Richemont sales jumped on better-than-expected demand in the the Americas and the region including China, the latest signal the luxury industry is turning the corner https://t.co/N1xUErNg5Q ...

Core Viewpoint - Richemont reported solid financial results for the first half of FY26, with significant sales growth driven by strong demand across all regions and business areas, despite facing macroeconomic challenges [5][6][16] Financial Highlights - Group sales reached €10.6 billion, reflecting a 5% increase at actual exchange rates and a 10% increase at constant rates, with Q2 sales accelerating to +14% at constant rates [4][5][6] - Gross profit was €6.9 billion, up 2% from the previous year, with a gross margin of 65.3%, down 190 basis points [4] - Operating profit increased by 7% to €2.4 billion, resulting in an operating margin of 22.2%, which is an improvement of 30 basis points [4][11] - Profit for the period from continuing operations was €1.8 billion, compared to €1.7 billion in the prior year, with a notable recovery from discontinued operations [4][12] - Earnings per share on a diluted basis were €3.078, significantly higher than €0.779 in the previous year [4] Business Area Performance - Jewellery Maisons saw a 9% increase in sales at actual rates and 14% at constant rates, with Q2 growth at 17% at constant rates, achieving an operating margin of 32.8% [8][11] - Specialist Watchmakers experienced a slower decline in sales, down 6% at actual rates but only 2% at constant rates, with an operating margin of 3.2% [9] - The 'Other' business area reported a 1% decline in sales at actual rates but a 2% increase at constant rates, with a €42 million operating loss [10] Regional Performance - All regions reported double-digit sales growth in Q2 at constant rates, with Europe, the Americas, and the Middle East leading the performance [7][16] - China, Hong Kong, and Macau, along with Japan, returned to growth in Q2, contributing to the overall positive sales momentum [7][16] Cash Flow and Financial Position - Cash flow generated from operating activities was €1.9 billion, an increase of €605 million from the previous year [4][12] - The net cash position stood at €6.5 billion, up €0.4 billion compared to the same period last year [12]

Group 1 - The company has experienced 19 consecutive quarters of uninterrupted growth, indicating strong overall performance and consistency at the group level [1] - The brand Mimu has shown significant growth, with expectations for continued growth despite normalization of performance [1] - There is a cautious optimism regarding the Chinese consumer market, with signs of stabilization and potential resurgence in consumption anticipated by 2026 [3] Group 2 - The US market is currently in a good place, with positive performance noted, especially as the festive season approaches [4] - Despite the positive outlook, there are concerns about potential market bubbles that could lead to volatility in the future [5]

RELEASE Paris, November 13, 2025 INFORMATION RELATING TO THE TOTAL NUMBER OF VOTING RIGHTS AND SHARES COMPRISING THE SHARE CAPITAL In accordance with the provisions of Article L. 233-8 of the French Commercial Code (Code de commerce) and Article 223-16 of the General Regulations of French Autorité des Marchés Financiers (AMF), Hermès international publishes each month, before the 15th day of the following month, the total number of voting rights and the number of shares comprising the share capital if they ...

Core Viewpoint - The luxury goods industry is experiencing a transitional phase rather than a full recovery, with growth logic shifting from supply-side scarcity to demand-side structural changes, driven by recovering consumer confidence in China and a resurgence of aspirational consumer groups [4]. Group 1: Market Dynamics - The growth engines for the third quarter remain in the U.S. and Asia, with the U.S. market recovering due to the wealth effect from the stock market, while China's recovery is described as tentative [6][7]. - The disparity among brands is becoming more pronounced, with some brands like Prada indicating a plateau in the Chinese market, while LVMH reports moderate growth in local sales [6][7]. - The Chinese luxury market is showing signs of bottoming out, but the momentum for a strong recovery is still lacking [7]. Group 2: Middle-Class Consumer Dynamics - The past decade's growth in the luxury sector was largely driven by the expansion of the middle class, characterized by aspirational consumption [9]. - Economic pressures such as inflation and asset depreciation have led to a decline in middle-class consumer confidence, pushing them out of the primary consumption segment [9]. - However, there are subtle signals of recovery, as seen in Gucci's sales decline narrowing from 25% to 14%, indicating a potential re-engagement with middle-class consumers [9][10]. Group 3: Creative Resurgence - The luxury industry is undergoing an internal adjustment, recognizing that a return to creativity is essential for sustainable growth [12][13]. - Brands are moving away from short-term profit strategies that compromise cultural value, focusing instead on creative depth and emotional resonance [14]. - The market anticipates 2026 to be a pivotal year for luxury goods, with new product launches and a restructured pricing strategy expected to reignite consumer interest [15].

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Group 1: Economic Overview - The longest government shutdown in US history has ended, which had significant economic impacts, including halted food aid and unpaid federal workers [4][17] - Markets had been rising in anticipation of the shutdown's end, but there are concerns about the near-term economic outlook due to high prices affecting consumer spending [5][18] - Economists express worries about the economic direction, particularly regarding affordability issues for lower-income households [28][58] Group 2: Company Earnings - Disney reported Q4 revenue of $22.46 billion, missing estimates, but adjusted earnings per share of $1.11 exceeded expectations, with struggles in linear TV offset by parks and streaming strength [6] - Cisco's shares rose approximately 7% in pre-market trading due to strong demand for AI-driven equipment, benefiting from infrastructure spending [8] Group 3: Artificial Intelligence and Market Trends - AI is a major theme at the Invest 2025 event, with discussions on its impact on productivity and the labor market [14][49] - Concerns exist regarding the potential for a bubble in AI stocks, with some elements of overvaluation noted, particularly in foundational models [52][55] - The corporate mindset is currently focused on cost minimization rather than leveraging AI as a productivity enhancer [50] Group 4: Federal Reserve Insights - The Federal Reserve is facing pressure for reform, with discussions on the need for a more strategic and forward-looking approach to monetary policy [37][42] - There is a call for a change in the inflation target to a range rather than a fixed point estimate, reflecting current economic conditions [46] - The independence of the Fed is emphasized as crucial for effective policy-making, alongside the need for accountability and reform [44][58]

Core Insights - Burberry has successfully turned around its business after a challenging 2024, marked by declining sales and leadership changes [1][2] - The new CEO, Josh Schulman, has implemented significant changes, including cost-cutting measures and a renewed focus on the brand's iconic products [1][2] - Burberry reported a 2% increase in same-store sales growth for the second quarter, indicating a positive shift in consumer sentiment [2] Brand Strategy - The brand is refocusing on its classic offerings, such as the trench coat and check pattern, under the creative direction of Daniel Lee [4][5] - The simplification of the brand's product offerings aims to eliminate confusion among consumers, moving away from luxury handbags that do not align with Burberry's identity [5][6] - Marketing campaigns emphasize British heritage, tapping into the "Cool Britannia" trend, which has resonated well with consumers [6][7] Marketing and Consumer Engagement - Recent campaigns celebrate British culture and fashion, featuring notable figures like Alexa Chung and Liam Gallagher [7][8] - The brand's advertising strategy includes storytelling elements that engage consumers, showcasing relatable experiences in London [8][9] - Analysts and branding experts have noted that Burberry's return to its roots has positively influenced consumer purchasing behavior [9][10]

Group 1: Company Plans - Prada plans to become a dual-listed company but will not commit to a timeline until it is six months away [1] - Speculation about a dual listing has existed since 2022, with previous comments indicating it was an option but not a priority [1] - CFO Andrea Bonini believes that a dual listing will be the right move at some point [1] Group 2: Industry Performance - Luxury stocks have experienced a slowdown following a boom during the Covid-19 pandemic and a plateau in Chinese market traction [2] - The luxury sector is seen as stabilizing, suggesting a potential resurgence in consumption [2] - The U.S. market is performing well, but caution is advised due to potential bubbles that could affect future performance [3]

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