<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>奢侈品牌集團開雲（Kering）週四股價大幅上漲，此前該法國奢侈品集團報告其旗艦品牌的銷售額超出預期，提升了人們對期待已久的轉機可能正在形成的樂觀情緒。</p>
<p>在巴黎上市的股票在早盤交易中一度上漲 9.2%，達到 346.75 歐元，隨後略微回落，截至上午 11:02 交易上漲 8.3%。</p>
<p>這一漲勢延續了開雲今年以來強勁的表現，2025 年開雲的股價已上漲超過 45%。</p>
<p>最新的提振來自於投資者繼續支持首席執行官盧卡·德梅奧（Luca de Meo）為集團制定的重組計劃。</p>
<p>自從開雲的董事長兼控股股東弗朗索瓦 - 亨利·皮諾（François-Henri Pinault）在 6 月宣佈德梅奧將接任首席執行官以來，股價幾乎翻了一番。</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>來源：路透社</em></p>
<h2>古馳引領集團的積極季度</h2>
<p>開雲報告截至 9 月的季度收入為 34.2 億歐元（39.7 億美元），高於 Visible Alpha 調查的分析師預期的 33.2 億歐元。</p>
<p>作為集團最大且最受關注的品牌，古馳的收入為 13.4 億歐元，略高於預期的 13.3 億歐元。</p>
<p>儘管整體銷售同比仍下降 10%，但下降幅度較前幾個季度有所減緩，表明集團在經歷動盪期後可能正在穩定。</p>
<p>“開雲的故事和這些結果中有很多值得關注的地方，” 德意志銀行分析師表示，強調古馳的 “積極信號”，包括新手袋系列的強勁表現。</p>
<h2>德梅奧的快速重組贏得投資者信心</h2>
<p>盧卡·德梅奧，前雷諾首席執行官和汽車行業資深人士，儘管沒有奢侈時尚的經驗，但在今年早些時候接任開雲的掌門人。</p>
<p>他的任命是在古馳的增長放緩和投資者信心動搖之際。</p>
<p>自那時起，德梅奧迅速採取行動，刷新公司的領導層和創意方向。</p>
<p>他在古馳任命了一位新首席執行官，並任命丹瑪·格瓦薩利亞（Denma Gvasalia）為藝術總監，這一創意舉措在時尚界獲得了良好反響。</p>
<p>“我們正在不懈努力實現轉機，這從我們最近的決策中可以看出，” 德梅奧在財報發佈後對投資者表示。</p>
<p>RBC 資本市場的分析師將本季度描述為 “朝着收入穩定邁出的令人鼓舞的第一步，尤其是對於古馳品牌而言。”</p>
<h2>分析師看到復甦的早期跡象，但呼籲謹慎</h2>
<p>花旗分析師指出，超過三年來首次出現 “明顯缺乏盈利下調”，這表明市場情緒可能正在轉變。</p>
<p>然而，他們警告稱，在開雲公佈全年業績和新的戰略計劃之前，他們 “不會追逐” 所謂的 “FOMO 反彈”，預計這些將在明年初公佈。</p>
<p>AlphaValue 分析師張傑表示，第三季度的業績表明開雲 “正在恢復實力”，併為 2026 年提供了 “更好的可見性”。</p>
<p>“儘管完全復甦的道路依然漫長，但本季度表明集團已達到穩定點，並進入早期復甦階段，” 張傑表示。</p>
<p>瑞銀分析師也表達了類似的觀點，指出開雲的表現 “在所有品牌中都超出預期”，儘管他們對該股維持中性評級。</p>
<p>他們警告稱，目前尚不清楚集團的改善是否反映了更廣泛的奢侈品反彈或內部重組的勢頭。</p>
<p>進一步增強積極情緒的是，開雲最近與歐萊雅達成了一項價值 47 億美元的交易，出售其化妝品和香水品牌。</p>
<p>此次剝離標誌着德梅奧戰略的又一步，旨在精簡運營並專注於核心時尚和皮革製品。</p>
<p>今年早些時候，開雲的股價因投資者對古馳放緩的擔憂而停滯不前，儘管博特加·韋尼塔等品牌表現穩定。</p>
<p>最新的季度業績和投資組合調整已開始改變這一敍述。</p>
<p>花旗的托馬斯·肖維特表示，投資者 “寄希望於德梅奧領導下的深刻組織和戰略變革”。</p>
<p>“希望的交易可能會繼續，” 他寫道，暗示投資者的熱情可能在開雲明年的戰略更新之前持續。</p>
<p>這篇文章的標題為《開雲股價因古馳復甦而飆升：轉機終於在望嗎？》，首次出現在 Invezz 上。</p>

開雲(ADR)

<p>開雲 (ADR) 的股價在報告了超出預期的 Gucci 銷售額後上漲了 8.3%，這標誌着奢侈品集團可能迎來轉機。該公司報告本季度收入為 34.2 億歐元，超出分析師預期。首席執行官 Luca de Meo 的重組努力以及 Gucci 的新領導層增強了投資者信心。分析師們看到復甦的早期跡象，但仍然呼籲謹慎，等待開雲的全年業績和戰略計劃。最近以 47 億美元將化妝品品牌出售給歐萊雅的交易進一步支持了 De Meo 專注於核心時尚業務的戰略</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>奢侈品牌集團開雲（Kering）週四股價大幅上漲，此前該法國奢侈品集團報告其旗艦品牌的銷售額超出預期，提升了人們對期待已久的轉機可能正在形成的樂觀情緒。</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盤交易中一度上漲 9.2%，達到 346.75 歐元，隨後略微回落，截至上午 11:02 交易上漲 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>這一漲勢延續了開雲今年以來強勁的表現，2025 年開雲的股價已上漲超過 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>最新的提振來自於投資者繼續支持首席執行官盧卡·德梅奧（Luca de Meo）為集團制定的重組計劃。</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>自從開雲的董事長兼控股股東弗朗索瓦 - 亨利·皮諾（François-Henri Pinault）在 6 月宣佈德梅奧將接任首席執行官以來，股價幾乎翻了一番。</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>來源：路透社</em></p>
</div><h2>Gucci leads an encouraging quarter for the group</h2>
<div class="lb-trans"><h2>古馳引領集團的積極季度</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>開雲報告截至 9 月的季度收入為 34.2 億歐元（39.7 億美元），高於 Visible Alpha 調查的分析師預期的 33.2 億歐元。</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>作為集團最大且最受關注的品牌，古馳的收入為 13.4 億歐元，略高於預期的 13.3 億歐元。</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>儘管整體銷售同比仍下降 10%，但下降幅度較前幾個季度有所減緩，表明集團在經歷動盪期後可能正在穩定。</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>“開雲的故事和這些結果中有很多值得關注的地方，” 德意志銀行分析師表示，強調古馳的 “積極信號”，包括新手袋系列的強勁表現。</p>
</div><h2>De Meo’s rapid restructuring wins investor confidence</h2>
<div class="lb-trans"><h2>德梅奧的快速重組贏得投資者信心</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>盧卡·德梅奧，前雷諾首席執行官和汽車行業資深人士，儘管沒有奢侈時尚的經驗，但在今年早些時候接任開雲的掌門人。</p>
</div><p>His appointment came as Gucci’s growth faltered and investor confidence wavered.</p>
<div class="lb-trans"><p>他的任命是在古馳的增長放緩和投資者信心動搖之際。</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>自那時起，德梅奧迅速採取行動，刷新公司的領導層和創意方向。</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>他在古馳任命了一位新首席執行官，並任命丹瑪·格瓦薩利亞（Denma Gvasalia）為藝術總監，這一創意舉措在時尚界獲得了良好反響。</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>“我們正在不懈努力實現轉機，這從我們最近的決策中可以看出，” 德梅奧在財報發佈後對投資者表示。</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 資本市場的分析師將本季度描述為 “朝着收入穩定邁出的令人鼓舞的第一步，尤其是對於古馳品牌而言。”</p>
</div><h2>Analysts see early signs of recovery but urge caution</h2>
<div class="lb-trans"><h2>分析師看到復甦的早期跡象，但呼籲謹慎</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>花旗分析師指出，超過三年來首次出現 “明顯缺乏盈利下調”，這表明市場情緒可能正在轉變。</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，他們警告稱，在開雲公佈全年業績和新的戰略計劃之前，他們 “不會追逐” 所謂的 “FOMO 反彈”，預計這些將在明年初公佈。</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 分析師張傑表示，第三季度的業績表明開雲 “正在恢復實力”，併為 2026 年提供了 “更好的可見性”。</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>“儘管完全復甦的道路依然漫長，但本季度表明集團已達到穩定點，並進入早期復甦階段，” 張傑表示。</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>瑞銀分析師也表達了類似的觀點，指出開雲的表現 “在所有品牌中都超出預期”，儘管他們對該股維持中性評級。</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>他們警告稱，目前尚不清楚集團的改善是否反映了更廣泛的奢侈品反彈或內部重組的勢頭。</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>進一步增強積極情緒的是，開雲最近與歐萊雅達成了一項價值 47 億美元的交易，出售其化妝品和香水品牌。</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>此次剝離標誌着德梅奧戰略的又一步，旨在精簡運營並專注於核心時尚和皮革製品。</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>今年早些時候，開雲的股價因投資者對古馳放緩的擔憂而停滯不前，儘管博特加·韋尼塔等品牌表現穩定。</p>
</div><p>The latest quarterly results and portfolio moves have begun to shift that narrative.</p>
<div class="lb-trans"><p>最新的季度業績和投資組合調整已開始改變這一敍述。</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>花旗的托馬斯·肖維特表示，投資者 “寄希望於德梅奧領導下的深刻組織和戰略變革”。</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>“希望的交易可能會繼續，” 他寫道，暗示投資者的熱情可能在開雲明年的戰略更新之前持續。</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>這篇文章的標題為《開雲股價因古馳復甦而飆升：轉機終於在望嗎？》，首次出現在 Invezz 上。</p>
</div>

開雲 (ADR) 股價因古馳的復甦而大漲：轉機是否終於出現？