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从LV到临期食品:中产消费的十年轮回
Sou Hu Cai Jing· 2025-09-28 14:20
奢侈品黄金时代的终结与临期食品的崛起 十年前的中国奢侈品市场还处于高速增长期。2015年,我国奢侈品消费占全球市场的比重达到前所未有的高度。 贝恩咨询数据显示,2015年中国奢侈品市场规模达到1130亿元,尽管受反腐影响有所下滑,但仍是全球奢侈品消费的重要引擎。当时,LV、Gucci等国际大 牌在中国一线城市疯狂扩张门店,北京SKP、上海恒隆等高端商场人头攒动,奢侈品消费成为身份象征和社交资本。 那是一个万物生长的时代,也是一个最好的时代。 当时几乎没有人会预料到十年后的今天,奢侈品市场会遭遇寒冬。 2025年,全球最大奢侈品集团LVMH二季度收入下跌4%,上半年出现营收利润双降,营业利润大跌15%,净利润大跌22%。 咨询机构贝恩则修改其之前对全球奢侈品行业将在2025年实现0-4%的增幅预测,认为2025年全球奢侈品市场销售规模或将下滑2%至5%。 当LV收入开始下跌的时候,也没有人会想到,消费端另一头的临期食品,会迎来一个爆发式增长。 根据行业的调研,今年国内临期食品市场规模将突破400亿元,年增长率近6%。好特卖等临期食品连锁品牌在全国快速扩张,其"花得少,吃得好"的理念吸 引了大量消费者。 而中产又 ...
奢侈品行业持续放缓:谁在暴涨?谁在暴跌?
3 6 Ke· 2025-08-06 08:29
Core Insights - The luxury goods industry is experiencing a downturn, with major players like LVMH and Kering reporting significant declines in revenue and profits for the second quarter of 2025 [1][4][5] - The overall market sentiment has shifted, leading to a revised forecast for global luxury goods sales, now expected to decline by 2% to 5% in 2025 [1][4] Group 1: Company Performance - LVMH reported a 4% decline in revenue for Q2 2025, with operating profit down 15% and net profit down 22%, particularly affected by poor performance in its core fashion and leather goods segment [1] - Kering's Q2 revenue was €3.7 billion, a 15% year-on-year decline, with Gucci's sales down 26% for the sixth consecutive quarter, and net profit down 46% [1] - In contrast, Prada's Miu Miu saw a 40% increase in Q2 revenue, while Richemont exceeded market expectations with a 6% revenue growth in Q1 2026 [4] Group 2: Market Trends - The Japanese market has shown weak performance, with Kering's Asia-Pacific revenue down 21% and LVMH's revenue in Japan down 15% [5] - The luxury sector is witnessing a "layered" market dynamic, where some brands thrive while others struggle, indicating a divergence in performance across different companies [4] Group 3: Channel Restructuring - Many luxury brands are closing stores, with Kering planning to close 80 stores this fiscal year, focusing on optimizing their retail presence [7][9] - The strategy involves reducing the number of stores in lower-tier cities while concentrating resources in major urban centers to enhance brand visibility and consumer engagement [9][10] Group 4: Marketing Strategies - Luxury brands are adopting a more restrained marketing approach, focusing on quality over quantity, with Valentino and Hermès leading this trend by reducing the frequency of marketing events [11][12] - This shift aims to enhance brand perception and mitigate risks associated with excessive visibility and consumer backlash during economic downturns [12][13] Group 5: Conclusion - The luxury goods industry is undergoing a significant adjustment phase, with leading brands refocusing on core markets and adopting more subtle marketing strategies, moving away from aggressive growth tactics [13][14]
奢侈品遇冷,Gucci业绩下滑,年轻人消费观念转变引关注
Sou Hu Cai Jing· 2025-08-04 17:05
Core Insights - Gucci and its parent company Kering Group reported significant declines in their financial performance for the first half of the year, with Gucci's revenue dropping by 26% to €3.027 billion and operating profit halving to €486 million [1][2] - Kering Group's total revenue fell by 16% to €7.587 billion, and net profit plummeted by 46% to €474 million [1] Group 1: Financial Performance - Gucci's revenue has declined for six consecutive quarters, with a double-digit percentage drop each quarter since 2024, returning to levels seen in the first half of 2017 [2] - The Asia-Pacific region, including China, saw a comparable revenue decrease of 21%, while the Japanese market experienced a 20% decline [3] - Kering Group closed 18 Gucci stores globally in the first half, with 7 located in the Asia-Pacific region due to the challenging market conditions [3] Group 2: Market Comparison - Other luxury brands are also facing challenges, with LVMH reporting a 22% decline in net profit, although some brands like Hermès saw an 8% revenue increase [5] - Miu Miu, a younger brand under Prada Group, achieved a remarkable 49.2% growth, indicating a successful strategy targeting younger consumers [5] Group 3: Consumer Behavior - The decline in Gucci's performance reflects a shift in preferences among younger consumers, who are moving away from luxury brands towards investment items like gold [5][6] - The changing economic environment has impacted the middle class, affecting brands like Gucci that do not position themselves as ultra-luxury [5][6]
Gucci连续6个季度销量下滑,上半年全球关店18家 | 贵圈
Xin Lang Ke Ji· 2025-08-01 02:47
Group 1 - Kering Group reported a 16% year-on-year decline in revenue for the first half of 2025, totaling €7.587 billion, with recurring operating profit down 38.7% to €969 million and net profit down 46% to €474 million [2] - The core brand Gucci experienced a significant revenue drop of 26% year-on-year in the first half of 2025, generating €3 billion, with a 25% decline in the second quarter to €1.46 billion [2] - Gucci's poor performance has persisted for six consecutive quarters, with comparable sales declines of 21%, 20%, 25%, 24%, 25%, and 25% from Q1 2024 to Q2 2025 [2] Group 2 - Other brands under Kering also faced challenges, with Saint Laurent (YSL) revenue down 11% to €1.3 billion in the first half of 2025, and a 10% decline in comparable sales for the second quarter [2] - Only Bottega Veneta and Kering Eyewear achieved growth, with Bottega Veneta's revenue increasing by 1% to €846 million and Kering Eyewear's revenue growing by 2% to €1.092 billion, while Kering Beauty saw a 9% increase [2] - Kering's Chairman and CEO Francois-Henri Pinault acknowledged the underperformance and stated that the company is optimizing distribution channels and cutting costs to strengthen its financial structure [3] Group 3 - In the first half of the year, Kering closed 24 stores globally, including 18 Gucci stores, with 7 located outside Japan in the Asia-Pacific region [3] - As of June 30, Kering had a total of 1,789 stores worldwide [3]
半年盘点| 开云、LVMH业绩两位数下滑, 机构称奢侈品行业或将遭遇15年来最大挫折
Di Yi Cai Jing· 2025-07-31 11:15
Core Insights - The luxury goods market is experiencing a significant slowdown after years of rapid growth, with major luxury groups reporting noticeable declines in performance [1][5] - Factors contributing to this downturn include substantial price increases in recent years, consumer fatigue with existing products, and economic uncertainties [1][5] Company Performance - LVMH reported a revenue of €39.81 billion for the first half of 2025, down 4% from €42 billion in the same period last year, with net profit decreasing by 22% to €5.7 billion [2] - The Asian market, excluding Japan, accounted for 28% of LVMH's revenue, while the U.S. market contributed 25% [2] - Kering, another major luxury group, saw its revenue drop by 16% to €7.587 billion, with net profit plummeting 46% to €474 million [3] - Hermès reported an 8% increase in revenue to €8.03 billion, but the growth in the Asia-Pacific market, including China, was significantly lower than expected, with only a 1.5% increase [4] Market Challenges - Analysts indicate that the luxury sector is facing its most disruptive challenges in over 15 years, with potential for the largest setback since 2008-2009 [5][7] - Economic instability, geopolitical conflicts, and trade tensions are impacting consumer confidence, leading to increased pressure on the luxury market [5][6] - Distribution challenges are also prevalent, with many distributors struggling to maintain cash flow and some entering restructuring phases [6] Pricing Strategies - In response to U.S. tariff policies, several luxury groups, including Hermès and LVMH, are considering price increases to offset the impact of new tariffs [6] - Hermès announced a price increase of 6%-7% in the U.S. market starting May 1, 2025, to counteract the effects of tariffs [6] Future Outlook - The luxury goods market, valued at €1.5 trillion, may face a prolonged period of stagnation, with market fluctuations becoming the "new normal" [7]
Gucci“滞销”连累开云集团
Bei Jing Shang Bao· 2025-07-30 16:40
Core Viewpoint - Kering Group, a major player in the luxury goods sector, reported a significant decline in both revenue and net profit for the first half of 2025, mirroring trends seen in other luxury brands like LVMH [1][2]. Financial Performance - Kering Group's revenue decreased by 16% year-on-year to €7.587 billion, while net profit fell by 46% to €474 million [1]. - For the second quarter, revenue also dropped by 16%, surpassing the decline seen in the first quarter [1]. - Gucci's revenue fell by 26% to €3.027 billion, with a second-quarter decline of 27% [1]. - YSL's revenue decreased by 11% to €1.288 billion, with a second-quarter drop of 13% [1]. - BV (Bottega Veneta) showed a slight growth of 1% to €846 million, but its second-quarter revenue fell by 1% [1]. Regional Market Analysis - No region reported year-on-year growth, with the largest declines in the Asia-Pacific region and Japan, down 21% and 20% respectively [2]. - Western Europe and North America saw revenue decreases of 13% and 12% respectively [2]. - The sales share from the Asia-Pacific region dropped by 3 percentage points to 29% [2]. Brand Performance and Strategy - Gucci's contribution to Kering's revenue has decreased from over 50% to 40% in the first half of the year [3]. - Gucci has experienced six consecutive quarters of declining comparable sales, with declines ranging from 21% to 25% [3]. - Kering closed 24 stores in the first half of the year, including 18 Gucci stores [3]. Future Outlook and Leadership Changes - Kering Group is seeking to adapt to market changes and has appointed Luca de Meo as the new CEO, effective September [4]. - The luxury sector is expected to remain a key player in high-end consumption, but brands must innovate and enhance customer service to reverse sales declines [4]. - Experts suggest that luxury brands need to embrace a shift towards de-branding and focus on consumer engagement rather than traditional branding [4].
Gucci母公司,净利润暴跌46%
21世纪经济报道· 2025-07-30 08:05
Core Viewpoint - Kering Group's financial performance in the first half of 2025 shows a significant decline, with a 46% drop in net profit to €474 million and a 16% decrease in sales to €7.6 billion, indicating ongoing struggles in the luxury goods market [2][3]. Financial Performance - Kering's net profit for the first half of 2025 is €474 million, down from €878 million in the same period of 2024 [2]. - Sales decreased by 16% to €7.6 billion in the first half of 2025 [2]. - The core brand Gucci experienced a 26% decline in sales, amounting to €3 billion, compared to over €4 billion a year earlier [3]. Brand Performance - Gucci's prolonged underperformance is a major concern, with its appeal diminishing across all regions [3]. - Other brands within Kering, such as Yves Saint Laurent and Balenciaga, also reported revenue declines of 11% and 15%, respectively [2]. - Bottega Veneta is an exception, showing a 1% revenue increase to €846 million, now accounting for 11% of the group's total revenue [2]. Market Conditions - The luxury goods market is experiencing a slowdown, attributed to weak consumer confidence and adverse currency fluctuations affecting tourism [3]. - The Asia-Pacific region (excluding Japan) and Japan have seen the most significant declines in sales [3]. - The strong euro has negatively impacted Kering's revenue growth by nearly 1% [3]. Strategic Changes - Kering has appointed Demna, formerly of Balenciaga, as the creative director for Gucci, hoping to revitalize the brand [3]. - Gucci's planned spring/summer fashion show has been postponed to March next year, with a new collection set to be unveiled in September [3]. Tariff Impact - A new agreement between the US and EU will impose a 15% tariff on European products exported to the US, where North America accounts for 24% of Kering's sales [4]. - Kering's CFO stated that the impact of tariffs is manageable and may lead to price adjustments in the fall [4].
中产滑落,奢侈品在中国卖不动了?|氪金·大消费
36氪· 2025-06-30 08:40
Core Viewpoint - The luxury goods market is experiencing a downturn, particularly in China, as consumer behavior shifts towards more conservative spending due to economic instability and changing perceptions of value [5][10][32]. Group 1: Market Performance - Customer traffic at luxury retail locations, such as Beijing SKP, has decreased significantly, with reports indicating a two-thirds drop compared to three years ago [3][4]. - Major luxury brands like Hermès and LVMH have reported disappointing financial results, with Hermès achieving a revenue of €4.13 billion in Q1 2025, a 7% year-on-year increase but below market expectations [6][8]. - LVMH's revenue fell by 3% to €20.3 billion, while Kering's revenue dropped by 14% to €3.883 billion, with the Asia-Pacific market seeing a 25% decline [8][9]. Group 2: Consumer Behavior - The middle class, particularly represented by wage earners, is increasingly cautious, with many former luxury consumers now opting to only look rather than buy [14][16]. - A survey indicated that 65.95% of previous luxury consumers have reduced their purchasing frequency, with 81.25% citing a shift in consumption mindset towards value for money [19][20]. - Consumers are also more inclined to purchase luxury goods abroad due to lower taxes and favorable exchange rates, leading to a decline in domestic luxury spending [21][22]. Group 3: Brand Strategy and Market Adaptation - Luxury brands are facing challenges in maintaining their pricing strategies, as continuous price increases have led to a loss of entry-level consumers [25][26]. - Despite the challenges, brands like LVMH and Hermès continue to emphasize price increases, with LVMH indicating a 2% to 3% annual price increase potential [26][27]. - The rise of local brands and affordable luxury options, such as gold jewelry, is drawing consumers away from traditional luxury brands, prompting a need for luxury brands to adapt their strategies [27][30]. Group 4: Future Directions - To attract younger consumers, luxury brands are diversifying their product offerings, including entering the beauty market and collaborating with popular IPs [31][32]. - The shift in consumer preferences towards value and functionality suggests that luxury brands must rethink their marketing and product strategies to sustain growth in a changing market landscape [32].
中产滑落,奢侈品在中国卖不动了?
3 6 Ke· 2025-06-27 09:26
Core Viewpoint - The luxury goods market in China is experiencing a significant downturn, primarily due to the decline of the middle class and changing consumer behavior, leading to reduced sales and cautious expansion strategies by luxury brands [1][4][6]. Market Performance - Customer traffic at Beijing SKP has decreased by two-thirds compared to three years ago, with a sharp decline noted at the end of last year [1]. - Hermès reported a first-quarter revenue of €4.13 billion, a 7% year-on-year increase, but below market expectations of €4.16 billion [2]. - LVMH's first-quarter revenue fell by 3% to €20.3 billion, with declines across nearly all business segments [3]. - Kering Group's revenue dropped by 14% to €3.883 billion, with a 25% decline in the Asia-Pacific market [3]. Consumer Behavior - The middle class, particularly represented by wage earners, is increasingly cautious, with many former luxury consumers now only purchasing classic items or refraining from buying altogether [4][6]. - A survey indicated that 65.95% of previous luxury consumers have reduced their purchasing frequency, with 81.25% citing a shift in consumption mindset towards perceived value [6]. Pricing Strategies - Luxury brands' traditional strategy of price increases to filter consumers is losing effectiveness, as rising prices exceed consumer psychological thresholds [5][6]. - Despite the downturn, LVMH and Hermès continue to emphasize price increases, with LVMH indicating a 2% to 3% annual price increase potential [8]. Market Dynamics - The rise of gold and light luxury brands is diverting consumers from traditional luxury brands, with significant interest in local brands noted [8][10]. - Coach's parent company reported a 7% increase in sales to $1.584 billion, with a 45% rise in net profit, indicating a shift towards more affordable luxury options [10]. Future Trends - By 2030, millennials are expected to contribute over half of luxury goods purchasing power, prompting brands to adapt their designs and marketing strategies to attract younger consumers [11]. - Luxury brands are increasingly exploring collaborations with popular IPs and expanding into beauty products to engage younger demographics [11].
Gucci母公司开云跨界挖人,新CEO或将来自雷诺汽车
Nan Fang Du Shi Bao· 2025-06-17 01:26
Core Viewpoint - Kering Group, the parent company of Gucci, is reportedly in talks with Luca de Meo, the current CEO of Renault, who is expected to leave his position on July 15, 2025, seeking new challenges outside the automotive industry [2][4] Group 1: Management Restructuring - The appointment of Luca de Meo is seen as part of Kering Group Chairman François-Henri Pinault's plan to restructure the management team [4] - François-Henri Pinault will continue as Chairman but has engaged a headhunting firm to find a new CEO [4] - François-Henri Pinault's wealth has decreased by 64% from its peak in 2021 to $22 billion by the end of 2024 [4] Group 2: Luca de Meo's Background - Luca de Meo, aged 58, has over 30 years of experience in the automotive industry, having worked with brands like Toyota, Fiat, and Volkswagen [5] - He returned to Renault in 2020 and successfully led the company to profitability through cost-cutting measures and a strategic alliance with Nissan [5] - De Meo has also increased investment in hybrid engines and shifted focus towards electric vehicles [5] Group 3: Market Reaction and Financial Performance - Following the news of potential talks with de Meo, Kering Group's stock price surged by over 10% on June 16 [7] - Kering Group's stock has dropped more than 60% over the past two years, with a projected 12% decline in total sales for 2024, amounting to €17.19 billion [7] - Gucci's revenue fell by 21% year-on-year to €7.7 billion, with quarterly sales declines of 18%, 19%, 25%, and 24%, indicating a significant risk for the brand [7] - As of Q1 2025, Kering Group's sales decreased by 14% to €3.9 billion, a larger decline than the full year of 2024 [7] Group 4: Executive Changes - Kering has been consistently adjusting its executive team, promoting individuals from within the company to various CEO positions [7] - The current CEO position was previously considered for two internal candidates, but it appears the final choice will be an external candidate from the automotive sector [8]