Core Insights - Bernard Arnault has significantly increased his stake in LVMH, purchasing approximately ₹1.4 billion ($1.6 billion) worth of shares over eight months, bringing his family's ownership closer to half of the company [1][8] - The buying spree occurred during a period of weaker quarterly results for LVMH, yet the stock has rebounded following a return to sales growth [5][8] - Arnault's strategy emphasizes maintaining wealth within LVMH rather than diversifying into other investments [1][8] Share Purchase Details - Arnault acquired around 2.5 million shares, representing about 0.5% of LVMH, at an average price of ₹566 per share, with some shares purchased as low as ₹448 in June [5][9] - The total volume of shares purchased this year far exceeded previous years, indicating a strong commitment to LVMH despite recent performance challenges [5][9] Ownership and Control - Arnault's stake in LVMH accounts for 49% of the capital and nearly 65% of the voting rights, reflecting his desire to secure an "absolute majority" [6][9] - The family has a history of consolidating control over LVMH, including a pivotal deal in 2017 to buy out minority shareholders of Christian Dior, increasing their stake significantly [9] Investment Strategy - Analysts suggest that Arnault's substantial investment in LVMH may have been better allocated towards diversification, as his non-LVMH investments are estimated at only ₹4 billion [6][9] - Financiere Agache, Arnault's holding company, remains focused on luxury investments while also having a portfolio of diversified financial investments [7][9]

French billionaire Bernard Arnault has long sought to tighten his control over LVMH, the luxury conglomerate he founded almost four decades ago. This year, his efforts have gone into overdrive. https://t.co/yZaD4L4PRG ...

人事变动 - Hermès 任命 Grace Wales Bonner 为男士成衣系列创意总监 [1] 公司战略 - Hermès 聘用了一位以融合高级定制与广泛文化研究而闻名的 35 岁设计师 [1]

Core Insights - Kering has seen a significant performance increase of 92% since the last update, indicating strong growth and positive reception from the Pinault family and shareholders [1]. Group 1: Company Performance - The performance of Kering has improved by 92%, reflecting a robust recovery and growth trajectory [1]. Group 2: Analyst Commentary - The analysis is aimed at buy-side hedge professionals focusing on fundamental, income-oriented, long-term analysis across global developed markets [1].

Core Insights - Ginger Finds has appointed Grégoire Martin as the new president to enhance its relationship-driven business model in the luxury industry [1] - The luxury industry is undergoing significant changes, with a notable shift in leadership and creative direction at top fashion companies [2][3] Company Developments - Ginger Puglia, CEO and cofounder of Ginger Finds, emphasizes the need for fresh perspectives in the evolving luxury market [1][4] - Martin's background includes experience at LVMH and Spencer Stuart, which positions him well to contribute to the firm's growth [6] Industry Trends - The luxury sector is experiencing rapid transformations, with new creative leaders emerging and making swift changes [2][3] - Companies are increasingly seeking leaders who bring diverse experiences and analytical thinking, moving away from traditional career paths [4] Leadership Philosophy - Martin highlights the importance of empathy and understanding client experiences as critical attributes for future leaders in the industry [7] - The focus will shift towards enhancing client and product experiences, necessitating leaders who are authentic and customer-centric [7]

Core Viewpoint - Kering's third-quarter 2025 financial results indicate a reduction in the slump experienced in the previous quarter [1] Financial Performance - Kering reported its third-quarter 2025 financial results, showing improvement compared to the previous quarter [1]

Group 1 - Hermès shares have underperformed the market and many peers in 2025, with a year-to-date decline of nearly 5% [1]

Core Insights - Prada Group recorded consolidated net revenues of €4.07 billion ($4.72 billion) for the nine months ending 30 September 2025, reflecting a 9% year-on-year rise at constant currency, marking the company's 19th consecutive quarter of growth [1][2][6] Financial Performance - Retail sales increased 9% year-on-year to €3.65 billion, supported by like-for-like and full-price sales [1] - Third-quarter retail sales rose 8%, consistent with the second quarter [1] - Miu Miu saw a 41% increase in retail sales for the nine-month period and a 29% rise in the third quarter, following a 105% surge in Q3 2024 [3] - Prada brand retail sales declined 1.6% over the nine months and 0.8% in the third quarter [3] Regional Performance - Asia Pacific logged 10% growth, driven by improving conditions in mainland China [4] - Europe rose 6%, supported by both domestic and tourist spending [4] - The Americas grew 15%, showing sequential acceleration in the third quarter [4] - Japan recorded a 3% increase, with stronger local demand and higher tourist inflows [4] - The Middle East advanced 21%, although growth moderated in the third quarter due to high comparatives [4] Strategic Focus - The company continues to emphasize creativity, product excellence, and craftsmanship as foundations for enduring relevance and long-term development [3][6] - Prada is focusing on its creative output through campaigns including Prada Galleria, Couleur Vivante, and Fall/Winter 25 [5] - Miu Miu broadened its presence in the beauty segment with the launch of Miutine, its debut fragrance developed in collaboration with L'Oréal [5] Management Commentary - The chairman and executive director highlighted the consistency of results in a complex macroeconomic environment, confirming the strength of the brands and the validity of the strategy [2] - The CEO noted that the performance confirms the health of the brands and diligent execution by the teams, with Prada accelerating versus the previous quarter [6] - The company remains confident in its trajectory, focusing on products and experiences that spark emotional engagement while improving speed and flexibility [7]

Core Insights - Prada's performance is characterized as resilient, with a noted decline in retail sales in the second part of Q2, followed by steady improvement in Q3, attributed to effective retail strategies and brand management [1][2] - The company reported a 6% increase in revenues to 4.07 billion euros for the first nine months of the year, marking 19 consecutive quarters of growth [3] Financial Performance - Retail sales at constant exchange rates declined by 1.6% to 2.53 billion euros over nine months, with a slight decrease of 0.8% in Q3 [1] - Miu Miu's retail sales surged by 41% to 854 million euros, contributing 32% to total sales, compared to 25% in the same period last year [4] - Overall revenues rose by 6% to 4.07 billion euros, with a 9% increase at constant exchange rates [3] Geographic Performance - Retail sales in Asia-Pacific increased by 7% (10% at constant exchange rates) to 1.21 billion euros [7] - Europe saw a 4% increase to 1.13 billion euros, driven by domestic and tourist spending [8] - The Americas experienced an 11% growth in retail sales to 637 million euros, with a 15% increase at constant exchange rates [9] Market Trends and Consumer Behavior - Consumer spending remained stable in Q3, with a plateau observed in China, while domestic spending in Europe supported growth [8] - The company noted a shift in consumer behavior in North America, leading to strong sales performance [10] Creative and Strategic Initiatives - The company emphasized its commitment to creativity, product excellence, and craftsmanship as key drivers for long-term growth [2] - Prada is focusing on expanding its beauty segment, with recent successful launches in collaboration with L'Oréal [16][17] Future Outlook - The company anticipates that upcoming changes in the fashion industry will enhance traffic and desirability for luxury brands [14] - Price increases in 2026 will align with recent trends, with a focus on maintaining credibility in pricing strategies [19]

Financial Data and Key Metrics Changes - The group recorded net revenues of €4.1 billion in the first nine months of the year, up 9% compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 against the same comparatives in the prior year period [9] - Wholesale was up 4% in the first nine months and up 19% in Q3 [10] - Royalties grew by 11% over the period, supported by Eyewear and Beauty [11] - Exchange rates negatively impacted group revenue by approximately 260 basis points during the first nine months and 470 basis points over the quarter [11] Business Line Data and Key Metrics Changes - Prada brand delivered a resilient performance with a decline of 2% in the nine months, while Miu Miu reported sustained growth of 41% and 29% in the quarter [12] - Churches returned to double-digit growth in the quarter [12] Market Data and Key Metrics Changes - Asia Pacific delivered double-digit growth of 10% over the first nine months, with Q3 showing similar trends [13] - The Americas saw retail sales up 15% in the nine months, with Q3 at 20% [14] - Japan grew by 3% over the nine months, with Q3 down 1% but improving quarter on quarter [14] - The Middle East delivered solid performance, up 21% in the nine months, with Q3 moderation at 10% [14] Company Strategy and Development Direction - The company remains committed to creative leadership and plans to continue investing in creativity and desirability [16] - The strategy includes a cautious approach to store expansion, focusing on high-potential locations while closing underperforming stores [36] - The company aims to balance its product mix and explore opportunities in higher price segments [55] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in China, with expectations of gradual improvement but not returning to previous growth rates [78][120] - The company is optimistic about the upcoming holiday period and expects to see benefits from retail investments [18] - Management emphasized the importance of the last six weeks of the year for performance [18] Other Important Information - The company is focused on maintaining a balance between high-end and accessible products, with ongoing efforts to innovate in product offerings [55] - The company is also exploring opportunities in the jewelry category, with a new collection launched recently [83] Q&A Session Summary Question: Update on Versace integration - The transaction is not yet closed, pending authorizations [22] Question: Current trading and improvement drivers - Observations indicate a plateau in China, with local demand driving improvements in various regions [24][25] Question: Wholesale trends in Q3 - No exceptional timing of shipments was noted; trends are consistent [27] Question: Cluster trends for key product brands - All clusters showed positive performance, with local transactions driving improvements [34] Question: Store expansion plans - Miu Miu has executed store expansions, while Prada is taking a more cautious approach [36] Question: Margin expectations for the full year - Management remains on track for margin improvement, with Q4 being crucial [45] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX issues for 2025, with potential headwinds in 2026 [51] Question: Pricing strategy for next year - The company plans to maintain its pricing strategy with adjustments based on regional differences [112] Question: Growth by category in Q3 - Leather goods showed significant growth for both Prada and Miu Miu [114]