Jaguar Land Rover: Strategic Options for Jaguar

What would you do with Jaguar?

That's the $64,000 question. I think what you wouldn't do, you wouldn't go toe-to-toe with the German brands in their own playground with like-for-like products in which their margins are bigger, their production facilities are more advanced in terms of global scale, their financial services operation is already there and they've got a much wider retailer network. You have to differentiate yourself. Land Rover has differentiated itself by producing cars that don't go toe-to-toe but still appeal to consumers. Maybe reduce your volume accordingly, but up your margins. So you're looking at a very different product portfolio.

What would that look like?

I think the big task for everybody now is what is the next fashion style or product that is going to come through. Is there a crossover type vehicle, where the consumer gets certain practicality but also sporty looks that actually fits with Jaguar's historic brand position?

Other people have done this. Look at Porsche. Porsche has got Cayenne, Macan and Panamera as examples. And that was a company that was concentrating on 911s and Boxsters only 15 years ago. They have managed to keep world-class brand identity and increase their product portfolio, but you're still talking 5 or 6 model lines, not 8 or 9.