最近，爱马仕率先宣布在美国市场涨价，来抵消关税带来的影响。 随后，旗下分销管理着包括Coach、Jimmy Choo、Montblanc等品牌的Interparfums也宣布美国市场的产品售价提高6%至7%；意大利超跑制造商Ferrari亦宣 布对Purosangue、F80等车型提价10%；LVMH集团在财报业绩说明会中也表示，将考虑涨价应对关税。 瑞银集团估计，美国对欧盟商品征收20%的进口关税，对瑞士商品征收31%的进口关税，预计这将促使欧洲奢侈品牌将商品在美国市场售价平均提高约 6%。 海外的社交平台上已经开始对爱马仕一众奢侈品涨价展开讨论。据悉，Twilly丝巾从450美元涨到477美元，相当于少了几杯星巴克；H腰带涨63美元，抵 得上美国家庭月度电费增幅；最狠的是铂金包，鳄鱼皮款直飙5.09万美元，相当于佛罗里达居民半年的医保支出。 美国精英阶层还能背得起爱马仕吗？这是一个值得思考的问题。 爱马仕"不在乎"美国市场了？ 在全球消费寒冬中，以爱马仕为代表的奢侈品在过去几年里不止一次涨价，这一回，美国市场的针对性尤为明显。除了关税的直接因素，整个美洲地区对 于奢侈品消费的贡献力缩减其实也是爱马仕们"毫 ...

消息面，中国人民银行行长潘功胜宣布，降准0.5个百分点，向市场提供长期流动性约1万亿元，并降低 政策利率0.1个百分点。适度宽松货币政策，有利于市场流动性改善，提振市场信心。 涨幅居前的还有煤炭股。南南资源（01229.HK）涨13.46%，中国神华（01088.HK）涨1.53%，中煤能 源（01898.HK）涨1.49%。 5月7日，港股三大指数高开低走。截至收盘，恒生指数涨0.13%，国企指数跌0.23%，恒生科技指数跌 0.75%。 分板块看，消费板块中，汽车经销商、体育用品、香港零售股、奢侈品股、节假日概念等板块都表现不 错。成分股中，中升控股（00881.HK）涨4.8%,安踏体育（02020.HK）涨1.86%,361度（01361.HK）涨 1.88%，新秀丽（01910.HK）涨3.35%，普拉达（01913.HK）涨4.41%，携程集团-S（09961.HK）涨 2.29%。 消息上，在今天（7日）举行的国新办新闻发布会上，中国人民银行行长潘功胜表示，将完善存款准备 金制度，阶段性将汽车金融公司、金融租赁公司的存款准备金率，从目前的5%调降至0%。此外，潘功 胜还表示，将设立5000亿元服 ...

Group 1 - The core viewpoint of the articles highlights Prada Group's strong performance in the luxury goods sector, achieving a revenue of €1.34 billion in Q1, representing a 13% year-on-year growth, continuing the double-digit growth trend into 2024 [1] - Retail channel sales increased by 13% to €1.21 billion, accounting for 90% of the group's total revenue, demonstrating the effectiveness of the direct sales model in supporting brand premium and channel control [1] - The sub-brand Miu Miu experienced a remarkable 60% year-on-year sales increase, becoming a key growth driver for the group, effectively targeting Gen Z consumers through its "Miu Girl" branding and high-priced accessories strategy [1] Group 2 - The group announced the acquisition of Versace for €1.25 billion, expected to be completed in the second half of 2025, aiming to strengthen its multi-brand matrix against competitors like LVMH and Kering [2] - Prada Group's CEO emphasized a focus on "retail, technology, and capacity" as the three pillars for sustainable growth above market averages, indicating a strategic direction for the company [2] - With the dual support of sub-brand growth and strategic acquisitions, the group is making significant progress towards its goal of achieving €10 billion in revenue [2]

而在去年， Gucci 也接连关闭了太原、沈阳、香港、大连、福州等门店，持续进行战略性 收缩。这一系列动作引发了市场对其在华战略的猜测，针对中国市场后续是否还会有闭店计 划，《贵圈》向 Gucci 官方求证，客服回应称："目前暂时没有相关信息。" 财务数据方面的表现同样不乐观。 4 月底，全球奢侈品巨头开云集团发布 2025 年一季 报，报告显示，开云集团一季度销售额大跌 14% 至 38.83 亿欧元。其核心品牌 Gucci 在 2025 年一季度的营收为 15.7 亿欧元，按可比销售额下跌了 25% 。 曾几何时， Gucci 也是奢侈品界的"流量王者"，曾凭借酒神包等爆款横扫中国市场。而 今，它的产品在二手市场腰斩贬值，曾经排长队购买的现象已不复存在。 为何百年奢侈品牌，会在这两年遭遇滑铁卢？ 文｜《贵圈》栏目 闫妍 从"顶流"到被指"过气"，奢侈品大牌 Gucci 似乎已风光不再。 今年 2 月，上海静安寺商圈， Gucci 在一天之内关闭两家门店。这一消息迅速引发热议， 社交媒体上充斥着" Gucci 过气了""静安寺白领看不上 Gucci 了"的讨论。 拖累开云集团业绩 开云集团开年遇冷，核心品牌 ...

Core Viewpoint - Gucci, once a leading luxury brand, is facing significant challenges in the market, evidenced by store closures and declining sales figures, particularly in China [2][3]. Financial Performance - Kering Group reported a 14% decline in sales to €38.83 billion in Q1 2025, with Gucci's revenue at €15.7 billion, down 25% on a comparable sales basis [3][4]. - Gucci's Q1 revenue fell short of analyst expectations, with same-store sales dropping 25%, worse than the anticipated 23.6% decline [3][4]. - Gucci's sales have been on a downward trend since last year, with quarterly declines of 21%, 20%, 25%, and 24% in 2024 [3]. Market Position and Brand Image - Gucci's brand image has deteriorated, with consumers perceiving its products as outdated and overly flashy compared to competitors that emphasize understated luxury [5][6]. - The brand has struggled to create new hit products since the 1955 series in 2019, leading to a lack of excitement in the market [5][9]. Consumer Trends - The shift in consumer preferences towards more subtle luxury has left Gucci's bold designs less appealing to younger generations [5][6]. - The rise of counterfeit products and the prevalence of discount outlets have eroded consumer trust in Gucci, making it one of the most counterfeited luxury brands [7][9]. Strategic Challenges - Gucci's reliance on past successes has hindered innovation, with the brand failing to adapt to new trends in the luxury market [9]. - The brand's pricing strategy has led to significant depreciation in the second-hand market, with items selling for only 10-30% of their original retail price [12]. Recommendations for Improvement - To revitalize its brand, Gucci needs to focus on re-establishing its luxury image, enhancing product innovation, and improving operational efficiency through digital transformation [14]. - Emphasizing targeted marketing strategies to regain the confidence of high-end consumers is crucial for Gucci's recovery [14].

4月30日，北京市市场监督管理局公示称，博裕五期美元基金(下称博裕基金)通过其关联方拟收购北京SKP部分股权。交 易后，博裕基金关联方通过财务投资间接取得北京SKP 42%-45%的股权。目前尚未公布交易金额。这意味着传闻已久 的"全球店王北京SKP被出售"的消息终成定局。 根据北京市市场监督管理局公示，交易前，Radiance Investment Holdings Pte. Ltd.(直接和间接)与北京华联集团投资控股 有限公司分别持有北京SKP 60%和40%的股权，北京SKP由Radiance公司和华联集团共同控制。 交易完成后，Radiance公司继续间接持有北京SKP 42%-45%的股权，且仍保留对北京SKP的控制权，北京SKP仍保持本 次交易前的运营管理结构，博裕基金关联方间接持有北京SKP 42%-45%的股权，与Radiance公司共同控制北京SKP。 资料显示，博裕基金于2021年3月30日成立于新加坡，主要从事私募股权基金投资业务。博裕基金的最终控制人为Boyu Group，LLC(Boyu Group，LLC及其所控制的投资实体统称为"博裕投资")。博裕投资是一家另类资产管理公司。 ...

21世纪经济报道记者 高江虹 实习生 陈佳赫 今年消费市场冷热不均，奢侈品巨头加速战略调整，大众品牌在转型中挣扎求生。 Chanel、Prada等品牌通过关闭非核心门店、优化区域布局应对市场疲软，同时加码数字化与本土化服 务。LV、雅诗兰黛则因关税与代购依赖陷入增长瓶颈，被迫涨价或重构渠道。并购市场冷热不均—— 杰尼亚收购Thom Browne失利暴露小众品牌风险，劳力士通过法律手段捍卫IP，彰显头部品牌话语权。 泡泡玛特则凭借全球化IP布局逆势增长，市值逼近2700亿港元。相比之下，地素时尚、伯希和等品牌暴 露出产品同质化、渠道依赖等痛点，亟需破局之道。 另外一起突发事件引公众侧目，纪梵希前创意总 监涉性侵被起诉，类似事件频发令人担忧。 总体来看，消费市场正经历"价值回归"：奢侈品强化稀缺性与文化壁垒，大众品牌则以科技、绿色与用 户体验争夺存量市场。未来，谁能精准把握消费者情绪，谁将成为下一阶段的赢家。 1.雅诗兰黛Q3净利暴跌 美东时间5月1日开盘前，美国高端美妆巨头雅诗兰黛集团公布截至2025年3月31日的2025财年第三季度 业绩数据：净销售额同比下降10%至35.5亿美元，净利润为1.59亿美元，同 ...

以下文章来源于Vista氢商业 ，作者嘴嘴 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 3万拿下271个走私的玲娜贝儿 白菜价打包始祖鸟？ 文 ｜ 嘴嘴 编辑 ｜ 橘总 来源｜ vista氢商业（id：qingshangye666） 封面来源 ｜ 视觉中国 这个五一你在哪里人挤人？ 听说"世界上最快乐的地方"在这个五一又被挤爆了。排队3小时只看懂了前面老大哥的后脑勺，连快80块的小吃都得和打工人抢着买，上海迪士尼再一次验 证了那句坊间名言"这里没有淡季，只有忙和更忙。"处在风口浪尖上的迪士尼最近还搞出一个大新闻： 735个迪士尼小玩偶出现在 海关拍卖 ，为一众奢牌包包和白糖石油等硬通货增添了几分年轻气息。 海关给出3万出头的起拍价，懂行的人说"超过12万就不 值"，却因拍卖中一句有"271个绿色贝儿"，最终拍到28.048万元。 川沙顶流（玲娜贝儿）再一次证明自己的实力。一场拍卖夹杂着疯狂加价、临时抢货，超6万人围观了这场谷子圈的《海关有好物》，看到身价翻了快9倍的 小玩偶，有网友调侃"海关才是迪圈最大的操盘手"。 年轻人开始去"海关拍卖"捡漏了？ 而在看到"绿色贝儿"到底有几只之前 ...

整理 ｜ 贺哲 馨 #Big News# 第三季度雅诗兰黛中国实现增长，新任CEO积极拓展新渠道 新任CEO上任之后，雅诗兰黛中国的业绩有复苏迹象。 美东时间5月1日，雅诗兰黛公布第三季报，显示净销售额同比下降10%至35.5亿美元，在有机基础上同比下降 9%，表现略好于预期，毛利率增长3.1%，主要得益于集团"利润恢复与增长计划"（Profit Recovery and Growth Plan，简称PRGP）带来的正面影响。 在集团发给36氪的通告中特别提到，该季度雅诗兰黛集团中国大陆业务实现中个位数增长，主要由 La Mer（海 蓝之谜）、Estée Lauder（雅诗兰黛）和 Tom Ford驱动。 至此，中国大陆业务在过去四个季度中有三个季度 都实现了份额的增长。 不过，由于"战略性减少对代购渠道的依赖"等因素，雅诗兰黛全球护肤业务和旅游零售都出现了双位数下滑， 其中护肤业务净销售额下降了11%。彩妆品类也表现不佳，原因是M·A·C（魅可）由于新产品发布的发货时间 及发货量较去年同期不利，抵消了2025财年新品的积极影响。 香水部门出现了1%的下滑，但仍是集团表现最好的。 特别是最近几年发展迅速的奢侈 ...

Core Viewpoint - The overall inventory cycle in the U.S. is likely transitioning towards an active destocking phase by 2025, with significant implications for various industries [1][2][3]. Overall Inventory Cycle - In February, U.S. total inventory increased by 2.45% year-on-year, compared to a previous value of 2.25%. Sales increased by 3.45% year-on-year, down from 3.69% [2][3]. - The inventory cycle remains in a passive restocking phase due to "import grabbing," with Q1 net imports increasing by $359.26 billion year-on-year, of which over one-third ($129.71 billion) converted into inventory [2][3]. Industry Inventory Cycle - Among 14 major industry categories, 8 are in a passive restocking phase, including upstream chemical products, building materials, midstream electrical equipment, and downstream durable consumer goods [4]. - Historical inventory percentiles show that total inventory is at a historical percentile of 30.5%, with building materials at 71.5%, automotive parts at 67.8%, and paper and forestry products at 53.8% [4]. Upstream Inventory Status - Half of the upstream industries are in passive restocking, while the other half are in active destocking [5][6][7][8]. - Specific sectors like oil, natural gas, and consumer fuels are in active destocking as of February 2025 [5]. Midstream Inventory Status - Inventory status is mixed, with paper and forestry products in active restocking, while electrical equipment and transportation are in passive restocking [9][10]. - Mechanical manufacturing is currently in passive destocking [9]. Downstream Inventory Status - The current passive restocking phase is prolonged, indicating potential "import grabbing" demand [11]. - Automotive parts are transitioning to active destocking as of February 2025, while other sectors like household durable goods and textiles remain in passive restocking [11].