21世纪经济报道记者高江虹 过去这一周，最新一季财报披露已经接近尾声，Gap交出不错的成绩单，销售连续七个季度正增长。但全球最大的奢侈品电商 LuxExperience的成绩喜忧参半，GMV下滑4.3%，净销售额下降4.2%，经调整EBITDA亏损2810万欧元。但是，集团旗下 Mytheresa、Net-A-Porter、Mr Porter及YOOX等平台均实现全面增长。尤其是完成对原属于历峰旗下的YNAP收购后的Mytheresa 销售额和盈利能力均实现两位数增长。 中国内地和香港市场的消费复苏势头明显，瑞士手表10月出口额同比下降4.4%，但是对中国的出口连续第二个月增长，增幅达 13%；而且上周日刚刚结束的富艺斯钟表名表拍卖三天总成交逾3亿港元，创下了亚洲迄今最高常设钟表拍卖纪录。所谓"春江 水暖鸭先知"，从收藏级名表的交投活跃可见市场温度，因此上周意大利高级珠宝品牌Vhernier亚洲首店便选择落地香港。 然而值得注意的是，中国市场的复苏并不意味着遍地黄金重现，水土不服甚至竞争失败者亦是比比皆是。最近哈罗德百货宣布 明年关闭上海私人会员俱乐部和哈罗德茶室，黛安芬将于下个月关闭中国内地所有线下门店和网 ...

（原标题：开云集团拟成立风投部门； 黛安芬退出中国市场丨二姨看时尚） 21世纪经济报道记者 高江虹 过去这一周，最新一季财报披露已经接近尾声，Gap交出不错的成绩单，销售连续七个季度正增长。但 全球最大的奢侈品电商LuxExperience的成绩喜忧参半，GMV下滑4.3%，净销售额下降4.2%，经调整 EBITDA亏损2810万欧元。但是，集团旗下Mytheresa、Net-A-Porter、Mr Porter及 YOOX等平台均实现 全面增长。尤其是完成对原属于历峰旗下的YNAP收购后的Mytheresa销售额和盈利能力均实现两位数增 长。 中国内地和香港市场的消费复苏势头明显，瑞士手表10月出口额同比下降4.4%，但是对中国的出口连 续第二个月增长，增幅达13%；而且上周日刚刚结束的富艺斯钟表名表拍卖三天总成交逾3亿港元，创 下了亚洲迄今最高常设钟表拍卖纪录。所谓"春江水暖鸭先知"，从收藏级名表的交投活跃可见市场温 度，因此上周意大利高级珠宝品牌Vhernier亚洲首店便选择落地香港。 然而值得注意的是，中国市场的复苏并不意味着遍地黄金重现，水土不服甚至竞争失败者亦是比比皆 是。最近哈罗德百货宣布明年关 ...

Core Viewpoint - The article discusses the shift in consumer behavior in Japan and East Asia towards extreme cost-effectiveness and practicality, influenced by economic downturns and changing societal values [3][10]. Group 1: Historical Context - The article references the Great Depression in the U.S., where citizens adopted frugal lifestyles, highlighting a historical pattern of economic hardship leading to changes in consumer behavior [3]. - Japan's prolonged economic stagnation, termed the "Lost Decade," has left a lasting impact on its citizens, who have become skeptical of politicians and media, focusing instead on immediate, practical needs [4][10]. Group 2: Consumer Behavior Changes - There is a notable trend of consumers prioritizing cost over luxury, with young people in Japan and Korea opting not to buy homes or cars due to perceived low value [6][10]. - The rise of discount stores, such as the 100-yen shop in Japan, reflects a cultural shift towards valuing affordability, with over 8,900 such stores now operating [7]. Group 3: New Consumption Models - The emergence of new consumption models, such as Meituan's "拼好饭" (Pīn Hǎo Fàn), illustrates a significant change in the food delivery industry, focusing on cost-effective meal options that cater to a large consumer base [12][13]. - The article notes that the demand for high cost-performance products is reshaping various industries, including food and retail, as businesses adapt to meet consumer expectations for value [13][14]. Group 4: Economic Implications - The article suggests that economic downturns historically lead to innovative business models, such as the rise of supermarkets post-Great Depression and the emergence of brands like Uniqlo during Japan's low-consumption era [14].

不管是过度消费还是不消费，都不是好现象。 时间回到五年之前，我记得2019年更早的时候，网上大多数人讨论的还是年轻人为什么老是"月光族"问题，很多人认为年轻人月光族过度消费甚至是透支消 费的习惯不好，需要改正。 当时流传最广的段子，还是年轻人借贷买奢侈品，或者用工资分期付款买苹果手机、大牌护肤品等等。 从崇尚消费到认为消费是陷阱，今天这一代年轻人经历了怎样的观念变化？ 先看数据。 今年的消费市场呈现出明显的两极分化。一方面，传统消费领域增长乏力，另一方面情绪消费领域却逆势上涨。 首先就是快时尚品牌销售额增长15%，但轻奢品牌却出现了5%的负增长；保时捷在华销量更是同比暴跌28%，奔驰7月销量更是创下五年新低。 具体到饮食上，降级则更明显。以北京为例，北京CBD区域20元以下的外卖订单占比从两年前的不足一半飙升至67%，上海白领午餐消费中选择20元以下区 间的占比也接近70%。 导致那个时期年轻人养成那样的消费习惯，我想背后还是他们对未来有一个更乐观的预期；即很多人都认为，别看我现在花钱厉害，但我未来赚钱会更厉 害。 这是很多年轻人当时的想法。 但今天，这样的段子在网上几乎消失殆尽了，取而代之的变成了各种教年轻 ...

刚刚过去的一个季度里，瑞幸的门店总数达到29214 家，这个数字是 2020 年退市时的6倍。五年时间里，它从每卖一杯亏 掉5.6 元，到如今单杯稳定获利1.2 元[1]。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美元 的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 这是近十年来中国商业史上最具代表性的"困境反转"案例。它修正了资本市场对于"中概股退市必死"的刻板印象，演绎了 一段投资机构逆势支持企业的佳话，更用一场起死回生告诉人们： 中国消费市场是一个庞大的存在，只要持续做好自己的产品，就可以活得比所有人以为的更有韧性。 2021年，生椰拿铁的上市宣布了瑞幸的"卷土重来"——单月销量突破 2000 万杯，相当于每秒钟卖出 7 杯，券后价格常年 9.9 元就能实现盈利。瑞幸又回到了最朴素的商业常识里：好产品是前面的1，其他能力是后面的0。规模只是产品的结果， 份额只是品牌的具象。 事实上，IDG资本从一开始就非常看好瑞幸，但一直没有找到合适的入局机会。公司投资团队判断瑞幸本身的品牌、门店 网络、数字化系统等都是良性健康的，只是在前期试图用大量补贴，在短期急速培养消费 ...

刚刚 过去的一个季度里，瑞幸的门店总数达到 2 921 4 家，这个数字是 2020 年退市时的 6 倍。五年时 间里，它从每卖一杯亏掉 5.6 元，到如今单杯稳定获利 1.2 元 [1 ] 。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美 元的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 如今中国最好的一批消费品牌，到底是怎么诞生的？ 重戴王冠 退市对于任何一家公司都是一次致命打击。但面对瑞幸，市场却表现得极为冷静和客观，即便流落粉单 市场，瑞幸也并没有离开机构们的视野中央。 先有雪湖资本把瑞幸的目标价大幅上调，估值直逼星巴克，其创始人马自铭高调宣布在粉单买了点瑞幸 股份以表支持 [2] ；后有大钲资本携手 IDG 资本、 Ares SSG ，斥资超 4 亿美元完成了对瑞幸咖啡大部 分股权的收购，保下了瑞幸的品牌。 这是近十年来中国商业史上最具代表性的 " 困境反转 " 案例。它修正了资本市场对于 " 中概股退市必死 " 的刻板印象，演绎了一段投资机构逆势支持企业的佳话，更用一场起死回生告诉人们： 中国消费市场是一个庞大的存在，只要持续做好自己的产品，就可以活得比所 ...

Core Viewpoint - Shein's expansion into France has faced significant backlash, including protests and regulatory scrutiny, highlighting challenges in its international growth strategy [1][4][15] Group 1: Company Overview - Shein, founded by Xu Yangtian in 2007, initially focused on wedding dresses and has since evolved into a major player in the global fast fashion market, achieving revenues of $32.5 billion in 2023, up from $610 million in 2016 [2][4] - The company has been recognized as the third-largest fashion retailer globally, following Nike and Adidas, and has experienced rapid growth, with a reported sales increase of 19% in 2023 [4][5] Group 2: Financial Performance - Despite a revenue increase to $38 billion in 2022, Shein's net profit fell by 40% to $1 billion, reverting to 2021 levels, indicating potential financial instability [4][5] - Shein's financial strategy includes plans for an IPO, initially targeting the New York Stock Exchange but later shifting focus to the London Stock Exchange and potentially Hong Kong due to regulatory challenges [4][5][7] Group 3: Regulatory and Market Challenges - Shein's attempts to distance itself from its Chinese origins have raised concerns among regulators, particularly regarding its offshore business practices and tax strategies [5][9][10] - The company has faced scrutiny over its tax payments in the UK, where it reportedly generated £2 billion in sales but paid only £9.6 million in taxes, leading to allegations of profit shifting [9][10] Group 4: Strategic Moves and Future Outlook - Shein's recent decision to open its first physical store in Paris was met with protests and negative media coverage, reflecting the challenges of its brand image and operational practices [1][15] - The company is exploring options to relocate its headquarters back to China, indicating a potential shift in strategy as it prepares for an IPO and aims to solidify its market position [13][15]

Core Viewpoint - ZARA is facing criticism regarding the excessive number of care labels on its clothing, which consumers find uncomfortable and cumbersome, leading to discussions about potential improvements in label design and customer experience [2][11]. Group 1: Consumer Feedback - Consumers have expressed dissatisfaction with ZARA's care labels, describing them as overly numerous and uncomfortable, with some jokingly suggesting that the labels could be compiled into a book [2][11]. - There are reports of customers damaging clothing while attempting to remove these labels, indicating a significant consumer frustration with the current design [2][11]. Group 2: Company Response - ZARA's customer service stated that the number of label layers is adjusted based on product and washing requirements, aiming to provide detailed care instructions and necessary information [11]. - The company acknowledged the feedback regarding label design and indicated that it would relay this information to relevant departments for consideration [11]. Group 3: Market Challenges - ZARA is experiencing challenges in the Chinese market, having closed several stores in major cities, including locations in Shanghai and Shenzhen, as part of a broader strategy adjustment since early 2021 [11]. - The rise of domestic fast fashion brands and changing consumer preferences are contributing to ZARA's struggles in maintaining its market position in China [11]. Group 4: Financial Performance - In the first half of the 2025 fiscal year, Inditex reported a 1.6% increase in sales to €18.357 billion, with ZARA contributing €13.15 billion, showing a slight revenue increase of 0.9% compared to the previous year [12]. - Inditex's market share distribution indicates that Europe remains its largest market, accounting for 50.7%, while the Americas and Asia represent 17.8% and 16% respectively [12].

Core Viewpoint - SHEIN's financial performance has garnered significant attention, with a reported revenue of $37.044 billion in Singapore for 2024, marking a nearly 20% year-on-year increase, and a net profit of $1.099 billion [1][2] Financial Performance - SHEIN's revenue figures from 2022 to 2024 are as follows: $21.582 billion, $30.915 billion, and $37.044 billion respectively [1] - The company's operating profit before tax for the same period was $0.697 billion, $1.486 billion, and $1.288 billion, while the net profit after tax was $0.634 billion, $1.298 billion, and $1.099 billion [1] Business Model - SHEIN's success is attributed to its "small orders and quick returns" model, which allows for rapid production adjustments based on real-time data monitoring of sales and click rates [2] - The company operates a flexible supply chain supported by a mature garment industry in Guangdong and strong logistics capabilities in the Pearl River Delta [2] Global Strategy - SHEIN is pursuing a global expansion strategy, with its supply chain primarily based in China, particularly Guangdong, while key functions like marketing and finance are based in Singapore, likely due to favorable corporate tax rates [2] - The difference between SHEIN's operating profit before and after tax in Singapore for 2024 was $1.89 billion, approximately 134 million RMB [2] Market Developments - There are reports that SHEIN is seeking to go public in Hong Kong, leveraging low-cost and efficient supply chains from China and benefiting from overseas tax incentives [2] - The success of SHEIN's potential IPO may depend on its ability to balance regulatory compliance with commercial interests [2]

Core Viewpoint - The trend of Chinese companies considering a shift from U.S. IPOs to Hong Kong IPOs has become an unspoken Plan B, driven by various market conditions and regulatory challenges [2][4][12]. Group 1: Companies Considering Hong Kong IPOs - Companies like Cha Yan Yue Se and Shein are reportedly planning to transition to Hong Kong for their IPOs, reflecting a broader trend among Chinese firms [2][11]. - Cha Yan Yue Se has been rumored to be planning a Hong Kong IPO multiple times, with the latest reports indicating potential collaboration with investment banks like CICC and Morgan Stanley [6][7][12]. - Shein's IPO journey has been particularly tumultuous, having attempted listings in the U.S. and London before considering Hong Kong, with a current estimated valuation of around $50 billion [11][12]. Group 2: Other Companies in the Pipeline - Other companies such as Ba Wang Cha Ji, Mi Xue Bing Cheng, and ByteDance are also reported to be shifting their focus to Hong Kong for potential IPOs [13][15]. - Ba Wang Cha Ji initially planned to raise $300 million in the U.S. but has now signed agreements with banks for a Hong Kong listing [13]. - Mi Xue Bing Cheng and Hu Shang A Yi have submitted applications to the Hong Kong Stock Exchange, although they faced setbacks with their prospectuses [13][14]. Group 3: Market Context and Implications - The shift to Hong Kong is seen as a response to the challenges faced by Chinese companies in the U.S. market, including regulatory scrutiny and market conditions [2][12]. - The increasing number of companies considering Hong Kong listings suggests a significant change in the landscape for Chinese IPOs, with many firms now viewing it as a more viable option [2][12].