净关25家门店，开云集团“开局艰难”一季度营收下滑14%

Core Viewpoint - Kering Group, a renowned luxury goods conglomerate, has reported a disappointing start to 2025, with a 14% decline in total revenue for Q1, amounting to €3.883 billion, and a significant drop in stock price by over 25% year-to-date, leading to a market capitalization of €21.448 billion, only one-tenth of LVMH's value [1][7]. Group Performance - Kering's Q1 2025 revenue decreased by 14% compared to Q1 2024, with a total of €3.883 billion [3][4]. - The group's core brand, Gucci, experienced a substantial decline in same-store sales by 25%, resulting in revenue of €1.571 billion, marking a new quarterly low [4]. - The Asia-Pacific market saw a 25% year-on-year revenue drop, while Europe and North America experienced declines of 13% and 11%, respectively [2][6]. Brand Performance - Gucci's revenue fell by 24% to €1.571 billion, while Yves Saint Laurent's revenue decreased by 8% to €679 million [3]. - Bottega Veneta showed a slight improvement with a 4% increase in revenue to €405 million [3]. - The "Other Houses" segment, which includes Balenciaga and McQueen, reported an 11% decline in revenue to €733 million [3]. Market Challenges - The luxury goods sector is facing a collective downturn, with Kering Group's performance reflecting broader industry challenges, including rising tariffs and supply chain issues [6][8]. - The U.S. tariff crisis has forced many brands to increase prices, but Kering's brands struggle with market competitiveness and consumer price sensitivity, making price hikes ineffective [1][8]. Strategic Responses - Kering Group is taking measures to address the declining performance of Gucci by appointing Demna, the creative director of Balenciaga, as Gucci's new creative director, effective July [5]. - The beauty segment, which was established in 2023, reported a revenue of €71 million in Q1 2025, showing a 6% year-on-year growth, but its contribution remains minimal at only 1.8% of total revenue [4].