轻工制造行业动态报告:25W31:25Q2外资高奢品牌继续降速 亚太区有所恢复但仍承压

中信建投证券
Aug 03, 2025

核心要点核心要点:固定汇率下,CY25Q2爱马仕、LVMH、开云、Prada集团营收同比+17.6%、-4%、-18%、+6.1%,大部分品牌整体增速较Q1有所降速,品牌之间分化加剧。分地区看,25Q2日本地区因去年同期汇率优势下的高基数降幅扩大,其中亚太(除日本)地区有所回暖,25Q2爱马仕、LVMH、开云、Prada集团分别同比+8.9%、-6%、-25%、+11.3%,较25Q1的+1.2%...

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