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“爱不会消失但可能迁移?”上半年LV、Gucci等大牌“失宠” 为何 Miu Miu却收入狂飙?
Mei Ri Jing Ji Xin Wen· 2025-07-31 14:18
Core Insights - LVMH and Kering reported declines in their performance for the first half of the year, while Prada Group experienced growth, highlighting a divergence in the luxury market [2][6][7]. Financial Performance - Prada Group's net revenue for the first half of 2025 reached €2.74 billion, reflecting a 9% increase year-over-year at constant exchange rates [2][3]. - Retail sales net revenue grew by 10.1% year-over-year, while net profit slightly increased to €386 million, up 0.62% [2][4]. - The Prada brand saw a decline in retail sales net revenue by 1.9%, while Miu Miu's retail sales surged by 49.2%, contributing significantly to the group's overall performance [2][4][10]. Brand Performance - Miu Miu has entered a high-growth phase, with a retail sales net revenue increase of 92.7% in 2024, and it now accounts for nearly 32% of Prada Group's total retail sales net revenue [4][15]. - Despite Miu Miu's strong performance, the growth rate has slowed compared to previous years, indicating potential challenges ahead [16][18]. Regional Performance - Prada Group achieved growth across all regional markets, with the Middle East showing the fastest retail sales growth at 26% year-over-year [10][12]. - In the Asia Pacific region, retail sales net revenue increased by 10.4% to €838 million, while Europe, the Americas, and Japan also reported positive growth rates [12][10]. Market Dynamics - The luxury market is experiencing a slowdown, with major brands like LV and Gucci facing challenges, while Prada Group's strategic focus on brand positioning and younger consumer engagement has allowed it to thrive [14][15]. - The shift in consumer preferences towards brands like Miu Miu reflects a broader trend in the luxury sector, where younger generations are driving demand [16][18].
“爱不会消失但可能迁移?”上半年LV、Gucci等大牌“失宠”,为何 Miu Miu却收入狂飙?
Mei Ri Jing Ji Xin Wen· 2025-07-31 14:08
Core Viewpoint - In the first half of 2025, while major luxury brands like LVMH and Kering reported declines in performance, Prada Group experienced growth, driven primarily by its Miu Miu brand, which has seen significant sales increases [1][5][11]. Financial Performance - Prada Group reported a net income of €2.74 billion, a 9.1% increase year-on-year, with retail sales netting €2.45 billion, up 10.1% [1][5]. - The adjusted EBIT rose by 7.55% to €619 million, and net profit increased by 0.62% to €386 million [5][12]. - Prada brand's retail sales net income decreased by 1.9% to €1.65 billion, while Miu Miu's retail sales surged by 49.2% to €780 million [1][5][7]. Brand Performance - Miu Miu accounted for nearly 32% of Prada Group's total retail sales in the first half of 2025, marking a historical high for the brand [4][14]. - Miu Miu's retail sales growth has been robust, with a 92.7% increase in 2024, and it successfully entered the "€1 billion club" [4][14]. - Despite Miu Miu's strong performance, its growth rate has slowed compared to previous years, indicating potential challenges ahead [15][17]. Regional Performance - Prada Group achieved growth across all regional markets, with the Middle East showing the fastest retail sales growth at 26% [7][8]. - In the Asia-Pacific region, retail sales increased by 10.4% to €838 million, while Europe, the Americas, and Japan saw increases of 9%, 12%, and 4%, respectively [7][8]. Market Trends - The luxury goods market is experiencing a slowdown, with a report indicating the first decline in luxury consumption in 15 years, excluding the pandemic period [12]. - The shift in consumer preferences towards younger brands like Miu Miu suggests a changing landscape in luxury brand appeal [11][12].
财报逊预期,普拉达股价插水14.3%,创2024年1月以来新低
Sou Hu Cai Jing· 2025-07-31 06:22
Core Viewpoint - Prada's stock price fell by 14.32% to HKD 40.1 per share, marking a new low since January 2024, primarily due to disappointing earnings results [1] Financial Performance - For the first half of 2025, Prada reported net revenue of €2.74 billion, a year-on-year increase of 9%, with actual growth at 8% [1] - Retail sales reached €2.45 billion, reflecting a 10% year-on-year growth, while adjusted EBIT was €619 million, maintaining a profit margin of 22.6% [1] - Gross margin improved to 80.1%, up by 0.3 percentage points compared to the same period last year [1] Brand Performance - Sales for the Prada and Miu Miu brands were slightly below expectations, with Prada's sales down by 3.6% and Miu Miu's up by 40% [1] - The company is facing significant year-on-year comparison pressure for the Miu Miu brand due to ongoing challenges in tourism consumption [1] Market Reactions and Forecasts - Analysts from various firms have adjusted their profit forecasts for Prada, with a 5% to 6% reduction in net profit predictions for 2025 to 2027 [2] - Morgan Stanley noted a slowdown in luxury goods consumption among cross-border travelers, leading to a 6.1% year-on-year sales growth in Q2, down from 12.5% in Q1 [2] - Target prices for Prada's stock have been revised downwards, with estimates dropping from HKD 72 to HKD 50 by one firm and from HKD 66 to HKD 62 by Morgan Stanley [2]
LV自身难保,救不了K11
Sou Hu Cai Jing· 2025-06-25 04:10
Core Insights - The collaboration between New World Development and LV highlights the challenges faced by both parties in the luxury retail sector, particularly in Hong Kong, where consumer spending has declined significantly [1][2][3] Group 1: New World Development's Situation - New World Development has entered into a revenue-sharing rental agreement with LV for a flagship store in Hong Kong, indicating its financial struggles and the need for flexible rental models [1][2] - The company reported a 1.6% decline in revenue to HKD 16.79 billion and a 17.6% drop in core profit to HKD 4.42 billion for the first half of the fiscal year 2024 [6][10] - New World Development's rental income decreased by 4.3% to HKD 2.56 billion, with a notable 7.5% decline in Hong Kong rental income [6][10] Group 2: Luxury Market Challenges - The luxury retail sector in Hong Kong has faced significant challenges, with a 2.3% year-on-year decline in total retail sales value in April 2025 [9][10] - LVMH's sales in the first quarter of 2025 fell by 3%, with the fashion and leather goods segment, which includes LV, experiencing a 5% organic sales decline [2][14][16] - The overall luxury market is projected to face a slowdown, with predictions of either mild recovery or moderate contraction in 2025 [19][21] Group 3: Strategic Adjustments - LV is adapting to market conditions by introducing more affordable product lines, aiming to attract a broader consumer base amid declining sales [21][22] - The brand has also shifted to a commission-based rental model in response to the challenging retail environment, reflecting a strategic pivot to maintain profitability [22]