “Of course you are disappointedyou are also frustratedAnd no one is more than me, I assure you,” Pinault told shareholders. Then he changed his tone of voice when – annoyed – he confronted, and rejected, a PETA representative. Here’s how it went for her.
Frustrated with Gucci
When will Gucci and Kering recover? François-Henri Pinault (in the photo Shutterstock 2024) indicated a deadline: the end of 2024. “We are determined to achieve improvements already at the end of this year and in 2025,” the Kering CEO told shareholders. The statement is in line with HSBC analysts. “There positive turn by Gucci in third quarter it’s still an optimistic hypothesis That we don’t share. We believe the rebound should materialize in fourth quarter. Otherwise, further ones will arise questions about repositioning and on the management of the brand. Obviously you are disappointed, you are also frustrated, and no one is more frustrated than me, I assure you. The diagnosis has been made, all teams are in place. We are 100% concentrated on the execution of our action plan”.
Pinault Silences PETA
During the meeting there was an intervention by a representative of PETA, who stated that a recent investigation had discovered cruelty on farms in Thailand that supply reptile skins to a tannery owned by Kering. The accusation is that, in fact, nothing would have changed in the supply chain. Pinault interrupted him with a firm tone of voice different from the contrite one he had used up to that moment. “I’ll stop it right away. I can’t allow it let it be said that nothing has changed and that all our sustainability initiatives are greenwashing,” Pinault said, as reported by WWD. “We are doing every possible effort. We have animal welfare documents that are very cutting edge. I am absolutely against this type of situation. Rest assured that we are ready to cooperate with you to put an end to this type of practice. Even if – Pinault specified – we continue to use exotic leathers“. The French tycoon’s remarks were greeted with applause from the assembly. (mv)
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