此次业绩预期上调意味着柯尔百货正逐步走出近期阴霾——其前任首席执行官在短暂任职后突然离职， 曾让公司陷入巨大动荡。尽管该公司仍面临严峻挑战，其营收已连续15个季度出现同比下滑，但最新财 报显示出改善迹象，公司强调其价值主张正获得消费者认同。 Bender在很大程度上延续了其前任Ashley Buchanan制定的战略，包括重振珠宝业务以及增加小码服饰供 应等举措。本季度，公司自有品牌销售额增长1%。 另外，该公司还强化了与丝芙兰等伙伴的合作，引入赛琳娜.戈麦斯的Rare Beauty、普拉达(01913)旗下 Miu Miu、欧莱雅(LRLCY.US)卡诗等潮流品牌，旨在为其中端百货吸引年轻消费者。 Bender在财报中表示："柯尔百货第三季度业绩令人欣喜，这已是连续第三个季度营收与盈利双超预 期。这些成果直接体现了我们推进2025年战略举措的成效，也增强了我们持续向正确方向迈进的信 心。" 柯尔百货(KSS.US)周二公布了超预期的第三季度财报，同时连续第二个季度上调全年业绩指引，这一 信号表明，新任首席执行官Michael Bender正在帮助这家陷入困境的零售商重回正轨。 财报显示，该公司Q3销售额同比 ...

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]

Group 1: Company Performance - Estée Lauder reported a 4% year-over-year increase in net sales to $3.48 billion, with a 9% growth in the China market [4][5] - Puma's third-quarter sales declined by 15.3%, with plans to cut 1,400 jobs by the end of 2026 due to ongoing sales challenges [6][7] - Moncler’s revenue for the first three quarters remained stable at €1.8413 billion, with direct-to-consumer channels showing slight improvement [8] Group 2: Corporate Actions and Changes - Prada denied rumors of acquiring Giorgio Armani, focusing instead on strengthening its own brand matrix, reporting a net revenue of €4.07 billion, an 8.9% increase year-over-year [2] - The Outnet was sold for $30 million, indicating a shift in strategy for LuxExperience, which acquired it through the purchase of YNAP [7] - Gucci continues to adjust its management structure, appointing new executives to enhance brand strategy and customer experience [11] Group 3: Market Developments - Eight Horses Tea Company listed on the Hong Kong Stock Exchange, closing its first day at HK$92 per share, an 84% increase from its IPO price, achieving a market capitalization of HK$7.9 billion [10] - Viking Cruises launched new Mediterranean routes tailored for Chinese tourists, enhancing its European offerings after ten years in the Chinese market [13]

北京商报讯（记者 张君花）10月30日，北京商报记者从欧莱雅官方处获悉，欧莱雅将以"美无限，耀八 方"（Essentiality of Beauty）为主题参加第八届中国国际进口博览会（以下简称"进博会"），同时携三 大展台亮相消费品展区、法国馆与创新孵化专区。其中在6.1消费品展区主展台，欧莱雅将以"美妆寰 宇"为核心概念打造五大展区，全面展现集团在研发、产品、可持续、开放式创新和"美之道"方面的最 新成果。首发新品数量达26项，包括3个亚洲首发新品牌——Dr.G蒂迩肌、Miu Miu、植村秀专业美 发，4款全球及中国首发美妆科技和19款首发新产品。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Prada's third-quarter retail sales largely met market expectations, with a year-on-year growth of 7.6% when calculated at constant exchange rates [1] Group 1: Sales Performance - Retail sales for the Prada and Miu Miu brands were in line with market expectations, showing a year-on-year decrease of 0.8% for Prada and a year-on-year increase of 29% for Miu Miu [1] - The Chinese market for the Prada core brand still experienced negative growth, but there was a quarter-on-quarter improvement in the third quarter [1] - Positive growth was achieved in the Americas, Europe, and Japan, driven by strong local demand and a slight improvement in tourism demand, leading to quarter-on-quarter improvements [1] Group 2: Management Outlook - Management believes that the worst period for the Chinese market has passed [1] Group 3: Valuation and Rating - Credit Lyonnais maintains a "Outperform" rating for Prada with a target price of HKD 50, citing the company's ongoing market share expansion [1] - The valuation is considered low at 26 times enterprise value/EBITDA, representing a 53% discount compared to the industry average [1]

Core Insights - The global luxury goods industry is seeking a new balance amid structural differentiation, driven by creative innovation, market restructuring, and strategic focus [1] Group 1: Company Performance - Prada Group reported a revenue of €4.07 billion for the nine months ending September 30, 2025, an increase of 8.9% year-on-year, with Miu Miu's sales soaring by 41% [2] - Unilever's Q3 sales exceeded expectations, driven by double-digit growth in beauty brands like Dove, with a total turnover of €14.7 billion, down 3.5% year-on-year [3] - Chanel appointed Sarah Weisz-Pirel as the new communications director, emphasizing the brand's strategic focus on crisis and reputation management [4][5] - Kering's Q3 revenue fell by 10% to €3.42 billion, but the decline is narrowing compared to previous quarters, with North America showing a surprising 3% same-store sales growth [6] - L'Oréal's Q3 sales reached €10.33 billion, a 0.5% increase year-on-year, but still below analyst expectations [7][8] - Hermès reported a 9.6% increase in sales to €3.88 billion, although it fell short of market expectations [10][11] - LVMH is considering selling a 50% stake in Fenty Beauty, reflecting a strategic reassessment of its diverse business portfolio [12] - Ermenegildo Zegna's Q3 revenue grew by 0.2% to €398.2 million, with significant improvement in the Greater China region [13][14] Group 2: Market Trends - Swiss watch exports to the U.S. plummeted by 55.6%, resulting in the U.S. losing its status as the largest export market for Swiss watches [17] - The luxury goods sector is witnessing a shift towards high-end beauty and personal care products, as evidenced by Unilever's strategic focus [3][6] - The appointment of Grace Wales Bonner as Hermès' menswear creative director signifies a cultural and strategic shift towards contemporary aesthetics [16] - The collaboration between Hyatt and Home Inn to enter the long-stay hotel market indicates the growing potential of the business travel segment in China [18][19]

Core Viewpoint - Prada's retail sales for Q3 this year largely met market expectations, showing a year-on-year growth of 7.6% when calculated at constant exchange rates [1] Group 1: Sales Performance - Retail sales for the Prada and Miu Miu brands were in line with market expectations, with Prada experiencing a year-on-year decline of 0.8% and Miu Miu showing a year-on-year increase of 29% [1] - Over a two-year period, both brands demonstrated stable quarterly performance, with Prada's core brand growing by 1% in both Q2 and Q3 of this year, while Miu Miu grew by 136% and 134% respectively [1] Group 2: Market Analysis - The Chinese market for Prada's core brand is still experiencing negative growth, but there was a sequential improvement in Q3 [1] - Positive growth was recorded in the Americas, Europe, and Japan, driven by strong local demand and slightly improved tourism demand [1] Group 3: Future Outlook - Sales have continued to improve since October, but management indicated that the fourth quarter will face tough comparisons, with the last six weeks being crucial [1] - Citi maintains a target price of HKD 50 for Prada and a "outperform" rating, noting that Prada is still expanding its market share, but its valuation appears low at 26 times enterprise value/EBITDA, representing a 53% discount compared to industry averages [1]

Core Insights - The report from Citi indicates that Prada's retail sales for Q3 this year largely met market expectations, showing a year-on-year growth of 7.6% when calculated at constant exchange rates [1] - Retail sales for the Prada and Miu Miu brands also aligned with market expectations, with Prada experiencing a year-on-year decline of 0.8% and Miu Miu seeing a year-on-year increase of 29% [1] - Over a two-year period, both brands demonstrated stable quarterly performance, with Prada's core brand growing by 1% in both Q2 and Q3 of this year, while Miu Miu grew by 136% and 134% respectively [1] Valuation and Market Position - Citi maintains a target price of HKD 50 for Prada and a "Outperform" rating, citing that Prada is still expanding its market share [1] - The valuation of Prada appears low at 26 times enterprise value/EBITDA, representing a 53% discount compared to the industry average [1] Market Performance - In terms of market performance, the Chinese market for Prada's core brand is still experiencing negative growth, but there has been a quarter-on-quarter improvement in Q3 [1] - Positive growth was recorded in the Americas, Europe, and Japan, driven by strong local demand and a slight improvement in tourism demand, leading to quarter-on-quarter enhancements [1] - Looking ahead, sales have continued to improve since October, although management has indicated that the fourth quarter will present challenging comparisons, with the last six weeks being crucial [1]

Sales Performance - Prada SpA 前九个月的销售额有所增长 [1] - Miu Miu 品牌的强劲需求抵消了 Prada 同名品牌的下滑 [1]

Group 1: Event Overview - The 8th China International Import Expo (CIIE) will be held from November 5 to 10, 2025, at the National Exhibition and Convention Center in Shanghai, with preparations shifting from exhibition recruitment to exhibition management as the event approaches [1] - The theme for this year's consumer goods exhibition area is "Higher Quality, Better Life," focusing on "New" Living, "Cool" Technology, and "Trendy" Fashion [1] Group 2: Key Exhibitors and Products - L'Oréal, a consistent participant, will showcase its theme "Infinity of Beauty" with three major exhibition areas, featuring 25 brands and the strongest lineup of new product launches, including three Asian debuts: Dr.G, Miu Miu, and Shu Uemura [1] - Panasonic will introduce the new Himalaya series of embedded kitchen appliances, emphasizing health through efficient sterilization and smart control [2] - BWT will present a new water treatment device designed to enhance coffee flavor, adhering to SCA extraction standards [2] - MUJI will highlight its theme "The Beauty of Cultivation," showcasing new products that reflect a philosophy of continuity and coexistence with nature [2][3] Group 3: Participation and Scale - The 8th CIIE has signed contracts for over 330,000 square meters of exhibition space, with 170 companies and 27 institutions confirmed as full-time participants [4] - The online supply and procurement hall for the expo has been launched to facilitate trade and investment negotiations [5]