公告称，收益增加主要是由于在亚太区域鞋履消费开支持续增加的支持下，截至2025年9月30日止年度 所有地理区域的收益贡献增加所致。 星谦发展(00640)发布截至2025年9月30日止年度业绩，该集团取得收益8.35亿港元，同比增加13.4%;公 司拥有人应占年内溢利1.22亿港元，同比增加21.7%;每股基本(经重列)盈利43.38港仙，拟派发末期股息 每股10.3港仙。 ...

格隆汇12月29日丨星谦发展(00640.HK)公布公司及其附属公司截至2025年9月30日止年度之经审核综合 年度业绩。截至2025年及2024年9月30日止年度，集团的收益分别为约8.35亿港元及约7.36亿港元，增加 约13.4%。收益增加主要是由于在亚太区域鞋履消费开支持续增加的支持下，截至2025年9月30日止年 度所有地理区域的收益贡献增加所致。 截至2025年及2024年9月30日止年度，公司拥有人应占溢利分别为约1.22亿港元及约1亿港元，增加约 21.7%。 ...

一双鞋，能走多远？对于云南省南部哀牢山区马街乡中心小学的孩子们来说，答案可能是：走过湿滑的田埂，走过崎岖的山路，走向五公里外的学校，也走 向自己未曾想象过的远方。 2026年新年前夕，这所学校的656个孩子收到了一份温暖的"新年礼"——由百丽时尚集团（下称"百丽时尚"）旗下百丽BELLE品牌送来的定制童鞋。截至目 前，百丽时尚携手上海思麦公益基金会发起的"幸福小鞋子"温暖行动，已持续运行五年，足迹抵达从四川到云南的18所乡村小学。 5年，18所学校 "幸福小鞋子"之所以能走过五年、走进18所学校，关键在于其建立了一套可优化、可复制的公益流程。从前期精准的需求调研与学校对接，到根据反馈进行 产品迭代和定制生产，再到后期的发放与反馈收集，形成了一个公益闭环。 一个心愿，一双定制鞋 在位于"国家乡村振兴重点帮扶县"云南省红河哈尼族彝族自治州元阳县的大山里，孩子们的愿望往往很朴素。"我的鞋底磨平了，下雨走路容易摔跤，希望 新年有一双能在山路上走得很稳的鞋。"一位马街乡中心小学的学生在心愿卡上写道。这所学校一半学生是留守儿童，雨季山路泥泞，一双结实、防滑的 鞋，是他们最实际的期盼。 满足这个心愿，正是"幸福小鞋子"公益 ...

Core Viewpoint - Sequoia China has finalized the acquisition of a controlling stake in Golden Goose, with Temasek and its subsidiary participating as minority shareholders, while the original shareholder Permira retains a minority stake. This investment aims to accelerate Golden Goose's global expansion [1][2]. Company Overview - Golden Goose, founded in 2000, is described as a global emerging fashion brand that blends luxury, lifestyle aesthetics, and sports style. The company is headquartered in Venice, Italy, and was co-founded by designers Alessandro Gallo and Francesca Rinaldo. Its signature product, the Super-Star sneaker, features a distinctive worn look and has gained popularity in the fashion community [3][4]. Financial Performance - In the latest fiscal quarter ending September 30, Golden Goose reported a net revenue increase of 13% year-over-year, reaching €517 million. The EMEA and APAC markets grew by 15%, while the Americas saw a 10% increase. Direct-to-consumer (DTC) net revenue rose by 21%, accounting for 79% of total revenue, driven by new store openings and double-digit same-store sales growth [5]. - Adjusted EBITDA for the first nine months increased by 7% to €173.6 million, with an EBITDA margin of 33.6% [5]. Strategic Initiatives - CEO Silvio Campara highlighted the brand's unique store expansion strategy, collaborations with influential ambassadors, and the launch of new sneaker models. The company has also established the Golden Goose Arena in Milan, which integrates sports, culture, and community [6]. - Golden Goose has attracted over 2 million members to its Dreamers community and operates 227 direct stores globally, reaching consumers through online and wholesale channels [6]. Market Context - The luxury goods market is experiencing fluctuations, with major brands like LVMH and Kering reporting declines in revenue. However, there are emerging opportunities, as seen with brands like Arc'teryx, which reported a 25.9% revenue increase in the first three quarters of the year [8][9]. - The market dynamics suggest that high-end consumers are shifting preferences, opting for brands like Arc'teryx and Golden Goose, which offer a better price-to-value ratio compared to traditional luxury brands [9]. Investment Outlook - Sequoia China's investment in Golden Goose reflects confidence in the growth potential of the consumer market, despite the challenges faced by the luxury sector. The partnership with Temasek, which has experience in the luxury market, may help address operational challenges [10].

Core Viewpoint - Despite weak performance in the Chinese market and the Converse brand, the world's largest footwear company achieved a slight sales increase in the latest quarter, driven by strong performance in North America [3][8]. Group 1: Financial Performance - The company reported a 1% increase in sales for the quarter ending November 30, attributed to strong performance in the North American market [3][8]. - Revenue from mainland China, Hong Kong, and Taiwan fell by 17%, leading to a 32% year-over-year decline in profits for the quarter [3][8]. - The company anticipates a low single-digit percentage decline in global revenue for the current fiscal quarter, despite expected growth in North America [9]. Group 2: Strategic Initiatives - The company is undergoing a business recovery phase due to previous strategic missteps that led to long-term sales stagnation and market share loss [9]. - The CEO, Elliott Hill, has focused on clearing inventory, accelerating product development, particularly in professional athletic shoes, and restructuring the organization [4][9]. - The company plans to adjust its operational strategy in China, increasing investments in Beijing and Shanghai and modifying product category layouts for the Chinese market [4][9]. Group 3: Market Challenges - The company faces ongoing challenges in the Chinese market, which has been a significant pain point for several quarters, requiring time and continuous investment for recovery [9]. - The company expects ongoing weakness in the Chinese market to continue impacting overall sales [9]. - Tariff policies are expected to add obstacles to the company's recovery, with an anticipated increase of $1.5 billion in tariff costs for the current fiscal year, putting pressure on gross margins [10].

（文/霍东阳 编辑/张广凯） 近日，杰尼亚集团（Ermenegildo Zegna）宣布完成对加拿大高端越野跑鞋品牌Norda的第二轮投资，本次新融资的具体条款未对外披露。 2020年，Norda成立于蒙特利尔，极限耐力运动员夫妇Nick Martire和Williamina Martire与鞋履设计师Louis-Martin Tremblay、品牌开发资深人士Gerard Cleal共 同创立，以轻量化设计与材料科技创新为核心，主打专业越野跑鞋领域。 与传统户外鞋款的夸张设计不同，Norda的产品呈现出独特的"静奢"气质，极简的流线型轮廓搭配低饱和度配色。这种克制的美学表达使Norda既能满足专业 越野跑需求，又能融入都市生活场景，实现了性能与时尚的平衡。 因其时尚的外观和优秀的性能，Norda一经见世便颇受瞩目。有媒体报道称，在2021年Norda首款跑鞋001面世时，杰尼亚集团就表现出了极强的兴趣，向其 提出了鞋履与服饰的合作邀约并开始接洽。 2023年，在杰尼亚与Norda合作系列发布前的一个月，杰尼亚集团宣布收购Norda的少数股权，并计划在未来9年内逐步增加对该品牌的投资。 杰尼亚集团对Norda ...

Core Viewpoint - The article discusses the rising popularity of Maison Margiela's tabi shoes, highlighting their unique design and the cultural resonance they have with consumers, particularly in the context of modern work culture and self-expression [3][12][63]. Group 1: Product Design and Reception - The tabi shoes feature a split-toe design that evokes a strong emotional connection with consumers, likening them to the hooves of animals, which has sparked both admiration and ridicule [5][12][20]. - The shoes are priced starting at over 3000 yuan, positioning them as a luxury item despite their unconventional appearance [10][12]. - The design has led to mixed reviews, with some consumers finding them aesthetically pleasing while others liken them to unappetizing food items [13][14][18]. Group 2: Brand Development and Market Performance - Maison Margiela has been expanding its presence in China, opening 12 new stores from 2022 to 2023, contributing to a 72.4% year-on-year increase in sales in the Asia-Pacific market [95][96]. - The brand's parent company, OTB Group, reported a fivefold increase in sales in China from 2019 to 2023, indicating strong market growth despite overall declines in other regions [96]. - The tabi shoes are part of a broader product line, with the brand having multiple lines beyond just footwear, showcasing its diverse offerings in the luxury market [64][92]. Group 3: Consumer Trends and Cultural Shifts - The article notes a shift in consumer attitudes, particularly among the middle class, who are increasingly prioritizing comfort and self-expression over traditional fashion norms [103][106]. - The popularity of the tabi shoes reflects a broader trend of consumers seeking to embrace individuality and comfort in their fashion choices, moving away from the pressures of conforming to societal expectations [104][115]. - This cultural shift is characterized by a desire for clothing that allows for personal expression and emotional comfort, rather than merely serving as a status symbol [110][117].

Core Insights - LINGMEICHEN, a domestic light luxury women's shoe brand, showcased its new wedding shoe series "Baoxi Tianzi" at the 2025 Beijing Wedding Expo, blending European classical architecture with Chinese cultural elements [1] - The brand plans to open a store in Beijing by 2026 and aims to incorporate more Chinese elements into its products, covering various occasions such as weddings, academic ceremonies, and workplace events [1] - LINGMEICHEN has established a comprehensive sales network through both online and offline channels, having entered high-end shopping malls in cities like Shenzhen, Xi'an, and Sichuan, as well as major e-commerce platforms [2] Product Development - The "Baoxi Tianzi" series includes a range of wedding shoes designed for different roles in the wedding process, such as brides, mothers of the bride, and bridesmaids [1] - The brand focuses on combining beauty and comfort in high-heeled wedding shoes by utilizing patented shoe lasts, air cotton, and antibacterial elastic pads to enhance fit and comfort [1] - LINGMEICHEN plans to offer scene-based product development and personalized customization services in the future [2] Brand Background - LINGMEICHEN was founded in 2022 by Chen Lingmei, who is also the founder of Yinger Fashion [2]

Core Viewpoint - Recently, the company announced plans to transfer 100% equity of its wholly-owned subsidiary, Foshan Saturday Footwear Co., Ltd. (referred to as "Saturday"), at a minimum listing price of 453 million yuan, aiming to focus on the development of its digital marketing business [2][3]. Group 1: Business Strategy and Financial Performance - The sale of Saturday is part of the company's strategy to concentrate on digital marketing, as the footwear business has faced significant operational pressure due to declining revenues and ongoing losses [2][4]. - The company has been attempting to divest its footwear business since 2022, but previous attempts were halted due to a lack of transaction conditions [3]. - The footwear business, which was once a core part of the company, has seen a drastic decline in performance, with the company reporting losses of 263 million yuan in 2022, 1.05 billion yuan in 2023, and an expected 1 billion yuan in 2024 [4]. Group 2: Historical Context and Transition - Saturday, established in 2002 and listed in 2009, was known as the "first A-share women's shoe stock" and attempted to pivot towards internet business after poor performance in its core footwear segment [3]. - The acquisition of Hangzhou Yaowang Network in December 2018 marked a significant shift towards live-streaming e-commerce, leading to a turnaround in profitability, with net profits of 4.477 million yuan in 2018 and 151 million yuan in 2019 [3]. - By 2022, internet advertising accounted for 91.64% of the company's revenue, while the footwear segment contributed only 8.15% [3]. Group 3: Future Outlook - The company anticipates that the successful sale of Saturday will significantly improve its profit situation, optimize its industrial structure, and enhance operational efficiency [4]. - The management has expressed that the transaction will lower the company's asset-liability ratio, improve cash flow, and ultimately increase shareholder returns [4].

Core Insights - Dusto has partnered with JD's express delivery service to enhance its online presence and meet the growing demand for instant consumption in the footwear market [1][4] - The collaboration allows consumers to order shoes online and receive them from nearby stores within 9 minutes, providing a convenient shopping experience [1][4] Company Overview - Dusto is a well-known domestic footwear brand that focuses on offering high-quality and stylish shoe products at competitive prices [1] - The brand aims to cater to various consumer needs, including commuting, leisure, and family activities, by providing a wide range of footwear options [1] Product Offerings - The partnership includes a variety of footwear categories such as women's, men's, and children's shoes, featuring popular styles like loafers, casual sneakers, and children's sports shoes [2] - Specific products highlighted include versatile white sneakers, elegant loafers suitable for business attire, and comfortable home and leisure shoes [2] Market Trends - There is a growing consumer demand for instant shopping experiences, prompting brands like Dusto to adapt and offer quick delivery options [4] - The collaboration with JD's express service is a strategic move to align with the trend of instant consumption, enhancing customer satisfaction and engagement [4]