（文/霍东阳 编辑/张广凯） 近日，杰尼亚集团（Ermenegildo Zegna）宣布完成对加拿大高端越野跑鞋品牌Norda的第二轮投资，本次新融资的具体条款未对外披露。 2020年，Norda成立于蒙特利尔，极限耐力运动员夫妇Nick Martire和Williamina Martire与鞋履设计师Louis-Martin Tremblay、品牌开发资深人士Gerard Cleal共 同创立，以轻量化设计与材料科技创新为核心，主打专业越野跑鞋领域。 与传统户外鞋款的夸张设计不同，Norda的产品呈现出独特的"静奢"气质，极简的流线型轮廓搭配低饱和度配色。这种克制的美学表达使Norda既能满足专业 越野跑需求，又能融入都市生活场景，实现了性能与时尚的平衡。 因其时尚的外观和优秀的性能，Norda一经见世便颇受瞩目。有媒体报道称，在2021年Norda首款跑鞋001面世时，杰尼亚集团就表现出了极强的兴趣，向其 提出了鞋履与服饰的合作邀约并开始接洽。 2023年，在杰尼亚与Norda合作系列发布前的一个月，杰尼亚集团宣布收购Norda的少数股权，并计划在未来9年内逐步增加对该品牌的投资。 杰尼亚集团对Norda ...

Core Viewpoint - The article emphasizes the evolving trends in fashion, particularly focusing on the "quiet luxury" concept in the knitwear sector, as presented by the company SanDe during the China International Fashion Week [3][5][11]. Group 1: Trend Leadership - SanDe Textile positions itself as a pioneer in the textile industry, leading the development direction of knitwear through deep technical accumulation and continuous innovation [3][8]. - The upcoming fashion show on September 7 will showcase the "China Knitwear Quiet Luxury Trend Release," highlighting three major themes: "Coexistence," "Intentionality," and "Symphony" [3][5]. - The integration of quiet luxury aesthetics with knitwear materials aims to meet the growing consumer demand for quality living [3][5][11]. Group 2: Design Philosophy - The core of the trend release is to embrace change, inclusivity, and cross-disciplinary integration, drawing inspiration from nature, culture, and art [5][10]. - The "quiet luxury" concept reflects a shift in consumer preferences towards understated elegance and a desire for comfort and natural aesthetics [5][7]. - SanDe's new "Knitwear Quiet Luxury" series embodies this trend, merging the flexibility of knitwear with sophisticated design elements [7][11]. Group 3: Material Innovation - SanDe views material innovation as the cornerstone of driving fashion forward, continuously expanding the expressive potential of knitwear [8][10]. - The company aims to redefine the value of knitwear by transforming innovative materials and techniques into long-term industry development momentum [10][11]. - The trend release is not just a creative showcase but a demonstration of the brand's comprehensive strength and industry responsibility [10][11]. Group 4: Future Outlook - The event signifies SanDe's commitment to expanding the boundaries of knitwear into broader lifestyle and aesthetic realms [11][15]. - The "China Knitwear Quiet Luxury Trend Release" encapsulates years of accumulated expertise while paving the way for future explorations in the industry [11][15]. - SanDe aims to articulate a new narrative for knitwear through material language and design aesthetics, inviting stakeholders to envision the future of the industry [15].

Core Viewpoint - The luxury goods growth model is being questioned as Prada Group's recent performance raises concerns, following disappointing results from other luxury giants like LVMH and Kering [1][8]. Financial Performance - Prada Group reported an adjusted EBIT of approximately €618.5 million, a year-on-year increase of 7.55% [2]. - Net income was around €386 million, reflecting a 0.62% year-on-year rise [2]. - Earnings per share stood at €0.151 [2]. - Retail sales net revenue increased by 10.1% year-on-year, accounting for 89.5% of total net revenue [2]. Brand Performance - Prada brand's retail sales net revenue slightly decreased by 2% when calculated at constant exchange rates, while Miu Miu's retail sales net revenue surged by 49% [3]. - Miu Miu's sales growth in the second quarter slowed down significantly compared to previous quarters, which saw growth rates of 93%, 105%, and 84% [7]. Regional Performance - All major markets showed growth: Asia-Pacific retail sales net revenue increased by 10.4%, Europe by 8.6%, the Americas by 12.4%, Japan by 4.3%, and the Middle East by 25.7% [7]. Market Challenges - Morgan Stanley noted that Prada's second-quarter performance was below expectations due to a slowdown in luxury consumption among cross-border travelers, with a year-on-year sales growth rate of 6.1%, down from 12.5% in the first quarter [7]. - Prada's CEO highlighted that the current market challenges are more cyclical rather than structural [1]. Strategic Outlook - For the second half of the year, Prada issued a warning about uncertainties in the recovery of the tourism sector but emphasized three certainties: maintaining a full-price sales strategy, reviewing operational efficiency quarterly, and avoiding shortcut growth strategies [7]. - Prada aims to sustain growth through precise retail strategies and new store openings, while Miu Miu plans to expand its market share in leather goods and introduce new store experiences globally [7].

Core Viewpoint - The luxury goods growth model is being questioned as Prada Group's recent performance raises concerns following disappointing results from other industry giants like LVMH and Kering [2][6]. Financial Performance - Prada Group reported an adjusted EBIT of approximately €618.5 million, a year-on-year increase of 7.55% [3]. - Net income was around €386 million, up 0.62% year-on-year, with earnings per share at €0.151 [3]. - Retail sales net revenue increased by 10.1% year-on-year, accounting for 89.5% of total revenue [3]. - Retail sales net revenue for the Prada brand slightly decreased by 2% when calculated at constant exchange rates, while Miu Miu's retail sales net revenue surged by 49% [3]. Regional Performance - All major markets showed growth: Asia-Pacific retail sales net revenue grew by 10.4%, Europe by 8.6%, the Americas by 12.4%, Japan by 4.3%, and the Middle East saw a remarkable increase of 25.7% [5]. - Morgan Stanley noted that Prada's second-quarter performance fell short of expectations due to a slowdown in luxury consumption among cross-border travelers, with a year-on-year sales growth rate of 6.1%, down from 12.5% in the first quarter [5]. Market Challenges - The luxury sector is facing significant challenges amid economic uncertainty and cultural shifts, potentially leading to the largest setback in 15 years [6]. - Even leading brands like LV and Dior are showing signs of fatigue, with LVMH's core fashion and leather goods revenue declining by 9% and net profit dropping by 22% [6]. Consumer Trends - Younger consumers, particularly Generation Z, are increasingly questioning the value of luxury goods, moving away from the traditional perception of luxury as a status symbol [7]. - Brands with less prominent logos, such as Loro Piana and Brunello Cucinelli, are experiencing growth, indicating a shift towards understated luxury [8].

Core Viewpoint - The luxury goods growth model is being questioned as major players like Prada, LVMH, and Kering report disappointing earnings, raising concerns about the sustainability of their growth strategies [2][10]. Financial Performance - Prada Group's financial report for the first half of 2025 shows adjusted EBIT of approximately €618.5 million, a year-on-year increase of 7.55% [6]. - Net income reached about €386 million, reflecting a slight increase of 0.62% year-on-year [6]. - Retail sales net revenue grew by 10.1% year-on-year, with retail sales accounting for 89.5% of total net revenue [6]. Brand Performance - There is a stark contrast in performance between the two core brands: Prada's revenue declined in Q2, while Miu Miu experienced a significant growth of 49% [7][9]. - At fixed exchange rates, Prada's retail sales net revenue slightly decreased by 2%, while Miu Miu's retail sales net revenue surged [7]. Market Trends - All major markets reported growth: Asia-Pacific up 10.4%, Europe up 8.6%, Americas up 12.4%, Japan up 4.3%, and the Middle East showing a remarkable increase of 25.7% [7]. - Morgan Stanley noted that Prada's Q2 performance was below expectations due to a slowdown in luxury consumption among cross-border travelers, with a year-on-year sales growth rate of 6.1% compared to 12.5% in Q1 [7]. Future Outlook - Prada has issued a warning for the second half of the year regarding uncertainties in the recovery of the tourism sector, while emphasizing three certainties: maintaining a full-price sales strategy, reviewing operational efficiency quarterly, and avoiding "shortcut" growth [8]. - Miu Miu plans to expand its market share in leather goods and introduce new store experiences globally, while Prada aims to sustain growth through precise retail strategies and new store openings [9]. Industry Challenges - The luxury goods sector is facing significant challenges, potentially experiencing its largest setback in 15 years due to economic uncertainties and changing consumer sentiments, particularly among younger generations [11]. - Brands with prominent logos are struggling, while those with subtle branding, such as Loro Piana and Brunello Cucinelli, are seeing growth, indicating a shift in consumer preferences towards understated luxury [12].