古驰上半年收入回到2017年水平，拖累集团净利润跌近一半

Core Viewpoint - Kering Group reported a significant decline in sales and profits for Q2 and the first half of 2025, exceeding market expectations, indicating a more severe struggle than anticipated in the luxury goods sector amid ongoing weak global demand for high-end consumer products [2][4]. Financial Performance - Q2 revenue was €3.7 billion, down 18% year-on-year, worsening from a 14% decline in Q1, leading to a 16% drop in total revenue for the first half to €7.59 billion [4][7]. - Operating profit fell by 38.7% to €969 million, while net profit plummeted 46% to €474 million [4]. - Gucci, Kering's core brand, experienced a dramatic revenue drop of 25% in Q2, with first-half revenue down 26% to €3.03 billion, marking a return to 2017 revenue levels [4][6]. Brand Performance - Other brands under Kering, such as Bottega Veneta, Balenciaga, and Saint Laurent, also faced declines, with Bottega Veneta being the only brand to show growth, up 1% in Q2 to €441 million [6][9]. - Saint Laurent's Q2 revenue decreased by 13% to €609 million, while the "Other Houses" segment saw a 16% decline in Q2 revenue to €726 million [6][7]. Market Trends - Kering's eyewear and beauty segments showed resilience, with eyewear revenue up 1% in Q2 to €534 million, driven by the acquisition of Creed [9][10]. - The luxury market is shifting towards more affordable, entry-level luxury products, with brands like LV entering the beauty sector to capitalize on this trend [10]. Geographic Performance - Retail sales across major markets recorded double-digit declines, with Japan seeing a 29% drop in Q2 revenue and a 20% decline in the first half [13]. - The Asia-Pacific market, including China, experienced a 19% decline in Q2 revenue, while Western Europe and North America also reported significant drops [13]. Financial Health - Kering's net debt rose to €10.5 billion, nearly half of the company's market value, prompting asset sales to reduce debt from €10.5 billion to €9.5 billion [13]. - The company is expected to face additional costs due to new tariffs on EU goods, with potential price adjustments planned for the fall [13]. Leadership Changes - Kering has undergone significant management changes, with a new CEO expected to bring clearer strategies for brand revitalization and growth [14][16]. - Key promotions within the company include the elevation of executives from Gucci and Balenciaga to lead other brands, indicating a strategic reshuffle [14].