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].

但是有些事发生之后，顶不住普通老百姓的三观破裂。 以前和朋友聊天，我总是会说一句话：现在的社会发生任何事我都不会感到惊讶。 因为林子大了什么鸟都有，更重要的一点是，现在的社会阶层分化严重，很多人、很多事我们可能压根 都听不到、看不见。 最近去上海、深圳出差，发现这俩一线城市正在上演几场"魔幻现实剧"： 陆家嘴穿西装的白领在便利店吃关东煮当晚餐，深圳科技园的程序员排队抢政府消费券买日用品， 连房产中介都在感慨"现在的市场跟以前完全不一样了"。四大奇怪现象正在悄悄蔓延，每一个都戳中了 城市发展的敏感神经。 第一怪：千万豪宅旁，住着月租800元的"胶囊租客" 上海浦东前滩的写字楼里，月薪5万的金融精英们讨论着千万级楼盘，转身却钻进了月租800元的"胶囊 公寓"。这种长宽各2米、高1.8米的钢制隔间，在深圳南山科技园周边存量超3万间，入住率达95%。 数据最扎心：2025年上海平均房租同比上涨12%，核心区单间月租突破6000元，而深圳福田一套60㎡老 破小，月租高达8500元，相当于普通白领月薪的45%。 年轻人用脚投票：某租房平台数据显示，上海15-30㎡的"极小户型"租赁成交量同比涨40%，深圳"床位 出租"搜 ...

Core Viewpoint - Prada Group reported a 13% year-on-year increase in net revenue for Q1 of FY2025, reaching €1.341 billion, surpassing market expectations, while competitors like LVMH and Kering experienced declines [2] Group Performance - The Prada brand's revenue remained stable at €913 million, while Miu Miu saw a significant growth of 60%, contributing €416 million to the total revenue [4] - Church's recorded a mild growth of 1.8%, reaching €8.2 million [4] Regional Performance - Asia-Pacific achieved a 9.6% growth despite a challenging market environment [4] - Europe experienced a 14.3% increase driven by local consumer and tourist spending [4] - The Americas saw a 10% growth despite complex macroeconomic conditions [4] - Japan's market grew by 18%, although the growth rate is expected to slow down [4] - The Middle East was the standout market with a substantial 26% growth in retail sales [4] Strategic Initiatives - Prada continues to invest in the Chinese market, opening its first Asian dining space in Shanghai, designed by director Wong Kar-wai, offering a blend of Italian and Chinese cuisine [5][10] - Miu Miu opened its largest flagship store in Wuhan, China, as part of its expansion strategy [10] Acquisition Plans - Prada Group announced the acquisition of Italian luxury brand Versace for €1.25 billion, expected to complete in the second half of 2025, although analysts predict short-term profit pressure due to the acquisition [10]

巴克莱：将路威酩轩(LVMH)评级由超配下调至持平。 ...

金十数据整理：每日港股市场要闻速递（5月2日 周五） 1. 零跑汽车以超四万辆的交付量，连续第二个月摘得销量冠军。 2. 小米汽车4月小米汽车交付超28000台。 3. 比亚迪4月新能源汽车销量超38万辆，同比增21.3% 4. 吉利汽车4月销量同比增53%，1-4月销量同比增49%。 5. 小鹏汽车4月交付量同比增长273%，环比增长5.5%。 6. 理想汽车4月交付量同比增长31.6%，环比下降7.5%。 7. 蔚来汽车4月交付量同比增长53%，环比增长58.9%。 8. 普拉达一季度收益净额13.41亿欧元 同比增加12.5%。 9. 贝莱德在中国人寿的持股比例于04月24日从5.83%升至6.10%。 10. 汇丰银行董事长Mark Tucker将于年底退休。 ...

据英国金融时报：LVMH集团旗下酩悦轩尼诗（Moet Hennessy）将裁员10%，来应对奢侈品行业放缓。 ...

作 者丨易佳颖 实习生闫鑫广 4 月 2 8 日 晚 ， 演 员 刘 美 含 发 布 道 歉 视 频 ， 称 因 前 期 工 作 疏 漏 ， 市 集 上 出 现 了 几 个 有 纰 漏 的 产 品，目前已经跟购买者逐个积极解决。随后，#刘美含致歉#冲上热搜第一。 编 辑丨巫燕玲 金珊 近日，"刘美含闲置市集卖假货"相关话题引发网友关注热议。 对此，一位网友称，"我已经找过工作人员了，经过核实，承认确实不是正品了，也给我道了 歉，给的解释是因为第二天补货量比较大，是刘美含朋友的闲置拿过来工作人员没有仔细核 查导致的。解决方案是赔偿我购买产品的金额并报销门票和往返车费。" 刘美含被质疑"闲置市集卖假货" 在此之前，在4月2 5日至4月2 7日，刘美含的"闲置流通计划"举行，邀请了超4 5位的艺人、博 主、造型师参与，有2 0 0 0多件闲置物品，包括二奢、设计师款，门票为3 0元一张。 但后来有部分买家在社交平台晒出自己在市集购得的LV包、Mi u Mi u针织衫等，质疑做工粗 糙、标签字体不对、成色与"不到千元"的售价极不相称。随即，多名买家把实物送往得物、 中检等第三方机构进行鉴定。 公开资料显示，刘美含，1 ...

Core Insights - The recent controversy surrounding Liu Meihan's second-hand market event highlights the growing concerns over authenticity in the luxury second-hand goods sector [1][2] - The second-hand luxury market in China is rapidly expanding, with significant potential for growth as consumer demand increases [2][3] Group 1: Event Overview - Liu Meihan's "Idle Circulation Plan" took place from April 25 to April 27, featuring over 45 celebrities and influencers, with more than 2,000 items for sale, including luxury and designer goods [1] - The event charged an entry fee of 30 yuan, but several buyers raised concerns about the authenticity of items purchased, leading to third-party verification [1] Group 2: Market Trends - The luxury second-hand market in China is projected to grow significantly, with Bain & Company estimating that by 2030, Chinese consumers will contribute approximately 50% to global luxury goods consumption [2] - Currently, the second-hand luxury market in China accounts for less than 5% of total luxury consumption, compared to nearly 30% in countries like Japan and the United States, indicating substantial room for growth [2] Group 3: Authentication Demand - The demand for authentication services in the second-hand luxury market has surged, with a shift from in-store inspections to third-party verification since 2010 [3] - Recent trends show that many new exhibitions are now equipped with portable authentication devices and trained appraisers, with a standard fee of 70 yuan per item, often covered by sellers [3]

潮生TIDE . 36氪旗下生活方式内容品牌。潮来潮去，生活不息。 以下文章来源于潮生TIDE ，作者J、Haru 潮汐Mail第9期， 让我们看看4月那些值得回看的新闻。 01 走进宫崎骏动漫的梦想， 已经实现了？ 这个月，社交平台被网友们的吉卜力风格照片占领了。只需通过AI一键转变，任何人都能化身为 宫崎骏动画中的人物。 ● 吉卜力风格《蒙娜丽莎的微笑》 生活潮汐，每月浮沉。信息涌浪，日日不息。 潮生TIDE本月为你捕捉6件最值得关注的事， 它们包含城市生活、消费趋势与潮流热点。我们关注事 件，更关注事件之间的关联与延伸。 这项技术来自于全球人工智能领军企业OpenAI推出的ChatGPT全新多模态模型GPT-4o（o意 为"Omni"，即全能）。只需短短15秒，不仅能精准地根据文字指令生成图像，还能将用户上传的 图像转变为任意风格。 吉卜力风格是其中最受欢迎的一个，除了人像以外，风景、宠物也不在话下，感觉"整个世界都变 可爱了"——就连美国总统特朗普的各种新闻图都蒙上了一层柔和治愈的色彩。 ● 吉卜力风格特朗普，图源@推特Mikolaj Teperek 一方面网友们踊跃尝试，一方面也有人质疑这项技术对作 ...

Financial Data and Key Metrics Changes - For fiscal year 2024, global revenue was €329 million, a 23% decrease from fiscal year 2023, reflecting broader industry trends, particularly in EMEA and Greater China [4] - Gross margin remained stable at 56%, compared to 59% in the previous year, despite the revenue decline [5] - General and administrative (G&A) expenses were reduced by 15% year over year, demonstrating a streamlined cost structure [6] - Operating cash flow improved by 32% from 2020 to 2024, driven by reduced inventory days and tighter receivable management [6] Business Line Data and Key Metrics Changes - Caruso's contribution profit increased to €8.8 million in 2024, up from €3.2 million in 2022, reflecting a refined distribution strategy [8] - St. John's contribution profit grew from a loss in 2020 to €8 million in 2024, thanks to strategic investments in brand repositioning [8] - Lanvin's revenue increased to €82.7 million in 2024, more than doubling from €35 million in 2020, driven by investments in brand desirability [9] - Wolfer's revenue declined by 30% to €88 million due to macroeconomic volatilities and logistic disruptions [30] Market Data and Key Metrics Changes - EMEA and Greater China markets faced significant challenges, impacting overall performance [4][27] - St. John's North America market outperformed, contributing 94% of revenue, while international markets were streamlined [33] - Sergio Rossi's revenue declined by 30% to €42 million, with EMEA market down 35% due to wholesale conditions [31] Company Strategy and Development Direction - The company is focusing on operational efficiency and cost discipline as key pillars of its turnaround plan [10][11] - Strategic actions include consolidating the store network and concentrating on core business units [5] - The leadership changes, including the appointment of new creative directors, are expected to drive innovation and growth [13][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the macroeconomic turbulence and shifting consumer behaviors impacting performance [4] - Despite challenges, the company is optimistic about its ability to deliver sustainable growth and restore profitability in 2025 and beyond [24][37] - The company views challenges as catalysts for transformation, emphasizing a commitment to craftsmanship and brand relevance [24][37] Other Important Information - The company has made significant strides in cash management, with net cash used in operating activities improving by 27% since 2022 [12] - The appointment of new creative leadership is expected to have a significant impact on brand performance [13][22] Q&A Session Summary - The Q&A session was concluded without any specific questions being recorded, indicating a wrap-up of the conference call [39]