Core Insights - The company achieved consolidated revenue of €16 billion in 2025, marking a 9% increase at constant exchange rates and a 5.5% increase at current exchange rates compared to 2024 [2] - Recurring operating income reached €6.6 billion, representing 41% of sales and a 7% increase from the previous year [9] - Net profit attributable to the group was €4.5 billion, up 5.5%, aligning with sales growth [10] Financial Performance - The fourth quarter sales amounted to €4.1 billion, reflecting a 10% increase at constant exchange rates [3] - Cash flow from operating activities was €5.4 billion, a 5% increase, with adjusted free cash flow reaching €3.9 billion after operational investments [11] - The net cash position at the end of December 2025 was €12.8 billion, up from €12.0 billion in 2024 [11] Geographical Performance - All geographical areas reported strong growth, with Japan (+14%), the Americas (+12%), and Europe (excluding France) (+11%) leading the way [7] - Asia excluding Japan saw a growth of 5%, with notable performances in Korea and Thailand due to store reopenings [7] Sector Performance - Leather Goods and Saddlery grew by 13%, driven by increased production capacities and new model introductions [6] - The Ready-to-wear and Accessories sector confirmed a 6% growth, while Perfume and Beauty experienced a decline of 8% [8] - Watches saw a slight decrease of 2%, but returned to growth in the second half of the year [8] Employment and Sustainability - The company increased its workforce by over 1,300, including 800 in France, bringing total employment to 26,494 [12] - Hermès announced a €120 gross monthly increase for all employees in France and a €3,000 bonus for all employees worldwide [13] - The company has made significant strides in sustainability, achieving a 69% reduction in emissions for scopes 1 and 2 since 2018 [14][16] Future Outlook - The company expresses confidence moving into 2026, aiming for ambitious revenue growth despite global uncertainties [19] - The focus remains on maintaining a unique business model centered on creativity and craftsmanship [20]

Core Viewpoint - Tapestry, Inc. (NYSE:TPR) has shown significant stock performance, with shares increasing by 88% over the past year and 18.6% year-to-date, driven by strong brand performance and positive market sentiment [2][4]. Group 1: Stock Performance - Tapestry, Inc.'s shares have risen by 88% in the last year and 18.6% year-to-date [2]. - Wells Fargo raised the price target for Tapestry's shares to $165 from $142, maintaining an Overweight rating [2]. - Baird also increased its price target for Tapestry to $160 from $140, keeping an Outperform rating [2]. Group 2: Brand Performance - The Coach brand, under Tapestry, experienced a 25% annual revenue increase in the latest quarter, exceeding expectations [2]. - Jim Cramer praised the revitalization of the Coach brand, indicating a positive turnaround that was previously thought impossible [2]. Group 3: Market Sentiment - Cramer noted that the recent strong performance of Tapestry's stock felt reminiscent of pre-FANG market conditions, suggesting a return to traditional investing [4]. - The commentary reflects a broader market enthusiasm for established companies, contrasting with the focus on newer tech stocks [4].

Core Viewpoint - Kering, the owner of Gucci, reported weaker results for 2025, with a significant decline in sales and profits, and is signaling a turnaround strategy for 2026 [1] Financial Performance - Revenue decreased by 13% to €14.67 billion ($17.48 billion) on a reported basis and by 10% on a comparable basis [1] - Recurring operating income fell by 33% to €1.63 billion, reducing the margin from 14.5% to 11.1% [1] - Recurring net income from continuing operations was €532 million, equating to €4.34 per share [2] - Free cash flow from operations totaled €4.4 billion, down 35% year-on-year [2] - Net debt at the end of December was €8 billion, a decrease of €2.5 billion from the previous year [2] Segment Performance - Retail revenue declined by 11% on a comparable basis, while wholesale sales fell by 9% [3] - Gucci's revenue dropped 22% to €5.99 billion, with retail down 18% and wholesale off 34% [3] - Yves Saint Laurent reported €2.64 billion in revenue, down 8%, with a 20% margin on €529 million of operating income [3] - Bottega Veneta's revenue increased by 3% to €1.70 billion, improving its margin to 15.6% [4] - Kering Eyewear and Corporate generated €1.6 billion in revenue, also up 3% on a comparable basis [4] Future Outlook - The board plans to propose an ordinary dividend of €3 per share, alongside an exceptional €1 per share dividend following the disposal of Kering Beauté to L'Oréal [5] - Kering aims to restore growth and improve margins in 2026, with a new transformation strategy to be presented on April 16, 2026 [5] - CEO Luca de Meo emphasized that the 2025 performance does not reflect the group's true potential and highlighted decisive actions taken in the second half of the year [6]

Group 1 - Kering's luxury brand Gucci, which accounts for 39% of group sales, is showing improved sentiment ahead of Demna's first runway show [1] - TD Cowen has raised its forecasts for Gucci, expecting 2% growth in H1 2026 and 6% in H2 2026 due to new product introductions [1] - Kering reported a 9% decline in Q4 revenues to 3.91 billion euros, with a 3% decline in comparable terms, which was better than consensus estimates [2] Group 2 - Gucci's organic revenue decline of 10% was slightly better than the 11% decrease forecasted by analysts, indicating a sequential improvement [3] - TD Cowen anticipates a rapid rollout of new Gucci products and broader collections in the latter half of the year [3] - Kering's agility in brand and product innovation is viewed positively, although there are concerns about weak store traffic and execution risks [6] Group 3 - Barclays is optimistic about Gucci's potential for a fragrance franchise with new beauty licensee L'Oréal, projecting a possible 5 billion euro fragrance business by 2028 [7] - Current Gucci fragrance sales are estimated at around 500 million euros under the existing licensee Coty [7] - L'Oréal's successful track record in scaling brands through acquisitions is highlighted, with over 70 acquisitions completed in the past 20 years [8]

Core Viewpoint - Kering shares surged as the company reported results that were weak but better than feared, indicating a potential turnaround under new CEO Luca de Meo [1][6] Financial Performance - Fourth quarter revenue fell 3% year on year to €3.9 billion, surpassing expectations for a steeper decline [2] - Gucci, Kering's largest brand, experienced a 10% revenue decline to €1.6 billion, marking its tenth consecutive quarterly fall but slightly better than forecasts [3] - For the full year 2025, group revenue decreased 10% to €14.7 billion, and operating income dropped 33% to €1.6 billion, indicating a second consecutive year of double-digit profit declines [4] Strategic Changes - CEO Luca de Meo, who joined from Renault, stated that 2025 does not reflect Kering's true potential and described recent sales momentum as early and fragile but real [5] - The company proposed cutting its dividend to €4 per share from €6 the previous year, including a €1 special dividend linked to the sale of its beauty business to L'Oréal for €4 billion [5] - Kering confirmed plans to close around 100 more stores in 2026 after shutting 75 last year [5] Market Reaction - The market's positive reaction reflects a reset of expectations rather than a fundamental recovery, as Kering's share price had fallen over 50% in the past three years [6] - Investors appear to be optimistic about de Meo's leadership, as he has openly acknowledged past mistakes and emphasized the need for a more realistic approach to the company's challenges [7]

Core Viewpoint - LVMH has not been covered recently, and the company, like others in the sector, has experienced significant changes in its market dynamics [1] Group 1: Company Overview - LVMH is recognized for its focus on quality and aims to identify the best businesses globally to build a long-term portfolio that can outperform the market [1]

So certainly things are looking better to say if San Lauron um sales stable in Q4 BGA up 3%. So you know they're working to reduce the dependency on Gucci in particular by building up their other brands. So again, BGITA and if San Lohon, but also other brands like Balenciaga, they seen as a bridge to the younger generations. They're restructuring Alexander McQueen. They're looking at growing as well the portfolio potentially when it comes to jewelry. They have Bush in particular. And we've seen the shares a ...

The Rodeo Drive site is about twice the size of Hermès’s current location a few doors down. https://t.co/x1C1T7tOVu ...

Group 1 - LVMH has appointed Véronique Courtois as chair and CEO of Parfums Christian Dior and the beauty division, ensuring managerial and strategic continuity [1] - Antoine Arnault has also joined the executive committee, retaining his responsibilities for image, communications, and sustainability initiatives [3] - Stéphane Rinderknech, who previously oversaw hospitality operations and the beauty division, is leaving the company to pursue personal projects [5] Group 2 - Véronique Courtois has been with LVMH since 2000, progressing through various marketing roles and becoming president and CEO of Guerlain in 2019 [2] - Antoine Arnault has a diverse background, including founding a technology business and holding various leadership roles within LVMH, including CEO of Berluti [3][4] - Stéphane Bianchi, LVMH's managing director, expressed confidence in the new appointments, highlighting the impactful achievements of Courtois and Arnault [5]

Group 1: Alphabet's Debt Strategy - Alphabet (GOOGL) is launching a significant multi-currency debt offering, including a rare 100-year sterling bond and its first Swiss franc debt sale, to fund its investments in artificial intelligence [3][4] - The 100-year bond issuance is the first of its kind for a technology company since the dot-com era, and the company successfully upsized a $20 billion bond sale from an initial $15 billion due to strong investor demand [4] - Alphabet's capital expenditures for AI are projected to reach approximately $185 billion this year, nearly double the previous year's spending, highlighting its commitment to leading in AI [4] Group 2: Kering's Market Performance - Kering (KER) experienced a 14% increase in its shares, the largest single-day gain since 2020, driven by positive financial results and optimism regarding the strategic direction under new CEO Luca de Meo [5][6] - The market is particularly focused on de Meo's efforts to revitalize Gucci, which has seen declining sales in recent quarters, with investor confidence bolstered by strong quarterly results from competitor LVMH [6] Group 3: Geopolitical Tensions - Geopolitical tensions escalated as Iran issued a warning about the "destructive" influence on negotiations coinciding with Israeli Prime Minister Netanyahu's visit to Washington, primarily concerning U.S. nuclear talks with Tehran [7][9] - An Iranian foreign ministry spokesman emphasized that the U.S. should act independently of pressures that could harm regional negotiations, indicating the fragile nature of diplomatic efforts amidst ongoing complexities [8][9] Group 4: Automotive Recall - Jaguar Land Rover North America LLC (JLR) has initiated a recall affecting 8 units of its 2026 Range Rover Sport due to incorrect weight information on the certification label, which could lead to vehicle overloading and increased crash risk [10]