作者 | 第一财经 刘晓颖 9月16日，有不少网友在社交网站上放出自己在上海南京西路街头偶遇LVMH集团董事长兼CEO贝尔 纳·阿尔诺（Bernard Arnault）的照片。 2025.09. 16 本文字数：961，阅读时长大约2分钟 这已不是该集团的高管首次到中国的老铺黄金参观调研。前述人士告诉记者，今年6月LVMN集团内 部的另外一位高管也去过北京的老铺黄金调研。 今年5月，LVMH集团副首席执行官Stéphane Bianchi在出席法国参议院举行大型企业国家援助补贴 项目调查委员会的听证会上提及，LVMH集团仍计划继续在中国投资。此外，集团还注意到"中国消 费者对本土品牌的兴趣越来越大"。他没有透露具体品牌的名字，但表示一些中国本土珠宝公司的需 求出现了爆炸式增长。 弗若斯特沙利文调研数据显示，老铺黄金的消费者与LV、爱马仕、卡地亚、宝格丽等国际奢侈品牌 的消费者重合率高达77.3%。 今年6月，路易威登打造的全球唯一"巨轮""路易号"一亮相南京西路商圈，立刻成为了申城的一个新 地标，也吸引来全球游客前来打卡。 这已是这位全球奢侈品大亨连续第三年来中国巡店。 LVMH作为全球高端消费行业的风向标， ...

【#LVMH老板又来上海了# ，#LVMH老板逛了老铺黄金# 】 记者随后向内部人士求证得知，今日阿尔诺一行人确实去了上海国金的老铺黄金门店参观。 9月16日，有不少网友在社交网站上放出自己在上海南京西路街头偶遇LVMH集团董事长兼CEO贝尔纳· 阿尔诺（Bernard Arnault）的照片。 这已不是该集团的高管首次到中国的老铺黄金参观调研。前述人士告诉记者，今年6月LVMN集团内部 的另外一位高管也去过北京的老铺黄金调研。 今年6月，路易威登打造的全球唯一"巨轮""路易号"一亮相南京西路商圈，立刻成为了申城的一个新地 标，也吸引来全球游客前来打卡。 这已是这位全球奢侈品大亨连续第三年来中国巡店。 LVMH作为全球高端消费行业的风向标，其拥有 LV、迪奥、蒂芙尼等品牌。2023年，阿尔诺来华时还一度顶着全球首富的头衔，彼时按照《福布斯》 发布的2023全球亿万富豪榜显示，他以2110亿美元（约14500亿元人民币）的个人财富成为2023年度的 世界新首富。 有网友看到此次中国行，阿尔诺一行人还去了位于上海国金中心的老铺黄金门店。据称，他仔细观摩了 葫芦、吊坠、十字架及陈列的金器，并评价"很精致，很有趣"。 ...

Core Insights - LVMH and Kering reported declines in their performance for the first half of the year, while Prada Group experienced growth, highlighting a divergence in the luxury market [2][6][7]. Financial Performance - Prada Group's net revenue for the first half of 2025 reached €2.74 billion, reflecting a 9% increase year-over-year at constant exchange rates [2][3]. - Retail sales net revenue grew by 10.1% year-over-year, while net profit slightly increased to €386 million, up 0.62% [2][4]. - The Prada brand saw a decline in retail sales net revenue by 1.9%, while Miu Miu's retail sales surged by 49.2%, contributing significantly to the group's overall performance [2][4][10]. Brand Performance - Miu Miu has entered a high-growth phase, with a retail sales net revenue increase of 92.7% in 2024, and it now accounts for nearly 32% of Prada Group's total retail sales net revenue [4][15]. - Despite Miu Miu's strong performance, the growth rate has slowed compared to previous years, indicating potential challenges ahead [16][18]. Regional Performance - Prada Group achieved growth across all regional markets, with the Middle East showing the fastest retail sales growth at 26% year-over-year [10][12]. - In the Asia Pacific region, retail sales net revenue increased by 10.4% to €838 million, while Europe, the Americas, and Japan also reported positive growth rates [12][10]. Market Dynamics - The luxury market is experiencing a slowdown, with major brands like LV and Gucci facing challenges, while Prada Group's strategic focus on brand positioning and younger consumer engagement has allowed it to thrive [14][15]. - The shift in consumer preferences towards brands like Miu Miu reflects a broader trend in the luxury sector, where younger generations are driving demand [16][18].

Core Viewpoint - In the first half of 2025, while major luxury brands like LVMH and Kering reported declines in performance, Prada Group experienced growth, driven primarily by its Miu Miu brand, which has seen significant sales increases [1][5][11]. Financial Performance - Prada Group reported a net income of €2.74 billion, a 9.1% increase year-on-year, with retail sales netting €2.45 billion, up 10.1% [1][5]. - The adjusted EBIT rose by 7.55% to €619 million, and net profit increased by 0.62% to €386 million [5][12]. - Prada brand's retail sales net income decreased by 1.9% to €1.65 billion, while Miu Miu's retail sales surged by 49.2% to €780 million [1][5][7]. Brand Performance - Miu Miu accounted for nearly 32% of Prada Group's total retail sales in the first half of 2025, marking a historical high for the brand [4][14]. - Miu Miu's retail sales growth has been robust, with a 92.7% increase in 2024, and it successfully entered the "€1 billion club" [4][14]. - Despite Miu Miu's strong performance, its growth rate has slowed compared to previous years, indicating potential challenges ahead [15][17]. Regional Performance - Prada Group achieved growth across all regional markets, with the Middle East showing the fastest retail sales growth at 26% [7][8]. - In the Asia-Pacific region, retail sales increased by 10.4% to €838 million, while Europe, the Americas, and Japan saw increases of 9%, 12%, and 4%, respectively [7][8]. Market Trends - The luxury goods market is experiencing a slowdown, with a report indicating the first decline in luxury consumption in 15 years, excluding the pandemic period [12]. - The shift in consumer preferences towards younger brands like Miu Miu suggests a changing landscape in luxury brand appeal [11][12].

Core Viewpoint - The luxury goods growth model is being questioned as Prada Group's recent performance raises concerns, following disappointing results from other luxury giants like LVMH and Kering [1][8]. Financial Performance - Prada Group reported an adjusted EBIT of approximately €618.5 million, a year-on-year increase of 7.55% [2]. - Net income was around €386 million, reflecting a 0.62% year-on-year rise [2]. - Earnings per share stood at €0.151 [2]. - Retail sales net revenue increased by 10.1% year-on-year, accounting for 89.5% of total net revenue [2]. Brand Performance - Prada brand's retail sales net revenue slightly decreased by 2% when calculated at constant exchange rates, while Miu Miu's retail sales net revenue surged by 49% [3]. - Miu Miu's sales growth in the second quarter slowed down significantly compared to previous quarters, which saw growth rates of 93%, 105%, and 84% [7]. Regional Performance - All major markets showed growth: Asia-Pacific retail sales net revenue increased by 10.4%, Europe by 8.6%, the Americas by 12.4%, Japan by 4.3%, and the Middle East by 25.7% [7]. Market Challenges - Morgan Stanley noted that Prada's second-quarter performance was below expectations due to a slowdown in luxury consumption among cross-border travelers, with a year-on-year sales growth rate of 6.1%, down from 12.5% in the first quarter [7]. - Prada's CEO highlighted that the current market challenges are more cyclical rather than structural [1]. Strategic Outlook - For the second half of the year, Prada issued a warning about uncertainties in the recovery of the tourism sector but emphasized three certainties: maintaining a full-price sales strategy, reviewing operational efficiency quarterly, and avoiding shortcut growth strategies [7]. - Prada aims to sustain growth through precise retail strategies and new store openings, while Miu Miu plans to expand its market share in leather goods and introduce new store experiences globally [7].

Core Viewpoint - The luxury goods growth model is being questioned as Prada Group's recent performance raises concerns following disappointing results from other industry giants like LVMH and Kering [2][6]. Financial Performance - Prada Group reported an adjusted EBIT of approximately €618.5 million, a year-on-year increase of 7.55% [3]. - Net income was around €386 million, up 0.62% year-on-year, with earnings per share at €0.151 [3]. - Retail sales net revenue increased by 10.1% year-on-year, accounting for 89.5% of total revenue [3]. - Retail sales net revenue for the Prada brand slightly decreased by 2% when calculated at constant exchange rates, while Miu Miu's retail sales net revenue surged by 49% [3]. Regional Performance - All major markets showed growth: Asia-Pacific retail sales net revenue grew by 10.4%, Europe by 8.6%, the Americas by 12.4%, Japan by 4.3%, and the Middle East saw a remarkable increase of 25.7% [5]. - Morgan Stanley noted that Prada's second-quarter performance fell short of expectations due to a slowdown in luxury consumption among cross-border travelers, with a year-on-year sales growth rate of 6.1%, down from 12.5% in the first quarter [5]. Market Challenges - The luxury sector is facing significant challenges amid economic uncertainty and cultural shifts, potentially leading to the largest setback in 15 years [6]. - Even leading brands like LV and Dior are showing signs of fatigue, with LVMH's core fashion and leather goods revenue declining by 9% and net profit dropping by 22% [6]. Consumer Trends - Younger consumers, particularly Generation Z, are increasingly questioning the value of luxury goods, moving away from the traditional perception of luxury as a status symbol [7]. - Brands with less prominent logos, such as Loro Piana and Brunello Cucinelli, are experiencing growth, indicating a shift towards understated luxury [8].