伴随着黄金消费的热潮和本土品牌的崛起，以银和锆石为主要产品材料的潘多拉不仅在保值和流通上略逊一筹，也没能把握在中国年轻化的珠宝消费趋 势。 01痛失"轻奢"属性 潘多拉最新季度的财报依旧亮眼，Q3总营收为62.69亿丹麦克朗，有机收入实现6%的增长，其中美国为最大市场，先占比达到30%，增长6%，而中国目前 的营收占比仅为1%。 作者 | 源Sight 周艺 "带不动"中国市场，潘多拉终于决定止损。 近日，无时尚中国网发布消息，称丹麦珠宝品牌潘多拉将于明年1月1日将大中华市场并入亚太地区。而根据潘多拉最新的组织架构变动，亚太区总部已确 定新加坡，该市场的重点关注地区为日本、韩国及印度，此后，大中华区也将取消独立汇报权。 早在今年7月份，市场便传出潘多拉准备退出中国市场的消息，希望可以"打包出售"在华运营业务。截止到今年第三季度，潘多拉在中国累计闭店数达到 59家，预计年内关闭100间门店。 从2015年入华到2025年的战略性放弃，中国市场留给潘多拉的时间已经足够久，在此期间，中国的金银珠宝零售额维持上升态势，但潘多拉似乎长久地站 在了K型分化的下位。 | DKK million | Q3 2025 | Q3 ...

21世纪经济报道记者 易佳颖 可随着时间发展，消费者更注重性价比和产品品质本身，轻奢饰品逐渐失去了品牌光环。 实际上，施华洛世奇也尝试了很多的改革措施。2020年之后，在全球疫情影响下施华洛世奇公司董事会决定向非创始家族成员 开放董事席位，同时在外部寻找合适的职业经理人担任CEO一职。后来，首位非家族成员CEO Alexis Nasard上任后，公司明确 提出削减家族干预的方针，内部经历了剧烈的管理权动荡。 施华洛世奇也陷入危局。 虽然施华洛世奇一度在2023年的业绩确有起色，却又在当下再次传来裁员、缩减成本的消息。而这背后是，"轻奢"概念在被祛 魅，消费者对价值的判断更加理性。琳琳进一步解释道，"一方面是现在会更看重物品本身的价值，偏向于买金饰，而非被所谓 大牌迷惑。另一方面，如果只是买个新鲜款式，国产替代可多了去了，现在很多的国产设计师也做的很精美。" 据Swarovski施华洛世奇消息，将对其位于奥地利瓦滕斯的总部进行大规模裁员与重组，计划裁减约400个岗位。这项计划预计将 在2026年底前完成，届时总部员工数量将从目前的约2480人减少至2100 人，据公司声明，裁员将通过多种方式进行，包括解 雇、自 ...

Investment Rating - Investment advice: Short-term pressure on October export data, Q4 overseas consumption needs observation. By 2026, export manufacturing sector recovery is clearer due to several factors [39]. Core Insights - October 2025, China's textile/apparel exports down 9.0%/16.0% YoY, slower than September. The decline is attributed to a high base from last year's brand restocking [39][18]. - The Lyst Q3 list shows a preference for affordable luxury brands, with YSL, Miu Miu, COS, THE ROW, and COACH dominating the top five positions [39]. - COACH's growth accelerates, with FY26Q1 revenue of $1.70 billion, up 13.1% YoY, driven by strong performance in North America and Greater China [39]. Summary by Sections 1. Market Review - The textile and apparel sector saw a 0.80% increase in A-share market performance, with the textile manufacturing sector up 0.96% and apparel/home textiles up 2.23% [6]. - PE valuation for the textile and apparel sector is currently at 20.11 times, below the historical average of 24.76 times [10]. 2. Industry Data Tracking - In September 2025, China's clothing retail grew by 3.6%, while textile exports in October fell by 12.6% [16][18]. - October 2025 textile exports amounted to approximately $22.26 billion, with a year-on-year decline of 12.64% [18]. 3. Key Announcements and News - Tapestry's FY26Q1 revenue was $1.70 billion, exceeding expectations, with a significant contribution from COACH [39]. - Canada Goose reported a revenue of C$273 million for FY25Q2, down 1.8% YoY, primarily due to increased expenses [39].

一个已有80年历史的品牌如何在年轻、挑剔的Z世代中取得成功。 作者 | 贺哲馨 编辑 | 乔芊 骂香奈儿、爱马仕之前，你得先担心会被扣上"吃不到葡萄说葡萄酸"的帽子。但轮到COACH，就不同了。 就算是最不懂时尚的人也会吐槽一句"COACH实在是不够时髦"，背着COACH总是透露着一股精致土，就像是它的中文译名"蔻驰"——完全音译，毫无 美感，既没译出欧洲风情，也没翻出中产味道。 刚毕业的年轻人，谁还没有一只双C米白/棕色老花托特 人人都不看好的COACH，偏偏又最争气。疫情之后，奢侈品市场集体降温，COACH的业绩开始上扬，从2022年起就逐渐跑赢了集团其他的两个品牌。 根据刚刚发布的财报，COACH营收近13亿美元，占公司总收入的 82%，同比大增长13%，拉动公司业绩增长 7%。 今年二月，全球时尚搜索引擎Lyst发布第四季度热门品牌榜单，COACH破天荒地进入前五名。热门单品榜中，简约设计的Brooklyn手袋和樱桃手袋挂件 也分别位列第一名和第四名。 曾经是奢侈品鄙视链的末端，如今是年轻人的铂金包，COACH做对了什么？ 让爆品"连贯起来" 时尚产业制造爆品有其固定规则，即有意识地制造稀缺感。具体来 ...

Core Viewpoint - Coach has successfully revitalized its brand and regained consumer interest through strategic product diversification, effective marketing, and a focus on appealing to younger generations, particularly Gen Z. Group 1: Sales Performance and Market Position - Coach's average bag price is around $400, with only a 10% year-over-year sales increase, while Kate Spade and MK experienced declines of 10% and over 15%, respectively [1] - Coach's stock hit its lowest point since the 2009 financial crisis in 2020, prompting a leadership change with Todd Kahn as CEO [1][2] - The brand's previous reliance on classic products led to market saturation and a decline in brand image, necessitating a strategic shift [2][3] Group 2: Product Strategy and Innovation - Coach has diversified its product offerings, ensuring no single product line exceeds 10% of total sales [3] - The introduction of the Tabby bag series in 2019 helped modernize Coach's image, positioning it as an alternative to high-end brands [4] - Coach's pricing strategy has evolved, with main product prices now ranging from $3000 to $5000, reflecting a shift towards higher-end offerings [8] Group 3: Marketing and Consumer Engagement - Coach has tripled its marketing spending in recent years, focusing on brand image and consumer connection rather than just immediate sales [6] - The brand has diversified its ambassador lineup to attract a broader consumer base, including Gen Z [6][7] - Social media has played a crucial role in Coach's resurgence, with significant engagement driven by influencers and celebrities [7] Group 4: Expansion and Future Outlook - Coach plans to expand its physical presence in China, targeting third- and fourth-tier cities to tap into market potential [9] - The company is exploring new product categories, particularly footwear, to reduce reliance on women's bags [10]