以下文章来源于源Sight ，作者源Sight 源Sight . 源Sight，关注互联网前沿生态和新兴商业。 消费风向变了。 文 ｜ 周艺 来源｜ 源Sight（ID：gh_95838c8306c1） 封面来源 ｜ 爱马仕官网 刚过去的"养马人"既喜又怕的12月，爱马仕的年底涨价如约而至。 12月29日，爱马仕完成涨价。根据行业媒体LADYMAX的报道，此次爱马仕的最高涨幅为10%，除了皮具以外的珠宝仅上涨1%。 总的来看，此次爱马仕价格涨幅较为温和，其中最为抢手的"铂金包"上调1万元、Kelly根据款式不同涨价5000元-10000元，幅度均在9%左右，其余热门 款手袋的涨幅在5%-7%不等。 在此前的第三季度的财报会上，爱马仕管理层对大中华区的表现感到满意，并认为这一季度中国市场的复苏来自于客流量的微弱回升以及珠宝、手表等更 高金额单品的销量增加。 而小红书群体集体晒这份所谓的"催款函"，既是一种个人资产的炫耀，也能看出顶奢品牌颇有格调的"促销"手段。 同样的方法，梵克雅宝和香奈儿也"学"得很到位。 近两年，中国市场对奢侈品行业并不和煦，而为了重新唤起这一市场的消费冲动，多个奢侈品牌都发掘出了一些"小巧 ...

以下文章来源于源Sight ，作者源Sight 源Sight . 导语：站在金字塔尖的高奢品牌都或多或少都遇到了问题。 又来到"养马人"既喜又怕的12月，爱马仕的年底涨价如约而至。 12月29日，爱马仕完成涨价。根据行业媒体 LADYMAX的报道，此次爱马仕的最高涨幅为10%，除了皮具以外的珠宝仅上涨1%。 源Sight，关注互联网前沿生态和新兴商业。 总的来看，此次爱马仕价格涨幅较为温和，其中最为抢手的"铂金包"上调1万元、Kelly根据款式不同涨价5000元-10000元，幅度均在 9%左右，其余热门款手袋的涨幅在5%-7%不等。 在此前的第三季度的财报会上，爱马仕管理层对大中华区的表现感到满意，并认为这一季度中国市场的复苏来自于客流量的微弱回升以 及珠宝、手表等更高金额单品的销量增加。 近两年，中国市场对奢侈品行业并不和煦，而为了重新唤起这一市场的消费冲动，多个奢侈品牌都发掘出了一些"小巧思"。 而面对奢侈品市场的调整，顶奢品牌的收入回落已成事实，而中国作为重要的消费市场，今年也将更多的钱花给了"自己人"。 "怎么又给我寄催款函了" 相比其他品牌的sales只能在微信上狂发信息招徕客户，顶奢品牌催促消费 ...

据彭博社最新报道，爱马仕家族办公室Krefeld在成立三年后，又悄然启动新的投资分支，为收购奢侈品巨头爱马仕以外的更多资产铺路，显露出更大的 野心，引发行业的广泛关注。 上周，爱马仕继承人Nicolas Puech 150亿美元财富蒸发引发关注，这并非偶然，而是他长期远离家族、过度依赖理财经理的代价，使得财富被信任的人悄 悄带走。 实际上，自从在2010年成功抵御LVMH老板Bernard Arnault的恶意收购后，爱马仕家族成员于2011年迅速成立H51控股结构，限制家族成员出售股份，确 保控制权永远掌握在家族内部，但Nicolas Puech没有加入。 鲜为人知的是，爱马仕各支系后代逐步整合独立家族办公室与投资载体，并于2022年成立了统一家族办公室Krefeld。 （来源：LADYMAX） 爱马仕家族的野心早已超越了丝巾和铂金包 作者 | Drizzie 困扰最富有欧洲家族的不是如何创造财富，而是如何守住财富。 Krefeld名称取自爱马仕创始人Thierry Hermès出生的德国小镇，由家族后代Matthieu Dumas出任董事长，该机构在大约2024年才开始正式运行，秉持爱马 仕家族一贯低调神 ...

Core Viewpoint - A high-stakes legal battle involving approximately €14 billion (about $16.26 billion) worth of Hermès shares has emerged, with Nicolas Puech, the 82-year-old heir of Hermès, accusing LVMH and its chairman Bernard Arnault of fraudulently acquiring his shares [1] Group 1: Legal Proceedings and Allegations - Puech has filed lawsuits against his former wealth manager Eric Freymond, alleging abuse of trust and document forgery, claiming that Freymond secretly transferred 6 million shares of Hermès (5.7% of the company) to LVMH [2] - The case is complicated by the mysterious death of Freymond, who committed suicide in July 2024 after being questioned by French authorities regarding document forgery and trust abuse [3] - Puech's claims include that he was unaware of the financial dealings and that Freymond orchestrated a long-term scheme to defraud him [3] Group 2: Historical Context and Financial Implications - The conflict between LVMH and Hermès dates back to 2010 when LVMH began acquiring Hermès shares, leading to a strong backlash from the Hermès family [4] - Puech's case coincides with the tenth anniversary of a settlement between LVMH and Hermès, which could reveal more complex capital operations if Puech's allegations are proven true [4] - An audit revealed that Puech's current assets are significantly lower than his previous net worth, indicating a drastic financial decline [5] Group 3: Inheritance and Wealth Distribution - Puech's financial troubles are further complicated by a controversial change in his will, which originally designated a charitable foundation as the heir but later included his gardener as a beneficiary [5] - The ongoing legal battle may affect the inheritance expectations of both the charitable foundation and the gardener, as the value of Hermès shares has diminished [5] - The French Ministry of Justice is continuing its investigation, with Puech's civil lawsuit filed in May 2025 seeking compensation equivalent to the value of the 6 million Hermès shares [5][6]

Core Viewpoint - European companies have performed better than expected in response to U.S. tariffs, indicating a positive outlook for profit growth in the coming year, with market expectations of double-digit profit increases [1][3]. Group 1: Performance of European Companies - A basket of European stocks most affected by tariffs, compiled by Goldman Sachs, outperformed the market in October, rising approximately 6%, which is double the increase of the European Stoxx 600 index and three times that of domestic stocks [1]. - Companies like Hermès, Unilever, and Galderma have reported significant sales growth in the Americas, with Hermès seeing a 14.1% increase in sales in the region [3][6]. - The frequency of mentions of tariffs in European earnings calls has been declining, indicating a growing optimism among EU companies regarding their outlook [10]. Group 2: Strategic Adjustments and Cost Management - Companies are adapting to tariffs by cutting costs to avoid raising prices, which could push consumers towards cheaper brands, as seen with Unilever's strategy [6]. - Pharmaceutical companies in Europe are negotiating with the U.S. government to lower drug prices and are committing billions in investments to mitigate the impact of upcoming sector tariffs [6][11]. - Some companies, like Stellantis, reported a 13% increase in net income due to recovery in North American business, while also committing to significant investments in the U.S. [11]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the gap between profit growth in the U.S. and Europe is expected to narrow, with a general market expectation of a 12% increase in earnings per share for Stoxx 600 constituents next year [3][6]. - There is a growing belief that tariffs are manageable and will not cause significant damage, although some caution remains regarding the long-term effects and currency impacts on earnings [12].

Group 1 - The value of diamonds is being redefined due to the rise of lab-grown diamonds, which are similar in appearance and properties to natural diamonds but are significantly cheaper [1][2][3] - The traditional marketing strategy of De Beers, which emphasizes the rarity and timelessness of diamonds, is becoming less effective in the face of technological advancements that allow for the easy production of diamonds [2][3] - The luxury goods market, including diamonds, is facing a crisis as the scarcity that once defined their value is being challenged by the availability of alternatives, such as lab-grown diamonds [3] Group 2 - The issue of counterfeit and knockoff products is becoming more prevalent, impacting the luxury market, but high-end brands like Hermès still maintain demand due to their unique craftsmanship and brand prestige [2] - De Beers faces challenges in maintaining diamond scarcity while ensuring that diamonds remain a common choice for engagement rings among consumers in the U.S. [2]

Core Viewpoint - The global luxury goods industry is facing significant challenges, potentially experiencing its largest setback in 15 years, as indicated by Bain & Company. Despite this, Hermès continues to show growth, although it faces increasing difficulties in customer acquisition and reliance on leather goods [4][6]. Financial Performance - Hermès reported an 8% revenue growth to €8 billion, with all geographic regions showing growth, except for the perfume and beauty and watch sectors [4][5]. - In the first half of 2024, Hermès achieved a 15% growth, with double-digit growth across most regions, except for a slight decline in the watch sector [5]. Market Challenges - The company is struggling with the challenge of attracting new customers and is affected by the second-hand market disrupting pricing strategies. The reliance on leather goods is becoming increasingly problematic [6][20]. - The second-hand market has shown that Hermès products can sell for more than retail prices, indicating a strong demand but also a shift in consumer purchasing behavior [12][14]. Sector Performance - The leather goods sector saw a revenue increase of 12.4%, while the ready-to-wear and silk sectors experienced a decline in growth rates, with ready-to-wear growing only 5.5% compared to 15.5% the previous year [21]. - The perfume and beauty sector saw a decline of 3.8%, while the watch sector dropped by 7.9% [21]. Geographic Performance - The Americas market is becoming increasingly important for Hermès, with a 9.5% growth in the first half of 2025, while the Asia-Pacific region only grew by 1.5% [30][31]. - Growth in Japan has slowed from over 22% in 2024 to 16% in 2025, and the overall growth in the Asia-Pacific region has significantly decreased compared to previous years [30][31]. Pricing Strategy - Hermès plans to continue raising prices globally, but has already implemented a 5% price increase in the U.S. to counteract tariff impacts [28][29]. - The company is facing pressure to adjust its pricing strategy due to rising costs of raw materials, particularly in the jewelry sector [33]. Future Outlook - The importance of diversifying product lines is emphasized, as reliance on leather goods may not sustain the company in the long term. The company is looking to expand into high-end fashion to create a second growth curve [24][34]. - The decline in middle-class consumers willing to spend on entry-level products poses a risk to Hermès' customer base [36].

Core Viewpoint - The lawsuit filed by lululemon against Costco's Kirkland Signature and Danskin brands highlights a significant trend in the retail market: the rise of "dupe" culture, where consumers seek affordable alternatives to high-end products, challenging traditional brand value perceptions [8][23][24]. Group 1: Legal Dispute - lululemon filed a lawsuit on July 1, 2025, against Costco's Kirkland Signature and Danskin for selling products that closely mimic lululemon's signature apparel at significantly lower prices [1][3][4]. - Price comparisons reveal stark differences: lululemon's Define jacket ranges from $99 to $168, while Costco's imitation Jockey yoga jacket is priced between $17 and $30 [1]. - The lawsuit reflects a broader trend of consumers gravitating towards affordable alternatives, as evidenced by the rapid sell-out of the alleged infringing products on Costco's website following the lawsuit announcement [8]. Group 2: Rise of "Dupe" Culture - The legal battle is part of a larger consumer-driven trend amplified by social media, where products like the "Walmart Birkin" bag have gained viral popularity, prompting consumers to question the necessity of high-priced luxury items [9][11][13]. - TikTok has played a crucial role in exposing the supply chains of luxury brands, revealing that the production costs of high-end items are often significantly lower than their retail prices, thus fueling the demand for affordable alternatives [14][17]. - The emergence of platforms like Temu and Shein demonstrates the ability to replicate high-end products at a fraction of the cost, further challenging traditional brand loyalty [24][25]. Group 3: Changing Consumer Behavior - Economic pressures and rising living costs have led younger consumers, particularly Gen Z and millennials, to prioritize value over brand prestige, seeking products that meet their aesthetic and emotional needs without the associated brand markup [17][18]. - The shift from "conspicuous consumption" to "self-satisfaction" reflects a deeper change in consumer mindset, where savvy shopping and finding the perfect dupe are celebrated rather than shamed [19][20]. - Retail giants like Costco and Walmart are leveraging their own brands to compete effectively against established luxury brands, indicating a significant shift in the retail landscape [20][21].

Core Viewpoint - The luxury goods industry is facing a dichotomy between embracing AI technology for efficiency and the risks associated with data privacy breaches, exemplified by Dior's recent data leak incident [1][5][6]. Group 1: AI Adoption in Luxury Brands - Luxury brands like Hermès and Dior are increasingly integrating AI into their operations, from customer data integration to design assistance and marketing content generation [2][3]. - Hermès has established an AI governance committee to ensure ethical application of AI technologies, reflecting a broader trend among luxury brands to enhance efficiency through AI [1][2]. - The International Data Corporation (IDC) predicts that generative AI will improve marketing efficiency by over 40% in the next five years [2]. Group 2: Data Privacy Concerns - The recent data breach at Dior has raised significant concerns among consumers regarding data security, leading to a broader industry-wide apprehension about data handling practices [5][6]. - Consumers are questioning the safety of their non-sensitive data, fearing that it could be misused or lead to privacy violations, especially given the high-net-worth clientele of luxury brands [3][5]. - Experts emphasize the need for luxury brands to establish robust data protection standards that exceed general regulations to maintain consumer trust [5][6]. Group 3: The Dichotomy of Efficiency and Value - The luxury industry is grappling with the challenge of balancing the efficiency brought by AI with the traditional values of craftsmanship and exclusivity [7]. - There is a concern that excessive reliance on AI could undermine the perceived value of luxury goods, as the essence of luxury lies in its scarcity and the time invested in craftsmanship [6][7]. - Some experts argue that AI can enhance the management of scarcity by improving customer experiences and personalizing services, suggesting a potential for AI to coexist with luxury values if used judiciously [6][7].

Group 1: Price Increases and Market Dynamics - Hermes has initiated price increases in the U.S. market to offset the impact of tariffs, with other luxury brands like Interparfums and Ferrari following suit with price hikes of 6-10% [2][3] - UBS estimates that the average price increase for European luxury brands in the U.S. will be around 6% due to a 20% tariff on EU goods and a 31% tariff on Swiss goods [2] - The luxury market in the Americas is experiencing a slowdown, with Hermes reporting a sales growth decline from 17.6% to 11% in Q1 2025 [3][4] Group 2: Regional Performance - In Q1 2025, Hermes' sales in Japan grew by 17% to €420 million, while the French market grew by 14.2% to €360 million, indicating stronger performance in these regions compared to the Americas [3] - The Americas luxury market is projected to decline by 8% in 2023, with Europe expected to surpass it as the largest luxury consumption region [4] Group 3: Consumer Behavior and Market Shifts - The correlation between American household wealth and luxury spending has weakened since 2020, with Yale University reporting that tariffs have reduced purchasing power by an average of $3,800 per household [4][5] - The luxury consumer base has shrunk by approximately 50 million globally over the past two years, leading brands to focus more on high-net-worth individuals (VICs), who contribute significantly to luxury brand revenues [6] Group 4: Manufacturing and Cultural Implications - The shift towards local manufacturing in the U.S. is being considered by luxury brands, but challenges such as high waste rates and the need for skilled labor persist [10][12] - The cultural value associated with luxury goods produced in Europe is significantly higher than that of products made in the U.S., impacting consumer perceptions and brand identity [10][12] Group 5: Changing Consumer Culture - The traditional American consumer culture is declining, with a rise in second-hand markets and a growing number of consumers adopting anti-consumerist behaviors [15] - Reports indicate that 33% of Americans have no retirement savings, reflecting a shift in financial priorities and consumer behavior [15]