三季度止跌 LVMH集团艰难前行

Core Viewpoint - LVMH Group has shown signs of recovery in Q3 after consecutive revenue declines, with a 1% organic growth, but faces significant challenges ahead due to trust issues and a cooling luxury market [1][2][7] Financial Performance - In the first three quarters of the year, LVMH's revenue was approximately €58 billion, with a 2% year-on-year organic decline, and a 4% decline when accounting for currency effects [2] - Q3 revenue reached €18.2 billion, achieving a 1% organic growth, but also faced a 4% decline when considering a 5% currency impact [2][3] - The second quarter saw revenue of €19.5 billion, with an organic decline of about 7%, while Q1 experienced a 3% organic decline [3] Business Segment Performance - In Q3, the wine and spirits segment saw a 1% organic revenue growth, fashion and leather goods declined by 2%, perfumes and cosmetics grew by 2%, and selective retailing increased by 7% [2] - The Sephora brand's performance was highlighted as particularly strong, contributing positively to overall results [2] Regional Insights - Performance improved across all business groups and regions except Europe, with notable recovery in Asia, excluding Japan, and a resurgence in the Chinese market [2][4] Marketing and Strategic Initiatives - LVMH has been actively enhancing its marketing strategies, particularly in China, with initiatives like the "Louis Ship" concept store in Shanghai, which combines retail and experiential elements [4][5] - The company is also diversifying its product offerings, including the launch of a new makeup line under the LV brand [6] Challenges Ahead - Despite the positive Q3 results, LVMH acknowledges the challenges posed by a cooling luxury market and a trust crisis stemming from customer data leaks [7] - The luxury consumer spending has contracted, with a reported 7% drop in luxury spending among Gen Z consumers last year, equating to a market loss of $5.7 billion [7] - The competitive landscape is shifting, with increasing pressure from high-end niche brands and changing consumer preferences towards product innovation and service experience [8]