将关闭一家奥莱店，跌跌不休的古驰能重振品牌形象吗

Core Viewpoint - Gucci is closing its outlet store in Bicester Shanghai Village on June 2, following the closure of two other stores in Shanghai, indicating a strategic shift in response to declining performance in the Chinese market [1][3]. Group 1: Store Closures and Performance - Since the second half of last year, Gucci has accelerated store closures in China, shutting down four stores in Fuzhou, Dalian, Shenyang, and Taiyuan, as part of a broader strategy to enhance brand positioning and reduce reliance on outlet sales [3]. - Kering Group's latest financial report shows a 14% decline in revenue for Q1 2025, totaling €3.883 billion, with a 25% drop in the Asia-Pacific market and 13% declines in Europe and North America [3][8]. - Gucci's revenue for Q1 2025 was €1.57 billion, marking a 25% decline in comparable sales, the lowest quarterly performance in recent years [8]. Group 2: Market Dynamics and Brand Strategy - The shift towards outlet stores has created a disparity between the performance of outlet and full-price stores, leading Gucci to reduce its dependence on discount channels and focus on brand value and full-price sales [4][5]. - The luxury market is facing overall growth slowdown, with Bernstein downgrading the global luxury goods growth forecast for 2025 from +5% to -2% [8]. - Competitors like Burberry are also adjusting their strategies to stabilize their pricing structures, with some brands reducing prices on select products by over 20% [7]. Group 3: Financial Challenges and Future Outlook - Kering Group's net debt remains above €10 billion, making it the most financially vulnerable among the four major luxury goods groups [10]. - The company has been selling properties to alleviate financial pressure, including the sale of The Mall Luxury Outlets for a net gain of €350 million and a recent bond issuance of €750 million [10]. - The appointment of new creative director Demna Gvasalia in July is anticipated to bring changes, but the company is expected to remain in a challenging period [10].