2025.05. 24 本文字数：2669，阅读时长大约4分钟 作者 | 第一财经 刘晓颖 过去几年里，因为成本、物流、通胀等因素，各大奢侈品牌每年提价的新闻经常上热搜。 通过涨价来带动业绩让不少奢侈品公司过度依赖这一策略。但如今，"越涨越买"这一法则开始失灵。 香奈儿（Chanel）于5月21日公布2024年业绩，公司去年营收同比下降5.3%至187亿美元，净利润 大跌28.2%至34亿美元。这是自2020年疫情期间门店关停以来，香奈儿首次出现营收与利润双双下 滑的局面。 另一家博柏利 (Burberry)的财务也同样不乐观，最新财报显示公司营收净利同样双降，净利更是大 跌90%。 行业分析人士认为，整个奢侈品行业增长放缓在一定程度上与不断提价有关，过高的价格抑制了消 费。目前一些品牌定价过高，这已经成为整个行业不争的事实。如果继续无限制快速涨价，那么绝大 多数的公司业绩终将被反噬。 奢侈品定价过高了吗 不少经常消费奢侈品的买家似乎已经习惯了这个行业每年的例行提价。 但过去五年里，人们的感知变得尤为明显。根据Bernstein的一份报告，自2020年以来，大多数奢 侈品牌以每年双位数的速度在提价。这种速度超 ...

Core Viewpoint - The luxury goods industry is experiencing a slowdown in growth due to excessive price increases, which have begun to suppress consumer demand and negatively impact company revenues and profits [1][5]. Group 1: Company Performance - Chanel reported a 5.3% decline in revenue to $18.7 billion and a 28.2% drop in net profit to $3.4 billion for 2024, marking the first time since the pandemic that both revenue and profit have decreased [1][3]. - Burberry's financial results showed a 17% decrease in revenue to £2.461 billion and a 94% drop in adjusted operating profit to £26 million for the 2025 fiscal year [4]. - The CEO of Burberry acknowledged that the company's previous high-end pricing strategy led to a significant loss of its core consumer base [4]. Group 2: Pricing Strategy - Luxury brands have been increasing prices at a double-digit rate annually since 2020, outpacing inflation and leading to a 120% increase in the price of Chanel's 2.55 handbag from May 2019 to March 2024 [2]. - Chanel's price increases have been significantly higher than the industry average of 50%, which initially benefited the company but has now contributed to its declining performance [2]. - The luxury market's average selling price has risen due to price hikes on both flagship and entry-level products, further diminishing consumer interest [5]. Group 3: Market Trends - The luxury goods market has been heavily reliant on Chinese consumers, who accounted for over 30% of global personal luxury goods consumption [6]. - The second-hand luxury market is showing signs of decline, with previously high-value items from brands like Chanel losing their appeal and market value [7]. - Some brands are adjusting their pricing strategies in response to market conditions, with Burberry planning to lower leather goods prices and Mulberry aiming to keep 60% of its products priced below £1,095 [8].

文 | 《贵圈》栏目 闫妍 不缺富人买单的爱马仕，又涨价了。 近日，多家外媒报道称，法国奢侈品巨头爱马仕集团宣布，自 5 月 1 日起将全面上调美国 市场售价，通过 6% ～ 7% 的常规涨价叠加额外提价，将美国加征的关税成本悉数转嫁给 美国消费者。 美国全线涨价后，中国市场是否也会同步进行调价？ 《贵圈》致电爱马仕中国官方客服获得回应。客服明确表示："目前尚未收到中国大陆市场 的调价通知。"同时进一步说明："我们的商品定价策略没有固定调整周期，价格变动主要 基于汇率波动和原材料成本变化等市场因素综合考量。" 此外，针对近期网络热议的"中国代工厂生产爱马仕产品"传闻，爱马仕客服予以明确澄 清："爱马仕产品的生产地严格遵循品牌传统工艺标准，鞋履产品主要在意大利生产，腕表 大部分产自瑞士，其余绝大多数产品均在法国制造，没有产品是在国内制造的。" 截至 4 月 29 日，爱马仕市值为 2863.97 亿美元， LVMH 集团市值为 2846.28 亿美 元，超越 LV 后，爱马仕成功问鼎全球最大奢侈品集团宝座。 基本面：市值超LV 问鼎"全球奢侈新王" 近日，法国奢侈品牌爱马仕最新公布的 2025 年第一季度财报显 ...