来源：凤凰网《风暴眼》 7月23日的萨嫩，天空是阴沉的，67岁的埃里克 弗雷蒙德推开了小木屋的门。 而弗雷蒙德，正是这起惊天财富失踪案中，被推到风口浪尖的名字。 01 150亿美元股票消失了 在他死前两周，也就是7月7日，弗雷蒙德出现在法国巴黎，接受调查法官关于爱马仕与普伊奇提起诉讼 的问询。 作为瑞士公民，他本没有强制出庭的义务，但他还是去了。 他骑着自行车经过那些三角形屋顶的木屋，直奔铁路旁的露营地。 不久后，一列火车呼啸而过，留下一具冰冷的躯体。当地警方很快将死亡定性为自杀。 几十年来，埃里克 弗雷蒙德为不少精英打理着庞大的资产，其中就包括爱马仕的第五代继承人尼古拉 斯 普伊奇（Nicolas Puech）。 这位曾是爱马仕最大个人股东的继承人，在2022年左右发现了一件让他措手不及的事，自己名下账户里 的 600万股爱马仕股票不翼而飞。 按照这家奢侈品巨头如今的估值，这些股票价值高150亿美元。 为了这场问询，弗雷蒙德组建了一支堪称 "梦之队"的法律团队，由前外交官齐梅雷压阵，还搭配了美 国金斯伯丁律师事务所以 "好斗"闻名的战略家让 塔马莱特。 两人全程陪同他接受审讯，足以看出这起案件的分量。 凤凰 ...

来源：凤凰网《风暴眼》 7月23日的萨嫩，天空是阴沉的，67岁的埃里克・弗雷蒙德推开了小木屋的门。 他骑着自行车经过那些三角形屋顶的木屋，直奔铁路旁的露营地。 不久后，一列火车呼啸而过，留下一具冰冷的躯体。当地警方很快将死亡定性为自杀。 几十年来，埃里克・弗雷蒙德为不少精英打理着庞大的资产，其中就包括爱马仕的第五代继承人尼古拉斯・普伊奇（Nicolas Puech）。 这位曾是爱马仕最大个人股东的继承人，在2022年左右发现了一件让他措手不及的事，自己名下账户里的 600万股爱马仕股票不翼而飞。 按照这家奢侈品巨头如今的估值，这些股票价值高150亿美元。 01 150亿美元股票消失了 在他死前两周，也就是7月7日，弗雷蒙德出现在法国巴黎，接受调查法官关于爱马仕与普伊奇提起诉讼的问询。 LVMH董事长 Bernard Arnault通过复杂的金融工具，闪电般收购爱马仕股份，最终持股超过20%，这直接引发了爱马仕家族与 LVMH的法庭对峙。 为了保住家族控制权，普伊奇的堂兄 Bertrand Puech牵头成立了控股公司 H51，将家族成员手中超过 51%的股份都纳入其中。 作为瑞士公民，他本没有强制出庭的义务， ...

随着全球奢侈品行业整体放缓，意大利时尚集团 Aeffe 面临显著压力。2025年上半年，集团收入同比下 滑27.8%，降至1亿欧元，去年同期为1.386亿欧元。净亏损进一步扩大至2850万欧元，高于去年同期的 2040万欧元。分区域来看，Aeffe在其核心市场全面承压，意大利市场收入下滑31.3%，欧洲下降24%， 亚洲及其他地区下滑28.2%，美洲减少21.1%。按渠道划分，批发渠道下降29.7%，零售渠道则下跌 18.7%，反映出消费需求整体疲软。尽管业绩承压，集团财务状况略有改善。截至6月30日，Aeffe净债 务为9570万欧元，低于去年同期的1.352亿欧元。 （原标题：Moschino母公司销售与利润双双大跌） ...

Group 1: Market Overview - The luxury goods sector is experiencing a mixed performance, with some brands showing resilience while others struggle in a declining market environment [1] - Ralph Lauren reported a 14% year-over-year revenue increase to $1.7 billion in Q1 of FY2026, exceeding market expectations [3] - Capri Holdings saw a 6% decline in revenue to $797 million but turned a profit of $53 million, indicating a strategic focus on its core brands [4] Group 2: Brand Performance - Crocs' stock plummeted by 29.2% after a disappointing earnings outlook, forecasting a 9% to 11% revenue decline for Q3 [2] - Shiseido's sales fell by 7.6% to 470 billion yen (approximately 22.9 billion RMB) in the first half of FY2025, but core operating profit rose by 21.3% [6] - Hugo Boss reported flat sales of 2 billion euros in H1 2025, with a slight profit increase to 87 million euros [7] Group 3: Strategic Moves - Anta is reportedly acquiring Reebok, aiming to enhance its global presence, although the deal's finalization remains uncertain [8] - Tapestry has sold its struggling Stuart Weitzman brand for $120.2 million, allowing it to focus on its core brands Coach and Kate Spade [9] - Kering Group is partnering with Swire Properties to promote sustainable retail practices, aligning with its environmental commitments [11] Group 4: Regional Expansion - Fendi opened its first store in Cancun, Mexico, to expand its market presence, featuring a design that blends Italian aesthetics with local culture [10] - The Asian market showed significant growth for Ralph Lauren, with revenue increasing by over 30% in China [3] - The Americas and Asia regions reported growth for the global cosmetics giant Intercos, with a 15.6% increase in the Asian market [12]

北京商报讯（记者 张君花）8月10日，北京商报记者获悉，意大利奢侈品集团杰尼亚公布截至6月30日 的2025 年上半年及第二季度业绩报告称，上半年集团总营收同比下降 3%至9.277亿欧元（有机降幅 2%），第二季度营收同比下滑6%至4.689亿欧元（有机降幅 3%）。其中大中华区上半年营收同比下跌 16.2% 至 2.231 亿欧元，占集团总营收的24%。第二季度跌幅扩大至21.3%，获得9980万欧元。 ...

Investment Rating - The report maintains an "Outperform" rating for the luxury goods sector [6]. Core Insights - The luxury goods sector in the Asia-Pacific region (excluding Japan) shows a sequential improvement, with Hermes demonstrating relative resilience [3][12]. - In Q2 2025, LVMH, Hermes, and Kering reported revenue changes in Asia (excluding Japan) of -6%, +5%, and -19% year-on-year, respectively [3][12]. - Hermes continues to grow across all regions, while LVMH and Kering face challenges, particularly in the Asia-Pacific market [3][12][28]. Summary by Sections 1. Luxury Goods Sector Performance - The luxury goods sector in Asia (excluding Japan) has improved sequentially, with Hermes showing a 5.6% year-on-year revenue increase in Q2 2025 [3][21]. - LVMH's revenue decreased by 4% to €19.5 billion, with a 22% drop in net profit to €5.7 billion, affected by macroeconomic uncertainties and currency fluctuations [14][15]. - Kering's revenue fell by 18% to €3.7 billion, with Gucci and YSL brands experiencing significant declines [28]. 2. Investment Recommendations - The report suggests focusing on sectors benefiting from policy support and consumer recovery, including major home appliances and pet products [30][31]. - Key companies to watch include Midea Group, Haier Smart Home, and Gree Electric for home appliances, and brands like Anta Sports and Li Ning in the apparel sector [30][31]. 3. Market Trends - The home appliance sector saw a weekly increase of 2.3%, while the textile and apparel sector rose by 4.23% [34][36]. - Cotton prices are reported at ¥15,178 per ton, reflecting a slight decrease of 0.54% [36].

Group 1: ABG and Reebok - Authentic Brands Group (ABG) denies rumors of selling Reebok to Anta, stating no plans to divest the brand now or in the future [3] - Reebok, acquired by Adidas for $3.8 billion in 2006, has struggled to compete in the North American market, leading to its eventual sale to ABG for $2.5 billion in 2021 [4][5] - ABG's initial forecast for Reebok's global retail sales to reach $5 billion in 2023 has been exceeded, with a target of $10 billion by 2027 [5] Group 2: Labor Issues at Gucci - Approximately 1,000 Gucci employees in Italy threaten to strike over the refusal of parent company Kering to pay bonuses for 2022-2024 [6] - This labor dispute comes at a sensitive time for Gucci, which is facing declining sales and is under new CEO Luca de Meo's leadership [7] Group 3: Crocs Financial Struggles - Crocs' stock plummeted by 29.2% after the company projected a 9%-11% decline in Q3 revenue, marking its lowest stock price in nearly three years [8] - The company reported a nearly $500 million net loss in Q2, largely due to a $700 million goodwill impairment from its $2.5 billion acquisition of HEYDUDE [8] - Rising tariffs are expected to increase costs by $40 million in the second half of 2025, further challenging Crocs' low-cost business model [8] Group 4: Ralph Lauren's Growth - Ralph Lauren's quarterly revenue exceeded Wall Street expectations, with projected sales growth of low to mid-single digits for the fiscal year [19] - Sales in Asia and Europe saw double-digit growth, while North America grew by 8%, with China showing the highest growth at 30% [19] Group 5: Anta's Joint Venture with Musinsa - Anta has formed a joint venture with Korean e-commerce platform Musinsa, with Anta holding 40% and Musinsa 60% [22] - Musinsa aims to open over 100 stores in China by 2030, with the first store set to launch in Shanghai in Q4 of this year [22]

Core Insights - The luxury goods market is experiencing a shift towards discount sales, with consumers increasingly favoring private sales and online platforms for purchasing luxury items at significantly reduced prices [2][4][5] - The trend indicates that younger consumers, particularly Generation Z, are becoming more rational in their luxury spending, moving from a "social necessity" to a "self-indulgent" approach [5] Group 1: Consumer Behavior - Consumers are finding that discount sales can meet their luxury needs, with significant savings observed; for example, a Coach bag originally priced at 4250 yuan was purchased for only 1670 yuan [1][2] - The perception of luxury shopping is changing, with consumers like Song Jie expressing that "wealthy people go to boutiques, while those who understand life go to luxury discount sales" [2] Group 2: Market Trends - The luxury discount market is growing rapidly, with private sales accounting for 18% of the global fashion market value and an even higher percentage in the luxury sector [4] - Forecasts suggest that from 2025 to 2030, the growth rate of off-price sales will be five times that of full-price sales [4] Group 3: Challenges - Despite the attractive discounts, luxury discount sales often have limited availability, requiring consumers to act quickly to secure desired items [4] - The scarcity of discounted luxury items can make them more coveted than those available at full price in boutiques [4]

在很多人看来，未来5年，中国贬值最快的是现金。主要原因是，6月末，广义货币(M2)余额330.29万亿元，同比增长8.3%。而M2的余额是GDP的2倍，这意 味着国内货币超发严重。不仅如此，现在银行存款利率已经跌到 "1字头"。把钱存在银行里面，不仅存款利率跑不赢通货膨胀，而且存款本金的购买力每年 也会大幅缩水。 但实际上，未来5年，中国贬值最快的并不是现金，主要有两个方面的原因：一个是，改革开放之后，国内物价总体呈现快速上升的趋势，因为我国经济每 年以10%以上的速度增长，这就会带来较高的通胀率。而现如今，国内经济增速已经大幅放缓。所以，未来出现恶性通货膨胀的概率并不大。 另一个是，现在国内物价总体呈现"稳中有降"的趋势。2025年上半年CPI是负0.1%。说明经济处于通缩的周期。而且这个通缩周期将会持续较长的一段时 间。所以，未来国内大概率不会发生恶性通胀，而是长期处于通缩状况。 第三，奢侈品 从2022年开始，国内各地的房价就进入到了长期调整的趋势之中。先是郑州、石家庄、天津等二三线城市房价出现下跌。然后，像上海、深圳等一线城市的 房价出现下跌。到目前为止，国内平均房价已经从历史高位跌去了30%。而像涿 ...

Core Viewpoint - Louis Vuitton's chocolate specialty store in Shanghai will cease operations on August 10, 2023, after completing its operational cycle, not due to lease expiration [1][5]. Group 1: Store Closure Details - The chocolate store opened in July 2024 and was the first and only chocolate specialty store for Louis Vuitton in China [1]. - All chocolates were air-freighted from Paris and handcrafted, featuring Louis Vuitton's signature designs, with prices ranging from 240 RMB to 3200 RMB [1]. - The 240 RMB milk chocolate bar was noted as the "cheapest item" from Louis Vuitton [1]. Group 2: LVMH Financial Performance - LVMH reported a revenue of 39.81 billion euros (approximately 333.33 billion RMB) for the first half of 2025, reflecting a 4% year-on-year decline [5]. - The net profit attributable to the group was 5.698 billion euros (approximately 47.708 billion RMB), down 22% year-on-year [5].