2025年的LVMH集团，依旧没有回到增长轨道。近日，LVMH集团发布2025年财务报告，总营收、净利润双双下滑，从旗下多部门收入下滑的现状来看， LVMH集团新的一年依然面临挑战。不只是LVMH集团，当下奢侈品行业集体面临发展困境，如何转型改革、重拾消费者信心成为新一年能否回归增长的关 键。 根据财报数据，LVMH集团2025年全年实现总营收808亿欧元，较2024年减少了38.76亿欧元，同比下降5%，经常性营业利润和净利润分别下滑9%、13%， 分别为177.55亿欧元、108.78亿欧元。 在奢侈品降温的大环境下，包括LVMH集团在内的奢侈品集团表现均不太乐观。开云集团2025年上半年集团营业收入为75.87亿欧元，同比下降16%；营业利 润9.69亿欧元，同比下降38.7%；净利润4.74亿欧元，同比下降46%。2024年，开云集团全年营收171.94亿欧元，同比下降12%；净利润为11.33亿欧元，同比 下滑62%。香奈儿2024年销售额同比下滑5.3%至187亿美元，净利润下跌28.2%至34亿美元。 或是基于自身的业绩压力，LVMH集团在过去的一年动作频频。如2025年6月，LVMH集团旗下L ...

Group 1 - LVMH Group's private equity firm L Catterton has acquired a minority stake in the French high-end perfume brand EX NIHILO, with the investment amount expected to exceed 200 million yuan, and the transaction is anticipated to be completed in Q1 2026, pending regulatory approvals [1] - EX NIHILO, founded in 2013, has expanded its fragrance offerings from 9 to 78, with prices ranging from $165 to $365, and is known for its collaborations with artists and modern French aesthetics [1] - In recent years, LVMH has invested in several niche high-end perfume brands, including BDK Parfums, Vyrao, and Maison Berger, indicating a strategic focus on the growth potential of these brands [2] Group 2 - LVMH's perfume and cosmetics segment is one of the few areas still experiencing growth, with revenue of 4.08 billion euros in H1 2025, showing a slight increase of 1% in Q2, while overall group revenue has declined [3] - The luxury market is shifting from oligopoly to a more diversified landscape, with brands focusing on product innovation and service improvement to enhance competitiveness [4] - The expansion of the fragrance market and the increasing consumer base have prompted not only luxury groups but also major beauty companies like L'Oréal and Estée Lauder to invest in the fragrance sector [3][4]

Core Viewpoint - LVMH Group, through its private equity firm L Catterton, has acquired a minority stake in the high-end French perfume brand EX NIHILO, signaling confidence in the growth potential of niche luxury fragrance brands [1][4]. Group 1: Investment Details - The investment amount for the acquisition of EX NIHILO is estimated to exceed 200 million yuan, with the transaction expected to be completed in the first quarter of 2026, pending regulatory approvals [1]. - EX NIHILO was founded in 2013 and has expanded its fragrance offerings from 9 to 78, with prices ranging from $165 to $365 [3]. Group 2: Market Position and Growth - LVMH has been actively investing in niche high-end perfume brands, including BDK Parfums, which has seen a sales growth of over 40% in 2025 and operates over 250 stores globally [3][4]. - The perfume and cosmetics segment of LVMH generated revenue of 4.08 billion euros in the first half of 2025, with a slight increase of 1% in the second quarter [5]. Group 3: Industry Trends - The luxury perfume market is expanding, with major beauty companies like L'Oréal and Estée Lauder also making acquisitions to strengthen their positions [5]. - The luxury market is shifting from oligopoly to a more diversified landscape, with a focus on product innovation and service improvement as key competitive factors [5].

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]