| 12 | | Rob Walton & family | 1166亿 | -6.78亿 -0.58% | Walmart | | --- | --- | --- | --- | --- | --- | | 13 | H | Jim Walton & family | 1156亿 | 4-6.77亿 -0.58% | Walmart | | 14 | | 阿曼西奥·奥尔特加 | 1154亿 | + - 10亿 -0.9% | Inditex | | 15 | | 比尔·盖茨 | 1152亿 | + -17亿 -1.42% | 微软 | | 16 | | 爱丽丝·沃尔顿 | 1070亿 | + -6.61亿 -0.61% | 沃尔玛 | | 17 | | 穆克什·安巴尼 | 1064亿 | + -5.55亿 -0.52% | 信实工业 | | 18 | | 迈克尔·布隆伯格 | 1047亿 | 0 0% | 京博 | | 19 | | 卡洛斯·赫鲁家族 | 957亿 | 4 -9.18亿 -0.95% | 卡尔索 | | 20 | | 弗朗索瓦·迈耶家族 | 927亿 | 1 32亿 3.57% | 欧莱雅 ...

Market Value & Leadership - LVMH's market value has decreased by over 25% in the past year [1] - The question is whether Bernard Arnault, the founder, can reverse this trend [1]

The shares of LVMH, Louis Vuitton's parent company, are down 15% since the start of 2025. Getty Images The luxury industry is on the verge of a necessary reset. LVMH's profits dropped 15% in the first half of 2025, with organic growth down 3%, and nearly all divisions reported flat or negative performance. As for Gucci-owned luxury group Kering, this year has been even worse: revenue is down 18% for Q2 with Gucci's sales plummeting by 25% and overall sales in Asia and Japan down as much as 29% in the first ...

Financial Performance - LVMH's fashion and leather goods segment experienced a 4% decrease (or 5% organically) in the first quarter [1] - The segment further declined by 12% in the second quarter [1] - Resulting in an 8% drop for the first half of the year, amounting to $224 billion [1]

Core Viewpoint - Investors are disappointed with the new trade deal between the E.U. and the U.S., which has negatively impacted LVMH's stock performance and reflects broader concerns in the luxury sector [1][2]. Group 1: Trade Deal Impact - The E.U. and the U.S. agreed to a 15% tariff on European goods, which has been criticized by France as a "submission" [3]. - The tariff agreement avoids a trade war but increases costs for luxury goods, which are already facing challenges [3]. - The trade war is expected to affect LVMH's fashion and leather goods segment, as well as wines and spirits, with trade-related pressures in China further hurting demand [5]. Group 2: Financial Performance - LVMH reported a 4% decline in revenue for the first half of the year, with operating profit falling 15% to €9 billion, primarily due to weakness in Asia [4]. - Organic revenue in fashion and leather goods, which constitute nearly half of LVMH's sales, declined by 7% [4][5]. Group 3: Future Outlook - Investors are looking for a potential trade deal with China, which could benefit LVMH, as China accounts for about a quarter of the global luxury market [6]. - There is disappointment that luxury goods were not excluded from the U.S. trade deal, but a strong economy and stock market may mitigate the impact of import taxes [6]. - LVMH possesses a strong portfolio of brands that should provide long-term stability, although short-term volatility is expected [7].

LVMH’s market value has fallen by more than a quarter over the past year. By contrast, Hermès, which has remained focused on selling fashion to the exceedingly wealthy, has continued growing handsomely https://t.co/uHhP8R1kHL ...

LVMH's fashion and leather goods segment fell an alarming 4% (or 5% organically) in the first quarter and 12% in the second to end the first half off 8% to $22.4 billion on a reported basis. (Photo: VCG via Getty Images)https://t.co/5JN2wTGcJj https://t.co/CreTiYmxUR ...

Core Insights - The article emphasizes the importance of identifying strong businesses at reasonable prices for long-term investment success [1] - It highlights a focus on technology companies while also considering opportunities in the cryptocurrency sector [1] - The investment approach is global, seeking value beyond the U.S. market [1] Company Focus - The analyst has a beneficial long position in LVMHF, indicating confidence in the company's future performance [1] - The article reflects personal opinions and insights rather than being influenced by external compensation or relationships [1] Industry Perspective - The analysis includes a trend-following strategy, suggesting a dynamic approach to investment that adapts to market changes [1] - There is a noted bias towards technology, which may indicate a trend in investor preferences within the industry [1]

Core Viewpoint - LVMH is experiencing significant challenges in the luxury goods market, with a notable decline in overall revenue and profits, yet its high-end beauty segment shows resilience and potential for growth amidst these difficulties [2][4][20]. Financial Performance - Total revenue for the first half of 2025 was €398.1 billion (approximately RMB 3,351.2 billion), a year-on-year decline of 4% [4][7]. - Operating profit decreased by 15% to €90.1 billion (approximately RMB 758.4 billion), with the operating margin dropping to 22.6%, down 2.5 percentage points year-on-year [4][7]. - The Asian market (excluding Japan) saw its share shrink by 2 percentage points to 28% [4][17]. Market Trends - The "Veblen Effect," which traditionally drove luxury consumption, appears to be weakening, particularly among younger consumers who are reassessing the value of luxury goods [6][7]. - Bain & Company warns of significant challenges ahead for the luxury sector, predicting it may face its largest setback in 15 years [7]. Beauty Segment Performance - The Perfumes and Cosmetics division reported stable revenue of €40.8 billion (approximately RMB 343.4 billion), with organic growth remaining flat [20]. - Sephora, as part of the selective retailing segment, achieved revenue of €8.63 billion (approximately RMB 726.7 billion), with a 2% organic growth, marking it as the only department with positive growth in the first half of 2025 [21][22]. Regional Insights - The Asian market's contribution to LVMH's sales has declined, with organic revenue in Japan dropping by 15% due to currency fluctuations affecting tourist spending [17][18]. - In China, LVMH's beauty brands are facing challenges, with classic brands experiencing brand aging and declining transaction volumes despite some increases in transaction value [23][24]. Strategic Initiatives - LVMH is focusing on high-end beauty as a key growth area, with significant investments in brand innovation and market entry strategies targeting younger consumers [20][27]. - The introduction of new beauty products under the Louis Vuitton brand and the expansion of Fenty Beauty in China are part of LVMH's strategy to capture the Z generation market [27][28]. Organizational Changes - Sephora's operations in China are being prioritized, with the global CEO directly overseeing the market to enhance competitiveness [30][33]. - LVMH is restructuring its DFS business and reducing workforce in its wine and spirits division to control costs amid declining luxury demand [34].

Group 1 - LVMH is reportedly looking to sell the fashion brand Marc Jacobs for approximately $1 billion [1] - The company is in discussions with multiple parties and could finalize a deal soon, as reported by the Wall Street Journal [2] - LVMH has a history of both acquiring and selling assets, having acquired Tiffany in 2021 and sold Donna Karan and DKNY in 2016 [2] Group 2 - LVMH's overall business performance declined in the first half of the year, with earnings down 22% compared to the same period in 2024 [3] - The company cited macroeconomic factors such as currency fluctuations, decreased tourist traffic, and comparisons to stronger year-ago performance as reasons for the decline [4] - The luxury market is experiencing mixed results, with high-income consumers becoming more price-conscious and seeking greater value in their luxury purchases [4] Group 3 - LVMH CEO Bernard Arnault described the luxury industry as being in "highly turbulent times" [5] - Tariffs have become a significant issue for the industry, and LVMH is prepared to increase prices and implement other strategies if tariff negotiations are unproductive [5][6] - The company may pass along the costs of tariffs to consumers as part of its mitigation strategy [6]