奢侈品Q3大反攻，LVMH们“回血”了
Sou Hu Cai Jing·2025-10-29 05:13

Core Viewpoint - The financial reports of LVMH and Kering indicate a significant recovery in the luxury goods sector, as evidenced by improved year-on-year revenue growth in Q3 compared to the previous two quarters [1][9]. Group 1: Company Performance - LVMH's quarterly revenue growth rates were -3%, -4%, and 1%, showing a positive shift in Q3 [1]. - Kering's revenue growth rates were -14%, -15%, and -5%, with a notable reduction in the decline in Q3 [1]. - Prada maintained stable revenue growth rates of 13%, 8%, and 8% across the quarters [2]. - Hermès showed increasing revenue growth rates of 7%, 9%, and 10% in the same period [3]. Group 2: Regional Sales Performance - LVMH saw improved revenue growth in all regions except Europe, with the U.S. and Asia (excluding Japan) achieving positive growth rates of 3% and 2%, respectively [4]. - Kering reported a significant recovery in North America, with a positive growth rate of 3% in Q3, while the Asia-Pacific region (excluding Japan) saw a 10% decline, which was a substantial improvement [5]. - Prada's retail sales in the Asia-Pacific region (excluding Japan) grew by 10%, while the Americas saw a 14.8% increase in retail sales [4][5]. - Hermès experienced revenue growth across all regions, with North America leading at 14% [5]. Group 3: Market Trends and Influences - The luxury goods market's recovery is significantly influenced by the performance of the U.S. stock market, which has a strong correlation with luxury spending [6][7]. - The increase in wealth among high-net-worth individuals in the U.S. has contributed to the growth in luxury goods consumption [6]. - The depreciation of the Japanese yen has attracted foreign tourists to Japan, boosting luxury sales there, although this trend is expected to reverse as the yen strengthens [7][8]. Group 4: Future Outlook - The sustainability of the recovery in the luxury sector will depend on whether the positive trends in Q3 can continue into Q4, as companies face high base effects from the previous year [11].