<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/10/generated-image-3-1.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/10/generated-image-3-1.jpeg"/></p>
<p>奢侈品牌集团开云（Kering）周四股价大幅上涨，此前该法国奢侈品集团报告其旗舰品牌的销售额超出预期，提升了人们对期待已久的转机可能正在形成的乐观情绪。</p>
<p>在巴黎上市的股票在早盘交易中一度上涨 9.2%，达到 346.75 欧元，随后略微回落，截至上午 11:02 交易上涨 8.3%。</p>
<p>这一涨势延续了开云今年以来强劲的表现，2025 年开云的股价已上涨超过 45%。</p>
<p>最新的提振来自于投资者继续支持首席执行官卢卡·德梅奥（Luca de Meo）为集团制定的重组计划。</p>
<p>自从开云的董事长兼控股股东弗朗索瓦 - 亨利·皮诺（François-Henri Pinault）在 6 月宣布德梅奥将接任首席执行官以来，股价几乎翻了一番。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/10/image-541.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/10/image-541.png"/></p>
<p><em>来源：路透社</em></p>
<h2>古驰引领集团的积极季度</h2>
<p>开云报告截至 9 月的季度收入为 34.2 亿欧元（39.7 亿美元），高于 Visible Alpha 调查的分析师预期的 33.2 亿欧元。</p>
<p>作为集团最大且最受关注的品牌，古驰的收入为 13.4 亿欧元，略高于预期的 13.3 亿欧元。</p>
<p>尽管整体销售同比仍下降 10%，但下降幅度较前几个季度有所减缓，表明集团在经历动荡期后可能正在稳定。</p>
<p>“开云的故事和这些结果中有很多值得关注的地方，” 德意志银行分析师表示，强调古驰的 “积极信号”，包括新手袋系列的强劲表现。</p>
<h2>德梅奥的快速重组赢得投资者信心</h2>
<p>卢卡·德梅奥，前雷诺首席执行官和汽车行业资深人士，尽管没有奢侈时尚的经验，但在今年早些时候接任开云的掌门人。</p>
<p>他的任命是在古驰的增长放缓和投资者信心动摇之际。</p>
<p>自那时起，德梅奥迅速采取行动，刷新公司的领导层和创意方向。</p>
<p>他在古驰任命了一位新首席执行官，并任命丹玛·格瓦萨利亚（Denma Gvasalia）为艺术总监，这一创意举措在时尚界获得了良好反响。</p>
<p>“我们正在不懈努力实现转机，这从我们最近的决策中可以看出，” 德梅奥在财报发布后对投资者表示。</p>
<p>RBC 资本市场的分析师将本季度描述为 “朝着收入稳定迈出的令人鼓舞的第一步，尤其是对于古驰品牌而言。”</p>
<h2>分析师看到复苏的早期迹象，但呼吁谨慎</h2>
<p>花旗分析师指出，超过三年来首次出现 “明显缺乏盈利下调”，这表明市场情绪可能正在转变。</p>
<p>然而，他们警告称，在开云公布全年业绩和新的战略计划之前，他们 “不会追逐” 所谓的 “FOMO 反弹”，预计这些将在明年初公布。</p>
<p>AlphaValue 分析师张杰表示，第三季度的业绩表明开云 “正在恢复实力”，并为 2026 年提供了 “更好的可见性”。</p>
<p>“尽管完全复苏的道路依然漫长，但本季度表明集团已达到稳定点，并进入早期复苏阶段，” 张杰表示。</p>
<p>瑞银分析师也表达了类似的观点，指出开云的表现 “在所有品牌中都超出预期”，尽管他们对该股维持中性评级。</p>
<p>他们警告称，目前尚不清楚集团的改善是否反映了更广泛的奢侈品反弹或内部重组的势头。</p>
<p>进一步增强积极情绪的是，开云最近与欧莱雅达成了一项价值 47 亿美元的交易，出售其化妆品和香水品牌。</p>
<p>此次剥离标志着德梅奥战略的又一步，旨在精简运营并专注于核心时尚和皮革制品。</p>
<p>今年早些时候，开云的股价因投资者对古驰放缓的担忧而停滞不前，尽管博特加·韦尼塔等品牌表现稳定。</p>
<p>最新的季度业绩和投资组合调整已开始改变这一叙述。</p>
<p>花旗的托马斯·肖维特表示，投资者 “寄希望于德梅奥领导下的深刻组织和战略变革”。</p>
<p>“希望的交易可能会继续，” 他写道，暗示投资者的热情可能在开云明年的战略更新之前持续。</p>
<p>这篇文章的标题为《开云股价因古驰复苏而飙升：转机终于在望吗？》，首次出现在 Invezz 上。</p>

开云(ADR)

<p>开云 (ADR) 的股价在报告了超出预期的 Gucci 销售额后上涨了 8.3%，这标志着奢侈品集团可能迎来转机。该公司报告本季度收入为 34.2 亿欧元，超出分析师预期。首席执行官 Luca de Meo 的重组努力以及 Gucci 的新领导层增强了投资者信心。分析师们看到复苏的早期迹象，但仍然呼吁谨慎，等待开云的全年业绩和战略计划。最近以 47 亿美元将化妆品品牌出售给欧莱雅的交易进一步支持了 De Meo 专注于核心时尚业务的战略</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/10/generated-image-3-1.jpeg" alt="" original-src="https://invezz.com/wp-content/uploads/2025/10/generated-image-3-1.jpeg"/></p>
<p>Shares in Gucci-owner Kering surged on Thursday after the French luxury group reported better-than-expected sales at its flagship brand, lifting optimism that a long-awaited turnaround may be taking hold.</p>
<div class="lb-trans"><p>奢侈品牌集团开云（Kering）周四股价大幅上涨，此前该法国奢侈品集团报告其旗舰品牌的销售额超出预期，提升了人们对期待已久的转机可能正在形成的乐观情绪。</p>
</div><p>The Paris-listed stock jumped as much as 9.2% to 346.75 euros in early trading before paring gains slightly to trade up 8.3% at 11:02 a.m.</p>
<div class="lb-trans"><p>在巴黎上市的股票在早盘交易中一度上涨 9.2%，达到 346.75 欧元，随后略微回落，截至上午 11:02 交易上涨 8.3%。</p>
</div><p>The rally extends a strong year-to-date performance, with Kering’s shares up more than 45% in 2025.</p>
<div class="lb-trans"><p>这一涨势延续了开云今年以来强劲的表现，2025 年开云的股价已上涨超过 45%。</p>
</div><p>The latest boost comes as investors continue to back CEO Luca de Meo’s restructuring plan for the group.</p>
<div class="lb-trans"><p>最新的提振来自于投资者继续支持首席执行官卢卡·德梅奥（Luca de Meo）为集团制定的重组计划。</p>
</div><p>Since Kering’s chairman and controlling shareholder, François-Henri Pinault, announced in June that De Meo would take over as CEO, shares have nearly doubled in value.</p>
<div class="lb-trans"><p>自从开云的董事长兼控股股东弗朗索瓦 - 亨利·皮诺（François-Henri Pinault）在 6 月宣布德梅奥将接任首席执行官以来，股价几乎翻了一番。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/10/image-541.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/10/image-541.png"/></p>
<p><em>Source: Reuters</em></p>
<div class="lb-trans"><p><em>来源：路透社</em></p>
</div><h2>Gucci leads an encouraging quarter for the group</h2>
<div class="lb-trans"><h2>古驰引领集团的积极季度</h2>
</div><p>Kering reported revenue of 3.42 billion euros ($3.97 billion) for the quarter ended September, ahead of the 3.32 billion euros expected by analysts polled by Visible Alpha.</p>
<div class="lb-trans"><p>开云报告截至 9 月的季度收入为 34.2 亿欧元（39.7 亿美元），高于 Visible Alpha 调查的分析师预期的 33.2 亿欧元。</p>
</div><p>Gucci, the group’s biggest and most closely watched brand, brought in 1.34 billion euros—slightly above forecasts of 1.33 billion euros.</p>
<div class="lb-trans"><p>作为集团最大且最受关注的品牌，古驰的收入为 13.4 亿欧元，略高于预期的 13.3 亿欧元。</p>
</div><p>While overall sales were still down 10% year-on-year, the pace of decline was shallower than in previous quarters, signalling that the group may be stabilising after a turbulent period.</p>
<div class="lb-trans"><p>尽管整体销售同比仍下降 10%，但下降幅度较前几个季度有所减缓，表明集团在经历动荡期后可能正在稳定。</p>
</div><p>“There is a lot to like in the Kering story and in these results,” Deutsche Bank analysts said, highlighting “positive signals” from Gucci, including the strong performance of new handbag lines.</p>
<div class="lb-trans"><p>“开云的故事和这些结果中有很多值得关注的地方，” 德意志银行分析师表示，强调古驰的 “积极信号”，包括新手袋系列的强劲表现。</p>
</div><h2>De Meo’s rapid restructuring wins investor confidence</h2>
<div class="lb-trans"><h2>德梅奥的快速重组赢得投资者信心</h2>
</div><p>Luca de Meo, formerly CEO of Renault and an auto industry veteran, took the helm at Kering earlier this year despite having no previous experience in luxury fashion.</p>
<div class="lb-trans"><p>卢卡·德梅奥，前雷诺首席执行官和汽车行业资深人士，尽管没有奢侈时尚的经验，但在今年早些时候接任开云的掌门人。</p>
</div><p>His appointment came as Gucci’s growth faltered and investor confidence wavered.</p>
<div class="lb-trans"><p>他的任命是在古驰的增长放缓和投资者信心动摇之际。</p>
</div><p>Since then, De Meo has moved quickly to refresh the company’s leadership and creative direction.</p>
<div class="lb-trans"><p>自那时起，德梅奥迅速采取行动，刷新公司的领导层和创意方向。</p>
</div><p>He has installed a new CEO at Gucci and appointed Denma Gvasalia as artistic director—a creative move that has been well received by the fashion industry.</p>
<div class="lb-trans"><p>他在古驰任命了一位新首席执行官，并任命丹玛·格瓦萨利亚（Denma Gvasalia）为艺术总监，这一创意举措在时尚界获得了良好反响。</p>
</div><p>“We are working relentlessly on our turnaround, as shown by our recent decisions,” De Meo told investors after the earnings release.</p>
<div class="lb-trans"><p>“我们正在不懈努力实现转机，这从我们最近的决策中可以看出，” 德梅奥在财报发布后对投资者表示。</p>
</div><p>Analysts at RBC Capital Markets described the quarter as “an encouraging first step toward revenue stabilization, more importantly for the Gucci brand.”</p>
<div class="lb-trans"><p>RBC 资本市场的分析师将本季度描述为 “朝着收入稳定迈出的令人鼓舞的第一步，尤其是对于古驰品牌而言。”</p>
</div><h2>Analysts see early signs of recovery but urge caution</h2>
<div class="lb-trans"><h2>分析师看到复苏的早期迹象，但呼吁谨慎</h2>
</div><p>Citi analysts noted a “noticeable lack of earnings downgrades for the first time in over three years,” suggesting that sentiment may be turning.</p>
<div class="lb-trans"><p>花旗分析师指出，超过三年来首次出现 “明显缺乏盈利下调”，这表明市场情绪可能正在转变。</p>
</div><p>However, they cautioned that they “would not chase” what they called a “FOMO rally” until Kering unveils its full-year results and new strategic plan, expected early next year.</p>
<div class="lb-trans"><p>然而，他们警告称，在开云公布全年业绩和新的战略计划之前，他们 “不会追逐” 所谓的 “FOMO 反弹”，预计这些将在明年初公布。</p>
</div><p>AlphaValue analyst Jie Zhang said the third-quarter results indicate that Kering “is regaining strength” and provides “better visibility” for 2026.</p>
<div class="lb-trans"><p>AlphaValue 分析师张杰表示，第三季度的业绩表明开云 “正在恢复实力”，并为 2026 年提供了 “更好的可见性”。</p>
</div><p>“Although the road to full recovery remains long, the quarter suggests the group has reached a point of stabilisation and entered an early phase of recovery,” Zhang said.</p>
<div class="lb-trans"><p>“尽管完全复苏的道路依然漫长，但本季度表明集团已达到稳定点，并进入早期复苏阶段，” 张杰表示。</p>
</div><p>UBS analysts echoed the sentiment, noting that Kering’s performance “surprised positively with a beat across all brands,” though they maintained a neutral rating on the stock.</p>
<div class="lb-trans"><p>瑞银分析师也表达了类似的观点，指出开云的表现 “在所有品牌中都超出预期”，尽管他们对该股维持中性评级。</p>
</div><p>They cautioned that it remains unclear whether the group’s improvement reflects a broader luxury rebound or internal restructuring momentum.</p>
<div class="lb-trans"><p>他们警告称，目前尚不清楚集团的改善是否反映了更广泛的奢侈品反弹或内部重组的势头。</p>
</div><p>Adding to the positive sentiment, Kering recently struck a $4.7 billion deal to sell its cosmetics and fragrance brands to L’Oréal.</p>
<div class="lb-trans"><p>进一步增强积极情绪的是，开云最近与欧莱雅达成了一项价值 47 亿美元的交易，出售其化妆品和香水品牌。</p>
</div><p>The divestment marks another step in De Meo’s strategy to streamline operations and focus on core fashion and leather goods.</p>
<div class="lb-trans"><p>此次剥离标志着德梅奥战略的又一步，旨在精简运营并专注于核心时尚和皮革制品。</p>
</div><p>Earlier this year, Kering’s shares had languished as investors grew wary of Gucci’s slowdown, even as labels like Bottega Veneta performed steadily.</p>
<div class="lb-trans"><p>今年早些时候，开云的股价因投资者对古驰放缓的担忧而停滞不前，尽管博特加·韦尼塔等品牌表现稳定。</p>
</div><p>The latest quarterly results and portfolio moves have begun to shift that narrative.</p>
<div class="lb-trans"><p>最新的季度业绩和投资组合调整已开始改变这一叙述。</p>
</div><p>Citi’s Thomas Chauvet said investors are “leaning into hopes of profound organisational and strategic changes” under De Meo.</p>
<div class="lb-trans"><p>花旗的托马斯·肖维特表示，投资者 “寄希望于德梅奥领导下的深刻组织和战略变革”。</p>
</div><p>“The hope trade will likely continue,” he wrote, suggesting that investor enthusiasm may persist ahead of Kering’s strategic update next year.</p>
<div class="lb-trans"><p>“希望的交易可能会继续，” 他写道，暗示投资者的热情可能在开云明年的战略更新之前持续。</p>
</div><p>The post Kering shares surge on Gucci revival: is a turnaround finally in sight? appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章的标题为《开云股价因古驰复苏而飙升：转机终于在望吗？》，首次出现在 Invezz 上。</p>
</div>

开云 (ADR) 股价因古驰的复苏而大涨：转机是否终于出现？