文 | 《贵圈》栏目 闫妍 过去一年，在奢侈品行业经济逆风中，谁是当之无愧的大赢家？除了爱马仕外，还必须有 Miu Miu 这个异军突起的"叛逆者"。 近两年，曾经被视作 LV 、 CHANEL "平替"的 Miu Miu ，在价格和话题性上早已逆袭超 车—— 3200 元的发夹、 4750 元的眼镜绳、 6950 元的"丑娃娃"挂饰以及 4.2 万元的亮 片内裤等争议单品，非但没有吓退消费者，官网还频频出现售罄盛况，它正在成为 Z 世代 富豪千金们争相抢购的"身份勋章"。 在社交媒体上， #Miu Miu 风 # 掀起了一场席卷全球的"叛逆富家女"大浪潮，其标志性的 镶钻亮片底裤、容易着凉的露胃毛衣，校服式的百褶短裙、超低腰裙、花苞裙、芭蕾鞋等 等，都成为了年轻人表达先锋的时尚符号。 Miu Miu 上演的这场教科书级的"叛逆式增长"，还直接体现在了母公司 Prada 集团的最新 财报，并将品牌推向历史新高度。 近日， Prada 集团发布第一季度财报，在奢侈品行业整体增速放缓的背景下，实现营收 13.4 亿欧元，同比增长 13% ，延续了 2024 年双位数增长的势头。副线品牌 Miu Miu 延续 20 ...

Group 1: Luxury Brands Entering the Restaurant Sector - Prada opened its first independent restaurant "迷上" in Shanghai, designed by renowned director Wong Kar-wai, blending Italian and Chinese culinary styles [1] - Other luxury brands like Gucci, Chanel, and Tiffany have previously explored the café sector in China, often as marketing strategies rather than standalone businesses [2] - The opening of "THE HALL" by Louis Vuitton in Chengdu marked a significant step for luxury brands in the full-service dining sector [2] Group 2: Operational Strategies and Market Trends - Many luxury dining projects are operated by third-party companies, indicating a reliance on specialized operators for successful execution [3] - Luxury brands aim to create experiential offerings that enhance customer engagement, with the goal of driving sales in their core product lines [3] - The shift in consumer behavior from shopping to experiential consumption is evident, necessitating adaptations in service models within the luxury sector [5] Group 3: Challenges in the Luxury Market - The luxury retail sector is facing challenges, with a reported 8% decline in retail rental income at Wynn Palace, reflecting a broader downturn in luxury consumption [6] - Despite an increase in tourist numbers and overall spending in Macau, per capita spending has significantly decreased, particularly among mainland Chinese tourists [6] - The luxury market may take several years to recover to pre-2019 levels, indicating a potential long-term shift in consumer preferences [6][7] Group 4: Changing Consumer Preferences - The luxury consumer landscape in China has evolved, with a notable decline in interest in traditional luxury brands like LVMH, as evidenced by a 2% drop in total revenue [7] - The emergence of alternative luxury offerings, such as local brands, suggests a shift in consumer loyalty and preferences away from established European luxury brands [7]

Core Insights - Miu Miu has emerged as a significant player in the luxury goods market, outperforming traditional competitors like LV and CHANEL, particularly among Gen Z consumers [1][4][6] - The brand's unique positioning and controversial pricing strategy have led to a surge in demand, with products frequently selling out [1][7] - Prada Group's recent financial performance highlights Miu Miu's role as a key growth driver, with a remarkable 60% increase in sales for the brand in the first quarter of 2025 [4][6][7] Financial Performance - Prada Group reported a revenue of €1.34 billion in the first quarter, a 13% year-over-year increase, driven largely by Miu Miu's performance [4][5] - Miu Miu's retail sales surged by 93.2% to €1.228 billion, marking a historic high and contributing significantly to the group's overall growth [6][7] - The group's overall revenue for the 2024 fiscal year reached €5.432 billion, with a net profit increase of 25% to €839 million, outperforming major competitors [6][7] Market Strategy - Miu Miu's success is attributed to its focus on youthful branding and innovative marketing strategies, appealing to a younger demographic [15] - The brand has effectively utilized social media to create a cultural phenomenon around its products, positioning itself as a status symbol among affluent youth [1][11][13] - Prada Group's acquisition of Versace for €1.25 billion aims to strengthen its multi-brand strategy against competitors like LVMH and Kering [4][15] Consumer Trends - Miu Miu's pricing strategy, featuring high-priced items, has not deterred consumers but rather fueled demand, with products often selling out [1][7][9] - The brand's appeal lies in its ability to resonate with the desires of young consumers for uniqueness and individuality in luxury fashion [13][15] - The Asia-Pacific region remains a crucial market for Prada, contributing €1.604 billion in retail sales, reflecting a 13.1% year-over-year growth [13]

关税风暴下，沃尔玛确认即将迎来史无前例大幅涨价，全美零售业或将跟进。 5月15日，全球零售巨头沃尔玛在发布超预期季度财报的同时，向市场发出了一个明确信号：关税引发 的价格上涨即将来袭。沃尔玛警告称，由关税引发的价格上涨预计将很快波及货架上的商品，公司将从 本月开始上调部分商品价格。 沃尔玛首席财务官约翰·戴维·雷尼在接受采访时表示："如果你还没有看到（价格上涨），它将在5月发 生，然后会变得更加明显。" 雷尼直言："这些价格上涨的幅度和速度将是前所未有的。" 雷尼进一步表明："如果某物有30%的关税，你很可能会看到两位数（的价格上涨）。" 作为服务90%美国消费者的零售巨头，沃尔玛是迄今为止规模最大的暗示日常用品将因关税上涨价格的 公司。分析认为，沃尔玛此举将打开零售业全面涨价的闸门。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 零售业涨价的闸门可能已经打开 根据Axios报道，GlobalData董事总经理Neil Saunders认为，"如果一个以低价 ...

每经记者｜杜蔚 每经编辑｜董兴生 丨 2025年5月16日 星期五 丨 NO.1 娃哈哈回应产能调整等问题 近期，有多家媒体关注娃哈哈工厂停工和员工投诉维权内容。5月15日，娃哈哈方面表示，去年因水产 品市场需求快速增长，故公司的产品结构对应调整，导致公司出现产能紧张，公司迅速启动了应对措 施，委托代工厂生产，同时进行自有设备改造与投资新建工厂。为增强终端市场的响应能力，需要调整 优化产销布局结构，导致部分工厂停工停产。对于停工停产的公司，娃哈哈表示已按相关法律程序开展 清算流程。 点评：娃哈哈此次回应，展现了企业在应对市场变化时的灵活性与前瞻性。通过委托代工、设备改造及 新建工厂，娃哈哈有效缓解了产能紧张，强化了自主生产能力，为市场稳定供应提供保障。内部合规化 改革虽引发短期阵痛，但长远来看，有助于企业构建现代化产业体系，提升竞争力。 NO.2 魅族声明：从未计划砍掉手机业务 点评：针对不实言论的及时澄清，彰显了企业对自身品牌与业务发展的坚定信心及维护商誉的决心。在 信息传播迅速的网络时代，不实言论易对品牌形象造成难以估量的损害，对行业来说，这种不实言论也 可能会影响市场对整个手机行业的信心。魅族此举不仅有 ...

Core Insights - The luxury market in China is undergoing a structural transformation, with home and lifestyle becoming key growth areas as consumers shift their definition of luxury from external status symbols to internal living experiences [1][4]. Group 1: Evolution of Consumer Mindset - The luxury consumption in China has evolved through four key phases over the past 30 years, transitioning from status-driven consumption (1990-2005) to lifestyle-oriented luxury (2020-present) [2][4]. - The current phase emphasizes home as a canvas for identity, with consumers investing in home design and experiential luxury [4][24]. Group 2: Market Growth Drivers - Government policies are stimulating the housing market, leading to a significant increase in furniture retail sales, which grew by 6.8% in the first half of the year [5]. - The digital ecosystem in China supports luxury brands, with over 50% online penetration and a 20% growth in online sales of luxury home goods in 2023 [5]. - The number of high-net-worth households has reached 2.06 million, with younger consumers in lower-tier cities showing a strong demand for luxury home products [5]. Group 3: Product Innovation and Consumer Segmentation - High-growth categories include lighting, which saw over 300% growth in 2023, and luxury tableware and fragrances, which grew by 13% and 5% respectively [6]. - Core consumer segments include luxury enthusiasts aged 40-60, urban women aged 30-45, and Gen Z consumers aged 18-29, each with distinct preferences for home luxury [7][9]. Group 4: Future Trends - The competition in the home luxury market is increasingly centered around emotional value, with consumers seeking homes that serve as sanctuaries [10]. - Brands are encouraged to innovate through modular design, smart technology, and cultural storytelling to create a "growing lifestyle ecosystem" [10][24]. - The luxury home market is projected to grow significantly, with the home décor market expected to reach $20.23 billion by 2023, growing at a CAGR of 9.26% from 2023 to 2027 [45].

Temu 可能在美国恢复全托管模式。 《晚点财经》独家获悉，今日跨境电商平台 Temu 的买手在部分商家群中通知，接下来全托模式可 能在美国重新上架，要求商家提前备货，为接下来的增量订单做准备；但一位接近 Temu 的人士透 露，平台也只是提前准备，最终能否落地还得看关税政策。 4 月 26 日起，大量 Temu 美国站全托管商品被下架。当时所有跨境电商平台面临的政策环境是： 美东时间 5 月 2 日起，来自中国大陆和香港的低于 800 美元的小件包裹不再免税，要缴纳货物价值 120% 的关税，或是每件包裹 100 美元的固定关税。 Temu 在此期间想了三种变通方法： 1、让原本做全托的卖家转做半托。这些卖家原本将货物发到 Temu 国内仓库即可，头程海运、海 外仓储、尾程配送配送都由 Temu 负责，而转向半托后都得商家自己负责，难度大大提升。 2、推出半托 Y2 模式。原本的半托只能从美国本土仓发货，头程走海运；而 Y2 模式则可以从中国 仓发货，直接空运到美国，最终买家看到的还是本地仓发货。有卖家告诉我们，这一模式对卖家来 说几乎没利润，因此卖家响应并不积极。 3、从东南亚等地转运到美国。 5 月 1 ...

（原标题：Burberry 2025财年营收下滑17%，计划裁员约1700人） 为应对业绩压力，Burberry宣布启动组织架构变革，计划裁员约1700人，占全球员工总数的近五分之 一，预计到2027财年可额外节省6000万英镑成本，与此前4000万英镑降本计划叠加后，总节约额将达1 亿英镑。首席执行官约书亚·舒尔曼（Joshua Schulman）强调，此次重组旨在提升运营效率，同时保护 面向消费者的核心投资。 舒尔曼于2024年11月推出的"Burberry Forward"战略初见成效，下半年调整后营业利润达6700万英镑， 部分抵消上半年4100万英镑亏损。该战略聚焦品牌经典风衣、围巾等核心品类，优化定价策略，并通过 强化门店视觉陈列与数字创新重塑"永恒的英伦奢华"品牌形象。舒尔曼表示，尽管转型仍处早期阶段， 但秋冬系列订货量回升及成本控制措施已为复苏奠定基础。 消息公布后，Burberry股价当日大涨超18%，市场对其降本策略及战略聚焦给予积极反馈。然而，分析 师指出，奢侈行业需求疲软及品牌定位模糊仍是Burberry中长期增长的主要挑战。 5月14日，英国奢侈品牌Burberry发布截至3月29日 ...

21世纪经济报道记者贺泓源、实习生谭伊亭 报道 腾讯音乐丝滑步入变现周期。 2025年5月13日晚，该公司披露业绩。财报显示，在一季度，腾讯音乐营收73.56 亿元，同比增长8.7% ；调整后净利润22.26 亿元，同比增长22.8%。 业绩增长背后是，腾讯音乐付费会员业务高速增长。 在一季度，腾讯音乐在线音乐收入同比增长15.9%至58亿元。其中，订阅收入同比增长16.6%至42.2 亿 元。在线付费用户数同比增长8.3%至1.229 亿 ，单个付费用户月均收入（ARPPU） 环比提升0.3元至 11.4元。该项业务主要推力来自， SVIP（超级会员）的增长和更审慎的促销活动。广告、艺人周边及 线下演出也带动了非订阅收入的增长。 但代价也是明显的。 一季度，腾讯音乐在线音乐服务月活同比下滑4.0%至5.55亿。 需要注意的是，更重视付费用户，已经成为腾讯系企业的共同策略。2024年，腾讯旗下阅文平台整体平 均月活为1.67亿 ，同比下滑19%。其中，付费用户数为910万，同比增长4.6%。这主要由于通过核心付 费阅读产品分发更多内容，导致免费阅读渠道月活用户减少。 回到腾讯音乐，在资本市场重视利润的当下，该 ...

Group 1 - Burberry plans to cut 1,700 jobs globally, representing 18% of its workforce, to reduce costs and facilitate business transformation [1][3] - The company aims to save an additional £60 million (approximately $80 million) over the next two years, with the layoffs primarily affecting office positions [3] - The layoffs are part of a broader cost-saving initiative that includes procurement and real estate, with one-time costs expected to total around £80 million, mostly in cash [3] Group 2 - In the last fiscal year, Burberry reported an adjusted operating profit of £26 million, exceeding analyst expectations of £11 million, but significantly down from £418 million in the previous year [4][5] - Comparable sales in the fourth quarter fell by 6%, better than the average analyst expectation of a 7% decline, with sales in the Americas and Europe, Middle East, India, and Africa down by 4%, and Asia-Pacific down by 9% [5] - The company faces challenges due to geopolitical developments and a weakening consumer confidence, particularly affecting its appeal to aspirational consumers [5][8] Group 3 - Burberry is in the early stages of a business transformation plan led by CEO Joshua Schulman, who joined in 2024 [6][7] - Schulman is focusing on enhancing the popularity of trench coats and scarves while reducing emphasis on handbags, which are not traditional strengths of the brand [7] - The American market accounts for about 19% of Burberry's global business, and while there was initial momentum, the situation has become more volatile as the company approaches February 2025 [7][8]