Group 1 - The core issue highlighted is that brands relying solely on emotional appeal without solid product quality and innovation are unlikely to succeed in the market [1][2] - The emergence of new-generation consumers, who possess stronger product discernment and value judgment, indicates that product quality and innovation are crucial for brand success [2][3] - Brands must establish a systematic strategic approach, focusing on core competencies, avoiding blind expansion, and ensuring efficient operations across all stages from R&D to sales [2][3] Group 2 - Emotional consumption can drive short-term sales but is not sustainable for long-term brand development [2][3] - Brands should balance marketing efforts with a commitment to product quality and innovation to meet diverse consumer needs and enhance customer experience [3] - A rigorous approach to quality control and continuous exploration of consumer needs are essential for brands to maintain consumer trust and market opportunities [3]

Core Viewpoint - Skechers has agreed to be acquired by Brazilian private equity firm 3G Capital for over $9 billion, marking the end of its more than 20-year public listing and transitioning to a private company [1][2] Group 1: Acquisition Details - The acquisition price is set at $63 per share, and the deal has been unanimously approved by Skechers' board, expected to close in the third quarter of this year [1] - Following the announcement, Skechers' stock price surged by 25%, achieving the highest intraday increase in over seven years [1] Group 2: Market Context - The strategic shift is seen as a response to the complex international trade environment, particularly the increasing tariffs imposed by the U.S. government, which have significantly pressured U.S. footwear companies like Skechers [2][4] - Skechers has not provided revenue guidance for the upcoming quarter due to the unpredictable nature of the current environment, as stated by CFO John Vandermore [2] Group 3: Impact of Tariffs - Skechers has warned that U.S. government tariff policies could substantially increase operational costs, leading to price hikes and reduced sales [4] - A coalition of 76 footwear brands has expressed concerns to the White House, stating that the tariffs pose a "survival threat" to the footwear industry [4] Group 4: Performance in China - Skechers operates nearly 3,500 stores in China, its largest overseas market, and despite a poor performance this year, it continues to show strong growth globally [5] - The company projects nearly $9 billion in sales for 2024, reflecting a 12% year-over-year growth, with revenue nearly doubling over the past five years [5] - Skechers has indicated that the privatization will not impact its operations in China, where it aims to continue exploring new growth opportunities [5]

Core Viewpoint - The resilience of China's foreign trade is highlighted despite the challenges posed by U.S. tariffs, showcasing a robust industrial system and innovative capabilities that allow for high-quality development and market diversification [1][3][33] Group 1: Impact of Tariffs - U.S. tariffs have led to increased domestic prices, burdening American consumers, as acknowledged by former President Trump [3][5] - American retailers, including major brands like Nike, are seeking tariff exemptions, indicating the negative impact of tariffs on U.S. businesses [5][7] - Research from prestigious institutions shows that the self-harming effects of the tariff war on the U.S. economy far exceed its impact on China [5][7] Group 2: China's Industrial Strength - China's unique industrial system, characterized by a complete and diverse manufacturing base, has allowed it to withstand tariff pressures [9][11] - The country has maintained its position as the world's largest manufacturing nation for 15 consecutive years, with a comprehensive range of industries [9][12] - The seamless integration of supply chains, as demonstrated at trade fairs like the Canton Fair, is a significant advantage for Chinese exports [9][20] Group 3: Innovation and Green Transition - Innovation is a key driver of China's foreign trade, with the country ranking 11th in the global innovation index and investing heavily in R&D [12][16] - The shift towards green and low-carbon products is evident, with a significant number of eco-friendly products showcased at international trade events [14][16] - Chinese products are increasingly recognized for their technological advancements, making tariffs less impactful [14][16] Group 4: Global Market Engagement - The 137th Canton Fair attracted over 280,000 foreign buyers from 219 countries, reflecting international confidence in Chinese trade despite U.S. tariffs [18][20] - The fair generated a transaction volume of $25.44 billion, with over 60% of deals coming from Belt and Road Initiative countries, highlighting the importance of global partnerships [18][20] - The enthusiasm of international buyers contrasts sharply with the hesitance of some U.S. purchasers, indicating a shift in market dynamics [20][22] Group 5: Brand Development and Entrepreneurial Spirit - The transformation from "Made in China" to "Created in China" signifies a shift in mindset among Chinese exporters towards brand ownership and market control [24][30] - Entrepreneurs are adapting to challenges by seeking new markets and opportunities, demonstrating resilience and innovation in the face of adversity [26][28] - The diversification strategy adopted by many companies is proving effective, with some expecting overall growth despite declines in U.S. exports [28][30] Group 6: Conclusion - The resilience of China's foreign trade is a result of its industrial strength, innovative capacity, market diversification strategies, and entrepreneurial spirit [33] - The ongoing challenges from unilateralism and protectionism highlight the need for open cooperation and global partnerships [33]

Core Viewpoint - Skechers, the world's third-largest footwear company, announced its acquisition by Brazilian investment firm 3G Capital for $9.4 billion, marking the largest acquisition in the footwear industry to date. Following the deal, Skechers will go private and delist from the stock market, a move driven by the need to adapt to new tariff policies impacting its profitability [2][5][12]. Group 1: Financial Performance and Market Position - Skechers has seen its revenue nearly double over the past four years, growing from $4.6 billion to approximately $9 billion, with a year-on-year growth of 12.1% in 2024, surpassing Nike and Adidas [7][12]. - The company has maintained a gross margin of around 50%, which has been a core support for its stable profitability [7]. - The majority of Skechers' products are sourced from China and Vietnam, facing tariffs of 145% and 46% respectively, which significantly erodes its price advantage in the market [3][7]. Group 2: Strategic Decisions and Implications - The decision to go private is seen as a necessary step for Skechers to restructure and adapt to the pressures from new trade policies, which have created significant uncertainty in its business model [3][5][12]. - The acquisition by 3G Capital is expected to allow Skechers to optimize its cost structure and pricing strategies, potentially leading to a re-evaluation of its market position in the future [10][12]. - The deal is anticipated to be completed by the third quarter of 2024, with the founding Greenberg family potentially cashing out up to $1.1 billion [4][12]. Group 3: Industry Context and Future Outlook - The acquisition reflects broader challenges faced by the footwear industry, as many brands are grappling with the impact of tariffs and supply chain instability, prompting strategic shifts such as privatization [5][14]. - Other companies in the consumer sector, including toy and automotive giants, are also suspending annual profit forecasts due to similar uncertainties, indicating a potential trend of restructuring across industries reliant on Asian manufacturing [13][14]. - The involvement of 3G Capital, known for its successful restructuring of brands like Anheuser-Busch InBev and Burger King, suggests that Skechers may be positioned for a significant transformation under private ownership [10][12].

大家好，我是卫明。 特朗普发起的关税战影响正在加深显现。今天聊聊最新情况，全文尽量无废话。 4月29日，美国市场一些最大的鞋类品牌请求特朗普暂缓加征关税。 这次不是一个品牌，而是美国鞋类分销商和零售商协会（FDRA）牵头，耐克、阿迪达斯、斯凯奇、安德玛等76个品牌联署写信请求豁免"对等关 税"政策，避免企业倒闭。 这封联名信里强调，平价鞋类公司无法承受高达150%-220%的综合关税（原有税率已为20%-37.5%），且无法转嫁成本；而且很多订单也因为关 税不确定性而搁置，导致鞋类库存未来几个月可能会面临短缺。 这等于是堵住了商品分散包裹避税的正规路子。 此举导致一些外国品牌停止发货，一些中小企业选择退出美国市场，而一些电商平台被迫重组物流体系，提高商品售价，并加速在美国建设本地 仓库，以避免高关税的直接冲击。 有消息说，洛杉矶港口出现"集装箱堆积但仓库无货"现象，34%订单被迫暂停。同时，根据联合早报报道，香港货运代理业正遭受中美关税战的 冲击，从5月12日起的一周内，从香港到北美西海岸的集装箱班轮有高达41%被取消。 随着时间推移，关税战对中美双方的影响会越来越明显，美国消费者会感受到高价和更慢的物流，而 ...

Core Viewpoint - Skechers has agreed to be acquired by 3G Capital for $63 per share, representing a 30% premium over the average stock price in the last 15 trading days, with the deal expected to close in Q3 2023 [1] Group 1: Acquisition Details - The acquisition aligns with both companies' long-term growth visions, with 3G Capital focusing on long-term investments and operational management [2] - Post-acquisition, Skechers will become a private company, retaining its current leadership team [2] - 3G Capital has shifted from its aggressive past to allow Skechers' existing team to transfer equity into the new private company [2] Group 2: Business Strategy and Performance - Skechers plans to continue its current strategic initiatives, including product innovation, international market expansion, and enhancing direct-to-consumer (DTC) operations [3] - In Q1 2025, Skechers reported sales of $2.41 billion, a 7.1% increase year-over-year, with net profit rising 37% to $209 million [3][4] - Despite overall growth, the Chinese market, a key growth driver, faced a 16% decline in sales year-over-year in Q1 2025 [4] Group 3: Market Position and Future Outlook - Skechers has made strategic adjustments in product development and marketing to address market challenges, focusing on comfort technology products [5] - The company maintains a strong commitment to the Chinese market, which accounts for over 90% of its products being manufactured locally [5]

Core Viewpoint - Skechers, the third-largest athletic shoe retailer globally, announced a privatization decision in partnership with 3G Capital, which is expected to enhance its long-term strategic focus amid economic uncertainties [2][4][8]. Group 1: Company Overview - Skechers was founded in 1992 by Robert Greenberg and is headquartered in Manhattan Beach, California, initially selling work boots before expanding into athletic footwear [4]. - The company is known for its comfortable shoe styles priced lower than competitors like Nike and Adidas, and it is one of the largest consumer goods companies led by its founder [4]. - Skechers' sales reached nearly $9 billion in 2024, marking a 12% year-over-year growth, with significant contributions from the Chinese market [5]. Group 2: Privatization Details - On May 5, Skechers announced an agreement with 3G Capital to acquire all outstanding shares at $63 per share, representing a 30% premium over the average stock price over the past 15 days [4]. - Following the acquisition, 3G Capital is expected to hold approximately 80% of the new company, and the current leadership will remain in place [4]. - The transaction has been approved by Skechers' board and is anticipated to close in the third quarter of 2025 [4]. Group 3: Market Reaction and Financial Performance - Skechers' stock price surged by 25% following the privatization announcement, marking the highest intraday increase in over seven years [5]. - The company withdrew its full-year 2025 earnings forecast due to economic uncertainties stemming from global trade policies [6]. - In the first quarter of fiscal 2025, Skechers achieved a record quarterly sales of $2.41 billion, with international sales accounting for 65% of total sales [5]. Group 4: Industry Context - The company faces challenges from global trade policy changes, which have been identified as significant risks to its business operations [7]. - Skechers, along with other brands, has expressed concerns over tariffs impacting the footwear industry, highlighting the potential for increased operational risks and consumer demand suppression [7]. - Analysts suggest that privatization may allow Skechers to navigate short-term pressures and focus on long-term strategic adjustments amid trade tensions and economic uncertainty [8].

Group 1 - The UK and India have reached an agreement on a Free Trade Agreement (FTA) after more than 10 rounds of negotiations since January 2022, with concerns over "Trump tariffs" accelerating the talks [1][2] - The agreement is expected to benefit both nations, with UK Prime Minister Starmer stating it will bring advantages to British citizens and businesses, while Indian Prime Minister Modi emphasized trade, investment, economic growth, job creation, and innovation [1][2] - The UK government estimates that 90% of goods exported to India will see a reduction in tariffs, with significant cuts in tariffs for whiskey and gin from 150% to 75%, and eventually to 40%, while car tariffs will drop from over 100% to 10% [1][2] Group 2 - India's exports to the UK will also benefit, with reduced tariffs on products such as clothing, footwear, and frozen shrimp [2] - The trade agreement is projected to increase trade between the UK and India by £25.5 billion by 2040, contributing an additional £4.8 billion to the UK's GDP [2] - This FTA is a significant step for the UK post-Brexit, following its entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), while India aims to boost its domestic manufacturing in sectors like automobiles and smartphones [2]

Core Viewpoint - The India-UK trade agreement presents export opportunities for various sectors including textiles, seafood, footwear, gems, and jewelry [1] Industry Summary - The textile industry is expected to benefit significantly from the trade agreement, enhancing export potential [1] - The seafood sector will also see increased opportunities for exports, potentially boosting revenue [1] - Footwear exports are likely to gain traction due to favorable trade terms established in the agreement [1] - The gems and jewelry industry stands to expand its market reach, leveraging the trade deal for increased exports [1]

每经记者 孙宇婷 每经编辑 张海妮 凭借大众化定位和舒适性优势在全球鞋类市场"杀"出重围的斯凯奇（NYSE:SKX），于当地时间5月5日突然宣布私有化决定。作为全球第三大运动鞋零售 商、两度入选《财富》500强的行业巨头，这一举措引发市场震动。 《每日经济新闻》记者注意到，就在不久前，包括耐克、阿迪达斯、斯凯奇在内的76家鞋企联名致信白宫，请求豁免所谓的"对等关税"，因为新关税政策已 对平价鞋企构成"生存威胁"，若政策持续，部分企业恐面临倒闭风险。 新关税政策下，一双原本售价1100元的球鞋，如今消费者要支付近1700元，这让主打"高性价比"的斯凯奇陷入两难境地。机构普遍认为，斯凯奇选择此时私 有化，实为规避上市公司监管压力，以便在关税风波中掌握更大的经营自主权。 斯凯奇获3G资本溢价收购 2024年，斯凯奇销售额近90亿美元，同比增长12%。过去五年，公司营收几乎翻了一番。作为斯凯奇最大的海外市场，中国市场的高速发展起到了关键作 用。 在刚过去的2025财年第一季度，斯凯奇实现了创纪录的24.1亿美元季度销售额，其中，国际销售额占比达65%。按区域看，欧洲、中东和非洲地区销售额增 长了14%，美洲地区销售额 ...