Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenues of €459 million, a decrease of 1% year-on-year compared to €463 million in Q1 2024, with organic performance also down 1% [6][10] - The company confirmed a low single-digit EBIT growth guidance for 2025, indicating stable financial expectations despite market challenges [51][82] Business Line Data and Key Metrics Changes - Zegna brand revenues were €293 million, up 3% supported by direct-to-consumer (DTC) channels, particularly in EMEA and the US [8][14] - Tom Brown reported revenues of €64 million, down 9% organically due to a reduction in wholesale channels [8][17] - Tom Ford Fashion recorded revenues of €67 million, with a 3% organic growth driven by a strong DTC channel [8][19] - Textile product line performance was down 9%, attributed to decreased global demand from luxury goods brands outside the group [9] Market Data and Key Metrics Changes - EMEA represented 34% of total revenues but was down 2%, primarily due to declines in Tom Brown's wholesale channel [10] - The Americas contributed 27% of total revenues, with a 9% organic growth, particularly strong for the Zegna brand [10][12] - Greater China generated €123 million in revenues, accounting for 27% of group revenues, but reported a 12% decline [11][12] - Rest of APAC reported 8% growth, driven by strong performance in Japan and Singapore [13] Company Strategy and Development Direction - The company is focusing on a more selective distribution approach, particularly for iconic products, to enhance brand exclusivity and reduce competition with wholesale channels [98] - The strategy includes a mid-single-digit price increase in response to a 10% tariff increase on imported products to the US, aiming to protect EBIT without significantly impacting volumes [24][85] Management Comments on Operating Environment and Future Outlook - Management expressed a cautious approach towards Greater China, expecting continued negative performance but with a less severe decline over the year [96] - The company is optimistic about the US market, noting strong double-digit growth across various regions and brands [30][32] - Management highlighted positive retail KPIs, particularly in average selling price and conversion rates, indicating resilience despite traffic challenges [116][120] Other Important Information - The company opened two new stores during the quarter, including a significant location in Riyadh, Saudi Arabia [15] - The launch of new collections and marketing campaigns is expected to drive future growth, particularly for the Zegna brand [20][21] Q&A Session Summary Question: Trends in the Americas and product performance - Management noted strong performance across the US, with no specific areas of weakness identified, and highlighted Pennsylvania and Florida as particularly strong markets [30][32] Question: Impact of the fashion show and pricing strategy - The fashion show is expected to have a positive impact starting from Q2, with major product drops occurring from June onwards [38][39] Question: DTC growth and EBIT guidance - Management confirmed low single-digit EBIT growth guidance and indicated that DTC growth is expected to remain stable [51][82] Question: Performance in Greater China and wholesale outlook - Management anticipates a continued negative trend in Greater China, with a cautious outlook for wholesale across brands [96][98] Question: Retail KPIs and pricing architecture for Tom Ford - Management reported positive retail KPIs for Tom Ford, with a balanced approach to pricing and product mix expected in upcoming collections [70][72]

Group 1: Beverage Market Dynamics - The beverage market is undergoing intense adjustments, with Danone reporting a 9.9% year-on-year sales growth in its China, North Asia, and Oceania region, reaching €936 million (approximately RMB 7.776 billion) in Q1 2025 [1] - Danone's water and beverage segment in the CNAO region saw a 10.2% increase in sales to €176 million (approximately RMB 1.462 billion), with the majority of revenue coming from the "Pulse" brand [1] - Eastroc Beverage's electrolyte water product "Bushi La" experienced a remarkable 261.5% year-on-year sales growth, reaching RMB 570 million in Q1 2025, with an annual target of RMB 3 billion [2] Group 2: Competitive Landscape - The packaged water market, a key segment for major players, is contracting, with Nongfu Spring reporting a 21.3% decline in revenue to RMB 15.95 billion in 2024, reducing its market share from 47.5% in 2023 to 37.2% [3] - China Resources Beverage's revenue from packaged water also fell by 2.6% to RMB 12.124 billion in 2024, with a significant decline of approximately 8.7% in the second half of the year [3] - Other beverage categories are helping to offset losses, with Nongfu Spring's tea beverage revenue increasing by 32.3% to RMB 16.75 billion, now accounting for 39.0% of total revenue [4] Group 3: Strategic Shifts - Beverage giants are increasingly focusing on multi-category development in response to market changes [5]

" AI 其实不是真的在创造，而是把人的创造能力更低成本地复制。" "谁能成功地让人类和工具（特别是 AI ）实现高效协作，谁就能拥有源源不断的商业机会。" "内容的真正控制者，并非创作者，而是平台，它们决定了内容的生产、传播以及是否上架。" 今天上午，特赞科技创始人范凌博士在混沌的直播课上这样讲到。 范凌博士的课程实际上也回答了大模型爆火之后的几大争议： AI 会不会取代人的工作？ AI 生成的低质内容会不会有损高端品牌形象？ 来自 AI 的信息和数据是否可靠？ 品牌增长应不应该用 AI 做矩阵号？ …… 以下内容根据部分课程内容整理： 授课老师 | 范凌 特赞科技创始人 &CEO 我们在最卷的行业里 AIGC 我是全职创业者，也是全职教师。我的父母都是艺术家，而我自己则是理工科出身。所以我有一颗艺术的 心，有一个工程的脑。如何将心与脑的距离拉近？早在经营公司之前，我就每天都在思考这件事儿，它像 是我的一个人生使命。 创业前，我在美国伯克利大学教授人机交互。那时，人机交互与人工智能似乎是对立的两种思想。人工智 能的目标是创造一台可以取代人类的机器，而人机交互则认为人 + 机器可以完成人类和机器都做不了的事 ...

世界奢侈品祛魅运动。 来源 | 凤凰网财经 （ID： finance_ifeng） 2万美元的名牌包只要不到1 0 0 0美元就能买到？中国代工厂的Ti kTo k爆料，让全球奢侈 品消费者集体破防——原来自己一直在为"品牌故事"支付天价智商税。 外国网友集体"破防" 那些标价几千甚至上万美元的奢侈品大牌，竟然大多是中国制造的，而实际成本低得离 谱。 当特朗普政府无理对中国商品加征关税，中国工厂主们在 Ti kTo k 上掀起了一场"奢侈品 祛魅"运动，直接把大牌背后的真相扒了个底朝天。 有工厂主透露，他们能以 5- 6 美元 的价格出售和 Lul ul emon 同厂同款 的瑜伽裤，而这 条裤子在美国专柜的售价高达100 美元，而两者"面料和工艺基本完全相同"。 更夸张的是，有声称代工多年名牌包的厂家，直言某款售价 2 万美元 的奢侈品牌包包， 从代工厂直接拿货的价格，竟然不到原价的 二十分之一！甚至还在视频上配上"中国制 造业进入美国可以让美国人生活得更好"的文案。 这些视频向全球网友传递了一个颠覆性的信息：许多国际大牌在中国以极低成本生产出 优质商品，再通过品牌包装和营销手段，以天价转售给海外消费者。 ...

21世纪经济报道记者 高江虹 实习生 徐一帅 北京报道 本周，全球奢侈品与美妆行业在数据震荡与战略调整中勾勒出新图景：中国奢侈品市场线上渗透率达 46%，预计 2025 年将超越线下，消费外流与两极分化加剧行业结构性矛盾；消博会以 920 亿意向金额 展现开放活力，却难掩本土高端消费疲软的现实。 欧莱雅凭借 IT 转型与香水品类增长 4.4%，资生堂安热沙中国市场破十亿元，印证细分领域韧性；而 LVMH 因中国需求暴跌 11% 致亚洲市场承压，爱马仕亦通过全美涨价抵消关税冲击，暴露巨头增长瓶 颈。 4月18日，为期6天的第五届中国国际消费品博览会闭幕。本届消博会共有来自71个国家和地区的1767家 企业、4209个消费品牌参展，规模创历届新高，专业采购商超过6万人，相对于第四届增长超10%。展 会期间，三场供需对接活动共达成52个签约意向，意向签约金额约920亿元。 评论：开放领航，聚势共赢破纪录 3.欧莱雅Q1销售额增4.4%，中国市场略好于预期 4月17日，欧莱雅集团公布2025年第一季度（截至3月31日）财报，录得销售额117.3亿欧元，按实际汇 率计算同比增长4.4%，按可比结构和相同汇率计算同比增长 ...

中金研究 我们覆盖了全球不同区域以及143家海外公司（美国/欧洲/日本/亚洲其他各76/31/8/20支），本报告聚焦于除中国以外主要经济体与重点行业、企业的风 险敞口、应对策略及市场影响，试图从量化角度观察关税的可能影响。 点击小程序查看报告原文 Abstract 摘要 区域视角：压力不一，政策弹性显现 欧洲： 美国拟对欧盟征收20%的对等关税，目前暂缓90天，当前对欧盟的影响包括钢铝（25%）、汽车（25%）和除这两项及暂豁免品以外品类（暂按 10%）。欧盟目前态度为"边反制边谈判"，针对钢铝的反制措施被暂停90天，后续或不排除针对服务贸易（包括科技公司）等领域提出反制计划。当前关 税对欧洲GDP直接影响静态测算为 0.2%-0.4% ，但不确定性和全球经济放缓可能会进一步加剧经济下行压力，同时带来盈利下修的风险。值得注意的 是，欧盟也是美国最大的制造业投资者，重要龙头企业都有较完善的美国本地化布局，对于这些企业而言直接影响相对可控。 日本： 美国拟对日本实施24%的对等关税，尽管暂缓90天，该关税贯彻落实一年的悲观情形下将可能拖累日本2025财年 GDP约0.9个百分点 至零增长、 企业EPS 5-7个 ...

整理 ｜ 李小霞 #Big News# 中国消费者买不动爱马仕 爱马仕在中国市场增长放缓。 4月17日，爱马仕发布2025年第一季度财报，该集团收入达到41.29亿欧元，按当前汇率同比增长 9%，接近双位数增长。按恒定汇率则增长7%。亚洲市场（不含日本）增长仅为1.2%至19.7亿欧 元，主要受中国市场奢侈品消费低迷，人流量下降的影响。 从地区来看，日本市场表现最为强劲，增长17%至4.2亿欧元，法国本土增长14.2%至3.6亿欧元，欧 洲其他地区增长12.7%至5亿欧元，美洲市场增长11%至7亿欧元，中东所在的其他区域增长14.1% 至1.9亿欧元。 按业务来分，皮具与成衣领跑，但腕表与香水承压。皮具与马具依旧是集团收入支柱，同比增长 10%，成衣与配饰增长7.2%，丝绸与纺织品增长4.5%，珠宝与家居等增长6.1%，其他产品类别增 长16.5%，香水与美妆板块基本持平，同比下降0.5%。腕表业务大跌10%，为本季度中唯一出现明 显下滑的板块。 报告期内，溜溜果园营销开支分别为0.7亿元、0.77亿元、0.61亿元；广告开支分别为0.67亿元、 0.74亿元、0.79亿元。经计算，三年间，溜溜果园营销开支、 ...

Dividend Announcement - LVMH Moët Hennessy Louis Vuitton approved a dividend payment of 13.00 Euros per share for the financial year 2024 [1] - A balance of 7.50 Euros will be paid on April 28, 2025, following a prior payment of 5.50 Euros on December 4, 2024 [1] - The last trading day with dividend rights is set for April 23, 2025 [1] Company Overview - LVMH operates in various sectors including Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, and Selective Retailing [2] - The Wines and Spirits division features brands such as Moët & Chandon, Hennessy, and Veuve Clicquot [2] - The Fashion and Leather Goods division includes renowned names like Louis Vuitton, Christian Dior, and Fendi [2] - In the Perfumes and Cosmetics sector, LVMH offers products from brands like Guerlain and Fenty Beauty [2] - The Watches and Jewelry division comprises luxury brands such as Bulgari and Tiffany & Co [2] - LVMH is also involved in Selective Retailing through entities like Sephora and DFS [2]

Group 1 - The core viewpoint is that China will continue to be a growth engine for high-end industries and play a significant role in global consumption [1] - Chinese consumers' pursuit of high-quality services is driving local market upgrades and providing important momentum for global consumption model innovation [1] - The Chinese consumption market, due to its large scale and leading digitalization, holds a crucial position in the global economic landscape [1] Group 2 - In the high-end consumption sector, Chinese consumers are increasingly demanding brand connotation and product quality, influencing global high-end consumption trends [1] - The growing cultural confidence among Chinese consumers is prompting multinational brands to engage deeply with local culture, showcasing a profound understanding of Chinese culture in their products [1] - Burberry has confidence in the fundamental resilience of the Chinese economy and its strong influence on global luxury consumption growth [1] Group 3 - Burberry has participated in the China International Consumer Products Expo for five consecutive years, witnessing its development into the largest consumer goods exhibition in the Asia-Pacific region [2] - The expo serves as an important platform for promoting consumption and driving high-quality development in the Chinese market [2] - The open theme of the expo reflects China's commitment to expanding openness and sharing market opportunities with the world, providing a stable and open market environment for long-term investment and development [2]

洞察 普华永道 为了在这个振奋人心的时代蓬勃发展，制定一套精妙的GenAI使用战略至关重要： GenAI将惠及哪些行业？简而言之，所有行业都会受益。但我们的分析表明，各个行业的受益程度不 同。其中，软件和奢侈品等行业将凭借GenAI迎来最大的涨幅。考虑到微薄的利润率，哪怕是受益程度 较低的行业也有望迎来可观的提升。 当然，现下可以轻易实现的生产力提升效应将随着时间的推移而逐渐消失，因为其主要来自GenAI在当 前运作方式基础上对企业效率的加持。一旦市场上每一个参与者都开始以同样方式去使用这项技术，那 么重塑进程将加速。客户的期望将不可避免地提高，从而推高门槛。 这就是为何企业希望将这一技术 整合到当前的工作中，并在此基础上开发更多变革性应用，从而借此转向新的运营模式，进入新的市 场。 1. 掌握平衡艺术 行业发展态势，极大程度上影响着企业利用GenAI创效和重塑的速度，其中有两个变量的影响力最大： GenAI对行业的颠覆程度，以及行业采用和整合GenAI技术的能力。 为了具象化，我们基于这两个维度对22个行业进行了分析，并发现可以归类为四个类别： 我们已经看到这两个维度的相互作用。以制药行业为例，GenAI技 ...