时尚情报｜开云信用展望降至负面，轻奢巨头增长强劲

Group 1: Kering and Gucci - Kering's credit outlook has been downgraded to negative by S&P Global Ratings, primarily due to a significant decline in sales from its core brand Gucci [3] - In the first half of the year, Kering reported total revenue of €7.587 billion, a year-on-year decrease of 16%, and net profit plummeted by 46% to €474 million [3] - Gucci contributed over half of Kering's profits, and its poor performance has directly impacted the group's overall revenue and profitability [3] Group 2: Management Changes at Kering - Kering's management is undergoing a series of adjustments, with new CEO Luca de Meo, who has experience in brand revitalization and business transformation, planning to restructure the group and allocate more resources to potential brands like Balenciaga [4] Group 3: Tapestry and Coach - Tapestry, the parent company of Coach, reported a revenue increase of 8.3% to $1.723 billion in the fourth quarter of fiscal year 2025, exceeding analyst expectations [7] - Coach's revenue grew by 14.3%, while Kate Spade's revenue declined by 13% in the same quarter, indicating a mixed performance within Tapestry's brand portfolio [7] - The company anticipates an additional cost of approximately $160 million due to tariffs, which has led to a significant drop in its stock price [7] Group 4: Valentino's CEO Departure - Jacopo Venturini, CEO of Valentino, has resigned for personal reasons, marking his third departure from the company [10] - Valentino's financial situation is under pressure, with a projected 2% decline in sales to €1.31 billion and a 22% drop in core operating profit for 2024 [10] Group 5: Amer Sports Performance - Amer Sports, the parent company of Arc'teryx, is expected to continue exceeding revenue expectations, driven by strong performance from brands like Salomon and Arc'teryx [11] - UBS analysts have raised the target price for Amer Sports from around $37 to $50, reflecting confidence in the company's growth potential [13] - Amer Sports has seen a remarkable 224% return on investment over the past year, with several investment firms maintaining a buy or outperform rating [13]