（原标题：GUCCI于佛罗伦萨发布2026早春系列） 本季系列延续品牌设计团队集体创作模式，为即将上任的创意总监Demna预留观察期。值得关注的是， Demna将在7月巴黎高定时装周完成BALENCIAGA收尾工作后正式履职，这一过渡期安排体现出GUCCI 对创意迭代的审慎态度。 同时，GUCCI 还公布了两项重要投资：一是成为 2026 佛罗伦萨夏季艺术季的最大赞助商，用现代艺术 装置为老建筑注入新活力；二是牵头修复 Parco delle Cascine 公园，延续从 2011 年就开始的 "文艺复兴 遗产保护计划"。据佛罗伦萨市政府透露，过去十年，GUCCI 在当地文化保护上总共花了超 3800 万欧 元。 有业内人士分析，在母公司开云集团调整架构的背景下，GUCCI 正通过强化意大利特色，来打造自身 独特优势。这次早春系列发布，不仅传承了创始人 Guccio Gucci "从传统中打造经典" 的理念，还为奢 侈品牌如何实现可持续发展，提供了新范本。 GUCCI确认2026早春系列回归品牌精神腹地，将于5月15日在佛罗伦萨Palazzo Settimanni档案馆发布全 新系列。这座始建于文艺复兴时期的 ...

Financial Data and Key Metrics Changes - In Q1 2025, the group reported revenues of EUR 459 million, a decrease of 1% year-on-year compared to EUR 463 million in Q1 2024, with organic performance also down 1% [7][8][10] - The EBIT guidance for 2025 remains low single digit growth, reaffirming previous expectations [62][110] Business Line Data and Key Metrics Changes - Zegna brand revenues were EUR 293 million, up 3% supported by direct-to-consumer (DTC) channels, particularly in EMEA and the U.S. [10][11] - Thom Browne reported revenues of EUR 64 million, down 9% organic due to ongoing reduction in wholesale [11][12] - Tom Ford Fashion recorded revenues of EUR 67 million with a 3% organic growth driven by DTC channels [11][12] - Textile product line performance was down 9% due to decreased global demand from luxury goods brands outside the group [12] Market Data and Key Metrics Changes - The Americas remained the best-performing region, contributing 27% of total revenues with a 9% organic growth [14][15] - EMEA represented 34% of total revenues but was down 2%, primarily due to declines in Thom Browne's wholesale channel [13][14] - Greater China generated EUR 123 million, accounting for 27% of group revenues, down 12% [15][16] - Rest of APAC reported 8% growth, driven by strong performance in Japan and Singapore [17] Company Strategy and Development Direction - The company is focusing on a more selective distribution approach, particularly for iconic products, to protect brand integrity [121][125] - There is a strategic shift towards enhancing DTC channels, with a noted decline in wholesale performance [19][21] - The company plans to implement a mid single-digit price increase in response to U.S. tariffs, without significant changes to sourcing strategies [35][44][108] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the U.S. market, noting strong performance across various regions, while acknowledging ongoing softness in Greater China [42][120] - The company is seeing positive reactions to new product launches and marketing initiatives, particularly in the U.S. [30][35] - Management remains confident in the long-term trajectory of the brands despite current market challenges [66][110] Other Important Information - The company is preparing for the launch of new collections, with significant drops expected in Q2 and Q3 [49][50] - The upcoming fashion show in Dubai is expected to be a key event for brand visibility and engagement [110][111] Q&A Session Summary Question: Trends in Zegna Americas and market volatility - Management noted strong performance across the U.S. with no significant areas of weakness, although Greater China remains a concern [41][42] Question: Impact of Haider Ackermann's fashion show - The fall/winter products will be delivered starting from late May, with significant drops expected in June and September [49][50] Question: Zegna brand DTC growth and performance metrics - Management confirmed that the growth in DTC was primarily driven by mix, with higher ticket items contributing positively [75][76] Question: Thom Browne wholesale outlook - The full-year outlook for Thom Browne wholesale is expected to decline by 25% to 30% due to a more selective distribution strategy [81][82] Question: EBIT guidance and cost control measures - Management reiterated the low single-digit EBIT growth guidance and discussed ongoing efforts to control discretionary expenses [109][110] Question: Expectations for Greater China market - Management anticipates continued negative performance in Greater China, though less severe than in Q1 [120][121] Question: Retail KPIs and consumer sentiment - Positive retail KPIs in China include improved average selling price and conversion rates, despite low traffic [155][156]

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]

Core Viewpoint - Macquarie report indicates that Prada's retail sales in Q4 last year increased by 18% year-on-year, exceeding expectations, primarily driven by Miu Miu brand sales growth of 84% and Prada brand sales growth rising from 1.7% in Q3 to 4% in Q4 [1] Group 1: Sales Performance - Miu Miu brand sales grew by 84% year-on-year [1] - Prada brand sales growth improved from 1.7% in Q3 to 4% in Q4 [1] - Retail sales in Japan, Europe, and Asia-Pacific markets continued to grow, while the Chinese market shifted from low single-digit decline in Q3 to low single-digit growth [1] Group 2: Financial Metrics - Operating profit margin increased to 24.4% [1] - Capital expenditure for the year is set to increase to €550 million [1] Group 3: Strategic Outlook - The company is satisfied with the performance in the first two months of the current fiscal year and is confident in outperforming peers [1] - The company is considering strategic acquisitions but did not mention acquiring Versace [1] Group 4: Analyst Ratings - Macquarie raised Prada's net profit forecasts for the next two years and increased the target price to HK$88, maintaining an "outperform" rating [1]