Core Viewpoint - The global luxury goods market is facing significant challenges due to the impact of tariffs imposed by the Trump administration, leading to a decline in stock values and overall market performance [1][7]. Group 1: Market Performance - Goldman Sachs' luxury goods stock index has lost over $200 billion since its peak in February, marking a 12% decline this year, potentially the worst annual performance since 2018 [1]. - Prada's stock fell nearly 9% to HKD 44.65, with a total market capitalization of HKD 119.625 billion, reflecting a cumulative drop of over 32% since late February [1][2]. Group 2: Acquisition Details - Prada announced its largest acquisition in its 112-year history, planning to purchase Versace for $1.375 billion (approximately RMB 10.057 billion), with the deal expected to close in the second half of 2025 [2][5]. - Following the acquisition, Versace will operate as a subsidiary of Prada, despite facing significant financial challenges [2][5]. Group 3: Financial Performance - For the fiscal year 2024, Prada reported revenues of €5.432 billion, a 17% increase year-on-year, and a net profit of €839 million, up 25% [3]. - In contrast, Versace's revenue for the fiscal year 2024 was $1.03 billion, a decline of 6.9%, with a profit margin of only 0.4% [4]. Group 4: Market Outlook - The luxury goods market is experiencing pessimism, with analysts predicting only a 2% to 5% annual growth in global luxury sales from 2025 to 2027 [9]. - Bernstein has revised its 2025 global luxury growth forecast down from 5% to a decrease of 2% due to the adverse effects of tariffs and economic uncertainty [10].

国家药监局发布《化妆品安全风险监测与评价管理办法》 针对此次收购，安踏集团董事局主席丁世忠表示："狼爪定位大众户外运动，为全球运动户外及都市轻 户外客群提供了先进的专业装备及体验，拥有顶尖科技、品质卓越及可持续性创新，且与集团现有的高 端户外品牌群形成差异化的品牌定位，使集团户外运动品牌从高端延伸至更广泛的消费群体，是我们在 户外赛道上一块新的价值拼图。" 普拉达计划以13.75亿美元收购范思哲 意大利奢侈品巨头普拉达日前在港交所发布公告：计划以13.75亿美元的价格收购意大利时尚品牌范思 哲（Versace）。交易完成后，范思哲将成为普拉达全资附属公司，保留原有品牌创意团队，但供应 链、渠道资源将全面整合至普拉达体系。普拉达是全球知名的奢侈品品牌，由Mario Prada于1913年在意 大利米兰创立。范思哲是意大利时尚界的传奇品牌，由Gianni Versace于1978年创立。两大品牌的合体 意味着传统奢侈品集团对抗LVMH等超级巨头的战略突围进入新阶段。 （文章来源：广州日报） 近日，国家药监局发布《化妆品安全风险监测与评价管理办法》（2025年第37号），该办法自2025年8 月1日起施行。该办法旨 ...

Prada集团预计，在2025财年(截至3月底)，范思哲将实现8.1亿欧元的销售额，息税前利润率(EBIT Margin)预计为负，约在-HSD%(文档中未明确HSD%的具体含义)。作为参考，Prada还预计，在 Prada2024财年的预估数据中，范思哲将占集团收入的13%，集团息税前利润率将从报告的23.6%降至约 20%。Prada表示，此次收购的目标是充分挖掘范思哲品牌的潜力，利用其丰富的品牌传承和鲜明、易 于识别的美学风格。Prada还认为，从规模效益角度出发，范思哲可以在24-48个月的时间内，借助集团 的运营平台(供应链、零售网络)实现进一步发展。 Prada于4月10日宣布，已与Capri Holdings达成协议，将收购范思哲100%的股权。虽然该交易尚需获得 某些监管部门的批准，但公司预计将于2025年下半年完成收购。根据公司提供的数据，Prada将以12.5 亿欧元的企业价值收购范思哲，具体金额在交易完成时可能会有所调整。为了为此次收购提供资金， Prada计划筹集15亿欧元的新债务，其中包括10亿欧元的定期贷款和5亿欧元的过渡性贷款安排，以保持 资产负债表的灵活性。截至2024年12月 ...

Core Viewpoint - Versace has been sold to Prada for $1.375 billion, approximately 33% less than the $2.15 billion paid by Capri Holdings seven years ago [1][2] Group 1: Acquisition Details - Prada announced on April 10 that it plans to acquire Versace for $1.375 billion (approximately €1.25 billion) [2] - Following the acquisition, Versace will become a subsidiary of Prada, which aims to leverage Versace's distinct aesthetic to complement its brand portfolio [2] - The acquisition price values Versace at 1.33 times its projected revenue for the fiscal year 2024 [6] Group 2: Financial Performance - Capri Holdings, Versace's parent company, has faced declining revenues, with a reported third-quarter revenue of $1.26 billion for the fiscal year ending December 28, 2024, down 11.6% year-over-year [4] - Versace's performance has been the weakest among Capri's brands, with a 28.2% year-over-year revenue drop to $201 million in the second quarter of fiscal 2025 [4] - In contrast, Prada reported a revenue of €5.432 billion for 2024, a 17% increase year-over-year, and a net profit of €839 million, marking a 25% increase [5] Group 3: Market Context and Challenges - The global luxury goods market is experiencing a downturn, with forecasts predicting annual growth of only 2% to 5% from 2025 to 2027 [7] - Analysts express mixed opinions on whether Prada's acquisition of Versace will be beneficial or pose financial risks, given the differing styles and consumer positioning of the two brands [6][7] - Prada's previous acquisition attempts have not been successful, raising concerns about its ability to enhance Versace's profitability [6]

每经记者 杜蔚 每经编辑 魏官红 奢侈品行业备受关注的"意式"豪门联姻终于尘埃落定：美杜莎真的要"嫁入"倒三角标了。 4月10日晚，意大利奢侈品巨头普拉达（01913.HK，品牌名"Prada"）在港交所发布公告称，计划以13.75亿美元（约合人民币100.57亿 元）的价格收购意大利时尚品牌范思哲（Versace）。范思哲母公司美国奢侈品集团Capri Holdings Limited（以下简称Capri集团）也在 随后发布相关公告称，已与普拉达达成最终协议。4月11日，普拉达股价上涨2.4%至49港元/股，总市值达1254亿港元。 图片来源：Capri集团官网截图 其实从今年年初开始，有关普拉达欲收购范思哲的消息便陆续传出。《每日经济新闻》记者注意到，这或是范思哲七年来二度被卖。 2018年，Capri集团以18.3亿欧元（按当时汇率约合21.5亿美元）收购范思哲，而此番普拉达13.75亿美元（约合12.08亿欧元）的收购价 格，较此前低了约三分之一。 从财务状况来看，范思哲2025财年销售额预计下降至8.1亿美元；而相较于LVMH（路威酩轩集团）等奢侈品集团的业绩下滑，普拉达 逆势增长，其最新财报显示， ...

Core Viewpoint - HSBC Research indicates that Prada's acquisition of Versace comes at an opportune time, potentially differing from its past unsuccessful mergers and acquisitions [1] Group 1: Acquisition Timing and Strategy - Prada's historical acquisition attempts have often ended in failure, but the current acquisition of Versace may be more successful due to strategic fit [1] - As both companies are headquartered in Milan, Prada is well-positioned to manage Versace more efficiently, potentially reducing store numbers and leveraging brand recognition more effectively [1] Group 2: Market Reaction and Price Assessment - Given the macroeconomic uncertainties and skepticism towards luxury goods, the timing and price of the acquisition may prove to be advantageous in hindsight [1] - HSBC maintains a target price of HKD 64 and a "Buy" rating for Prada, despite initial market concerns regarding the acquisition [1]

A股账户直接买港股！T+0交易，当天买卖不怕被套>> 普拉达高开7.63%，消息面上，普拉达将以13.75亿美元收购范思哲。 ...

1 隔夜市场 美股三大指数集体收跌，纳指跌4.31%，标普500指数跌3.46%，道指跌1014.79点，跌幅2.5%；大型科技股集体下挫，特斯拉跌超7%，Meta跌超6%，英伟 达、亚马逊跌超5%，苹果跌超4%，谷歌跌超3%，微软跌超2%。纳斯达克中国金龙指数跌1.14%，中概股多数走低，拼多多、富途控股跌超6%，老虎证券 跌超4%，爱奇艺跌超3%，百度跌超2%，阿里巴巴跌0.57%，理想汽车涨超5%，小鹏汽车涨超3%。 美国3月CPI同比增长2.4%，预估为增长2.6%，前值为增长2.8%。美国3月CPI环比下降0.1%，预估为增长0.1%，前值为增长0.2%。 每经编辑 王瀚黎 王晓波 2 聚焦关税 国家电影局就电影方面应对美升级对华关税答记者问 4月10日，就近期有记者询问美国对华加征关税一事是否会影响到美国电影进口，国家电影局发言人表示，美国政府对中国滥施关税的错误行径，势必会令 国内观众对美国影片好感度进一步降低。我们将遵循市场规律，尊重观众选择，适度减少美国影片进口数量。中国是全球第二大电影市场，我们始终坚持高 水平对外开放，将引进世界更多国家优秀影片，满足市场需求。（央视新闻） 外交部：中方将 ...

智通财经4月10日电，普拉达同意将以13.75亿美元收购范思哲。 ...

Financial Performance - The company reported strong revenue and profit growth driven by brand appeal and strict execution, achieving solid performance and progress in 2024 [11]. - The net revenue for the year ended December 31, 2024, was €2,977 million, an increase of 16.6% from €2,552 million in the previous year [19]. - Gross profit increased by €296 million, representing a growth of 17.1%, with the gross margin rising to 68.2% from 67.9% [19]. - Net income for the year was €850 million, accounting for 28.5% of net revenue, compared to €567 million or 22.2% in the previous year [21]. - The total equity of the company was €3,325 million as of December 31, 2024, compared to €2,843 million in the previous year [25]. - The company received €170.5 million in dividends during the year, a significant increase from €24.6 million in the previous year [23]. - Total revenue for 2024 reached €2,976,971,031, an increase of 16.6% compared to €2,552,340,867 in 2023 [129]. - Net income for 2024 was €849,706,977, up 50% from €566,740,484 in 2023 [129]. - Operating income (EBIT) improved to €1,006,739,864, reflecting a growth of 18.4% from €850,198,747 in the previous year [129]. - Cash and cash equivalents increased significantly to €601,742,739 from €225,027,603, marking a growth of 167% [128]. Sustainability and Corporate Responsibility - The company continues to execute its sustainability strategy, focusing on climate change and investing in green energy [16]. - The company is committed to biodiversity and has expanded its efforts to understand the impact of its procurement on biodiversity [16]. - The company is focusing on sustainable development strategies, including greenhouse gas reduction and the use of low-impact materials in products and packaging [46]. - The company has identified and established mid-term goals and internal key performance indicators (KPIs) to monitor progress, particularly in carbon reduction and material transition [47]. - The company emphasizes compliance with labor laws and ethical standards throughout its supply chain, ensuring adherence through monitoring and inspections [42]. Digital Transformation and Innovation - The company is advancing its digital transformation plan to enhance technical capabilities across various activities [15]. - The company emphasizes continuous innovation through research and development, focusing on new or improved materials and design concepts [59]. - The company participated in the 37th America's Cup and established a groundbreaking partnership with NASA for spacesuit design, showcasing its technical expertise and innovation [11]. Governance and Board Structure - The board consists of 11 members, including 6 executive directors and 5 independent non-executive directors, with female representation at approximately 45% [72]. - The board's diversity policy emphasizes that diversity should not be limited to gender, reflecting a broader commitment to inclusivity [72]. - The board evaluates operational and financial performance, including annual budgets and quarterly results, during its meetings [74]. - The company has established a code of ethics and governance policies in accordance with Italian law, ensuring adherence to legal and regulatory requirements [90]. - The board confirmed the effectiveness of the internal control and risk management system throughout 2024, with no significant deficiencies found [111]. Risk Management - The company has established a risk management system to manage, forecast, and mitigate risk exposures for long-term sustainable business development [33]. - The company manages credit risk through a control system based on customer reputation and debt repayment ability, with no significant risk identified in current assets [48]. - The company faces foreign exchange risk due to its extensive international presence and manages this risk through derivative contracts to hedge future cash flows [51]. - The company uses derivative instruments to hedge interest rate risk by converting floating-rate debt into fixed-rate debt [52]. Shareholder Communication and Dividends - The company aims to provide sustainable dividends while considering financial performance, cash flow, and operational needs [122]. - The company maintains high transparency in communication with shareholders and the financial community, holding regular briefings and meetings [123]. - The company’s annual general meeting in 2024 was held online, with all resolutions presented to shareholders being formally passed [125]. Financial Compliance and Audit - The independent financial statements are audited by Deloitte & Touche S.p.A., with external auditors appointed every three years [64]. - The total audit fees for Deloitte & Touche S.p.A. for the year ending December 31, 2024, are €550,000, an increase of 7% from €514,000 for the year ending December 31, 2023 [94]. - The company has implemented strict anti-corruption policies and auditor independence measures to support compliance with laws and regulations [109]. Employee and Talent Management - The company emphasizes talent management and retention through training programs and performance management processes [36]. - The company’s compensation policy aims to attract and retain talent, with a focus on competitive remuneration linked to performance and business objectives [97]. - The compensation structure includes fixed, variable, direct, and deferred components, tailored to different roles and regions [98]. Market and Brand Development - The leather goods category saw significant growth, with new products being well-received and classic styles continuing to sell well [11]. - The Miu Miu brand continues to attract audiences with its disruptive aesthetics and has launched exclusive collaborations that resonate widely [12]. - The Church's brand has shown positive growth momentum due to strategic efforts over the past few years [14].