Core Viewpoint - Haidong International's report indicates a cautious outlook for Prada's net profit growth from 2025 to 2027, with revised profit forecasts reflecting a slower recovery in the industry compared to previous expectations [1] Financial Performance - In Q3 2025, Prada's revenue reached €1.33 billion, marking a 9% year-on-year increase, with fixed exchange rates applied [2] - By brand, Prada's revenue decreased by 1% year-on-year, while Miu Miu's revenue surged by 29%, following a high base of 105% growth in the same period last year [2] - Regional performance showed varied results, with North America leading growth at 20%, while Japan experienced a slight decline of 1% [2] Future Outlook - The company remains optimistic about Miu Miu's growth potential, driven by high-quality brand growth and significant store expansion opportunities [3] - Prada is expected to enhance its product offerings through increased creative investment in leather goods and marketing of iconic products, aiming to broaden its consumer base [3]

Core Viewpoint - The report from Haitong International indicates a cautious outlook for Prada (01913) with revised net profit forecasts for 2025-2027, reflecting a moderate growth trajectory amid industry recovery challenges [1] Financial Performance - For Q3 2025, Prada reported revenue of €1.33 billion, a year-on-year increase of 9% (fixed exchange rate) [2] - By brand, Prada's revenue decreased by 1% year-on-year, while Miu Miu's revenue grew by 29%, following a high base of 105% growth in the same period last year [2] - Regional performance showed year-on-year revenue changes: Asia-Pacific +10%, Europe +2%, North America +20%, Japan -1%, Middle East +10%, with North America leading growth despite a high base [2] Future Outlook - The company remains optimistic about Miu Miu's growth potential, driven by high-quality brand growth and significant store expansion opportunities [3] - As of the end of 2024, Miu Miu is expected to have 147 direct stores globally, compared to over 300 for YSL and BV, indicating room for growth [3] - Prada plans to enhance its product offerings through increased creative investment in leather goods and marketing of iconic products, aiming to broaden consumer reach [3]

Group 1 - The 8th China International Import Expo (CIIE) showcases China's commitment to high-level opening-up, with participation from 155 countries and regions, featuring 4,108 overseas exhibitors and an exhibition area exceeding 430,000 square meters, marking a new record [1] - The CIIE has become a global platform for new products, technologies, and services, with over 3,000 items showcased in previous editions and an intention to achieve transaction amounts exceeding $500 billion [2] - This year's expo will feature 461 new products and services, positioning China as a testing ground for global innovations [2] Group 2 - Sony will present 4 global debuts and 1 Asian debut at the expo, highlighting its innovative technologies and solutions [3] - Shanghai's import trade has seen significant growth, with a cumulative import value of $562 billion from previous CIIEs and a projected total import value of 2.45 trillion yuan in 2024, reflecting a 28% increase since 2017 [3] - The expo serves as a vital platform for investment, with Shanghai attracting over $100 billion in foreign investment during the 14th Five-Year Plan period [4] Group 3 - Fonterra, a New Zealand dairy company, has established a strong presence in China, with plans for continued investment and development [5] - The Shanghai Lego Land, a project signed during the third CIIE, has seen increased visitor numbers, indicating successful commercial outcomes from previous expos [5] - The expo has facilitated significant partnerships and investments, with companies like Boehringer Ingelheim planning substantial R&D investments in China [4] Group 4 - Shanghai has implemented comprehensive service measures for the expo, including customs facilitation and transportation improvements, to ensure smooth operations [6] - The city has enhanced consumer payment and tax refund services, with over 1,600 tax refund stores established [6] - The 2025 CIIE will continue to promote investment and trade, featuring various forums and meetings to foster international cooperation [7]

从目前情况来看，国内高仿奢侈品主要分成三个档次：①最低端使用人造皮或再生皮，成本极低，价格 也较便宜。②中端产品使用真皮，但品质一般。价格自然要比低端高仿奢侈品要高一些。③顶级高仿则 使用接近正品的材料，价格也是相对是最高的。通常一个顶级高仿LV包的成本约为600-800元，而市场 售价在3000-5000元，正品的价格则要达到30000元以上。 近些年，随着我国居民都富裕起来，国内奢侈品市场得到了快速的发展。数据显示，我国奢侈品市场规 模已经超过了7000亿元。不过，受到进口关税的影响，国内奢侈品的价格始终居高不下。于是，海外代 购行业应运而生。但是，也有不少媒体报道，海外代购90%都是假货，占据了九成市场份额，利润率高 达650%，远超正规奢侈品行业约35%的利润率。 第三，尝鲜心理也推动了高仿市场发展 值得一提的是，高仿奢侈品的销售渠道，也呈现多样化趋势，除了传统的实体店和批发市场之外，微信 朋友圈、小红书、闲鱼等社交平台都成为了高仿奢侈品的主要销售渠道。据统计，2025年通过社交媒体 售卖的高仿奢侈品占总销售额的67%。此外，高仿奢侈品市场规模已经达到了1500亿元。为此，有不少 网友感到困惑，高仿奢 ...

值得注意的是，《贵圈》栏目了解到，Bottega Veneta葆蝶家近日关闭了哈尔滨唯一门店，撤出该地线 下市场，哈尔滨卓展购物中心Bottega Veneta在官网已经查无信息。继关闭哈尔滨唯一门店后，Bottega Veneta在东三省的线下布局仅集中于辽宁省，目前共设两家门店。 对此消息，Bottega Veneta官方客服给予了确认，并表示，"目前黑龙江没有我们的精品店了。"对于该门 店的关闭原因，品牌方未给到正面回应。 近年来，Bottega Veneta葆蝶家持续收缩中国门店网络。今年三月以来，该品牌便已接连关闭多家门 店，包括成都太古里店、北京大兴机场店、太原王府井店以及成都天府机场店。而最新关闭的哈尔滨门 店表明，此轮关店潮或许仍未结束。 11月3日，《贵圈》栏目独家获悉，开云集团旗下核心品牌Bottega Veneta葆蝶家即将宣布调价。对此， Bottega Veneta品牌回应称，"预计这个月开始，会有作品的价格调整。" 10月22日，开云集团公布，2025年第三季度营收为34.15亿欧元，同比下降10%。其中，葆蝶家营收下 降1%至3.93亿欧元。（闫妍） 谈及此次产品调价幅度，品牌工 ...

Group 1: Company Performance - Estée Lauder reported a 4% year-over-year increase in net sales to $3.48 billion, with a 9% growth in the China market [4][5] - Puma's third-quarter sales declined by 15.3%, with plans to cut 1,400 jobs by the end of 2026 due to ongoing sales challenges [6][7] - Moncler’s revenue for the first three quarters remained stable at €1.8413 billion, with direct-to-consumer channels showing slight improvement [8] Group 2: Corporate Actions and Changes - Prada denied rumors of acquiring Giorgio Armani, focusing instead on strengthening its own brand matrix, reporting a net revenue of €4.07 billion, an 8.9% increase year-over-year [2] - The Outnet was sold for $30 million, indicating a shift in strategy for LuxExperience, which acquired it through the purchase of YNAP [7] - Gucci continues to adjust its management structure, appointing new executives to enhance brand strategy and customer experience [11] Group 3: Market Developments - Eight Horses Tea Company listed on the Hong Kong Stock Exchange, closing its first day at HK$92 per share, an 84% increase from its IPO price, achieving a market capitalization of HK$7.9 billion [10] - Viking Cruises launched new Mediterranean routes tailored for Chinese tourists, enhancing its European offerings after ten years in the Chinese market [13]

Core Viewpoint - European companies have performed better than expected in response to U.S. tariffs, indicating a positive outlook for profit growth in the coming year, with market expectations of double-digit profit increases [1][3]. Group 1: Performance of European Companies - A basket of European stocks most affected by tariffs, compiled by Goldman Sachs, outperformed the market in October, rising approximately 6%, which is double the increase of the European Stoxx 600 index and three times that of domestic stocks [1]. - Companies like Hermès, Unilever, and Galderma have reported significant sales growth in the Americas, with Hermès seeing a 14.1% increase in sales in the region [3][6]. - The frequency of mentions of tariffs in European earnings calls has been declining, indicating a growing optimism among EU companies regarding their outlook [10]. Group 2: Strategic Adjustments and Cost Management - Companies are adapting to tariffs by cutting costs to avoid raising prices, which could push consumers towards cheaper brands, as seen with Unilever's strategy [6]. - Pharmaceutical companies in Europe are negotiating with the U.S. government to lower drug prices and are committing billions in investments to mitigate the impact of upcoming sector tariffs [6][11]. - Some companies, like Stellantis, reported a 13% increase in net income due to recovery in North American business, while also committing to significant investments in the U.S. [11]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the gap between profit growth in the U.S. and Europe is expected to narrow, with a general market expectation of a 12% increase in earnings per share for Stoxx 600 constituents next year [3][6]. - There is a growing belief that tariffs are manageable and will not cause significant damage, although some caution remains regarding the long-term effects and currency impacts on earnings [12].

记者 唐烨 在中国奢侈品行业内有句话："中国奢侈品销售看上海，上海奢侈品销售看静安。"静安奢侈品销售 占上海市场的八成，上海奢侈品销售又占国内市场的一半以上。 过去几个月，静安的奢侈品销售表现格外突出。记者从静安商务委获悉，今年7月至9月，静安连续 三个月实现奢侈品销售额的正增长，9月份的销售额增长更是达到5.08%；不少奢侈品品牌在静安的销 售增长，远远跑赢了该品牌的全球增速。 不可否认，静安此轮奢侈品销售增长发生在全球奢侈品回暖的背景下，但记者采访发现：今年以 来，静安主动作为、创新突破，助推了静安奢侈品销售走出了这波行情。 "巨轮"带动静安行情 在此轮整体回暖中，奢侈品品牌之间的回暖程度并不一样，涨幅不一，甚至涨跌互现。有市场人士 分析：顺应市场与消费趋势，调整得快的奢侈品品牌，销售额涨幅较大。 在众多奢侈品品牌中，路易威登在静安跑出了"加速度"。LVMH集团的财报并没有透露路易威登在 中国市场的销售情况，但集团董事长、CEO伯纳德·阿尔诺提到，停泊在上海静安的"路易号"，是路易 威登全球所有店铺中销售量最大的店铺之一。 "对奢侈品来说，人气并非提升销售量的关键。'路易号'更大的'贡献'在于：开创了一种 ...

Core Points - The London Stock Exchange's FTSE 100 index closed at 9717.25 points on October 31, down 42.81 points, representing a decline of 0.44% [1] - Major European stock indices also experienced declines on the same day, with the CAC40 index in Paris down 0.44% and the DAX index in Frankfurt down 0.67% [1] Top Gainers in London Stock Market - The top five gainers included: - Smith & Nephew, a medical device supplier, with a stock price increase of 2.78% - Metrel, an energy and metals company, with a stock price increase of 2.08% - BT Group, with a stock price increase of 1.28% - Babcock International, an outsourcing services company, with a stock price increase of 1.08% - Diageo, a beverage company, with a stock price increase of 0.98% [1] Top Losers in London Stock Market - The top five losers included: - WPP, an advertising and media giant, with a stock price decrease of 4.96% - Auto Trader Group, with a stock price decrease of 3.51% - Burberry Group, a luxury goods company, with a stock price decrease of 3.32% - InterContinental Hotels Group, with a stock price decrease of 2.30% - Whitbread, a restaurant and hotel group, with a stock price decrease of 2.29% [1]

Core Insights - Gucci has appointed Dario Gargiulo as the new Chief Customer, Marketing, and Commercial Officer, effective from November 15 [1] - Gargiulo will oversee brand and commercial strategy across multiple departments including retail, digital business, customer service, and market communication [1] - The primary goals of this appointment are to create closer customer relationships, enhance brand influence, and maximize revenue growth [1] Company Overview - Dario Gargiulo previously served as the CEO of Bottega Veneta for the Greater China region [1] - The appointment reflects Gucci's strategic focus on strengthening its market position and customer engagement [1]