记者丨 高江虹 编辑丨黄剑 图/21世纪经济报道 高江虹 摄 这一场景与8月初形成鲜明对比。8月2日傍晚，虽然是周末，老铺黄金在北京SKP的这两个门店却人流寥寥。 带动排队潮的一大重要原因是，8月25日起，老铺黄金再次提价了。 SKP门店工作人员表示，这一次多款产品涨价幅度在10%~12%。而今年2 月的那一轮提价，涨幅5%~12%。 越涨消费者反而越买单？老铺黄金的涨价逻辑是什么？消费者和市场又是否买单？ 8月25日下午，北京SKP B1层老铺黄金门店又出现排队，门口有十余名消费者在等待。 工作人员表示，预计要等20~30分钟才能进场。同一时 间，SKP一层的老铺黄金专柜虽然没出现排队现象，但也有一些消费者正在购物。 老铺黄金的涨价举动在一定程度上引起了消费者的关注，成功吸引一些消费者的购物热情。8月23、24日，恰值周末，北京SKP老铺黄金门店 再现排队长龙，小红书上也有消费者分享其他城市的老铺门店排队情况。 一位不愿具名的消费者坦诚，赶在涨价前下手买了两件金饰，确实是冲着老铺涨价和保值的目的而来。她表示，去年花4万多元买了一款八宝 随身金佛，8月25日涨到5万5，涨了一万多，顿时觉得很值，要早点下手。 ...

Core Insights - The luxury goods market is facing challenges with a projected decline in global high-end personal luxury goods market size by 1% to €364 billion in 2024, and further expected decline of 2%-5% in 2025 due to economic downturn and geopolitical tensions [2] - High-end brands are shifting towards a more minimalist aesthetic, reducing logo prominence and focusing on classic tailoring, which may lead to decreased brand recognition and increased homogenization [3] - The rise of functional clothing, such as sun-protective garments, reflects a growing health consciousness and outdoor lifestyle among consumers, with the Chinese apparel industry producing over 70 billion pieces annually [4] - Adult women are increasingly purchasing larger children's clothing sizes due to issues with women's sizing and pricing, indicating a demand for better fit and value in women's fashion [5] - Luxury brands are increasingly investing in film and entertainment to enhance cultural influence, with companies like Saint Laurent and LVMH establishing film production arms [6] - Emerging brands are focusing on natural fibers and traditional craftsmanship, creating unique aesthetic identities amidst a trend of logo-less luxury [8] - The new consumer giants are leveraging emotional value and community recognition to thrive in a competitive market, with brands like Labubu and Mxue Ice City gaining traction [9] - South Asian culture is becoming a source of inspiration for luxury fashion, with brands incorporating traditional craftsmanship into their collections [10] - Street retail is gaining importance as brands seek to connect with consumers through community engagement and experiential shopping [12] - High-end sports brands are taking over core shopping districts as luxury brands withdraw, with a focus on experiential retail [13] - L'Oréal's CEO emphasizes the company's diverse portfolio beyond luxury, highlighting growth in emerging markets and a commitment to innovation [14] - COS has successfully repositioned itself as a mid-range brand by balancing quality and affordability, appealing to the rational consumer [15] - Bosideng reported strong financial performance with an 11.6% revenue increase to ¥25.902 billion and a 14.3% net profit increase to ¥3.514 billion, driven by technological empowerment and supply chain optimization [16] - Nike's new Ava Rover shoe combines technology and design for urban exploration, showcasing a trend towards high-performance casual footwear [17] - Luxury brands are embracing digital transformation through KOLs (Key Opinion Leaders) to enhance consumer engagement and trust [18] - Daydream launched an AI shopping assistant for personalized fashion recommendations, indicating a shift towards technology-driven retail experiences [20] - The luxury sector lost approximately 15 million customers last year, with a significant decline in sales expected in 2024, highlighting the need for brands to rebuild consumer trust [21] - Local luxury brands are gaining popularity, driven by emotional value and competitive pricing, as international brands face challenges [22] - Decathlon's new store in Nanjing adopts an innovative operational model focusing on community engagement and sustainability [24] - Shein is preparing for a potential IPO in Hong Kong, navigating geopolitical risks and supply chain transparency issues [25] - Baozun's acquisition of Sweaty Betty's China operations reflects a strategy to enhance its e-commerce portfolio amid competitive pressures in the activewear market [26] - Pop Mart's expansion into jewelry with its popop brand has generated consumer interest, though market volatility raises questions about long-term sustainability [28]

转自：新华财经 老铺黄金股价"暴涨"是新消费浪潮、东方美学觉醒与资本共振下的产物。今年上半年，以泡泡玛特、蜜雪集团、老铺黄金为代表的港股"新消费三姐妹"重塑 着消费板块投资逻辑。 展望后市，业内人士指出，港股新消费板块短期因契合市场潮流而迎来爆发式增长，短期内估值偏高具备一定合理性。但从长期视角来看，随着市场热度逐 步消退，板块内部将呈现明显分化态势。唯有那些具备更强客户粘性、且能够持续兑现业绩的公司，才能在未来的竞争中占据优势，获得持续发展的空间。 6月30日，老铺黄金一度上涨约18%再创历史新高，股价最高触及每股1035港元。今年上半年老铺黄金累计涨幅大涨321%，总市值攀升至1741亿港元，市盈 率达到109倍。 新华财经上海6月30日电（葛佳明、魏雨田）老铺黄金出海新加坡首战顺利告捷，令资本市场再度"沸腾"，乐观情绪推动其股价再创新高突破1000港元，也 带动港股新消费板块集体走强。 老铺黄金走出"独立"行情 与黄金股2025年上半年的走势相比，老铺黄金的走势可谓"一骑绝尘"。新华财经数据显示，今年上半年，周大福涨幅为99.4%，市盈率为22.4倍；六福集团 和周生生上半年涨势均逼近40%。 | 证券 ...

Core Insights - The opening of Laopu Gold's first overseas store in Singapore marks a significant expansion into a high-consumption market with a large Chinese population [1][2] - The store has experienced high foot traffic and sales, with promotional activities attracting customers [1] - Laopu Gold aims to position itself as a luxury brand by strategically selecting high-end shopping locations [5] Group 1: Store Performance and Consumer Response - The Singapore store has been reported to have a bustling business, with customers queuing to enter and promotional discounts in place [1] - A unique product, a cross-shaped pendant, was launched exclusively at this location, indicating a tailored approach to the local market [1] - Pricing for products in Singapore is comparable to domestic prices, suggesting a consistent brand strategy [1] Group 2: Location and Market Strategy - The store is located in the Marina Bay Sands shopping center, a prestigious retail destination housing around 170 luxury brands [2] - Morgan Stanley reports that the sales per square foot in the shopping center are approximately $2,900, indicating a high potential for revenue generation [4] - The store's small size of about 100 square meters is noted, which may impact customer experience despite the high sales potential [4] Group 3: Financial and Strategic Outlook - The estimated investment for opening a standard store is around 50 million yuan, with a break-even period of about one month [5] - By the end of 2024, Laopu Gold plans to operate 36 self-owned stores across 15 cities, focusing on high-end commercial centers [5] - The company has secured partnerships with top-tier shopping centers, aiming to establish itself as a recognized luxury brand in the market [5]

奢侈品一直被认为是高净值阶层的消费象征，是社会认可的"通用语言"。但今天，越来越多的年轻人不再像上一代那样渴望一只LV手袋、一块劳力士手 表。他们转而把"钱""注意力"与"情感"投向了一种更轻、更新、也更"属于自己"的消费物件——潮玩。 从300元的盲盒，到3000元的定制BJD，再到过万的艺术玩偶；从上班族办公桌的Labubu，到租房客床头的DIMOO，再到地铁口排队两小时的"联名发 售"；潮玩似乎不再是"玩具"，而成了一种结构完整的情绪容器×社交语言×价值表达方式。它不炫富，但有身份；它不实用，但有陪伴；它不代表地位， 但代表我是谁。它也许没有奢侈的外壳，却也已悄然具备了奢侈的灵魂。 "高价低用"的逻辑 潮玩与奢侈品的第一性原理共振 很多人直觉上会否定"潮玩=奢侈品"这个说法，因为它看起来不够"高贵"、不够"高级"。但如果我们抽掉奢侈品的"品牌名""贵价包""高级时装"这类表层物 象，回溯它的第一性逻辑，会发现：真正定义奢侈品的，并不是价格本身，而是对欲望的组织能力×对非理性的调动结构。 从奢侈品的"五大逻辑结构"与潮玩对比示意 | 序号 | 奢侈品底层逻辑维度 | LV的表达 | 潮玩的对照表达 | 是 ...

作者 | 刘宝丹 编辑 | 黄昱 对于想要成为中国奢侈品大牌的老铺黄金来说，当下每一步都至关重要。 5月21日，老铺黄金发布公告，根据前一日股东周年大会的投票表决结果，公司将于2025年7月2日派发 截至2024年12月31日止年度的末期股息，每股6.88港元（约为人民币6.35元）。 老铺黄金的股息绝对值并不低，但受股价暴涨影响，老铺黄金的股息率在港股中处于较低水平，也低于 传统黄金珠宝企业。在业内看来，老铺黄金的吸引力更多还是来自业务增长和品牌溢价。 一个多月前，老铺黄金创始人徐高明在2024财报业绩会上表示，公司的追求是店效过10亿，店效不过5 亿的门店未来可能会被去掉。"卖黄金的，如果比不过卖皮具的（爱马仕），我们要回去反省一下。" 店效主要反映店铺的单位面积或单位时间内的销售能力，目前爱马仕的店效为6亿元。老铺黄金不仅要 超过以爱马仕为代表的奢侈品大牌，还要大幅领先，可见其目标之高远。 老铺黄金创立于2009年3月，是国内率先推广"古法黄金"概念的品牌。根据财报，2024年，老铺黄金实 现销售业绩98亿元，同比增长166%，实现净利润14.7亿元，同比增长254%，毛利为35亿元，同比增长 162. ...

本报记者 刘旺 北京报道 过去一年，奢侈品行业正在经历寒冬时，国货消费品牌出现了新的"排队王"，港股"黄金届爱马仕"老铺 黄金（06181.HK）凭借独特的品牌定位与业绩爆发力，成为资本市场与消费市场的双重焦点。 从业绩上看，2024年，老铺黄金实现85.06亿元的营业收入，同比增长167.5%；实现净利润14.73亿元， 同比增长253.9%。股价自上市以来飙升超20倍。 但实际上，老铺黄金仍然是一家年轻的公司，其创立于2009年，以"古法黄金"为核心卖点，对标爱马 仕、卡地亚等国际奢侈品牌。产品采用"一口价"定价模式，毛利率常年稳定在40%以上。然而《中国经 营报》记者注意到，高光之下，老铺黄金的代工争议、竞争加剧等问题，也浮出水面。记者就公司发展 相关问题向老铺黄金发送采访函，截至发稿未获回复。 快速扩店年入85亿元 4月28日，老铺黄金发布了2024年度报告。报告期内，老铺黄金实现营业收入85.06亿元，同比增长 167.5%；毛利35.01亿元，同比增长162.9%；实现净利润14.73亿元，同比增长253.9%。 据了解，老铺黄金在15个城市共开设了36家自营门店，全部位于包括SKP系（5家）和万 ...

Core Viewpoint - Brunello Cucinelli is positioned as a luxury brand that appeals to high-net-worth individuals, particularly in the tech industry, despite its low profile in social media and marketing. The brand's unique selling proposition lies in its craftsmanship, quality materials, and a strong philosophical foundation that resonates with its elite clientele [5][36][55]. Group 1: Brand Performance and Market Position - Brunello Cucinelli has demonstrated strong financial performance, with a reported revenue of €1.2785 billion in 2023, reflecting a year-on-year growth of 12.4%, surpassing competitor Loro Piana, which reported a revenue of €1.278 billion with a growth of 12.2% [27]. - The brand has successfully captured the attention of tech elites like Mark Zuckerberg and Jeff Bezos, who have made significant purchases, indicating a stable demand for high-quality menswear [11][13]. - The company plans to enhance its production capacity for menswear by constructing a new factory in Penne, Italy, to meet the growing market demand [29]. Group 2: Unique Selling Proposition - Brunello Cucinelli is renowned for its use of high-quality materials, particularly cashmere sourced from the finest goats, and employs meticulous craftsmanship, with each garment undergoing multiple quality checks before release [31][34]. - The brand's philosophy emphasizes ethical production and employee welfare, offering salaries 20% above the Italian manufacturing average and maintaining a supportive work environment [39][41]. - The founder's vision extends beyond fashion, aiming to create a brand that embodies dignity and respect for both workers and the environment, which adds to the brand's allure as a luxury label [46][55]. Group 3: Cultural and Philosophical Engagement - Brunello Cucinelli has cultivated a unique cultural identity by hosting gatherings for tech leaders at its Solomeo estate, fostering discussions on human development and philosophy, which enhances its brand narrative [50][53]. - The brand's website focuses on philosophical insights rather than product promotion, positioning itself as a thought leader in the luxury space [48]. - This approach not only attracts affluent consumers but also reinforces a sense of community and shared values among its clientele, further solidifying its market position [55].

以下文章来源于每日人物 ，作者每人作者 每日人物 . 轻商业，懂生活。 老铺黄金、泡泡玛特、蜜雪冰城和毛戈平，组成了二级市场投资人心里的"消费品F4"。电话会上，老铺黄金创始人徐高明放出了狠话：单店年销售额10个亿才是目标，未 来，低于5亿的门店都会关掉。 换句话说，老铺黄金正式向爱马仕发起冲击。 文 ｜ 徐晴 宋春光 编辑 ｜ 辛野 来源｜ 每日人物（ID：meirirenwu） 封面来源 ｜ 老铺黄金官网 单店销售额超3亿，直追爱马仕 4月1日上午10点30分，老铺黄金2024年年度业绩说明会开始了。积极的信号随着创始人徐高明的湖南口音向外传递，几乎每个投资者、分析师都会在向他 提问前加上一句，"先祝贺一下老铺黄金的业绩"。 参加了这场电话会的投资人阳霁越听越兴奋，听到"老铺黄金对标国际奢侈品牌""店效（单店年销售额）要超过10亿"时，他以为自己听错了，问了左右的 人，是10亿还是4亿啊？毕竟老板有口音。确认了是10亿，他心下一惊。 能做到这个数字的品牌少之又少，对比爱马仕6亿左右的店效看，老铺黄金相当于 直接"宣战"爱马仕等顶级奢侈品牌。 电话会的 前一天，昂扬的财报早已释出。2024年财报显示，老铺黄 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 一觉醒来，专做高净值人群生意的老铺黄金又涨价了。 2月25日，分布在全国各地的"人间富贵花"们发现，老铺黄金各品类价格较前一天已有所不同。比如：25.2克的爬藤葫芦（绳链 款），官方旗舰店售价在2月24日为27420元，2月25日变为了29960元；18.8克的福袋从20490元涨到22600元；16.8克的二眼天珠 从27730元涨到28930元；33.2克的大威金刚橛吊坠从36060元涨到39400元。 总体算下来，涨价幅度大约在5%~10%区间。"高工艺类型的涨幅大约在10%。"老铺黄金门店人员对《财经天下》证实称。 此前，老铺黄金多家门店官方发布预告称，将在2月25日进行产品调价。在此日期之前，每位顾客在门店购买饰品类产品每日限 购1次，每次购买总数不超过5件。 该限购举措让很多人慌了神，全国各地的粉丝、黄牛、代购，在涨价前的周末，纷纷涌向老铺黄金门店，上演不要钱似的抢购大 戏。 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 虽然老铺黄金已经数次涨价，但仍挡不住消费者抢购的热情，在王府 ...