Market Positioning & Strategy - LVMH launched a $160 lipstick, generating both positive and negative buzz [1] - The industry observes this as a strategic move to reinforce LVMH's market position and lead [1] - The industry views the success of LVMH's $160 lipstick as uncertain, especially with Hermes setting a high standard with an $80 lipstick [1] Competitive Landscape - The market for $160 lipstick is considered virtually non-existent [1] - Hermes is positioned at the top of the market with an $80 lipstick [1]

Core Viewpoint - LV has launched a high-priced beauty product line, with lipsticks priced at 1200 yuan each, setting a new industry benchmark and sparking significant online discussion [1]. Group 1: Product Launch and Pricing - LV's beauty product line was officially launched on August 20, with a flagship beauty boutique opening in Nanjing [1]. - The lipstick and lip balm are priced at 1200 yuan, while the refill is priced at 510 yuan, significantly higher than competitors like Prada (420 yuan), Celine (590 yuan), Chanel (around 420 yuan), and Dior (400-760 yuan) [1]. Group 2: Market Context and Performance - The luxury goods sector has faced challenges, with Bain & Company predicting a 1% market contraction in 2024 and a further decline of 2%-5% in 2025, potentially marking the largest drop in 15 years [8]. - LVMH's revenue fell by 4% to 39.81 billion euros in the first half of the year, with a 22% drop in net profit to 5.69 billion euros, and a decline of 8% in the fashion and leather goods segment [8]. - Despite the overall downturn, the beauty segment showed resilience, with LVMH's perfume and cosmetics division achieving revenue of 4.082 billion euros, remaining stable [8]. Group 3: Consumer Behavior and Market Trends - High-net-worth individuals are showing stable spending trends in high-end beauty, with a slight growth of 1% [9]. - The global high-end cosmetics and perfume market is projected to reach approximately 63.3 billion USD in 2025, growing to 83 billion USD by 2029 [9]. - Beauty products generally have higher profit margins than traditional luxury goods and are seen as more accessible luxury items, which can help maintain brand loyalty during economic downturns [10].

Core Viewpoint - LV has entered the beauty market with a high-priced makeup line, setting a new industry benchmark with lipstick priced at 1200 yuan per unit, which has sparked significant discussion online [1][4]. Group 1: Product Launch and Pricing - LV launched its beauty product line on August 20, with a flagship beauty boutique opening in Nanjing and global online pre-sales starting on August 25 [1]. - The pricing of LV's beauty products, particularly the lipstick and lip balm at 1200 yuan, significantly surpasses competitors like Prada (420 yuan), Celine (590 yuan), Chanel (around 420 yuan), and Dior (400-760 yuan) [3]. Group 2: Market Context and Financial Performance - The luxury goods sector has faced challenges, with Bain & Company predicting a 1% market contraction in 2024 and a further decline of 2%-5% in 2025, potentially marking the largest drop in 15 years [5]. - LVMH reported a 4% decline in revenue to 39.81 billion euros and a 22% drop in net profit to 5.69 billion euros in the first half of the year, with the fashion and leather goods segment down 8% [6]. - Despite the overall downturn, the beauty segment of LVMH showed resilience, achieving revenue of 4.082 billion euros, remaining stable year-on-year, while the selective retailing segment saw revenue growth of 2% [6][7]. Group 3: Strategic Insights - High-net-worth individuals are showing stable spending trends in high-end beauty, with a slight growth of 1%, indicating a potential market opportunity for luxury brands [9]. - The beauty products generally have higher profit margins compared to traditional luxury goods, and they offer frequent repurchase opportunities, providing stable cash flow [9]. - Economic fluctuations may lead consumers to opt for more accessible luxury items like beauty products instead of high-priced leather goods, helping maintain brand loyalty [9].

Core Insights - LV has launched a new beauty product line, with a global debut in China, indicating the brand's focus on the Chinese market [2][5] - The newly introduced lipstick series is priced at 1200 yuan each, significantly higher than competitors like Hermès and Chanel [5] - The choice of Nanjing for the first standalone beauty store is attributed to the city's strong consumer spending power, with Nanjing Deji Plaza projected to achieve 24.5 billion yuan in sales for 2024 [7] Company Strategy - LV's beauty line, LA BEAUTÉ LOUIS VUITTON, was announced earlier this year, with a creative director from the makeup industry, Pat McGrath [8] - The beauty product line will include 55 lipsticks, 10 lip balms, and 8 eyeshadow palettes, with a planned release in 2025 [8] - LV aims to control production and sales through its global direct retail stores, similar to its strategy for its fragrance line [8] Market Context - LVMH's beauty division is one of the few segments showing positive growth, alongside its Sephora retail division [8] - Although specific revenue figures for LV's beauty products are not disclosed, third-party data suggests significant contributions from beauty sales in the luxury market [8] - The global luxury cosmetics and fragrance market is projected to grow from approximately $63.3 billion in 2023 to $83 billion by 2029 [8]

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].

文 | 美觉BeautyNEXT 在美妆行业漫长的供应链中，瓶子，曾是最易被忽视的角色。它承载着视觉识别与品牌溢价，却在"用 后即弃"的消费逻辑中，被快速抛弃。 如今，当循环经济日益成为全球共识的背景下，这一"容器"被重新赋予了价值：不只是一次性包装，而 是一个可进入系统的、可延展生命周期的"耐用品"。 法国已经走在前面。 近期，法国六家香水品牌、经销商共同启动了一个"美妆香水循环圈"的试点项目——这可能是高端美妆 品牌，首次大规模尝试"原瓶回用"，而非仅回收。 也许，在商业里，依旧无法避免利润的博弈和劲敌的对抗；但是在商业向善的浪潮下，可持续，正在成 为让美妆企业从竞争走向结盟的"黏合剂"。 一个长期以来由"一次性包装"主导的领域，正在迎来转变的契机。 01 六"君子"结盟 在之前的报道《可持续，如何让美妆企业从竞争走向联合？》中，我们已经关注到全球美妆商业不可阻 挡的可持续结盟浪潮。 例如，仅在2024年2月，一周之内，全球美妆市场连续诞生可持续化妆品追溯联盟(TRASCE)和美丽价值 联盟(The Value of Beauty Alliance)两大组织，欧莱雅、拜尔斯道夫、香奈儿、雅诗兰黛、资生堂、 ...

来源：金融界 在日本和欧洲的游客大幅减少在奢侈品上的支出，拖累了奢侈品行业的销售，使这个正在努力应对繁荣 期结束和美国关税影响的行业面临更大挑战。伯纳德·阿尔诺旗下的奢侈品巨头路威酩轩（LVMH）、 普拉达（Prada）和蒙克莱（Moncler）第二季度的销售额都受到了在欧洲和日本的游客减少消费的影 响。 去年，消费者趁日元走软之机，涌入日本购买名牌包包和鞋子，从而提振了不断下滑的奢侈品销售。当 时日元汇率已跌至30多年来的最低水平。与此同时，由于美元走强增强了美国游客在海外的购买力，他 们在欧洲的奢侈品店里肆意消费。但随着日元的复苏和美元的贬值，这些有利因素今年已经消失。路威 酩轩首席财务官卡巴尼斯表示，游客消费模式的变化，是其关键的时尚和皮具部门第二季度销售额有机 下降9%的主要原因。（英国金融时报） ...

Group 1 - LV has raised prices for the third time this year, with increases ranging from 200 to 1000 yuan per item, reflecting an overall increase of over 2%, with some items exceeding 3% [1][4][8] - LVMH's financial performance has declined, with total revenue down 4% to 39.81 billion euros and net profit down 22% to 5.69 billion euros in the first half of the year [3][4] - The fashion and leather goods segment, which includes LV, experienced the worst performance, with organic revenue down 7% to 19.12 billion euros [4][6] Group 2 - Other luxury brands such as Chanel, Hermès, and Prada have also raised prices this year, indicating a broader trend in the luxury market [3][8] - The frequent price increases by top brands are seen as a strategy to maintain brand image and consumer confidence, as well as to counteract rising operational costs [8][10] - The luxury market is facing challenges, with a significant portion of consumers reducing or pausing their spending on luxury goods, leading to a shift towards savings and second-hand luxury items [10][13]

LVMH’s market value has fallen by more than a quarter over the past year. Can Bernard Arnault, the company’s founder, turn the ship around? https://t.co/1KhWiWbNCr ...