今年以来，一直有市场传闻GUESS在寻找买家。3月，有公司曾对GUESS提出收购要约，对其股权的整 体估值约为7.5亿美元，但双方未能达成协议。 尽管收入因并购实现了一定的增长，但公司的盈利能力已经大幅下降。根据年初公布的业绩，GUESS 去年全年营收29.95亿美元，而上年为27.77亿美元；归属公司的净利润为6042万美元，上一年为1.98亿 美元。 GUESS私有化，ABG大规模全球扫货。 对未来市场的不确定，让美国时尚服饰品牌GUESS的母公司（NYSE: GES，下称GUESS）选择私有 化。公司日前宣布与品牌管理公司Authentic Brands Group LLC（下称 ABG）签署私有化战略合作协 议。 据悉，ABG将收购GUESS51% 股份，品牌创始人、高管团队等现有股东将持有其余股份。包含债务在 内，此次交易对 GUESS的整体估值约为14亿美元，预计该交易将在今年第四季度完成。 ABG是全球最大的体育和娱乐授权公司。自2010年成立以来，该公司一直在陆续收购全球知名运动、 时尚和娱乐品牌，再通过品牌授权的方式拓展市场。目前，ABG旗下有Reebok、Champion、Forever ...

Core Viewpoint - The Perssons family, the founders of H&M, is reportedly moving towards privatizing the brand, having increased their stake to nearly 64% through significant investments since 2016, which raises concerns for minority shareholders [1][4]. Group 1: Shareholder Dynamics - The Perssons currently hold 70% of H&M's capital and 85% of voting rights, making it nearly impossible for minority shareholders to oppose any privatization efforts [1]. - The Swedish Shareholders' Association has expressed skepticism about H&M's management transparency and the need for clearer communication regarding privatization plans [4]. Group 2: Financial Performance - H&M's Q1 2025 financial results showed a 2% year-on-year sales increase to 55.33 billion SEK (approximately 40.2 billion RMB), slightly below analyst expectations [4][5]. - Gross profit for the quarter was 27.17 billion SEK (approximately 37.4 billion RMB), with an operating profit of 1.20 billion SEK (approximately 870 million RMB), significantly lower than the market forecast of 1.9 billion SEK [5][6]. - The operating margin fell to 2.2%, down from 3.9% in the previous year, indicating a decline in profitability [5][6]. Group 3: Market Strategy and Adjustments - H&M has been adjusting its market strategy in China, including the renovation of flagship stores and the reopening of its first store in Shanghai with nearly double the previous size [8]. - The company has also closed some locations, such as the & Other Stories store in Beijing, which focuses on more design-oriented and sustainable products [10]. - H&M's mid-range brand COS is reportedly restarting its expansion in the Chinese market after a two-year hiatus [12]. Group 4: Stock Performance - H&M's stock price has been on a downward trend, falling from 148.75 SEK per share (approximately 111.08 RMB) at the beginning of the year to 137.40 SEK (approximately 102.60 RMB) by June 6, with a low of 122.90 SEK (approximately 91.77 RMB) during this period [6].