Core Insights - The luxury goods market is experiencing a significant slowdown after years of rapid growth, with major luxury groups reporting noticeable declines in performance [1][5] - Factors contributing to this downturn include substantial price increases in recent years, consumer fatigue with existing products, and economic uncertainties [1][5] Company Performance - LVMH reported a revenue of €39.81 billion for the first half of 2025, down 4% from €42 billion in the same period last year, with net profit decreasing by 22% to €5.7 billion [2] - The Asian market, excluding Japan, accounted for 28% of LVMH's revenue, while the U.S. market contributed 25% [2] - Kering, another major luxury group, saw its revenue drop by 16% to €7.587 billion, with net profit plummeting 46% to €474 million [3] - Hermès reported an 8% increase in revenue to €8.03 billion, but the growth in the Asia-Pacific market, including China, was significantly lower than expected, with only a 1.5% increase [4] Market Challenges - Analysts indicate that the luxury sector is facing its most disruptive challenges in over 15 years, with potential for the largest setback since 2008-2009 [5][7] - Economic instability, geopolitical conflicts, and trade tensions are impacting consumer confidence, leading to increased pressure on the luxury market [5][6] - Distribution challenges are also prevalent, with many distributors struggling to maintain cash flow and some entering restructuring phases [6] Pricing Strategies - In response to U.S. tariff policies, several luxury groups, including Hermès and LVMH, are considering price increases to offset the impact of new tariffs [6] - Hermès announced a price increase of 6%-7% in the U.S. market starting May 1, 2025, to counteract the effects of tariffs [6] Future Outlook - The luxury goods market, valued at €1.5 trillion, may face a prolonged period of stagnation, with market fluctuations becoming the "new normal" [7]
半年盘点| 开云、LVMH业绩两位数下滑， 机构称奢侈品行业或将遭遇15年来最大挫折
Di Yi Cai Jing·2025-07-31 11:15