I think the challenge in transforming an industrial brand into a luxury brand should not be underestimated.

The reason companies want to go public now is that (luxury good stocks) are at record high valuations.

Any luxury company is susceptible to a slowdown in the U.S. or Japan. The macro issues are really more important for a luxury company.

In the long term, there are many factors that will help the luxury market, the creation of new wealth and the Asian tourist boom.

The size of the challenge ahead is not to be underestimated but it's one that I'm sure he's going to throw himself fully into.

I think it takes 30 years to build a luxury brand.