杰尼亚预计在中国关闭10家门店

Core Viewpoint - The luxury goods market in China is undergoing a significant transformation, prompting Zegna Group to strategically optimize its store network by closing underperforming locations while focusing on core markets and high-value customers [2][4][8]. Group 1: Store Optimization Strategy - Zegna Group plans to close approximately 10 underperforming stores in China over the next few years, emphasizing a long-term optimization strategy rather than a one-time contraction [2][8]. - In 2025, Zegna closed 5 stores, with 4 of them located in China, including the flagship store in Beijing, which had operated for 17 years [3][5]. - The company is shifting its focus to core business districts and strategic cities, such as opening new stores in Shenzhen, indicating a transition from scale expansion to prioritizing quality and efficiency [2][8]. Group 2: Financial Performance - Zegna's revenue from the Chinese market decreased by 14.6% to €435 million in 2025, with its share of total revenue dropping from approximately 40% at the time of its IPO to 23% [5][6]. - In the fourth quarter, revenue from China fell by 9.9%, primarily due to weak wholesale channels and underperformance of brands like Thom Browne and Tom Ford [6][7]. - In contrast, Zegna's revenue in the EMEA region grew by 1.4% to €684 million, while the Americas saw a 7.9% increase to €567 million in 2025 [6]. Group 3: Market Challenges - The luxury market in China is facing challenges, with high-net-worth consumers remaining stable, but middle-class and entry-level consumer recovery being slow, leading to pressure on store traffic and conversion rates [6][7]. - Zegna's brand positioning in China is perceived as insufficiently high-end, making it difficult to compete with luxury brands like Loro Piana and Brunello Cucinelli [7]. - The company is experiencing a disconnect between its brand positioning and market performance, necessitating a reevaluation of its channel strategy [7][8]. Group 4: Strategic Adjustments - Zegna is accelerating its transition to a direct sales model, with direct sales accounting for 82% of total revenue in 2025, and 88% for the Zegna brand [10]. - The closure of underperforming stores aims to concentrate resources on core locations, enhancing retail experience and store productivity [10]. - Other luxury brands, such as Gucci and Armani, are also closing underperforming stores in China, indicating a broader trend towards a more concentrated and efficient retail strategy in the luxury sector [10][11]. Group 5: Market Sentiment - The capital market is optimistic about Zegna's rational contraction strategy, as evidenced by a 15% increase in its stock price following the financial report release [11][12].