Group 1 - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to the theory of innovation-driven economic growth [1][3][4] - The prize money amounts to 11 million Swedish Krona, with half awarded to Mokyr and the other half shared by Aghion and Howitt [2][3] Group 2 - Joel Mokyr is recognized for identifying the conditions necessary for sustained growth through technological advancement, emphasizing the mutual reinforcement between scientific breakthroughs and practical applications [3][10] - Mokyr's research highlights that the modern economic growth initiated post-Industrial Revolution was not due to a single technological breakthrough but rather a paradigm shift in human inquiry [10][39] - Aghion and Howitt are acknowledged for their theory of "creative destruction," which explains that economic growth is achieved through innovation that displaces outdated products and practices [4][45] Group 3 - Mokyr's work indicates that the continuous flow of "useful knowledge" is essential for sustained economic growth, contrasting the pre-Industrial Revolution reliance on normative knowledge [28][30] - Aghion and Howitt's model illustrates that "creative destruction" is the core driver of sustained growth, where new enterprises and jobs replace outdated ones, fostering a competitive environment [35][36] - Their research suggests that both high and low market concentration can hinder innovation, indicating the need for policies to manage market dynamics effectively [37][48] Group 4 - Mokyr emphasizes the importance of societal acceptance of change, as technological advancements can create both winners and losers, necessitating support for those affected [31][38] - The collaboration between Aghion and Howitt has led to significant advancements in understanding the relationship between innovation, competition, and economic growth [22][45] - Their work has implications for various fields, including education policy and financial structures, highlighting the role of government in facilitating innovation while managing its social costs [47][48]

Group 1: Estée Lauder - Estée Lauder's Q3 report shows a 10% decline in net sales to $3.55 billion, with an organic decline of 9%, but slightly better than expected, and a gross margin increase of 3.1% due to the Profit Recovery and Growth Plan [2] - The company's China operations achieved low single-digit growth, driven by brands like La Mer, Estée Lauder, and Tom Ford, marking three out of the last four quarters with market share growth [2] - Global skincare and travel retail segments saw double-digit declines, with skincare sales down 11%, and makeup category performance was negatively impacted by M·A·C's product launch timing [2][3] Group 2: Prada - Prada's Q1 report indicates a 60.2% year-on-year increase in retail revenue for Miu Miu, contributing €377 million in net sales and increasing its share within the group from 22% to 31% [4] - The overall revenue for Prada Group was €1.34 billion, slightly above expectations, while competitors like LVMH and Kering reported sales declines [6] - Prada's cautious outlook reflects the challenging market conditions, with a focus on expanding its distribution network through partnerships, such as with Mytheresa [6] Group 3: Aesop - Aesop launched its first "tea fragrance" Virēre in mainland China, priced at 1,250 yuan, marking a significant increase in the frequency of new fragrance releases since being acquired by L'Oréal [12][15] - The brand's strategy aligns with the growing potential of the fragrance category in the beauty market, contributing to L'Oréal's double-digit growth in this segment [15] Group 4: Adidas - Adidas reported Q1 2025 revenue of €6.153 billion, a 13% increase year-on-year, with operating profit rising 82% to €610 million, driven by continued growth in the Chinese market [18] - The company maintains its full-year growth forecast despite tariff pressures, having minimized exposure to U.S. market products manufactured in China [18] Group 5: LVMH - LVMH's wine and spirits division is set to cut over 10% of its workforce, approximately 1,200 employees, due to a 9% decline in organic sales, primarily from weak performance in the U.S. and China [20]