Gucci 美妆的授权经营方对其及开云集团提起诉讼，涉及美妆与香水业务

Core Viewpoint - Coty has filed a lawsuit against Gucci and its parent company Kering regarding the licensing of Gucci's beauty and fragrance products, which may impact Coty's future sales and operations significantly [1][2] Group 1: Lawsuit Details - Coty is suing Gucci and Kering in the UK commercial court over the licensing agreement for Gucci's beauty and fragrance products [1] - The licensing contract between Coty and Gucci is set to expire in 2028, with Gucci's beauty business accounting for approximately 8% of Coty's total sales and 11% of its profits [1] - Kering announced a partnership with L'Oréal on October 19, granting L'Oréal exclusive rights to Gucci's fragrance and beauty products for 50 years after the expiration of the current agreement with Coty [1] Group 2: Financial Performance - Coty's Q1 FY2026 net revenue was $1.578 billion (approximately 11 billion RMB), a decline of 6% year-over-year, with a comparable basis decline of 8% [1] - The net profit for the same period was $64.6 million (approximately 450 million RMB), down 19% year-over-year, with an adjusted gross margin of 64.5% [1] - The high-end beauty segment generated $1.07 billion (approximately 749 million RMB), accounting for 68% of total sales, while the mass beauty segment generated $508 million (approximately 355.6 million RMB), accounting for 32% of total sales, both showing declines of 6% and 11% respectively [2] Group 3: Market Position and Future Outlook - Analysts suggest that losing the Gucci beauty and fragrance licensing could reduce Coty's annual sales by approximately $500 million (around 3.5 billion RMB) [2] - Coty's CEO, Sue Nabi, emphasized the company's commitment to defending its rights regarding the ongoing lawsuit and maintaining its operations under the current licensing agreement [2] - Kering has publicly denied Coty's claims and stated its intention to defend its position vigorously [2]