2025.08. 15 本文字数：2332，阅读时长大约4分钟 作者 | 第一财经 高雅 在汇率波动和关税政策冲击下，欧洲奢侈品行业的繁荣周期恐难重现。 过 去 半 年 中 ， 欧 洲 最 主 要 的 四 家 奢 侈 品 集 团 路 威 酩 轩 （ LVMH ） 、 爱 马 仕 、 瑞 士 历 峰 集 团 （Richemont）和开云集团（Kering）的股价均出现两位数跌幅，分别下跌26.31%、17.98%、 19.84%和13.33%。 美国投资咨询公司NDR最新报告发现，今年以来，尽管欧洲周期性行业整体回报率较防御性行业高 出12%，但其中非必需消费品板块表现糟糕，奢侈品行业的疲软也尤为明显。摩根士坦利国际资本 公司（MSCI）欧洲纺织、服装和奢侈品总回报指数今年迄今下跌了17%，比大盘低了27%。 NDR研究称，奢侈品市场增速放缓的部分原因在于汇率利好因素的消退，以及今年美国政府关税政 策对全球消费者信心的冲击。 全球投资咨询公司BCA研究欧洲首席策略师萨瓦里（Mathieu Savary）在近期研讨会上对第一财经 记者表示，今年以来，由于投资者对美国经济政策信心的减弱，及美欧经济增长差距的收窄等因 ...

Core Insights - Richemont Group reported a 4% year-on-year increase in sales for the fiscal year ending March 31, 2025, reaching €21.399 billion, while operating profit slightly declined by 1% to €3.76 billion, resulting in a profit margin of 20.9% [1] - The jewelry segment remains the core growth driver for Richemont, with brands like Cartier and Van Cleef & Arpels generating €15.33 billion in revenue, an 8% increase year-on-year, and contributing over half of the group's revenue and 70% of its profit [1] - The watch segment, including brands like Jaeger-LeCoultre and Vacheron Constantin, saw a 13% decline in revenue and a significant 69% drop in profit [1] Market Performance - Other luxury brands faced challenges in the fiscal year 2024, with LVMH reporting a 2% decline in revenue to €84.683 billion and a 17% drop in net profit to €12.25 billion, while Kering's revenue fell by 12% to €17.194 billion and net profit decreased by 62% [2] - Hermès maintained strong performance with a 15% increase in revenue to €15.17 billion and a 7% rise in net profit to €4.603 billion [2] - Prada, after acquiring Versace, reported a 17% increase in revenue to €5.432 billion and a 25% rise in net profit to €0.839 billion, with Miu Miu's revenue soaring by 93.2% [2] Leadership Changes - Significant leadership changes occurred across major luxury brands, including Pierpaolo Piccioli taking over as creative director at Balenciaga and Demna moving to Gucci, indicating strategic shifts within Kering [3] - LVMH also saw notable changes, with Damien Bertrand appointed as LV's deputy CEO and Pierre-Emmanuel Angeloglou becoming the new CEO of Dior, reflecting the group's focus on retail and global expansion [3] - Richemont appointed Laurent Perves as CEO of Vacheron Constantin, replacing Louis Ferla, who moved to Cartier, showcasing internal restructuring efforts [3] Competitive Landscape - Traditional luxury brands are facing growth challenges, while independent brands are achieving rapid growth through precise positioning and product innovation [4] - The luxury sector is increasingly impacted by geopolitical risks and the rise of local brands, necessitating a new balance between institutional resilience and market insight [5] - The U.S. tariff policies have raised concerns within the luxury sector, particularly for Swiss brands, with Richemont's chairman expressing caution regarding future pricing and trade conditions [5][6] Local Market Dynamics - In the Chinese market, local brand Lao Pu Gold has shown remarkable growth, with a stock price increase of 495.56% in 2024, outperforming established luxury brands like Cartier and Tiffany in sales per store [7] - The competitive pressure from local brands is intensifying, prompting international luxury brands like Richemont to reconsider their strategies in response to changing consumer preferences [7]