过去一年，国货新贵Songmon山下有松（以下简称山下有松）正以惊人的速度闯入主流视野。 2025年9月，全球最大奢侈品集团LVMH董事长贝尔纳·阿尔诺现身上海前滩太古里，在这家品牌门店选购了两款包 袋；10月，品牌在巴黎举办"远山有声SONG of MONT"展览，连续第二年登陆巴黎时装周舞台；11月，山下有松一举 登上了"双十一"天猫箱包服配销售榜首位…… 然而，与这份高调的增长相伴的，还有一片庞大的灰色阴影。在各大电商平台和直播间，山下有松的仿冒品如野草般 蔓延。而在社交媒体上，消费者对设计趋同、价格虚高的质疑声渐起；除此之外，还有品控问题投诉时有浮现。另外 有人指出，一款"菜篮子"包型在2021年售价为880元，而在2025年已上涨至1380元，涨幅接近60%。 消费者吐槽设计趋同、高价低质 山下有松，一个让LVMH董事长贝尔纳·阿尔诺买来研究的中国品牌。 该品牌由毕业于清华大学美术学院的付崧在2013年创立，以"自然、自知"的东方美学为核心，不仅打破了"廉价国产 包"标签，还精准触达了"中女人群"，品牌知名度和销售数字同步跃升，也被称为包界的"老铺黄金"。 彭博在近期的一篇报道中引据BigOne L ...

Core Viewpoint - Despite the current downturn in consumer investment, the outlook for emerging consumer brands remains positive, as brand establishment takes time but leads to long-term loyalty and growth [1][3]. Group 1: Company Overview - Songmont, established in 2013, represents a new generation of Chinese consumer brands that are building their influence both domestically and internationally, rather than merely serving as alternatives to international luxury brands [3][10]. - The brand has seen a significant increase in online sales, with a reported growth of approximately 90% in the first three quarters of this year, while competitors like Gucci and MK experienced declines of 50% and 40% respectively [3][10]. - Songmont's product design incorporates Eastern elements, with collections inspired by Chinese culture and architecture, such as the "Eaves" series and the "Tracing" series [4][6]. Group 2: Market Position and Consumer Behavior - The brand has gained a loyal customer base, with consumers appreciating its blend of fashion and functionality, as well as its fair pricing strategy that avoids the "logo tax" associated with luxury brands [10][11]. - The rise of Songmont has also catalyzed the growth of other domestic brands, particularly those emphasizing Eastern aesthetics, reshaping the landscape of the Chinese luxury market [10][13]. - Recent trends indicate a shift in consumer spending from Western luxury brands to local brands, with a notable change in the dynamics of the $490 billion Chinese luxury market [8][10]. Group 3: Brand Strategy and Content Creation - Songmont has effectively utilized content marketing, with initiatives like the podcast "Songmont Voice," which features deep discussions on cultural topics, enhancing emotional connections with consumers [14][18]. - The brand's collaboration with notable figures, such as tennis star Li Na, has further solidified its cultural relevance and appeal [15][18]. - The company emphasizes a slow and steady growth approach, focusing on quality and cultural resonance rather than aggressive expansion [24][25]. Group 4: Product Expansion - Songmont is diversifying its product offerings, having launched a fragrance line in collaboration with independent perfumer Yili, and a clothing line that reflects its core values of natural aesthetics and craftsmanship [19][22]. - The fragrance series "Shenshan" is priced at 1280 yuan for 30ml, featuring 25% agarwood essential oil, aligning with the brand's ethos of understated elegance [21][22]. - The brand's expansion into apparel and fragrances is seen as a natural progression to enhance the overall consumer experience [22][23].

Core Viewpoint - The luxury goods market remains sluggish, prompting LVMH's CEO Bernard Arnault to closely monitor the situation in China, including potential acquisition interests in local brands like Laopuhuang and Xiangshangyou Song [2][5]. Group 1: LVMH's Market Engagement - Bernard Arnault has been visiting China regularly since 2023, indicating a strategic focus on the Chinese luxury market [2][3]. - During his recent visits, Arnault inspected various LVMH brand stores and showed particular interest in Laopuhuang, a local jewelry brand, which is seen as a potential acquisition target due to its growth potential in the luxury segment [3][5]. - LVMH's jewelry segment is one of the few growth areas for the company, especially as its leather goods division faces significant declines [3][4]. Group 2: Competitive Landscape - Laopuhuang has a high consumer overlap rate of 77.3% with major international luxury brands, indicating its strong market position [3]. - LVMH's interest in domestic brands like Xiangshangyou Song suggests a strategy to understand and potentially compete with emerging local players in the mid-range luxury market [5]. - The brand Polène, which LVMH recently invested in, targets a similar consumer base as Xiangshangyou Song, focusing on affordability while maintaining a luxury image [4][5]. Group 3: Strategic Implications - Arnault's visits signal a proactive approach to adapt LVMH's strategy in response to the current market challenges in China [5]. - The potential for collaboration or inspiration from local brands could be a key strategy for LVMH to navigate the changing dynamics of the luxury market [5].