2025.09. 13 本文字数：2934，阅读时长大约5分钟 作者 | 第一财经 程程 在人生的最后几个月里，乔治·阿玛尼作出了出人意料的决定。 当地时间12日公布的遗嘱副本显示，上周去世、享年91岁的意大利时装设计师乔治·阿玛尼在遗嘱中指示 其继承人必须在18个月内将公司15%的股份出售给其他奢侈品公司或进行首次公开募股。 据报道，遗嘱要求继承人优先考虑路威酩轩集团 (LVMH) 、 欧莱雅集团 (L'Oréal) 和意大利眼镜制造商 依视路陆逊梯卡 (EssilorLuxottica)作为潜在买家。否则，应将股份出售给"经Leo（阿玛尼长期密友、男 装设计总监德尔奥科）确认并同意"与上述公司有类似地位的时尚和奢侈品公司，并优先与阿玛尼已有商 业合作关系的公司。买家将拥有15%的投票权，并有权任命董事会成员。 遗嘱还规定，在阿玛尼去世后三至五年内，应向同一买家再出售30%至54.9%的股份，这可能使买家获 得阿玛尼的多数股权。如果第二阶段的出售方案未能实现，公司应在意大利或同等地位的市场进行首次公 开募股。 行业分析师对阿玛尼集团的估值在50亿至120亿欧元之间。2024财年，该公司营收同比下降5%，至2 ...

记者丨高江虹 实习生张亿珍 编辑丨张伟贤 时尚界痛失大师后，其身后遗嘱再次引发关注。 据遗嘱副本，已故设计师乔治·阿玛尼（Giorgio Armani）指示其继承人，必须逐步出售他亲手 创立的同名品牌，或在必要时推动公司上市。这标志着这家以高度独立性和意式风格而著称的 公司，或将迎来前所未有的剧变。 出品丨21财经客户端 21世纪经济报道 编辑丨黎雨桐 实习生林芷仪 泡泡玛特上新，没人排队了 六个核桃卖不动了，前衡水首富转身搞起半导体 大润发回应高管被带走调查 21君荐读 SFC 2 智能 悦 读 · 权 威 n o 扫码点击下载 遗嘱中明确规划了阿玛尼的出售计划 ，其分为两个阶段：在乔治·阿玛尼去世后的18个月内， 继承人须出售品牌15%的初始股权；在随后的3至5年内，则须将额外30%至54.9%的股份转让 给同一买家，实现控股权的逐步转移。 同时，遗嘱也给出了备选方案，如果上述出售计划未能实现，继承人则应立即启动首次公开募 股（IPO），让这家意大利家族品牌走向资本市场。在遗嘱中，乔治·阿玛尼基金会及其本人的 得力助手潘塔莱奥·德洛尔科（Pantaleo Dell′Orco）合计持有阿玛尼集团70%的表决 ...

遗嘱中明确规划了阿玛尼的出售计划，其分为两个阶段：在乔治·阿玛尼去世后的18个月内，继承人须 出售品牌15%的初始股权；在随后的3至5年内，则须将额外30%至54.9%的股份转让给同一买家，实现 控股权的逐步转移。 同时，遗嘱也给出了备选方案，如果上述出售计划未能实现，继承人则应立即启动首次公开募股 （IPO），让这家意大利家族品牌走向资本市场。在遗嘱中，乔治·阿玛尼基金会及其本人的得力助手潘 塔莱奥·德洛尔科（Pantaleo Dell′Orco）合计持有阿玛尼集团70%的表决权，若公司最终上市，该基金会 将保留30.1%的股权。 21世纪经济报道记者 高江虹 实习生 张亿珍 时尚界痛失大师后，其身后遗嘱再次引发关注。 据遗嘱副本，已故设计师乔治·阿玛尼（Giorgio Armani）指示其继承人，必须逐步出售他亲手创立的同 名品牌，或在必要时推动公司上市。这标志着这家以高度独立性和意式风格而著称的公司，或将迎来前 所未有的剧变。 不久前的9月4日，乔治·阿玛尼以91岁高龄辞世，身后无子女，家族亲属包括他的妹妹、两位外甥女和 一位外甥。其遗嘱的公开回应了长久以来外界关于公司是否将继续保持独立运营的猜测。 关 ...

Financial Data and Key Metrics Changes - The company's revenue in the first half was €133 million, down 22% year on year, reflecting softer market conditions and planned creative transitions [10] - Gross profit margin declined by 400 basis points to 54%, primarily due to sell-through of prior season inventory [11] - Adjusted EBITDA margin decreased to negative €52 million, impacted by lower revenue and operational leverage [15] Business Line Data and Key Metrics Changes - Lanvin's revenue declined by 42%, primarily due to weak wholesale demand in EMEA, but DTC revenue increased by 46% in the second quarter [20] - Wolfer's revenue was down 23%, with a 14% growth in the wholesale channel, while D2C decreased by 35% [22] - Sergio Rossi's revenue fell 25%, but retail sales were up 17% in Q2, indicating a rebound [24] - St. John maintained nearly flat revenue with a 4% growth in its core North American market [26] Market Data and Key Metrics Changes - All key regions saw revenue declines, with EMEA and Greater China facing the most significant headwinds [14] - D2C and wholesale channels were down, particularly in EMEA and Greater China [14] Company Strategy and Development Direction - The company is focused on long-term strategies, including strengthening brand leadership and streamlining operations [7][8] - There is an emphasis on protecting free cash flow through disciplined working capital management and rigorous cost control [8] - Targeted marketing initiatives are being deployed to boost traffic and conversion [9] Management's Comments on Operating Environment and Future Outlook - The management highlighted the challenges posed by global macroeconomic and geopolitical uncertainty but expressed confidence in the foundational work completed in H1 [3][4] - Encouraging signs of recovery were noted in the second quarter across several brands, with a focus on executing plans for the second half [30] Other Important Information - The company streamlined 29 underperforming stores in the first half, aiming for a more focused and productive retail footprint [17] - Significant strides were made in reducing G&A expenses across various brands, with reductions of 27% for Wolfer, 25% for Sergio Rossi, and 35% for St. John [15][16] Q&A Session Summary - There were no questions during the Q&A session, and the conference call concluded without any inquiries [31]

Financial Data and Key Metrics Changes - The company's revenue in the first half was €133 million, down 22% year on year, reflecting softer market conditions and planned creative transitions [9][10] - Gross profit margin declined by 400 basis points to 54%, primarily due to sell-through of prior season inventory [10][14] - Adjusted EBITDA margin decreased to negative €52 million, reflecting negative operational leverage, although cost discipline helped mitigate a larger drop [15][10] Business Line Data and Key Metrics Changes - Lanvin's revenue declined by 42%, primarily due to weak wholesale demand in EMEA, but DTC revenue increased by 46% in the second quarter [20][21] - Wolfer's revenue was down 23%, but wholesale channel grew by 14%, while D2C decreased by 35% due to rightsizing of the retail network [22] - Sergio Rossi's revenue fell 25%, but retail sales were up 17% and e-commerce was up 10% in Q2 [24] - St. John maintained nearly flat revenue with a 4% growth in its core North American market [27] Market Data and Key Metrics Changes - All key regions saw revenue declines, with EMEA and Greater China facing the most significant headwinds [13] - D2C and wholesale channels were down, with major softness in wholesale for EMEA and cautious consumer sentiment in Greater China [13] Company Strategy and Development Direction - The company is focused on long-term growth, emphasizing cost discipline, operational efficiency, and strategic repositioning across geography and product assortment [4][12] - The strategy includes streamlining operations, optimizing retail footprint, and deploying targeted marketing initiatives to boost traffic and conversion [8][19] - The company plans to leverage new creative talent to drive growth in the second half [12][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the tough macroeconomic and geopolitical climate but expressed confidence in the foundational work completed in the first half [3][30] - There are encouraging signs of recovery in the second quarter across several brands, and management is optimistic about the plans for the second half [30][31] Other Important Information - The company rightsized 29 underperforming stores in the first half and is continuing a comprehensive review of its network [8][18] - Significant strides were made in reducing G&A expenses across various brands, with reductions of 27% for Wolfer, 25% for Sergio Rossi, and 35% for St. John [15][16] Q&A Session Summary - There were no questions during the Q&A session, and the conference call concluded without any inquiries [32]

Financial Data and Key Metrics Changes - The company's revenue in the first half was €133 million, down 22% year on year, reflecting softer market conditions and planned creative transitions [9] - Gross profit margin declined by 400 basis points to 54%, primarily due to sell-through of prior season inventory [10] - Adjusted EBITDA margin decreased significantly, resulting in a negative €52 million, attributed to negative operational leverage [15] Business Line Data and Key Metrics Changes - Lanvin's revenue declined by 42%, primarily due to weak wholesale demand in EMEA, but retail remained resilient with a 46% increase in DTC revenue in Q2 [20] - Wolfer's revenue was down 23%, but wholesale grew by 14%, indicating a positive trend despite a 35% decrease in D2C [22] - Sergio Rossi's revenue fell 25%, but retail sales rebounded by 17% in Q2, indicating potential recovery [24] - St. John maintained nearly flat revenue with a 4% growth in its core North American market [27] Market Data and Key Metrics Changes - All key regions saw revenue declines, with EMEA and Greater China facing the most significant challenges [13] - D2C and wholesale channels were down, with major softness in wholesale for EMEA and cautious consumer sentiment in Greater China [13] Company Strategy and Development Direction - The company is focused on long-term growth through brand leadership strengthening, operational efficiency, and targeted marketing initiatives [8] - A comprehensive review of the retail network is ongoing, with 29 underperforming stores rightsized [8][18] - The company aims to protect free cash flow through disciplined working capital management and rigorous cost control [8] Management's Comments on Operating Environment and Future Outlook - The management acknowledged persistent global macroeconomic and geopolitical uncertainty but expressed confidence in recovery signs observed in Q2 [3][30] - The company is optimistic about the second half, driven by new creative talent and strategic repositioning efforts [12][30] Other Important Information - The company completed a capital increase for Wolford to support its strategic transformation [5] - Significant strides were made in reducing G&A expenses across various brands, with reductions of 27% for Wolfer, 25% for Sergio Rossi, and 35% for St. John [15][16] Q&A Session Summary - There were no questions during the Q&A session, and the conference call concluded without further inquiries [32]

Group 1: Luxury Brands' Strategies for Qixi Festival - Major luxury brands are launching limited edition products for the Qixi Festival to capture market share, including jewelry, bags, cosmetics, and home goods [1] - Louis Vuitton has introduced the 2025 Qixi Gift Collection featuring the Dream series and Monogram Archive series, emphasizing customization options for consumers [1][3] - LETOII ATELIER has unveiled the 2026 Spring Couture Collection, showcasing intricate craftsmanship with over 1.49 million pearls and 8.9 million sequins [2][5] Group 2: Brand Campaigns and Themes - Prada's new collection reinterprets traditional love stories through modern Shanghai settings, featuring a campaign with brand ambassadors [7] - Balenciaga's annual Qixi campaign captures romantic moments in iconic Shanghai locations, emphasizing a "Frozen in time" visual concept [8] - Miu Miu's collection combines dreamlike and minimalist aesthetics, highlighting a blend of nostalgic and rebellious styles [10] Group 3: Unique Offerings and Cultural Elements - LOEWE's Qixi series includes limited edition bags and a mini-drama titled "The Magpie's Love," reflecting a "Chinese-style romance" [11] - Loro Piana's 2025 capsule collection is inspired by "reunion and love," featuring soft natural tones and floral prints [12] - TAG Heuer has launched couple watches with a focus on long-lasting romance, utilizing blue and pink color schemes [13] Group 4: Emotional and Artistic Expressions - Boucheron's new campaign draws inspiration from emotional connections, showcasing the Quatre Classique and Quatre Grosgrain series [15] - Thom Browne's 2025 Qixi limited series features playful designs that express love through everyday items, including a game for sharing "love notes" [15] - The success of luxury brands during the Qixi season hinges on their ability to resonate with consumers' emotional and personalized needs [16]

Group 1: High-End Brand Activities for Qixi Festival - Luxury brands are leveraging traditional Chinese culture and local elements to launch unique promotional activities for the Qixi Festival [2][4][12] - LV introduces personalized customization services, allowing consumers to choose colors, fonts, stripes, and embellishments for their bags, enhancing the romantic experience [4] - Prada's advertising campaign features a contemporary narrative that intertwines mythology with modern Shanghai, showcasing new collections through a journey across seven iconic bridges [8][10] Group 2: Specific Brand Initiatives - Balenciaga's Qixi campaign includes a series of portraits and short films shot at Shanghai landmarks, highlighting the contrast between urban life and romantic moments [10] - APM Monaco launches a new Morse code jewelry collection inspired by the ancient "Qixi" tradition, with interactive advertising across over 200 locations in major cities [12] - Loro Piana unveils a limited capsule collection themed around "reunion and love," featuring soft color palettes and a whimsical limited-edition plush toy, emphasizing craftsmanship and emotional expression [14]

Group 1: Company Performance - Hermès reported a 9% increase in sales for the second quarter, reaching €3.9 billion, with all regions showing growth [14] - Adidas achieved a 7.3% increase in net sales for the first half of the fiscal year, totaling €12.1 billion, with a gross margin of 51.9% [2] - Prada's net revenue for the first half of the fiscal year reached €2.74 billion, reflecting a 9.1% growth at constant exchange rates [2] - Canada Goose reported a strong start to the new fiscal year with a 22.4% increase in global revenue, amounting to CAD 107.8 million [9] - Kering's stock price rose 24% following the appointment of Luca de Meo as CEO, who received a €20 million signing bonus [3] - SMCP's sales increased by 2.7% to €601.1 million, with all regions outside Asia showing growth [11] Group 2: Operational Changes - PUMA appointed Andreas Hubert as COO, effective September 1, to streamline operations and integrate various functions [6] - Arena announced Mark Pinger as the new Chief Brand Officer, effective October 1, leveraging his sports background for brand growth [7] - Jil Sander's CEO Serge Brunschwig resigned after six months, indicating potential instability in leadership [13] Group 3: Market Trends and Insights - L'Oréal's second-quarter sales grew by 1.6%, with an operating profit margin of 21.1%, indicating a positive trend in digital transformation [8] - The luxury market shows a divergence in brand performance, with Prada's main brand experiencing a slight decline while Miu Miu surged by 49.2% [2][3] - The disappearance of shares held by Hermès' largest individual shareholder may impact brand image and market confidence [5]

Group 1 - Kering Group reported a 16% year-on-year decline in revenue for the first half of 2025, totaling €7.587 billion, with recurring operating profit down 38.7% to €969 million and net profit down 46% to €474 million [2] - The core brand Gucci experienced a significant revenue drop of 26% year-on-year in the first half of 2025, generating €3 billion, with a 25% decline in the second quarter to €1.46 billion [2] - Gucci's poor performance has persisted for six consecutive quarters, with comparable sales declines of 21%, 20%, 25%, 24%, 25%, and 25% from Q1 2024 to Q2 2025 [2] Group 2 - Other brands under Kering also faced challenges, with Saint Laurent (YSL) revenue down 11% to €1.3 billion in the first half of 2025, and a 10% decline in comparable sales for the second quarter [2] - Only Bottega Veneta and Kering Eyewear achieved growth, with Bottega Veneta's revenue increasing by 1% to €846 million and Kering Eyewear's revenue growing by 2% to €1.092 billion, while Kering Beauty saw a 9% increase [2] - Kering's Chairman and CEO Francois-Henri Pinault acknowledged the underperformance and stated that the company is optimizing distribution channels and cutting costs to strengthen its financial structure [3] Group 3 - In the first half of the year, Kering closed 24 stores globally, including 18 Gucci stores, with 7 located outside Japan in the Asia-Pacific region [3] - As of June 30, Kering had a total of 1,789 stores worldwide [3]