Kering: No Signs Of Recovery At All

Group 1 - The article discusses a downgrade of Kering to a sell rating due to a lack of expected recovery in Gucci and China, as well as ineffective product refresh strategies [1] - The author emphasizes a fundamentals-based approach to value investing, focusing on companies with long-term durability and robust balance sheets rather than just low multiples [1] - There is a recognition that investing in successful companies carries risks, particularly regarding valuation, but some situations may justify less concern about price in the short term due to vast development potential [1]