Core Viewpoint - Kering Group reported a significant decline in net profit and sales for the first half of 2025, indicating ongoing struggles in the luxury goods market, particularly with its flagship brand Gucci [1][2]. Financial Performance - Kering's net profit fell by 46% to €474 million in the first half of 2025, down from €878 million in the same period of 2024 [1]. - Sales decreased by 16% to €7.6 billion in the first half of 2025 [1]. - Gucci's sales dropped by 26% to €3 billion, compared to over €4 billion a year earlier [2]. Brand Performance - The performance of Kering's brands varied, with Saint Laurent's revenue declining by 11% to €1.288 billion, while other brands saw a 15% drop to €1.459 billion [1]. - Bottega Veneta experienced a 1% revenue increase to €846 million, contributing 11% to the group's total revenue [1]. - Kering's eyewear and beauty segments grew by 2% to €1.092 billion, with beauty revenue increasing by 9% [1]. Market Conditions - The luxury goods market is facing a slowdown, with weakened consumer confidence and adverse currency fluctuations impacting tourism [2]. - The Asia-Pacific region (excluding Japan) and Japan experienced the most significant declines in sales [2]. - A strong euro negatively affected Kering's revenue growth by nearly 1% [2]. Strategic Changes - Kering appointed Demna, formerly of Balenciaga, as the creative director for Gucci in hopes of revitalizing the brand [2]. - Gucci's spring/summer women's fashion show scheduled for September has been postponed to March next year, with a new collection set to be launched [2]. Tariff Implications - The U.S. and EU have agreed to impose a 15% tariff on European products exported to the U.S., which could impact Kering's sales in North America, accounting for 24% of its revenue [3]. - Kering's CFO stated that the impact of tariffs is manageable and may lead to price adjustments in the fall [3].

开云集团在财报中表示，当前"市场环境格外艰难"，集团将继续精简分销和成本基础。尽管业绩令人失望，但他强调过去两年的调整举措为未来发展奠定了 基础，并透露集团正努力扭转颓势。 【环球网财经综合报道】据CNBC等外媒报道，法国奢侈品巨头开云集团近日公布的财报显示，今年第二季度集团销售和利润均出现两位数下滑，降幅超过 华尔街预期，延续了奢侈品行业需求疲软的颓势。集团核心品牌古驰（Gucci）销售降幅进一步扩大，凸显高档奢侈品市场的严峻形势。 财报数据显示，开云集团上半年营业收入76亿欧元，同比下降16%；经常性营业利润9.69亿欧元，同比下降38.7%；净利润4.74亿欧元，同比下降46%。其中 二季度营收37亿欧元，同比下降18%，营业利润和净利润也出现显著下滑。 核心品牌古驰表现持续低迷，上半年营收30.27亿欧元，同比降超25%；二季度营收14.56亿欧元，降幅超25%。值得注意的是，二季度开云同店销售加速下 降15%，古驰降幅持平一季度。 开云首席财务官Armelle Poulou在财报电话会议上表示，集团已实施部分价格上调措施，并可能在秋季进行第二波调价，但会"以明智的方式进行"。她还提 到欧美贸易协议达 ...

Core Viewpoint - Kering Group, a renowned luxury goods conglomerate, has reported a disappointing start to 2025, with a 14% decline in total revenue for Q1, amounting to €3.883 billion, and a significant drop in stock price by over 25% year-to-date, leading to a market capitalization of €21.448 billion, only one-tenth of LVMH's value [1][7]. Group Performance - Kering's Q1 2025 revenue decreased by 14% compared to Q1 2024, with a total of €3.883 billion [3][4]. - The group's core brand, Gucci, experienced a substantial decline in same-store sales by 25%, resulting in revenue of €1.571 billion, marking a new quarterly low [4]. - The Asia-Pacific market saw a 25% year-on-year revenue drop, while Europe and North America experienced declines of 13% and 11%, respectively [2][6]. Brand Performance - Gucci's revenue fell by 24% to €1.571 billion, while Yves Saint Laurent's revenue decreased by 8% to €679 million [3]. - Bottega Veneta showed a slight improvement with a 4% increase in revenue to €405 million [3]. - The "Other Houses" segment, which includes Balenciaga and McQueen, reported an 11% decline in revenue to €733 million [3]. Market Challenges - The luxury goods sector is facing a collective downturn, with Kering Group's performance reflecting broader industry challenges, including rising tariffs and supply chain issues [6][8]. - The U.S. tariff crisis has forced many brands to increase prices, but Kering's brands struggle with market competitiveness and consumer price sensitivity, making price hikes ineffective [1][8]. Strategic Responses - Kering Group is taking measures to address the declining performance of Gucci by appointing Demna, the creative director of Balenciaga, as Gucci's new creative director, effective July [5]. - The beauty segment, which was established in 2023, reported a revenue of €71 million in Q1 2025, showing a 6% year-on-year growth, but its contribution remains minimal at only 1.8% of total revenue [4].