Kering’s shares climbed 7.4 percent on Wednesday as analysts welcomed its management shake-up and amid reports that an activist investor might be circling the luxury group.
Kering’s share price increase on Wednesday also was partially driven by a Bloomberg report, quoting sources, that the group was in talks with defense advisers following approaches by activist investors, including Bluebell Capital Partners Ltd. Bluebell last year made a run at Compagnie Financière Richemont SA, seeking for a major shake-up of that luxury group that eventually was soundly defeated.
Upon the announcements a day earlier, François-Henri Pinault, Kering chairman and CEO, said, “We are building a more robust organization to fully capture the growth of the global luxury market.” Carole Madjo at Barclays said Bizzarri’s departure could be seen “as a total surprise considering the challenges faced by the brand. As such, even though the CEO change may further delay the recovery story of Gucci, we think it at least closes a chapter and will enable the brand to move to the next step of the equity story. In our view, this transition phase increases the likelihood of a proper margin reset at Gucci to strengthen the brand for the long term .
A Milan-based analyst who spoke on condition of anonymity said that Bizzarri’s exit at this moment was unexpected and that Gucci’s “change of strategy was tardy, meaning that it was quite clear earlier on that a change in the master plan was necessary for the brand.”
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