德意志银行：将历峰集团目标价从145瑞郎上调至170瑞郎。 ...

Group 1: LVMH Performance - LVMH reported H1 2025 revenue of €39.81 billion (approximately $46.6 billion), a 4% decrease from €41.68 billion in the same period last year [3] - Operating profit fell to €9.01 billion, down 15% from €10.65 billion year-on-year [3] - Net profit decreased by 22% to €5.70 billion from €7.27 billion in the previous year [3] Group 2: Richemont Performance - Richemont's total sales for Q1 2025 reached €5.41 billion (approximately $6.33 billion), up from €5.27 billion year-on-year [4] - Jewelry sales increased to €3.91 billion from €3.66 billion, while watch sales decreased to €0.82 billion from €0.91 billion [4] Group 3: Hermès Performance - Hermès reported H1 2025 revenue of €8.03 billion (approximately $9.4 billion), an increase from €7.50 billion in the same period last year [5] - Operating profit rose to €3.33 billion from €3.15 billion year-on-year [5] - Net profit for the group was €2.25 billion, down from €2.37 billion in the previous year [5] Group 4: Kering Performance - Kering's H1 2025 revenue was €7.59 billion (approximately $8.8 billion), down from €9.02 billion year-on-year [6] - Operating profit decreased to €1.00 billion from €1.57 billion [6] - Net profit attributable to the group fell to €0.47 billion from €0.88 billion [6][7] Group 5: EssilorLuxottica Performance - EssilorLuxottica reported adjusted revenue of €14.02 billion for H1 2025, up from €13.29 billion year-on-year [8] - Adjusted operating profit increased to €2.53 billion from €2.43 billion [8] - Adjusted net profit rose to €1.80 billion from €1.75 billion [8] Group 6: Other Companies Performance - Lao Feng Xiang reported H1 2025 revenue of ¥33.36 billion (approximately $4.68 billion), a 16.52% decrease year-on-year [9] - PVH Corp. reported Q2 2025 revenue of $2.17 billion, up from $2.07 billion year-on-year [10] - Swatch Group's H1 2025 net sales were CHF 3.06 billion (approximately $3.83 billion), down 11.2% from the previous year [11] - Tapestry reported Q4 2025 net sales of $1.72 billion, up from $1.59 billion year-on-year [12] - Ralph Lauren's Q1 2025 net sales were $1.72 billion, up from $1.51 billion [13] - Prada Group reported H1 2025 revenue of €2.74 billion (approximately $3.21 billion), an 8% increase year-on-year [15] - Signet Jewelers reported Q2 2025 sales of $1.54 billion, up from $1.49 billion year-on-year [16] - Puig reported H1 2025 revenue of €2.30 billion (approximately $2.69 billion), a 5.9% increase year-on-year [17] - Hugo Boss reported H1 2025 sales of €2.00 billion (approximately $2.34 billion), down from €2.03 billion [18] - Pandora reported Q2 2025 revenue of DKK 7.07 billion (approximately $1.11 billion), up from DKK 6.77 billion [19] - Capri Holdings reported Q1 2025 revenue of $797 million, down from $848 million [20] - Burberry reported Q1 2025 retail revenue of £433 million (approximately $586 million), down 6% year-on-year [21] - Ermenegildo Zegna Group reported H1 2025 revenue of €0.93 billion (approximately $1.09 billion), down from €0.96 billion [23] - Zhou Dasheng reported H1 2025 revenue of ¥4.60 billion (approximately $645 million), a 43.92% decrease year-on-year [24] - Salvatore Ferragamo reported H1 2025 revenue of €0.47 billion (approximately $0.55 billion), down 9.4% year-on-year [25] - Fossil Group reported Q2 2025 net sales of $220 million, down from $260 million [26]

Core Viewpoint - The European luxury goods industry is facing significant challenges due to currency fluctuations and tariff policies, leading to a decline in stock prices for major luxury groups and a slowdown in market growth [3][4][7]. Group 1: Market Performance - Major luxury groups such as LVMH, Hermès, Richemont, and Kering have seen stock price declines of 26.31%, 17.98%, 19.84%, and 13.33% respectively over the past six months [3]. - The MSCI Europe Textile, Apparel, and Luxury Goods Total Return Index has dropped 17% year-to-date, underperforming the broader market by 27% [3]. - NDR's report indicates that the luxury goods sector's growth is slowing, partly due to the fading benefits of favorable exchange rates and the impact of U.S. tariff policies on global consumer confidence [3][4]. Group 2: Financial Results - LVMH reported a 4% decline in revenue and a 22% drop in net profit for the first half of the year, with recurring operating profit down 15% [7]. - Kering's second-quarter sales fell 15% to €3.7 billion, with Gucci's sales down 25% to €1.46 billion [7]. - Hermès experienced an 8% sales growth in the first half, significantly lower than the 15% growth reported in the previous year [7]. Group 3: Structural Challenges - The luxury goods sector is facing deeper structural challenges, including weak consumer confidence and brand value dilution, leading to a loss of approximately 50 million consumers over the past two years [11][12]. - The Z generation has seen a 7% decline in sales, equating to a loss of $5.7 billion in consumption, marking the largest drop among all generations [11]. - High-net-worth individuals are becoming more discerning in their luxury purchases, focusing on value and personalized services [11]. Group 4: Future Outlook - Bernstein has revised its global luxury goods revenue growth forecast for 2025 from an increase of 5% to a decrease of 2% [12]. - UBS estimates that luxury brands have increased prices by an average of 33% from 2019 to 2023, which may have overstretched market tolerance [12]. - Following a trade agreement between the U.S. and Europe, a 15% baseline tariff on luxury goods imported from Europe is expected to raise prices in the U.S. by an average of 2% and globally by about 1% [12].

Core Viewpoint - The European luxury goods sector is facing significant challenges, with major companies experiencing double-digit stock price declines over the past six months due to currency fluctuations and tariff policies [2][5]. Group 1: Stock Performance - The stock prices of the four major European luxury groups—LVMH, Hermès, Richemont, and Kering—have dropped by 26.31%, 17.98%, 19.84%, and 13.33% respectively [2]. - The MSCI Europe Textiles, Apparel & Luxury Goods Total Return Index has decreased by 17% year-to-date, underperforming the broader market by 27% [2]. Group 2: Economic Factors - The luxury goods market's growth slowdown is attributed to the fading benefits of favorable exchange rates and the impact of U.S. tariff policies on global consumer confidence [2][3]. - The euro's appreciation has pressured exports to the U.S., contributing to a weak performance in European stock markets [3]. Group 3: Company Financials - LVMH reported a 4% decline in revenue and a 22% drop in net profit for the first half of the year, with a 15% decrease in recurring operating profit [5]. - Kering's second-quarter sales fell by 15% to €3.7 billion, with Gucci's sales down 25% to €1.46 billion [6]. Group 4: Consumer Behavior - The luxury sector has lost approximately 50 million consumers over the past two years, representing one-eighth of the global high-end consumer base [8]. - The Z generation's spending decreased by 7% in 2024, equating to a loss of $5.7 billion, marking the largest decline among all age groups [8]. Group 5: Future Outlook - Bernstein has revised its growth forecast for the luxury goods industry, projecting a 2% decline in global luxury revenue by 2025, down from a previous estimate of 5% growth [9]. - UBS estimates that luxury prices have increased by an average of 33% from 2019 to 2023, with new tariffs potentially raising prices in the U.S. by an average of 2% [10].

Group 1: Luxury Goods Industry Overview - The luxury goods industry is experiencing mixed results, with Richemont's strong jewelry performance offsetting overall growth slowdown, while the watch segment saw a significant decline [1] - Singapore has retained its title as the world's most expensive city for luxury goods consumption for three consecutive years, indicating Asia's continued dominance in the luxury market [8] - The global luxury market is facing challenges due to economic uncertainties and geopolitical factors, impacting overall consumption [6] Group 2: Company-Specific Developments - Burberry reported a 6% decline in revenue for Q1 2026, with same-store sales improving from a previous 21% drop to a 1% decline, indicating a recovery in brand desirability [3] - LVMH made a strategic investment in French knitwear brand Molli to enhance its presence in the high-end knitwear market, although the transaction amount was not disclosed [4] - Richemont's watch business experienced a 7% decline in sales, contrasting with a robust 11% growth in its jewelry segment [5] - Anta Sports reported a slowdown in growth momentum in Q2 2025, with overall retail revenue showing low single-digit growth [11] - Marni appointed Meryll Rogge as its new creative director, marking a significant leadership change aimed at revitalizing the brand [12] - Pop Mart anticipates a revenue increase of over 200% in Q2, driven by enhanced brand recognition and product diversification [13] - Meibang's net profit is expected to decline by over 90% in H1 2025, primarily due to increased credit impairment losses [14] - Country Road Group faced significant store closures and a 71.7% drop in profits, reflecting the challenges in the retail market [16] - DFS announced its exit from the Oceania market, closing stores in New Zealand and Australia due to economic pressures and high rental costs [18] Group 3: Market Trends and Insights - The Long江 Business School's report indicates that the art market is experiencing a historical opportunity, with Asian and African art prices growing at a compound annual growth rate of 7.7% [7] - The luxury retail landscape is evolving, with brands like Galeries Lafayette achieving double-digit sales growth through store optimization and enhanced customer experience [10]

Core Insights - Burberry's transformation efforts are showing initial results amid a general slowdown in luxury goods demand [1][4] - The company's same-store sales declined by only 1% in the quarter ending June, outperforming analysts' expectations of a 3.7% drop [1][4] - Burberry's stock price surged by 6.6% following the announcement, with a year-to-date increase of 27% [1] Group 1: Performance Highlights - Under CEO Joshua Schulman's leadership, Burberry's revival plan is on track, with strong growth in the Americas offsetting weaknesses in other regions [3][4] - The Americas market saw a 4% year-on-year sales increase, significantly exceeding the expected 0.8% growth [4] - Sales of lightweight jackets performed well, indicating the effectiveness of the brand's focus on its iconic outerwear products [4] Group 2: Strategic Initiatives - Burberry is re-establishing its "British heritage" and targeting entry-level luxury consumers, moving away from the previous management's ultra-high-end strategy [4] - The company is undergoing significant cost-cutting measures, including a planned reduction of about 20% of its workforce, primarily affecting UK office roles and global retail positions [4] - Four regional presidents have been appointed to the executive committee to enhance decision-making proximity to consumers [4]

Core Insights - Richemont Group reported strong Q1 results for FY2026, driven primarily by robust demand in the jewelry segment, despite a downturn in the luxury goods industry [1][2] Financial Performance - Q1 sales reached €5.41 billion, a 6% increase at constant exchange rates, exceeding expectations by 5.34%, and a 3% increase at actual exchange rates [2] - Jewelry sales grew by 11% to €3.91 billion, significantly surpassing the expected 8.55%, marking the third consecutive quarter of double-digit growth [6] - Net cash stood at €7.4 billion, reflecting a €100 million increase year-on-year [2] Business Segment Analysis - Jewelry segment accounted for 72% of total sales, with brands like Cartier and Van Cleef & Arpels contributing to the growth [6] - Specialist watchmakers saw a decline of 7% to €824 million, while other business areas experienced a slight decrease of 1% [2][4] Regional Performance - Strong growth was observed in the Americas (+17%) and Europe (+11%), driven by local demand and increased tourism spending [3][7] - Asia Pacific remained stable, with Japan experiencing a significant decline of 15% due to high base effects and currency fluctuations [3][7] Distribution Channel Insights - Retail sales reached €3.73 billion, a 6% increase, accounting for 69% of total sales, with growth across all regions except Japan [2][4] - Online retail sales also grew by 6% to €323 million, while wholesale and royalty income increased by 6% to €1.36 billion [2][4]

Group 1 - The core viewpoint of the articles highlights Richemont's strong performance in the luxury goods sector, particularly in its jewelry division, which saw a significant sales increase of 11% year-on-year, surpassing analyst expectations of 8.6% [1] - Richemont's overall sales grew by 6% year-on-year, also exceeding market forecasts, indicating robust demand despite broader economic challenges in the luxury sector [1] - The company's core jewelry business, including brands like Cartier and Van Cleef & Arpels, continues to attract affluent consumers, showcasing resilience amid economic slowdowns [1] Group 2 - Analysts from Vontobel noted that Richemont's performance stands out compared to other luxury brands, with its jewelry segment providing a competitive advantage due to its leading position and sustained growth momentum [2] - The Americas and Europe were the primary growth drivers for Richemont, with sales increasing by 17% and 11% year-on-year, respectively, fueled by local consumer demand and the recovery of European tourist spending [2] - The Asia-Pacific market, including China, showed signs of stabilization, with quarterly revenue remaining flat compared to the previous year, a significant improvement from a 7% decline in the prior three months [2]

Core Viewpoint - Richemont's stock price increased by 1.2% following better-than-expected sales figures [1] Group 1 - The company's sales performance exceeded market expectations [1]

Core Viewpoint - The luxury goods company Richemont reported better-than-expected sales driven by increased demand for jewelry, particularly Cartier rings and bracelets, despite a generally sluggish luxury market [1] Group 1: Sales Performance - Richemont's jewelry segment saw a sales increase of 11% in the quarter ending June, surpassing analyst expectations of 8.6% [1] - Overall sales growth for the company was 6%, exceeding market forecasts [1] Group 2: Analyst Commentary - Analyst Jean-Philippe Bertschy from Vontobel noted that Richemont's performance is reassuring, especially compared to other luxury brands [1] - The company's strong growth and dominant position in the jewelry sector remain impressive [1]