Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

Core Viewpoint - The article discusses the rise and volatility of Labubu, a collectible toy from Pop Mart, highlighting its impact on luxury brands and the broader consumer market, particularly among younger demographics [3][10]. Group 1: Labubu's Market Performance - Labubu achieved sales exceeding 100 million units in 2023, marking a growth of nearly 40%, making it the fastest-growing IP for Pop Mart [10]. - The stock price of Pop Mart experienced significant fluctuations, reaching a peak of 283.40 HKD per share on June 12, followed by a sharp decline of 6% on June 17, resulting in a market value loss of 22.3 billion HKD [3][10]. - Following a sudden restock of Labubu, the prices of popular series dropped by approximately 50%, with some hidden models losing nearly 40% of their value [3]. Group 2: Cultural and Social Impact - Labubu has become a cultural phenomenon, with celebrities and influencers prominently featuring it, thus enhancing its status as a social currency among younger consumers [3][6]. - The concept of "bag charms" has gained traction, with predictions that it would be a significant trend in 2024, reflecting a shift in how luxury brands engage with consumers [5][6]. - The collaboration between Labubu and luxury brands like LV and Hermès illustrates a new interactive model where brands and consumers co-create narratives, moving away from traditional one-way brand messaging [7][10]. Group 3: Emotional and Social Consumption - The rise of Labubu is linked to the "attention economy," where consumers seek identity and belonging through purchases, often driven by social media and celebrity endorsements [10]. - Labubu effectively taps into consumer psychology by leveraging mechanisms such as scarcity, collectibility, and emotional gratification, which stimulate dopamine release and enhance the shopping experience [10]. - However, there are concerns about the sustainability of products that rely heavily on emotional value and short-term trends, as they may lack long-term value and could lead to market volatility [11][12].

Core Viewpoint - Prada's CEO Gianfranco D'Attis will leave the company by the end of the month, with Andrea Guerra temporarily taking over, amid a challenging luxury market environment and internal brand performance disparities [1][2]. Group 1: Management Changes - Gianfranco D'Attis, the first non-family CEO of Prada, is departing the company, which raises speculation about his future due to his absence from the Milan men's fashion show [1]. - Andrea Guerra, the CEO of the Prada Group, will temporarily assume the role of brand CEO following D'Attis's departure [1]. - The management changes come as several luxury brands, including Kering and LVMH, are also adjusting their leadership amid market pressures [1]. Group 2: Financial Performance - Prada's revenue growth for 2024 is only 4%, with Q1 2025 showing zero growth, falling short of market expectations [2]. - In contrast, Miu Miu, a brand under the same group, saw retail sales surge by 93% in 2024 and continued to grow by 60% in Q1 2025 [2]. - The sales growth rates for Prada from 2021 to 2024 have decreased significantly, from 44% to 4%, while Miu Miu's growth rates have increased dramatically [2]. Group 3: Strategic Acquisitions - The recent acquisition of Versace for €1.25 billion is a significant move for the Prada Group, aimed at expanding its brand portfolio [3]. - Analysts express concerns that while the acquisition may benefit Prada in the long term, it could pose short-term challenges and require careful management [3]. - The integration of Versace is seen as a test of Prada's capabilities, necessitating sufficient funding and management focus [3]. Group 4: Market Outlook - The global luxury goods market is entering a phase of low growth, with projections indicating annual sales growth of only 2%-4% from 2025 to 2027 [4]. - The overall market environment is expected to improve slightly in 2025, with total sales growth potentially remaining under 4% [4]. - The current market conditions present opportunities for acquiring quality assets at lower prices, which could benefit companies like Prada [5].

而且在奢侈品行业遭遇"寒冬"之际，Miu Miu也凭借一己之力救Prada于水火之中。虽然从Miu Miu的发展经历来看，不是一路高开，但Miu Miu只用了3年 时间，就将业绩从4亿欧元推向了12亿欧元，2024年销售额同比暴涨93.2%。 Miu Miu无论是在业绩上还是时尚端，都可以称得上"现象级"。只是这个曾经被视为"Prada副线"的品牌，究竟为什么能够逆势增长且成为新晋"顶流"？ 从追逐传统的奢侈品到争相为Miu Miu买单，年轻人正在被"Miu系穿搭"征服。 她们身上穿的也许不是来自Miu Miu的单品，但整体呈现出的却是Miu系风格，显然Miu Miu已经成为了年轻人表达潮流和先锋的时尚符号。 这一切还要从Miu Miu的关键人物说起，她们将叛逆精神焊进了品牌的DNA里。 刻在骨子里的"反叛"基因 提起Miu Miu，你能想到的是什么？是老钱感的知识分子风，还是芭蕾元素的甜美少女感？这种看似矛盾又截然不同的风格，何尝不是一种"反叛"的表 现，在Miu Miu似乎永远都不会感到无聊。 其实Miu Miu多元风格的背后，正是对创始人精神的践行。 Miu Miu是Prada集团第三代继承人Miucc ...

Group 1 - Balenciaga has released a controversial women's blue knitted skirt priced at 4500 yuan, which many consumers initially mistook for men's underwear, leading to widespread mockery online [1][3][5] - The skirt is part of Balenciaga's 2025 Fall Collection and features a unique design with a Balenciaga logo at the waistband and an unconventional cut [3][5] - The brand is known for its unconventional designs, including a "Peking Duck Bag" priced at 15500 yuan, which resembles a potato chip bag and has garnered significant attention [5][11] Group 2 - Balenciaga's history of producing "expensive and incomprehensible" designs is rooted in its brand identity, which emphasizes innovation and avant-garde fashion [19][22] - The current creative director, Demna Gvasalia, has been pivotal in pushing the brand's boundaries since his appointment in 2015, leading to a notable increase in sales from approximately 350 million euros in 2015 to an estimated 2.5 billion euros in 2023 [20][22] - Despite a predicted decline in sales for 2024, Balenciaga's overall performance remains relatively stable compared to the broader luxury goods market [20][22] Group 3 - The concept of "expensive and useless" items is prevalent in the luxury goods sector, serving as a marketing strategy to attract attention and create discussions around the brand [23][31] - Balenciaga's pricing strategy and unique designs contribute to its brand allure, as consumers often engage in discussions about the absurdity of the products, which in turn enhances brand visibility [33][34] - The phenomenon of "conspicuous consumption" is highlighted, where luxury goods serve as a status symbol, and the discussions surrounding their impracticality further solidify their market presence [33][34]

奢侈品可选消费 Accessory Design Discretionary 大消费渠道脉搏：深圳奢华购物商场品牌表现分化，高净值人群重奢消费稳健 Consumer Channel Pulse: Divergent Brand Performance in Shenzhen's Luxury Shopping Malls, and Steady High-End Consumption Among Affluent Consumers 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_Title] 研究报告 Research Report 30 Jun 2020 [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2025 年 5 月 15 日，海通国际举办消费引力专场活动，邀请奢侈品消费领域专家分享行业看法与趋势。专家 样本数据为深圳高端购物中心数据 ...

题图｜视觉中国 今年天猫618，全场立减直降。 这个变化让消费者和业内都吃了一惊。 5月8日，天猫宣布今年618只设一个玩法，即官方立减15%起，最高立减50%，可与大额消费券、行 业品类券、直播红包、国家补贴等叠加，不但体验上更加简单，还能达到比凑满减更实惠的价格。 除了一些优惠券依然采用满减逻辑，延续多年的"满300减50"经典玩法并未登场。 每次大促的"数学 题"终于告一段落，而立减直降叠加优惠券，参与活动的品牌商品反而更便宜了。 采用直接折扣可以说是一种 "回归初心"。中国电商大促起源于2009年双11，最早就是以全场5折打出 了影响力，向消费者提供"最简单、最便宜"的使命从来没有变过。 而电商行业的形势一直在变。经历了卷生卷死的2023、2024两年，算法压价和流量逻辑的"注水"能 力已然见顶，各个平台与商家都迫切需要探索一条可持续增长的新路。淘宝给出的解法是"扶优"，一 边提升用户体验、做大用户增长，另一方面扶持优质原创品牌，和品牌商家共同做大生意的蛋糕。 5月16日晚，天猫618开售1小时，43个品牌成交破亿，同比去年开卖首日增长超过50%。根据财报， 淘天集团重要业绩指标也连续两季度超越市场预 ...

Core Insights - Miu Miu has emerged as a significant player in the luxury goods market, outperforming traditional competitors like LV and CHANEL, particularly among Gen Z consumers [1][4][6] - The brand's unique positioning and controversial pricing strategy have led to a surge in demand, with products frequently selling out [1][7] - Prada Group's recent financial performance highlights Miu Miu's role as a key growth driver, with a remarkable 60% increase in sales for the brand in the first quarter of 2025 [4][6][7] Financial Performance - Prada Group reported a revenue of €1.34 billion in the first quarter, a 13% year-over-year increase, driven largely by Miu Miu's performance [4][5] - Miu Miu's retail sales surged by 93.2% to €1.228 billion, marking a historic high and contributing significantly to the group's overall growth [6][7] - The group's overall revenue for the 2024 fiscal year reached €5.432 billion, with a net profit increase of 25% to €839 million, outperforming major competitors [6][7] Market Strategy - Miu Miu's success is attributed to its focus on youthful branding and innovative marketing strategies, appealing to a younger demographic [15] - The brand has effectively utilized social media to create a cultural phenomenon around its products, positioning itself as a status symbol among affluent youth [1][11][13] - Prada Group's acquisition of Versace for €1.25 billion aims to strengthen its multi-brand strategy against competitors like LVMH and Kering [4][15] Consumer Trends - Miu Miu's pricing strategy, featuring high-priced items, has not deterred consumers but rather fueled demand, with products often selling out [1][7][9] - The brand's appeal lies in its ability to resonate with the desires of young consumers for uniqueness and individuality in luxury fashion [13][15] - The Asia-Pacific region remains a crucial market for Prada, contributing €1.604 billion in retail sales, reflecting a 13.1% year-over-year growth [13]

Group 1 - The core viewpoint of the articles highlights Prada Group's strong performance in the luxury goods sector, achieving a revenue of €1.34 billion in Q1, representing a 13% year-on-year growth, continuing the double-digit growth trend into 2024 [1] - Retail channel sales increased by 13% to €1.21 billion, accounting for 90% of the group's total revenue, demonstrating the effectiveness of the direct sales model in supporting brand premium and channel control [1] - The sub-brand Miu Miu experienced a remarkable 60% year-on-year sales increase, becoming a key growth driver for the group, effectively targeting Gen Z consumers through its "Miu Girl" branding and high-priced accessories strategy [1] Group 2 - The group announced the acquisition of Versace for €1.25 billion, expected to be completed in the second half of 2025, aiming to strengthen its multi-brand matrix against competitors like LVMH and Kering [2] - Prada Group's CEO emphasized a focus on "retail, technology, and capacity" as the three pillars for sustainable growth above market averages, indicating a strategic direction for the company [2] - With the dual support of sub-brand growth and strategic acquisitions, the group is making significant progress towards its goal of achieving €10 billion in revenue [2]

整理 ｜ 贺哲 馨 #Big News# 第三季度雅诗兰黛中国实现增长，新任CEO积极拓展新渠道 新任CEO上任之后，雅诗兰黛中国的业绩有复苏迹象。 美东时间5月1日，雅诗兰黛公布第三季报，显示净销售额同比下降10%至35.5亿美元，在有机基础上同比下降 9%，表现略好于预期，毛利率增长3.1%，主要得益于集团"利润恢复与增长计划"（Profit Recovery and Growth Plan，简称PRGP）带来的正面影响。 在集团发给36氪的通告中特别提到，该季度雅诗兰黛集团中国大陆业务实现中个位数增长，主要由 La Mer（海 蓝之谜）、Estée Lauder（雅诗兰黛）和 Tom Ford驱动。 至此，中国大陆业务在过去四个季度中有三个季度 都实现了份额的增长。 不过，由于"战略性减少对代购渠道的依赖"等因素，雅诗兰黛全球护肤业务和旅游零售都出现了双位数下滑， 其中护肤业务净销售额下降了11%。彩妆品类也表现不佳，原因是M·A·C（魅可）由于新产品发布的发货时间 及发货量较去年同期不利，抵消了2025财年新品的积极影响。 香水部门出现了1%的下滑，但仍是集团表现最好的。 特别是最近几年发展迅速的奢侈 ...