Gucci继续滞销 上半年收入同比下跌26%！拖累开云集团净利润骤降46%

Core Viewpoint - Kering Group, a major player in the luxury goods sector, reported a significant decline in both revenue and profit for the second quarter and first half of 2025, indicating ongoing struggles in the luxury market, particularly for its flagship brand Gucci [1][2][3] Financial Performance - Kering Group's revenue for Q2 2025 decreased by 15% to €3.7 billion, with Gucci's revenue dropping by 27% to €1.46 billion, marking six consecutive quarters of sales decline for Gucci [1][2] - For the first half of 2025, Kering's total revenue was €7.587 billion, down 16% year-on-year, while recurring operating profit fell by 39% to €969 million, and net profit decreased by 46% to €474 million [1][2] - Gucci's revenue for the first half was approximately €3.027 billion, reflecting a year-on-year decline of about 26% [1][2] Brand Performance - Gucci and YSL (Saint Laurent) continue to show declining sales, with Gucci's revenue for the first half down 26% and YSL's down 11% [2][3] - BV (Bottega Veneta) experienced a slight growth of 1% in revenue for the first half, but its growth rate has slowed, with a 1% decline in Q2 [2] Regional Market Analysis - No regional market achieved year-on-year growth, with the largest declines in the Asia-Pacific region and Japan, down 21% and 20% respectively [3] - Sales in Western Europe and North America decreased by 13% and 12% respectively, with overall sales from the Asia-Pacific region dropping by 3 percentage points to 29% of Kering's total revenue [3] Store Operations - Kering closed a net total of 24 stores in the first half of the year, including 18 Gucci stores, 1 YSL store, and 5 BV stores, bringing the total number of global stores to 1,789 [3] Leadership Changes - Kering appointed Luca de Meo as the new CEO, effective September 2025, who previously helped Renault recover from a crisis in the automotive sector [2][8] - The industry is skeptical about whether de Meo can effectively revitalize Kering's performance in the luxury goods market [8] Industry Trends - Experts suggest that luxury brands need to focus on digital transformation and innovative retail models rather than merely closing stores [6] - The luxury market in China remains a significant opportunity, but brands must adapt to changing consumer preferences and invest in product innovation and customization [7][8]