Speaking to reporters after a keynote address sponsored by the HEC
Alumni Association of New York at the Consulate General of France, PPR
CEO François-Henri Pinault said the French conglomerate is “ having
some issues” with the sustainability of Puma’s growth trajectory.
“We are No. 3 [in the space], but still much smaller [than our
competitors] and not at all where our ambition is for the brand, so
we’re putting in place the right organization to fulfill that. Once
we’re on track, we’ll continue to build the portfolio around Puma,” he
said, according to Women's Wear Daily, “[We have] to make sure what
we’re building around with Puma is not actually competing with Puma.”
Pinault
also highlighted the growth potential of Volcom, which it acquired in
2011. Pinault said the outdoor/action-sports area "will never be the key
category of Puma, but it’s a very big market segment. It’s really where
we think sports performance [and technical product] extends to the
lifestyle field, and it’s where we want to express ourselves.”
Pinault
also spoke in detail about PPR’s recent decision to install American
contemporary designer Alexander Wang as creative head at Balenciaga
after just a month of talks.
12/6/12 Business - Footwear News - WWD.com
“The
brand has been built over the last 15 years with Nicolas [Ghesquière,
who successfully created a new tailoring style that retained the spirit
of founder] Cristobal [Balenciaga’s] work. We want to make sure that the
person we hire understands and is capable of working with those
elements, yet pushes them forward. I didn’t want ... [someone who]
wanted to do something completely different,” he said. “The challenge
taken by Alexander, which I really liked in discussions with him, is for
him to express his talent in a different situation for another brand
with its own DNA, and he’s absolutely excited with that.”
In
addition, Pinault shared his optimism for the continued strength of the
luxury sector in 2013, reiterating that much of the growth will be in
Asia, especially China, where PPR posted a 12 percent increase in sales
in the third quarter.
Even mature markets in Western Europe are still
growing in the double digits, he added, with tourist purchases on
luxury brands offsetting anemic spending by locals.
Pinault doesn’t
foresee any slowdown in America either, and dismissed concerns about the
economy or consumer spending when tax cuts and spending programs expire
on Dec. 31.
“It’s a fiscal cliff, not a fiscal mountain,” he quipped.
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