本报记者 赵 曦 □ 唐 瑞 文/摄 在全球高端消费市场上，对于"奢侈品"的定义早已超越物质本身，形成涉及历史、身份、艺术与文化的一 整套叙事体系。而在这场以文化为内核的全球竞争中，西方奢侈品牌长期占据着主导地位。 在这样的语境下，中国工艺美术品牌如何构建自己的"高端叙事"？如何讲好中国文化故事，并以此建立相 应的市场地位？ 谁在书写"奢侈"的文化话语？ 奢侈不单在于价格，更是身份的语言。"奢侈"一词在西方语境中，早已与"精英""艺术""历史"牢牢绑定， 形成了完整的"意义系统"。以法国为例，LVMH集团掌控的Louis Vuitton、Dior、Guerlain等品牌，它们不 仅仅是奢侈品公司，更是文化象征的制造商。它们借由历史传承、贵族符号、工艺神话与艺术植入，将"稀 缺"与"传统"自然地嫁接为品牌价值核心，打造出一套极具文化渗透力的"奢侈品叙事体系"。 这套叙事体系中，奢侈品牌大多通过以下路径"讲故事"：如爱马仕、LV等品牌的产品起源，往往被追溯至 一两个世纪之前，强调自身的"百年工艺"，以此赋予品牌可信度。如Chanel挖掘"现代女性独立"作为卖 点，构建身份认同；又如Ralph Lauren通过销售 ...

Core Insights - LVMH is facing an unprecedented crisis, with Bernard Arnault dropping from the world's richest person to the tenth position, amid multiple challenges [1] Group 1: Financial Performance - LVMH's stock price has nearly halved since its peak in April 2023, resulting in a market value loss of approximately €221 billion, with a year-to-date decline of over 30% [3] - Arnault's personal wealth has plummeted from $231 billion in March 2024 to about $149 billion [3] - LVMH has lost its position among the top three most valuable companies in Europe, with Hermès now holding the title of France's most valuable company [3] Group 2: Market Challenges - The U.S. market poses significant challenges for LVMH, exacerbated by Trump's erratic tariff threats, including a 50% tariff on EU goods announced in May [3] - Despite Arnault's connections with Trump, no substantial assistance has been provided to mitigate these threats [3] Group 3: Business Model Issues - LVMH's diversified "grocery store" model is showing weaknesses, with over 75 brands becoming burdensome during tough times [3] - The forward P/E ratio for Hermès is approximately 50 times, while LVMH's is only about 20 times [3] - LVMH has begun selling underperforming brands and is considering further asset divestitures, including exploring the potential spin-off of Sephora [3] Group 4: Core Business Struggles - The Dior brand, managed by Arnault's eldest daughter Delphine, contributes 14% to the group's profits but has seen growth slow in recent quarters, facing criticism for unreasonable price increases and exploitation scandals [3] - The Moët Hennessy division is struggling in the U.S. due to inflation, losing ground to competitors, leading to a CEO replacement in February and the announcement of 1,200 layoffs in March, which is 13% of the workforce [3] Group 5: Governance Concerns - The succession issue is creating a "governance discount" for the group, as Arnault, aged 76, has extended the CEO age limit to 85, with all five children involved in the business but no clear successor identified, causing investor unease [4]