2025.08. 15 本文字数：2332，阅读时长大约4分钟 作者 | 第一财经 高雅 在汇率波动和关税政策冲击下，欧洲奢侈品行业的繁荣周期恐难重现。 过 去 半 年 中 ， 欧 洲 最 主 要 的 四 家 奢 侈 品 集 团 路 威 酩 轩 （ LVMH ） 、 爱 马 仕 、 瑞 士 历 峰 集 团 （Richemont）和开云集团（Kering）的股价均出现两位数跌幅，分别下跌26.31%、17.98%、 19.84%和13.33%。 美国投资咨询公司NDR最新报告发现，今年以来，尽管欧洲周期性行业整体回报率较防御性行业高 出12%，但其中非必需消费品板块表现糟糕，奢侈品行业的疲软也尤为明显。摩根士坦利国际资本 公司（MSCI）欧洲纺织、服装和奢侈品总回报指数今年迄今下跌了17%，比大盘低了27%。 NDR研究称，奢侈品市场增速放缓的部分原因在于汇率利好因素的消退，以及今年美国政府关税政 策对全球消费者信心的冲击。 全球投资咨询公司BCA研究欧洲首席策略师萨瓦里（Mathieu Savary）在近期研讨会上对第一财经 记者表示，今年以来，由于投资者对美国经济政策信心的减弱，及美欧经济增长差距的收窄等因 ...

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]

Group 1 - The core viewpoint of the article highlights that Richemont Group's sales in the first fiscal quarter increased by 6% year-on-year at constant exchange rates, surpassing market expectations of 5.34% [1] - The jewelry segment of Richemont experienced a significant sales growth of 11% at constant exchange rates, exceeding market expectations of 8.55% [1] - The total sales for the first fiscal quarter amounted to €5.41 billion, slightly below market expectations of €5.44 billion [1] Group 2 - Sales in the Asia-Pacific region for the first fiscal quarter reached €1.73 billion, outperforming market expectations of €1.69 billion [2]

Core Insights - The main driver of growth for Richemont Group is jewelry [1] Group 1 - The jewelry segment has significantly contributed to the overall revenue increase [1] - The company has reported strong sales performance in the jewelry category, indicating robust consumer demand [1] - Other segments may not have shown the same level of growth as jewelry, highlighting the importance of this category for the company's financial health [1]

Core Viewpoint - Richemont Group highlights the ongoing turbulence in the macroeconomic and geopolitical environment [1] Group 1 - The company emphasizes that the current economic landscape remains unstable, impacting overall market conditions [1] - Geopolitical tensions are contributing to the uncertainty faced by the luxury goods sector [1] - The company is closely monitoring these developments to adapt its strategies accordingly [1]