21世纪经济报道记者 高江虹 实习生 陈佳赫 北京报道 这一周，时尚零售行业呈现多维度调整态势。 美妆领域，悦诗风吟关停天猫海外店，仅保留本土生产商品销售，这是其继 2021年大规模关店后的又 一次战略收缩，背后是本土美妆品牌崛起带来的市场挤压；欧莱雅则以约10亿美元收购护发品牌 Color Wow，瞄准功效性细分赛道，该品牌明星产品销售表现亮眼，将丰富欧莱雅专业护发矩阵；Kate Moss 创立的美妆品牌 Cosmoss 进入清算程序。因定位与市场认知偏差、缺乏系统运营，该品牌最终未能持 续发展。 时尚品牌领域，资本动作密集。宝尊电商完成对 Sweaty Betty 中国业务的收购，这个曾与 Lululemon 齐 名的瑜伽服品牌因定价与本土化问题门店锐减，宝尊计划通过本土资源重构品牌；斯凯奇以超 90 亿美 元被 3G 资本收购，交易虽通过反垄断审查却引发股东诉讼。 奢侈品与快时尚承压明显。Armani 2024 年营业利润暴跌 69%，亚太区收入占比下降；H&M 创始人家 族增持股份，私有化传闻再起；法国两大快时尚品牌申请破产，反映出平价时尚消费向线上转移的趋 势，本土品牌生存空间被进一步压缩。 人事方 ...

海报新闻记者 杜郑敏 报道 6月9日，上海市市场监管局发布的儿童及婴幼儿服装监督抽查结果显示，英国奢侈品牌Burberry一款女童 连衣裙因纤维含量标注错误被判定为不合格产品。该产品将"金属镀膜纤维"错标为"金属纤维"，涉及纺织 品成分真实性争议，企业已主动下架相关批次。 | 上海市市场监督管理局2025年童装监督抽查不合格情况表 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 11- | 标标向标收 | 标标生产企业(或供 | 商品名称 | 被抽梭人 | 型号规格 | 生产日期/批号 | 主要不合格项目 | 目 | 品牌 | (1) | | | 检样规格:120cm | 绳需要求,纤维合量(费节)最布不是 | 25 | (120/53) | 杭州载艺科技有限公司上海普 | 杭州载艺文创服饰有限公 | | | | | | | | Y0843613 | 100%聚酯干班,是聚酯纤维71.6%、铝 | 马直代 | REK | 备样规格: 140cm | 吃分公司 ...

证券研究报告·公司深度研究·摩托车及其他 隆鑫通用（603766） 无极品牌加速成长，聚焦主业再度出发 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,066 | 16,822 | 20,877 | 24,021 | 26,423 | | 同比（%） | 5.29 | 28.74 | 24.11 | 15.06 | 10.00 | | 归母净利润（百万元） | 583.42 | 1,121.27 | 1,871.23 | 2,287.56 | 2,567.59 | | 同比（%） | 10.65 | 92.19 | 66.88 | 22.25 | 12.24 | | EPS-最新摊薄（元/股） | 0.28 | 0.55 | 0.91 | 1.11 | 1.25 | | P/E（现价&最新摊薄） | 50.05 | 26.04 | 15.61 | 12.77 | 11.37 ...

Financial Data and Key Metrics Changes - Non-GAAP earnings per diluted share increased to $0.19 from $0.12 year-over-year, exceeding guidance [13][37] - Net sales for the quarter were $584 million, down from $610 million in the same period last year, aligning with expectations [35] - Gross margin percentage was 42.2%, slightly down from 42.5% in the previous year [35][36] - Non-GAAP net income for the first quarter was $8.4 million compared to $5.8 million in the previous year [37] - Ending cash and availability was approximately $740 million, indicating a strong financial position [13][38] Business Line Data and Key Metrics Changes - Wholesale segment net sales decreased to $563 million from $598 million year-over-year [35] - Retail segment net sales increased to $36 million from $31 million in the previous year [35] - Key owned brands, including DKNY, Karl Lagerfeld, and Donna Karan, experienced double-digit growth, offsetting losses from exited businesses [5][14] Market Data and Key Metrics Changes - International markets are seen as significant growth opportunities, particularly in Europe [14][22] - The brand Donna Karan saw nearly 50% sales growth, with strong performance in dresses and suit separates [15][16] - DKNY and Karl Lagerfeld also reported strong sales growth, particularly in North America and Europe [20][22] Company Strategy and Development Direction - The company is focused on driving growth through its owned brands, which are expected to be sustainable long-term profit drivers [13][14] - Strategic initiatives include sourcing diversification, vendor negotiations, and selective price increases to mitigate tariff impacts [7][39] - The company is also enhancing its omni-channel capabilities and optimizing its global store footprint [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the consumer environment despite macroeconomic uncertainties [6][33] - The potential unmitigated tariff impact for fiscal 2026 is estimated at approximately $135 million, with ongoing efforts to mitigate this through various strategies [7][39] - The company remains committed to investing in key owned brands and growth initiatives despite challenges [12][33] Other Important Information - The company successfully renegotiated favorable lease terms for corporate offices and is streamlining its warehouse network [11] - The planned relaunch of the Sonya Riquel brand was postponed due to uncertainties in the operating environment [12][54] Q&A Session Summary Question: Pricing Power and Areas for Price Increases - Management indicated strong cooperation from retailers in adjusting pricing, focusing on areas where consumers will accept price increases [45][46] Question: Impact of Sonya Riquel Postponement on Guidance - The decision to postpone the Sonya Riquel launch was made to avoid losses, but strength in other brands allows the company to maintain its sales guidance [53][54][75] Question: Inventory Levels and Supply Chain Challenges - Inventory levels are expected to align with sales growth, with management actively managing inventory purchases in light of supply chain disruptions [78][80] Question: Promotions and Consumer Demand - Management does not anticipate significant pressure on promotions, citing strong demand for their products and effective management of inventory levels [84][85]