格隆汇2月10日｜Gucci母公司开云集团(Kering)指出，去年转盈为亏，期内亏损2900万欧元，2024年赚 10.25亿欧元，营业额146.75亿欧元，减13.03%，按可比口径计算则跌10%。去年经常性盈利5.32亿欧 元，挫55.89%，经常性EBITDA跌19.16%，至36.75亿欧元。经常性经营盈利16.31亿欧元，泻33.16%。 Gucci品牌去年收入59.92亿欧元，下滑21.67%，第四季则跌15.69%至16.22亿欧元，按可比口径计算则 挫一成，并连跌10个季度。Bottega Veneta去年收入少0.4%，至17.06亿欧元，第四季则减2.7%，至4.67 亿欧元，Yves Saint Laurent去年收入跌8.26%，至26.43亿欧元，上季则下滑4.55%，至7.35亿欧元。该集 团预期，今年度将回复增长，以及毛利见改善。 ...

Core Viewpoint - Kering anticipates a return to growth despite reporting another quarter of sales declines, with Gucci underperforming in the new CEO's first quarter [1][2] Group 1: Financial Performance - Kering's fourth-quarter sales fell 3% on a comparable basis to 3.9 billion euros ($4.64 billion), slightly exceeding FactSet estimates [1] - Gucci experienced a 10% decline on a comparable basis in the quarter, which was also slightly better than consensus expectations [2] - In 2025, Kering's sales decreased by 10% to 14.7 billion euros, with recurring operating income down 33% year-on-year and operating margin declining to 11.1% due to weaker sales [2] Group 2: Leadership and Future Outlook - CEO Luca de Meo acknowledged that 2025 did not reflect Kering's full potential, indicating a need for improvement [2] - Following the earnings report, Kering's shares surged over 13% shortly after the market opened, reflecting investor optimism about future growth [1]

Core Insights - Coty has appointed Markus Strobel as the interim CEO starting January 1, 2026, succeeding Sue Nabi, indicating a significant leadership change at a critical time for the company [1][3] Leadership Change - Markus Strobel brings 33 years of experience from Procter & Gamble, where he was the president of global skin and personal care, overseeing a multi-billion dollar portfolio [3] - Coty expresses strong confidence in Strobel's ability to lead the company through a strategic review of its consumer beauty business, aiming to enhance its leadership position and drive profitability [3] Product Portfolio Adjustment - Coty announced the sale of its remaining 25.8% stake in Wella to KKR-managed capital accounts, completing a plan initiated in 2020 to simplify its portfolio and operations [4] - The proceeds from this sale will primarily be used to repay short-term and long-term debt, marking a key milestone in Coty's transformation and long-term deleveraging commitment [4] Impact of Brand Loss - The recent deal between Kering and L'Oréal, valued at over €4 billion, affects Coty's management of the Gucci brand, which is crucial to its strategy, as Gucci accounts for approximately 8% of Coty's total sales and 11% of its profits [5] - The loss of Gucci's authorization is expected to significantly impact Coty's high-end strategy and brand competitiveness in the beauty market [5] Financial Performance Challenges - Coty reported a net revenue of $5.893 billion for fiscal year 2025, a decline of 3.68%, and a loss of $381 million, marking a shift from profit to loss [6] - In the first quarter of fiscal year 2026, Coty experienced an 8% revenue decline, with both high-end and mass beauty segments seeing decreases of 6% and 11%, respectively [6] Strategic Initiatives - In response to challenges, Coty is focusing on its high-end brands, including Hugo Boss and Burberry, with Hugo Boss's new fragrance performing well in Europe [6] - Coty has signed beauty licensing agreements with Italian luxury brands Etro and Marni, as well as Swarovski, and is launching its own fragrance brand, Infiniment Coty Paris, in 2024 [6]

Kering , the owner of luxury brand Gucci, said on Tuesday it had agreed to sell a 60% stake in a prime New York property to private equity firm Ardian, raising $690 million in cash. ...

Core Viewpoint - Kering's third-quarter 2025 financial results indicate a reduction in the slump experienced in the previous quarter [1] Financial Performance - Kering reported its third-quarter 2025 financial results, showing improvement compared to the previous quarter [1]

Core Viewpoint - Shares in Kering, the owner of Gucci, experienced a significant increase following the announcement of better-than-expected sales at its flagship brand, indicating a potential turnaround for the company [1] Group 1: Company Performance - Kering reported improved sales figures for Gucci, which exceeded market expectations, contributing to a surge in the company's stock price [1] - The positive sales performance at Gucci has raised optimism among investors regarding a long-awaited turnaround for Kering [1] Group 2: Market Reaction - The surge in Kering's shares reflects increased investor confidence in the luxury brand's recovery and future growth prospects [1]

Core Viewpoint - Kering's shares rose over 9% following a narrower sales decline and better-than-expected quarterly earnings Group Performance - Kering reported third-quarter sales of 3.42 billion euros ($3.97 billion), reflecting a 5% decline on a comparable basis year-on-year, an improvement from a 15% decline in the second quarter [2][4] - The company had anticipated group sales of 3.31 billion euros for the quarter, indicating a stronger performance than expected [4] Brand Performance - Sales at Gucci, Kering's largest brand, fell 14% year-on-year on a comparable basis to 1.34 billion euros, although smaller brands showed improvements that mitigated the overall impact [3] - The decline in Gucci's sales represented a significant sequential improvement from the previous quarter, where sales had dropped 25% [3][4] Currency Impact - Kering noted that currency fluctuations posed a "significant headwind," contributing to a 5% negative effect on sales [5] Management Commitment - CEO Luca de Meo emphasized the company's commitment to improving performance, stating that the third-quarter results, while better sequentially, were still below market expectations [5]

Core Insights - Kering Group reported third-quarter revenue of €3.42 billion, a year-on-year decline of 10%, slightly above analyst expectations of €3.31 billion, marking the first time in five quarters that results exceeded expectations [1] - Same-store sales decreased by 5%, a significant improvement from the 18% decline in the previous quarter [1] - The core brand Gucci experienced a 14% decline in same-store sales, but the decline narrowed by over 40% quarter-on-quarter and was slightly better than analyst expectations [1] - North America saw a 3% increase in same-store sales, reversing the previous two quarters of double-digit declines [1] - The new CEO acknowledged that performance remains well below market averages but expressed commitment to improving the situation [1]

Core Insights - The company reported a 10% decrease in revenue for the third quarter [1] Group 1 - The revenue decline is part of the company's efforts to build momentum under the leadership of Luca de Meo [1]

Core Insights - Kering Group and L'Oréal Group have announced a long-term strategic partnership in the luxury beauty and health sector, involving L'Oréal's acquisition of the Creed brand and licensing agreements for Kering's renowned brands, with a total deal value of €4 billion (approximately ¥33.2 billion) [1][4][6] Group 1: Strategic Partnership Details - The partnership includes Kering selling its beauty business, including the Creed brand, to L'Oréal, along with a 50-year licensing agreement for Kering's iconic perfume stores [5][6] - Creed, a historic perfume brand founded in 1760, was acquired by Kering for €3.5 billion just four months prior to this new deal [5][6] - L'Oréal will also gain exclusive rights to develop, produce, and distribute Gucci's beauty products, as well as create and distribute fragrances for Bottega Veneta and Balenciaga under a separate 50-year licensing agreement [6][7] Group 2: Financial Context and Implications - Kering is under pressure from both debt and performance issues, with a reported 62% decline in net profit and a net debt of €9.5 billion as of June 2025 [7][8] - The sale of Creed and other businesses is seen as a way for Kering to alleviate financial pressure and refocus on its core strengths [7][8] - L'Oréal's acquisition of Creed is part of its broader ambition to become a major player in the fast-growing high-end perfume market, following several strategic acquisitions in recent years [7][8][11] Group 3: Market Position and Future Outlook - L'Oréal's recent acquisitions, including Aesop for $2.525 billion (approximately ¥17 billion), highlight its aggressive expansion strategy in the luxury beauty sector [8][11] - The partnership is expected to solidify L'Oréal's position as the world's largest luxury beauty company and explore new opportunities in the health sector [11][12]