Core Insights - Balenciaga has launched a "Peking Duck" bag priced at 15,500 yuan, which has sparked criticism from netizens due to its resemblance to a snack bag [1] - The bag features a duck graphic and nutritional information on the back, and is part of a limited edition series to celebrate the opening of the flagship store in Beijing [1] - The brand's recent product designs have faced public scrutiny, including a skirt likened to men's underwear and an overpriced hairpin [3][5] Financial Performance - Kering Group, Balenciaga's parent company, reported a 14% decline in total revenue for Q1 2025, amounting to 3.883 billion euros (approximately 31.9 billion yuan) [6] - Revenue from the Asia-Pacific market fell by 25%, while Europe and North America saw a 13% decline, and Japan experienced an 11% drop [6] - The segment including Balenciaga and McQueen generated 733 million euros (approximately 6 billion yuan), reflecting an 11% decrease year-over-year [6]