如此之下，业界认为在LVMH集团发展面临挑战的情况下，出售或许是最佳选择。 近日，有消息称，全球奢侈品巨头LVMH集团正在考虑出售旗下彩妆品牌Make Up For Ever玫珂菲（以 下简称"玫珂菲"），此外，该集团也正在考虑出售护肤品牌馥蕾诗以及计划剥离其持有的FentyBeauty的 部分股份。对此，北京商报记者向LVMH集团进行求证，截至发稿未收到回复。 玫珂菲创立于1984年的巴黎，1999年被LVMH集团收购。玫珂菲以专业彩妆师起家，产品线丰富，平均 客单价估计在300—500元，曾被称为"彩妆界的哈佛"，在彩妆界颇有地位。 馥蕾诗由LevGlazman与Alina Roytberg夫妇于1991年在美国创立，以天然成分为核心卖点，2011年进入 中国市场后颇受欢迎，曾被不少爱美人士追捧。 值得注意的是，这两个曾在彩妆与护肤领域颇有地位的品牌，在近几年的发展中略显疲态。根据公开报 道，玫珂菲、馥蕾诗处于亏损状态，且玫珂菲亏损多年。2024年至2025年期间，馥蕾诗在中国市场关闭 多家门店。而由美国流行天后蕾哈娜与LVMH旗下美妆孵化器Kendo Brands共同创立的Fenty Beauty品 牌 ...

法国奢侈品巨头开业集团周二公布的财报显示，其第四季度销售额降幅小于市场预期。与此同时，投资 者们正等待该公司首席执行官卢卡·德梅奥重振旗下古驰品牌颓势的计划细节。 该集团第四季度销售额达到 39 亿欧元（约合 46.4 亿美元），经汇率波动调整后较上年同期下降 3%。 这一数据好于分析师普遍预期的 5%的降幅。 该集团旗下古驰品牌第四季度的可比销售额下降了 10%，略好于分析师预期的 12%的降幅。这是该品 牌连续第 10 个季度出现销售额下滑的情况。 开业表示，若剔除房地产销售的一次性款项，去年公司的运营现金流减少了 35%，至 23 亿欧元。 开云集团2025年度营业利润为 16.3 亿欧元，仅为其 2022 年水平的约三分之一。集团整体的营业利润率 降至 11%。古驰的营业利润率则降至 16%，而三年前分别为 28%和 36%。 该集团旗下古驰品牌第四季度的可比销售额下降了 10%，略好于分析师预期的 12%的降幅。这是该品 牌连续第 10 个季度出现销售额下滑的情况。 开业表示，若剔除房地产销售的一次性款项，去年公司的运营现金流减少了 35%，至 23 亿欧元。 开云集团2025年度营业利润为 16. ...

Core Viewpoint - LVMH's 2025 financial report shows a decline in overall revenue and profit, but certain segments like Sephora and jewelry have shown resilience, prompting the company to adjust its strategy while awaiting market recovery [1][7]. Financial Performance - Total revenue for LVMH in 2025 was €80.807 billion, a 5% decrease from €84.683 billion in 2024 [3][7]. - Recurring operating profit fell by 9% to €17.755 billion, and net profit decreased by 13% to €10.88 billion [1][7]. Segment Performance - **Wines and Spirits**: Revenue decreased by 9% to €5.358 billion, with recurring operating profit down 25% to €1.016 billion [12]. - **Fashion and Leather Goods**: Revenue declined by 8% to €37.770 billion, with recurring operating profit down 13% to €13.209 billion [5][9]. - **Perfumes and Cosmetics**: Revenue slightly decreased by 3% to €8.174 billion, but recurring operating profit increased by 8% to €727 million [13]. - **Watches and Jewelry**: Revenue was €10.486 billion, with a minor decline in recurring operating profit to €1.514 billion [10]. - **Selective Retailing**: This segment saw a revenue increase of 0% to €18.348 billion, with a significant profit rise of 28% to €1.780 billion [14]. Positive Signals - Operating free cash flow grew by 8% to €11.33 billion, indicating strong cash generation capabilities [6][17]. - Sephora's performance was highlighted, with a focus on expanding its retail network and enhancing customer loyalty [17]. Strategic Adjustments - LVMH is diversifying its portfolio to reduce reliance on the fashion and leather goods segment, emphasizing growth in beauty and selective retail [16][17]. - The acquisition of a 9% stake in Loro Piana for €1 billion reflects LVMH's commitment to high-end market segments [16]. Market Outlook - The management expresses caution regarding the 2026 market outlook, acknowledging ongoing challenges but maintaining confidence in the company's ability to navigate them [15][17].

Core Insights - Bernard Arnault has been intensifying his efforts to strengthen control over LVMH, the luxury goods giant he founded nearly 40 years ago, with significant stock purchases in the past eight months totaling approximately €1.4 billion (around $1.6 billion) [1][2] - The recent stock acquisitions occurred during a period of weak corporate earnings and a downturn in the luxury goods sector, leading to a substantial decline in LVMH's stock price [1][2] - Arnault's stake in LVMH is a significant portion of his wealth, with a reported net worth of $195 billion and a 49% ownership of the company's equity, translating to nearly 65% of voting rights [1][2] Stock Acquisition Details - Arnault has acquired about 2.5 million shares of LVMH, representing approximately 0.5% of the company's total shares, through his family holding company Financière Agache and the publicly traded Christian Dior SE [2][5] - The average purchase price for these shares was around €566, with a notable low of €448 in June, while the stock closed at €612 last week [2][5] - The total amount of shares purchased as of mid-September is significantly higher than in previous years, coinciding with a recent unexpected recovery in sales reported by LVMH [2] Strategic Intent - Analysts suggest that Arnault's aggressive stock purchases may reflect a desire to achieve "absolute majority" control over LVMH, despite already holding nearly two-thirds of the voting rights [5] - The value of Arnault's investments outside of LVMH is relatively small, estimated at around €4 billion, indicating a strong focus on consolidating his position within the luxury sector [5] - Arnault has a history of strategic acquisitions, including a significant transaction in 2017 to simplify ownership structures, which aligns with his long-term vision for LVMH [6][7] Historical Context - The recent stock purchases echo Arnault's previous strategy during the 2008 financial crisis when he acquired LVMH shares at low prices, which later appreciated significantly [7]

Group 1 - The French government is considering a 2% wealth tax on individuals with assets exceeding 100 million euros to reduce the fiscal deficit [1][3] - The proposed tax has been criticized by Bernard Arnault, chairman of LVMH, who labeled the economist Gabriel Zucman as a "pseudo-scholar" aiming to "destroy the French economy" [1][3] - The tax plan, referred to as the "Zucman tax," is facing opposition from right-wing politicians who fear it may lead to wealthy individuals leaving France [3] Group 2 - Bernard Arnault's current personal wealth is reported to be 157 billion dollars, and he oversees brands such as Louis Vuitton, Dior, and Moët Hennessy under LVMH [4] - The previous French Prime Minister, Édouard Philippe, proposed a budget plan to cut public spending by 43.8 billion euros, which faced widespread public opposition [4] - Following a failed confidence vote regarding fiscal policy, the former Prime Minister resigned, and Sébastien Lecornu was appointed as the new Prime Minister [4]

Group 1 - The French government is considering a 2% wealth tax on individuals with assets exceeding 100 million euros to reduce the fiscal deficit, referred to as the "Zucman tax" by the media [1][3] - Bernard Arnault, chairman of LVMH and France's richest person, criticized the proposal, labeling economist Gabriel Zucman as a "pseudo-scholar" aiming to "destroy the French economy" [1][3] - The proposed tax has faced opposition from right-wing politicians who fear it may lead to wealthy individuals leaving France [3] Group 2 - Arnault's current personal wealth is reported to be $157 billion, according to Forbes [4] - The previous French Prime Minister, Édouard Philippe, announced a budget plan to cut public spending by 43.8 billion euros, which included controversial measures such as changing public holidays to workdays [4] - Following a failed confidence vote regarding fiscal policies, the former Prime Minister resigned, and Sébastien Lecornu was appointed as the new Prime Minister [4]

Group 1 - The French government is considering a 2% wealth tax on individuals with assets exceeding 100 million euros to reduce the fiscal deficit, which could generate approximately 20 billion euros annually for the French treasury [1] - The proposed tax, referred to as the "Zuckman tax," has faced criticism from right-wing figures who fear it may drive wealthy individuals out of France [1] - Bernard Arnault, chairman of LVMH and France's richest person, criticized the tax proposal, labeling its proponent, economist Gabriel Zuckman, as a "pseudo-scholar" aiming to "destroy the French economy" [1] Group 2 - In July, the former French Prime Minister Borne announced a budget draft for 2026, aiming to cut public spending by 43.8 billion euros, which included controversial measures such as converting two public holidays into working days [2] - The budget draft faced widespread public opposition, leading to Borne's resignation after losing a confidence vote in the National Assembly regarding fiscal policies [2] - Following Borne's resignation, Defense Minister Sébastien Lecornu was appointed as the new Prime Minister [2]

Core Viewpoint - The luxury goods market is experiencing a downturn, with a significant reduction in the number of consumers and a decline in overall spending, impacting major players like LVMH [4][5]. Group 1: Market Trends - The luxury goods consumer base is projected to shrink from 400 million in 2022 to 350 million by the end of 2024 [4]. - The total global luxury goods consumption is expected to be approximately €1.48 trillion in 2024, reflecting a year-on-year decline of 1%-3% [4]. - Only about one-third of luxury brands are expected to achieve growth amid the market slowdown [4]. Group 2: LVMH Performance - LVMH reported a 4% year-on-year decline in total revenue for the first half of 2025, amounting to €39.81 billion [5]. - The net profit for LVMH decreased by 22% to €5.69 billion during the same period [5]. Group 3: Strategic Moves - Bernard Arnault, CEO of LVMH, continues to visit China, indicating the importance of the Chinese market despite the overall downturn [3]. - LVMH executives have shown interest in local brands, with a notable increase in demand for Chinese jewelry companies [6]. - The overlap in consumer demographics between local brands like Laopuhuangjin and international luxury brands is significant, with a 77.3% overlap rate [6].

Group 1 - Bernard Arnault, CEO of LVMH, was spotted in Shanghai, marking his third consecutive year visiting China [1] - LVMH's flagship store, the "Louis" giant ship, has become a new landmark in Shanghai, attracting global tourists [1] - In 2023, Arnault was recognized as the world's richest person with a net worth of $211 billion (approximately 14,500 billion RMB) according to Forbes [1] Group 2 - During his visit, Arnault toured the Laopai Gold store in Shanghai, showing interest in various gold items and commenting on their craftsmanship [1] - This visit follows a previous trip by another LVMH executive to Laopai Gold in Beijing earlier in June [1]

Core Insights - Kering Group has confirmed a cyber attack that resulted in the leakage of customer data from its brands, including Gucci, Balenciaga, and Yves Saint Laurent, involving names, phone numbers, addresses, and total spending amounts, while financial information such as credit card details was not compromised [1] Industry Summary - The luxury goods sector has experienced a surge in cybersecurity incidents this year, with notable breaches including the leakage of information from nearly 420,000 customers of Louis Vuitton in July, which included passport numbers and shopping records [1] - In June, Richemont's Cartier brand faced a system intrusion that led to customer data exposure, and in May, Dior also reported incidents involving the leakage of customer names, phone numbers, and spending preferences [1]