Core Viewpoint - LVMH's cognac maker Hennessy has reached a pay deal with unions to compensate for bonuses lost last year due to weak sales [1] Company Summary - Hennessy is the largest brand within LVMH's drink portfolio [1] - The pay deal addresses the financial impact of last year's weak sales on employee bonuses [1] Industry Summary - The agreement reflects ongoing challenges in the beverage industry, particularly in the premium spirits segment, where sales fluctuations can significantly affect employee compensation [1]

以下文章来源于源Sight ，作者源Sight 源Sight . 源Sight，关注互联网前沿生态和新兴商业。 LVMH想用欧莱雅救纪梵希。 文 ｜ 周艺 来源｜ 源Sight（ID：gh_95838c8306c1） 封面来源 ｜ 纪梵希官网 LVMH的2025年平稳度过，皮具部门下半年的趋势有所改善，但"二线奢侈品牌"纪梵希仍然没能选到"熹妃回宫"的剧本。 从中国市场来看，2025年纪梵希从三亚、长沙、天津三座城市撤出精品店，目前也无新店围挡信息。而在精品店收紧的同时，纪梵希彩妆最近刚刚签下赵 丽颖作为香氛线的全球代言人。 2025年7月，赵丽颖成为纪梵希全球彩妆代言人。距今半年又新增了香氛线头衔，不仅印证了演员本身的商业价值，也足以看出纪梵希在该业务板块品牌 运营投入加码。 全球市场下，集团财报中对新任创意总监Sarah Burton打造的首个时装系列给予了正面反馈，但Sarah Burton要赢取的不仅是市场的认可，还有新任首席执 行官Amandine Ohayon的磨合。 近期LVMH任命Amandine Ohayon来接替仅在纪梵希任职18个月的 Alessandro Valent。 而在2025年 ...

在全球地缘政治动荡、汇率波动及部分市场政策调整冲击下，全球奢侈品巨头路威酩轩（后简称LVMH）经历了一个难捱的2025年，营收利润双双下 滑，业绩整体承压。作为奢侈品行业的龙头老大，LVMH的财报传递了怎样的行业信号？ 1月27日，LVMH发布2025 年财报，该集团依旧没有回到增长轨道，全年实现总营收 808 亿欧元，较2024年减少了38.76亿欧元（约合322.63亿元人民币） 同比下降 5%，经常性营业利润和净利润均见下滑，同比下降9%和13%，分别为177.55 亿欧元和108.78 亿欧元，核心业务的营收修复节奏仍未达预期。 低迷数据中其精选零售业务成为业务增长门面，为营收打了一剂强心针。同时，以中国为中心的亚洲市场则带动LVMH集团下半年的业务复苏。财报显 示，第四季度集团销售额为 227 亿欧元，有机营收同比增长1%，所有业务部门趋势均有所改善，亚太及美国市场的消费者需求出现回升。 葡萄酒及烈酒部门受创最为严重。受汇率波动、海关关税上调影响，加之该部门产品定价已处于高位，无法通过提价转移成本压力，业绩因此大幅下滑。 全年营收 53.58 亿欧元，有机同比下降 5%，经常性营业利润更是大幅下滑 ...

Core Viewpoint - The CGT labor union at LVMH's Moet & Chandon and Veuve Clicquot champagne units has announced a new strike action scheduled for February 3, as per a CGT press release [1] Group 1 - The strike action is called by the CGT labor union, indicating potential labor unrest within LVMH's champagne units [1] - The affected brands, Moet & Chandon and Veuve Clicquot, are significant players in the luxury champagne market, which may impact production and sales [1] - The announcement of the strike suggests ongoing labor negotiations or disputes that could affect the operational stability of these brands [1]

Core Insights - Ecommerce giant Amazon and luxury brands LVMH and Chanel have been appointed to Saks Global's newly formed creditors committee, enhancing their influence in the luxury retailer's bankruptcy proceedings [1] Group 1 - Amazon's involvement in the creditors committee signifies its growing role in the luxury retail sector [1] - LVMH and Chanel's participation reflects the interests of high-end brands in the outcome of Saks Global's financial restructuring [1] - The creditors committee will provide these companies with a stronger voice in negotiations related to Saks Global's bankruptcy [1]

欧洲股市下跌，法国LVMH业绩疲软打击了市场对奢侈品行业复苏的预期，而美国总统唐纳德·特朗普 对伊朗的最新警告也令风险偏好承压。 斯托克欧洲600指数收盘下跌0.8%。奢侈品股跌幅居前，LVMH公布时装和皮具部门销售降幅超预期 后，股价重挫7.9%。 银行股同样走低。德意志银行股价下跌2%，该行办公场所遭到德国当局突击搜查，搜查与涉及员工的 洗钱调查有关。 能源板块涨幅居前，美国与伊朗之间紧张局势持续，推动油价走高。 个股方面，阿斯麦抹去早前涨幅，公司管理层电话会议引发分析师对公司能否尽快扩产以满足设备需求 的疑问。 继上周欧美贸易紧张局势加剧冲击市场情绪后，欧洲股市走势震荡。市场目前聚焦企业财报季，花旗集 团的一项指数显示，分析师已在进入财报季之际下调盈利预期。 瑞士百达财富管理表示，随着美元走弱提升欧洲及其他地区股票的相对吸引力，投资者应当降低对美国 股票的敞口。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 欧洲股市下跌，法国LVMH业绩疲软打击了市场对奢侈品行业复苏的预期，而美国总统唐纳德·特朗普 对伊朗的最新警告也令风险偏好承压。 斯托克欧洲600指数收盘下跌0.8 ...

Core Viewpoint - LVMH reported a 5% decline in annual revenue for 2025, attributed to currency fluctuations and reduced demand in various markets amid geopolitical and economic disruptions [1][2]. Financial Performance - Annual revenue for LVMH was €80.80 billion, down 5% from the previous year [1]. - Profit from recurring operations decreased by 9% to €17.75 billion [1]. - Net profit attributable to the group fell 13% to €10.87 billion [2]. - Operating free cash flow increased by 8% to €11.33 billion [2]. - Net financial debt decreased by 26% to €6.85 billion by year-end [2]. Regional Performance - Mixed regional performance was noted, with Europe experiencing a downturn in the second half of the year, while the US saw growth driven by domestic demand [2]. - Japan's spending retreated compared to the previous year, while the rest of Asia returned to growth in the latter part of the year [3]. Division Performance - Wines and spirits saw a 5% organic revenue decline, with profit from recurring operations down 25% due to weaker cognac demand and trade tensions [3]. - Fashion and leather goods reported a 5% organic revenue decline and a 13% drop in operating profit, maintaining an operating margin of 35% [4]. - Perfumes and cosmetics had flat organic sales but an 8% rise in operating profit [4]. - Watches and jewellery achieved 3% organic growth, while selective retailing posted a 4% organic revenue increase and a 28% jump in operating profit, driven by Sephora [4]. Corporate Developments - Corporate tax payments totaled €5.5 billion for the year, with approximately half paid in France [5]. - DFS signed an agreement with China Tourism Group Duty Free to acquire its operations in Greater China, including Gallerias in Hong Kong and Macao [5]. - Despite ongoing geopolitical and macroeconomic uncertainty, LVMH expressed confidence for 2026, focusing on brand development, innovation, and investment [5].

Company News - ASML's ADRs rose 5% after reporting orders significantly exceeding investor expectations, driven by increased demand for AI computing workloads [3][5][17] - Seagate's stock increased by 8% following a strong second-quarter earnings report that surpassed expectations, along with a positive outlook [3] - Texas Instruments gained 7% after providing a favorable outlook, indicating improved demand in industrial and data center markets [3] - AT&T's shares rose 3% after reporting fourth-quarter profit and revenue that exceeded analysts' estimates, attributed to strong broadband subscriber growth [3] - C3.ai's stock surged 15% amid reports of merger talks with Automation Anywhere [3] - F5 Inc. jumped 8% after raising its revenue forecast for the fiscal year [3] - New Oriental Education's ADRs rose 6% after beating second-quarter estimates and increasing its annual net revenue forecast [3] - Corning's shares fell 3% after reporting fourth-quarter results and providing a disappointing outlook [3] - Elevance Health dropped 6% after giving an adjusted profit forecast for 2026 that fell short of Wall Street expectations [3] - Qorvo's stock fell 10% after issuing a weaker-than-expected outlook [3] Industry Trends - The tech sector is experiencing a rally, driven by strong earnings from semiconductor and memory companies, which is boosting the AI trade [1][4][6] - The Magnificent Seven stocks are mostly higher, with Nvidia, Alphabet, and Amazon showing gains, while Meta and Apple experienced slight declines [3] - The semiconductor, memory, and storage sectors are seeing significant gains due to positive earnings reports, particularly from ASML, Seagate, and Texas Instruments [3][4] - Asian equities are also benefiting from the tech rally, with notable gains in TSMC and SK Hynix [5][13] - The demand for AI memory is driving earnings growth for companies like SK Hynix, indicating a strong market for AI-related technologies [5][14]

分业务来看，Q4时装与皮具业务有机收入下降3%，全年总收入同比下降约8%至377.7亿欧元，略低于 分析师预期的377.9亿欧元。需求放缓、关税和海关问题打击酒类业务，Q4有机收入下降9%，全年收入 约53.6亿欧元，经常性营业利润锐减约25%。Q4手表与珠宝业务有机收入增长8%，大超预期，全年收 入为104.9亿欧元，Tiffany、Bvlgari等品牌旗舰及高端系列带动亮点。 格隆汇1月28日｜全球最大奢侈品集团LVMH公布2025年Q4业绩，总营收同比下降5.1%至227.2亿欧元， 略高于分析师预期的225.9亿欧元；有机营收同比增长1%，增速持平三季度，好于市场预期的小幅下降 0.42%。就2025年全年而言，LVMH总营收约为808.1亿欧元，同比下降4.6%，符合市场预期；经常性经 营利润同比下降9%至约178亿欧元，净利润同比下降13%至约109亿欧元。 分地区来看，Q4日本以外亚洲地区的有机收入增长1%，而分析师预计下降2.1%，本地需求回暖强于市 场预期，尤其在中国出现积极信号；日本、欧洲的有机收入则分别下降5%、2%，美国的有机收入增长 1%。 ...

香水与化妆品第四季度有机收入意外转降1%，未能实现预期增长。 钟表与珠宝第四季度有机收入增长8%，远超分析师预期，全年有机增长3%，成为对冲其他业务疲软的 重要力量。 精品零售（丝芙兰、DFS）第四季度有机收入增长7%，全年经常性营业利润大幅上升28%，其中丝芙兰 的全球扩张与品牌精选策略成效显著。 LVMH公布的2025年第四季度财报显示，第四季度有机营收同比增长1%，略高于市场预期；全年总营 收同比下降4.6%，符合预期。汇率对全年营收造成约3%的负面影响。 时装和皮具第四季度有机收入下降3%，加速下滑并略超市场预期；全年有机收入下降5%，但仍维持约 35%的极高营业利润率。 酒类业务第四季度有机收入大幅下降9%，远逊于预期；全年经常性营业利润锐减25%。 ...