Core Viewpoint - The luxury brand Burberry has reported a significant decline in sales and profits for the fiscal year ending March 29, 2025, prompting a strategic restructuring plan to improve its financial performance and brand image [2][4][5]. Financial Performance - Burberry's sales decreased by 17% year-on-year to £246 million, with adjusted operating profit falling to £26 million, a 94% decline [4]. - The company recorded an operating loss of £3 million and a pre-tax loss of £66 million, compared to a sales revenue of £2.968 billion and a profit of £418 million in the previous year [4]. Strategic Initiatives - New CEO Josh Schulman has committed to accelerating the "Burberry Forward" transformation plan, focusing on enhancing brand expression and restoring sales, profit margins, and cash flow while controlling costs [5]. - The company plans to lay off approximately 1,700 employees, representing about 18% of its workforce, to achieve a cost-saving target of £60 million by 2027, supplementing a previously announced £40 million cost-saving plan [7]. Market Response - Despite the ongoing performance challenges, Burberry received a positive boost in the capital market, with Citigroup upgrading its stock rating to "Buy" for the first time in 17 years, indicating a recovery in investor confidence [9]. - Burberry's stock price rose by 9% following the earnings report, reflecting optimism about the company's long-term transformation potential [9].

据集团财报披露，皮具品类贡献总销售额的44.2%，较去年同期提升4.2个百分点，持续验证新任创意总 监Maximilian Davis主导的产品革新战略。Hug手袋系列通过多尺寸、多材质的矩阵式开发保持市场热 度，新推出的Soft系列通过可调节肩带与模块化设计，精准捕获年轻消费群体对功能美学的复合需求。 （原标题：Ferragamo2025首季财报：皮具业务逆势增长9.6%） 意大利奢侈品牌Salvatore Ferragamo于5月14日发布2025财年首季业绩报告。在奢侈品行业整体承压的市 场环境下，集团实现总营收2.21亿欧元，按当前汇率计算同比下降2.6%（按固定汇率计降幅收窄至 1.0%）。值得关注的是，核心皮具业务逆势增长9.6%，展现出战略调整期的结构性改善。 分区域观察，日本及拉美市场受益于旅游零售复苏呈现稳健发展。但亚太区（除日本）受中国内地消费 需求疲弱影响，成为主要拖累因素。 面对行业波动周期，Ferragamo维持全年营收中个位数增长预期。首席执行官Marco Gobbetti表示："我 们在高利润品类的战略聚焦已初见成效，皮具业务的强劲表现抵消了部分市场的短期波动。随着秋季新 品矩阵 ...

分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 5 之 Adidas FY2025Q1 经营跟踪： 关税影响较小，维持全年指引 报告要点 [Table_Summary] FY2025Q1（2025/1/1-2025/3/31）Adidas 实现营收 61.5 亿欧元，业绩略高于预期（彭博一致 预期 61.0 亿欧元），固定汇率下同比+13%，剔除 Yeezy 影响后 Adidas 品牌营收同比+17%。 归母净利润为 4.3 亿欧元，同比+151%。毛利率同比+0.9pct 至 52.1%，主因产品成本和运费 降低以及折扣改善。 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]5 之 Adidas FY2025Q1 经营跟踪： 关税影响较小，维持全年指引 [Table_S ...

Group 1: Industry Trends - The luxury goods and fashion industry is experiencing significant transformations, with cross-industry collaborations and capital movements becoming prevalent [1] - The shift from celebrity marketing to hardcore research and development is evident, alongside a transition from broad growth strategies to more precise regional strategies [1] Group 2: Prada's Film Fund - Prada Foundation has established a film fund with an annual investment of €1.5 million to support independent films and high-art value works, set to launch in Fall 2025 [2] Group 3: Richemont's Jewelry Growth - Richemont reported a 4% increase in annual sales to €21.399 billion, driven by an 8% growth in its jewelry segment, while the Asia-Pacific region experienced a decline [3] Group 4: Sephora's Expansion - Sephora is introducing Lady Gaga's Haus Labs in seven Asia-Pacific regions, launching 125 makeup products that emphasize natural and vegan formulations [4] Group 5: Dick's Sporting Goods Acquisition - Dick's Sporting Goods announced the acquisition of Foot Locker for $24 per share, a premium of 86.5%, leading to a significant stock price reaction [5] Group 6: RED CHAMBER Financing - The clean beauty brand RED CHAMBER secured nearly ¥100 million in Series A and A+ financing, focusing on research upgrades and digital testing systems [7] Group 7: Burberry's Restructuring - Burberry reported a 17% decline in retail sales to £2.461 billion and announced plans to cut 1,700 jobs as part of a restructuring effort to save £100 million by FY2027 [8] Group 8: Balenciaga Leadership Change - Balenciaga appointed Nathalie Raynaud as Vice CEO, succeeding Laura du Rusquec, indicating a strategic shift in product strategy and market positioning [9] Group 9: L'Oréal's New Leadership - L'Oréal appointed Laetitia Toupet-Delon as Global Brand President of Paris L'Oréal, aiming to integrate scientific expertise into the mass market [10] Group 10: On's Sales Surge - On reported a 43% increase in Q1 sales, with a remarkable 130.1% growth in the Asia-Pacific region, driven by localized operations and product advantages [11] Group 11: Samsonite's Mixed Results - Samsonite's Q1 net sales fell to $797 million, a 4.5% decline, but its acquired brand TUMI showed strong growth in China, highlighting a mixed performance [12][13] Group 12: CK's Leadership Change - PVH Group appointed David Savman as CK's Global Brand President, aiming to enhance brand transformation and supply chain efficiency [14] Group 13: Under Armour's Financial Struggles - Under Armour reported a 9% decline in revenue to $5.2 billion and a net loss of $201 million, despite exceeding expectations [15] Group 14: Shiseido's Growth in China - Shiseido achieved a double-digit sales growth of 11.9% in China for Q1, driven by high-end brand performance and local innovation [16]

研究报告 Research Report 18 May 2025 中国可选消费 China (A-share) Discretionary 可选消费周度趋势解析：本周宠物和美国消费板块股市表现最优，大多板块估值仍低于过去 5 年平均 Analysis of weekly discretionary trends： Pet and U.S. consumer sector stocks are the top performers this week, and valuations in most sectors are still below the average of the past five years [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 美的集团 | Outperform 海信视像 | Outperform | | 格力电器 | Outperform 安克创新 | Outperform | | 海尔智家 | Outperform ...

奢侈品可选消费 Accessory Design Discretionary 大消费渠道脉搏：深圳奢华购物商场品牌表现分化，高净值人群重奢消费稳健 Consumer Channel Pulse: Divergent Brand Performance in Shenzhen's Luxury Shopping Malls, and Steady High-End Consumption Among Affluent Consumers 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_Title] 研究报告 Research Report 30 Jun 2020 [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2025 年 5 月 15 日，海通国际举办消费引力专场活动，邀请奢侈品消费领域专家分享行业看法与趋势。专家 样本数据为深圳高端购物中心数据 ...

Investment Dynamics - Manus' parent company, Butterfly Effect, is reportedly planning a new financing round of $100 million at a valuation of $1.5 billion, with state-owned enterprises participating. The funds will primarily be used to develop the Chinese market [3] - DTC snack brand Farmley successfully raised $40 million in Series C funding, led by L Catterton, with existing investors also participating. The funds will help expand its presence in the Indian health snack market [5] - AI and robotics service provider "Shouhua Technology" completed a Series A financing round of several tens of millions of RMB, led by a fund under Hangzhou Wen Guang Group. The funds will be used for AI model development, hardware upgrades, and global market expansion [6][7] Acquisition Dynamics - Spanish second-hand clothing platform Percentil was acquired by Israeli tech company MySize, avoiding bankruptcy. The acquisition includes the Percentil brand, central warehouse, AI pricing engine, quality assessment system, and over 120,000 items of inventory [11] - Dick's Sporting Goods is nearing a deal to acquire Foot Locker for an estimated price of $24 per share, totaling $2.3 billion. This news caused Foot Locker's stock to surge nearly 70% [14][15] - Borletti Group announced the acquisition of a minority stake in True Religion, which is known for its iconic "Super T" stitching. The financial details of the transaction were not disclosed [18] - Church & Dwight announced plans to acquire DTC hand sanitizer brand Touchland for $880 million, with $700 million in cash and stock, and an additional $180 million contingent on sales targets [22] - A consortium of investors has made a €60 million acquisition offer for French sportswear brand Le Coq Sportif, with Neopar set to hold 51% of the shares [25][26] Personnel Dynamics - Microsoft announced a company-wide layoff of 6,000 employees, representing less than 3% of its total workforce of 228,000, as part of a strategy to streamline management levels [29] - Balenciaga appointed Nathalie Raynaud as Vice CEO to strengthen its executive team in preparation for the arrival of a new creative director [31]

Group 1 - The controversy surrounding the company "胖都来" involves allegations of trademark infringement related to "胖东来" [4][5] - Inditex, the parent company of ZARA, clarified that it has no association with "胖都来" and denied the claims made by "胖都来" regarding employee involvement [4] - The incident has led to public backlash against all parties involved, with accusations of "碰瓷" (a term for opportunistic behavior) directed at "胖都来" [4] Group 2 - The China Securities Regulatory Commission (CSRC) has issued guidelines to combat the "小作文" (small essay) phenomenon in the stock market, aiming to purify the capital market ecosystem [6] - The CSRC's new guidelines are a response to the reported issues of stock recommendation scams and the associated gray market practices [6] Group 3 - The CSRC has announced reforms to the major asset restructuring management measures for listed companies, marking a significant shift in the regulatory landscape [7] - These changes are part of broader efforts to enhance the quality of capital market operations [7] Group 4 - Shenzhen Morning Light Dairy has been accused of misleading consumers with its "供港壹号" milk product, which allegedly does not supply to Hong Kong as claimed [8] - The company has faced scrutiny for its trademark applications related to "供港," with most being rejected except for "供港壹号" [8] Group 5 - The acquisition of Huiyuan Juice by Guozhong Water has been terminated, leading to public speculation about Huiyuan's financial health [9] - Huiyuan Juice has issued a statement refuting negative claims about its business status, asserting that it has been operating normally since its restructuring in 2022 [9] Group 6 - Panasonic has announced plans to lay off 10,000 employees globally, which represents approximately 4.4% of its total workforce of 228,000 [12] - This decision comes amid declining revenue and profit, indicating significant challenges for the company [12] Group 7 - Shenzhen Metro Group is providing a loan of up to 1.552 billion yuan to Vanke, aimed at repaying bond principal and interest [13] - This financial support highlights the ongoing relationship between the two companies in the real estate sector [13] Group 8 - The stock market is facing issues with fraudulent claims of high returns, with many so-called "stock gods" using fabricated trading records to lure investors [14] - Investigations have revealed that these high-return claims are often generated through software, misleading potential investors [14] Group 9 - Dior has confirmed a data breach affecting its customer database in China, leading to concerns over personal information security [15] - The company has initiated an investigation into the unauthorized access of customer data [15] Group 10 - The retail giant *ST 人乐 (人人乐) is facing delisting from the Shenzhen Stock Exchange, marking a significant decline for the once-prominent company [16] - This decision reflects the challenges faced by traditional retail businesses in the current market environment [16] Group 11 - A recent incident involving Zhengxin Chicken has raised health concerns after a customer found maggots in a chicken leg, prompting an investigation by local authorities [17] - The local market supervision bureau has taken action to inspect and test similar products from the store [17]

而在本周早些时候，沃尔玛首席财务官John David Rainey在接受采访时直言，公司正面临前所未有的成本压力并宣布涨价。 5月17日，美国总统特朗普在社交平台公开怒斥全球最大零售商沃尔玛。 他认为，这家赚了数十亿美元的零售巨头应"自己吞下关税"，不要将成本转嫁给美国消费者。 净利下滑12% 我们从未见过这种规模和速度的价格上涨。 特朗普警告沃尔玛别涨价 5月17日，美国总统特朗普在社交平台Truth Social 发帖称，沃尔玛不应该因为关税政策而涨价。沃尔玛去年已经赚了几十亿美元，远超预期。 他补充称，沃尔玛应该"自己吞下关税"，而不是把成本负担"转嫁给尊贵的顾客"。 他在帖子中写道，"我会一直盯着你，你的顾客也是！（ I'll be watching, and so will your customers!）" 而上述言论，是特朗普针对沃尔玛早些时候发出声明的回应。 沃尔玛曾指出，由于高额关税的压力，公司将在本月底开始逐步提高部分商品的价格。声明称，在零售利润空间已经非常有限的情况下，他们将 尽可能长时间地保持价格稳定。 沃尔玛首席财务官John David Rainey坦言："我们从未见过如此剧烈 ...

美国零售巨头沃尔玛警告将提价应对关税后，特朗普向沃尔玛喊话"自己吞下关税成本吧！" 周六，特朗普在社交媒体平台Truth Social上炮轰沃尔玛，要求这家美国最大零售商自行承担可能即将到来的关税成本，而不是将其转嫁给消费者。特朗普写 道： 沃尔玛应该停止把关税归咎为整个供应链涨价。沃尔玛去年赚了数十亿美元，远超预期。沃尔玛应该"自行承担关税"，而不是向有价值的顾客收 取任何费用。我会盯着你们的，你们的顾客也会！！！ 这番言论直接针对沃尔玛CFO John David Rainey周四的表态，据新华社报道，美国零售巨头沃尔玛公司高管15日表示，受美国关税政策影响，该公司将于本 月晚些时候开始上调部分商品在美售价。Rainey直言不讳地警告： 如果你还没有在沃尔玛看到价格上涨，那么从5月开始，它将变得越来越明显。价格上涨的幅度和速度将是前所未有的，如果某物有30%的关 税，你很可能会看到两位数的价格上涨。 吞下关税成本？有点不太现实 作为美国最大的零售商和杂货商，沃尔玛往往被视为零售业和美国消费者健康状况的晴雨表，其坚持以"低价"为核心策略，而吞下关税成本似乎有点不太现 实。 周六，针对特朗普的帖子，沃尔玛在一 ...