1 改写游戏规则的"时尚颠覆者" 在当今全球时尚界的版图上，如果有一个品牌能同时引发年轻人狂欢、资本市场瞩目以及传统势力的焦虑，那非Shein莫属。这个中国品牌，完成了一场 从南京小巷到全球消费者衣橱的闪电逆袭。 如今，它携着线上积累的巨大人气，雄心勃勃地试图在欧洲时尚腹地——法国——开辟线下疆土，却意外地撞上了一堵由文化骄傲、商业利益和价值观冲 突筑成的"优雅围墙"。 要理解法国市场的抗拒，首先得明白Shein究竟是何方神圣。它绝非一个普通的电商服装品牌，而是一个将"快时尚"进化到"超快时尚"的终极形态，用数 字算法和柔性供应链彻底改写了行业规则的"物种"。 成立于2008年的Shein，其核心秘诀是一个近乎"恐怖"的闭环系统：通过强大的数据抓取和分析能力，实时追踪全球各地的时尚趋势、社交媒体热点和搜 索数据，将潜在爆款的设计环节交由算法完成。 The Guardian 然后，它依托中国大湾区高效而灵活的供应链网络，能够实现小批量、快速响应的生产模式。一件衣服从设计图纸到上线销售，可能仅需短短数日。这种 被称为"实时时尚"的模式，让传统快时尚巨头Zara和H&M也相形见绌——后者的反应周期通常是数周。 其结 ...

Group 1 - The report highlights that Chinese "manufacturing hard consumption" companies are entering a golden development period for globalization, transitioning from "product export" to "brand export" due to technological accumulation, supply chain advantages, and global layout [1][2] - The Chinese government has introduced favorable policies to support the globalization of manufacturing hard consumption enterprises, including guidance on brand internationalization and cross-border trade facilitation [2][3] - In 2024, policy support will focus on cross-border e-commerce and overseas warehouse construction, addressing challenges in overseas storage and distribution for enterprises [3][4] Group 2 - Chinese manufacturing hard consumption enterprises have developed a multi-faceted overseas expansion model characterized by "technological breakthroughs, localized production, and brand upgrades," with significant global factory layouts [3][4] - The innovation capabilities of Chinese companies in the consumer electronics and smart hardware sectors are gaining global recognition, with products like robotic vacuum cleaners and portable chargers consistently ranking as best sellers on cross-border e-commerce platforms [4][5] - The report identifies three major opportunities for the globalization of Chinese manufacturing hard consumption during the 15th Five-Year Plan period: the release of demand in emerging markets, product premiumization driven by technological upgrades, and the improvement of cross-border e-commerce and overseas warehouse systems [5][6] Group 3 - The globalization of Chinese manufacturing hard consumption is evolving from simple "product output" to "standard output" and "service output," with companies participating in the formulation of global industry standards and establishing comprehensive after-sales service networks [5][6] - The report emphasizes that the globalization journey of Chinese manufacturing hard consumption enterprises has entered a new phase, supported by policies, industrial foundations, and innovation vitality, positioning them as key players in the global consumption market [6][7] - The report outlines a comprehensive policy framework to support the internationalization of the domestic consumption industry, facilitating the transition from "product export" to "capacity export" and "brand export" [24][25]

爆款商品价格亲民 阿根廷华人在线布宜诺斯艾利斯9月27日报道 巨大的货轮连接亚洲与美洲，载着中国电商平台Shein的大批商品正以更具竞争力的成本抵达阿根廷。如今， 这些商品不仅通过快递送货上门，更悄然现身布宜诺斯艾利斯著名的昂塞（Once）商业区实体店，形成独特的"线下Shein"购物新模式。 线下体验，线上价格 在昂塞商圈的各家店铺橱窗里，陈列着与中国Shein平台上一模一样的服装、爆款手提包、背包、毛绒玩具和家居用品。顾客不仅可以亲眼看到、亲手触 摸，甚至还能试穿试用，这成为实体店最大的优势。 更令人惊喜的是，部分商品价格甚至比线上平台还要便宜一半。一些店家甚至提供二维码，方便顾客现场比对线上价格。一位正在购物的年轻人兴奋地 说："在这里买东西就像在Shein上购物一样，但不用等待漫长的配送时间，还能避免海关清关的麻烦。" 记者在走访中发现，店内Kuromi或Cinnamoroll造型水壶售价6000比索，可变色LED化妆镜12000比索，Labubu钥匙扣7500比索，电子打火机3300比索。在社 交媒体上走红的手提包售价为29000比索，相比线上价格更具竞争力。加湿器、硅胶灯和卡哇伊毛绒玩具等中国产的 ...

（原标题：欧莱雅高管洗牌；雅诗兰黛大幅降薪丨二姨看时尚） 21世纪经济报道记者高江虹 实习生方洋昕 九月底，时尚行业迎来大洗牌。欧莱雅对高管层进行重大调整，雅诗兰黛大幅降薪以求转型，阿玛尼品 牌的何去何从依旧未知，巨头们正通过内部重组与财务调整提升韧性。市场层面，Brunello Cucinelli遭 做空股价暴跌；Burberry高管再度离职；H&M利润改善提振信心，LVMH则持续扩大媒体版图。一系列 动态表明，行业正聚焦核心利润与掌控力，以应对持续疲软市场的不确定性。 1.欧莱雅宣布高管层重大调整 欧莱雅集团宣布将对执行委员会进行新一轮调整，过渡期自 2025 年 10 月开始，相关任命将于 2026 年 1 月 1 日正式生效。根据公告，David Greenberg 将出任新设立的欧莱雅美国董事长，专注于集团在最大 市场的对外事务。他的原职——欧莱雅美国首席执行官兼北美区总裁，将由现任大众化妆品部门总裁 Alexis Perakis-Valat 接任。集团全球增长首席官 Fabrice Megarbane 将接替 Perakis-Valat，担任大众化妆 品部门总裁。与此同时，现任欧洲区总裁 Vian ...

Group 1: H&M Q3 Performance - H&M reported Q3 net sales of 57 billion Swedish Krona and operating profit of 4.9 billion Swedish Krona, exceeding analyst expectations of 3.7 billion Krona [1] - The profit growth was attributed to improved customer service, increased gross margin of 52.9%, and effective cost control, which helped mitigate macroeconomic uncertainties [1] - H&M opened three significant new stores in China, including a flagship store in Shenzhen and the first brand experience center in Shanghai [1] Group 2: H&M Stock Reaction and Future Outlook - Following the earnings report, H&M's stock surged over 10% [2] - The company expects September sales to remain flat compared to the previous year, which is a challenging benchmark due to a prior 11% sales increase [2] - H&M's autumn collection has received positive market reception [2] Group 3: Costco Q4 Performance - Costco reported Q4 net sales of $84.432 billion, a year-on-year increase of 8% [3] - Total revenue reached approximately $86.156 billion (about 614.32 billion RMB), also up 8.1% year-on-year [3] - Excluding gasoline and foreign exchange fluctuations, same-store sales grew by 6.4%, surpassing analyst expectations [3] Group 4: Costco's Market Performance - U.S. comparable sales increased by 5.1% in Q4, with a full-year growth of 6.2% [3] - Canadian market saw a 6.3% increase in Q4, while other international markets grew by 8.6% [3] - E-commerce sales grew by 13.6% in Q4, maintaining double-digit growth [3] Group 5: Supply Chain and Inflation Insights - Costco's management noted stable supply chains and confidence in inventory levels for the holiday season [4] - The company is working closely with suppliers to adjust production locations and reduce costs to mitigate tariff impacts [4] - Inflation rates for non-food items have risen for the second consecutive quarter, primarily driven by imported goods [4] Group 6: Upcoming IPOs - Wanchen Group submitted a listing application to the Hong Kong Stock Exchange on September 23 [4] - The group anticipates significant revenue growth, projecting total income to rise from 9.3 billion RMB in 2023 to 32.33 billion RMB in 2024, a 247.9% increase [5] - Miniso's TOP TOY brand has initiated its IPO process, reporting substantial revenue growth and profitability in recent periods [6]

北京商报讯（记者 张君花）9月26日，北京商报记者获悉，瑞典快时尚零售商H&M公布截至8月的三季 度财报称，公司Q3净销售额为570亿瑞典克朗，营业利润达到49亿瑞典克朗，远超分析师预期的37亿克 朗，毛利率为52.9%，营业利润率为8.6%。 ...

Core Viewpoint - The fashion industry is increasingly venturing into the beauty sector as a response to declining sales, with several major brands launching beauty products to explore new growth opportunities [3][10][46]. Group 1: Fashion Brands Entering Beauty - In September 2025, major fashion brands like Gap, Zara, and H&M announced significant moves into the beauty industry, indicating a trend among fashion companies to diversify their product offerings [5][16]. - Gap Group plans to launch beauty products in 150 Old Navy stores, with some featuring beauty consultants, aiming to leverage its financial stability for growth [12][10]. - Zara has introduced its first hair care line, including shampoo and conditioner, marking its entry into the hair care segment after previously launching cosmetics and fragrances [15][14]. Group 2: Performance of Fashion Brands - Gap Group reported a 4.85% increase in net sales for Q2 2024, ending a three-year decline, but the growth rate has slowed significantly compared to previous years [7][10]. - Zara's parent company, Inditex, experienced a modest 1.6% sales growth in H1 2025, with Zara itself showing the slowest growth in five years at 0.9% [13][14]. - H&M's net sales fell by 1.87% in the same period, with a notable decline in net profit, indicating a downward trend for the brand [16][17]. Group 3: LVMH's Beauty Strategy - LVMH launched its own beauty brand in 2025, with a focus on luxury makeup products, including 55 lipstick shades, aiming to enhance its beauty segment's profitability [32][33]. - Despite the launch, LVMH's overall sales and profits saw significant declines in H1 2025, with a 4.48% drop in net sales and a 21.59% decrease in net profit [34][35]. - The beauty segment's operating profit margin remains lower than the group's average, highlighting challenges in achieving profitability through self-created beauty brands [39][40]. Group 4: Designer Brands and Fragrance - Designer brands are increasingly entering the fragrance market, with several launching new perfume lines in collaboration with established fragrance companies [20][22]. - The trend reflects a broader strategy among fashion brands to transform into lifestyle brands, leveraging their design expertise while outsourcing production and distribution to fragrance giants [22][24]. - Notably, Christian Louboutin's fragrance line, managed by Puig, has faced challenges, with its makeup segment experiencing a decline in sales [30][28]. Group 5: Market Outlook and Challenges - The collective move into beauty by fashion brands raises questions about the sustainability of this strategy amid economic downturns [46]. - The beauty market's appeal remains strong, but the success of these ventures will depend on the brands' ability to adapt and innovate in a competitive landscape [46].

9月23日晚，中国潮流快时尚第一品牌URBAN REVIVO（以下简称UR）与天猫三度携手打造的超级品牌日时尚盛典，于上海1862时尚艺术中心盛大启幕。 本次盛典超越传统大秀范畴，以全球「音乐+时尚」的跨界融合，打造出一场沉浸式先锋时尚盛典。 （图）UR天猫超级品牌日时尚盛典在上海举行 更具历史意义的是，UR于现场获欧睿国际正式认证，获颁「中国潮流快时尚门店零售额与门店数量双第一品牌」市场地位，仅用19年，中国快时尚品牌首 次在中国大陆地区门店零售额与门店规模两大核心维度全面超越国际巨头，成为快时尚行业发展进程中的重要里程碑。 （图）UR上海吴江路四季坊旗舰店 从产品创新到空间体验，UR持续强化其全球审美话语体系与品牌辨识度，不仅在中国市场赢得领先地位，也在全球范围内建立起以「设计驱动」和「体验 优先」为标志的新商业范式，为快时尚行业的转型与发展提供了新的思路。 以「第一」为起点，打造全球化新范式 （图）UR获「中国潮流快时尚门店零售额与门店数量双第一品牌」市场地位证书 体验升维：以「全球设计」与「千店千面」重塑消费新场景 UR荣获「中国潮流快时尚门店零售额与门店数量双第一品牌」市场地位的背后，反映品牌对传统 ...

H&M交出了一份强劲的三季报，凭借有效的成本控制和销售势头，公司盈利连续第二个季度超出市场 预期。 9月25日周四，瑞典快时尚零售商H&M公布截至8月的三季度财报。财报显示，公司Q3净销售额为570 亿瑞典克朗，营业利润达到49亿瑞典克朗，远超分析师预期的37亿克朗，毛利率为52.9%，营业利润率 为8.6%。 财报表示，利润的超预期增长主要得益于客户服务的改善、毛利率的提升以及良好的成本控制，这些举 措抵消了部分宏观经济不确定性和贸易壁垒带来的拖累，帮助吸引了消费者重返线上及线下门店。 展望未来，H&M预计其第四财季首月（9月）的销售额将与去年同期持平。公司指出，这是一个颇具挑 战性的比较基准，因为去年9月在凉爽天气和新品牌定位推出的推动下，销售额曾跃升11%。同时，公 司表示其秋季系列受到了市场的良好欢迎。 财报公布后，H&M欧股大涨超10%，现涨幅有所回落。 | 1D | 5D | 1M | 6M | YTD | 1Y | 5Y | All | | Key Events | | NV | 203 | | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

欧睿国际方面明确，该排名是指按各潮流快时尚品牌2024年在中国大陆门店零售额(元)及截至2024年底 的门店数量。在统计中，潮流快时尚品牌是指以快速捕捉并转化当下时尚潮流趋势为核心，通过快速迭 代(开发至上新周期<3周)和高频上新(>1次/周)模式提供款式多样且价格亲民的服饰品牌。 经营层面，UR摒弃了传统快时尚"模仿+速度"的打法，转而以"前瞻设计+千店千面"建设竞争力。在设 计战略上，品牌于亚洲与欧洲布局双设计中心，组建超500人的全球化设计团队，其中海外设计中心专 注欧美市场产品研发，通过"全球设计+在地优化"模式实现创意资源与本土需求的协同适配。开店策略 上，UR打破传统快时尚标准化、规模化的运营逻辑，以"奢华大店"结合"千店千面"策略升级线下消费 体验。 经济观察网9月23日，快时尚品牌UR方面透露，目前其全球门店已突破400家，其中海外门店超20家， 已进驻英国、美国、新加坡、马来西亚、泰国、菲律宾等国家。 该日，UR还联合咨询机构欧睿国际宣布，UR成为"中国潮流快时尚门店零售额与门店数量双第一品 牌"。 ...