[Table_Title] 研究报告 Research Report 27 Oct 2025 开云集团 Kering (KER FP) 3Q25 核心品牌与主要市场环比改善，结构优化推动修复拐点显现 Core Brands and Key Markets Show Sequential Recovery in 3Q25, Structural Optimization Drives an Inflection Point 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：10 月 22 日，开云集团发布 3Q2025 业绩。集团收入同比下降 10%；可比门店增速-5%，汇率带来约 5 个百分 点负面影响。各主要品牌与地区均实现环比改善，北美与西欧表现最佳。 [Table_yejiao1] 本研究报告由海通国际分销， ...

Updated 5:36 p.m. ET Oct. 22 PARIS — As it prepares for new chief executive officer Luca de Meo to detail his turnaround plan next spring, Kering will continue to cut costs and curb debt, with plans to ramp up store closures, refinance real estate and dispose of noncore assets. De Meo pledged to double down on his efforts after the ailing French luxury group on Wednesday reported a 10 percent drop in revenues in the third quarter. Still, a better-than-expected performance at the company’s star brand Gucci ...