Investment Rating - The report does not explicitly state an investment rating for LVMH, but it implies a cautious optimism regarding the company's performance and strategies moving forward [7]. Core Insights - LVMH's revenue in 2025 was resilient at €80.8 billion, with an organic growth rate of -1% year-on-year, but profits were significantly impacted by foreign exchange headwinds and pressures in high-margin sectors, leading to a 9% decline in operating profit to €17.8 billion [8][9]. - The company experienced a notable divergence in performance across its segments, with Watches & Jewelry and Selective Retailing showing strong growth, while Fashion & Leather Goods and Wines & Spirits faced challenges [9][10]. - Management emphasized the importance of monitoring foreign exchange impacts on operational performance and profit sensitivity, indicating a strategic focus on cost discipline and selective investments to maintain cash flow and improve operational quality [8][12]. Summary by Sections Revenue Performance - LVMH achieved €80.8 billion in revenue for 2025, with a reported decline of 5% year-on-year, primarily due to foreign exchange effects [8][11]. - The organic growth rate improved in the second half of 2025, reaching +1% in Q4, after a -3% decline in the first half [8][9]. Segment Analysis - In Q4 2025, organic revenue growth rates were as follows: Watches & Jewelry +8%, Selective Retailing +7%, Perfumes & Cosmetics -1%, Fashion & Leather Goods -3%, and Wines & Spirits -9% [9][10]. - For the full year, Selective Retailing grew by 4%, driven by Sephora's strong performance, while Watches & Jewelry saw a 3% increase, largely supported by the Japanese market [9][10]. Brand Performance - Core brands such as LV, Dior, and Tiffany showed varying strategies: LV maintained stability through new product launches and limited editions, Dior focused on aggressive marketing and product expansion, while Tiffany is in a transformation phase to enhance its brand and product mix [10][12]. - The report highlights the importance of high-end demand, noting a structural split in customer sensitivity to economic conditions, with ultra-high-net-worth individuals being more stable compared to the broader high-income segment [12][13]. Geographic Insights - LVMH's revenue mix remained balanced across regions, with the U.S., Europe, and Asia (excluding Japan) each contributing 26% to total revenue, while Japan's share decreased to 8% [11]. - The report notes that the U.S. and Europe showed stable growth patterns, while Japan experienced a significant decline of 12% in organic growth for FY25 [11]. Future Outlook - Management expressed a medium-to-long-term optimistic outlook, citing rising global living standards as a support for high-quality product demand, but acknowledged short-term uncertainties due to geopolitical and macroeconomic factors [7][13]. - The controlling Arnault family plans to increase its stake in the company, reflecting confidence in LVMH's long-term value creation capabilities [13].

LVMH旗下关键的时装业务的销售在假日季出现下滑，表明这家路易威登的母公司仍在承受需求疲软带 来的压力。 LVMH周二在声明中表示，时装与皮具部门第四季度有机销售额下降3%。分析师此前预计降幅为 2.94%。 声明发布后，LVMH在纽约交易的美国存托凭证下跌1%。首席执行官Bernard Arnault表示，集团面临艰 难的经营环境，并警告2026年不太可能一帆风顺。他对投资者称，LVMH因此将在今年限制开支。 由于生活成本压力与地缘政治不确定性正在拖累支出，奢侈品公司一直难以从紧随疫情后繁荣期的低迷 中反弹。此外，大幅提价也引发了消费者的强烈不满。 巴黎路易威登奢侈品店 橱窗里的待售商品。 该行业中也有一些公司表现更具韧性，比如卡地亚的所有者历峰集团。在形势不明朗的时期，消费者认 为金项链、手链等比时髦手袋更能保值。 尽管LVMH在腕表与珠宝领域的布局较小，但该业务在最新季度的表现好于预期，帮助公司在时装与皮 具疲弱的情况下，整体销售仍勉强实现小幅增长。 第四季度，美国以及包含中国的地区有机销售额均增长1%，高于分析师预估。欧洲下降2%和日本下降 5%的降幅都大于预期。 LVMH表示，全年经常性经营利润为1 ...

Core Insights - LVMH Group shows signs of performance stabilization with a 1% organic growth rate in Q3, despite challenges in the European market due to currency fluctuations [1][9] Financial Performance - In Q3, LVMH reported revenue of €18.28 billion, reflecting a 4% decline when accounting for a 5% negative currency impact [2] - The fashion and leather goods segment continued its decline, down 2% year-on-year, marking three consecutive quarters of decrease, although the decline rate has narrowed [2] - Wine and spirits revenue increased by 1% year-on-year, driven by restocking in the U.S. market and increased sales of rosé wine [2] - Other segments such as perfumes and cosmetics, watches and jewelry, and selective retailing saw revenue increases of 2%, 2%, and 7% respectively [2] Market Dynamics - The CFO highlighted strong local demand in key markets, particularly in the fashion and leather goods sector, with positive growth in mainland China and improvements in the U.S. market [4] - For the first nine months, LVMH achieved total revenue of €58.09 billion, with fashion and leather goods contributing €27.61 billion, approximately 47.5% of total revenue [5] - In terms of regional performance, the U.S. market saw a 3% year-on-year revenue increase, while Europe and Japan experienced declines of 2% and 13% respectively; Asia (excluding Japan) grew by 2% [6] China Market Insights - The company noted a recovery in the Chinese market, with local consumption showing mid-to-high single-digit positive growth, although overall consumer performance remains close to stable with low single-digit negative growth [9] - Despite challenges in the macroeconomic environment, demand in China is encouraging, although overseas spending by Chinese tourists is still experiencing double-digit declines [9] - The CFO indicated that the fourth quarter may present greater challenges due to base effects and anticipated stronger negative impacts from currency fluctuations compared to Q3 [9]