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进博会倒计时50天,“新”“酷”“最”展品抢先看!
Guo Ji Jin Rong Bao· 2025-09-16 14:35
Group 1: Event Overview - The 8th China International Import Expo (CIIE) will be held from November 5 to 10, 2025, at the National Exhibition and Convention Center in Shanghai, with preparations shifting from exhibition recruitment to exhibition management as the event approaches [1] - The theme for this year's consumer goods exhibition area is "Higher Quality, Better Life," focusing on "New" Living, "Cool" Technology, and "Trendy" Fashion [1] Group 2: Key Exhibitors and Products - L'Oréal, a consistent participant, will showcase its theme "Infinity of Beauty" with three major exhibition areas, featuring 25 brands and the strongest lineup of new product launches, including three Asian debuts: Dr.G, Miu Miu, and Shu Uemura [1] - Panasonic will introduce the new Himalaya series of embedded kitchen appliances, emphasizing health through efficient sterilization and smart control [2] - BWT will present a new water treatment device designed to enhance coffee flavor, adhering to SCA extraction standards [2] - MUJI will highlight its theme "The Beauty of Cultivation," showcasing new products that reflect a philosophy of continuity and coexistence with nature [2][3] Group 3: Participation and Scale - The 8th CIIE has signed contracts for over 330,000 square meters of exhibition space, with 170 companies and 27 institutions confirmed as full-time participants [4] - The online supply and procurement hall for the expo has been launched to facilitate trade and investment negotiations [5]
奢侈品行业2025年中报总结
GUOTAI HAITONG SECURITIES· 2025-08-06 11:26
Investment Rating - The report provides a mixed investment rating for the luxury goods sector, with specific companies like LVMH and Hermès showing resilience, while others like Kering and Canada Goose are facing significant challenges [22][30]. Core Insights - The luxury goods market is experiencing a slowdown, with overall retail sales in North America showing fluctuations, particularly in the luxury segment, which saw a decline of up to 14% in certain months [6][22]. - The report highlights a significant disparity in performance among luxury brands, with LVMH and Hermès maintaining positive growth, while Kering and Canada Goose reported substantial declines in revenue [22][30]. - The global economic outlook remains cautious, with the IMF projecting a world GDP growth of 3.2% for 2025, which may impact consumer spending in the luxury sector [4]. Summary by Sections Economic Outlook - The IMF forecasts a global GDP growth of 3.2% for 2025, with developed countries expected to grow at 1.8% and emerging markets at 4.2% [4]. - China is projected to grow at 4.5%, while India is expected to lead with a growth rate of 6.5% [4]. Retail Performance - North American retail sales showed a mixed performance, with overall sales declining by 0.4% in June 2024, while luxury retail sales experienced a more severe drop of 14% [6]. - The luxury segment's performance is expected to remain volatile, with some months showing recovery while others continue to decline [6]. Company Performance - LVMH reported a revenue decline of 7.1% in Q2 2025, while Hermès showed a more stable performance with a decline of only 0.5% [22][30]. - Kering faced a significant revenue drop of 17.9%, indicating challenges in its luxury brand portfolio [30]. - Canada Goose reported a staggering decline of 61.8% in its latest quarter, highlighting severe operational challenges [30]. Market Trends - The report notes a shift in consumer behavior, with a growing preference for brands that offer unique and aspirational products, impacting traditional luxury brands negatively [22]. - The luxury watch segment, particularly Swiss watch exports, saw a decline of 5.6% in June, indicating broader market challenges [10]. Regional Insights - The report emphasizes the importance of the Chinese market for luxury brands, with a notable increase in Chinese tourists traveling to Japan and the U.S., which could influence luxury spending patterns [17]. - The performance of luxury brands varies significantly by region, with some brands performing better in Asia compared to North America and Europe [22].
“爱不会消失但可能迁移?”上半年LV、Gucci等大牌“失宠” 为何 Miu Miu却收入狂飙?
Mei Ri Jing Ji Xin Wen· 2025-07-31 14:18
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].
“爱不会消失但可能迁移?”上半年LV、Gucci等大牌“失宠”,为何 Miu Miu却收入狂飙?
Mei Ri Jing Ji Xin Wen· 2025-07-31 14:08
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].
财报逊预期,普拉达股价插水14.3%,创2024年1月以来新低
Sou Hu Cai Jing· 2025-07-31 06:22
Core Viewpoint - Prada's stock price fell by 14.32% to HKD 40.1 per share, marking a new low since January 2024, primarily due to disappointing earnings results [1] Financial Performance - For the first half of 2025, Prada reported net revenue of €2.74 billion, a year-on-year increase of 9%, with actual growth at 8% [1] - Retail sales reached €2.45 billion, reflecting a 10% year-on-year growth, while adjusted EBIT was €619 million, maintaining a profit margin of 22.6% [1] - Gross margin improved to 80.1%, up by 0.3 percentage points compared to the same period last year [1] Brand Performance - Sales for the Prada and Miu Miu brands were slightly below expectations, with Prada's sales down by 3.6% and Miu Miu's up by 40% [1] - The company is facing significant year-on-year comparison pressure for the Miu Miu brand due to ongoing challenges in tourism consumption [1] Market Reactions and Forecasts - Analysts from various firms have adjusted their profit forecasts for Prada, with a 5% to 6% reduction in net profit predictions for 2025 to 2027 [2] - Morgan Stanley noted a slowdown in luxury goods consumption among cross-border travelers, leading to a 6.1% year-on-year sales growth in Q2, down from 12.5% in Q1 [2] - Target prices for Prada's stock have been revised downwards, with estimates dropping from HKD 72 to HKD 50 by one firm and from HKD 66 to HKD 62 by Morgan Stanley [2]
刚刚!Prada,也“崩了”
Zhong Guo Ji Jin Bao· 2025-07-31 06:20
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].
刚刚!Prada,也“崩了”!
Zhong Guo Ji Jin Bao· 2025-07-31 06:08
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].
刚刚!Prada,也“崩了”!
中国基金报· 2025-07-31 06:05
Core Viewpoint - The luxury goods growth model is being questioned as major players like Prada, LVMH, and Kering report disappointing earnings, raising concerns about the sustainability of their growth strategies [2][10]. Financial Performance - Prada Group's financial report for the first half of 2025 shows adjusted EBIT of approximately €618.5 million, a year-on-year increase of 7.55% [6]. - Net income reached about €386 million, reflecting a slight increase of 0.62% year-on-year [6]. - Retail sales net revenue grew by 10.1% year-on-year, with retail sales accounting for 89.5% of total net revenue [6]. Brand Performance - There is a stark contrast in performance between the two core brands: Prada's revenue declined in Q2, while Miu Miu experienced a significant growth of 49% [7][9]. - At fixed exchange rates, Prada's retail sales net revenue slightly decreased by 2%, while Miu Miu's retail sales net revenue surged [7]. Market Trends - All major markets reported growth: Asia-Pacific up 10.4%, Europe up 8.6%, Americas up 12.4%, Japan up 4.3%, and the Middle East showing a remarkable increase of 25.7% [7]. - Morgan Stanley noted that Prada's Q2 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% compared to 12.5% in Q1 [7]. Future Outlook - Prada has issued a warning for the second half of the year regarding uncertainties in the recovery of the tourism sector, while emphasizing three certainties: maintaining a full-price sales strategy, reviewing operational efficiency quarterly, and avoiding "shortcut" growth [8]. - Miu Miu plans to expand its market share in leather goods and introduce new store experiences globally, while Prada aims to sustain growth through precise retail strategies and new store openings [9]. Industry Challenges - The luxury goods sector is facing significant challenges, potentially experiencing its largest setback in 15 years due to economic uncertainties and changing consumer sentiments, particularly among younger generations [11]. - Brands with prominent logos are struggling, while those with subtle branding, such as Loro Piana and Brunello Cucinelli, are seeing growth, indicating a shift in consumer preferences towards understated luxury [12].
大行评级|麦格理:下调普拉达目标价至60港元 下调2025至27年盈测
Ge Long Hui· 2025-07-31 02:56
Group 1 - The core viewpoint of the report indicates that Prada's sales for the first half of the year increased by 9% year-on-year when calculated at constant exchange rates, aligning closely with Macquarie's forecasts [1] - Net profit rose by 0.6% year-on-year, which was 7% lower than Macquarie's predictions, primarily due to non-recurring costs associated with the acquisition of Versace [1] - Macquarie has revised its net profit forecasts for Prada for the years 2025 to 2027 downwards by 7.6%, 7.1%, and 6.6% respectively, to account for the first half performance and brand investments [1] Group 2 - The target price for Prada has been reduced by 8% from HKD 65 to HKD 60, while maintaining an "outperform" rating [1] - Management anticipates that overall tourist traffic in Japan and Europe will stabilize year-on-year by the end of August [1] - The company aims to enhance brand value and believes there is still room for improvement in profitability through operational leverage [1] Group 3 - Management believes that Miu Miu's penetration rate remains low in many countries, indicating further potential for improvement in product categories and combinations [1]
大行评级|大摩:下调普拉达目标价至62港元 第二季业绩逊预期
Xin Lang Cai Jing· 2025-07-31 02:56
Core Viewpoint - Morgan Stanley reports that Prada's second-quarter performance was below expectations due to a slowdown in luxury goods consumption among cross-border travelers, with sales growth at 6.1% year-on-year compared to 12.5% in the first quarter and market expectations of 9% [1] Group 1: Financial Performance - Prada and Miu Miu brand revenues were slightly below expectations, with same-store sales growth around 9%, indicating a lack of operating leverage, resulting in adjusted EBIT for the first half being 3.1% lower than expected [1] - The latest sales forecast for the third quarter has been downgraded to a growth of 8.3% from a previous estimate of 10.4% [1] Group 2: Market Outlook - Morgan Stanley anticipates that the negative impact of international tourism will peak in the summer, leading to potential downward adjustments in sales forecasts [1] - The target price for Prada's stock has been reduced from HKD 66 to HKD 62, although the "overweight" rating is maintained, with the firm still viewing Prada and Miu Miu as strong performers in the luxury goods sector [1]