Core Viewpoint - The European Commission imposed a total fine of €157 million (approximately $182 million) on three luxury brands—Gucci, Chloé, and Loewe—for violating EU competition law by interfering with retailers' pricing autonomy through minimum sales price settings and discount restrictions [1][2]. Group 1: Pricing Practices of Luxury Brands - The investigation revealed that the three brands restricted retailers from adjusting online and offline prices, mandated adherence to "recommended retail prices," and controlled discount periods, effectively turning independent retailers into price enforcers [2]. - The European Commission stated that these practices weakened market competition, leading consumers to pay higher prices for the same products with fewer purchasing options [2]. - The fines were distributed as follows: Kering SA (Gucci's parent company) was fined €119.7 million, Richemont (Chloé's parent company) was fined €19.7 million, and LVMH (Loewe's parent company) was fined €18 million [2]. Group 2: Implications of Price Control - Price stability is crucial for luxury brands as it reflects brand value and consumer perception; price fluctuations can dilute a brand's exclusivity and prestige [4]. - Luxury brands maintain strict distribution management to protect brand image and channel profits, but such practices may constitute "resale price maintenance" under EU law [4]. - This is not the first instance of EU scrutiny on luxury brands; previous investigations involved Puma, Nike, Guerlain, and Chanel for similar pricing control issues [4]. Group 3: Regulatory Pressure and Market Dynamics - The case reflects the EU's intensified market regulation in the digital retail era, following a raid on several fashion companies in April 2023 for suspected price manipulation [5]. - Despite a global cost-of-living crisis, the luxury goods sector has shown strong growth, with the global personal luxury goods market projected to exceed €400 billion in 2024, a nearly 40% increase from pre-pandemic levels [6]. - The luxury sector's reliance on price discipline to maintain brand prestige is now challenged by regulatory scrutiny, prompting a reevaluation of traditional pricing strategies [6]. Group 4: Future of Luxury Brand Pricing - The total fines are not expected to significantly impact the financial health of these luxury giants, with Kering's 2024 revenue projected at €17.2 billion and LVMH at €84.7 billion [7]. - The EU's antitrust enforcement is becoming more nuanced, focusing on the micro-dynamics between brands and retailers, indicating a heightened sensitivity to "hidden monopolies" and "structural unfairness" [7]. - The luxury industry must navigate the tension between maintaining price control for brand survival and complying with market transparency demands, highlighting a paradox in contemporary luxury business logic [8].

Core Insights - The 113th National Sugar and Wine Fair in Nanjing is transforming the city into a vibrant festival, extending the traditional exhibition into a city-wide carnival that enhances consumer interaction and economic activity [1][2][5] Group 1: Event and Economic Impact - The event has evolved from a short-term exhibition to a continuous city-wide showcase, creating a "super exhibition hall" without physical boundaries, which leads to sustained economic benefits [2] - The integration of various activities, such as sports and cultural events, has significantly boosted local commerce, with notable increases in foot traffic and revenue across multiple districts [5][6] - The 2025 Nanjing International Auto Show and the 2025 Nanjing RV Exhibition attracted approximately 208,000 visitors, generating total orders worth 1.517 billion yuan, with over 80% of the showcased vehicles being new energy models [3] Group 2: Consumer Engagement and Experience - The diverse activities, including pop-up events and art festivals, cater to various consumer preferences, enhancing the shopping experience and driving sales across different age groups [4][6] - The "Mido Music Festival" attracted over 60,000 attendees, generating revenue exceeding 35 million yuan, while the "Garden Expo Fireworks Season" saw a 16% increase in visitor numbers [7] Group 3: Cultural and Community Integration - The "Autumn Sugar Season" has successfully merged industrial events with cultural celebrations, transforming the city into a festive environment that engages both residents and tourists [6][9] - The event serves as a platform for promoting Nanjing's business environment and investment opportunities, with numerous industry matchmaking events scheduled during the season [11]

Core Points - The European Commission has imposed a total fine exceeding €157 million on Gucci, Chloé, and Loewe for anti-competitive pricing practices [1][3] - The companies engaged in resale price maintenance (RPM), restricting the ability of their independent retailers to set their own retail prices [2][5] Company Summaries - Gucci, based in Italy, was fined €119.67 million after a 50% reduction for cooperation [6] - Chloé, headquartered in France, received a fine of €19.69 million after a 15% reduction for cooperation [6] - Loewe, located in Spain, was fined €18.01 million after a 50% reduction for cooperation [6] Regulatory Context - The infringement behavior by these companies was found to cover the entire European Economic Area (EEA) [2][5] - The European Commission's investigation began with surprise inspections in April 2023, leading to formal proceedings in July 2024 [5] - The decision emphasizes the importance of fair competition and consumer protection across all sectors in Europe [6]

Core Insights - LVMH's sales increased by 1% in Q3, marking the first quarter of growth this year, driven by improved demand in China [1][5] - The luxury goods sector is experiencing a prolonged slump, but LVMH's performance offers some relief [1][7] Sales Performance - LVMH reported quarterly sales of 18.28 billion euros ($21.17 billion), surpassing expectations of flat sales [5] - The fashion and leather goods division, which includes brands like Louis Vuitton and Dior, saw a 2% decline compared to the previous year, but this was an improvement from a 9% drop in Q2 [4][6] Regional Trends - Notable improvement in sales trends was observed in Asia, particularly in mainland China, which turned positive in Q3 [2] - The CFO indicated that the luxury market in Asia, excluding Japan, showed "noticeable" improvement [2] Market Challenges - LVMH faces challenges in Q4, including unfavorable currency rates and ongoing economic uncertainty [2] - The luxury sector has been impacted by price hikes and economic factors such as tariffs and the real estate crisis in China [7][8] Investor Sentiment - LVMH's U.S. shares rose by 7.5% following the positive trading update, indicating a shift in investor sentiment towards the luxury sector [4]

Core Insights - The 2025 Nobel Prize in Economic Sciences was awarded to Philippe Aghion, Joel Mokyr, and Peter Howitt for their contributions to understanding innovation-driven economic growth [4][28] - Aghion emphasized the negative impact of tariffs on economic growth, stating that trade barriers hinder market fluidity and innovation [10][12] - The trio's research highlights the importance of maintaining mechanisms that support creative destruction to avoid economic stagnation [28] Group 1: Contributions of Nobel Laureates - Philippe Aghion aims to use his prize money to further research on the impact of AI and innovation on economic growth [2] - Joel Mokyr's work focuses on the historical roots of economic growth, analyzing the interplay between technological progress and industrial revolutions [19][20] - Peter Howitt, along with Aghion, developed a theoretical model that incorporates the concept of creative destruction into endogenous growth theory [16][26] Group 2: Economic Policies and Innovation - Aghion warned against government policies that suppress innovation, advocating for a unified European market to enhance technological advancement [12][13] - Mokyr criticized the Trump administration's research policies, labeling them as detrimental to the U.S.'s leadership in science and education [26][27] - The laureates collectively argue that innovation is essential for addressing global challenges such as climate change and aging populations, requiring supportive government policies [27]

Core Viewpoint - The article discusses the ongoing acquisition interest in the Italian luxury sneaker brand Golden Goose, highlighting its significant market presence and the broader trend of consumer mergers and acquisitions in the global market [3][16]. Company Overview - Golden Goose, founded in 2000, is known for its iconic "dirty shoes" which have a vintage look and a distinctive incomplete star logo, with prices starting at 4,000 yuan [3][4]. - The brand gained popularity after introducing the "Super-Star" sneaker in 2007, which featured a "lived-in" style, contrasting sharply with the luxury market's focus on perfection [6][8]. Financial Performance - As of the first half of 2025, Golden Goose reported a net revenue of 342.1 million euros, reflecting a 13% year-on-year growth [10]. - The brand's revenue reached 48 million euros in 2014, with a 60% increase from the previous year, and half of its income coming from international markets [8][9]. Ownership Changes - Golden Goose has undergone several ownership changes, initially acquired by DGPA SGR SpA in 2013 for 45 million euros, which facilitated its global expansion [12]. - In 2017, the Carlyle Group acquired 100% of Golden Goose for approximately 400 million euros, leading to a doubling of revenue within two years [13]. - The brand was later sold to European private equity firm Permira in 2020 for about 1.3 billion euros, with Carlyle retaining a minority stake [14]. IPO Attempts - Golden Goose aimed for an IPO in 2023, but faced delays due to a downturn in European luxury stock valuations [15]. - In February 2025, the brand secured a strategic investment from Blue Pool Capital, owned by Cai Chongxin, which acquired approximately 12% of the company [15]. Market Trends - The article notes a significant trend of consumer mergers and acquisitions, with various high-profile deals occurring in the market, indicating a robust interest in consumer brands despite economic fluctuations [17][19]. - The consumer sector is viewed as resilient and attractive to capital, especially during economic downturns, leading to increased acquisition activity [19][20].

当前，中韩签证便利政策相继落地，双向旅游热潮不断升温。中韩两国人民期待继续增进友好往来，携 手前行，共享发展机遇，共创美好未来。 《 人民日报 》（ 2025年10月14日 08 版） (责编：赵欣悦、袁勃) 本报首尔10月13日电 （环球时报记者刘洋、曹思琦、林小艺）10月13日，在韩国首尔举行的2025中韩 媒体合作论坛上，环球时报社发布《中韩交流互鉴成果》短视频，以影像回顾论坛系列活动丰硕成果， 展现两国人文交流与合作持续深化。 作为论坛配套活动，《环球时报》与韩国《每日经济新闻》近日开展联合采访，以媒体视角生动呈现中 韩企业在机器人、时尚及旅游产业等领域的合作新图景。 与此同时，环球时报社于9月15日至19日组织开展"中韩网红交流互鉴"活动，邀请韩国网红来华访问， 走访太原、汾阳、榆林和重庆等地，深度体验中国文化魅力，沉浸式感受中国式现代化的生动实践，收 获网友广泛关注与积极评价。 ...

（原标题：Coach亚太区总裁离职；法拉利发布首款电动跑车｜二姨看时尚） 21世纪经济报道记者 高江虹 实习生 陈晓冉 上周喜报不少。巴黎时装周落幕，多位品牌创意总监首秀偏保守，LV、Miu Miu等反倒求新亮眼；财务 表现仍然分化，无印良品母公司、迅销集团（优衣库）上财年营收利润双增创纪录，Loewe、Belstaff 2024财年则利润或营收大下滑，Belstaff还被Castore收购。 人事变动方面，Coach亚太区CEO杨葆焱离职、爱马仕投资者关系主管换人；品牌营销花样翻新，法拉 利发布首款电动跑车，路易威登将出品牌专著，万豪国际跟上了户外风，推出住宿数字平台。 时尚老人总在落幕，品牌创意却从未停止。 1.巴黎时装周顺利落幕 2026春夏巴黎时装周于10月7日正式落幕。本季的一大核心看点，是多位奢侈品牌创意总监发布入职后 的首秀：Jonathan Anderson 在 Dior 以解构经典开启全新篇章；Pierpaolo Piccioli 执掌的 Balenciaga 在创 新与传承间取得精妙平衡；Matthieu Blazy 为 Chanel 注入当代松弛感，重塑品牌标志性单品；而 Jack Mc ...

2025年10月4日，由Bonjour Brand中法品牌美学中心主办，四川唯怡饮料食品有限公司作为首席合作伙 伴联合呈现的时尚艺术项目Bonjour Echoes在巴黎布隆尼亚宫盛大启幕。作为巴黎时装周Welcome to Paris的官方EVENT活动，Bonjour Echoes继2024年后再次以集体形式将中国原创设计力量带入国际顶级 时尚舞台。三大核心走秀品牌GRACE CHEN、SHUXUAN G.、HENGDI WANG登场，向世界展示来自 东方的美学创造。 本次活动得到了WDCC世界设计之都大会、上海高级定制周与时尚集团的大力支持，Bilibili 则作为官 方直播平台，为线上观众提供沉浸式观看体验。 SHUXUAN G.创立于2018年，以"空"的东方哲学为灵感，将高级定制转化为"可穿戴的哲学"。品牌在延 续传统工艺的同时，融入3D打印、生物材料与数字化设计，探索艺术、技术与人文的边界。 HENGDI WANG诞生于伦敦与上海之间，将东方神话与古典意象融入实验性工艺，结合3D打印织物与 重构刺绣，塑造兼具无性别与未来感的独特表达。 三位设计师的作品，共同构成了一幅关于当代中国时尚的多维图景： ...

Core Insights - The overlap of the National Day and Mid-Autumn Festival holiday with the optimal viewing period of the Qiantang River tidal bore has significantly boosted tourism in Haining, Zhejiang [3] - Haining's A-level tourist attractions and 3A-level scenic villages received over 1.95 million visitors during the recent holiday, marking a year-on-year increase of 96.2% [3] - The tidal bore phenomenon has also stimulated local consumption, particularly in the China Leather City market, where many consumers visited after watching the tide [3] Industry Trends - To better convert tourist traffic into local spending, Haining's fashion industry is shifting towards a "small batch quick response" model, reducing the time from design to market launch to just two months, which is over 50% faster than traditional methods [5]