Summary of Prada S.p.A. Q1 2024 Revenue Update Conference Call Company Overview - **Company**: Prada S.p.A. (OTCPK:PRDSY) - **Date of Call**: April 24, 2024 - **Participants**: CEO Andrea Guerra, CFO Andrea Bonini, and various analysts from major financial institutions Key Points Industry and Market Trends - 2024 is expected to show different market trends compared to previous years, emphasizing brand positioning and desirability [4] - The luxury goods market is experiencing a shift, with a focus on creativity and cultural influence [4] Financial Performance - **Total Group Retail Growth**: 18% in Q1 2024, driven by like-for-like sales [4] - **Net Revenues**: €1.187 billion, up 16% at constant FX compared to Q1 2023 [7] - **Retail Sales Growth**: - Prada brand: +7% [8] - Miu Miu brand: +89% [5][8] - **Geographical Performance**: - Asia-Pacific: +16% [9] - Europe: +18% [9] - Americas: +5% [9] - Japan: +46% [9] - Middle East: +15% [9] Brand Performance - **Prada**: Maintained strong desirability and cultural relevance, with growth across all product categories and geographies [4][8] - **Miu Miu**: Significant growth trajectory, regaining its position in the industry, with a balanced product category mix [5][8] Consumer Trends - Chinese consumers showed low double-digit growth in Q1, with a notable increase in spending abroad [16][37] - European consumers exhibited mid-single-digit growth, while North American consumers remained flat [16][37] Future Outlook - The company is optimistic about continued growth, with a focus on retail execution and consumer engagement [10] - Plans for modest store expansions in 2025: 10-15 new stores for Miu Miu and 5-10 for Prada [27] Investment and Infrastructure - Continued investment in brand desirability, marketing, and digital infrastructure is prioritized [28][29] - Focus on verticalization of brand organizations and improving operational efficiencies [28][29] E-commerce and Retail Metrics - E-commerce contribution is around 10% of total sales, returning to pre-COVID growth trajectories [64] - Miu Miu's retail metrics show improvements in store traffic, conversion rates, and customer retention [64] Challenges and Considerations - The company acknowledges the need for careful management of growth to avoid the pitfalls of being overly fashion-driven [48] - The dual listing remains on the agenda but is not a current priority due to other strategic focuses [54] Additional Insights - The performance of leather goods has been strong, with a noted increase in the share of iconic products [46][50] - The company is actively monitoring consumer behavior and adjusting strategies accordingly, particularly in response to tourism trends [33][34] This summary encapsulates the key insights and financial performance metrics discussed during the Prada S.p.A. Q1 2024 revenue update conference call, highlighting the company's strategic direction and market positioning.

Company and Industry Overview * **Company**: Goldman Sachs Group, Inc. (NYSE:GS) * **Industry**: Investment Banking, Financial Services * **Event**: Annual Shareholders Meeting Conference Call, April 24, 2024 Key Points 1. Company Performance and Strategy * **2023 was a year of execution**: Despite a challenging operating environment, Goldman Sachs narrowed its strategic focus and delivered on its strategy, positioning the firm for future growth. * **Significant progress**: Stock doubled over the last 5 years, dividend tripled, and book value per share grew by 54%. * **Long-term focus**: Continue to be a trusted advisor, employer of choice, and generate mid-teens returns through the cycle. 2. Culture and People * **Investment in culture**: Significant focus on reinvigorating the firm's culture, led by CEO David Solomon. * **People as a differentiator**: Emphasis on the talent and capabilities of Goldman Sachs employees. 3. Board of Directors * **Introduction of Board members**: Highlighted the roles and contributions of the Board of Directors. * **Outgoing members**: Recognized the contributions of outgoing Lead Director Bayo Ogunlesi and Jessica Uhl. 4. Shareholder Proposals and Voting Results 4.1 Election of Directors * **Unanimous recommendation**: Shareholders approved the election of all director nominees. 4.2 Executive Compensation * **Say-on-pay vote**: Shareholders approved the executive compensation of named executive officers with approximately 86% support. 4.3 Ratification of Independent Auditors * **Unanimous recommendation**: Shareholders approved the ratification of PricewaterhouseCoopers as independent auditors with approximately 95% support. 4.4 Independent Chair Proposal * **Shareholder proposal**: Proposed by the National Legal and Policy Center, advocating for the separation of CEO and chair roles. * **Voting result**: Rejected by approximately 33% of shareholders. 4.5 Transparency and Lobbying Report * **Shareholder proposal**: Proposed by John Chevedden, requesting disclosure of lobbying expenditures and dark money payments. * **Voting result**: Rejected by approximately 39% of shareholders. 4.6 Outcome Report on Protected Classes of Employees * **Shareholder proposal**: Proposed by The Nathan Cummings Foundation, requesting data on efforts to eliminate harassment and discrimination. * **Voting result**: Rejected by approximately 15% of shareholders. 4.7 Environmental Justice Impact Assessment * **Shareholder proposal**: Proposed by the Sierra Club Foundation, requesting an assessment of environmental justice risks related to energy and power sector financing. * **Voting result**: Rejected by approximately 10% of shareholders. 4.8 Clean Energy Supply Financing Ratio * **Shareholder proposal**: Proposed by the New York City Comptroller, requesting disclosure of the ratio of financing for low-carbon energy supply relative to fossil fuel energy supply. * **Voting result**: Rejected by approximately 29% of shareholders. 4.9 GSAM Proxy Voting Review * **Shareholder proposal**: Proposed by the Presbyterian Church (USA), requesting a review of proxy voting policies related to diversity and climate change. * **Voting result**: Rejected by approximately 8% of shareholders. 4.10 Financial Statement Assumptions Regarding Climate Change * **Shareholder proposal**: Proposed by the National Center for Public Policy Research, requesting a report on financial statement assumptions regarding climate change. * **Voting result**: Rejected by approximately 1% of shareholders. 4.11 Pay Equity Reporting * **Shareholder proposal**: Proposed by Newground Social Investment, requesting transparent disclosure of racial and gender pay gaps. * **Voting result**: Rejected by approximately 30% of shareholders.

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更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 M Idea April 2, 2024 10:05 PM GMT Asia EM Equity Strategy | Asia Pacific Morgan Stanley Asia (Singapore) Pte.+ Daniel K Blake Equity Strategist Alpha, Beta, Thematic Biweekly Daniel.Blake@morganstanley.com + 65 6834-6597 Jonathan F Garner Equity Strategist – NISA Surge into Japan's Jonathan.Garner@morganstanley.com + 65 6834-8172 Kristal Ji Equity Strategist Secular Bull Market and Asian Kristal.Ji@morganstanley.com + 65 6834-6949 Morgan Stanley Asia Limited+ Equity Supply/Deman ...

更多资料加入知识星J球P：水M木调O研纪要R 关G注公A众号：N水木纪要 Global Emerging Markets Research 08 April 2024 Emerging Markets Outlook and Strategy Broadening growth helps EM weather higher core rates Key topics Emerging Markets Strategy Luis Oganes AC • An improving global growth outlook helps provide offsets for EM assets to (44-20) 7742-1420 higher US yields. luis.oganes@jpmorgan.com J.P. Morgan Securities plc • Our recommendations remain OW EM FX, OW EM local rates (in smaller Jonny Goulden AC size) and MW in EM credit, with a b ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Kunj J PadhAC(1-212) 834-5108 James Nelligan (44-20) 3493-6829 Global FX Strategy JPMORGAN kunj.padh@jpmchase.com james.nelligan@jpmorgan.com J.P. Morgan Securities LLC J.P. Morgan Securities plc 05 April 2024 Patrick R Locke (1-212) 834-4254 Octavia Popescu (44-20) 3493-5654 patrick.r.locke@jpmchase.com octavia.popescu@jpmorgan.com J.P. Morgan Securities LLC J.P. Morgan Securities plc Macro Trade ity data continues to point to a strong US economy (including this weeks NFP relea ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 M Update April 8, 2024 04:46 AM GMT Global Macro Strategy | Global Morgan Stanley & Co. LLC Zoe K Strauss Strategist Global FX Positioning: Slight Zoe.Strauss@morganstanley.com + 1 212 761-0407 Andrew M Watrous Strategist reduction in long USD positions Andrew.Watrous@morganstanley.com + 1 212 761-5287 Morgan Stanley & Co. International plc+ ahead of US CPI David S. Adams, CFA Strategist David.S.Adams@morganstanley.com +44 20 7425-3518 Wanting Low Strategist Wanting.Low@morganst ...

Global Research and Evidence Lab 5 April 2024 Global Equity Strategy Facts and Figures: Utilities – six reasons to focus on the Transmission and Distribution companies There are six reasons why we think investors should focus on utilities (especially in Europe) with a preference for the Transmission and Distribution (T and D) companies. 1) Cyclicals as a whole are pricing in a lot of good news The price ratio of cyclicals relative to defensives is discounting extremes in PMIs. The best measure of value has ...

更更多多资资料料加加入入知知识识星星J球球P：：水水M木木调调O研研纪纪要要R 关关G注注公公A众众号号：：N水水木木纪纪要要 Asia Pacific Economic Research 07 April 2024 China: FX reserves beat again Gold price onshore signals CNY depreciation pressure, but more depends on PBOCs CNY fixing Chinas FX reserves delivered upside surprise again in March, rising US Emerging Markets Asia, Economic $19.8bn to $3,245.7bn. It compares to our forecast for a tick lower to US and Policy Research $3,223.5bn, pointing to 1) larger-than-expected trade surplus or current account Ting ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 ab Global Research and Evidence Lab 5 April 2024 European Economic Comment Economics Eurozone: Retail sales disappoint again in Europe including UK February Franziska Fischer Economist franziska.fischer@ubs.com +41-44-239 2054 Retail sales fell 0.5% m/m in February, after stagnating in January Reinhard Cluse In February, Eurozone retail sales continued their weak trend of the past two months, Economist falling by 0.5% m/m (-0.7% y/y), slightly weaker than consensus (-0.4% m/m). ...