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]

Core Viewpoint - LVMH is attempting to revitalize Givenchy through strategic management changes and increased investment in its beauty segment, while facing challenges in the fashion line and competition from other luxury brands [4][8][21]. Group 1: Management Changes - LVMH appointed Amandine Ohayon as the new CEO of Givenchy, replacing Alessandro Valent, who served for only 18 months [6][24]. - Mark Shorten, the former president of LOEWE in Greater China, will take on the role of global sales president at Givenchy by the end of 2025, indicating a strategy to utilize successful management talent from within LVMH [7]. - The frequent changes in leadership at Givenchy reflect LVMH's urgency to reshape the brand and its direction [23]. Group 2: Financial Performance - In 2025, LVMH's revenue reached €80.8 billion, a 5% decline year-on-year, with the fashion and leather goods segment experiencing an 8% drop [10][11]. - The fashion and leather goods segment's organic growth was down 5%, while the perfume and cosmetics segment remained stable [10][12]. - Givenchy's fashion line is currently estimated to generate around €1 billion, which limits its ability to compete for resources within LVMH [18]. Group 3: Brand Strategy and Market Position - Givenchy is struggling to establish a strong market presence compared to other second-tier brands like CELINE and LOEWE, which have successfully transformed their brand image and sales [20][21]. - The brand's beauty segment, including successful products like its powder and fragrances, is seen as a potential growth engine, contrasting with the underperformance of its fashion line [16][22]. - Givenchy's marketing efforts are heavily focused on its creative director Sarah Burton's fashion shows, while the beauty line has seen more diverse promotional activities [18]. Group 4: Competitive Landscape - CELINE and LOEWE have emerged as leaders in the second tier of luxury brands, with CELINE's sales reportedly surpassing €2.5 billion in 2023 due to its successful rebranding efforts [20]. - LOEWE has consistently ranked high in global brand popularity, leveraging its strong visual identity and collaborations with artists [20]. - Givenchy's attempts to appeal to younger consumers through streetwear have not been successful, leading to a decline in brand relevance [21].

Core Viewpoint - LVMH faced a challenging year in 2025, with both revenue and profit declining due to global geopolitical instability, currency fluctuations, and market policy adjustments, indicating a need for further strategic shifts in the luxury sector [1][2]. Financial Performance - LVMH reported total revenue of €80.807 billion for 2025, a decrease of €3.876 billion (approximately ¥32.263 billion), representing a 5% year-on-year decline [1][3]. - The company's recurring operating profit and net profit also fell by 9% and 13%, respectively, amounting to €17.755 billion and €10.878 billion [1][3]. - The group's sales in the fourth quarter reached €22.7 billion, with organic revenue growth of 1%, showing signs of recovery in consumer demand, particularly in the Asia-Pacific and U.S. markets [1]. Business Segment Analysis - The fashion and leather goods segment, LVMH's largest, saw a revenue decline of 8% to €37.77 billion, with organic sales down 5% [4]. - The wines and spirits division was the hardest hit, with revenue of €5.358 billion and a 5% organic decline, while recurring operating profit dropped 25% to €1.016 billion [5]. - The selective retailing segment, particularly Sephora, showed resilience with organic growth of 4% and revenue of €18.348 billion, alongside a 28% increase in recurring operating profit [7]. Market Dynamics - The Asia-Pacific market, excluding Japan, became a key driver for recovery, contributing 26% of LVMH's revenue in 2025, despite a slight decrease from 28% in 2024 [10]. - LVMH's strategy in China includes opening larger stores while closing underperforming ones, reflecting a shift towards enhancing operational efficiency [11]. - The company is optimistic about the Chinese market, viewing it as a testing ground for new strategies, despite challenges posed by tariffs and geopolitical tensions [12]. Future Outlook - CEO Bernard Arnault acknowledged the ongoing economic and geopolitical challenges but expressed confidence in LVMH's cash flow, which grew by 8% to over €11 billion, allowing for sustained long-term strategic initiatives [2]. - The luxury market is showing signs of polarization, with high-end brands performing better than those heavily reliant on fashion and leather goods [8].

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%。 ...

Core Insights - LVMH's Q4 organic revenue grew by 1% year-on-year, slightly above market expectations; however, total annual revenue declined by 4.6%, in line with forecasts. Currency fluctuations negatively impacted annual revenue by approximately 3% [1] Revenue Breakdown - Fashion and Leather Goods: Q4 organic revenue decreased by 3%, accelerating the decline and slightly exceeding market expectations; annual organic revenue fell by 5%, yet maintained a high operating margin of around 35% [1] - Wines and Spirits: Q4 organic revenue plummeted by 9%, significantly underperforming expectations; annual recurring operating profit dropped by 25% [1] - Perfumes and Cosmetics: Q4 organic revenue unexpectedly declined by 1%, failing to achieve anticipated growth [1] - Watches and Jewelry: Q4 organic revenue increased by 8%, far surpassing analyst expectations; annual organic growth was 3%, serving as a crucial counterbalance to the weakness in other segments [1] - Selective Retailing (Sephora, DFS): Q4 organic revenue rose by 7%, with annual recurring operating profit soaring by 28%, driven by Sephora's global expansion and effective brand selection strategy [1]