Core Viewpoint - The luxury goods market in China is experiencing a significant downturn, with sales declining for six consecutive quarters, leading to a shift in consumer preferences towards experience and emotional value rather than mere possession [2][3][12]. Group 1: Market Performance - The luxury goods market in China and the U.S. has seen a decline, with projections indicating a potential drop in global luxury sales by 2% to 5% by mid-2025 [3][4]. - Major luxury brands like LVMH and Kering reported substantial revenue and profit declines in the first half of 2025, with LVMH's revenue down 4% and Kering's net profit down 46% [4][5]. - High-end shopping malls that previously thrived are now facing challenges, with brands seeking rent reductions and operational support due to declining sales [2][4]. Group 2: Consumer Behavior Changes - There is a notable shift in consumer behavior, with a growing demand for experiential and emotional connections rather than just material possessions [12][13]. - The consumer demographic is becoming increasingly blurred, with younger consumers engaging in both luxury and fast fashion, necessitating a more flexible approach from retailers [12][13]. - The trend of conservative spending among high-end consumers is leading to a preference for investment-worthy items like jewelry and gold [4][12]. Group 3: Retail Strategies - Brands are increasingly requesting support from shopping malls, including rent reductions and marketing assistance, to cope with declining sales [8][9]. - Shopping malls are adapting by diversifying their tenant mix to include non-traditional luxury brands and experiential offerings to attract a broader customer base [13][14]. - The competitive landscape has shifted to favor tenants, with shopping malls needing to enhance their value propositions to retain key brands [9][10]. Group 4: Operational Challenges - High-end malls face the challenge of maintaining their brand identity while introducing new, trendy brands, which could dilute their luxury positioning [14]. - The need for balance between attracting foot traffic and preserving the integrity of the luxury brand mix is becoming increasingly critical for mall operators [14][15]. - As the market evolves, there is a call for shopping centers to cater to a wider audience, integrating cultural and experiential elements to enhance customer engagement and stabilize revenue [14][15].

Core Insights - The luxury goods market in China has experienced a significant downturn, with negative growth recorded for six consecutive quarters, as reported by Bain & Company [1][2][3] - Major luxury brands are facing declining revenues and profits, prompting them to close underperforming stores and seek support from shopping malls [3][4] - Consumer preferences are shifting towards experiential and emotional consumption, leading to a transformation in the luxury retail landscape [9][10] Market Performance - The luxury goods market in China and the U.S. has both seen a decline, with projections indicating a potential global sales drop of 2% to 5% by 2025 [2][3] - LVMH reported a 4% decline in revenue and over a 20% drop in net profit for the first half of 2025, while Kering's net profit fell by 46% [3] - Chanel has also faced its first revenue and profit decline since 2020, highlighting the broader challenges within the luxury sector [3] Brand Strategies - Brands are increasingly closing low-performing stores to concentrate resources on key locations, with Kering planning to close 80 stores this year [4][3] - The shift in consumer behavior has led brands to adapt their marketing strategies, focusing more on social media and direct consumer engagement [3][7] Shopping Mall Dynamics - Shopping malls are under pressure to support luxury brands through rent reductions and marketing initiatives, as sales decline [6][8] - Malls are adopting more diverse promotional activities to attract consumers, such as immersive art installations and themed events [7][10] - The market has shifted to a tenant-driven landscape, with landlords needing to be more supportive of their tenants to maintain occupancy [8][10] Consumer Behavior - The traditional luxury marketing approach centered on material possession is being replaced by a focus on experiences and emotional connections [9][10] - The consumer demographic is becoming more blended, with luxury purchases being made by a wider range of consumers, including those who previously engaged with fast fashion [9][10] Operational Challenges - High-end malls face challenges in maintaining their brand identity while introducing new, trendy brands to attract foot traffic [11] - Balancing the introduction of popular brands with the existing luxury tenant mix is crucial to avoid alienating core luxury customers [11][10]

Core Insights - The luxury goods market in China and the US is experiencing a significant downturn, with China's market recording negative growth for six consecutive quarters, leading to a projected decline in global luxury sales by 2% to 5% by mid-2025 [2][3][4] Group 1: Market Trends - After a period of explosive growth, luxury consumption in China has stagnated, prompting brands to seek rent reductions and operational support from shopping malls [2][3] - The shift in consumer preferences towards experience, emotion, and cultural relevance is causing a transformation in consumer profiles, making them more integrated and less distinct [2][10] - The luxury market is transitioning from a focus on material possession to experience and emotional consumption, indicating a profound change in retail dynamics [9][10] Group 2: Brand Performance - Major luxury brands are reporting disappointing financial results, with LVMH's revenue down 4% and net profit down over 20%, while Kering's net profit plummeted by 46% [4] - Brands are increasingly closing underperforming stores to concentrate resources on key locations, with Kering's closure plan rising from 50 to 80 stores [5][4] Group 3: Retail Strategies - Shopping malls are under pressure to support brands through rent reductions and marketing subsidies, as luxury brands demand more from mall operators [6][8] - Malls are adopting diverse promotional strategies, including immersive experiences and collaborations with artists, to attract consumers and enhance brand performance [7][11] - The market has shifted to a tenant-driven landscape, where the departure of a significant brand can trigger a chain reaction affecting other tenants and overall mall attractiveness [8] Group 4: Future Outlook - The introduction of non-traditional luxury brands and experiential offerings is seen as a positive shift, helping malls attract a broader customer base and mitigate the impact of declining luxury sales [11] - However, this diversification poses challenges, as it may dilute the distinct positioning of high-end malls and lead to increased competition among similar offerings [11]

Core Viewpoint - The China International Import Expo (CIIE) serves as a significant platform for global cooperation and mutual benefit, according to the CEO of Kering Group, who emphasizes the importance of innovation, dialogue, and shared development in participating in the event [2] Group 1: Kering Group's Participation - Kering Group has participated in the CIIE since its inception in 2019, showcasing creativity and passion in its exhibition designs each year [2] - At the upcoming eighth CIIE, Kering will present all its brands, including the Asia-Pacific and global premieres of new products, and will incorporate innovative digital interactive modules for an immersive visitor experience [2] Group 2: Importance of the Chinese Market - The Chinese market is described as one of the most dynamic luxury markets globally, characterized by both breadth and depth, and is considered a strategic area for Kering's development [2] - Kering has witnessed significant growth in the Chinese market since opening its first boutique in 1974, and the company continues to engage deeply in this market's development [2] Group 3: China's Economic Role - China is viewed as a crucial engine for global economic growth, with ongoing high-level opening-up policies and initiatives to stimulate innovation and investment [2] - The recent proposals from the 20th Central Committee of the Communist Party of China regarding the 14th Five-Year Plan highlight innovation and sustainable development, which are seen as vital for the long-term prosperity of the market and significant for Kering's growth [2]

Core Viewpoint - The China International Import Expo (CIIE) serves as a significant platform for global cooperation and mutual benefit, according to the CEO of Kering Group, who emphasizes the importance of innovation, dialogue, and shared development in participating in the event [1] Company Participation - Kering Group has participated in the CIIE since its inception in 2019, showcasing creativity and passion in its exhibition designs each year [1] - At the upcoming eighth CIIE, Kering will present all its brands, including the Asia-Pacific debut of new products and global premieres, while incorporating innovative digital interactive modules for an immersive visitor experience [1] Market Insights - The Chinese market is described as one of the most dynamic luxury markets globally, characterized by both breadth and depth, and is considered a strategic area for Kering's development [1] - Kering has witnessed significant growth in the Chinese market since opening its first boutique in 1974, and continues to engage deeply in its development [1] Economic Perspective - The CEO views China as a crucial engine for global economic growth, highlighting the country's commitment to high-level opening-up and innovation, which instills confidence in global economic growth [1] - The recent proposals from the 20th Central Committee of the Communist Party of China regarding the 14th Five-Year Plan are seen as vital for Kering's development, emphasizing innovation and sustainable development [1] Personal Observations - The CEO expresses admiration for China's development achievements and believes that the government's ongoing commitment to innovation and sustainability will position China as a leader in various global sectors [1]

格隆汇11月4日｜法国奢侈品集团爱马仕股价延续跌势，跌幅扩大至3%，势创9月24日以来最差单日表 现。 ...

Core Viewpoint - Haidong International's report indicates a cautious outlook for Prada's net profit growth from 2025 to 2027, with revised profit forecasts reflecting a slower recovery in the industry compared to previous expectations [1] Financial Performance - In Q3 2025, Prada's revenue reached €1.33 billion, marking a 9% year-on-year increase, with fixed exchange rates applied [2] - By brand, Prada's revenue decreased by 1% year-on-year, while Miu Miu's revenue surged by 29%, following a high base of 105% growth in the same period last year [2] - Regional performance showed varied results, with North America leading growth at 20%, while Japan experienced a slight decline of 1% [2] Future Outlook - The company remains optimistic about Miu Miu's growth potential, driven by high-quality brand growth and significant store expansion opportunities [3] - Prada is expected to enhance its product offerings through increased creative investment in leather goods and marketing of iconic products, aiming to broaden its consumer base [3]

Core Viewpoint - The report from Haitong International indicates a cautious outlook for Prada (01913) with revised net profit forecasts for 2025-2027, reflecting a moderate growth trajectory amid industry recovery challenges [1] Financial Performance - For Q3 2025, Prada reported revenue of €1.33 billion, a year-on-year increase of 9% (fixed exchange rate) [2] - By brand, Prada's revenue decreased by 1% year-on-year, while Miu Miu's revenue grew by 29%, following a high base of 105% growth in the same period last year [2] - Regional performance showed year-on-year revenue changes: Asia-Pacific +10%, Europe +2%, North America +20%, Japan -1%, Middle East +10%, with North America leading growth despite a high base [2] Future Outlook - The company remains optimistic about Miu Miu's growth potential, driven by high-quality brand growth and significant store expansion opportunities [3] - As of the end of 2024, Miu Miu is expected to have 147 direct stores globally, compared to over 300 for YSL and BV, indicating room for growth [3] - Prada plans to enhance its product offerings through increased creative investment in leather goods and marketing of iconic products, aiming to broaden consumer reach [3]

Group 1 - The 8th China International Import Expo (CIIE) showcases China's commitment to high-level opening-up, with participation from 155 countries and regions, featuring 4,108 overseas exhibitors and an exhibition area exceeding 430,000 square meters, marking a new record [1] - The CIIE has become a global platform for new products, technologies, and services, with over 3,000 items showcased in previous editions and an intention to achieve transaction amounts exceeding $500 billion [2] - This year's expo will feature 461 new products and services, positioning China as a testing ground for global innovations [2] Group 2 - Sony will present 4 global debuts and 1 Asian debut at the expo, highlighting its innovative technologies and solutions [3] - Shanghai's import trade has seen significant growth, with a cumulative import value of $562 billion from previous CIIEs and a projected total import value of 2.45 trillion yuan in 2024, reflecting a 28% increase since 2017 [3] - The expo serves as a vital platform for investment, with Shanghai attracting over $100 billion in foreign investment during the 14th Five-Year Plan period [4] Group 3 - Fonterra, a New Zealand dairy company, has established a strong presence in China, with plans for continued investment and development [5] - The Shanghai Lego Land, a project signed during the third CIIE, has seen increased visitor numbers, indicating successful commercial outcomes from previous expos [5] - The expo has facilitated significant partnerships and investments, with companies like Boehringer Ingelheim planning substantial R&D investments in China [4] Group 4 - Shanghai has implemented comprehensive service measures for the expo, including customs facilitation and transportation improvements, to ensure smooth operations [6] - The city has enhanced consumer payment and tax refund services, with over 1,600 tax refund stores established [6] - The 2025 CIIE will continue to promote investment and trade, featuring various forums and meetings to foster international cooperation [7]

从目前情况来看，国内高仿奢侈品主要分成三个档次：①最低端使用人造皮或再生皮，成本极低，价格 也较便宜。②中端产品使用真皮，但品质一般。价格自然要比低端高仿奢侈品要高一些。③顶级高仿则 使用接近正品的材料，价格也是相对是最高的。通常一个顶级高仿LV包的成本约为600-800元，而市场 售价在3000-5000元，正品的价格则要达到30000元以上。 近些年，随着我国居民都富裕起来，国内奢侈品市场得到了快速的发展。数据显示，我国奢侈品市场规 模已经超过了7000亿元。不过，受到进口关税的影响，国内奢侈品的价格始终居高不下。于是，海外代 购行业应运而生。但是，也有不少媒体报道，海外代购90%都是假货，占据了九成市场份额，利润率高 达650%，远超正规奢侈品行业约35%的利润率。 第三，尝鲜心理也推动了高仿市场发展 值得一提的是，高仿奢侈品的销售渠道，也呈现多样化趋势，除了传统的实体店和批发市场之外，微信 朋友圈、小红书、闲鱼等社交平台都成为了高仿奢侈品的主要销售渠道。据统计，2025年通过社交媒体 售卖的高仿奢侈品占总销售额的67%。此外，高仿奢侈品市场规模已经达到了1500亿元。为此，有不少 网友感到困惑，高仿奢 ...