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普拉达(01913) - 2025 Q1 - 业绩电话会
2025-04-30 12:00
Financial Data and Key Metrics Changes - The Group recorded net revenues of EUR 1.34 billion in the first quarter, up 13% at constant exchange rates compared to the same period last year [9] - Retail sales reached EUR 1.22 billion, also up 13% at constant FX, driven by like-for-like and full-price sales [9] - Wholesale sales increased by 7% year-on-year, while royalties delivered a 13% growth, supported by eyewear and fragrances [10] Business Line Data and Key Metrics Changes - Prada brand's retail sales remained stable against high comparisons from the previous year, while Miu Miu experienced a remarkable growth of 60% at constant FX, increasing its contribution to Group retail sales from 22% to 31% [11][10] - Leather goods were highlighted as one of the fastest-growing categories, particularly for Miu Miu, with significant success in the first three months [29][30] Market Data and Key Metrics Changes - Asia Pacific sales were up 10% at constant FX, Europe increased by 14%, the Americas grew by 10%, and Japan saw an 18% rise, with the Middle East delivering the best performance at 26% [12] - The Chinese market showed volatility, with local transactions negatively impacting performance, while traveler transactions remained positive [20] Company Strategy and Development Direction - The company aims to build Prada's desirability and product innovation to maintain positive growth despite challenging market conditions [4] - Miu Miu's expansion in the U.S. is a focus, with plans for further store openings and refurbishments to enhance brand presence [35] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains complicated, with regular trends and some differences across regions, but expressed optimism about maintaining positive growth [14] - The company is not expecting significant changes in consumer behavior in the short term but hopes for gradual improvements in local demand, particularly in China [68] Other Important Information - The company is observing pricing strategies closely, considering potential impacts from tariffs and currency fluctuations, with a maintenance pricing strategy of 2-4% every six months [41] - The online channel for both brands has seen growth, particularly in North America, contributing to 8-10% of total revenue [59] Q&A Session Summary Question: Trends by nationality and product brand EBITDA - Management noted volatility in the Chinese cluster, with a return to negative performance in Q1 compared to a strong Q4 [20] Question: Changes in American consumer behavior and future acceleration - Management indicated that the U.S. market remains unstable, with ongoing investments aimed at improving performance [23] Question: Drivers of leather goods growth - Miu Miu's leather goods category showed strong performance, with a mix of iconic and new products driving success [30] Question: Update on store expansion plans - The company confirmed ongoing plans for store expansions, particularly for Miu Miu in North America, with a successful refurbishment of the Soho store [35] Question: Pricing strategy in light of tariffs - Management stated that maintenance pricing increases would likely be sufficient to offset potential tariffs, but consumer confidence remains a concern [50] Question: Overlap between Prada and Miu Miu customer demographics - Management emphasized that both brands are managed independently, with no intentional overlap in customer targeting [54] Question: Profitability outlook and seasonality - Management indicated that growth remains the priority, with a focus on maintaining moderate margin expansion [58] Question: Performance of online channels - Online sales have grown slightly in North America, maintaining a consistent contribution to total revenue [59] Question: Competitive landscape and new product cycles - Management acknowledged the reshuffling in the luxury industry and expressed confidence in gaining market share through stability and creativity [65] Question: Investments in China and local demand outlook - Management remains positive about long-term prospects in China, with expectations for easier comparisons in the second half of the year [68]
普拉达第一季度净营收13.4亿欧元,同比增长13%,市场预估13.3亿欧元。
news flash· 2025-04-30 11:38
Core Viewpoint - Prada's first-quarter net revenue reached €1.34 billion, reflecting a year-on-year growth of 13%, surpassing market expectations of €1.33 billion [1] Group 1 - The company's net revenue for the first quarter was €1.34 billion [1] - Year-on-year growth in revenue was reported at 13% [1] - Market expectations for revenue were set at €1.33 billion, indicating a slight outperformance by the company [1]
普拉达(01913) - 2025 Q1 - 季度业绩
2025-04-30 11:33
Financial Performance - Prada Group reported a net revenue of €1,341.3 million for the three months ending March 31, 2025, representing a 12.5% increase compared to the same period in 2024[2]. - Retail sales net revenue increased by 13.0% year-over-year, accounting for 90.6% of total net revenue[5]. - The total net revenue for retail sales was €1,215.8 million, reflecting a 13.5% increase[4]. Retail Sales Growth - Miu Miu's retail sales net revenue surged by 60.2%, while Prada's remained stable with a slight increase of 0.1%[4]. - The Asia-Pacific region saw a retail sales net revenue increase of 9.6%, Europe increased by 14.3%, and the Middle East recorded a robust growth of 26.5%[4]. - Japan's retail sales net revenue increased by 18.0%, supported by strong local demand and positive tourism numbers[9]. - Church's retail sales net revenue recorded a year-over-year growth of 1.8%[7]. Store Operations - The company opened 4 new stores and closed 2, bringing the total number of stores to 611 as of March 31, 2025[5]. Wholesale and Licensing Revenue - Wholesale sales net revenue grew by 6.9% year-over-year, aligning with the company's strategic goals[5]. - Licensing revenue increased by 14.7%, driven by contributions from eyewear and fragrances[5].
调仓风向标|易方达张坤:逢高减持互联网,增持快递旅游板块
Zhong Guo Ji Jin Bao· 2025-04-25 12:27
Core Viewpoint - The article discusses the recent quarterly report of E Fund's star fund manager Zhang Kun, highlighting his portfolio adjustments and investment philosophy amidst changing market conditions [1][2]. Group 1: Fund Performance and Adjustments - As of the end of Q1 2025, Zhang Kun's managed funds have a total scale exceeding 60.82 billion yuan, an increase of 1.841 billion yuan from the end of the previous year [2]. - The largest fund, E Fund Blue Chip Selection, saw its scale grow by over 1.4 billion yuan to 38.908 billion yuan, while E Fund Quality Selection increased by 500 million yuan to 14.169 billion yuan [2]. - All four funds experienced varying degrees of net redemptions, with E Fund Blue Chip Selection facing a net redemption of 960 million units [3]. Group 2: Portfolio Composition and Strategy - Zhang Kun maintained a high stock position, with stock holdings remaining above 94% across his funds, and a consistent allocation of around 45% in Hong Kong stocks [4]. - In Q1, he optimized the structure of his holdings, reducing exposure to internet stocks while increasing investments in logistics and tourism sectors [5]. - Major reductions were noted in holdings of Tencent Holdings, Alibaba-W, and Yanghe Brewery, with reductions around 30% for Alibaba and Yanghe, and over 10% for Tencent [5][6]. Group 3: Market Outlook and Investment Philosophy - Zhang Kun emphasized that the stock market's returns are fundamentally linked to corporate earnings, which he believes will not remain below the return on equity (ROE) levels for an extended period [7]. - He noted improvements in competitive landscapes across certain industries and highlighted the importance of focusing on companies with strong business models and shareholder-friendly capital allocation [7]. - The manager expressed optimism regarding the economic impact of real estate downturns and consumer stimulus policies, suggesting that investors should concentrate on corporate performance rather than macroeconomic concerns [7].
特朗普关税“爆锤”奢侈品巨头?普拉达盘中暴跌,LVMH业绩“警报”!
Ge Long Hui· 2025-04-15 06:48
Core Viewpoint - The global luxury goods market is facing significant challenges due to the impact of tariffs imposed by the Trump administration, leading to a decline in stock values and overall market performance [1][7]. Group 1: Market Performance - Goldman Sachs' luxury goods stock index has lost over $200 billion since its peak in February, marking a 12% decline this year, potentially the worst annual performance since 2018 [1]. - Prada's stock fell nearly 9% to HKD 44.65, with a total market capitalization of HKD 119.625 billion, reflecting a cumulative drop of over 32% since late February [1][2]. Group 2: Acquisition Details - Prada announced its largest acquisition in its 112-year history, planning to purchase Versace for $1.375 billion (approximately RMB 10.057 billion), with the deal expected to close in the second half of 2025 [2][5]. - Following the acquisition, Versace will operate as a subsidiary of Prada, despite facing significant financial challenges [2][5]. Group 3: Financial Performance - For the fiscal year 2024, Prada reported revenues of €5.432 billion, a 17% increase year-on-year, and a net profit of €839 million, up 25% [3]. - In contrast, Versace's revenue for the fiscal year 2024 was $1.03 billion, a decline of 6.9%, with a profit margin of only 0.4% [4]. Group 4: Market Outlook - The luxury goods market is experiencing pessimism, with analysts predicting only a 2% to 5% annual growth in global luxury sales from 2025 to 2027 [9]. - Bernstein has revised its 2025 global luxury growth forecast down from 5% to a decrease of 2% due to the adverse effects of tariffs and economic uncertainty [10].
行业动态 | 安踏集团2.9亿美元收购德国狼爪;普拉达计划以13.75亿美元收购范思哲
Guang Zhou Ri Bao· 2025-04-14 19:25
Group 1: Regulatory Developments - The National Medical Products Administration (NMPA) has released the "Management Measures for Safety Risk Monitoring and Evaluation of Cosmetics," effective from August 1, 2025, aimed at enhancing the supervision and management of cosmetics [1] - The measures consist of six chapters and thirty-three articles, clarifying the responsibilities of the NMPA, the National Institute for Food and Drug Control, and various drug supervision departments [1] - The focus includes monitoring substances that may harm human health when added to cosmetics, particularly those harmful to vulnerable groups such as children [1] Group 2: Corporate Acquisitions - Anta Group announced a cash acquisition of the German outdoor brand Jack Wolfskin for $290 million, expected to be completed by the end of Q2 or early Q3 of 2025 [2] - The acquisition aims to extend Anta's outdoor brand portfolio from high-end to a broader consumer base, enhancing its market position in the outdoor segment [2] - Prada plans to acquire the Italian fashion brand Versace for $1.375 billion, with Versace becoming a wholly-owned subsidiary while retaining its creative team [2] - The merger signifies a strategic move for traditional luxury brands to compete against giants like LVMH [2]
高盛:普拉达(01913)宣布收购范思哲
智通财经网· 2025-04-14 02:45
Core Viewpoint - Goldman Sachs reported that Prada announced the acquisition of Versace, with the deal expected to be completed in the second half of 2025, pending regulatory approvals [1][2] Group 1: Acquisition Details - Prada will acquire 100% of Versace from Capri Holdings for an enterprise value of €1.25 billion, which may be adjusted upon completion of the transaction [1] - The acquisition price corresponds to an enterprise value-to-sales ratio of 1.7x based on a projected enterprise value of $1.375 billion and estimated revenue of $810 million for the fiscal year ending March 2025 [1] - To finance the acquisition, Prada plans to raise €1.5 billion in new debt, including €1 billion in term loans and €500 million in bridge loans [1] Group 2: Financial Projections - For the fiscal year ending March 2025, Versace is expected to achieve sales of €810 million, with an estimated EBIT margin projected to be negative [2] - Versace is anticipated to contribute 13% to Prada's total revenue in the fiscal year 2024, with Prada's overall EBIT margin expected to decline from 23.6% to approximately 20% [2] - The acquisition aims to leverage Versace's brand potential and distinctive aesthetic, with expectations of further development through scale efficiencies within 24 to 48 months [2]
百亿接过烫手山芋,范思哲不良业绩或将连累“优等生”普拉达
Xin Jing Bao· 2025-04-12 07:16
Core Viewpoint - Versace has been sold to Prada for $1.375 billion, approximately 33% less than the $2.15 billion paid by Capri Holdings seven years ago [1][2] Group 1: Acquisition Details - Prada announced on April 10 that it plans to acquire Versace for $1.375 billion (approximately €1.25 billion) [2] - Following the acquisition, Versace will become a subsidiary of Prada, which aims to leverage Versace's distinct aesthetic to complement its brand portfolio [2] - The acquisition price values Versace at 1.33 times its projected revenue for the fiscal year 2024 [6] Group 2: Financial Performance - Capri Holdings, Versace's parent company, has faced declining revenues, with a reported third-quarter revenue of $1.26 billion for the fiscal year ending December 28, 2024, down 11.6% year-over-year [4] - Versace's performance has been the weakest among Capri's brands, with a 28.2% year-over-year revenue drop to $201 million in the second quarter of fiscal 2025 [4] - In contrast, Prada reported a revenue of €5.432 billion for 2024, a 17% increase year-over-year, and a net profit of €839 million, marking a 25% increase [5] Group 3: Market Context and Challenges - The global luxury goods market is experiencing a downturn, with forecasts predicting annual growth of only 2% to 5% from 2025 to 2027 [7] - Analysts express mixed opinions on whether Prada's acquisition of Versace will be beneficial or pose financial risks, given the differing styles and consumer positioning of the two brands [6][7] - Prada's previous acquisition attempts have not been successful, raising concerns about its ability to enhance Versace's profitability [6]
美国市场遭遇股债汇三杀,特斯拉中国停售部分车型 | 财经日日评
吴晓波频道· 2025-04-11 17:52
点击上图 ▲立即报名 3月美国通胀超预期降温 4月10日,美国劳工统计局公布3月CPI数据显示,美国3月CPI同比上涨2.4%,为7个月来最低水平,略低于预期的2.5%,较前值2.8%明显下 降;环比下降0.1%,为2024年6月以来首次为负,同时为2020年5月以来最低水平,预期为上涨0.1%。3月核心CPI同比上涨2.8%,涨幅为连续 第二个月回落,创2021年3月以来最低纪录,低于预期的3%,前值为3.1%;核心CPI环比上涨0.1%,创2024年6月以来新低。 多位美联储官员已通过公开评论和访谈释放明确信号,排除了采取预防性降息作为对经济放缓的保险政策,为了最大限度降低关税政策引发的通 胀上行风险,他们可能准备维持政策利率不变。(华尔街见闻) |点评| 尽管美国3月食品通胀回升,但是在出行、住房、二手车等多维度价格下降的带动下,美国CPI整体超预期降温。3月国际原油价格下 降,部分美国居民因担忧关税政策取消了旅游计划,出行价格有所回落。禽流感继续对美国鸡蛋产业链形成冲击,美国鸡蛋价格快速上涨,并 带动食品行业价格回升,成为阻碍美国通胀回落的主要因素。 随着美国政府关税政策的出台,美国3月CPI数据能提 ...
奢侈品江湖变天?普拉达欲豪掷百亿元买下范思哲,一场意大利式的“权力游戏”开局
Mei Ri Jing Ji Xin Wen· 2025-04-11 15:18
Core Viewpoint - The luxury goods industry is witnessing a significant merger as Prada plans to acquire Versace for $1.375 billion, marking a notable shift in the competitive landscape of high-end fashion [1][4]. Group 1: Acquisition Details - Prada announced its intention to acquire Versace for $1.375 billion, with the deal expected to close in the second half of 2025, pending regulatory approvals [1][4]. - This acquisition price represents a decrease of approximately one-third compared to the $2.15 billion paid by Capri Holdings for Versace in 2018 [4][6]. - Versace's projected sales for fiscal year 2025 are expected to decline to $810 million, while Prada's revenue for fiscal year 2024 is reported at €5.432 billion, reflecting a 17% year-on-year growth [6][7]. Group 2: Financial Performance - Capri Holdings reported a 6.9% year-on-year decline in Versace's revenue for fiscal year 2024, with a profit margin of only 0.4% [6]. - For the first nine months of fiscal year 2025, Versace generated $613 million in revenue but incurred a net loss of $41 million [6]. - In contrast, Prada's retail sales for its brands, including Prada and Miu Miu, showed significant growth, with increases of 4.2% and 93.2% respectively [6][7]. Group 3: Strategic Implications - The acquisition is seen as a strategic move for Prada to enhance its brand portfolio and leverage Versace's unique cultural narrative, which could provide new growth opportunities [8][12]. - Experts suggest that the merger could enrich Prada's brand matrix and increase its competitive edge in the global luxury market, although it may also introduce operational complexities [12][14]. - Capri Holdings aims to optimize its balance sheet and focus on its core brand, Michael Kors, following the sale of Versace, which may impact its competitive position in the high-end market [13][14].