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Jean-Jacques Guiony

lines on the record: 35
first: 2022-06-01
most recent: 2022-06-01
sittings or episodes: 1
sources: podcast

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“they should send a resume to the HR division. I mean, we are always in search of talents. I mean, the talent war is probably the most important thing that we have to manage on a day-to-day basis. And starting from The commercial side is probably very advisable. I mean, it's not what I've done because I've been in finance all my career, but getting in touch with the clients and knowing how they react, how they feel, what they like. And you get to understand everything at the same time. You understand the client. You understand whether the marketing strategies have any impact on them. You understand the strengths, all the weakness of the product. So starting from sales is in my view extremely important doesn't mean that people have to stay there 10 years, but they have to start from being in front of the client. It's awfully important.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“That nothing exists after him. I mean, he's very keen really to develop the business and to pass the business to the best suited persons in your course. So I'm not particularly worried about that. I think it will be achieved in due course smoothly and to the best interest of his family and of the shareholders.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Is successors, let's put it that way, and getting them to understand what is luxury, what are the luxury brands of the group, and what it is to manage a group of that size. And there are different ages and they're working on that. The succession is not, in my view, a question for tomorrow, but probably for the day after tomorrow will pass before the question really rises as a hot one and a burning one. So discussing the conditions of the succession today when the time is not ripe is in my view a little bit useless. But what I know is that Bernardo is extremely keen on developing the business for the next generation and for the generation after. I mean, he doesn't feel”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, first of all, the first thing to bear in mind is that Bernard Arnaud is there 12 hours a day, more than five days a week because he works also on weekends and he's very active on managing the group always done. So that's very important to bear in mind. As you said, I mean, his grooming is”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Is very open to different views, even sometimes expressed in a fairly vivid manner, let's put it that way. So he's very open to that. It doesn't mean that he listens or that he would do even when I disagree with him that he would do what I suggest, but sometimes he does. Most of the time he follows his own views. He's a boss. I have no problem with that. But he listens. So the most important point is this ability to be welcoming different opinions and it's frankly not complicated.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“So a lipstick, a channel liptic, or dual lipstick is probably worth 30 or 35 euros. So it's not a lot of money, but it's genuinely Eur product. It's a luxury item and the motivation of people in buying a dual lipstick is actually because they feel that they will look better, they please themselves by buying a geolipstick. You don't have to invest thousands of euros or dollars into product to be to have a really luxury attitude and buy a luxury luxury product so the strengths in my view of the luxury brands is this ability to offer a very very large price range of product to different people, be different things to different people with a sort of common thread which is pleasing oneself looking good feeling good”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“What I mean by that is the ubiquity of luxury brands from a pricing viewpoint. Most of the brands, and particularly the bigger one and the more global ones, are ranging from pretty low amount to very high amount. Take even chanel ordure. Chanel ordeu, when you go to their stores, they start at a pretty high price point. But think about it, cosmetic business is Chanel Order and is really Channel& Di.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Not so sure, I think it's about self accomplishment and also pleasing oneself, just having the opportunity, take handbag. I mean, you take a plastic bag from a supermarket, it does the job of carrying whatever you have to carry. It does a job, but it's not the same feeling. So pleasing oneself is having, I mentioned before the La Europeana jumpers. I mean, the feeling of a La Europeana jumpers, which is much more expensive than any other jumper, is incomparable. Just pleasing myself. Just feeling I feel better into that. This has no age. And it starts and people start early. And we end up with the architecture of most of our brands. Don't take me wrong. I mean, a brand like...”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a good point. The fact of the matter is that the bulk of our customers are young ones. So I would say that by definition, we'll try to discuss that a little bit later, but by definition, luxury is appealing to the young customers. Not all luxury products. I mean, if you start, if you want to start your life and career and have the ability to buy 40,000 euro crocodile handbag from Viton Ordieux, or maybe it's a little bit out of reach for a while. But it's also part of many people's accomplishment in professional life to have the ability to buy and to invest into luxury goods. And the sooner they do it, the better they feel about it.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Importance of distribution exactly what we have developed over the years with Mohet and NSE. So there are plenty of categories. I mean, we are not so much developed in skincare compared to our competitors, still odor, all or real. I mean, we would love to expand there. Maybe acquisition would enable us to fulfill those gaps, but they depend. I mean, you don't create opportunities. I mean, it depends on whether they come. We're patient and we are extremely able to move very fast, as we have shown in the past.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So it's very, I mean, we are very proud of this brand. It's a fantastic brand, but it's not everybody's watches, let's put it that way. We lack in the portfolio the classical high-end watch, typically the Patek Philippe, the Odomar Piquet, that type of watch we don't have any. That's something that we would welcome as a potential acquisition opportunity. We also feel that in the wine and spirit business, I mean, there are fabulous whiskey brands. For instance, we do own Glen Marangi, which is a great Pure Malt brand, but they are fabulous brands. And we would love to expand in this business, which is very similar to our champagne and cognac business, a lot of roots, a lot of aging of product, not so much emphasis on marketing. I mean, you sell always the same product.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“You can dream about all sorts of companies, but one has to be realistic about what is achievable and what is not. That's the first point. And the second point is also to look at the portfolio that we have and whether there are areas in this portfolio where we don't really own exceptional assets. One example is high-end luxury watches. For instance, I mean, we have Iblo, Iblow is a great brand.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they have in the U.S., particularly in the US, they tend to have a system whereby all the management goes away after the acquisition. I don't mean that we have let them go. I mean that they go away because they have golden parachutes and they sort of trigger their golden parachutes 10 minutes after the acquisition. So we knew right from the beginning that we would have to fear all the serious management position with new people be they American, European, wherever from. So in terms of management team, I mean, most of the management team at Tiffany is our newcomers. So we don't have a legacy of hostility or being the barbarians at the gate as sometimes hostile takeovers are being analyzed because basically once we did the acquisition, most of the management team, if not all of them, and I'm talking about a large number of people,”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“It was not particularly friendly. I mean, Tiffany was a complicated acquisition because it was typical US acquisition, so it's not friendly, but the US boards tend to consider friendly and hostile as a direct function of price. But how”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the acquisition cycle in luxury is something interesting to analyze. There are phases when there is concentration and then nothing happens. If you try to look at it from a more financial viewpoint, it's pretty simple to analyze. The finance people would, when they trade stocks, would talk about bid and ask. I mean, the price at which people are ready to sell and the price at which people are ready to buy. First of all”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, to sort of concentrate, if not monopolize, but at least to concentrate on the top end of the market. So it requires obviously strong products, strong brands, and we never compromise on quality. And so we do invest. Marketing investment is complicated in champagne because there are many locations where about from having a picture of the bottle, you're not allowed to do anything else. I think it is very true in France. I think it is true in the same way in Norway. But that's why the distribution investment is so important being close to the, if not the end customer, but at least the one who talks to the end customer. That requires money, and we've been able to do this investment.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a little bit different from the strategies we discussed before. How have we done it? We invested into distribution. I mean, we had very good brands. We were not the only one, but we had very good brands. But we invested a lot into our distribution networks to make sure that our bottles would be found not necessarily in France, which is a very competitive market, where prices of the essence. So basically we went outside France, where competition on prices is less tough, and we invested into our own distribution companies. We don't talk to the end customer, but we talk to the wine merchant, the restaurants, etc., to make sure that our bottles are in front of the best clients. And with that, it enabled us to raise progressively the price of our bottles. And as you said,”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Attends management presentation, he visits towards each and every Saturday morning, he's visiting stores, talking to clients, talking to sales assistant, so being very close to the customers.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Works pretty hard. I mean, his age is no secret. He's 73. I've been working, I had the privilege to work with him for the last 20 years almost. And frankly, he's as active today as he was 20 years ago and probably 30 years ago or even further than that. He works very, very hard. And it is part of it because knowing what's going on, knowing the clients, knowing the strategies, knowing I mean, when you have the group like LVMH is a group with many brands, but many brands means many situations, many experiences that you can draw learnings from a lot of things. So the more you know about it, the more you know about luxury and the more you know about how to develop the business. And Bernoulli spends an awful lot of time working on that.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Bernardo has shown over the years is beyond his strategic instinct and strategic vision that he had about luxury, that he started 30 years ago and he has been developing ever since in many ways. He has also been able to develop a management system. He's not the only one. He has a few people around him that have been able to share this vision and to develop it alongside his own view of it.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“These kiosks are several. First of all, you need the brands, as we discussed already. You don't create good brands, you develop them, but you need the starting point has to be a good brand. But the main skill is to develop, to have the ability to develop those brands. And it's all about management. I mean, very good management in all forms. It could be creation, it could be management, it could be how people are behaving in stores and how do they convince clients that they should be buying something, et cetera. So it's a lot of things. But it's really about creating the conditions for a sophisticated management system to develop and to be able to manage so many brands at the same time. And when I mean manage is more developed so many brands at the same time. So I think one of the key strengths that”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a very good question. Obviously, strategic sense, and Bernard Arnaud was able to spot 30 years ago, which is not yesterday. I mean, 30 years ago, the fabulous potential of luxury, and he's been surfing on that ever since. But it also requires the ability, I mean, the surfing image is always interesting because in surf you need Good That's the demand. But you need certain skios to stay on top”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Indeed. And I remember that when we bought it, the owner of Europeana said, you should buy a Europeana product, but I warn you all the rest of your sweaters, jumpers, etc. You will have the feeling that you wear a cardboard afterwards. It was very true, actually. So it's very addictive. There is also some part of addiction in luxury, but a good addiction.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably the brand with exceptional products that you feel are really exceptional La Europeana, for instance, is for me a fabulous brand because”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Aim at convincing these upper middle classes, affluent people, people having a little bit of discretionary money, that we have products for them. And that's what makes the luxury business what it is. It is not a volume business, but it's a large business. We are not looking at ourselves as selling large volumes, but nevertheless we do have sizable businesses. So we have to manage that.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“We do sell too. You're absolutely right. We do sell, but in percentage of total. Way less than the upper middle class, the affluent people. I mean, our customer base is affluent people is not rich people. We do business a little bit with rich people, but the bulk of what we do, we do it with affluent people. So it's extremely important for us. And we come back to the distinction between luxury and high-end. We are not high-end we have high-end products and we serve high-end clients, but we do also have 1,500 handbags which are aimed at a per middle class, and a middle class has different meanings depending on the market. In some markets, people are average revenue is pretty high in other markets. Average revenue could be half that or even less. So it's different definition, but it's very important for us to really”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“In luxury, the middle class is extremely important because that's the driving force being luxury is the upper middle class, let's put it that way. We're talking about people having a little bit of money. We don't sell to rich people. We sell to people having a little bit of money. We do sell to riches.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“The product is very important, is extremely important, and usually makes the difference. I mean, you can have strong brands, but in the short term, the product makes the difference. The good product and good product is a lot of things, aesthetics, functionality, quality, I mean, makes the difference and usually the momentum of the brand, the shorter momentum. I'm not talking about the brand itself as being a very important brand for decades, but the momentum of the brand is usually connected with the quality of the product that are being marketed at a given point in time.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“What you do in luxury is basically create a dialogue between the past and the present, between heritage and modernity. And that's very important. You need roots. I mean, it's very important to have roots.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Not easy. It's not easy. I mean, it takes ages. I mean, it takes luck, time. And frankly, we have not developed so many luxury brands from scratch. Or each time we've done it, well, they remain small today. We are getting into another topic, which is the topic of barriers to entry, which is very important in luxury. But a lot of barriers to entry into the luxury business are pretty high and very difficult to overcome. This is why it is so difficult to create luxury brands from scratch. And most of the luxury brands date back ages ago.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Indeed, a jewelry brand that we bought. The name is pretty well known, but it's not sufficient. What was interested in the brand is that not only you have a well-known name, but you have a lot of things going with it. Audrey Eburn, Diamond, Romans, New York 57th Street, the Blue Collar, I mean a lot of things are spontaneously associated to the brand. We call these attributes associated to the brand by a large amount of customers. That makes the brand very attractive because it's already well defined and the customers know a lot of things about it. So then you build strategies, but the foundations are there. You build marketing strategies, retail strategies, but the foundations, which is really the definition of the brand and the strengths of the brand, is there already.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Per se fricto sensu, a good luxury brand is two things, is a name that is well recognized, but with attributes. Let me give you an example and why we got so interested in Tiffany. When you look at Tiffany, the name everybody knows about it.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Because it has no volume and because it is not something that you would show off with or at the very least express yourself with. It's really a dialogue between the product and yourself. Luxury is not simply a dialogue between the product and the client. It's also showing off. I mean, it doesn't have a very positive meaning showing off, but it's really expressing oneself through logos, through products, in different ways, which are very important for the people that are buying it. This is why we have such a large market. I mean, the dialogue with the Steinwe piano is not a very intimate dialogue. It's not something that you can interact with other people with.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“Luxury, and one important point is not to put in the same basket luxury and high end for instance. I don't know, take Steinway pianos. There is nothing more. I mean, I play the piano, there is nothing better than Steinwei pianos. It's not a luxury item. It's a fabulous instrument, but it's not a luxury item.”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source
“It's quite a complicated question. I thought about it ahead of the meeting. It's a fairly complicated question because if you start defining luxury through only products, stores, marketing, et cetera, you miss the point. The point is a customer behavior. The customer's desire. What do people want and why do they buy luxury goods? It's actually to please themselves, to make good, to raise their self-esteem. I mean, that's exactly about personal behavior and what people are trying to achieve in terms of status, in terms of the way they look, in terms of how they interact with others. And we are providing products, or not only products, actually experiences, I mean the global luxury industry that help people really achieve the goals of looking better, feeling better. That's actually the definition in my view of”
2022-06-01 · In Good Company with Nicolai Tangen · Jean-Jacques Guiony CFO of LVMH · IDENTIFIED FROM THE TRANSCRIPT · source