Core Insights - Kering's third-quarter revenue for 2025 was €3,415 million, reflecting a 10% decline as reported and a 5% decrease on a comparable basis [2][3][28] - The company is focused on a turnaround strategy to enhance the performance of its brands and regain market prominence [2][3] Revenue Performance - The third-quarter revenue decline of 5% on a comparable basis shows a significant improvement from a 15% drop in the second quarter of 2025 [3] - For the first nine months of 2025, Kering generated revenue of €11.0 billion, down 14% as reported and down 12% on a comparable basis [3][28] Brand-Specific Performance - **Gucci**: Revenue was €1,343 million, down 18% as reported and down 14% on a comparable basis. Retail sales decreased by 13% on a comparable basis, but there was improved momentum in North America and Western Europe [4][5] - **Yves Saint Laurent**: Revenue reached €620 million, down 7% as reported and down 4% on a comparable basis. The brand saw a return to growth in North America and a slight decline in Western Europe [7] - **Bottega Veneta**: Revenue totaled €393 million, down 1% as reported but up 3% on a comparable basis, with strong growth in the retail network driven by North America [8] - **Other Houses**: Revenue was €652 million, down 5% as reported but up 1% on a comparable basis, with stable retail sales and improved wholesale revenue [10] Segment Performance - **Kering Eyewear and Corporate**: Revenue was €448 million, up 2% as reported and up 6% on a comparable basis, with solid growth across key regions [12][13] - **Jewelry Houses**: Experienced double-digit revenue growth, particularly in the U.S. and Asia-Pacific markets [11] Strategic Developments - Kering and L'Oréal announced a strategic partnership in luxury beauty and wellness, valued at €4 billion, expected to close in the first half of 2026 [20] - Luca de Meo officially began his role as CEO on September 15, 2025, with a focus on enhancing the company's performance [17]

智通财经记者 | 周芳颖 智通财经编辑 | 楼婍沁 近期，奶茶品牌茉莉奶白推出了上海限定联名产品，涵盖联名卡包、斜挎包和单肩包。而茉莉奶白的联 名对象是2019年才刚起步的中国包袋品牌Fakeroom。根据活动宣传，卡包挂件直接在活动饮品套餐中 随赠，而联名斜挎包和单肩大包套餐单点活动饮品再付39元或59元即可获得。 由于仅限上海渠道，在茉莉奶白官方贴文下，还有广东、广西等多地网友评论希望能增开联名活动，甚 至有网友表示可以进行代购。从评论普遍反应来看，大部分网友并不认识Fakeroom这个品牌，但该品 牌标志性的大花花图案卡包成为了视觉焦点。 源：小红书 实际上，大花花图案也是Fakeroom刚成立时的第一个爆款。Fakeroom创始人曹又又告诉界面时尚，大 花花图案刚出之后在小红书上突然爆红，不少博主就拍了一张包包图案也有上千点赞。这也促使曹又又 围绕大花花图案推出了多个不同尺寸和颜色，正式将这个品牌进一步规模化发展。 源：小红书 图 根据Fakeroom官方小红书店铺显示，其价格带在89元到1680元，主力价格带仍然在千元以下。 Fakeroom淘宝店铺则入围该平台神店榜的细分类目榜单，店内显示销量最高 ...