CD Voice podcast

英语新闻丨头部奢侈品集团见证中国市场复苏迹象

10/22/2025
0:00
3:40
Rewind 15 seconds
Fast Forward 15 seconds

LVMH Moet Hennessy Louis Vuitton, the world's largest luxury goods group, has reported revenue of 58.1 billion euros ($67.7 billion) for the first nine months of 2025, up 1 percent year-on-year, buoyed by improving demand in China.

全球最大奢侈品集团路威酩轩(LVMH Moet Hennessy Louis Vuitton)公布,2025年前9个月营收达581亿欧元(约合677亿美元),同比增长1%,这一增长得益于中国市场需求的改善。

The modest uptick offers a positive signal for a global luxury sector struggling with a waning appetite for high-end goods.

这一温和增长为全球奢侈品行业释放了积极信号——目前该行业正受高端商品需求减弱的困扰。

The company said it maintained "good resilience and powerful innovative momentum" despite ongoing geopolitical and economic uncertainty.

该公司表示,尽管地缘政治和经济不确定性持续存在,仍保持了“良好的韧性和强劲的创新势头”。

Revenue in Europe and the United States remained broadly stable compared with the same period in 2024, supported by solid local demand.

在强劲本土需求的支撑下,欧洲和美国市场的营收与2024年同期相比基本保持稳定。

Japan posted a decline, reflecting a normalization from last year's tourist-driven surge fueled by a weaker yen.

日本市场营收出现下滑,这一现象反映出市场正从去年的增长中回归常态——去年日元贬值推动旅游消费激增,带动了日本奢侈品市场增长。

Meanwhile, the rest of Asia — largely dominated by China — recorded a notable turnaround, with 2 percent growth after contractions of 6 percent and 11 percent in previous quarters this year.

与此同时,以中国为主要市场的“亚洲其他地区”实现显著回暖:在今年前两个季度分别收缩6%和11%后,该区域此次录得2%的增长。

The third quarter was LVMH's first of organic growth this year, with all groups and regions improving except Europe, where tourist spending fell due to currency shifts.

今年第三季度是LVMH首次实现自然增长的季度,所有业务板块和地区均有所好转,唯有欧洲例外——该地区因汇率变动导致旅游消费下降。

"The Chinese mainland market turned positive in Q3," Chief Financial Officer Cecile Cabanis told analysts during an earnings call. "We are getting very close to stabilization. Chinese local demand is now growing mid to high-single digits, and while Chinese travel purchases are still down double digits, they are improving significantly."

“中国大陆市场在第三季度转为正增长,”首席财务官塞西尔·卡巴尼(Cecile Cabanis)在财报电话会议上对分析师表示,“我们已非常接近市场稳定状态。中国本土需求目前正以中高个位数增长;尽管中国消费者境外旅游购物支出仍呈两位数下降,但降幅已显著收窄。”

Cabanis cautioned that LVMH faces headwinds heading into the fourth quarter, including unfavorable currency movements and a challenging macroeconomic outlook. However, she expressed confidence in the group's creative momentum, noting that financial improvement would come "gradually" over time.

卡巴尼提醒,LVMH在进入第四季度时面临不利因素,包括汇率波动带来的负面影响和严峻的宏观经济前景。不过,她对集团的创新势头表示有信心,并指出财务状况的改善将“逐步”实现。

Chinese consumers have long driven luxury market growth, but recent years saw slowed spending, particularly among younger buyers, impacting brands like Gucci, whose first-half sales fell 26 percent this year.

长期以来,中国消费者一直是奢侈品市场增长的核心驱动力,但近年来消费增速放缓,年轻消费者群体的支出尤为明显,这对古驰(Gucci)等品牌造成影响——该品牌今年上半年销售额下降了26%。

Despite that, Zhou Ting, head of consultancy Yaok Institute, said LVMH's recent rebound in China was closely tied to Louis Vuitton's marketing efforts.

尽管如此,要客研究院院长周婷表示,LVMH此次在中国市场的复苏与路易威登(Louis Vuitton)的营销举措密切相关。

Launched in June in Shanghai, in the shape of a magnificent boat, "The Louis" is a 1,600-square-meter, three-storey experience space, measuring 114.5 meters in length and 30 meters in height, comprising retail, Le Cafe Louis Vuitton, and a Louis Vuitton Visionary Journeys exhibition.

今年6月,路易威登在上海推出了“路易号”(The Louis)——这一体验空间以华丽的船只为造型,总面积1600平方米,共三层,长114.5米、高30米,涵盖零售区、路易威登咖啡馆(Le Cafe Louis Vuitton)以及“路易威登创想之旅”展览。

"'The Louis' concept has been a major contributor to LVMH's performance recovery in China," Zhou told Beijing Business Today.

“‘路易号’这一概念是LVMH在中国市场业绩复苏的重要推动因素,”周婷在接受《北京商报》采访时表示。

"The project has helped LV stand out amid a sluggish market, generating both attention and sales," Zhou added.

“该项目帮助路易威登在低迷的市场中脱颖而出,既吸引了关注度,也带动了销售额增长,”周婷补充道。

Zhou said that LVMH's broader "store optimization strategy" — closing smaller locations, expanding flagship experiences, and engaging with high-end communities through exclusive events — has enhanced its brand performance in China.

周婷指出,LVMH更广泛的“门店优化战略”也提升了其在中国的品牌表现,具体举措包括关闭小型门店、扩大旗舰店体验空间,以及通过专属活动与高端客群建立联系。

Euromonitor International projects a gradual recovery for China's luxury market, with retail value to rise to 3.13 trillion yuan ($380 million) this year from 3.01 trillion yuan in 2024.

欧睿国际(Euromonitor International)预测,中国奢侈品市场将逐步复苏,零售总额将从2024年的3.01万亿元增长至今年的3.13万亿元(约合3.8亿美元)。

LVMH Group

n.路威酩轩集团(全球最大奢侈品集团)

/ˌel viː em ˈeɪtʃ ɡruːp/

Chinese luxury consumers

n.中国奢侈品消费者

/ˌtʃaɪˈniːz ˈlʌkʃəri kənˈsjuːməz/



More episodes from "CD Voice"