以下文章来源于投资界 ，作者吴琼 投资界 . 清科创业旗下创业与投资资讯平台 抄底机会。 文 ｜ 吴琼 来源｜ 投资界（ID：pedaily2012） 封面来源 ｜ Pixabay 这一幕仍在继续。 据彭博社报道，知名运动品牌彪马（Puma）市值过去一年大幅缩水，身后皮诺家族开始接触潜在买家。换言之，彪马要被卖了。 彪马的崛起堪称传奇。起源于一个德国小镇家庭，当时达斯勒家族的兄弟二人共同生产专业运动鞋。后来，哥哥创办彪马，弟弟则做出了阿迪达斯。外界 印象深刻的是，彪马曾凭借与明星蕾哈娜合作设计的Creeper运动鞋风靡全球，巅峰时期一年营收84.65亿欧元（约合人民币720亿元）。 只是最近几年，随着全球消费疲软，越来越多公司愿意卖了——彪马身后的富豪家族也决定放手了。 阿迪达斯的"兄弟" 彪马崛起史 一百多年前，哥哥鲁道夫·达斯勒（Rudolf Dassler）和阿道夫·达斯勒（Adolf Dassler）出生在德国一个名为黑措根奥拉赫的小镇。弟弟阿道夫从小就十分 热爱运动。当时他观察到，每个项目的运动员都缺乏专门的鞋子，于是萌生了生产专业运动鞋的想法。1924年，他们注册了公司Gebrüder Dassl ...

（原标题：出售传闻下，彪马被嫌弃？） 21世纪经济报道记者 易佳颖 实习生董国琪 在德国运动品牌彪马（Puma SE）的市值在过去一年缩水约一半后，有媒体报道，其主要股东之一的皮 诺家族已开始接触潜在买家，或有意推动出售事宜。 皮诺家族实际持有彪马约29%的股份。相关报道显示，皮诺家族不仅与包括安踏体育和李宁公司在内的 多家运动服装企业，还与中东主权财富基金进行初步接洽。 "外国的家族已经经历了几代人，经营意识越来越薄弱。"时尚产业独立分析师、上海良栖品牌管理有限 公司创始人程伟雄在接受21世纪经济报道记者采访时表示，"对于他们而言，品牌不一定要自己运营， 落袋为安更符合常态。" 有关彪马出售的消息释放后，彪马股价在德国市场一度飙升20%，市值回升至约32亿欧元，市场对潜在 交易的期待由此可见一斑。 不过，对于这一消息，彪马方面并无回应。反倒是，安踏、李宁两方均有表示，相比于安踏的"我们不 评论市场传闻"，李宁一方甚至可以说是颇有几分干脆的拒绝，坚持"单品牌、多品类、多渠道"的核心 发展战略，目前仍会专注于李宁品牌的成长与发展。 业绩难题 更进一步的，彪马已正式下调2025财年全年指引，预计销售额将出现低双位 ...

提到意大利跑车，很多人的第一反应，一定是法拉利和兰博基尼。 而下面这个名字，很可能会被大家选择性遗忘：玛莎拉蒂。 确实，玛莎拉蒂目前的地位可以说是岌岌可危。 早在去年，玛莎拉蒂所在的Stellantis集团就传出有意出售旗下品牌，以实现降本增效。 其中传得最邪乎的留言，当属玛莎拉蒂会和阿尔法·罗密欧一样，被其他品牌收购；有些外媒甚至添油加醋分析，认为出手的大概率是一家中国企业。 刚巧在前段时间，社长这篇《销量暴跌42%！35.8万能买保时捷？不给BBA留活路了？》的文章下面，就有小伙伴留言，想听听玛莎拉蒂的故事。 今天，咱们就趁着这个机会，来仔细分析一下曾经的意大利跑车皇后，究竟是如何落得这步田地的，未来又将何去何从。 一、颠沛流离，命中注定？ 遥想当年，玛莎拉蒂也曾和法拉利、兰博基尼一起，作为意大利汽车工业皇冠上的明珠，在全世界享有盛誉，也拥有大把的忠实用户。 而他们看中的，就是玛莎拉蒂天生的浪漫基因：无论是车身造型还是内饰设计，都好似一台会呼吸的金属工艺品，单单是停在那里，都散发着无与伦比的 时尚气息。 只不过，玛莎拉蒂的经历比起法拉利和兰博基尼，要坎坷得多。用四个字来总结，就是颠沛流离。 在玛莎拉蒂创办 ...

Core Viewpoint - The company Kenvue is considering selling several beauty brands, including Dr.Ci:Labo, to focus on core brand development and drive performance growth [1][4]. Group 1: Brand Performance and Market Position - Dr.Ci:Labo, once a popular Japanese skincare brand, has been underperforming and is now seen as a liability for Kenvue [3][4]. - The brand was highly successful in Japan, achieving significant sales milestones, including being the top-selling toner in the Cosme awards and generating over 3.5 billion yuan in sales within six months of entering the Chinese market [3][4]. - After being acquired by Johnson & Johnson in 2019, Dr.Ci:Labo failed to maintain its growth trajectory and has since been a drag on Kenvue's performance [4][5]. Group 2: Financial Performance - Kenvue reported a net sales figure of $15.455 billion for 2024, with a slight year-on-year increase of 0.1%, but a significant net profit decline of 38% to $1.03 billion [5]. - The beauty and skin health division, which includes the brands being considered for sale, has been the most significant contributor to Kenvue's declining performance, with a 7.3% year-on-year drop in Q1 2025 [5][6]. Group 3: Market Challenges - The mid-to-low-end market positioning of Kenvue's brands, including Dr.Ci:Labo, faces intense competition from domestic brands in China and established brands in Western markets [4][6]. - The company is perceived to be struggling with a "has-been" label, as many of its brands lack strong competitive advantages in a rapidly evolving beauty market [6]. Group 4: Strategic Considerations - Analysts suggest that Kenvue needs to innovate its product offerings and enhance brand positioning to regain market competitiveness [5][6]. - The potential sale of underperforming brands is seen as a necessary step for Kenvue to mitigate losses and refocus on more promising opportunities [5][6].

Versace Sale & Strategic Shift - Capri Holdings entered an agreement to sell Versace to Prada Group for $1.375 billion in cash, expected to close in the second half of calendar 2025[4] - Proceeds from the Versace sale will be used for future growth investments, debt reduction, and a potential share repurchase program[6] - Beginning in fiscal year 2026, Versace will be classified as a discontinued operation[5] Fiscal Year 2025 Performance - Fourth quarter revenue decreased by 15%[9] - Michael Kors fourth quarter revenue decreased 16%[12] - Jimmy Choo fourth quarter revenue decreased 3%[26] - The company's global customer database increased by 10% year-over-year[9] Fiscal Year 2026 Outlook - The company projects first quarter revenue of approximately $765 million to $780 million[32] - The company projects fiscal year 2026 revenue of approximately $3.3 billion to $3.4 billion[32] - The company projects fiscal year 2026 net interest income of approximately $85 million to $90 million[32]