Group 1: LVMH Performance - LVMH reported H1 2025 revenue of €39.81 billion (approximately $46.6 billion), a 4% decrease from €41.68 billion in the same period last year [3] - Operating profit fell to €9.01 billion, down 15% from €10.65 billion year-on-year [3] - Net profit decreased by 22% to €5.70 billion from €7.27 billion in the previous year [3] Group 2: Richemont Performance - Richemont's total sales for Q1 2025 reached €5.41 billion (approximately $6.33 billion), up from €5.27 billion year-on-year [4] - Jewelry sales increased to €3.91 billion from €3.66 billion, while watch sales decreased to €0.82 billion from €0.91 billion [4] Group 3: Hermès Performance - Hermès reported H1 2025 revenue of €8.03 billion (approximately $9.4 billion), an increase from €7.50 billion in the same period last year [5] - Operating profit rose to €3.33 billion from €3.15 billion year-on-year [5] - Net profit for the group was €2.25 billion, down from €2.37 billion in the previous year [5] Group 4: Kering Performance - Kering's H1 2025 revenue was €7.59 billion (approximately $8.8 billion), down from €9.02 billion year-on-year [6] - Operating profit decreased to €1.00 billion from €1.57 billion [6] - Net profit attributable to the group fell to €0.47 billion from €0.88 billion [6][7] Group 5: EssilorLuxottica Performance - EssilorLuxottica reported adjusted revenue of €14.02 billion for H1 2025, up from €13.29 billion year-on-year [8] - Adjusted operating profit increased to €2.53 billion from €2.43 billion [8] - Adjusted net profit rose to €1.80 billion from €1.75 billion [8] Group 6: Other Companies Performance - Lao Feng Xiang reported H1 2025 revenue of ¥33.36 billion (approximately $4.68 billion), a 16.52% decrease year-on-year [9] - PVH Corp. reported Q2 2025 revenue of $2.17 billion, up from $2.07 billion year-on-year [10] - Swatch Group's H1 2025 net sales were CHF 3.06 billion (approximately $3.83 billion), down 11.2% from the previous year [11] - Tapestry reported Q4 2025 net sales of $1.72 billion, up from $1.59 billion year-on-year [12] - Ralph Lauren's Q1 2025 net sales were $1.72 billion, up from $1.51 billion [13] - Prada Group reported H1 2025 revenue of €2.74 billion (approximately $3.21 billion), an 8% increase year-on-year [15] - Signet Jewelers reported Q2 2025 sales of $1.54 billion, up from $1.49 billion year-on-year [16] - Puig reported H1 2025 revenue of €2.30 billion (approximately $2.69 billion), a 5.9% increase year-on-year [17] - Hugo Boss reported H1 2025 sales of €2.00 billion (approximately $2.34 billion), down from €2.03 billion [18] - Pandora reported Q2 2025 revenue of DKK 7.07 billion (approximately $1.11 billion), up from DKK 6.77 billion [19] - Capri Holdings reported Q1 2025 revenue of $797 million, down from $848 million [20] - Burberry reported Q1 2025 retail revenue of £433 million (approximately $586 million), down 6% year-on-year [21] - Ermenegildo Zegna Group reported H1 2025 revenue of €0.93 billion (approximately $1.09 billion), down from €0.96 billion [23] - Zhou Dasheng reported H1 2025 revenue of ¥4.60 billion (approximately $645 million), a 43.92% decrease year-on-year [24] - Salvatore Ferragamo reported H1 2025 revenue of €0.47 billion (approximately $0.55 billion), down 9.4% year-on-year [25] - Fossil Group reported Q2 2025 net sales of $220 million, down from $260 million [26]

Core Viewpoint - Singapore's retail sales showed a year-on-year increase of 1.4% and a month-on-month increase of 1.0% in May, marking one of the strongest monthly performances of the year, driven primarily by a rebound in automobile sales, although non-automotive retail remains weak [1][2]. Group 1: Retail Sales Performance - The increase in retail sales was largely attributed to a significant rebound in automobile sales, which rose by 10.4% year-on-year, supported by an increase in the Certificate of Entitlement (COE) quota [1]. - Excluding automobiles, retail sales remained flat year-on-year in May, marking the lowest level since February, with a growth of only 0.8% in April [1]. - Non-essential consumer sectors are still experiencing declines, with clothing and footwear sales down 5.3% year-on-year, and department store sales down 3.9% [1]. Group 2: Monthly and Yearly Trends - The month-on-month growth of 1.0% in May was almost entirely driven by automobile sales; without this segment, overall retail sales would have declined by 0.6% [2]. - Year-to-date retail sales growth for the first five months of 2025 is at 1.0%, lower than the growth rates of 1.4% in 2024 and 2.3% in 2023, indicating a sluggish retail environment [2]. Group 3: Employment and Economic Factors - The employment market is under pressure, with only 2,400 net new jobs added in Q1 2025, significantly lower than the 7,700 jobs added in Q4 2024, and the unemployment rate increased from 1.9% to 2.1% [2][3]. - Consumer confidence is further impacted by a decrease in companies planning to raise wages, dropping to 21.2% from 21.7% [3]. Group 4: Future Outlook - The retail sector is expected to face growth challenges in the second half of the year, despite potential short-term boosts from government-issued vouchers aimed at stimulating domestic demand [3]. - Global policy risks, particularly the potential for unilateral tariffs from the U.S. on Singapore, could further strain the retail environment and consumer confidence [3].