奢侈品巨头们的"苦日子"仍在继续——主场持续落败、亚太等市场面临挑战，就连被其视为"回血包"的美妆线也开始承压了。 "香水和美容的销售额与去年第二季度相比下降4%。亚太市场(除日本)增速相对平缓。" "美妆相关业务下滑1%，亚太地区及日本市场同比均下降。" ——LVMH集团财报 "中国、香港和澳门虽然有所改善，但仍下滑7%，其中内地表现疲软。" ——爱马仕财报 在被称为最难一年的2024年，聚美丽在《知名奢侈品巨头美妆部门大涨421%》一文中，针对各个奢侈品集团的业绩进行了分析，彼时，美妆线多呈增 长。 但是从今年最新的半年度财报数据来看，在比最难更难的2025年，如前文所述，一些奢侈品集团的美妆相关业务甚至出现了下滑。 ——历峰集团财报 "业绩低迷，亚太地区和日本市场下滑最为显著。" ——开云集团财报 另外，聚美丽在梳理今年上半年各大奢侈品集团最新的财报业绩时，发现还有以下信息值得关注： 主场暴跌，开云美妆仍增长 上述提到的奢侈品集团中，聚焦到唯一美妆呈现增长的开云集团业绩，细分拆解来看，与2024年年度业绩走势大抵相同，仍然呈现主场下滑、美妆增长的 态势。 1.主场落败，核心品牌Gucci利润暴跌52% ...

Core Viewpoint - Kering Group reported a significant decline in net profit and sales for the first half of 2025, indicating ongoing struggles in the luxury goods market, particularly with its flagship brand Gucci [1][2]. Financial Performance - Kering's net profit fell by 46% to €474 million in the first half of 2025, down from €878 million in the same period of 2024 [1]. - Sales decreased by 16% to €7.6 billion in the first half of 2025 [1]. - Gucci's sales dropped by 26% to €3 billion, compared to over €4 billion a year earlier [2]. Brand Performance - The performance of Kering's brands varied, with Saint Laurent's revenue declining by 11% to €1.288 billion, while other brands saw a 15% drop to €1.459 billion [1]. - Bottega Veneta experienced a 1% revenue increase to €846 million, contributing 11% to the group's total revenue [1]. - Kering's eyewear and beauty segments grew by 2% to €1.092 billion, with beauty revenue increasing by 9% [1]. Market Conditions - The luxury goods market is facing a slowdown, with weakened consumer confidence and adverse currency fluctuations impacting tourism [2]. - The Asia-Pacific region (excluding Japan) and Japan experienced the most significant declines in sales [2]. - A strong euro negatively affected Kering's revenue growth by nearly 1% [2]. Strategic Changes - Kering appointed Demna, formerly of Balenciaga, as the creative director for Gucci in hopes of revitalizing the brand [2]. - Gucci's spring/summer women's fashion show scheduled for September has been postponed to March next year, with a new collection set to be launched [2]. Tariff Implications - The U.S. and EU have agreed to impose a 15% tariff on European products exported to the U.S., which could impact Kering's sales in North America, accounting for 24% of its revenue [3]. - Kering's CFO stated that the impact of tariffs is manageable and may lead to price adjustments in the fall [3].