地区表现上，美洲（主要为美国）成为最大亮点，四季度销售按不变汇率增长12.1%，显著超出市场对约9%增速的预期；日本需求同样强劲，继续支撑集团 在全球范围内的韧性增长。 产品结构方面，贡献主要利润的皮具与马具部门（涵盖Birkin、Kelly等核心品类）有机增长14.6%，再度跑在集团平均增速之前，显示"稀缺供给+强品牌 力"的商业模式在放缓周期中更具防御性。 盈利能力也继续抬升：公司全年营业利润达65.7亿欧元（约合77.9亿美元），营业利润率41%，小幅高于市场预期的40%。同时，爱马仕宣布将派发每股18 欧元股息。管理层表示将"带着信心"进入2026年，但今年提价幅度预计降至5%-6%，低于2025年的6%-7%。 爱马仕在奢侈品行业整体降温的背景下，受益于超高净值客群（对通胀与宏观波动敏感度更低）以及较长的订单积压，再次交出一份"稳中偏强"的成绩单。 2月12日，法国奢侈品巨头爱马仕发布2025年第四季度及全年财报，公司四季度营收按不变汇率增长9.8%，不仅延续了稳定增速，也高于Visible Alpha汇总 的分析师一致预期（8.4%）。 收入端：四季度9.8%按不变汇率增长，继续"逆风稳跑" 本次 ...

Core Viewpoint - The late fashion designer Giorgio Armani's will outlines a structured plan for the future ownership of his fashion empire, prioritizing LVMH, L'Oréal, and EssilorLuxottica as potential buyers for his company [2][4][6]. Summary by Sections Inheritance and Sale Plan - The will, drafted in April, instructs heirs to initially sell 15% of the company to one of the three designated giants [3]. - Within five years of Armani's passing, heirs are to sell an additional 30% to 54.9% of the shares to the same buyer. If this phased sale fails, the company should consider going public [4][9]. Financial Context - The Armani Group reported approximately €2.4 billion in revenue last year, but growth has stagnated due to a decline in demand for formal wear among younger consumers and a general slowdown in the luxury goods sector [4][19]. Potential Buyers' Interest - LVMH's CEO Arnault expressed strong interest in acquiring Armani, highlighting the brand's significance in the fashion industry [11]. - L'Oréal stated it feels honored to be considered for the acquisition and will carefully evaluate the opportunity, noting a long-standing partnership since 1988 [11]. - EssilorLuxottica expressed pride in being considered and will assess the potential investment carefully [12]. Internal Leadership Transition - The will designates Leo Dell'Orco, responsible for menswear, as a key figure in future decisions, granting him 30% of the company shares and 40% of the voting rights [16]. - Other heirs include Roberta Armani, Silvana Armani, Andrea Camerana, and Rosanna, with the Giorgio Armani Foundation tasked with selecting a new CEO [16]. Challenges Ahead - The new leadership and potential owners will face significant challenges as the company has experienced stagnation in growth despite being under the founder's control until his passing [18].