Welcome back to The Crier, your Friday morning digest featuring the latest programming, intel, and special perks exclusive to Puck’s Inner Circle.
During yesterday’s Inner Circle call, Kim Masters’ legendary wit and intellect were on full display as she discussed some of her latest reporting for What I’m Hearing— Matt Belloni’s flagship Hollywood private email for Puck ( Sign up here, if you haven’t already)—on how Netflix and Imax pissed off studio execs and theater owners by guaranteeing 1,000 screens for Greta Gerwig’s forthcoming Narnia film, and revealed some of the latest chatter she’s gathered about the Bob Iger succession sweepstakes—specifically, how Dana Walden’s friendship with Kamala Harris might have jeopardized her bid amid the uncertainty of the new Trump era. As always, if you missed the call, click here to view a replay, or tap on the tile below.
Jon
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Cerutti’s exit interview: For Wednesday’s exclusive Wall Power dispatch, Marion sat down
with Guillaume Cerutti, Christie’s former C.E.O. and new board chairman, for a candid conversation about his tenure at the legendary auction house. Cerutti reflected on how the auction world has evolved, his new job overseeing the Pinault Collection, and much, much more. Here’s a great excerpt from their hourlong conversation…
Marion: You also made a very concerted effort to raise the sell-through rate. There was a
strategic message behind that.
Guillaume: When I started, there was this feeling that by essence, Christie’s was number one in market share—that was the DNA of the company. I started with a mandate from Pinault—and my own conviction—that it’s great to be number one by market share, but, some years it’s better to be number two with great profitability. You need to recognize that there is a strong competition between these two companies, and if one year it’s 51-49, it’s not the end of the world.
I’m more interested to see the bottom line and make sure that we have prepared for the future, that we have sustainable growth, that we invest, that we distribute good compensation to the best people who we want to keep or to hire. That’s something I insisted on a lot, and I think now people get it.
Part of that came through the sell-through rate. If you focus on sell-through rate, you need to think about: What is the right estimate? What is the right level of risk? What type of guarantee do I have to make to be sure it sells? So focusing on the sell-through rate changed the way people in the company approach what they have to do and the business models. So [my two key metrics were] the sell-through rate and the index of hammer versus low estimate. And I have been explaining them again and again to everyone. Of course big numbers are fantastic. But I’m more interested in these two
underlying factors. [ Read More]
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The Gucci creative director mystery: Yesterday, Lauren detailed why Gucci’s creative director succession sweepstakes are so consequential to the future of the famed brand and its parentco, Kering. As Lauren noted, when you look back on the past three or four decades in fashion, there are two models that have worked: The first is the designer-as-omnipotent-narrator strategy, where success on the runway dictates sales. Increasingly, however, that model feels dangerous, especially for brands that are not rooted in runway fashion. The megabrand model, however, relies less on the designer’s
runway proposition and more on the annual recurring revenue that comes from its core offerings. At Louis Vuitton, Hermès, and Chanel, for instance, the runway is just one layer of a much grander plan. So perhaps it’s no surprise that Kering deputy C.E.O. Francesca Bellettini made clear on a recent earnings call that she is staying the course at Gucci, where the focus is on improving quality, refining designs, and diversifying leather goods.
That’s why the next creative director of Gucci, who is expected to be appointed in weeks—maybe even days—will be so critical. Even if the messaging in the coming weeks is all about the person, the business needs to be about horsebit loafers, top-handle bags, and interlocking Gs. Indeed, it’s the underlying strategy that will determine Gucci’s fate. [ Read More]
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MLB and ESPN break up to make up: This week, John Ourand uncovered a silver lining in the MLB-ESPN breakup. In last week’s memo to MLB owners, after ESPN exercised an out in its contract that includes Sunday Night Baseball and the Home Run Derby, Rob Manfred said his league had “been in conversations with several interested parties” about ESPN’s package. Yesterday, John revealed that these parties included Amazon, NBCUniversal, and Netflix, although sources cautioned that those discussions are still in the early stages and are equally focused on 2028, when all of baseball’s national rights go on the block. But ESPN executives have also said that they expect to reengage at some point—so perhaps the league will, in the end, eventually return to the network. Meanwhile, Fox Sports has expressed interest in the Home Run Derby, on the belief that it would be easier to sell sponsorships and coordinate production if the derby and the All-Star Game were handled by the same media company. (Fox holds the rights to the All-Star Game through 2028.)
[ Read More]
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