海外奢侈品行业点评系列之开云集团：2024Q3仍短期疲软，门店持续调整

Investment Rating - The report maintains a "Recommended" investment rating for the luxury goods industry, specifically for Kering Group [2]. Core Insights - In Q3 2024, Kering Group reported a revenue of €3.786 billion, reflecting a 15% year-over-year decline. Retail revenue accounted for 75% of total revenue, down 17% year-over-year, while wholesale and other revenues made up 25% of total revenue, decreasing by 12% year-over-year [4][5]. - Gucci's revenue fell by 26% to €1.641 billion, primarily due to weak demand in the Asia-Pacific region. The brand's wholesale revenue dropped by 38% as it selectively provided new products to its retail network [5]. - Bottega Veneta showed a 4% revenue increase to €397 million, attributed to successful branding strategies and product advantages [5]. - The report indicates that luxury consumption in China and the U.S. remains weak, with the Japanese yen's strength negatively impacting revenue growth in Japan [6]. - Despite challenges in the Chinese market, Kering Group remains optimistic about the recovery of luxury demand once consumer confidence is restored, projecting an annual recurring operating profit of approximately €2.5 billion for 2024, down from €4.7 billion in 2023 [7]. Summary by Sections Revenue Breakdown - Q3 2024 total revenue was €3.786 billion, down 15% year-over-year. Retail revenue decreased by 17%, while wholesale and other revenues fell by 12% [4]. Brand Performance - Gucci: Revenue of €1.641 billion, down 26% [5]. - Yves Saint Laurent: Revenue of €670 million, down 13% [5]. - Bottega Veneta: Revenue of €397 million, up 4% [5]. - Other brands: Revenue of €686 million, down 15% [5]. - Kering Eyewear and other revenues: €440 million, up 32% [5]. Regional Insights - Revenue distribution in Q3 2024: Western Europe (32%), North America (23%), Asia-Pacific (29%), Japan (8%), and other regions (8%). Year-over-year changes were -11%, -15%, -30%, +3%, and +2% respectively [6]. - The report highlights a recovery in tourism spending in China but notes overall weak luxury consumption [6].