智通财经记者 | 周芳颖 智通财经编辑 | 楼婍沁 爱马仕2026年春夏新品 爱马仕发布2026年春夏新品系列，以"心向辽阔"为年度主题，将冒险、探索与自由精神贯穿于不同品类之中。系列灵感源自对自然、旅途与未知世界的感 知，在不断延展的路径意象中，勾勒出品牌一贯的从容步调与创造力。 在手袋创作上，爱马仕持续回溯马术与旅行传统。Petit Bel-il手袋从水手行囊汲取灵感，以H帆布与Swift小牛皮构建兼具功能性与运动感的廓形；Bride de jour手袋则以马项圈结构为设计原点，通过隐形缝线与D形金属细节，呈现贴合身体线条的现代造型。经典Birkin、Haut à Courroies与Kelly Hobo等款式，也 在绒面皮革、印花或结构调整中获得新的表达，使熟悉的轮廓焕发轻盈气息。 t in g ps 0 0 g G 0 4.00 the for 200 2 < (ar at 7 m Laster by Will F D A t 2017 1 and and and A TEN TERRETHER FOR t and (201 STANLES D est 2017 TOPOVED NE BOWN AMI ...

#穿LV鞋致脚伤女子需做手术处理疤痕#【#LV官网回应女子穿LV鞋致脚伤#：可先穿袜子磨合】12月26 日，"女子穿LV鞋10分钟致脚伤退款遭拒"冲上热搜。据智通财经报道，近日，来自上海的徐女士反映 称，她于今年9月20日在上海市浦东新区前滩太古里LV线下门店，购买了一双价值9250元的LOUS露跟 运动鞋。9月27日，徐女士第一次穿这双鞋仅步行约10分钟便发现双脚脚背皮肤严重破皮，发红肿胀。 此后，徐女士发现伤口始终无法愈合，直到10月22日，因伤情恶化，她前往复旦大学附属中山医院进行 治疗，被告知需通过整形手术处理疤痕。徐女士多次联系前滩太古里LV线下门店，要求退货并进行相 应赔偿，对方仅同意更换鞋子。徐女士表示自己购买该款运动鞋时，销售人员并未提醒她新鞋不穿袜子 穿会造成磨损。她提供的一份录音显示，事发后，徐女士曾前往门店质问销售为何不事先提醒她穿袜 子，对方表示造成磨损可能是因为徐女士皮肤比一般人更嫩一些，未进行澄清或反驳。有网友评论 称："还没200一双的运动鞋好穿"。 8 ◆ ◆ ◆ ◆ ◆ LOUS 露跟运动鞋喝哪 1AICF1 = 12月19日至12月21日，记者多次通过微信联系前滩太古里LV ...

近日，来自上海的徐女士向澎湃公众互动平台"服务湃"（https://tousu.thepaper.cn）反映称，她于今年9 月20日在上海市浦东新区前滩太古里LV线下门店，购买了一双价值9250元的LOUS露跟运动鞋。9月27 日，徐女士第一次穿这双鞋仅步行约10分钟便发现双脚脚背皮肤严重破皮，发红肿胀。 徐女士提供的上海交通大学医学院附属第九人民医院就诊记录 此后，徐女士发现伤口始终无法愈合，直到10月22日，因伤情恶化，她前往复旦大学附属中山医院进行 治疗，被告知需通过整形手术处理疤痕。徐女士多次联系前滩太古里LV线下门店，要求退货并进行相 应赔偿，对方仅同意更换鞋子。 徐女士表示自己购买该款运动鞋时，销售人员并未提醒她新鞋不穿袜子穿会造成磨损。据她提供的一份 录音显示，事发后，徐女士曾前往门店质问销售为何不事先提醒她穿袜子，对方表示造成磨损可能是因 为徐女士皮肤比一般人更嫩一些，未进行澄清或反驳。 12月19日至12月21日，智通财经多次通过微信联系前滩太古里LV线下门店销售人员，但始终未获回 应。LV官网工作人员则表示，品牌方没有对该款运动鞋"最好穿袜子磨合"的情况进行说明，实际使用 中，"一开始穿的 ...

All right, folks. Just give you now some exclusive access to something you may not get anywhere else as we are at the Yale CEO Summit in New York where Sarah sitting down with the richest person in Europe and one of the richest people in the world >> businesses. I think the future is very positive.Obviously, you have always difficult times. You have crisis. You have geopolitical crisis. You have economic crisis.that we went through many of them during the last 40 years. But at the end uh I am proud that the ...

Core Viewpoint - Valentino, the Italian luxury brand, is facing significant challenges due to allegations of misconduct by its Greater China CEO, Janice Lam, and deteriorating financial performance, leading to increased debt and potential default issues [3][4][6]. Financial Performance - Valentino's revenue declined by 5% in 2023 to €1.35 billion, with operating profit dropping 18% to €99 million [4][12]. - In 2024, revenue further decreased by 3% to €1.31 billion, and operating profit fell by 22% to €246 million [4][12]. - By the end of 2024, net debt reached €1.08 billion, triggering debt covenant breaches [4][6]. Management Issues - Employees have reported serious allegations against Janice Lam, including performance falsification and workplace bullying, highlighting issues within the management structure [3][5]. - The internal management problems are exacerbated by high employee turnover and pressure to meet performance targets, leading to a chaotic work environment [9][17]. Market Challenges - Valentino's performance is particularly weak in traditional markets like Europe and Asia, with a notable decline in the Chinese luxury goods market [5][12]. - The brand's reliance on outdated marketing strategies, such as celebrity endorsements and a singular focus on iconic products, has failed to resonate with the evolving preferences of younger consumers [8][16]. Strategic Developments - In July 2024, Valentino's financial struggles led to a breach of terms in a €530 million financing agreement, which requires maintaining specific debt-to-EBITDA ratios [6][14]. - The company announced a CEO change in August 2024, which some industry insiders believe is linked to the brand's declining performance and pressures from its parent company, Kering [6][15]. Industry Context - The global luxury market is experiencing its first significant slowdown since 2009, with both the U.S. and Chinese markets stagnating [8][16]. - Analysts suggest that Valentino's issues reflect broader trends in the luxury sector, where brands must adapt to changing consumer behaviors and preferences [8][16].

Group 1: Company Overview - LVMH Moët Hennessy Louis Vuitton operates in various sectors including Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, and Selective Retailing [2] - The Wines and Spirits division features brands such as Moët & Chandon, Hennessy, and Veuve Clicquot, while the Fashion and Leather Goods division includes Louis Vuitton and Christian Dior [2] - LVMH's Perfumes and Cosmetics sector includes notable brands like Fenty Beauty and Guerlain, and its Watches and Jewelry division comprises Bulgari and Tiffany & Co [2] Group 2: Financial Information - An interim dividend of €5.50 per share is scheduled for payment on December 4, 2025, with the ex-dividend date set for December 2, 2025 [1]

Core Insights - The article discusses the blurring boundaries between hardware, software, and services in the tech industry, driven by geopolitical uncertainties and the integration of artificial intelligence (AI) [3][4]. Group 1: Industry Trends - The traditional segmented business models in the tech sector are becoming obsolete, as companies now focus on providing a complete user experience rather than specializing in hardware or software [3]. - The IMD's Future Readiness Indicator evaluates companies based on seven dimensions, including financial foundation, investor growth expectations, business diversity, employee structure, R&D investment, early innovation outcomes, and cash and debt management [3][4]. - A clear divide is emerging between strong and weak companies, with some leveraging AI for growth while others remain trapped by past successes [4]. Group 2: Company Performance - In the pharmaceutical sector, leaders like Johnson & Johnson, Roche, and AstraZeneca have built comprehensive systems from basic research to next-generation treatment platforms, while companies reliant on traditional products are struggling [4]. - In the fashion industry, companies that have embraced platformization and supply chain resilience are thriving, while those slow to adapt are losing touch with modern consumers [5]. - The strongest companies in the tech sector, such as NVIDIA, Microsoft, and Google, are not just selling products but controlling the entire IT technology stack, allowing them to manage workflows effectively [6][7]. Group 3: Investment Landscape - The current investment landscape in the U.S. is characterized by significant funding directed towards AI-driven projects, with estimates of $600 to $700 billion being invested every six months [8]. - Tech giants are hedging against the risk of AI applications not generating substantial revenue, indicating a strategic shift towards ensuring that their investments create real economic value [9]. - The article suggests that China has advantages in the emerging field of robotics and AI applications, positioning itself well for future developments [10].

Core Insights - The China International Import Expo (CIIE) has evolved from a simple product showcase to a strategic platform for foreign companies to deepen their localization efforts in China, reflecting the certainty and opportunities brought by China's high-level opening-up [1][2]. Group 1: Foreign Companies' Perspectives - Amorepacific's Vice President expressed that the CIIE serves as a strategic coordinate for understanding the Chinese market and enhancing local presence, highlighting the deepening integration of foreign enterprises with the Chinese market [1]. - Glenn Vavoso, Senior Vice President of Intuitive Surgical, noted that the CIIE has allowed their Da Vinci surgical robots to transition from exhibits to commercially available products in China, achieving significant localization [1]. - Anu Rathninde, President of Johnson Controls Asia Pacific, emphasized the CIIE as a unique bridge connecting the world, facilitating the introduction of advanced technologies into China, and achieving over 96% localization in engineering R&D [2]. Group 2: Market Trends and Consumer Engagement - Crocs has leveraged the CIIE to enhance its brand localization, integrating Chinese culture to appeal to younger consumers, thus establishing itself as a core player in the global market [2][3]. - The CIIE has been recognized as a platform that not only showcases products but also fosters deep connections between brands and local culture, as stated by Crocs' Global Brand President [3]. - The continuous improvement of China's business environment and its vast market potential provide a stable development anchor for global enterprises, reinforcing the narrative of mutual benefit and cooperation [3].

Core Points - JD.com is actively promoting its 11.11 shopping festival, offering significant discounts and exclusive products to attract consumers [1][10] - The event features a variety of promotions, including a 1000-300 discount coupon for apparel, limited-time flash sales, and exclusive celebrity merchandise [3][5] Promotions and Offers - Consumers can receive a 1000-300 discount coupon applicable to fashion items, which can be combined with other coupons for additional savings [3] - Exclusive items such as the limited edition Hermès Kelly doll handbag and Lancôme's 90th anniversary cream are available for auction starting at 1 yuan [5][8] - Major brands are offering discounts, including a 5% direct reduction on gold jewelry [2][3] Celebrity Engagement - The event includes special promotions featuring celebrities, with opportunities for fans to receive exclusive merchandise and even surprise phone calls from stars like Liu Yuning [3][5] - Limited edition items signed by celebrities are available, enhancing the appeal for fans and collectors [5][8] Product Variety - A wide range of high-quality fashion items is available at discounted prices, including winter apparel made from rare materials [8] - The event showcases unique fabric items, such as vintage denim and luxury outerwear, appealing to consumers looking for exclusive fashion [8]

Investment Rating - The report maintains a positive outlook on Prada Group, indicating a potential for steady profit growth and resilience in its brand portfolio [5][12]. Core Insights - Prada Group reported a revenue of €4.07 billion for the first nine months of FY25, reflecting a 9% year-on-year increase at constant exchange rates, marking the 19th consecutive quarter of positive growth [1][8]. - The acquisition of Versace for an enterprise value of €1.25 billion is expected to open new growth avenues for the group [1][4]. Revenue Performance - For the first nine months of FY25, Prada brand revenue declined by 2% year-on-year, with a 1% decline in 3Q25, showing significant improvement driven by the recovery in core leather goods and ready-to-wear categories [2][9]. - Miu Miu brand revenue surged by 41% year-on-year in 9M25 and 29% in 3Q25, maintaining strong growth despite a high comparison base from the previous year [2][9]. Regional Performance - Asia-Pacific revenue increased by 10% year-on-year, with notable recovery in mainland China, while the Americas saw a 15% increase, accelerating to 20% in 3Q25 [3][10]. - Europe experienced a 6% growth, supported by stable local demand, while the Middle East recorded a 21% increase [3][10]. Strategic Initiatives - The group is focused on optimizing its retail network, enhancing customer experience, and maintaining a strong product lineup, including high-end offerings [4][11]. - The acquisition of Versace is part of a broader multi-brand strategy aimed at expanding scale and profitability over the long term [4][11]. Future Outlook - Management expresses a cautious yet optimistic view, anticipating steady profit growth supported by a premium product mix and retail efficiency gains [5][12]. - The dual-brand strategy of Prada and Miu Miu, along with the integration potential of Versace, is expected to drive growth exceeding industry averages [5][12].