Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Insights - The textile and apparel industry has shown mixed performance, with Under Armour reporting a 4% year-on-year revenue decline in FY2026Q1, amounting to $1.1 billion, and a net loss of $2.612 million [2][17]. - The North American market saw a 5% revenue decline to $670 million, while the international market's revenue decreased by 1% to $470 million, with EMEA market revenue increasing by 10% [3][17]. - Adidas reported a 14% year-on-year revenue growth in H1 2025, while HUGO BOSS and Ralph Lauren showed varied performance, with HUGO BOSS experiencing a 1% revenue increase in Q2 2025 and Ralph Lauren achieving a 14% revenue growth [6][59]. Summary by Sections 1. Company Performance - Under Armour's FY2026Q1 revenue decreased by 4% to $1.1 billion, with a net loss of $2.612 million compared to a loss of $30.5 million in the previous year [2][17]. - HUGO BOSS reported a 1% revenue increase in Q2 2025, while EBIT grew by 15% [6][57]. - Ralph Lauren's net revenue increased by 14% to $1.7 billion, with a net profit growth of 30.7% [59][60]. 2. Market Trends - The textile and apparel sector saw a 4.23% increase in the SW textile and apparel index, outperforming the Shanghai Composite Index by 3 percentage points [19]. - The SW textile manufacturing PE-TTM is at 21.66 times, while the apparel and home textile PE-TTM is at 28.86 times, indicating varying valuation levels across sub-sectors [22]. 3. Regional Performance - North America experienced a 5% revenue decline, while EMEA markets grew by 10% [3][4]. - The Asia-Pacific market saw a 10% revenue decline, with Latin America declining by 15% [3][4]. 4. Consumer Behavior - The retail sales of sports and entertainment products grew by 22.2% year-on-year in the first half of 2025, indicating strong demand in this segment [11]. - The overall retail sales in China for June 2025 reached 4.23 trillion yuan, growing by 4.8% year-on-year, but showing a decline compared to previous months [48][49]. 5. Future Outlook - For FY2026Q2, Under Armour expects a revenue decline of 6%-7%, with a projected gross margin decrease of 3.4-3.6 percentage points [4][18]. - The report suggests a cautious outlook for the textile and apparel industry, with varying performance expected across different regions and product categories [4][18].

Core Viewpoint - Capri Holdings (CPRI.US), the parent company of the Michael Kors brand, experienced a stock price increase of over 18% at the beginning of trading, reaching a peak of $21.5 before narrowing to approximately 12% [1] Financial Performance - Capri reported a 6% decline in revenue for the first fiscal quarter, totaling $797 million, which was slightly above expectations [1] - Earnings per share were $0.50, exceeding market expectations of $0.13 [1] - Revenue from Michael Kors, which accounts for 68% of total revenue, decreased by 5.9%, compared to a 14.2% decline in the same period last year [1] Future Outlook - The company anticipates second fiscal quarter revenue to be between $815 million and $835 million, with market expectations at $819 million [1]

Group 1: Hermès Performance - Hermès reported a sales revenue of €3.91 billion for Q2 2025, a year-on-year increase of 9% [1] - The company's half-year revenue reached €8.034 billion, up 8% year-on-year, with an operating profit margin of 41.4%, significantly above the industry average [1] - The growth rate has slowed compared to previous years, with leather goods and saddlery growing by 14.8%, while perfume and cosmetics, and watch segments declined by 7.2% and 5.5% respectively [1] Group 2: Procter & Gamble Leadership Change - Procter & Gamble announced Shailesh Jejurikar as the new CEO, effective January 1, 2026, making him the first Indian-American CEO in the company's history [2] - The company reported a sales figure of $84.284 billion for the fiscal year ending June 2025, a slight increase of 0.3% year-on-year, with net profit rising by 7% to $16.065 billion [2] - P&G is undergoing a global restructuring, planning to lay off 7,000 employees over the next two years to address cost pressures and an additional $1 billion in tariff expenses [2] Group 3: Canada Goose Performance - Canada Goose reported Q1 revenue of CAD 107.8 million, a year-on-year increase of 22.4%, with significant growth in the Chinese market, which saw an 18.7% increase [3] - The Asia-Pacific region's overall revenue grew by 26.6%, driven by strong performance in direct-to-consumer channels [3] - The brand's strategy focuses on appealing to younger consumers, with successful new product lines launched in China [3] Group 4: Jil Sander CEO Departure - Serge Brunschwig announced his departure from Jil Sander after only six months in the role, citing personal reasons [5] - Brunschwig, who previously held CEO positions at Fendi and other luxury brands, indicated that the brand is ready for its next phase [5] - Jil Sander, known for its minimalist style, will revert to management under OTB Group following Brunschwig's exit [5]

Core Viewpoint - Miu Miu's recent advertisement featuring Kylie Jenner has sparked significant backlash on social media, raising concerns about the brand's choice of representation and alignment with its values [2][4][6] Brand Representation - Miu Miu's official statement emphasized that the advertisement aims to showcase a diverse representation of women's power, with Kylie Jenner bringing her own influence and style to the campaign [4][6] - Critics argue that Kylie Jenner's image does not align with Miu Miu's brand identity, which is characterized by subtlety, rebellion, and intellectualism, contrasting with her representation of commercial and social media culture [6][9] Financial Performance - Prada Group reported a 9% revenue growth to €2.74 billion for the first half of 2025, with Miu Miu being a key growth driver, showing a 40% revenue increase in Q2 and a 49% rise in retail sales to €780 million [8][9] - Despite Miu Miu's impressive growth, there are signs of a slowdown, with growth rates decreasing from previous highs of 93%, 105%, and 84% to the current 40%, indicating potential challenges ahead [9] Market Position and Challenges - Miu Miu's growth is primarily attributed to its smaller market base, and as it matures, future growth may be more challenging due to increased competition and market saturation [9] - The luxury goods industry is inherently conservative, making it difficult for brands to gain market share, and Miu Miu's growth ceiling may be limited by its association with Prada [9]

Group 1 - The company's net revenue for the first half of the year is €2.74 billion, slightly below the forecast of €2.78 billion [1] - The gross margin for the first half is 80.1%, an increase from 79.8% in the same period last year, and above the forecast of 79.7% [2] - The adjusted EBITDA for the first half is €619 million, representing a year-on-year growth of 7.7% [2] Group 2 - The company's net profit for the first half is €386 million, a year-on-year increase of 0.8%, but below the forecast of €409.7 million [3] - Capital expenditures for the first half amount to €247 million, showing a significant year-on-year increase of 46% [3]

Group 1 - The company, Louis Vuitton, has reported a system breach that resulted in the leakage of certain customer data [1]

Core Points - Louis Vuitton's South Korean subsidiary reported a data breach due to unauthorized access by a third party [1] - The breach resulted in the leakage of some customer information, although it did not include passwords or financial data such as credit card or bank account information [1]

Core Insights - The new concept landmark "Louis Number" by the French luxury brand has attracted significant attention in the bustling Nanjing West Road business district of Shanghai [1][2] - The design of "Louis Number" is inspired by the brand's history of creating hard cases for transoceanic journeys in the 19th century, highlighting Shanghai's port culture and its status as an international shipping trade center [2][5] - The exhibition "Extraordinary Journey" within "Louis Number" connects history and future, showcasing the brand's craftsmanship and cultural significance [2][5] Company and Industry Summary - "Louis Number" features a total exhibition area of 1,200 square meters, spanning two levels, focusing on themes of travel, craftsmanship, fashion, and innovation [2] - The project reflects a successful collaboration between the Jing'an District and international brands, enhancing the district's appeal for foreign investment and boosting consumer spending [5][6] - The Nanjing West Road business district hosts over 2,000 domestic and international brands, with international brands accounting for more than 70% of the total [5] - The district has organized nearly 100 commercial events this year, generating a consumption of 11.9 billion yuan [5] - The rapid realization of the "Louis Number" project, completed in about three months, exemplifies Jing'an's commitment to creating a world-class business environment [6]

Group 1: Film Industry - The film "Ne Zha" (also known as "Ne Zha 2") has achieved a total box office of 15.445 billion yuan and 324 million viewers, breaking 113 records and earning 308 milestone achievements, marking it as a legendary film in history [1] Group 2: Financial Performance of Emperor Group - Emperor International reported a significant loss of 4.743 billion HKD for the fiscal year 2024/2025, an increase of 131.75% year-on-year, leading to a sharp decline in its stock prices [2] - The company faced overdue bank loans totaling 16.6 billion HKD, raising concerns about its ability to continue as a going concern, which contributed to the stock price drop of its subsidiaries [2] Group 3: Luxury Goods Market - Louis Vuitton's new concept "Louis Ship" has opened in Shanghai, attracting significant public interest, with all exhibition slots fully booked before July [3] - Despite a 3% year-on-year revenue decline reported by LVMH in Q1 2025, the exhibition aims to drive sales by incorporating retail space within the venue [3] Group 4: Market Activity of IFBH Limited - IFBH Limited, the parent company of IF Coconut Water, saw overwhelming demand during its IPO, with a subscription level exceeding 2600 times, and its stock price rose by 42.09% on the first trading day, reaching a market capitalization of 10.53 billion HKD [4] - The company aims to leverage the capital raised for brand development, market expansion, and innovation, which could lead to sustained growth if challenges are effectively managed [4]

Core Insights - Louis Vuitton's "Louis, The Boat" officially opened to the public in Shanghai, symbolizing the brand's deep integration with the city's culture and maritime history [1][10] - The architectural design of "Louis, The Boat" draws inspiration from Louis Vuitton's historical hard cases, representing the brand's love for travel and adventure [4][5] - The project aligns with Shanghai's ongoing urban renewal efforts, transforming the space into a cultural landmark that combines luxury retail with artistic and cultural experiences [8][9] Design and Cultural Significance - The building's design features a ship-like silhouette, incorporating classic Louis Vuitton elements and luxurious materials to create a unique atmosphere [5][6] - "Louis, The Boat" serves as a multi-dimensional cultural space, housing a brand store, a restaurant, and the "Visionary Journeys" exhibition, allowing visitors to explore the brand's values [4][7] - The "Visionary Journeys" exhibition showcases Louis Vuitton's history and craftsmanship through interactive experiences, emphasizing the brand's commitment to quality and innovation [7] Urban Renewal and Market Trends - The project exemplifies the trend of urban renewal in Shanghai, where old structures are repurposed to create vibrant cultural and commercial spaces [8][9] - "Louis, The Boat" represents a shift in commercial real estate from simple renovations to creating spaces that reflect cultural and historical significance [8][9] - The opening of "Louis, The Boat" is expected to transform Shanghai's commercial and cultural landscape, becoming a key destination for both consumers and culture enthusiasts [10][11]