LVMH考虑出售旗下大众品牌

Core Insights - LVMH is undergoing a strategic adjustment in its beauty business, considering the sale of its makeup brand Make Up For Ever and evaluating stakes in skincare brand Fresh and Fenty Beauty [1][5][13] Group 1: Make Up For Ever - Make Up For Ever, founded in 1984 and acquired by LVMH in 1999, has been struggling with a positioning mismatch, focusing too much on the mass market rather than LVMH's luxury brand identity [1][5] - The brand has reported losses for eight consecutive years, with annual net revenue around €300 million, making it a burden for LVMH's beauty segment [5][6] Group 2: Fresh - Fresh, established in 1991, has seen a slowdown in its expansion in China, closing several stores while maintaining around 70 counters in major cities [3][5] - The brand has failed to establish a clear competitive advantage in a market increasingly focused on efficacy and transparency, leading to a decline in growth [3][5] Group 3: Fenty Beauty - Fenty Beauty, co-founded by Rihanna in 2017, is also under evaluation for potential stake sales, with estimated brand valuation between $1 billion and $2 billion [6][9] - The brand's performance in China has been disappointing, with initial sales figures indicating a lack of traction despite some promotional successes [6][9] Group 4: Overall Beauty Business Performance - Despite the challenges faced by specific brands, LVMH's overall beauty business remains resilient, with total revenue for perfumes and cosmetics at €8.174 billion in FY2025, although down 3% from the previous year [9][12] - The strong performance of luxury brands like Dior and Givenchy has supported profitability, with operating profit increasing by 8% [9][12] Group 5: Louis Vuitton's Entry into Beauty - Louis Vuitton has launched its beauty line, La Beauté Louis Vuitton, with a focus on high-margin products to attract younger consumers and enhance customer loyalty [10][12] - The pricing strategy for Louis Vuitton's products, such as a lipstick priced at 1,200 RMB, aims to position the brand within the luxury segment, targeting LVMH's loyal customer base rather than the mass market [12][13] Group 6: Market Trends - The luxury goods market in China is entering a phase of cautious recovery, with consumer spending on luxury items expected to decrease slightly [12][13] - Consumers are becoming more value-conscious, emphasizing the importance of perceived value in their purchasing decisions [12][13]