Company Leadership & Governance - Hermès CEO's role includes maintaining family unity [1] - Family firms require more than just business skills [1] - Potential risk exists from heirs seeking to sell their shares for cash [1]

Core Insights - Kering Beauté will be reclassified as discontinued operations in the consolidated financial statements as of December 31, 2025, following the agreement with L'Oréal for its sale, expected to close in the first half of 2026 [2]. Financial Information - For H1 2025, reported revenue was €7,587 million, which will be restated to €7,439 million after excluding Kering Beauté's contribution of €148 million. In 2024, reported revenue was €17,194 million, restated to €16,874 million after excluding Kering Beauté's contribution of €320 million [2]. - The recurring operating income for H1 2025 was reported at €969 million, restated to €920 million after excluding Kering Beauté's contribution of €49 million. For 2024, reported recurring operating income was €2,554 million, restated to €2,440 million after excluding Kering Beauté's contribution of €114 million [2]. - Quarterly revenue for Q3 2025 was reported at €3,415 million, with a comparable change of -5%. After restating for Kering Beauté, the revenue was adjusted to €3,331 million, reflecting a comparable change of -6% [3]. Future Reporting - Kering Beauté's contributions will be presented separately within net income from discontinued operations, and comparative periods will be restated for consistency across reporting periods. The Group's financial indicators will be presented excluding Kering Beauté under continuing operations [8].

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Core Insights - Andrew Wu has been appointed as a nonexecutive director of Pop Mart, bringing two decades of experience in the Chinese market with LVMH [1][3] - Wu's appointment is for an initial term of three years, with a fixed cash compensation of 1.2 million Hong Kong dollars and share-based compensation of 1.8 million Hong Kong dollars annually [3][4] - The appointment follows a successful collaboration between Moynat and Kasing Lung, which has generated speculation about future collaborations with Louis Vuitton [5][6] Company Performance - Pop Mart's Monsters range, including Labubu, generated 4.81 billion renminbi (approximately $673 million) in the first half of 2025, marking a 668% year-over-year increase and accounting for 34.7% of the company's total revenue [7] - The significant revenue growth is attributed to the release of the "Big Into Energy" vinyl plush series and the "Wacky Mart" blind box figure toy range [8] Industry Trends - The success of the Labubu brand has attracted attention from major players like Sony Pictures, which has acquired screen rights to develop a feature film and potential franchise [8]

Federal Reserve and Economic Outlook - Markets are anticipating a 25 basis point cut in interest rates at the upcoming Federal Reserve meeting, although there are divisions among Fed officials regarding future policy direction [4][6][15] - The labor market shows signs of softening, with job openings increasing but hiring rates declining, leading to uncertainty about the economic outlook [5][9][22] - Analysts suggest that the Fed may need to adopt a more restrictive monetary policy to manage inflation effectively, which is currently above the 2% target [7][24][29] Chinese Economic Indicators - Chinese consumer prices rose by 0.7% year-on-year, marking the highest increase in nearly two years, driven by higher food prices and government stimulus [38][39] - Despite rising consumer prices, factory gate prices have been in deflation for 38 consecutive months, indicating ongoing challenges in the manufacturing sector [41][42] - The mixed inflation data reflects the complexities of China's economic recovery and the impact of government policies aimed at combating deflation [41][42] Market Reactions and Future Expectations - U.S. markets showed mixed performance ahead of the Fed's decision, with the Dow down by 0.4% and the NASDAQ gaining 0.1% [10][11] - European futures are cautious, reflecting uncertainty surrounding the Fed's upcoming rate decision, with major indices showing slight declines [13][14] - Analysts predict a rotation in market performance towards sectors that have underperformed, suggesting potential investment opportunities in the near future [8][10]

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Core Points - Hermès International publishes the total number of voting rights and shares comprising its share capital monthly, in accordance with French regulations [2] Group 1: Voting Rights and Shares Data - As of November 30, 2025, the total number of shares is 569,412, with 251,011 theoretical voting rights, and 517,720 effective voting rights [3] - The total number of theoretical voting rights has shown a slight decrease from 251,764 on October 31, 2025, to 251,011 on November 30, 2025 [3] - Effective voting rights decreased from 518,628 on October 31, 2025, to 517,720 on November 30, 2025 [3] Group 2: Historical Data - The total number of shares has remained constant at 569,412 since at least January 2022 [4] - The effective voting rights have fluctuated over the months, with a peak of 758,072 recorded on December 31, 2021 [4] - The effective voting rights have generally shown a downward trend from 582,188 on August 31, 2023, to 517,720 on November 30, 2025 [3][4]

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Financial Performance Overview - The group's revenue for the first half of the fiscal year 2025-26 is €25.1 million, reflecting a decrease of 1.8% compared to the same period last year [1][3] - The net result decreased by €2.6 million, primarily due to a contraction in gross margin and increased communication expenses [2][16] Revenue Breakdown by Market - Revenue in France decreased by 10.4%, largely due to an 83% drop in the Business to Business channel, while retail sales increased by 19% [4][3] - In Europe (excluding France), the DACH region saw a growth of 12%, while Italy and Spain experienced declines of 12% and 13%, respectively [5] - In Asia, Hong Kong's revenue fell by 18%, but China showed strong growth driven by in-store sales and new openings [6] Revenue Breakdown by Product Line - Revenue from lighters and pens increased by 1.8%, while leather goods and accessories saw a significant decline of 17.7% [8] - The accessories category grew by 10%, while ready-to-wear decreased by 6% [8] Operational Results - The gross margin decreased by €1.8 million, with a margin rate decline of 6 percentage points due to unfavorable currency effects and product mix [10] - The operating result was negative at -€0.8 million, down by €2.7 million compared to the previous year [14] Cash Flow and Financial Position - The net cash position at the end of September 2025 was €1.8 million, down from €5.6 million in March 2025 [17] - Cash flow from operating activities was negative at -€2.1 million, deteriorating by €0.9 million compared to the previous year [19] - The company’s self-financing capacity decreased to €0.9 million, down by €1.9 million from the previous year [18] Significant Events - No significant events occurred during the reporting period that could impact the financial situation or results of the company [23][24]

Core Insights - Prada has completed the acquisition of Versace for €1.25 billion, with all regulatory checks finalized [2] - Lorenzo Bertelli, Prada's Chief Marketing Officer, has been appointed as the CEO of Versace [2] Financial Summary - Prada has secured a €1.5 billion financing agreement, which includes a €1 billion term loan and up to €500 million in a revolving credit facility, with €1 billion and €300 million already drawn [4] - Additionally, a €200 million bilateral term loan agreement has been established for seven years, with the full amount already withdrawn [4] - As of March 29, 2025, Versace is projected to achieve revenues of €705 million, with an operating loss of €46 million and long-term assets valued at €878 million [4] - For the third quarter, Prada reported revenues of €4.07 billion, reflecting an 8.5% increase at constant exchange rates, with third-quarter revenues of €1.33 billion, up 7.6% at constant exchange rates [4] - Retail sales for Prada decreased by 1.6% year-on-year, while Miu Miu's retail sales increased by 41% [4] Strategic Considerations - Despite both brands being Italian luxury labels, there are significant differences in market positioning and design styles [4] - The acquisition is expected to create synergies, but Versace's recent underperformance adds uncertainty to the integration process [4]