Group 1: Luxury Goods Industry - The luxury goods industry is showing a more positive outlook compared to the past two years, with notable stabilization signs in the Chinese market [2] - Positive indicators in Q3 are seen as a crucial step towards stability in China, despite ongoing macroeconomic pressures and market volatility [2] - Chinese consumers are becoming more mature, discerning, and differentiated, leading to a polarization in brand performance [2] - The U.S. luxury market demand remains stable, with no significant price resistance, supported by the wealth effect, although there is a high sensitivity to value across all price points [2] - The Middle East market is performing strongly, while Europe shows mixed results with stable overall performance but brand and category disparities [2] - Japan's market is similar to Europe, with recent signs of recovery in tourism spending, while South Korea and Southeast Asia are performing well [2] Group 2: Pricing Strategies - The luxury goods industry is expected to maintain moderate pricing strategies in 2026, with most brands controlling price increases to low single-digit levels [3] - Brands are focusing on differentiated pricing strategies for specific products rather than uniform price adjustments, particularly to maintain the value proposition of entry-level products [3] - The influx of nearly 20 new designers into fashion brands over the past year is anticipated to inject creativity and drive demand for soft luxury goods starting in Q2 of next year [3] Group 3: Sports Goods Industry - The sports goods industry faces a more complex environment with uncertainties in demand due to U.S. tariff policies and intense competition in Greater China and Europe [4] - Brands are focusing on "self-rescue" strategies, such as launching new products, optimizing channels, and carefully managing brand image [4] - Despite uncertainties in the consumer market entering 2026, brands see growth opportunities in running, outdoor, and soccer segments, with the upcoming World Cup viewed as a significant additional driver [4] Group 4: Industry Trends - The conference highlighted a common trend in the industry towards marketing transformation, with luxury brands reallocating budgets from traditional media to experiential activities [5] - The second-hand market for luxury goods is growing and becoming more professionalized, driven by consumer demand for value and sustainability, particularly active in the U.S. [5] - Handbags remain the core category in the second-hand market, accounting for over half of total transaction value, with significant growth in high-end custom clothing and jewelry [5]

Core Insights - Sands China Limited collaborates with Louis Vuitton to host the Cruise 2026 Spring Collection fashion show in Macau, marking Louis Vuitton's first fashion show in the region [1][3] - The event showcases a new collection designed by Nicolas Ghesquière, featuring prominent figures such as Song Qian and Liu Jia Ling [1][3] Group 1: Event Significance - The fashion show represents a significant milestone for Macau, enhancing its global influence and showcasing Sands China's ability to blend luxury fashion with world-class experiences [3] - The event reflects a shared vision between Sands China and Louis Vuitton to create memorable luxury experiences and solidify Macau's position as a cultural and creative destination [3] Group 2: Cultural Integration - The fashion show intertwines Macau's rich cultural heritage with Louis Vuitton's timeless French elegance, echoing a previous show held in France [3][4] - The event aims to explore the performative and artistic value of clothing, emphasizing its emotional impact and narrative power [4] Group 3: Retail Experience - The reopening of Louis Vuitton's flagship store in Macau in April 2025 features a diverse range of creative products and a unique architectural design by Japanese architect OMA [4] - The Sands Shopping City, which includes the flagship store, offers a luxurious shopping experience with around 850 stores, reinforcing its status as a must-visit destination for high-end consumers [5]

Group 1: Market Trends - The reasons for young consumers purchasing gold have shifted from value preservation and weddings to self-pleasure and personal expression, driven by emotional consumption and product innovation [3][4] - The luxury goods market in China is still in its early development stage, with recent stock price increases following LVMH's better-than-expected quarterly report, but a full recovery is still needed [5] - The rise of the "谷子经济" (Guziko economy) has led to a surge in demand for game-related merchandise, although it has not significantly boosted the core game consumption [6] Group 2: Industry Dynamics - The high-end down jacket market is thriving due to a nationwide temperature drop, with brands like North Face and Bosideng seeing significant sales growth [7] - Airports in China are increasingly transforming into luxury retail spaces to enhance non-aeronautical revenue, with a focus on high-end brands [8] - The sportswear industry is experiencing a wave of "instant retail" strategies, with major brands like Anta and Li Ning seeing substantial sales growth [9] Group 3: Company Developments - SEASE, a luxury sportswear brand, combines high-quality materials with outdoor functionality, targeting affluent male consumers [10][11] - Kering Group reported a 5% decline in revenue for Q3 2025, with Gucci's revenue down 14%, although there are signs of recovery in North America and Western Europe [12] - Balabala leads the children's clothing market in Asia by focusing on emotional connections between parents and children, aiming to become a global lifestyle brand [13] Group 4: Competitive Landscape - Lao Feng Xiang is entering the luxury market to compete with Lao Pu Gold, facing challenges in brand positioning and high-end transformation [14][15] - Lululemon is struggling in North America, facing a significant drop in stock price and competition from emerging brands [16] - LVMH's Q3 report shows a 1% increase in global revenue, with a notable recovery in the Chinese market, highlighting the importance of innovation and retail transformation [17] Group 5: Future Outlook - The luxury goods industry requires a balance between creativity and commercial viability to achieve significant growth, as emphasized by the chairman of KKR Italy [18] - Lao Pu Gold has seen a substantial increase in revenue but faces challenges in maintaining quality and brand integrity [19]

Group 1 - Chinese consumers are returning to the luxury goods market, with executives from Prada, Coach, EssilorLuxottica, and Value Retail noting a stabilization in demand after months of weakness [2] - The luxury goods industry has seen a significant slowdown in growth since the pandemic, influenced by high youth unemployment, a sluggish real estate market, and weak consumer confidence [2] - Prada's CFO Andrea Bonini expressed a "cautiously optimistic" outlook, indicating that a more "normalized" environment may not emerge until 2026 [3] Group 2 - Coach reported a strong growth momentum, with a 20% increase in business in China, attributed to its market positioning appealing to more cautious consumers [3] - Coach has been expanding its local presence, leveraging 25 years of market experience, including establishing a joint design studio and expanding in regional cities like Wuhan [3] - Approximately 40% of Coach's growth is derived from international markets, indicating resilience against U.S. tariffs [4] Group 3 - UBS research indicated that Burberry's sales in the Greater China region grew by 3%, exceeding expectations, while Richemont reported that sales to Chinese customers were "almost flat," showing significant improvement from previous declines [4] - Richemont's sales in the Asia-Pacific region increased by 10%, with expectations for continued growth momentum before the end of the year [4]

Group 1 - Hainan's new duty-free policy generated over 500 million yuan in sales during its first week, with a year-on-year increase of 34.86% in shopping amount and 3.37% in visitor numbers [1] - The first store of the high-end fragrance brand "Wenxian" opened in Wuxi, featuring a design that integrates local culture and aesthetics [3] - Shanghai Tang opened its first store in South China, showcasing a blend of innovative design and traditional Eastern aesthetics [5] Group 2 - The world's first humanoid robot-themed retail flagship store opened in Shenzhen, featuring interactive robots and a futuristic design [7] - SHEIN opened its first physical store in Paris, with plans to expand to six more locations in France by the end of November [10] - LVMH plans to open several new flagship stores in Beijing in December, marking a significant expansion in the Chinese market [12][13] Group 3 - CPE Yuanfeng acquired an 83% stake in Burger King China, with plans to expand the number of stores from approximately 1,250 to over 4,000 by 2035 [14] - Luckin Coffee's major shareholder is considering a bid for Costa Coffee, which is currently valued at around 1 billion pounds [17] - Haidilao's pizza brand "Xiao Hai Ai Zha" opened its first store in Xi'an, with plans for further expansion [21] Group 4 - Pet food brand "Pet & Fresh" is closing all its stores, with several already marked as closed or paused [22][24] - Sam's Club opened its 60th store in China, located in Yangzhou [26] - Walmart announced a leadership change, appointing John Furner as the new CEO effective February 2026 [27][29] Group 5 - Chaohe Suan NB is expanding nationwide, recruiting for various positions across multiple provinces [31] - JD.com is set to open its first discount supermarket in Beijing, with an area of approximately 5,000 square meters [32] - Richemont reported a 5% increase in total sales, with a significant 17% growth in sales from its four major jewelry brands in the second quarter [33][34] Group 6 - Gao Xin Retail reported a revenue of 30.502 billion yuan for the first half of the fiscal year, with plans to renovate over 200 stores before the next fiscal year [35]

0:00 / 2:18 作为"欧洲制造"的核心标签，以奢侈品为代表的欧洲高端制造行业如今在美国关税政策冲击下压力骤 增。从法国皮具、瑞士钟表到德国豪华汽车，相关企业业绩集体"跳水"，成为美国贸易保护主义措施的 直接受害者。 业内人士指出，这场关税风暴不仅让欧洲品牌利润受损，也使美国市场消费信心受到重创。欧洲企业被 迫提价以转移成本，美国消费者则更加捂紧钱包。在持续的关税冲击下，欧洲高端制造企业短期利润承 压，行业增长前景不确定性显著增加。新华社记者带来一线观察。（记者：李函林、贾金明；视频：王 佳琳） ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and others [1]. Core Insights - The report highlights a recovery in mid-to-high-end consumption and increased focus on high-dividend A/H stocks, which has driven attention to sub-sectors within discretionary consumption [1][4]. - Various sub-sectors have shown different performance trends, with overseas sportswear leading the gains, followed by luxury goods and domestic sportswear [4][12]. Performance Review by Sub-Sector - **Weekly Performance**: Overseas sportswear increased by 6.8%, luxury goods by 5.2%, and domestic sportswear by 3.8%. In contrast, the pet sector saw a decline of 5.8% [4][12]. - **Monthly Performance**: The gambling sector led with an 8.4% increase, while domestic cosmetics experienced a significant decline of 14.3% [12]. - **Year-to-Date Performance**: The gold and jewelry sector outperformed with a 137.2% increase, while overseas sportswear saw a decline of 21.5% [12]. Sub-Sector Analysis - **Overseas Sportswear**: Notable gains driven by strong Q3 FY25 earnings, particularly in EMEA and Asia-Pacific regions, alleviating market concerns [6][15]. - **Luxury Goods**: Companies like Samsonite and Burberry reported better-than-expected earnings, boosting market confidence [6][15]. - **Domestic Sportswear**: OEM companies confirmed growth expectations for 2026 orders, contributing to positive stock performance [6][15]. - **Gold and Jewelry**: The sector benefited from rising international gold prices and favorable tax regulations in Hong Kong and Macau [8][15]. - **Pet Sector**: Experienced a decline post Double Eleven sales, with increased competition among brands [15]. Valuation Analysis - The report indicates that most sub-sectors are trading below their historical five-year average P/E ratios, suggesting potential undervaluation [9][16]. - **Projected P/E Ratios for 2025**: - Overseas sportswear: 29.1x (55% of historical average) - Domestic sportswear: 14.8x (78% of historical average) - Gold and jewelry: 23.8x (45% of historical average) - Luxury goods: 27.0x (49% of historical average) [9][16].

21世纪经济报道记者高江虹 上周财报披露渐入尾声，从最新一季的业绩来看，奢侈品行业企稳的趋势已经形成。历峰集团这样的重奢巨头销售增长5%，内 地、香港和澳门市场第二季度销售额增长7%。Burberry也扭亏为盈，昂跑销售、利润双创新高，亚瑟士前三季度业绩首破6000 亿日元，诸多好消息推动下，LVMH集团12月将在北京开一批大型门店，这或将是中国奢侈品市场复苏的重要风向标。 行业整体大势复苏，连带把低迷许久的品牌业绩也带动回来。比如McQueen近期的销售额已出现初步复苏，因此开云集团有高 管否认了McQueen出售传闻，称该集团正在为品牌制定深度重组计划，旨在三年内让品牌恢复盈利。同样面临重组的还有奥地 利珠宝品牌Swarovski施华洛世奇，该品牌将对其总部进行大规模裁员与重组，计划裁减约400个岗位。但是陷入业绩困境的美妆 巨头科蒂却不惜将古驰和开云集团告上法庭，希望保留古驰美妆业务。但，结果恐难逆转。 1.历峰2026上半财年营业利润增7%达23.58亿欧元 苏黎世时间11月14日开盘前，奢侈品巨头历峰集团(Richemont)公布了截至2025年9月30日的2026财年上半年财务数据。该集团总 销售 ...

（原标题：LVMH在京将开多家门店；施华洛世奇裁400岗位｜二姨看时尚） 21世纪经济报道记者 高江虹 上周财报披露渐入尾声，从最新一季的业绩来看，奢侈品行业企稳的趋势已经形成。历峰集团这样的重 奢巨头销售增长5%，内地、香港和澳门市场第二季度销售额增长7%。Burberry也扭亏为盈，昂跑销 售、利润双创新高，亚瑟士前三季度业绩首破6000亿日元，诸多好消息推动下，LVMH集团12月将在北 京开一批大型门店，这或将是中国奢侈品市场复苏的重要风向标。 行业整体大势复苏，连带把低迷许久的品牌业绩也带动回来。比如McQueen 近期的销售额已出现初步 复苏，因此开云集团有高管否认了McQueen出售传闻，称该集团正在为品牌制定深度重组计划，旨在三 年内让品牌恢复盈利。同样面临重组的还有奥地利珠宝品牌 Swarovski施华洛世奇，该品牌将对其总部 进行大规模裁员与重组，计划裁减约 400 个岗位。但是陷入业绩困境的美妆巨头科蒂却不惜将古驰和开 云集团告上法庭，希望保留古驰美妆业务。但，结果恐难逆转。 1. 历峰2026上半财年营业利润增7%达23.58亿欧元 苏黎世时间11月14日开盘前，奢侈品巨头历峰集团（Ri ...

越来越多年轻人，选择线上购买奢侈品 随着断崖式降温的来临，冬季功能奢品成为消费者购买的首选阵地。"羽皇"Moncler经典的Maire及Maya系列再度在天猫焕新，棕色、绿色、米色等多个全 新色调在天猫双11首发；而加拿大鹅也上新了Bayview男士羽绒服、Montgomery女士羽绒服等多个新品系列。据了解，今年双11，冬装类目成为天猫奢品 增长的重要驱动，拉夫劳伦"老钱风"Commercial秋冬系列天猫独家首发，成为品牌最受欢迎的新品系列；资深奢品买手们高频搜索"羊绒"、"真丝"等高端 材质，Max Mara秋冬新品羊绒大衣成交翻倍增长，Burberry格纹羊绒围巾、Gucci双G提花羊毛双面围巾等秋冬配饰也在平台热卖。 奢侈运动风也迎来新一轮热度。新雪季来临，德国奢侈运动品牌Bogner在天猫首发中国独家滑雪服系列，包括LYLA-D女士滑雪服与ELIAM-D男士双板鹅 绒滑雪服。Balenciaga则带来SKIWEAR系列，从派克大衣到短靴再到专业护目镜，一套滑雪装备在天猫即可完成，一站式体验愈发清晰。11月4日，米兰- 科尔蒂纳冬奥会官方赞助伙伴、意大利品牌Emporio Armani的EA7冬奥会 ...