LVMH集团过去十年中生意盘翻了整整一倍多，但如今正在进入新的"慢常态"。 据不久前发布的LVMH2025年财报显示，集团实现营收808亿欧元（约合人民币6716亿元），经常性营业利润约178亿欧元（约合人民币1479亿元），净利润 约109亿欧元（约合人民币906亿元）。整体面上看，收入与利润较上年回落，但季度节奏呈现"趋稳"的迹象：第四季度有机营收增长1%，延续了第三季度 的修复态势。 对于一家规模已接近千亿欧元、业务横跨时装皮具、烈酒、珠宝、香化与零售的集团来说，这种趋稳本身，往往意味着两件事：一是渠道与价格体系没有出 现系统性松动；二是核心客群仍在，只是购买更谨慎、更挑剔。 在管理层表述中，"团队执行力""长期主义""造梦能力"仍是高频词。LVMH集团董事长兼首席执行官Bernard Arnault提到2025年的"稳固根基和高效策略"， 并将2026年的信心落在品牌"造梦"的能力上。 虽然这类话语更像奢侈品行业惯用的"情绪锚点"，但也能从财务细节里找到呼应：当增长变慢时，能够把运营、库存、费用控制住，把毛利与现金流守住， 也是"品牌力"的另一种呈现。 奢侈品还有没有能力"造梦"？ 如果把集团五大板块 ...

LVMH集团过去十年中生意盘翻了整整一倍多，但如今正在进入新的"慢常态"。 据不久前发布的LVMH2 0 2 5年财报显示，集团实现营收8 0 8亿欧元（约合人民币6 7 1 6亿元）， 经 常 性 营 业 利 润 约 1 7 8 亿 欧 元 （ 约 合 人 民 币 1 4 7 9 亿 元 ） ， 净 利 润 约 1 0 9 亿 欧 元 （ 约 合 人 民 币 9 0 6亿元）。整体面上看，收入与利润较上年回落，但季度节奏呈现"趋稳"的迹象：第四季度 有机营收增长1%，延续了第三季度的修复态势。 对于一家规模已接近千亿欧元、业务横跨时装皮具、烈酒、珠宝、香化与零售的集团来说，这 种趋稳本身，往往意味着两件事：一是渠道与价格体系没有出现系统性松动；二是核心客群仍 在，只是购买更谨慎、更挑剔。 在管理层表述中，"团队执行力" "长期主义" "造梦能力"仍是高频词。 LVMH集团董事长兼首 席执行官Be rna rd Arnault提到2 0 2 5年的"稳固根基和高效策略"，并将2 0 2 6年的信心落在品 牌"造梦"的能力上 。 虽然这类话语更像奢侈品行业惯用的"情绪锚点"，但也能从财务细节里找到呼应：当增长变 ...

Group 1 - LVMH Group's private equity firm L Catterton has acquired a minority stake in the French high-end perfume brand EX NIHILO, with the investment amount expected to exceed 200 million yuan, and the transaction is anticipated to be completed in Q1 2026, pending regulatory approvals [1] - EX NIHILO, founded in 2013, has expanded its fragrance offerings from 9 to 78, with prices ranging from $165 to $365, and is known for its collaborations with artists and modern French aesthetics [1] - In recent years, LVMH has invested in several niche high-end perfume brands, including BDK Parfums, Vyrao, and Maison Berger, indicating a strategic focus on the growth potential of these brands [2] Group 2 - LVMH's perfume and cosmetics segment is one of the few areas still experiencing growth, with revenue of 4.08 billion euros in H1 2025, showing a slight increase of 1% in Q2, while overall group revenue has declined [3] - The luxury market is shifting from oligopoly to a more diversified landscape, with brands focusing on product innovation and service improvement to enhance competitiveness [4] - The expansion of the fragrance market and the increasing consumer base have prompted not only luxury groups but also major beauty companies like L'Oréal and Estée Lauder to invest in the fragrance sector [3][4]

Core Viewpoint - LVMH Group, through its private equity firm L Catterton, has acquired a minority stake in the high-end French perfume brand EX NIHILO, signaling confidence in the growth potential of niche luxury fragrance brands [1][4]. Group 1: Investment Details - The investment amount for the acquisition of EX NIHILO is estimated to exceed 200 million yuan, with the transaction expected to be completed in the first quarter of 2026, pending regulatory approvals [1]. - EX NIHILO was founded in 2013 and has expanded its fragrance offerings from 9 to 78, with prices ranging from $165 to $365 [3]. Group 2: Market Position and Growth - LVMH has been actively investing in niche high-end perfume brands, including BDK Parfums, which has seen a sales growth of over 40% in 2025 and operates over 250 stores globally [3][4]. - The perfume and cosmetics segment of LVMH generated revenue of 4.08 billion euros in the first half of 2025, with a slight increase of 1% in the second quarter [5]. Group 3: Industry Trends - The luxury perfume market is expanding, with major beauty companies like L'Oréal and Estée Lauder also making acquisitions to strengthen their positions [5]. - The luxury market is shifting from oligopoly to a more diversified landscape, with a focus on product innovation and service improvement as key competitive factors [5].