（文/霍东阳 编辑/张广凯） 首尔的简约风，正在吹进上海的摩登巷。 12月14日，韩国时尚零售商Musinsa旗下品牌musinsa standard的中国首店在上海正式开业。这家总面积约1421平方米、横跨两层的旗舰店，成为Musinsa全球 第五大门店，标志着该品牌正式以中国市场为起点开启全球化布局。 而在这背后，中国运动品牌巨头安踏体育的身影清晰可见——2025年初，安踏以500亿韩元收购Musinsa约1.7%的股份；随后，双方合资成立"Musinsa China"，安踏持股40%（厦门安慕时尚服饰有限公司成立于2025年2月28日，由安踏投资有限公司100%持股）。 在Musinsa大力拓张中国市场的同时，有外媒报道，Musinsa正在加速筹备上市，已选定花旗银行和摩根大通负责其此次IPO相关事宜，交易或将于明年启 动。公司发言人向媒体透露，Musinsa正考虑在首尔或纽约上市，最终地点将取决于哪个市场能给出更优的估值。 据悉，此次Musinsa的估值或将达到10万亿韩元（约合68亿美元、481亿人民币），而其在2023年7日完成KKR领投的C轮融资时，估值仅为3.5万亿韩元。在 两年多的时间里，M ...

中国商报（记者 于佳鑫）成立于1850年的香港高端买手店品牌连卡佛（Lane Crawford），近日宣布将在明年2月底关闭其位于成都国际金融中心的门店—— 这是继2021年关闭北京银泰中心店后，连卡佛在中国内地市场关闭的第二家精品店。 从收缩线下业务，到尝试发展线上渠道，这家拥有175年历史的老牌买手店后续将如何调整？ 成都门店确认将不再续约 12月9日，连卡佛通过短信、邮件、官网通知等形式确认，其将不再续签成都国际金融中心门店，该门店最后营业日为2026年2月28日。 连卡佛在通知中称，虽然其无法在成都门店继续提供服务，但仍将与消费者保持联系，消费者可继续享受最新会员优惠与礼遇，并通过官网、微信、小红书 线上平台及上海、北京、香港门店处理各类咨询与需求。 连卡佛称，成都国际金融中心门店营业结束后，消费者的会员等级仍然保持有效，可继续在北京、上海、香港的实体门店及线上平台享受会员权益并累积积 分。此外，针对会员账户中尚有未兑换的积分回馈礼品卡的成都门店消费者，连卡佛也提醒，应在2026年2月28日前前往该门店完成兑换。 主打"买手制"经营模式 连卡佛不仅是历史悠久的精品百货品牌，更以其在高端零售领域大规模、 ...

（文/霍东阳 编辑/张广凯） 香港高端买手制百货连卡佛（Lane Crawford）日前正式确认，将于2026年2月28日起关闭其位于成都IFS的门店。 公司表示，此举因未续签租约，是在中国消费市场动态变化与长期发展策略的综合评估下做出的商业决定。这则官方通知，为近几个月来围绕这家香港精品 百货的猜测画上了句号。 今年8月，《智通财经》曾报道成都IFS的连卡佛门店或将在2026年1月租约到期后停止运营。当时连卡佛否认了相关传闻，称租约到期时间要更晚，仍在与 业主方就商场未来发展规划进行积极沟通，同时也正在优化公司自身的业务布局。 不过，连卡佛成都店的关闭，是连卡佛在中国内地运营版图的再次收缩——此前其北京银泰中心店已于2021年停业；2025年上海时代广场店清空了一层美妆 区，并将四层整体调整为折扣区。 连卡佛最引以为豪的是其"买手制"经营模式。与传统的百货联营扣点模式不同，连卡佛组建了庞大的专业买手团队，提前数月从全球采购商品并买断经营。 这种模式的优势在于能打造高度的商品差异化和独特性，避免与其他百货的同质化竞争。 然而，随着中国奢侈品消费结构变化、高端商场租金结构调整以及电商与直播渠道对品牌的分流，传统 ...

Core Insights - The company reported a revenue increase of 9% year-on-year for the first half of 2025, reaching 4.9 billion yuan, with a net profit growth of 79% to 140 million yuan [1] - The company is expanding its store network, surpassing 1,300 locations, and has launched its first Ultra store, integrating various innovative elements [4] - The company is enhancing its supply chain through self-operated products and has successfully launched AI smart toys [5] - The integration of the hair care brand, Silky, is expected to boost profits and create synergies with the company's core business [6] - The company is projected to achieve significant revenue and profit growth over the next three years, with a stable market position and strong digital supply chain capabilities [7] Financial Performance - For the first half of 2025, the gross margin was 27.7%, down by 2 percentage points, while the net profit margin increased by 1 percentage point to 2.9% [3] - In Q2 2025, revenue was 2.5 billion yuan, reflecting an 8% year-on-year increase, with net profit rising 65% to 110 million yuan [2] Expansion and Innovation - The company is focusing on both direct and franchise expansion, with over 500 self-operated stores and 540 franchise stores as of the first half of 2025 [4] - The company aims to open 500 franchise stores by the end of 2025, with significant revenue contribution from franchise operations [4] Supply Chain and Product Development - The company is implementing a "short chain + self-operated" model to optimize costs and enhance brand uniqueness, with self-owned brand revenue contributing 3.4 billion yuan [5] - The introduction of AI smart toys is part of the company's strategy to innovate within its product offerings [5] Strategic Partnerships - The collaboration with Silky is expected to enhance store traffic and product offerings, leveraging the company's extensive distribution channels [6]

Core Viewpoint - The acquisition of a stake in Beijing SKP by Boyu Capital is seen as a strategic move amidst a cooling luxury market, with implications for both the seller, Beijing Hualian, and the buyer, Boyu Capital [4][5][17]. Group 1: Transaction Details - Boyu Capital, through its affiliates, plans to acquire 42%-45% of Beijing SKP's shares, previously held by Beijing Hualian and Radiance Investment Holdings [4]. - The overall value of Beijing SKP's management and operations is estimated between $4 billion to $5 billion, approximately 290 billion to 364 billion RMB [5]. - The transaction is interpreted as Beijing Hualian's attempt to divest from a declining luxury market, leading to a significant drop in its stock price [5]. Group 2: Beijing SKP's Performance - Beijing SKP has achieved remarkable sales, with a record revenue of 26.5 billion RMB in 2023, maintaining its position as the top-performing single-store shopping center in China for ten consecutive years [9][10]. - The store's sales peaked at 10.1 billion RMB in a single day in 2017, showcasing its strong market presence [9]. - Despite its success, the luxury retail environment is shifting, with forecasts suggesting a 17% revenue decline for SKP in 2024, potentially dropping to 22 billion RMB [18]. Group 3: Market Trends and Strategic Shifts - The luxury market is experiencing a contraction, with brands focusing on strategic placements in second- and new-tier cities, leading to a more cautious expansion approach [14]. - The operational model of SKP, which combines high-end retail with experiential offerings, is under scrutiny as consumer preferences evolve towards more engaging shopping experiences [18]. - The shift towards experience-driven retail is evident as luxury brands diversify into services beyond traditional shopping, indicating a broader trend in consumer expectations [18]. Group 4: Financial Context of Beijing Hualian - Beijing Hualian reported a total revenue of 1.398 billion RMB in the past year, ranking 32nd among its peers, with a net profit decline of 26.28% [15]. - The company’s asset-liability ratio increased to 45.56%, indicating financial pressures that may have influenced the decision to sell SKP [15]. - The strategic divestment aligns with Hualian's focus on core business operations and asset optimization, as evidenced by the recent separation of its community retail segment [15][16]. Group 5: Boyu Capital's Investment Strategy - Boyu Capital's interest in acquiring SKP is part of a broader strategy to enhance its high-end consumer ecosystem, complementing its existing investments in various sectors [17]. - The acquisition could enable Boyu Capital to establish a comprehensive presence in the luxury retail market, integrating online and offline consumer experiences [17].

Core Viewpoint - The acquisition of a stake in Beijing SKP by Boyu Capital is seen as a strategic move amidst a cooling luxury market, with implications for both the seller, Hualian, and the buyer, Boyu Capital [1][2][10]. Company Overview - Beijing SKP, originally known as Shin Kong Place, opened in 2007 and quickly became a premier destination for luxury shopping in Beijing, attracting over 700 luxury brands [2][3]. - The mall has consistently achieved high sales performance, with a record single-day sales of 1.01 billion yuan in 2017 and total sales reaching 26.5 billion yuan in 2023 [3][10]. Transaction Details - Boyu Capital, through its affiliates, is set to acquire 42%-45% of Beijing SKP's equity, previously held by Hualian and Radiance Investment Holdings [1]. - The overall value of the management and operational business of Beijing SKP is estimated between 4 billion to 5 billion USD (approximately 29 billion to 36.4 billion yuan) [1]. Market Context - The luxury goods market in China is experiencing a downturn, prompting Hualian to divest from SKP, which may be interpreted as shedding a burden [1][2]. - Hualian's financial performance has been declining, with a reported revenue of 1.398 billion yuan and a net profit drop of 26.28% year-on-year [8]. Strategic Implications - The acquisition aligns with Boyu Capital's strategy to build a comprehensive high-end consumer ecosystem, complementing its existing investments in various sectors [10]. - The shift in luxury retail dynamics, with brands focusing on second-tier and new first-tier cities, indicates a changing landscape for high-end retail [7]. Future Outlook - Projections suggest that Beijing SKP's revenue may decline by 17% in 2024, potentially falling to 22 billion yuan, as competition from other high-end malls increases [10]. - The evolving consumer preferences towards experiential retail and personalized services will challenge traditional luxury retail models, necessitating strategic adjustments from Beijing SKP [11].

Core Viewpoint - The acquisition of a stake in Beijing SKP by Boyu Capital is seen as a strategic move amidst a cooling luxury market, with implications for both the seller, Beijing Hualian, and the buyer, Boyu Capital [3][4][12]. Group 1: Transaction Details - Boyu Capital, through its affiliates, plans to acquire 42%-45% of Beijing SKP's equity, previously held by Beijing Hualian and Radiance Investment Holdings [3]. - The overall value of Beijing SKP's management and operations is estimated between $4 billion to $5 billion, equivalent to approximately 290 billion to 364 billion RMB [3]. - The transaction is interpreted as Beijing Hualian's attempt to divest from a declining asset, as evidenced by a significant drop in its stock price following the announcement [3][4]. Group 2: Performance of Beijing SKP - Beijing SKP has achieved remarkable sales, with a record revenue of 26.5 billion RMB in 2023, maintaining its status as the top-performing single-store shopping mall in China for ten consecutive years [7][8]. - The mall's innovative approach, including the introduction of a buyer system and experiential retail, has contributed to its success, although a significant portion of its revenue still comes from rental income [9][10]. - Despite its past success, projections indicate a potential revenue decline of 17% in 2024, with expected earnings of 22 billion RMB [17]. Group 3: Market Context and Strategic Considerations - The luxury retail market in China is experiencing a contraction, with brands shifting focus to second-tier and new first-tier cities, indicating a strategic realignment in the industry [12]. - Beijing Hualian's decision to sell SKP aligns with its broader strategy to focus on core operations and optimize assets, as evidenced by its declining financial performance [13][14]. - Boyu Capital's interest in acquiring SKP is part of a larger strategy to create a comprehensive high-end consumer ecosystem, enhancing its investment portfolio across various sectors [15][16].