(CercleFinance.com) – Last night the group announced two major managerial changes. Following this announcement, Oddo BHF confirms its neutral advice on the value with a price target of €498.
The central management of the group will expand with the promotion to the position of Deputy CEO of Jean Marc Duplaix (CFO in title) who will be in charge of finance and operations and of Francesca Belletini (CEO Saint Laurent) who will be in charge of brand development, says Oddo BHF.
‘ The management of the main brand of the Gucci group (it alone represents almost 70% of its EBIT) will change with the departure of Marco Bizzarri, which should take effect on September 23. He will be replaced for a transitional period by Jean François Palus ‘underlines the analysis office.
The analyst believes that the change at the head of Gucci seems to suggest that the belief has recently been acquired that Gucci could not recover as desired in its current structure, Jean François Palus will be supposed to improve the functioning of the brand and prepare the future.
“We may have to wait for a new appointment to see how things will change,” says Oddo BHF.
‘ The stock is highly discounted but Gucci’s financial trajectory remains particularly uncertain at this stage: we are not convinced that the current efforts undertaken are sufficient to ensure a recovery, but the magnitude and nature of the changes to come remain difficult to anticipate at this stage. this stage’ adds the analyst.
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