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奢侈品行業(yè)消費(fèi)低迷,LVMH老板的財(cái)富縮水

PRARTHANA PRAKASH
2023-10-14

5月份,LVMH的股價(jià)下跌,曾導(dǎo)致阿爾諾的財(cái)富在一天內(nèi)減少了112億美元。

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奢侈品業(yè)巨頭LVMH的董事長(zhǎng)兼CEO貝爾納·阿爾諾。圖片來(lái)源:EDWARD BERTHELOT —— 蓋蒂圖片社

今年早些時(shí)候,奢侈品消費(fèi)大幅增長(zhǎng),使LVMH老板貝爾納·阿爾諾取代了特斯拉(Tesla)CEO埃隆·馬斯克,成為全球第二大首富。隨著LVMH旗下迪奧(Christian Dior)和路易威登(Louis Vuitton)等主要品牌的強(qiáng)勢(shì)復(fù)蘇,阿爾諾的個(gè)人財(cái)富最高時(shí)曾突破2,000億美元。

之后,他的財(cái)富持續(xù)減少,目前在億萬(wàn)富翁榜單上排在第二位。隨著經(jīng)濟(jì)的持續(xù)低迷,消費(fèi)者緊縮開(kāi)支,減少奢侈品消費(fèi),他的財(cái)富可能進(jìn)一步減少。

LVMH周二公布的第三季度營(yíng)收顯示,消費(fèi)者正在減少奢侈品消費(fèi),尤其是美國(guó)和歐洲的消費(fèi)者。LVMH集團(tuán)第三季度銷(xiāo)售額增長(zhǎng)9%,達(dá)到199億歐元(約合211億美元),增速低于上一季度的17%。

LVMH首席財(cái)務(wù)官讓-雅克·吉奧尼對(duì)分析師表示:“經(jīng)過(guò)三年高速增長(zhǎng)和業(yè)績(jī)優(yōu)異的幾年后,公司的銷(xiāo)售增長(zhǎng)速度日益趨向于歷史平均水平。”

該公司的多個(gè)關(guān)鍵部門(mén),包括時(shí)裝和皮革制品等,均收入增長(zhǎng)放緩。紅酒和烈酒業(yè)務(wù)的銷(xiāo)售額下滑10%,LVMH表示銷(xiāo)售下滑的原因是“后疫情時(shí)代的需求正常化及其零售商庫(kù)存的持續(xù)高企”。還有其他多個(gè)因素導(dǎo)致?tīng)I(yíng)收數(shù)據(jù)下滑,例如歐元兌美元升值。

新冠的后續(xù)影響

公司銷(xiāo)售增長(zhǎng)速度放緩表明奢侈品行業(yè)正在調(diào)整。新冠疫情期間,人們將封鎖期間積攢的儲(chǔ)蓄慷慨地用于購(gòu)買(mǎi)高端商品。LVMH從中受益,在疫情最嚴(yán)重時(shí),公司的營(yíng)收大幅增長(zhǎng)。

但奢侈品需求日漸低迷的跡象越來(lái)越明顯,例如本周早些時(shí)候,跟蹤歐洲10只奢侈品股票的指數(shù),創(chuàng)下自2020年以來(lái)的最大季度跌幅。該指數(shù)中包括LVMH和英國(guó)時(shí)尚品牌博柏利(Burberry)等股票。9月,LVMH失去了歐洲最有價(jià)值的公司的地位,被丹麥制藥業(yè)巨頭諾和諾德(Novo Nordisk)取代。

LVMH是歐洲市值最高的公司之一,也是奢侈品行業(yè)的領(lǐng)軍者,它的表現(xiàn)被視為整個(gè)行業(yè)的風(fēng)向標(biāo)。LVMH的業(yè)績(jī)可能為愛(ài)馬仕(Hermès)和開(kāi)云集團(tuán)(Kering)等品牌定下了基調(diào)。這些公司將于本月晚些時(shí)候公布業(yè)績(jī)。

瑞銀集團(tuán)(UBS)分析師指出,LVMH的業(yè)績(jī)“證實(shí)了在宏觀經(jīng)濟(jì)疲軟的背景下,奢侈品行業(yè)正在逐漸趨于正常”。然而,他們同時(shí)強(qiáng)調(diào),在當(dāng)前的經(jīng)濟(jì)壓力下,LVMH仍然被認(rèn)為是奢侈品行業(yè)中最具投資價(jià)值的股票。

瑞銀分析師在周三的一份報(bào)告(《財(cái)富》雜志查閱了這份報(bào)告)中表示:“我們依舊相信,LVMH一流的品牌組合、整個(gè)行業(yè)穩(wěn)健的長(zhǎng)期基本面以及公司的定價(jià)能力,意味著在當(dāng)前動(dòng)蕩的環(huán)境下,LVMH依舊是最值得持有的股票之一。”

LVMH的業(yè)績(jī)肯定有能力實(shí)現(xiàn)反彈,在逆境下保持增長(zhǎng)。

LVMH在周二的一份聲明中表示:“在動(dòng)蕩的經(jīng)濟(jì)和地緣政治環(huán)境中,本集團(tuán)對(duì)持續(xù)增長(zhǎng)充滿(mǎn)信心。”

阿爾諾個(gè)人財(cái)富的起伏

根據(jù)彭博億萬(wàn)富翁指數(shù)(Bloomberg Billionaires Index)的數(shù)據(jù)顯示,法國(guó)億萬(wàn)富翁阿爾諾目前的個(gè)人財(cái)富約為1,690億美元。然而,作為L(zhǎng)VMH的董事長(zhǎng)兼CEO,他的大部分財(cái)富都與LVMH的股票掛鉤,其中包括在迪奧97.5%的股份。

他的財(cái)富隨著奢侈品行業(yè)的興衰而波動(dòng)。投資者對(duì)暗淡的經(jīng)濟(jì)前景和高通脹的擔(dān)憂(yōu)也體現(xiàn)在奢侈品板塊的股價(jià)上,包括LVMH,進(jìn)而影響了阿爾諾的財(cái)富。例如,5月份,LVMH的股價(jià)下跌,導(dǎo)致阿爾諾的財(cái)富在一天內(nèi)減少了112億美元。

當(dāng)LVMH的股價(jià)上漲時(shí),阿爾諾的凈財(cái)富增長(zhǎng),并讓他在去年多次超過(guò)馬斯克。據(jù)福布斯估計(jì),2020年至2021年,LVMH老板的財(cái)富增長(zhǎng)了一倍以上,從760億美元增長(zhǎng)到1,863億美元。

74歲的阿爾諾有五個(gè)子女,他們已在他的奢侈品帝國(guó)擔(dān)任高管職位。盡管其中一個(gè)孩子已經(jīng)準(zhǔn)備好接替阿爾諾,但阿爾諾可能會(huì)延長(zhǎng)在位時(shí)間。去年,LVMH將董事長(zhǎng)兼CEO的退休年齡從75歲推遲到80歲。(財(cái)富中文網(wǎng))

譯者:劉進(jìn)龍

審校:汪皓

奢侈品業(yè)巨頭LVMH的董事長(zhǎng)兼CEO貝爾納·阿爾諾。

今年早些時(shí)候,奢侈品消費(fèi)大幅增長(zhǎng),使LVMH老板貝爾納·阿爾諾取代了特斯拉(Tesla)CEO埃隆·馬斯克,成為全球第二大首富。隨著LVMH旗下迪奧(Christian Dior)和路易威登(Louis Vuitton)等主要品牌的強(qiáng)勢(shì)復(fù)蘇,阿爾諾的個(gè)人財(cái)富最高時(shí)曾突破2,000億美元。

之后,他的財(cái)富持續(xù)減少,目前在億萬(wàn)富翁榜單上排在第二位。隨著經(jīng)濟(jì)的持續(xù)低迷,消費(fèi)者緊縮開(kāi)支,減少奢侈品消費(fèi),他的財(cái)富可能進(jìn)一步減少。

LVMH周二公布的第三季度營(yíng)收顯示,消費(fèi)者正在減少奢侈品消費(fèi),尤其是美國(guó)和歐洲的消費(fèi)者。LVMH集團(tuán)第三季度銷(xiāo)售額增長(zhǎng)9%,達(dá)到199億歐元(約合211億美元),增速低于上一季度的17%。

LVMH首席財(cái)務(wù)官讓-雅克·吉奧尼對(duì)分析師表示:“經(jīng)過(guò)三年高速增長(zhǎng)和業(yè)績(jī)優(yōu)異的幾年后,公司的銷(xiāo)售增長(zhǎng)速度日益趨向于歷史平均水平。”

該公司的多個(gè)關(guān)鍵部門(mén),包括時(shí)裝和皮革制品等,均收入增長(zhǎng)放緩。紅酒和烈酒業(yè)務(wù)的銷(xiāo)售額下滑10%,LVMH表示銷(xiāo)售下滑的原因是“后疫情時(shí)代的需求正常化及其零售商庫(kù)存的持續(xù)高企”。還有其他多個(gè)因素導(dǎo)致?tīng)I(yíng)收數(shù)據(jù)下滑,例如歐元兌美元升值。

新冠的后續(xù)影響

公司銷(xiāo)售增長(zhǎng)速度放緩表明奢侈品行業(yè)正在調(diào)整。新冠疫情期間,人們將封鎖期間積攢的儲(chǔ)蓄慷慨地用于購(gòu)買(mǎi)高端商品。LVMH從中受益,在疫情最嚴(yán)重時(shí),公司的營(yíng)收大幅增長(zhǎng)。

但奢侈品需求日漸低迷的跡象越來(lái)越明顯,例如本周早些時(shí)候,跟蹤歐洲10只奢侈品股票的指數(shù),創(chuàng)下自2020年以來(lái)的最大季度跌幅。該指數(shù)中包括LVMH和英國(guó)時(shí)尚品牌博柏利(Burberry)等股票。9月,LVMH失去了歐洲最有價(jià)值的公司的地位,被丹麥制藥業(yè)巨頭諾和諾德(Novo Nordisk)取代。

LVMH是歐洲市值最高的公司之一,也是奢侈品行業(yè)的領(lǐng)軍者,它的表現(xiàn)被視為整個(gè)行業(yè)的風(fēng)向標(biāo)。LVMH的業(yè)績(jī)可能為愛(ài)馬仕(Hermès)和開(kāi)云集團(tuán)(Kering)等品牌定下了基調(diào)。這些公司將于本月晚些時(shí)候公布業(yè)績(jī)。

瑞銀集團(tuán)(UBS)分析師指出,LVMH的業(yè)績(jī)“證實(shí)了在宏觀經(jīng)濟(jì)疲軟的背景下,奢侈品行業(yè)正在逐漸趨于正常”。然而,他們同時(shí)強(qiáng)調(diào),在當(dāng)前的經(jīng)濟(jì)壓力下,LVMH仍然被認(rèn)為是奢侈品行業(yè)中最具投資價(jià)值的股票。

瑞銀分析師在周三的一份報(bào)告(《財(cái)富》雜志查閱了這份報(bào)告)中表示:“我們依舊相信,LVMH一流的品牌組合、整個(gè)行業(yè)穩(wěn)健的長(zhǎng)期基本面以及公司的定價(jià)能力,意味著在當(dāng)前動(dòng)蕩的環(huán)境下,LVMH依舊是最值得持有的股票之一。”

LVMH的業(yè)績(jī)肯定有能力實(shí)現(xiàn)反彈,在逆境下保持增長(zhǎng)。

LVMH在周二的一份聲明中表示:“在動(dòng)蕩的經(jīng)濟(jì)和地緣政治環(huán)境中,本集團(tuán)對(duì)持續(xù)增長(zhǎng)充滿(mǎn)信心。”

阿爾諾個(gè)人財(cái)富的起伏

根據(jù)彭博億萬(wàn)富翁指數(shù)(Bloomberg Billionaires Index)的數(shù)據(jù)顯示,法國(guó)億萬(wàn)富翁阿爾諾目前的個(gè)人財(cái)富約為1,690億美元。然而,作為L(zhǎng)VMH的董事長(zhǎng)兼CEO,他的大部分財(cái)富都與LVMH的股票掛鉤,其中包括在迪奧97.5%的股份。

他的財(cái)富隨著奢侈品行業(yè)的興衰而波動(dòng)。投資者對(duì)暗淡的經(jīng)濟(jì)前景和高通脹的擔(dān)憂(yōu)也體現(xiàn)在奢侈品板塊的股價(jià)上,包括LVMH,進(jìn)而影響了阿爾諾的財(cái)富。例如,5月份,LVMH的股價(jià)下跌,導(dǎo)致阿爾諾的財(cái)富在一天內(nèi)減少了112億美元。

當(dāng)LVMH的股價(jià)上漲時(shí),阿爾諾的凈財(cái)富增長(zhǎng),并讓他在去年多次超過(guò)馬斯克。據(jù)福布斯估計(jì),2020年至2021年,LVMH老板的財(cái)富增長(zhǎng)了一倍以上,從760億美元增長(zhǎng)到1,863億美元。

74歲的阿爾諾有五個(gè)子女,他們已在他的奢侈品帝國(guó)擔(dān)任高管職位。盡管其中一個(gè)孩子已經(jīng)準(zhǔn)備好接替阿爾諾,但阿爾諾可能會(huì)延長(zhǎng)在位時(shí)間。去年,LVMH將董事長(zhǎng)兼CEO的退休年齡從75歲推遲到80歲。(財(cái)富中文網(wǎng))

譯者:劉進(jìn)龍

審校:汪皓

Big gains in luxury spending helped LVMH boss Bernard Arnault overtake Tesla CEO Elon Musk as the world’s richest man earlier this year. At its peak, Arnault’s wealth was north of $200 billion, thanks to handsome returns on LVMH’s key brands including Christian Dior and Louis Vuitton.

His wealth has since dropped—he holds second-place in the list of billionaires now—and it stands to fall further as consumers bite the bullet by curbing luxury spending amid economic woes.

LVMH’s third quarter earnings, released Tuesday, reveal that shoppers are pulling back from indulging in luxury products—especially in the U.S. and Europe. The group’s sales rose 9% to €19.9 billion ($21.1 billion) during the period—a slower pace compared to 17% in the previous quarter.

“After three roaring years, and outstanding years, growth is converging toward numbers that are more in line with historical average”, LVMH’s CFO Jean-Jacques Guiony told analysts.

Revenue growth was slower in some of the conglomerates’ crucial divisions, including fashion and leather goods. Sales also slid 10% in wines and spirits, which LVMH said was a factor of “post-Covid normalization of demand and the continued high inventory levels of its retailers.” There were a few other factors that pulled earnings figures down, such as a stronger euro against the U.S. dollar.

COVID hangover

The easing pace of sales growth points to a correction in the luxury industry after the COVID-19 pandemic drove people to spend generously on high-end goods with their piled-up lockdown savings. LVMH benefited from it as the company saw its top line jump during the peak of the pandemic.

But signs that the appetite for luxury goods may be waning are becoming apparent—for instance, an index tracking 10 European luxury stocks including LVMH and British fashion house Burberry reported its biggest quarterly decline since 2020 earlier this week. Arnault’s company also lost its position as Europe’s most valuable company in September to Danish pharma giant Novo Nordisk.

LVMH, which is among Europe’s largest companies by market capitalization as well as a leader in the luxury space, is seen as a bellwether of sorts for the industry. LVMH’s results could set the tone for other brands, including Hermès and Kering, on their earnings due later this month.

UBS analysts said LVMH’s results “confirmed the ongoing normalisation in the sector, driven by weakening macro,” but said the company’s stock is the best one to own in the luxury space amid economic pressures.

“We continue to believe that LVMH’s best-in-class brand portfolio, the sound LT (long-term) fundamentals of the industry and its pricing power still position it as one of the best stocks to own in the sector in this uncertain context,” UBS analysts said in a note Wednesday, viewed by Fortune.

And for its part, LVMH is sure of its ability to bounce back and keep growing despite the headwinds.

“In an uncertain economic and geopolitical environment, the Group is confident in the continuation of its growth,” LVMH said in a statement Tuesday.

Ebbs and flows of Arnault’s wealth

The French billionaire has an estimated $169 billion in personal wealth now, per the Bloomberg Billionaires Index. But as the chairman and CEO of LVMH, his wealth is largely tied to the shares of the luxury conglomerate, including a 97.5% stake in Dior.

His wealth has fluctuated with the ups and downs of the luxury industry. Investor angst over the dampening economic prospects and high inflation have reflected on the stock price of luxury stocks like LVMH which, in turn, have hurt Arnault’s wealth. In May, for instance, the tycoon’s wealth plunged $11.2 billion in a day as the company’s share price took a hit.

But whenever the luxury company made strides, Arnault’s net worth was boosted, leading him to surpass Musk a handful of times in the last year. Between 2020 and 2021, the LVMH boss’ fortune more than doubled from $76 billion to $186.3 billion, according to Forbes’s estimate.

Although one of the 74-year-old executive’s five children, who already occupy senior roles in the luxury empire, are poised to take on the mantle from Arnault, he might stay on a little longer. Last year, LVMH extended the retirement age of its chairman and CEO from 75 to 80.

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