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In the midst of the third-quarter slowdown affecting the major luxury players, only three stocks seem to stand out<\/strong><\/b>: Prada, Herm\u00e8s and Cucinelli<\/strong><\/b>. While Kering has been particularly hard hit, LVMH has not escaped the sector’s gloom.<\/p>\n <\/p>\n However, glimmers of hope are emerging with the new Chinese government measures.<\/p>\n <\/p>\n <\/p>\n The Prada Group<\/b>, listed in Hong Kong since 2011, has once again reported double-digit quarterly growth (+18%)<\/b>, defying the slowdown in global demand for luxury goods. This makes 15 consecutive quarters of growth!<\/b> This exceptional performance is due to the resilience of the Prada brand and the sustained momentum of Miu Miu<\/b>, positioning the Group as a rare exception in the sector.<\/p>\n <\/p>\n Indeed, Miu Miu’s unique identity, as exemplified by the style of the mini-skirt and underwear lingerie, has increased its desirability and influence in the women’s fashion industry. Miu Miu, while enjoying continued double-digit growth, remains relatively modest, contributing around 25% of total retail sales.<\/p>\n <\/p>\n Although Prada does not seem totally immune to the economic slowdown in China, the Group confirms its ability to maintain a progressive margin trajectory<\/b>, signalling its confidence in its ability to achieve a margin above its medium-term target (20%) for the third year running.<\/p>\n <\/p>\n For its part, Herm\u00e8s once again did not disappoint<\/b>, with sales growth of over 13%<\/b>. Thanks to a very wealthy and loyal clientele, its business was relatively unaffected by the loss of consumer confidence in China<\/b>. However,<\/b> Herm\u00e8s’growth<\/b> in the Asia-Pacific region (excluding Japan) decelerated during the summer months<\/b> to 1%, compared with 5.5% in the second quarter. However, this was more than offset in Japan (+22.8% in the third quarter).<\/p>\n <\/p>\n As usual, Herm\u00e8s is not giving an annual target, but the operating margin of 40% could be maintained, despite negative currency impacts.<\/p>\n <\/p>\n Cucinelli <\/b>appears to be the third and last luxury brand to do well. The cashmere specialist saw its revenues grow by +12.4% over the first 9 months of the year.<\/b> This dynamic performance was made possible by a desirable quiet luxury offering, price increases and numerous new store openings. Optimistically, the Italian fashion house is even aiming for 10% growth for the full year 2024, which many market players consider to be wishful thinking.<\/b><\/p>\n <\/p>\n <\/span><\/p>\n <\/span><\/p>\n \t\tPrada and Herm\u00e8s continue to impress with double-digit growth rates<\/b><\/h2>\n
Moncler comes down to earth<\/b><\/h2>\n