French billionaire Bernard Arnault has taken majority ownership of LVMH with a stake valued at more than $160 billion, tightening his family's control of the sprawling luxury-goods company that he fou... ...

里昂发表研报指，截至昨日(23日)数据显示，春节假期内地消费整体维持正面，旅游出行热度良好。跨 境旅游方面，国家移民管理局预计，日均跨境客流量年增约14%。海南免税店的消费在更强劲的促销活 动及政策推动的增量需求下保持韧性，但很大程度上已反映在中国中免的股价中。但电影票房表现疲 软，创下八年来的最低纪录。 此外，里昂的渠道调查显示，受金价波动影响，黄金珠宝销售仍面临压力，而部分奢侈品牌则在年初至 今表现强劲。该行认为，春节数据更偏向强劲的出行及旅游业，且高端消费表现良好，将有利里昂首选 股包括：新秀丽、法国奢侈品巨擘LVMH和卡地亚母公司瑞士历峰集团，以及与国内需求相关的安踏体 育。 ...

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With a decline in birth rates, young consumers are increasingly spending on pets, leading to significant growth in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [12][13][15][16]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, showcasing the potential of the aging population as a lucrative market segment [17][18][19]. - **Health Food and Beverages**: Changing demographics and rising health awareness have led to the growth of sugar-free beverages and functional foods in both Japan and China, with brands like Suntory and Dongpeng gaining traction [21][22]. - **Beauty and Aesthetic Products**: The demand for beauty products, including collagen supplements and at-home beauty devices, remains strong, indicating that consumers prioritize personal care even in economic downturns [23][24][26]. - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as Snow Peak in Japan and various Chinese brands, are benefiting from increased interest in outdoor activities as a form of stress relief [29][31][32]. - **Convenience Economy**: The rise of frozen foods and smart home appliances reflects a shift towards convenience, with brands like Anjijia and Kewell seeing steady growth as consumers seek time-saving solutions [39][40][42]. - **Lazy Economy**: The trend of reduced cooking time among younger generations has led to a preference for ready-to-eat meals and smart appliances that automate household tasks, indicating a shift in consumer priorities [39][40][42]. Group 2: Market Dynamics - The article emphasizes that even in a low-desire economy, there are significant opportunities for those willing to invest in counter-cyclical sectors. Companies that can identify and act on these opportunities are likely to emerge as winners [44].

Core Insights - LVMH Moët Hennessy Louis Vuitton has announced the availability of its 2025 audited consolidated financial statements [1] - The French version of the financial statements was filed with the "Autorité des Marchés Financiers" (AMF) on February 12, 2026 [1] - The English translation of the financial statements can be accessed in the Publications section of the company's website [1]

Group 1 - South Korea's privacy regulator has imposed a total fine of 36 billion KRW (approximately 172 million RMB) on Louis Vuitton, Dior, and Tiffany for poor customer information management leading to data breaches [1][2] - Louis Vuitton's Korean subsidiary was fined 21.4 billion KRW (approximately 103 million RMB) for leaking data of about 3.6 million customers due to three external intrusions into an employee's device [2][3] - Dior and Tiffany's Korean subsidiaries were fined 12.2 billion KRW (approximately 58 million RMB) and 2.4 billion KRW (approximately 11 million RMB) respectively, for employees being tricked into granting access to internal systems, resulting in data leaks [2][3] Group 2 - The data leaked by Dior included information of approximately 1.95 million customers, while Tiffany's breach affected around 4,600 customers, with leaked data including names and email addresses [2][3]

Core Viewpoint - LVMH has not been covered recently, and the company, like others in the sector, has experienced significant changes in its market dynamics [1] Group 1: Company Overview - LVMH is recognized for its focus on quality and aims to identify the best businesses globally to build a long-term portfolio that can outperform the market [1]

Group 1 - LVMH has appointed Véronique Courtois as chair and CEO of Parfums Christian Dior and the beauty division, ensuring managerial and strategic continuity [1] - Antoine Arnault has also joined the executive committee, retaining his responsibilities for image, communications, and sustainability initiatives [3] - Stéphane Rinderknech, who previously oversaw hospitality operations and the beauty division, is leaving the company to pursue personal projects [5] Group 2 - Véronique Courtois has been with LVMH since 2000, progressing through various marketing roles and becoming president and CEO of Guerlain in 2019 [2] - Antoine Arnault has a diverse background, including founding a technology business and holding various leadership roles within LVMH, including CEO of Berluti [3][4] - Stéphane Bianchi, LVMH's managing director, expressed confidence in the new appointments, highlighting the impactful achievements of Courtois and Arnault [5]

Core Viewpoint - The high-end liquor market in China, particularly for cognac, is experiencing significant price adjustments and competitive dynamics, especially among the "Big Three" brands: Hennessy, Martell, and Rémy Martin [2][3][6]. Group 1: Market Dynamics - The traditional peak consumption period for high-end liquor, including cognac, is approaching with the upcoming Spring Festival [1]. - Hennessy has historically positioned itself as the highest-priced brand among the "Big Three," but recent strategies have shifted towards competitive pricing to increase market share [3][6]. - Hennessy's VSOP and XO products have undergone packaging changes to enhance market presence and competitiveness [5][6]. Group 2: Pricing Strategies - Hennessy's VSOP 700ml is now priced competitively, with prices dropping to around 300-500 yuan, significantly lower than previous years when it was priced above 600 yuan [5][10]. - The price of Hennessy XO has also seen reductions, with third-party sellers offering it for under 1000 yuan, contrasting with its previous pricing of 1500-2000 yuan [11][13]. - The price adjustments reflect a broader trend in the market, where Hennessy has reduced prices to combat the influx of parallel imports and maintain competitiveness against Martell and Rémy Martin [15][20]. Group 3: Industry Challenges - The LVMH spirits division, which includes Hennessy, has faced declining revenues, with a reported 5% drop in overall revenue and a 9% decline in operating profit for 2025 [17][20]. - The cognac industry is experiencing a downturn, with exports hitting a low not seen since the 2008 financial crisis, and inventory levels reaching record highs [20][21]. - The shift in consumer preferences towards more affordable options, such as whiskey and mid-range brandies, has further impacted the sales of high-end cognac [20][21]. Group 4: Strategic Adjustments - In response to market challenges, LVMH has initiated significant restructuring, including a 10% workforce reduction and leadership changes within the Hennessy brand [21][23]. - The new leadership aims to expand distribution channels in China and invest in long-term market development, indicating a strategic pivot to adapt to changing market conditions [23].

Core Insights - The disclosure of share transactions was submitted to the AMF on February 3rd, 2026, covering transactions from January 28th to January 30th, 2026 [1] Group 1 - The transactions were reported as per the requirements of current law [1]

Core Viewpoint - The article discusses the changing competitive landscape among the three major cognac brands in China—Hennessy, Martell, and Rémy Martin—especially in the context of price adjustments and market strategies leading up to the Chinese New Year, highlighting Hennessy's shift towards more competitive pricing to regain market share [1][18]. Group 1: Market Dynamics - The Chinese market for high-end cognac, particularly Hennessy, Martell, and Rémy Martin, experiences a seasonal increase in demand around the Chinese New Year [1]. - Hennessy has historically been the highest-priced brand among the three but has recently adjusted its pricing strategy to be more competitive, including lowering prices and changing packaging [1][3]. - Hennessy's VSOP 700ml is now priced competitively, with prices dropping to around 454 RMB on platforms like JD.com, which is lower than its previous price range of over 600 RMB [3][9]. Group 2: Pricing Strategies - Hennessy's pricing adjustments have resulted in its VSOP and XO products being offered at prices that are now comparable to or lower than those of Martell and Rémy Martin [4][6]. - The price of Hennessy VSOP has seen significant reductions, with third-party sellers offering it for as low as 300 RMB, contrasting sharply with its previous pricing strategy [4][6]. - The overall price positioning of Hennessy has shifted, with the brand now offering its XO at prices below 1,000 RMB in some channels, compared to its previous pricing of 1,500-1,700 RMB [7][9]. Group 3: Industry Challenges - The cognac market is facing challenges, including a significant decline in demand, with a reported 20% drop in cognac imports and exports in 2025, marking the lowest levels since the 2008 financial crisis [18][19]. - The overall performance of LVMH's wine and spirits division has been under pressure, with a 9% decline in revenue and a 25% drop in operating profit in 2025, primarily driven by the performance of Hennessy [14][18]. - The industry is experiencing a shift in consumer preferences, with many consumers opting for more cost-effective options like whiskey or mid-range brandies, leading to longer sales cycles for cognac [18][19]. Group 4: Strategic Adjustments - In response to market pressures, LVMH has initiated a global restructuring plan, including a 10% workforce reduction in its wine and spirits division to align costs with pre-2019 levels [19]. - New leadership has been appointed within LVMH's cognac division, indicating a strategic shift towards revitalizing the brand and expanding distribution channels in China [19][22]. - Hennessy plans to expand its distribution in China and invest in new markets, indicating a long-term commitment to regaining market share despite current challenges [22].