[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， ...

Core Insights - Kering is preparing for a turnaround plan under new CEO Luca de Meo, focusing on cost-cutting, debt reduction, and store closures [1][2][4] - The company reported a 10% drop in revenues for Q3, but Gucci's performance showed signs of improvement [2][4] - Kering's organic sales fell 14% in Q3, which was better than the expected 16% decline [3][4] Financial Performance - Group revenues for Kering totaled 3.42 billion euros, a 5% decline in comparable terms, following a 15% drop in the previous quarter [4] - The company has a net debt of 9.5 billion euros as of June [5] - Kering's beauty division was sold to L'Oréal for 4 billion euros, which is expected to help reduce debt [5][9] Strategic Actions - Kering has closed 55 stores this year, with plans for further closures to rationalize its retail network [8] - The company is exploring asset sales and reviewing its portfolio, although the eyewear division remains a core asset [12][13] - De Meo's leadership is expected to bring more radical measures in the upcoming year [8] Market Trends - Kering's performance in North America improved, with retail revenues rising 3% in Q3 [19] - Organic sales in the Asia-Pacific region fell 10%, but there are signs of stabilization in consumer spending in mainland China [20] - Despite challenges in the luxury sector, Kering's share price has increased by 83% since De Meo's appointment [21] Brand Performance - Gucci's organic sales fell 4% in Q3, but there are promising signs of stabilization in leather goods [15][19] - The "other houses" division saw a 1% increase in sales, with jewelry performing particularly well [16] - Gucci's new creative director has generated significant media visibility and engagement, indicating a potential recovery in brand authority [17][18]