Core Viewpoint - Kering Group's Q1 2025 performance was significantly impacted by a 14% decline in sales, primarily driven by Gucci's poor performance, which saw a 25% drop in comparable sales [1][2][3] Group 1: Financial Performance - Kering Group reported Q1 2025 sales of €3.883 billion, down from €4.504 billion in Q1 2024, reflecting a 14% decline [4] - Gucci's revenue fell to €1.571 billion, a 24% decrease from €2.079 billion in the same quarter last year, with comparable sales down 25% [4] - Other brands also faced declines, with Yves Saint Laurent (YSL) down 8% to €679 million and the Other Houses segment down 11% to €733 million [6] Group 2: Market Trends - Sales in the Asia-Pacific region dropped 25%, while both Western Europe and North America saw a 13% decline, and Japan experienced an 11% decrease [2][6] - Kering closed 25 stores in Q1 2025, including 10 Gucci stores, bringing the total number of global stores to 1,788 [6] Group 3: Industry Context - The luxury goods sector is facing a downturn, with global luxury growth expectations revised down from +5% to -2% for 2025 [12] - Competitors like LVMH also reported declines, with a 3% drop in overall revenue to €20.311 billion in Q1 2025 [11] - The luxury market is experiencing increased uncertainty due to U.S. tariff policies, prompting brands like Hermès to raise prices to offset costs [12]

长江商报消息 ●长江商报记者 沈右荣 "免税茅"中国中免（601888.SH）经营业绩再现下滑。 3月28日晚，中国中免披露了2024年年度报告。公司实现营业收入564.74亿元，同比下降逾16%；归属 母公司股东的净利润（以下简称"归母净利润"）42.67亿元，同比下降逾36%。 2009年A股上市以来，中国中免曾表现出较高的成长性。但是，近年来，其业绩增长压力较大。2024 年，是公司继2022年营收净利首次双降以来的第二次。其中，第四季度，公司归母净利润同比降幅更是 高达76%左右。 针对2024年经营业绩，中国中免解释称，受市场环境及行业周期等多重因素影响。 长江商报记者发现，中国中免的高层不太稳定。近两年，公司换了3名董事长、2名总经理。 二级市场上，中国中免股价从2021年2月高点开始持续下跌，目前市值仅为1275亿元，较巅峰时缩水了 逾6600亿元。 投资者似乎看不到中国中免短期内摆脱困境的希望，曾经持股比超过10%、位居第二大股东的陆股通， 持股比已降至3.57%，创近八年来新低。 净利连续三个季度大幅下降 抵御行业周期乏力，中国中免的经营业绩再度下降。 根据年报，2024年，中国中免实现的营 ...