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北京时间·🕒 发布 01:49:11时区推断·⟳ 抓取 10:54:04回填·⚡ 决策 07-29 10:56:00·90.4 天前
开云二季度销售恢复低个位数增长但Gucci仍下滑
开云二季度同店销售同比增长2%，是2023年中以来首次恢复增长，但核心品牌Gucci仍同比下降2%。
📄 原文Financial Times↗ 原文
Kering sales return to growth as Gucci slowdown eases
Kering increased its sales for the first time since the middle of 2023 as new chief executive Luca de Meo attempts a tu…
不做 开云（KER.FR）
财报正负混合：销售恢复低个位数增长但Gucci仍下滑、经营利润基本持平，缺少明确超预期利润上修或短线可量化edge，不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-28 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 开云二季度同店销售同比增长2%，是2023年中以来首次恢复增长，但核心品牌Gucci仍同比下降2%。
- Gucci约贡献集团一半销售和三分之二经营利润，本次只是降幅收窄而非明确反转，半年度经营利润基本持平。
- 净债务从2025年底80亿欧元降至33亿欧元属于修复项，但主要来自出售美妆业务，短线更像财报确认而非新增订单或利润上修。
主要风险
- 若欧洲开盘后市场将Gucci降幅收窄解读为拐点，KER.PA可能有修复性跳涨，但当前缺少足够超预期和可量化利润增量。
- 奢侈品板块受宏观消费、美元和中国需求影响较大，单季低个位数收入改善难以形成高置信短线交易。
原文全文
展开原文 · 2,310 字
Kering sales return to growth as Gucci slowdown eases
Kering increased its sales for the first time since the middle of 2023 as new chief executive Luca de Meo attempts a turnaround at the luxury group that owns Gucci.
The French luxury company said like-for-like sales rose 2 per cent to €3.65bn in the second quarter compared with the same period last year thanks to strong demand for jewellery and eyewear and as the decline in sales at crucial brand Gucci slowed.
“The return to growth is an important milestone but we are still at the beginning of the journey and we remain realistic about the challenges ahead,” said de Meo, who joined from carmaker Renault last year.
Sales at Gucci, the Italian fashion house that accounts for roughly half of group sales and two-thirds of operating profits, fell 2 per cent in the three months to June, after dropping 8 per cent in the first quarter of 2026.
The Gucci brand “is resonating particularly well with American consumers”, said chief financial officer Armelle Poulou.
Despite the improvement, the tepid growth reported by the group highlights the long road facing de Meo as he leads a restructuring after three years of falling sales and profit warnings.
In April he outlined plans to rebuild Kering’s profitability by reducing inventory, stripping out costs and closing stores. De Meo is also seeking to bolster some of the company’s smaller brands and reduce its reliance on Gucci.
Operating income for the first half of the year was little changed at €921mn, though operating margins rose slightly to 12.8 per cent.
Kering’s shares have more than halved over the past three years, giving the Paris-listed group a market capitalisation of about €31bn as it has lagged behind competitors LVMH and Hermès.
Questions still remain about whether Gucci’s creative director Demna Gvasalia will be able to revive the brand.
Jewellery sales at Kering brands including Boucheron rose 18 per cent in the quarter, mirroring trends at Richemont’s Cartier and LVMH’s Tiffany, which both had strong quarters.
De Meo has moved quickly to cut Kering’s debt. The luxury group struck a deal to sell its beauty division to sector leader L’Oréal for €4bn at the start of the year. Net debt totalled €3.3bn in the first half of 2026, down from €8bn at the end of December 2025.
Kering increased its sales for the first time since the middle of 2023 as new chief executive Luca de Meo attempts a turnaround at the luxury group that owns Gucci.
The French luxury company said like-for-like sales rose 2 per cent to €3.65bn in the second quarter compared with the same period last year thanks to strong demand for jewellery and eyewear and as the decline in sales at crucial brand Gucci slowed.
“The return to growth is an important milestone but we are still at the beginning of the journey and we remain realistic about the challenges ahead,” said de Meo, who joined from carmaker Renault last year.
Sales at Gucci, the Italian fashion house that accounts for roughly half of group sales and two-thirds of operating profits, fell 2 per cent in the three months to June, after dropping 8 per cent in the first quarter of 2026.
The Gucci brand “is resonating particularly well with American consumers”, said chief financial officer Armelle Poulou.
Despite the improvement, the tepid growth reported by the group highlights the long road facing de Meo as he leads a restructuring after three years of falling sales and profit warnings.
In April he outlined plans to rebuild Kering’s profitability by reducing inventory, stripping out costs and closing stores. De Meo is also seeking to bolster some of the company’s smaller brands and reduce its reliance on Gucci.
Operating income for the first half of the year was little changed at €921mn, though operating margins rose slightly to 12.8 per cent.
Kering’s shares have more than halved over the past three years, giving the Paris-listed group a market capitalisation of about €31bn as it has lagged behind competitors LVMH and Hermès.
Questions still remain about whether Gucci’s creative director Demna Gvasalia will be able to revive the brand.
Jewellery sales at Kering brands including Boucheron rose 18 per cent in the quarter, mirroring trends at Richemont’s Cartier and LVMH’s Tiffany, which both had strong quarters.
De Meo has moved quickly to cut Kering’s debt. The luxury group struck a deal to sell its beauty division to sector leader L’Oréal for €4bn at the start of the year. Net debt totalled €3.3bn in the first half of 2026, down from €8bn at the end of December 2025.
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