Core Insights - Kering Group reported a challenging market environment and plans to continue streamlining distribution and cost base, emphasizing that past adjustments have laid the groundwork for future development [1] Financial Performance - Kering Group's revenue for the first half reached €7.6 billion, a year-on-year decline of 16% [1] - The recurring operating profit was €969 million, down 38.7% year-on-year [1] - Net profit stood at €474 million, reflecting a 46% decrease compared to the previous year [1] - In Q2, revenue was €3.7 billion, a decline of 18% year-on-year, with significant drops in both operating and net profit [1] Brand Performance - The core brand Gucci continued to underperform, with revenue of €3.027 billion in the first half, down over 25% year-on-year [1] - In Q2, Gucci's revenue was €1.456 billion, also showing a decline of over 25% [1] - Same-store sales accelerated their decline by 15% in Q2, with Gucci's decline remaining consistent with Q1 [1] Strategic Measures - Kering's CFO Armelle Poulou indicated that the group has implemented some price increases and may pursue a second round of price adjustments in the fall, emphasizing a prudent approach [1] - The 15% tariff rate from the recently reached EU-US trade agreement aligns with expectations, allowing the group to respond to challenges through price adjustments [1]

Star Brands - Procter & Gamble announces Jon Moeller will step down as CEO after four years, with Shailesh Jejurikar taking over from January 1, 2024 [2] - LVMH is reportedly considering selling its fashion brand Marc Jacobs due to declining demand, with potential buyers including Authentic Brands [2] - Popular bakery brand Haolilai opens its first store in Guangzhou, featuring collaborations with popular games and characters, with themed birthday cakes priced at 299 yuan each [2] - Italian luxury sportswear brand Hydrogen announces its entry into the Chinese market, planning to launch in Spring/Summer 2026 [3] Consumer Platforms - Douyin integrates its instant retail business by merging Douyin Supermarket into Hourly Delivery to enhance operational efficiency [4] - Taobao Flash Purchase sees a 110% month-on-month increase in new brand registrations in July, with over 12,000 new non-food brand stores launched [4] - Meituan emphasizes it will not self-operate or compete with merchants, aiming to support restaurant delivery operations and enhance food safety standards [5] - Walmart updates its beauty product listing standards, restricting sales to brand owners or authorized sellers only [6] - Indonesian e-commerce platform Tokopedia announces an increase in commission rates across various categories starting August 1, 2025 [7] - Kuaishou Local Life is hosting a closed-door meeting in Nanjing to upgrade service provider policies and improve operational experiences [8] Financial Transactions and Reports - Ulta Beauty announces the acquisition of UK beauty retailer Space NK, with the deal valued at over 300 million pounds (approximately 2.9 billion yuan) [12] Consumer Dynamics - South Korean company Orion recalls its fish-shaped pastries due to mold contamination, affecting products valued at approximately 1.5 billion won (around 7.84 million yuan) [12]

Luxury Goods Industry Overview - The luxury goods are defined as consumption items that exceed basic human survival and development needs, characterized by uniqueness, scarcity, preciousness, and distinctiveness [1] - Luxury goods represent a high value/quality ratio and are understood as products with the highest ratio of intangible value to tangible value [1] Dream Value in Luxury Goods - The dream value of luxury goods is not subjective but is shaped by consumers who understand and enjoy the satisfaction these goods provide [2] - Luxury goods can be categorized into various types, including high-value jewelry, watches, high-end clothing, leather goods, premium alcohol, luxury cosmetics, and high-end vehicles, yachts, and private jets [2] Industry Structure - The luxury goods industry has a complex supply chain that includes raw material supply, design, initial processing, production, and brand management, culminating in sales and service [3] - The sales channels for luxury goods include high-end department stores, brand boutiques, and e-commerce platforms, with foreign brands dominating the market in categories like jewelry and premium alcohol [3] Development History - China's luxury goods market began relatively late but has seen significant growth since the economic reforms, with a notable increase in high-end luxury consumption since 2010 [7] - In just twenty years, China's luxury goods consumption has reached a leading position globally [7] Current Market Status - The luxury goods market in China shows a clear clustering phenomenon across provinces, with the eastern region demonstrating strong manufacturing capabilities and brand management [10] - Major players in the jewelry market include Chow Tai Fook and Lao Feng Xiang, while the premium alcohol market is led by brands like Moutai and Wuliangye [11] - The market size of China's luxury goods industry was approximately 242.35 billion yuan in 2019 and is projected to reach 475.63 billion yuan in 2023 [11] Future Trends - E-commerce is evolving into a diversified marketing strategy platform, enhancing brand recognition and attracting new consumer demographics [15] - The luxury goods market is increasingly focusing on digital transformation, sustainability, and personalized services to meet the demands of a growing consumer base [16][17] - The Asian consumer market is becoming a significant force in luxury goods, necessitating brands to adapt to their unique preferences [17] - The market is moving towards diversification and personalization, with consumers seeking unique products and customization options [17] Market Forecast - Despite short-term uncertainties, the foundation of China's luxury goods market remains strong, with expectations for continued growth in overseas luxury consumption as travel restrictions ease [18] - The market size is projected to steadily rise, reaching approximately 719.50 billion yuan by 2031 [18]

意大利奢侈男装集团杰尼亚7月29日宣布，与淡马锡签署股份购买及投资者权利协议，根据协议，杰尼 亚将以每股8.95美元的价格向淡马锡出售1410万股库存股。加上此前通过公开市场购入的股权，交易完 成后，淡马锡将持有杰尼亚总计2680万股股份，相当于其流通普通股的10%。收购完成后，杰尼亚将获 得1.264亿美元现金对价。 本文源自：金融界AI电报 ...

周二，阿斯麦控股荷兰阿姆斯特丹股价收跌0.84%，报623.00欧元。诺和诺德哥本哈根股价收跌 23.11%，报346.90。LVMH集团收跌2.94%，罗氏控股收跌0.42%，葛兰素史克伦敦股价收跌0.07%。欧 莱雅收平，雀巢收涨0.15%，赛诺菲收涨0.41%，诺华制药收涨1.48%，思爱普收涨1.80%，阿斯利康收 涨3.41%。 本文源自：金融界AI电报 ...

开云集团第二季度营收为37亿欧元，市场预期为37.7亿欧元。开云集团第二季度营收下降15%，市场预 测为下降14.7%。开云集团上半年收入下降15%，市场预期为下降14.4%。 ...

智通财经7月29日电，淡马锡称收购意大利奢侈品牌杰尼亚（Zegna）10%股权。 ...

Core Insights - LVMH reported a 4% decline in revenue for the first half of 2025, totaling €39.81 billion, with organic revenue down 3% [2] - Operating profit decreased by 15% to €9.01 billion, while net profit fell by 22% to €5.69 billion [2] - The fashion and leather goods segment, including brands like LV and Dior, was the worst-performing area, with revenue of €19.11 billion and an organic revenue decline of 7% [2] Business Segment Performance - Fashion and Leather Goods: Revenue of €19.11 billion, organic revenue down 7%, with a significant decline in Q2 [2] - Selective Retailing: Revenue of €8.62 billion, organic revenue growth of 2% [2] - Watches and Jewelry: Revenue of €5.09 billion, organic revenue flat [2] - Perfumes and Cosmetics: Revenue of €4.08 billion, organic revenue flat [2] - Wines and Spirits: Revenue of €2.59 billion, organic revenue down 7% [2] Regional Performance - Other Asian regions, excluding Japan and including China, contributed 28% of total revenue [2] - The U.S. market accounted for 25% of revenue, while other European regions contributed 17% [2] - France and Japan each represented 8% of total revenue [2] - Japan experienced a 15% decline in organic revenue, while the Asian region's decline slowed down; the U.S. market saw a slight decrease of 1% [2] Management Commentary - LVMH's CEO Bernard Arnault emphasized the company's resilience and the strength of its iconic brands, despite the economic uncertainty impacting luxury demand [3] - The performance reflects the ongoing challenges in the luxury market, particularly in Asia, with LVMH's revenue and core business income decline exceeding Wall Street expectations [3]

过去几年，涨价是奢侈品巨头的秘密武器。RBC数据显示，疫情后消费报复性反弹，奢侈品牌趁势提 价，从2019年到2023年，奢侈品品牌平均涨价33%。香奈儿经典翻盖包价格从2015年起至2024涨超过三 倍，迪奥手袋和路易威登Keepall旅行包价格也翻倍。 瑞银数据显示，2019年以来，奢侈品行业一半的增长来自涨价。但如今，这一招已经行不通了。咨询公 司贝恩指出，仅2024年全球奢侈品行业就有5000万消费者流失，在经济压力和"价格疲劳"双重打击下， 越来越多消费者对高价服饰与手袋失去兴趣。消费者不再盲目买单，尤其是年轻人和偶尔消费的人群， 变得更加理性。 GAM资产管理公司奢侈品牌投资策略负责人Flavio Cereda指出，那些定价策略失衡的品牌，如今遭遇的 压力最大，这本就是前期过度增长后的自然结果。 品牌分化，谁能守住高端定位？ 在这场调整中，不同品牌的表现开始分化。 瑞银预计，为了消化这15%的关税，奢侈品牌平均需在美国提价约2%，全球平均提价约1%，否则将直 接影响约3%的息税前利润。但问题是现在的消费者还愿意为此买单吗？ 分析称，在当前消费疲软的背景下，这种涨价可能极具挑战性。从近期各大奢侈品牌 ...

不确定性结束，将为欧股带来舒缓式反弹，汽车、能源、奢侈品等行业将成为最大受益者。但随着细节和行业关 税谈判持续，欧股未来几周料将波动。 据央视新闻，当地时间27日，美国总统特朗普表示，美国已与欧盟达成15%税率的关税协议。特朗普表示，欧盟 将比此前增加对美国投资6000亿美元，欧盟将购买美国军事装备，并将购买价值7500亿美元的美国能源产品。欧 盟委员会主席冯德莱恩表示，欧盟与美国双方同意实行统一的15%关税税率，包括汽车在内的各类商品将适用该 关税标准。冯德莱恩称，这些与美国的贸易协议将为市场带来稳定性。 消息宣布后，28日亚太交易时段，欧股和德国股票期货均上涨，欧元兑美元小幅走高。分析师认为，不确定性结 束，将为欧股带来舒缓式反弹，汽车、能源、奢侈品等行业将成为最大受益者。但分析师们也警示，反弹可能仅 是短暂的，且随着细节和行业关税谈判持续，欧股未来几周料将波动。 汽车、能源、奢侈品等行业将受益 瑞士私人银行CitéGestion的投资策略主管帕拉萨德（John Plassard）称，"贸易协定足以释放股市最需要的东西： 可见性。此前的关税升级风险，接下来已经不在考虑范围内，一个重大的宏观疑虑消失了。对投 ...