Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of €4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [9][10] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [10] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% overall and 29% in Q3 [10] - Church's also returned to double-digit growth in the quarter [11] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [11] - Europe experienced a 6% increase, while the Americas had a 15% growth in the nine months, accelerating to 20% in Q3 [11] - The Middle East delivered a solid performance with a 21% increase in the nine months [12] Company Strategy and Development Direction - The company remains committed to creative leadership and plans to continue investing in creativity and desirability [13] - There is a focus on enhancing retail excellence and optimizing store locations, with plans to close underperforming stores while expanding in key areas [29][86] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement [20][71] - The company is optimistic about the upcoming holiday period and expects to see continued improvement in Q4 [13][14] Other Important Information - The company is cautious about store expansion, particularly for Prada, while Miu Miu has seen successful store openings [29] - The impact of exchange rates on revenue was noted, with a negative effect of approximately 260 basis points in the first nine months [10] Q&A Session Summary Question: Update on Versace integration - Management clarified that the transaction is not yet closed and is awaiting authorizations [18] Question: Current trading and improvement drivers - Management indicated that the recent improvements are consistent with previous trends, with a plateau observed in China and a strong local customer base in Japan [20] Question: Wholesale trends in Q3 - Management confirmed there were no exceptional factors affecting wholesale trends [22] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements across regions [28] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has successfully opened new stores, while Prada is taking a more cautious approach to expansion [29] Question: Margin expectations for the upcoming year - Management did not provide specific guidance but indicated that they are on track to meet previous margin improvement targets [36][41] Question: FX headwinds for H2 and 2026 - Management acknowledged potential FX headwinds but emphasized that hedging strategies would mitigate impacts for 2025 [42] Question: Aspirational customer trends - Management noted weak signals of improvement but emphasized that the current environment is a plateau [53] Question: Pricing policy for 2026 - Management plans to maintain a similar pricing strategy as in previous years, with adjustments based on regional differences [108] Question: Growth by product category in Q3 - Leather goods showed significant growth for Prada, while ready-to-wear remained the cornerstone for Miu Miu [110]

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of €4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant foreign exchange rates [7] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [8][9] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [9] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% for the same period and 29% in Q3 [9][10] - Church's also returned to double-digit growth in the quarter [10] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [10] - Europe experienced a 6% increase in retail sales over the nine months, while the Americas reported a 15% growth, accelerating to 20% in Q3 [10] - Japan's growth was modest at 3% over the nine months, with Q3 down 1% but showing improvement [10] Company Strategy and Development Direction - The company is committed to maintaining its creative leadership and investing in desirability, with a focus on retail excellence and product innovation [12] - There is a cautious approach to store expansion for Prada, with plans to open 6-8 new stores while closing underperforming locations [23] - The company aims to balance its product offerings across different price points and categories, with a focus on high-value segments [34] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement rather than a return to previous high growth rates [17][47] - The company is optimistic about the upcoming holiday season and expects continued improvement in sales [12] - Management emphasized the importance of the last six weeks of the year for overall performance [12] Other Important Information - The company is experiencing a normalization in traffic levels, which is impacting sales performance [5] - The impact of foreign exchange rates is expected to be significant in Q4, with a negative effect of approximately 260 basis points in the first nine months [9] Q&A Session Summary Question: Initial priorities for Versace integration - The transaction is not yet closed, and the company is awaiting necessary authorizations [16] Question: Current trading and improvement in Q3 - Management observed a plateau in China, with some positive signs during holidays, but overall conditions remain stable [17] Question: Wholesale trends in Q3 - There were no exceptional factors affecting wholesale trends; the growth was consistent [19] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements [21] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has seen successful store openings, while Prada is taking a more cautious approach to expansion [23] Question: Margin expectations for the upcoming year - Management did not provide specific guidance on margins but indicated that they are on track to meet previous targets [27] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX impacts for 2025, but 2026 may face challenges [31] Question: Pricing policy for next year - The company plans to maintain its pricing strategy with regular adjustments [68] Question: Growth by category in Q3 - Miu Miu's ready-to-wear category and Prada's leather goods showed the most significant growth [70]

此外，欧莱雅在上半年还经历了在中国市场销售额止跌回升、专业美发产品部成为最亮眼板块、香水业务跃居高端业务中的高增品类等转变。 但是，高端业务增长乏力、北亚市场承压的迹象仍不容忽视。 在全球不确定性增强的背景下，欧莱雅的"多极化"增长策略是否经得起更长期的检验？ 第二季度在华销售额同比增长约3% "公司在中国市场的销售额经历了连续五个季度的下滑后，首次实现（同比）正增长。"欧莱雅集团首席执行官叶鸿慕（Nicolas Hieronimus）在财报电话会上 表示。 在全球美妆行业增速放缓的背景下，欧莱雅于7月30日交出了信息量巨大的2025年上半年财报。 2025年上半年，欧莱雅实现销售额224.73亿欧元（约合人民币1861.91亿元），同比增长3%，净利润为37.83亿欧元（约合人民币311.58亿元），同比增长 1.0%，营业利润率上升30个基点，达到21.1%。 据悉，欧莱雅在中国市场的销售额，从第一季度的同比微幅下滑逆转为第二季度的同比增长约3%。 中国作为欧莱雅集团第二大市场，被公司称为"全球最重要的市场之一"。《每日经济新闻》记者统计发现，欧莱雅在华业绩曾多年保持增长。2018年时，公 司在中国市场的 ...