出品｜虎嗅智库 作者｜于向南 头图丨视觉中国 1981年秋，当设计师Anne Marie Beretta在米兰工作室铺开那张长1.8米的羊绒胚布时，她或许未曾料到，这场关 于剪裁的"减法实验"将撼动整个时尚史——没有繁复装饰，仅凭利落的直线条与和服式衣袖，Max Mara 101801 大衣就此诞生，并在此后的四十年间，成为全球衣橱里永不过时的单品。 这种包容性极强的经典风格，吸引了全球各年龄层的现代女性，也一定程度决定了Max Mara在国际上均衡布局 的风格。截至2024年，Max Mara集团在全球69个国家拥有502家自营门店，集团整体覆盖105个国家，拥有超过 2500家单品牌店和超过10000家多品牌零售点。 同时，Max Mara重点发展中国、欧洲、北美等核心区域，持续开设门店并深化品牌渗透。2024年，Max Mara在 北京三里屯太古里、上海兴业太古汇和前滩太古里等一线城市核心商圈开设新形象的概念店，目前拥有约70余 家门店。 在奢侈品消费普遍低迷的当下市场环境中，这种激进的扩张策略，无疑与行业整体收缩的态势形成了鲜明反 差。贝恩数据显示，2024年，受消费者信心不足、消费外流加剧等因素的影 ...

智通财经APP获悉，6月12日，美银发布的全球奢侈品消费深度调研报告《The good，the bad，and the ugly 》认为2025年第二季度整体奢侈品需求与第一季度情况相近，呈现出好、坏、糟糕三种情况。好 的是，尽管全球宏观经济波动加剧，欧洲、亚洲和美洲的本地需求仍保持坚挺。坏消息是，日本和欧洲 的旅游业持续恶化，且不太可能完全回流。糟糕的是，上半年息税前利润率面临压力，收入疲软、毛利 率承压(受产能利用率不足和国家组合影响)，再加上固定成本基数较大，盈利存在下行风险。美银的预 测比2024年上半年市场共识低6%。 2025 年第一季度奢侈品收入按固定汇率计算同比下降 1%，比 2024 年第四季度弱 4 个百分点，所有地 区的增长均有所放缓。 市场已消化了哪些因素？ 美银指出，尽管奢侈品公司的股价在 2025 年年初至今下跌了 8%，但市场共识的每股收益也下调了 8%。因此，该行业目前的动态市盈率为 22 倍，处于其历史估值区间的中值水平。短期内的主要上行风 险与宏观经济相关，下行风险则是 2025 年下半年 / 2026 年预期的重新调整。 美银认为，今年 9 月 / 10 月的时装秀更为重 ...

Core Viewpoint - Bank of America reports a 1% year-over-year decline in luxury goods revenue for Q1 2025, a 4 percentage point drop from Q4 2024, indicating a slowdown across all regions [1] Group 1: Market Trends - The luxury goods sector is expected to show mixed signals in Q2 2025, with both positive and negative indicators [1] - Despite global economic volatility, local demand remains strong in Europe, Asia, and the Americas [1] - The tourism sectors in Japan and Europe are deteriorating, with a full recovery unlikely [1] Group 2: Financial Projections - EBIT profit margin outlook for H1 2025 is uncertain, with revenue weakness exerting pressure on profitability [1] - Bank of America projects a 6% lower profit expectation for H1 2025 compared to market consensus [1] - The luxury goods sector is currently trading at a 22x P/E ratio, within the historical valuation range [1] Group 3: Regional Performance - In the Americas, luxury spending improved by 3 percentage points in Q2, with jewelry spending up 4 percentage points [5] - In Europe, tourism spending dropped by 8 percentage points, while local consumption remains stable [5] - In Japan, tourism spending is expected to decline by 30-50 percentage points, leading to a 16 percentage point negative impact [5] Group 4: Company-Specific Insights - LVMH's Q2 performance is critical for assessing its fashion and leather goods division, with a potential EBIT margin pressure [6] - Hermès is expected to see a 9% year-over-year revenue growth in Q2, with an EBIT margin of 40.1% [6] - Kering's Q2 performance is anticipated to align with previous guidance, with upcoming comments during earnings expected to influence market expectations for H2 2025 and 2026 [6] - Richemont's jewelry business remains strong, but market consensus on margins may be overly optimistic [6] - Moncler is projected to have flat revenue in Q2, with a 4% growth in retail revenue [6] - Prada's revenue is expected to decline by 1% in Q2 due to adverse factors in Japan, while Miu Miu is expected to grow by 40% [6] - Zegna is expected to see a 5% revenue growth in Q2, up from 4% in Q1 [6] - Swatch is projected to break even in H1 2025 [6]

Core Insights - The article discusses the resurgence of the "see now, buy now" model in luxury fashion, particularly through Gucci's upcoming collection under new creative director Demna, which aims to shorten product launch cycles and convert media buzz into sales [1][4] - The luxury industry is undergoing a transformation, with brands like Gucci and Burberry exploring new strategies to balance speed and exclusivity in response to changing consumer preferences [5][8] Group 1: Gucci's Strategy - Gucci plans to launch its new collection in September using the "see now, buy now" model, bypassing the traditional six-month product launch cycle [1] - The initiative is supported by Gucci's new CEO Stefano Cantino and Kering Group's Francesca Bellettini, reflecting a strong commitment to the brand's transformation amid Kering's €10.5 billion debt pressure [1] - Demna's appointment marks a shift from the previous creative direction, aiming to inject a more commercially viable approach into Gucci's offerings [4] Group 2: Burberry's Experience - Burberry was the first luxury brand to implement the "see now, buy now" model in 2016, allowing immediate consumer access to runway collections [2] - While initially successful, Burberry faced challenges such as increased pressure on design teams and a dilution of the brand's exclusivity, leading to a gradual retreat from the model [2][6] - The brand's experience serves as a cautionary tale for Gucci, highlighting the need for a balanced approach to speed and brand value [8] Group 3: Industry Trends - The luxury sector is collectively rethinking its strategies, with brands like Canada Goose and Coach adapting to market changes by enhancing product offerings and brand positioning [6] - The current market environment necessitates a focus on operational efficiency and consumer engagement, with brands needing to find a balance between rapid product launches and maintaining brand prestige [7][9] - The competition in luxury fashion is shifting from design aesthetics to operational speed and market responsiveness, emphasizing the importance of a cohesive brand strategy [8]

Funding and Expansion - Plush, a DTC personal care brand, has raised 470 million INR (approximately 4.7 million USD) in its latest funding round, led by Rahul Garg with participation from several strategic investors [3] - The funds will be used to expand offline operations, enhance brand building, and increase market influence [3] - Plush, founded in 2019, focuses on women's care and personal care products, including menstrual care, intimate health, hair removal, and personal hygiene [3] Corporate Control and Shareholding - The Persson family, through their investment tool Ramsbury, has increased their stake in H&M Group from 35.5% to nearly 64% over the past nine years, now controlling about 70% of the capital and 85% of the voting rights [6] - This increase in shareholding indicates the family's intent to regain more control over the company [6] Acquisitions and Strategic Moves - Kering Eyewear has announced the acquisition of Italian manufacturer Lenti from Safilo, which specializes in mold forming and surface treatment for various applications [8] - The acquisition aims to enhance Kering Eyewear's internal R&D capabilities for developing innovative high-performance Italian-made sunglasses [8] - Coupang Group is integrating Farfetch with R.Lux to enter the luxury goods market in South Korea, leveraging local services and operations to expand Farfetch's business [10] Market Entry and Expansion - Didi's brand 99Food has launched its delivery service in Goiânia, Brazil, marking its return to the Brazilian market after a previous exit [12] - Didi has a strong foundation in Brazil, with approximately 700,000 active riders and 50 million active users across over 3,300 towns [12] - Luckin Coffee plans to open a store in downtown Manhattan, New York, as part of its international expansion strategy [15][16] Sustainability Initiatives - Chanel has launched Nevold, a B2B center focused on developing circular materials to promote sustainability in the luxury goods and broader apparel industry [18] - The project aims to transform waste textiles into new materials, enhancing the economic competitiveness of recycled materials [18] Market Expansion Plans - Korean fashion e-commerce platform Musinsa plans to enter the Chinese and Japanese markets by opening physical stores as part of its global expansion strategy [21] - Musinsa currently offers around 8,000 Korean fashion brands and aims to tap into China's vast consumer market [22] Corporate Developments - Authentic Brands Group has established its Asia-Pacific headquarters in Shanghai, covering nearly 2,000 square meters to support business expansion in the region [24] - Woolrich has appointed its CFO Lorenzo Flamini as the new CEO, following a strategic partnership with a local operator for its business in Greater China [27]

以下文章来源于赢商网 ，作者李玉玲 赢商网 . 这里有你需要的零售商业地产行业资讯、深度分析、知识和数据 来源丨赢商网（ID：winshang） 作者丨李玉玲 编辑丨熊舒苗 付庆荣 图源丨赢商网拍摄 品牌闭店潮，此起彼伏。 据赢商网不完全统计，今年 1-3月又有超过40家典型品牌进行闭店。 Gucci上海关2店、 茑屋书店 连撤 2店、永辉超市90天关273家店等消息，不断引发热议。 图源： 永辉超市 其中， 【永辉超市】 闭店最为激进，一季度门店数量较去年同期锐减 273家，2025 年计划关闭 200 -350家效益不佳的门店； 【永旺超市】 因财务亏损和租金压力 无奈 关闭部分门店； 【沃尔 玛】 一季度关了 3 家门店，过去五年其中国卖场门店总数减少了123 家；即将退市的 【人人乐】 一季度亏损7962万元，门店数量从巅峰时期的超百家缩水至仅剩32家。 困境之下，超市行业求变， 引入 "胖东来模式"成为流行解法 。 【永辉超市】 动作迅速，截至 今年 6 月13日已完成 100 家门店调改，计划 2025 年调改门店达 200 家左右，2026 年完成所有存量门 店调整 。【 物美超市】积极跟进，首 ...

Core Insights - The rise of luxury goods flash sales has become a significant trend in China, with increasing consumer interest and participation in such events [2][12][16] - Consumers are increasingly prioritizing value for money, leading to a shift in purchasing behavior from traditional retail to discount platforms [10][18][19] Group 1: Consumer Behavior - The popularity of luxury flash sales is evident, with significant engagement on social media platforms, such as 270 million views and nearly 2 million discussions related to flash sales on Xiaohongshu [1] - Consumers are drawn to the thrill of securing luxury items at steep discounts, often participating in competitive environments both online and offline [5][6] - The perception of luxury goods is changing, with consumers like Zhao Na expressing that they no longer feel the need to buy the latest collections, opting instead for past season items that offer better value [10][11] Group 2: Market Dynamics - The luxury flash sale market is characterized by a dual benefit: it helps brands clear inventory without damaging their overall pricing strategy while expanding their consumer base [16][18] - The pricing strategies for luxury items in flash sales are influenced by various factors, including international price disparities and tax exemptions, which allow for lower prices [17][18] - Despite concerns about profitability, the discount retail channel for luxury goods is experiencing growth, contrasting with an overall decline in the luxury market [18][19] Group 3: Brand and Retail Strategies - Brands are increasingly utilizing flash sales as a method to manage inventory, particularly for older or classic styles that need to be sold to make way for new collections [17] - The involvement of certification bodies, such as China Inspection, adds credibility to the authenticity of products sold in flash sales, reassuring consumers about their purchases [15] - The shift towards online flash sales reflects a broader trend of consumers seeking convenience and value, moving away from traditional luxury shopping experiences [12][16]

整个奢侈品行业的增长正在逐步放缓，而这在一定程度上与品牌在过去数年里不断提价有关。 业内人士认为，过高的价格抑制了消费。目前一些奢侈品品牌定价过高，这已成为整个行业不争的事实。如果继续无限制快速涨价，那么绝大多数的公司业 绩终将被反噬。 一些行业人士已意识到了这一问题。博柏利的首席执行官约书亚·舒尔曼（Joshua Schulman）在去年11月表示，公司上半财年（截至2024年9月28日的26周 内）销售额同比下降22%，主要是因为过去的战略失误。他告诉投资者和分析师，曾经的品牌高端化策略让博柏利在最近的18到24个月里提高了产品价格， 偏离了品牌核心受众。这位高管承认，公司产品定价过高。 美国轻奢巨头Capri集团的首席执行官John D. Idol在去年11月的财报分析会上承认了近年来在品牌定位方面出现战略失误：过去两年，旗下核心品牌Michael Kors快速提价，加速了核心消费群体的流失："我们一直在争取更高的价格，而客户在说不。" 进入2025年，不少消费者明显感知到一些奢侈品特卖会的频次变高了。 王奕在不少奢侈品牌消费后通常会加门店导购(SA)的微信。作为一个非高频次消费的顾客，过去不少品牌SA ...

当全球时尚消费者询问"发发奇平台怎么样"时，这个问题的答案在过去两年间经历了堪称惊心动魄的转 变。从巅峰时期的210亿美元市值，到2023年底濒临破产边缘，再到2024年奇迹般地实现3000万美元 EBITDA盈利，发发奇（Farfetch）用其跌宕起伏的商业历程，为整个奢侈品电商行业提供了一个创新转 型样本。 然而商业世界的残酷在于，再完美的商业模式也需要盈利支撑。2023年，这个曾经的行业翘楚走到了生 死边缘。就在危急时刻，韩国电商巨头Coupang的5亿美元注资成为救命稻草。这场收购不仅避免了破 产危机，更在短短一年内就带来了令人惊喜的转变——2024年，发发奇实现了独立运营时期从未达到的 3000万美元EBITDA盈利。这一奇迹般的逆转，源自Coupang实施的一系列改造措施：重新选择高效物 流伙伴、果断关闭亏损业务单元、甚至出售Off-White和Palm Angels等核心资产，这些看似激进的举措 累计节省了数百万美元成本。 回望发发奇的辉煌时期，其创新性的"技术平台+特许经营"模式确实重塑了奢侈品电商的格局。通过轻 资产运营连接全球40多个国家550家买手店，其中98%为独家合作资源，连Prad ...

2025.06. 09 本文字数：2063，阅读时长大约4分钟 作者 | 第一财 经 高雅 美国总统特朗普大力推动的"大而美法案"中，一项旨在提高外国投资者在美税收的条款（第899条 款）正引发跨国企业的广泛关注和强烈反对。 全球商会（Global Business Alliance）主席萨姆福德（Jonathan Samford）表示，约70家跨国 企业代表将于本周与美国国会议员举行会谈，该条款将成为讨论的"核心议题"。该商会在美会员包 括丰田、壳牌、路威酩轩（LVMH）和思爱普（SAP）等国际知名企业。 与此同时，国际银行家协会（Institute of International Bankers）也计划本周派遣代表团前往华 盛顿，与美国财政部官员及共和党参议院银行委员会成员会面，就反对该条款进行游说。该协会成员 包括汇丰、法国巴黎银行、加拿大皇家银行、瑞士银行和三菱日联金融集团等全球银行业巨头。 全球经济分析公司BCA Research地缘宏观首席策略师帕皮奇（Marko Papic）解释称，899条款 名为"对不公平外国税收的执法补救措施"。这一条款实际上赋予了美国财长极大的裁量权，财长可 单方面认定 ...